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1 ACCELERATE OUR CORE 2.0 Annual Report 2015/16

2 Canada Holland South Ireland UK Belgium France USA Luxembourg Switzerland Italy Lebanon Guatemala EL Salvador Honduras Trinidad Venezuela Suriname Panama Peru SOY/PLANT MILK 大豆 / 植物奶 Nigeria Cayenne, a French Colony TOFU 豆腐

3 GLOBAL SALES NETWORK We are stocked by stores and supermarkets in about 40 countries around the world. Mainland China Myanmar Cambodia Malaysia Singapore Hong Kong and Macau Saipan Vietnam Philippines Brunei Papua New Guinea Mauritius Australia New Zealand TEA 茶 OTHERS 其他 JUICE DRINKS 果汁飲品 DAIRY MILK 牛奶 DISTILLED WATER 蒸餾水

4 CONTENTS 目錄 Directors and Corporate Information 02 董事及集團資料 Financial Highlights 04 財務摘要 Chairman s Statement 06 主席報告 Group Chief Executive Officer s Report/Business Review 10 集團行政總裁報告 業務回顧 Awards and Recognitions 26 嘉許及表揚 Corporate Governance Report 33 企業管治報告 Directors and Senior Management 61 董事及高層管理人員 Report of the Directors 67 董事會報告 Independent Auditor s Report 83 獨立核數師報告 Consolidated Statement of Profit or Loss 85 綜合損益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 86 綜合損益及其他全面收益表 Consolidated Statement of Financial Position 87 綜合財務狀況表 Consolidated Statement of Changes in Equity 89 綜合權益變動表 Consolidated Cash Flow Statement 91 綜合現金流量表 Notes to the Financial Statements 92 Five Year Summary 190 五年財務摘要

5 DIRECTORS AND CORPORATE INFORMATION 董事及集團資料 Board of Directors Executive Chairman Mr. Winston Yau-lai LO Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG Mr. Anthony John Liddell NIGHTINGALE (appointed on 26th June, 2015) Non-executive Directors Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Executive Director and Group Chief Executive Officer Mr. Roberto GUIDETTI Group Chief Financial Officer Mr. Chris Kin-shing LAU (appointed on 1st April, 2016) Company Secretary Ms. Paggie Ah-hing TONG Registered and Head Office No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong Auditor KPMG Principal Bankers The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited The Bank of Tokyo-Mitsubishi UFJ, Limited Citibank, N.A. Westpac Banking Corporation China Merchants Bank Company, Ltd. China Construction Bank Corporation Bank of China Limited Principal Lawyer Stephenson Harwood 董事會 執行主席 羅友禮先生 獨立非執行董事 李國寶爵士 Jan P. S. ERLUND 先生張建標先生黎定基先生 ( 於二零一五年六月二十六日獲委任 ) 非執行董事 羅慕貞女士羅慕玲女士 執行董事暨集團行政總裁 陸博濤先生 集團首席財務總監 劉健成先生 ( 於二零一六年四月一日獲委任 ) 公司秘書 湯亞卿女士 註冊辦事總處 香港新界屯門建旺街一號 核數師 畢馬威會計師事務所 主要來往銀行 東亞銀行有限公司香港上海滙豐銀行有限公司三菱東京 UFJ 銀行花旗銀行西太平洋銀行招商銀行股份有限公司中國建設銀行股份有限公司中國銀行股份有限公司 主要法律顧問 羅夏信律師事務所 02 Vitasoy International Holdings Ltd. Annual Report 2015/16

6 DIRECTORS AND CORPORATE INFORMATION 董事及集團資料 Share Registrar Computershare Hong Kong Investor Services Limited 46/F., Hopewell Centre, 183 Queen s Road East, Wanchai, Hong Kong Investor Relations Contact Tel: (852) Fax: (852) 股份過戶登記處 香港中央證券登記有限公司香港灣仔皇后大道東 183 號合和中心 46 樓 投資者關係聯絡 電話 :(852) 傳真 :(852) 電郵 Key DATES 重要日期 Closure of Register of Members 暫停辦理股份過戶登記 - Annual General Meeting 30th August, 2016 (Tuesday) to 2nd September, 2016 (Friday) 股東週年大會 二零一六年八月三十日 ( 星期二 ) 至二零一六年九月二日 ( 星期五 ) - Proposed Final Dividend 8th September, 2016 (Thursday) to 13th September, 2016 (Tuesday) 建議末期股息 二零一六年九月八日 ( 星期四 ) 至二零一六年九月十三日 ( 星期二 ) Annual General Meeting 股東週年大會 at 3:00 p.m., 2nd September, 2016 (Friday) Salons 1-3, Level 3, JW Marriott Hotel Hong Kong, Pacific Place, 88 Queensway, Hong Kong 於二零一六年九月二日 ( 星期五 ) 下午三時正假座香港金鐘道八十八號太古廣場香港 JW 萬豪酒店三樓萬豪 1-3 號宴會廳 Final Dividend Payable 26th September, 2016 (Monday) 派發末期股息 二零一六年九月二十六日 ( 星期一 ) 維他奶國際集團有限公司二零一五 一六年年報 03

7 FINANCIAL HIGHLIGHTS 財務摘要 Year Ended 31st March 截至三月三十一日止年度 二零一五年 % Results 業績 HK$ million HK$ million Change 港幣百萬元百分比變動 Revenue 收入 5,552 5, Gross Profit 毛利 2,826 2, EBITDA (Earnings Before Interest 未計利息收入 融資成本 Income, Finance Costs, Income Tax, 所得稅 折舊及攤銷 Depreciation and Amortisation) 費用前盈利 ( EBITDA ) Profit Attributable to Equity 本公司股權持有人 Shareholders of the Company 應佔溢利 Basic Earnings per Share (HK cents) 每股基本盈利 ( 港仙 ) Total Dividends per 每股普通股總股息 Ordinary Share (HK cents) ( 港仙 ) Year Ended 31st March 截至三月三十一日止年度 HK$ million 港幣百萬元 Revenue 收入 Gross Profit 毛利 6,000 5,000 4,000 3,000 3,717 4,051 4,494 5,052 5,552 3,000 2,500 2,000 1,500 1,760 1,925 2,175 2,511 2,826 2,000 1,000 1, EBITDA 未計利息收入 融資成本 所得稅 折舊及攤銷費用前盈利 900 Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利 Note: In order to comply with Revised Hong Kong Accounting Standard 19, Employee benefits, that is effective for accounting period beginning on 1st January, 2013, the Group adopted new accounting policies for defined benefit plans. Figures for the years FY2011/2012 and FY2012/2013 have been adjusted. 附註 : 經修訂之 香港會計準則 第 19 號 僱員福利 於二零一三年一月一日開始之會計期間生效, 為遵守有關規定, 本集團就界定福利計劃採納新會計政策 二零一一 二零一二財政年度及二零一二 二零一三財政年度之數字已獲調整 04 Vitasoy International Holdings Ltd. Annual Report 2015/16

8 FINANCIAL HIGHLIGHTS 財務摘要 As at 31st March 於三月三十一日 二零一五年 % Financial Position 財務狀況 HK$ million HK$ million Change 港幣百萬元百分比變動 Total Assets 總資產 4,185 3, (Net Borrowing Balance)/ ( 借貸淨額 ) 現金淨額 Net Cash Balance (77) 177 N/A 不適用 Total Equity Attributable to Equity 本公司股權持有人 Shareholders of the Company 應佔權益總額 2,200 1, Year Ended 31st March, 2016 截至二零一六年三月三十一日止年度 Sales Analysis by Location 銷售額分析 ( 按地區 ) Singapore 新加坡 2% 43% Mainland China 中國內地 Australia and New Zealand 澳洲及新西蘭 8% North America 北美洲 10% 37% Hong Kong Operation (Hong Kong, Macau and Exports) 香港業務 ( 香港 澳門及出口 ) 維他奶國際集團有限公司二零一五 一六年年報 05

9 CHAIRMAN S STATEMENT 主席報告 I am pleased to report that we have delivered yet another year of solid growth whilst improving our profitability. The Vitasoy Group recorded growth of +10% in sales and +13% in gross profit, thus not only growing stronger market share and building competitive positions in our core markets but also expanding the impact of our mission: to provide our core portfolio of high quality plant-based nutritious, tasty and sustainable products, to more and more communities we serve. 本人欣然報告, 我們於本年再度取得穩健增長, 同時改善了盈利能力 維他奶集團於銷售及毛利方面分別錄得 +10% 及 +13% 的增長, 我們不僅擴大市場份額及在核心市場中建立更具競爭力的地位, 同時亦秉持我們的使命, 為更多社群提供優質以植物為本具有營養 美味及可持續發展的產品 06 Vitasoy International Holdings Ltd. Annual Report 2015/16

10 CHAIRMAN s STATEMENT 主席報告 During the year, the Vitasoy Group achieved these results by staying focused on our long-term business vision, strategic choices and growth model based on diligence in Execution, Expansion and Innovation. We have also significantly strengthened our infrastructure and capability to sustain results via investments in manufacturing (new Wuhan plant), IT (new SAP system), organisational capability (enrolment in Vitasoy Success Drivers program and hiring of talent) and our sustainability strategy (new formulation of glide path and Key Performance Indicators for the next 10 years). Whilst the deteriorating economic environment has shown signs of increased volatility, there is an accelerating trend for healthy products and nutritious foods. We are determined to sustain our expansion by focusing on our core and ever improve the sustainability of our operations. Strong results for FY2015/2016 Driven by strong execution, expansion and innovation, the Group s revenue increased +10% to HK$5,552 million. Margin improvement was driven by favourable commodity prices and improved manufacturing efficiency. The profit attributable to equity shareholders of the Company (excluding recognition of deferred tax assets of certain subsidiaries in Mainland China and North America and transaction cost incurred during the year related to the divestiture of the Mainstream Business and SAN SUI Business in North America) grew by +24% to HK$460 million. The Group maintained a healthy financial position at the end of FY2015/2016 due to improved margin and better cost control. The Board recommends a final dividend of HK26.5 cents per ordinary share at the Annual General Meeting on 2nd September, Together with the interim dividend of HK3.8 cents per ordinary share, this brings total dividend for FY2015/2016 to HK30.3 cents per ordinary share (FY2014/2015 total dividend: HK24.4 cents per ordinary share). 年內, 維他奶集團透過努力執行 擴展及創新, 專心矢志於長遠業務願景 策略性選擇及增長模式, 達致良好業績 我們投資在生產 ( 建立新武漢廠房 ) 資訊科技設施 ( 設立嶄新的 SAP 系統 ) 組織能力 ( 舉辦維他奶成功動力計劃及招聘人才 ) 及可持續發展策略 ( 為未來十年制定新指引方向及關鍵績效指標 ) 等方面, 大幅擴展設施與加強能力, 維持佳績 儘管經濟環境日趨疲弱, 並呈更波動跡象, 但健康產品及營養食品市場卻加速發展 我們專注於我們的核心發展藉以持續擴展, 並不斷提高我們業務的可持續性 二零一五 二零一六財政年度業績強勁 在致力執行 擴展及創新的帶動下, 本集團的收入增加 +10% 至港幣 5,552,000,000 元 受惠於原材料價格回落及生產效率提升, 盈利率得以改善 本公司股權持有人應佔溢利 ( 不計及確認中國內地及北美洲若干附屬公司的遞延稅項資產, 及年內因出售北美洲主流業務及 品牌業務所產生的交易成本 ) 增加 +24% 至港幣 460,000,000 元 於二零一五 二零一六財政年度年結時, 由於盈利率改善以及更有效控制成本, 本集團的財務狀況保持穩健 董事會建議於二零一六年九月二日舉行的股東週年大會上派發末期股息每股普通股 26.5 港仙 連同中期股息每股普通股 3.8 港仙, 二零一五 二零一六財政年度股息總額將達到每股普通股 30.3 港仙 ( 二零一四 二零一五財政年度股息總額 : 每股普通股 24.4 港仙 ) 維他奶國際集團有限公司二零一五 一六年年報 07

11 CHAIRMAN s STATEMENT 主席報告 Innovation in plant-based products Our focus on creating new products not only satisfies our consumer s changing demand, but also helps maintain our competitive position in all of the markets we operate in. In FY2015/2016, we created a new soy product line, VITASOY GO. It provides consumers with a convenient way to enjoy a nutritious product. We also enriched our soymilk range in Mainland China with the new VITASOY HEALTH PLUS which contains high protein, high calcium, low sugar and zero cholesterol. In Australia, we expanded our portfolio by including VITASOY Coconut Milk and Almond Milk to meet the upcoming trend of plant-based beverages. Focusing on building core businesses In FY2015/2016, we invested in upgrading our manufacturing and processing capabilities at our plants. We also finished construction of our production facility in Wuhan, Mainland China. The new Wuhan plant commenced operations in the first quarter of FY2016/2017. The excellent location of the Wuhan plant lowers transportation costs and facilitates improved customer services that support the increasing demand from Hubei province and the nearby provinces in Central China. During the year, the Board conducted a strategic review of our North American operation and arrived at a strategic decision to divest the Mainstream Business and SAN SUI Business in North America. This will enable the Group to sharpen its focus and accelerate the growth of its core business in Hong Kong and Mainland China. The move will also support further expansion of the Group into new markets. In March 2016, we entered into an Asset Purchase Agreement with Pulmuone Foods Group, a leading food manufacturer in South Korea, for the disposal of certain assets in our North American operation at an estimated consideration of US$50 million (equivalent to approximately HK$387.5 million). The transaction was completed in the first quarter of FY2016/2017. It is expected to record an estimated gain of approximately US$19.8 million (equivalent to approximately HK$153.5 million) before relevant taxes. We will reinvest the proceeds in projects which will enable us to continue building a stable and sustainable plant-based business. 以植物為本的創新產品 我們專注創新產品, 不僅為了滿足消費者日新月異的需求, 同時亦有助鞏固在所有市場的競爭地位 於二零一五 二零一六財政年度, 我們推出 VITASOY GO 全新大豆產品系列, 為消費者提供一種方便飲用的營養產品 我們亦在中國內地豆奶系列中新增 + 品牌豆奶, 這款飲品含高蛋白質及鈣質 低糖及零膽固醇 澳洲方面, 我們在產品組合中加添 椰子奶及杏仁奶, 以迎合植物飲品的新潮流 專注建立核心業務 於二零一五 二零一六財政年度, 我們投放資源提升廠房的生產及加工能力 同時亦完成興建中國內地武漢的生產設施 武漢新廠房已於二零一六 二零一七財政年度第一季度投入營運 武漢新廠房位於優越的地理位置, 能降低運輸成本及有助提供完善的客戶服務, 從而滿足湖北省以至華中地區鄰近省份日益殷切的需求 年內, 董事會對北美洲業務進行了策略檢討, 並作出策略性決定出售北美洲主流業務及 品牌業務 此舉可使本集團更專注於加快香港及中國內地的核心業務增長, 同時有助本集團進一步開拓新市場 於二零一六年三月, 我們與南韓主要食品製造商 Pulmuone Foods Group 訂立資產購買協議, 以代價約 50,000,000 美元 ( 相等於約港幣 387,500,000 元 ) 出售北美洲業務若干資產 該交易已於二零一六 二零一七財政年度第一季度完成, 預期扣除相關稅項前所錄得之估計收益約 19,800,000 美元 ( 相等於約港幣 153,500,000 元 ) 我們將把所得款項投資於多個發展項目, 藉以繼續建立穩定及可持續發展的植物為本的業務 08 Vitasoy International Holdings Ltd. Annual Report 2015/16

12 CHAIRMAN s STATEMENT 主席報告 Producing products sustainably We aspire to build a portfolio of plant-based products that are compatible with a healthy lifestyle and establish strong relationships with the wider community. Plant-based products will become more important in the role of feeding the increasingly growing population in the coming decades. Last year, we started to share our social and environmental efforts in the first Vitasoy Sustainability Report 2014/2015. In FY2015/2016, we further evolved and consolidated our sustainability framework with a two-pronged approach Making the Right Products and Making Products the Right Way. We have a specific and detailed account of our sustainability approach, goals and glide path in the separate report that accompanies this Annual Report. Looking forward In spite of growing economic uncertainties, I am confident in the ever lasting impact of our strategy and execution. We are determined to develop our growth model which will continue to expand the Group s successful presence but also generate sustainable long-term returns for our shareholders. We are confident that we will continue our growth trajectory with our vision of promoting good quality of life and passion for sustainable nutrition. Notes of appreciation Mr. Valiant Kin-piu Cheung, our Independent Non-executive Director, will retire by rotation at the forthcoming Annual General Meeting and will not stand for re-election. Mr. Cheung has brought a wealth of business and financial experience and expertise to the Board and notably, the Audit Committee, which he chaired during the past two years. He is also a member of Remuneration and Nomination Committee. I wish to thank Mr. Cheung for his insights and guidance to the Board and Committees over the past six years. I would like to extend my gratitude to the Board, the management team and our staff for their enthusiasm, commitment and diligence. My appreciation also goes to our shareholders, customers, suppliers and business partners for their ongoing trust and support. 以可持續方式生產產品 我們致力建立以植物為本的產品組合, 以配合健康生活模式, 並與廣大社群建立更密切關係 在未來數十年, 隨著人口日益增加, 植物為本產品將發揮更重要的作用 去年, 我們發佈首份二零一四 二零一五年維他奶可持續發展報告, 分享我們在社會及環境方面付出的努力 於二零一五 二零一六財政年度, 透過 生產合適的產品及採用合適的生產方法 兩方面闡述, 進一步深化及整合可持續報告的發展框架 在隨附本年報而獨立編印的報告中, 我們具體及詳盡闡述我們的可持續發展方向 目標及未來發展藍圖 展望未來 儘管經濟持續不明朗, 本人對我們的策略及執行所帶來的持久效益抱有信心 我們矢志發展既有的增長模式, 不但藉此繼續擴大本集團成功的業務版圖, 亦能為股東締造可持續的長遠回報 我們深信, 在透過推廣優質生活的願景及對持續營養的熱誠所帶動下, 增長趨勢將得以持續 致謝 獨立非執行董事張建標先生將於應屆股東週年大會上輪值退任, 他將不會膺選連任 張先生過去與董事會, 特別是過去兩年由其領導的審核委員會, 分享他豐富的業務及財務經驗以及專業知識 彼亦為薪酬及提名委員會成員 本人謹此感謝張先生於過去六年來為董事會及旗下委員會作出的專業灼見及指導 本人謹此衷心感謝董事會 管理團隊及各位員工的熱誠 承諾及勤勉 本人亦藉此感謝股東 客戶 供應商及業務夥伴的長期信任和支持 Winston Yau-lai LO Executive Chairman 23rd June, 2016 執行主席二零一六年六月二十三日 維他奶國際集團有限公司二零一五 一六年年報 09

13 GROUP CHIEF ExECUTIVE OFFICER s REPORT/ BUSINESS REVIEW 集團行政總裁報告 業務回顧 In FY2015/2016, the Vitasoy Group continued to deliver profitable growth driven by the acceleration of its core business in spite of the challenges facing global and local economies. We maintained our gradual top line acceleration to +13% in local currency, with top line growth in all our markets in local currency. 於二零一五 二零一六財政年度, 雖然面對來自全球及本地經濟的挑戰, 但透過加快核心業務增長, 維他奶集團繼續錄得盈利增長 以當地貨幣計算, 我們維持銷售額逐步增長至 +13%, 而所有市場亦均錄得銷售額增長 10 Vitasoy International Holdings Ltd. Annual Report 2015/16

14 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 In Hong Kong dollars, the Group reported a very strong revenue growth of +10% to HK$5,552 million. Mainland China led the markets with +25% growth, despite some deterioration of market conditions. Our consistent threepronged growth strategy of Execution, Expansion and Innovation has driven these encouraging results. On the profit side, we have been able to improve our profitability at the same time. Stronger gross profit margin was achieved due to improved manufacturing efficiency as a result of higher volume and non-recurring favourable commodity prices, as well as a better sales mix and disciplined cost management. Net profits grew ahead of the revenue. Profit attributable to equity shareholders of the Company recorded a strong +43% growth and reached HK$531 million, primarily due to the increase in profits from operations, lower net finance costs, and the recognition of deferred tax assets of certain subsidiaries in Mainland China and North America. Excluding the effect of recognition of deferred tax assets as mentioned and the transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America, the profit attributable to equity shareholders of the Company would be HK$460 million, representing a growth of 24% (FY2014/2015: HK$372 million). In FY2015/2016, the Group has enhanced its capability and optimised infrastructure to support sustainable future growth. The Group completed the construction of a brand new state-of-the-art production facility in Wuhan, Mainland China, which started operating in the first quarter of FY2016/2017. An internal IT system upgrade was also completed in the Mainland China business with the implementation of the SAP system which has enhanced operational efficiency and transparency. The Group has divested its assets in relation to the Mainstream Business and SAN SUI Business in North America, by entering into an agreement with Pulmuone Foods Group, a leading food manufacturer in South Korea, thus only maintaining the profitable imported beverage business there, and thereby sharpening the Group s strategic focus to its core Asian markets. 若以港幣計算, 本集團錄得顯著收入增長 +10% 至港幣 5,552,000,000 元 儘管市況轉差, 中國內地業務仍領先其他市場, 增幅達 +25% 我們繼續秉持 執行 擴展及創新 三管齊下的發展策略, 得以達致上述令人鼓舞的業績 在溢利方面, 我們同時把盈利能力提升 由於產量增加帶動生產效率提升, 原材料價格的非經常性回落, 加上進一步優化銷售組合及審慎管理成本, 達成強勁的毛利率 淨溢利增幅高於收入 本公司股權持有人應佔溢利大幅增長 +43% 達港幣 531,000,000 元, 主要是由於經營溢利增加 融資成本淨額下降及中國內地和北美洲若干附屬公司確認遞延稅項資產所致 倘扣除確認相關遞延稅項資產和出售北美洲主流業務及 品牌業務的相關交易成本之影響, 本公司股權持有人應佔溢利將為港幣 460,000,000 元, 增長 +24%( 二零一四 二零一五財政年度 : 港幣 372,000,000 元 ) 於二零一五 二零一六財政年度, 本集團提升了產能及強化生產設施, 以支持未來業務的持續發展 本集團已完成興建位於中國內地武漢設有先進生產設施的新廠房, 並已於二零一六 二零一七財政年度第一季度投入生產 中國內地業務亦已完成內部資訊系統升級, 引入 SAP 系統, 提升了經營效率及透明度 本集團與南韓主要食品製造商 Pulmuone Foods Group 訂立協議, 出售北美洲主流業務及 品牌業務的相關資產, 僅保留當地具盈利效益的進口飲品業務, 從而集中本集團的策略發展重心於其主要亞洲市場 維他奶國際集團有限公司二零一五 一六年年報 11

15 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 The Operating Environment In 2015, amidst increasing competition, the beverage industry faced a number of headwinds including slowing global economic growth, softer consumer spending and higher operating costs. The economies of Hong Kong, Mainland China, Singapore and Australia, saw slower domestic growth, which impacted on the consumer confidence. Consumers were more cautious in their spending and market players deployed more tactful pricing actions. Retailers have intensified discounts and promotions to attract customers, placing pressure on margin. The depreciation of currency against the US dollar impacted the results of some operations when converted back to the Hong Kong dollar. For Vitasoy, favourable commodity prices have had a positive impact on gross margin. The Group continued to benefit from the growing market demand for foods that are healthy, promotes wellness, and are sustainably produced. 經營環境 於二零一五年, 除了市場競爭愈趨激烈, 飲品行業還面對多項不利因素, 包括全球經濟增長放緩 消費支出轉弱及經營成本上升 本集團各營運市場, 包括香港 中國內地 新加坡及澳洲的本土經濟均增長緩慢, 對消費者信心造成影響 消費者在消費時更加謹慎, 而業界亦採取更加靈巧的價格策略 零售商加強折扣及宣傳吸引客戶, 令盈利率受壓 由於當地貨幣對美元匯率貶值, 影響部分業務以港幣計算的業績 對維他奶而言, 有利的原材料價格對毛利率產生正面影響 隨著消費者日漸追求健康及可持續生產的食品, 本集團繼續受惠於市場對營養產品日益殷切的需求 12 Vitasoy International Holdings Ltd. Annual Report 2015/16

16 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Financial Highlights The financial position of the Group remains healthy. Key financial indicators, including revenue, gross profit margin and return on capital employed, reflect the solid position of the business. The following table presents the Group s key financial highlights for the years ended 31st March, 2016 and 31st March, 2015: 財務摘要 本集團的財務狀況保持穩健 我們的主要財務指標, 其中包括收入 毛利率和資本回報率等, 均反映穩健的業務狀況 下表呈列本集團截至二零一六年三月三十一日止及截至二零一五年三月三十一日止年度之主要財務摘要 : Year ended 31 March Growth rate 二零一五年 Revenue (in HK$ million) 收入 ( 港幣百萬元 ) 5,552 5, % Gross profit (in HK$ million) 毛利 ( 港幣百萬元 ) 2,826 2, % Gross profit margin 毛利率 51% 50% +1% point 百分點 EBITDA (Earnings before 未計利息收入 融資成本 % interest income, 所得稅 折舊及攤銷費用 finance costs, income tax, 前盈利 ( EBITDA ) depreciation ( 港幣百萬元 ) and amortisation) (in HK$ million) EBITDA to revenue margin EBITDA 佔銷售利潤率 15% 14% +1% point 百分點 Profit attributable to equity 本公司股權持有人應佔 % shareholders of the Company 溢利 ( 港幣百萬元 ) (in HK$ million) Profit attributable to equity 本公司股權持有人應佔 % shareholders of the Company 溢利 ( 扣除中國內地和 (net of deferred tax assets of 北美洲若干附屬公司 certain subsidiaries in 確認遞延稅項資產及 Mainland China and 有關出售北美洲主流 North America and 業務及 品牌業務之 transaction cost related to 交易成本 )( 港幣百萬元 ) the divestiture of the Mainstream Business and SAN SUI Business in North America) (in HK$ million) Gearing ratio 借貸比率 16% 8% +8% points 百分點 Return on capital employed 資本回報率 34% 35% 1% point 百分點 Return on capital employed, 資本回報率 ( 扣除有關 35% 35% No change 無變動 net of transaction cost 出售北美洲主流業務及 related to the divestiture 品牌業務之交易成本 ) of the Mainstream Business and SAN SUI Business in North America Revenue The Group s revenue grew +10% to HK$5,552 million (FY2014/2015: HK$5,052 million). Excluding the currency exchange impact, total revenue grew +13% to HK$5,703 million. During the year, all operating entities increased sales in terms of local currency, particularly in Mainland China, which had an impressive sales growth of +29% in Renminbi. Gross Profit and Gross Profit Margin The Group s gross profit for the year FY2015/2016 rose by +13% to HK$2,826 million (FY2014/2015: HK$2,511 million), mainly driven by the sales growth and improvement in gross profit margin. 收入 本集團的收入增長 +10% 至港幣 5,552,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 5,052,000,000 元 ) 倘不計及匯率因素之影響, 則總收入增長 +13% 至港幣 5,703,000,000 元 年內, 以當地貨幣計算, 所有營運單位均錄得銷量增長, 尤其是中國內地錄得以人民幣計算 +29% 的顯著銷量增長 毛利及毛利率 本集團於二零一五 二零一六財政年度的毛利增長 +13% 至港幣 2,826,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 2,511,000,000 元 ), 主要由銷售增加及毛利率上升所帶動 維他奶國際集團有限公司二零一五 一六年年報 13

17 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Gross profit margin further increased to 51% (FY2014/2015: 50%). This can be attributed to enhanced manufacturing efficiency as a result of increased volume. It also reflected favourable commodity prices, particularly for soya beans, packaging materials and crude oil. Operating Expenses Total operating expenses increased by +11% to HK$2,254 million (FY2014/2015: HK$2,026 million), mainly owing to increased investment in brands and promotional programmes; higher staff costs and increased headcount, particularly in Mainland China to support the operation of the new Wuhan plant; and higher transportation and warehousing costs associated with sales growth. Marketing, selling and distribution expenses increased by +11% to HK$1,497 million (FY2014/2015: HK$1,345 million), which was the result of several marketing campaigns which reinforced our core brands and supported new product launches. There were also increased expenses for sales staff and sales commission costs, in line with volume growth and sales team expansion, particularly in Mainland China. Distribution and delivery costs in Mainland China also rose with the increase in sales volume. Administrative expenses increased by +14% to HK$468 million (FY2014/2015: HK$411 million), reflecting inflationary adjustments on salary; rising headcount; increased depreciation charges associated with capital investment in recent years; and higher traveling and recruitment expenses, linked to increased headcount. Other operating expenses were at HK$289 million, versus HK$270 million for the same period last year. These expenses included the transaction cost of HK$16 million incurred during the year, related to the divestiture of the Mainstream Business and SAN SUI Business in North America. EBITDA EBITDA for the year was HK$812 million (FY2014/2015: HK$725 million), up by +12 %. The growth was mainly due to higher gross profit, despite being partly offset by increased marketing investment, higher operating costs for staff expenses, sales commission, transportation and warehousing. EBITDA to revenue margin for the year improved, increasing to 15% (FY2014/2015: 14%). 毛利率進一步上升至 51%( 二零一四 二零一五財政年度 :50%), 升幅是由於產量增加令生產效率得以提升所致 此亦反映原材料價格有所回落尤其是大豆 包裝物料及原油等原料 經營費用 總經營費用增加 +11% 至港幣 2,254,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 2,026,000,000 元 ), 主要由於投資品牌及推廣活動等費用增加 員工人數增加, 尤其是中國內地, 武漢新廠房開始營運須增添人手導致員工成本上升 加上運輸及倉庫成本隨著銷售增長而上升 市場推廣 銷售及分銷費用增加 +11% 至港幣 1,497,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 1,345,000,000 元 ), 是由於強化核心品牌價值及推出新產品所引致的各項市場推廣活動 隨著銷量增加及銷售團隊的擴大, 尤其是中國內地, 銷售員工開支及銷售佣金等成本亦因而上升, 而中國內地銷量增加亦同時導致分銷及運輸成本上漲 行政費用增加 +14% 至港幣 468,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 411,000,000 元 ), 由於薪金因應通脹而作出調整 員工人數增加, 加上近年資本投資相關的折舊開支上升以及員工人數增加所涉及的公務旅費及招聘開支上升 其他經營費用為港幣 289,000,000 元, 去年同期則為港幣 270,000,000 元 該等費用包括於年內因出售北美洲主流業務及 品牌業務所產生的交易成本港幣 16,000,000 元 未計利息收入 融資成本 所得稅 折舊及攤銷費用前盈利 ( EBITDA ) 年內的 EBITDA 仍錄得港幣 812,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 725,000,000 元 ), 上升 +12%, 主要由於毛利增加, 但市場推廣投資增加, 僱員開支 銷售佣金 運輸及倉庫成本等經營費用的上升, 抵銷了部分毛利的增幅 本年度 EBITDA 佔銷售利潤率有所改善, 增至 15%( 二零一四 二零一五財政年度 :14%) 14 Vitasoy International Holdings Ltd. Annual Report 2015/16

18 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Profit Before Taxation With further reduction in net finance costs, prudent cash flow management and moderate growth in depreciation and amortisation charges, profit before taxation improved by +14% to HK$599 million (FY2014/2015: HK$524 million). Excluding the transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America, the profit before taxation from normal operation would have been HK$615 million, representing a growth of +17% compared to the previous year. Taxation Income tax charge for the year was HK$34 million (FY2014/2015: HK$115 million) with an effective tax rate of 6% (FY2014/2015: 22%). The decrease was due to the recognition of deferred tax assets of certain subsidiaries in Mainland China and North America, amounting to HK$87 million. The effective tax rate, excluding the recognition of these deferred tax assets as mentioned, would have been 20%. Profit Attributable to Equity Shareholders of the Company With the improvement in operating profit, lower net finance costs, non-controlling interest charges and lower income tax charges, profit attributable to equity shareholders of the Company was HK$531 million, representing an increase of +43% (FY2014/2015: HK$372 million). Profit attributable to equity shareholders of the Company excluding the recognition of deferred tax assets of certain subsidiaries in Mainland China and North America and transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America was HK$460 million, representing a growth of +24% (FY2014/2015: HK$372 million). Financial Position We finance our operations and capital expenditure primarily through internally generated cash flows as well as banking facilities provided by our principal bankers. As of 31st March, 2016, our cash and bank deposits amounted to HK$273 million (31st March, 2015: HK$335 million). 14% and 69% of our cash and bank deposits were denominated in HKD and RMB respectively (31st March, 2015: 17% and 64%). As of 31st March, 2016, the Group had a net borrowing balance of HK$77 million (31st March, 2015: net cash balance of HK$177 million) and available banking facilities amounted to HK$1,036 million (31st March, 2015: HK$877 million) to finance future cash flow needs. 除稅前溢利 由於進一步降低融資成本淨額, 審慎的現金流量管理, 而折舊及攤銷費用上升亦較溫和, 令除稅前溢利上升 +14% 至港幣 599,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 524,000,000 元 ) 倘不計及有關出售北美洲主流業務及 品牌業務之交易成本, 則日常經營所產生之除稅前溢利為港幣 615,000,000 元, 較去年增長 +17% 稅項 年內所繳納之所得稅為港幣 34,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 115,000,000 元 ), 實際稅率為 6%( 二零一四 二零一五財政年度 :22%) 稅率降低是由於確認中國內地及北美洲若干附屬公司共港幣 87,000,000 元的遞延稅項資產所致 倘不計及確認該等遞延稅項資產, 則實際稅率為 20% 本公司股權持有人應佔溢利 由於經營溢利上升, 加上融資成本淨額 非控股權益費用及所得稅費用等下降, 本公司股權持有人應佔溢利增加 +43% 至港幣 531,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 372,000,000 元 ) 倘不計及確認中國內地及北美洲若干附屬公司的遞延稅項資產, 及有關出售北美洲主流業務及 品牌業務的交易成本, 則本公司股權持有人應佔溢利為港幣 460,000,000 元, 增長 +24%( 二零一四 二零一五財政年度 : 港幣 372,000,000 元 ) 財務狀況 我們基本透過動用內部現金及主要來往銀行所提供的銀行信貸額, 融資營運和資本支出 於二零一六年三月三十一日, 我們的現金和銀行存款為港幣 273,000,000 元 ( 二零一五年三月三十一日 : 港幣 335,000,000 元 ) 當中 14% 和 69% 的現金和銀行存款分別以港幣和人民幣計算 ( 二零一五年三月三十一日 :17% 和 64%) 於二零一六年三月三十一日, 本集團的借貸淨額為港幣 77,000,000 元 ( 二零一五年三月三十一日 : 現金淨額港幣 177,000,000 元 ) 及可供動用的銀行信貸額為港幣 1,036,000,000 元 ( 二零一五年三月三十一日 : 港幣 877,000,000 元 ), 以融資未來之現金流量需要 維他奶國際集團有限公司二零一五 一六年年報 15

19 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 The Group s borrowings (including obligations under finance lease) amounted to HK$350 million (31st March, 2015: HK$158 million). The borrowings comprised HKD denominated borrowings for HK$295 million, AUD denominated borrowings for HK$40 million, and RMB denominated borrowings for HK$15 million. Fixed rate borrowings amounted to HK$ 150 million with an effective interest rate of 2.06% and 7.50% for bank loans and obligations under finance lease respectively. The gearing ratio (total borrowings/total equity attributable to equity shareholders of the Company) reached 16% (FY2014/2015: 8%). The Group has begun to take on bank borrowings progressively to fund various capital projects for capacity expansion and the upgrade of existing facilities. The Group s return on capital employed (ROCE) (EBITDA/ average non-current debt and equity) for the year was 34% (FY2014/2015: 35%). Excluding the transaction cost related to the divestiture of the Mainstream Business and SAN SUI Business in North America, the revised ROCE would have been 35%. The steady ROCE reflects the Group s commitment to employing its capital efficiently, thereby generating greater value for shareholders. Capital expenditure incurred during the year increased to HK$714 million (FY2014/2015: HK$530 million). This was spent on the construction and acquisition of machinery for the new Wuhan plant; the expansion of production capacity; installation of high speed lines and addition of packaging lines in the Foshan plant in Mainland China; the upgrade of existing production machinery in Hong Kong, Shenzhen and Shanghai; and the upgrading of production and waste water treatment equipment in the North American operation. Assets with a carrying value of HK$71 million (31st March, 2015: HK$76 million) were pledged under certain loans and lease arrangements. Financial Risk Management The Group s overall financial management policy focuses on controlling and managing risk, with transactions being directly related to the underlying businesses of the Group. For synergy, efficiency and control, the Group operates a central cash treasury management system for all subsidiaries. Borrowings are normally taken out in local currencies by the operating subsidiaries to fund and partially hedge their investments. The financial risks faced by the Group were mainly linked to uncertainties in interest rate movements. At the close of FY2015/2016, the Group entered into foreign exchange contracts to act as economic hedge against foreign currency fluctuations for the receipt of royalty income in Australian dollar from its Australian operation. As at 31st March, 2016, there was an unrealised exchange loss of HK$2.2 million exchange differences arising from these forward contracts charged to the income statement. 本集團的借貸 ( 包括融資租賃之債務 ) 為港幣 350,000,000 元 ( 二零一五年三月三十一日 : 港幣 158,000,000 元 ) 借貸包括以港幣計值的港幣 295,000,000 元借貸, 以澳元計值的港幣 40,000,000 元借貸, 及以人民幣計值的港幣 15,000,000 元借貸 固定利率借貸為港幣 150,000,000 元, 實際利率分別是銀行借貸的 2.06% 和融資租賃之債務的 7.50% 隨著本集團開始逐步提取銀行貸款, 為多個擴展產能及提升現有設施之資本項目提供資金, 借貸比率 ( 按借貸總額與本公司股權持有人應佔權益總額比率計算 ) 為 16%( 二零一四 二零一五財政年度 :8%) 本集團於年內的資本回報率 ( 按 EBITDA 與平均非流動債務及權益比率計算 ) 為 34%( 二零一四 二零一五財政年度 :35%) 倘不計及有關出售北美洲主流業務及 品牌業務之交易成本, 則經修訂資本回報率為 35% 資本回報率穩健反映本集團實踐有效運用資本的承諾, 並為股東帶來更高利益 年內錄得的資本性支出增加至港幣 714,000,000 元 ( 二零一四 二零一五財政年度 : 港幣 530,000,000 元 ), 用於興建武漢新廠房及購買機器 擴展產能 為中國內地的佛山廠房安裝高速生產線以及添置新包裝線 提升香港 深圳及上海現有生產機器, 以及為北美洲業務的生產及廢水處理設備進行升級 為若干貸款及租賃安排作抵押的資產, 賬面值為港幣 71,000,000 元 ( 二零一五年三月三十一日 : 港幣 76,000,000 元 ) 財務風險管理 本集團的整體財務風險管理政策強調管控風險, 而所進行的交易必須與本集團的相關業務直接有關 為達致協同效益 效率及監控的目的, 本集團為所有附屬公司實行中央現金及財政管理制度 各營運附屬公司一般以當地貨幣進行借貸, 為當地投資項目提供資金及對沖部份出資匯率風險 本集團所面對的財務風險主要與利率波動不明朗有關 於二零一五 二零一六財政年度年結日, 本集團訂立外匯合約, 用以對沖來自澳洲業務所收取以澳元計值之特許權收入的外匯波動 於二零一六年三月三十一日, 來自該等遠期合約之匯兌差額中有港幣 2,200,000 元的未變現匯兌虧損於收益表中扣除 16 Vitasoy International Holdings Ltd. Annual Report 2015/16

20 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Sustainability Report 2.0 In Vitasoy s Sustainability Report for FY2014/2015, the Group shared its progress in four key areas: Workplace Quality, Operating Practices, Environmental Protection and Community Involvement. In FY2015/2016, the Group has further evolved its Sustainability vision and framework to better integrate it with its business. The Sustainability Report 2.0 elaborates on how the newly evolved framework with a two-fold approach will take the Group through its future sustainability journey, giving details on key performance indicators and goals. The Sustainability Report 2.0 will be delivered to shareholders together with this Annual Report as a separate report. Potential Risk and Uncertainties During the year, the Group Internal Audit Department has implemented a phased improvement plan to further enhance the Group s internal controls and risk management systems. The improvement plan aims to embed a risk management system in its day-to-day operations. During the risk management process, six clusters of potential risks were identified: reputation, strategy, market, liquidity, credit and operation. Following analysis of these potential risks, appropriate controls were established to mitigate risk occurrence, and a new risk management framework was developed. The new framework will be rolled-out at the Group Management functions and Company-level in Hong Kong during FY2016/2017. Details of the new risk management process were covered in the Risk Management section of the Corporate Governance Report in this Annual Report. 可持續發展報告 2.0 在維他奶二零一四 二零一五財政年度的可持續發展報告中, 本集團介紹四個主要工作範疇的進展狀況 : 工作環境質素 營運慣例 環境保護及社區參與 於二零一五 二零一六財政年度, 本集團進一步推進可持續發展願景和框架, 務求更融合本身業務發展 可持續發展報告 2.0 闡述此雙軌導向的新發展框架如何助本集團在未來可持續發展的路上邁進, 並詳述關鍵績效指標及目標 獨立刊印的可持續發展報告 2.0 將連同本年報一併寄予股東 潛在風險及不明朗因素 於本年度內, 集團內部審計部推行一項分階段改善計劃, 以進一步加強集團的內部監控及風險管理系統 改善計劃旨在於日常營運上加設風險管理系統 在風險管理過程當中, 識別了以下六類潛在風險 : 信譽 策略 市場 流動資金 信貸及營運 經分析該等潛在風險後, 本集團已建立適當監控措施以減低風險出現, 並成立新的風險管理架構 新的風險管理架構將於二零一六 二零一七財政年度在集團管理功能部門以及集團旗下的香港公司實施 新風險管理流程已詳載於本年報的企業管治報告中風險管理一節內 維他奶國際集團有限公司二零一五 一六年年報 17

21 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Review of Operations Mainland China Sustained strong sales and profit growth whilst enhancing capability and infrastructure for the future 業務回顧 中國內地 銷售及溢利增長持續強勁, 同時提升營運能力及設施以作日後發展 二零一五年 % Change Group Contributions % 二零一五年 百分比變動 Revenue from 來自外間顧客之收入 external customers ( 港幣百萬元 ) (HK$ million) 2,404 1, Profit from operations 經營溢利 (HK$ million) ( 港幣百萬元 ) Revenue from 來自外間顧客之收入 external customers ( 人民幣百萬元 ) (RMB million) 1,978 1, Profit from operations 經營溢利 (RMB million) ( 人民幣百萬元 ) The overall economic growth in Mainland China continued to slow down in 2015 and the competition in the beverage industry remained keen. Vitasoy China continued to strengthen the fundamentals of our VITASOY Classic Soymilk products whilst also innovating new products. In particular, we enriched our soymilk range with the new VITASOY HEALTH PLUS. It is a high-end soymilk drink that is a good source of nutrients with high protein, high calcium, low sugar and zero cholesterol. Meanwhile Vitasoy China continued to execute the Go Deep Go Wide strategy and drive sales growth in Southern, Central and Eastern China. It also enhanced its capability with a stronger sales and distribution infrastructure. In FY2015/2016, Vitasoy China completed the construction of its new Wuhan production facility. The new plant commenced production in the first quarter of FY2016/2017 and will support the Group s development in Central China. During the fiscal year, Vitasoy China also upgraded its infrastructure and introduced a state-of-the-art SAP system to enhance operating efficiency, synergies and collaboration. The SAP system will help reinforce Vitasoy China team s capabilities in sales and marketing as well as supply chain management from planning to execution. With favourable raw material prices and enhanced manufacturing efficiency due to higher sales volume, Vitasoy China recorded a remarkable improvement in gross profit margin. This contributed to improved operating profit performance. The average of 3% depreciation in Renminbi during the year has negatively impacted our results when reported in Hong Kong dollar. 中國內地整體經濟增長於二零一五年持續放緩, 而飲品行業的競爭仍然劇烈 維他奶中國繼續鞏固 經典系列豆奶產品的根基, 並不斷創新產品 尤其是在豆奶系列中新增 + 品牌豆奶, 這款高級豆奶飲品營養豐富 含高蛋白質及鈣質, 而且低糖及零膽固醇 同時, 維他奶中國持續執行 更深更廣 業務策略, 推動華南 華中及華東地區的銷售增長, 並以更強大的銷售及分銷網絡強化其營運能力 於二零一五 二零一六財政年度, 維他奶中國完成興建武漢的新生產設施 新廠房於二零一六 二零一七財政年度第一季投產, 將支援本集團於華中地區的業務發展 於本財政年度內, 維他奶中國亦提升其設施, 引入先進的 SAP 系統, 提升營運效率及協同合作效用 SAP 系統有助加強維他奶中國團隊的能力, 包括銷售 市場推廣 供應鏈管理等多方面由計劃以至執行的過程 由於受惠於有利的原材料價格, 加上銷量增加令生產效率提升, 維他奶中國錄得顯著的毛利率增長, 從而改善經營溢利表現 人民幣於年內平均貶值 3%, 不利以港幣計算的業績表現 18 Vitasoy International Holdings Ltd. Annual Report 2015/16

22 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Hong Kong Operation (Hong Kong, Macau and Exports) Solid profit growth with strong execution and innovation 香港業務 ( 香港 澳門及出口 ) 致力執行策略及創新產品, 取得穩健溢利增長 二零一五年 二零一五年 HK$ million HK$ million % Change Group Contributions % 港幣百萬元 百分比變動 Revenue from 來自外間顧客之收入 external customers 2,070 2, Profit from operations 經營溢利 In 2015, the retail sector showed a drastic year-on-year decline due to a significant drop in Mainland Chinese visitors and the inflation eased for the fourth consecutive year. Vitasoy Hong Kong results out-performed the industrial average through disciplined execution and its focus on core business and innovation. In the Soy category, a new product range was launched under the brand name VITASOY GO. It provides consumers with a convenient way to enjoy a nutritious product. The VITA Tea range remained the dominant leader in the overall ready-to-drink tea category. VITA Yuan Yang and VITA Milk Tea (stronger tea taste) were launched in FY2015/2016 as new products to complement the VITA Hong Kong Style range. Vitaland Services Limited faced challenges in the tuck shop business, mainly due to the drop in school numbers and fewer school days. Meanwhile, Hong Kong Gourmet Limited performed well with high lunch meal retention rate and improved efficiency. The Macau business recorded a moderate (+1.8%) sales growth, primarily owing to the weak economy and drop in number of tourists. The Export business was negatively impacted by the strengthening of US dollar. However, business growth was recorded in some overseas markets, such as Australia and Papua New Guinea. While sales only improved by +1%, profit from operations increased by a significant +7%, mainly due to the improved gross profit generated from increased manufacturing efficiency and favourable commodity costs of raw materials. 於二零一五年, 由於中國訪港旅客數量顯著下跌, 加上通脹連續第四年放緩, 導致零售業按年大幅下滑 維他奶香港透過嚴格執行策略 專注發展核心業務及創新產品, 業績優於業界平均水平 大豆品類方面, 推出 VITASOY GO 品牌的全新產品系列, 為消費者提供一種方便美味的產品 茶系列仍穩佔整體即飲茶品類的領導地位 鴛鴦及 奶茶 ( 特濃茶味 ) 於二零一五 二零一六財政年度推出市場, 為 港式系列增添新產品 維他天地服務有限公司的小食部業務面對挑戰, 主要由於學校數目下降及上課日減少所致 與此同時, 香港美食有限公司的午膳訂購保持率仍然高企, 加上營運效率改善, 故此表現理想 澳門業務錄得 +1.8% 的溫和銷售增長, 主要由於經濟疲弱及遊客數目減少 美元強勢令出口業務受到負面影響 然而, 若干海外市場如澳洲及巴布亞新幾內亞等仍錄得業務增長 雖然銷售收入增長僅為 +1%, 但經營溢利顯著增加 +7%, 主要是由於生產效率提高及有利的原材料價格令毛利上升 維他奶國際集團有限公司二零一五 一六年年報 19

23 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Australia and New Zealand Modest growth with strong market position 澳洲及新西蘭 增長溫和, 市場地位穩固 二零一五年 % Change Group Contributions % 二零一五年 百分比變動 Revenue from 來自外間客戶之收入 external customers ( 港幣百萬元 ) (HK$ million) Profit from operation 經營溢利 (HK$ million) ( 港幣百萬元 ) Revenue from 來自外間客戶之收入 external customers ( 澳元百萬元 ) (AUD million) Profit from operation 經營溢利 (AUD million) ( 澳元百萬元 ) In 2015, the Australian economy remained in growth at +2.5%; however, deflation affected manufacturers in the food and beverage industry. The plant milk category continued to show healthy growth, driven by the segments of Almond Milk and Coconut Milk. Meanwhile, the Soy, Rice and Oat segments declined due to a consumption shift. Vitasoy Australia grew ahead of the market average in terms of value and volume, increasing its market leading share in the plant milk segment. Throughout the year, Vitasoy Australia continued to support its plant milk portfolio with a new campaign that highlighted its Australian-grown soy products. In addition, Vitasoy Australia expanded into the Almond Milk segment with two variants Original and Unsweetened. The new product launch was supported by a strong national TVC campaign and sampling activities. Improved manufacturing efficiency and prudent cost control enabled Vitasoy Australia to improve margin and accelerate profit growth during FY2015/2016. Yearly results reported in terms of Hong Kong dollar were adversely impacted by the weakened Australian dollar, which depreciated an average of 15% compared with last fiscal year. 於二零一五年, 澳洲經濟維持 +2.5% 增長 ; 然而, 通縮影響食品及飲品製造商的表現 受惠於杏仁奶及椰子奶產品, 植物奶品類繼續穩健增長 與此同時, 由於消費模式改變, 大豆 大米及燕麥品類銷量同告下降 維他奶澳洲在銷售額及銷量方面均領先市場平均水平, 並擴大在植物奶品類的市場領導份額 維他奶澳洲在年內推出了新一輪宣傳活動, 強調澳洲本土種植的大豆產品, 藉以持續推動其植物奶品類產品系列 此外, 維他奶澳洲以原味及無糖杏仁奶兩款產品進入該品類市場, 更以大型全國性電視廣告以及透過試飲活動等配合新產品的推出 於二零一五 二零一六財政年度, 由於生產效率得以改善及審慎控制成本, 維他奶澳洲的盈利率增加, 溢利亦加速增長 由於疲弱的澳元較上個財政年度平均貶值 15%, 拖累以港幣計算的年度業績 20 Vitasoy International Holdings Ltd. Annual Report 2015/16

24 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Singapore Expanded market share with accelerated trade activation 新加坡 增加促銷活動, 加大市場份額 二零一五年 % Change Group Contributions % 二零一五年 百分比變動 Revenue from 來自外間客戶之收入 external customers ( 港幣百萬元 ) (HK$ million) Profit from operation 經營溢利 (HK$ million) ( 港幣百萬元 ) Revenue from 來自外間客戶之收入 external customers ( 坡元百萬元 ) (SGD million) Profit from operation 經營溢利 (SGD million) ( 坡元百萬元 ) Singapore s gross domestic product (GDP) grew by +2%, the weakest growth reported in the last five years. As consumers were more cautious about their spending, retailers launched more price discounts and promotions in an effort to generate volume. Against a backdrop of price-conscious consumption sentiment, Vitasoy Singapore recorded a modest top line growth (+1%) in tofu sales, in terms of local currency. The overall business grew +23% (+31% in local currency), including the business of imported beverage. In FY2015/2016, Vitasoy Singapore began to handle the imported VITASOY beverage business in order to better execute it in the market. As we have launched VITASOY Premium Tofu in last fiscal year, we integrated the beverage business with the tofu one. During the year, we continued to invest in marketing activities with dedicated channel promotions and consumer sampling activities. We maintained our No.1 market share position in the tofu category. The new premium tofu range under the brand name of VITASOY was well-received. The VITASOY Premium Organic Tofu complements the UNICURD brand, and provides consumers with a more sophisticated portfolio to choose from. It has helped fortify the brand equity of the imported VITASOY beverages. 新加坡的國內生產總值上升 +2%, 是過去五年最低的增幅 由於顧客消費更加審慎, 零售商為推動銷量, 紛紛增加折扣及推廣價 在消費者著重價格的氣氛下, 維他奶新加坡的豆腐銷售額錄得溫和增長 +1%( 以當地貨幣計算 ) 整體業務增長 +23%( 以當地貨幣計算為 +31%), 其中包括進口飲品業務 於二零一五 二零一六財政年度, 維他奶新加坡開始經銷進口 飲品, 得以更有效執行產品推廣 上一財政年度推出了 高端豆腐, 因此以 為品牌的豆腐與飲品業務得以併合 年內, 我們繼續投資於銷售渠道推廣及顧客試食活動等市場推廣活動, 並於豆腐品類繼續保持市場第一之領先地位 品牌的全新高端豆腐系列深受消費者歡迎 UNICURD 品牌豆腐加入 高端有機豆腐, 更能為消費者提供多樣化的產品組合選擇, 進一步鞏固進口 飲品的品牌價值 維他奶國際集團有限公司二零一五 一六年年報 21

25 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 The export tofu business registered a strong performance (+16% in terms of local currency), with sales growth in key markets in Europe and Asia. Significant drivers were Silken Tofu, Pressed Tofu and Tau Kwa. The healthy sales growth together with stringent management control in expenses has led to a stronger growth in profit from the operations. The impact of depreciation of the Singapore dollar against the US dollar was offset by some favourable raw material prices in the fiscal year. Yearly results have been negatively impacted by a weakened Singapore dollar, which depreciated an average of 7% over the course of the year. 出口豆腐業務表現相當理想 ( 以當地貨幣計算為 +16%), 於歐亞主要市場的銷售均有所增長 嫩滑豆腐 板豆腐及豆干均為主要的銷售增長產品 穩健的銷售增長, 加上嚴格管控開支, 均帶動經營溢利強勁增長 於本財政年度, 坡元兌美元貶值的影響被若干有利的原材料價格所抵銷 坡元全年平均貶值 7%, 坡元疲弱影響以港元計算的年度業績 22 Vitasoy International Holdings Ltd. Annual Report 2015/16

26 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 North America Completion of strategic review and divestiture of Mainstream Business and SAN SUI Business 北美洲 完成策略檢討並出售主流業務及 品牌業務 二零一五年 二零一五年 HK$ million HK$ million % Change Group Contributions % 港幣百萬元 百分比變動 Revenue from 來自外間顧客之收入 external customers Profit from operation 經營溢利 (33) (1) N/A 不適用 During the year, the Group carried out a strategic review of its North American business to identify a structural improvement in profitability. After a thorough study, it was concluded that the divestiture of its Mainstream Business and SAN SUI Business in North America would enable the Group to focus on accelerating the growth of its core business, and support further expansion into other markets. As announced by the Company on 24th March, 2016, the Group entered into an Asset Purchase Agreement with Pulmuone Foods Group, a leading food manufacturer in South Korea, to sell certain assets of the North American business that related to the Mainstream Business and SAN SUI Business in North America. Vitasoy USA will continue to operate its Asian imported beverage business in North America after the transaction. The consideration of the assets concerned is US$50 million, subject to the net working capital adjustment. The Group is expected to record an estimated gain of approximately US$19.8 million (before relevant taxes) in FY2016/2017. The proceeds will be invested back into the development of the Group s core operating markets. In FY2015/2016, the total combined Vitasoy USA net sales in North America recorded a modest year-on-year growth, with a strong performance in its total Tofu sales (+7%). Vitasoy USA outperformed the category in terms of dollar sales, which was led by a strong double digit growth in NASOYA Tofu Baked. As a result, it continued to grow its share and maintained the leading share in Mainstream Channel Tofu market. The imported beverage business continued its dominant market position in Asian Channel, but recorded a slight sales decline in the year owing to a change of distributors and hiccups in product supply. Higher manufacturing cost and the cost associated with the divestiture of assets related to Mainstream Business and SAN SUI Business in North America have negatively impacted the profitability of the operation, resulting in a net operating loss for the full year of FY2015/2016. Excluding the divestiture transaction cost, the loss from Vitasoy USA would be HK$17 million. 年內, 本集團對北美洲業務進行策略檢討, 並從結構上改善盈利能力 經全面檢討後, 決定出售北美洲主流業務及 品牌業務, 使本集團專注於加快其核心業務的增長, 並進一步開拓其他市場 誠如本公司於二零一六年三月二十四日所公佈, 本集團與南韓主要食品製造商 Pulmuone Foods Group 訂立資產購買協議, 出售與北美洲主流業務及 品牌業務有關的北美洲業務若干資產 維他奶美國在交易完成後將繼續於北美洲經營亞裔進口飲料業務 有關資產代價為 50,000,000 美元, 惟須作出營運資金淨額調整 本集團預期於二零一六 二零一七財政年度錄得估計收益約 19,800,000 美元 ( 扣除相關稅項前 ) 所得款項將用於投資發展本集團核心營運市場 於二零一五 二零一六財政年度, 維他奶美國的豆腐總銷售額表現強勁 (+7%), 其於北美洲綜合產品總銷售淨額亦錄得溫和按年增長 由於 NASOYA 烘烤豆腐錄得強勁雙位數增長, 維他奶美國按銷售金額計算在該豆腐類別中表現出色 因此, 維他奶美國的市場份額繼續增加, 並在主流銷售渠道豆腐市場中穩佔領導地位 進口飲料業務繼續主導亞裔市場, 但由於更換分銷商及產品供應出現輕微問題, 導致年度銷售輕微下跌 由於生產成本增加及有關出售與北美洲主流業務及 品牌業務有關資產的成本對營運的盈利能力帶來負面影響, 導致二零一五 二零一六財政年度全年出現經營虧損淨額 扣除上述出售之交易成本, 維他奶美國的虧損為港幣 17,000,000 元 維他奶國際集團有限公司二零一五 一六年年報 23

27 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 General Outlook It is anticipated that the business environment in FY2016/2017 will be similar to that of FY2015/2016 with potentially even softer economic and retail sentiment in our operating markets. Looking forward, we shall keep a lasersharp attention to productivity, efficiency and cost control. We stay focused on building our fundamentals, strengthening our competitive position and our core offerings with Taste, Nutrition and Sustainability. We shall pursue growth and expansion through Execution, Expansion and Innovation. Each of the geographical markets will continue to launch and execute brand new innovation on the core business in the coming year. Given the uncertain economic environment, it will also continue to improve manufacturing efficiency and product mix, upgrade infrastructure, and carefully manage operating costs, in order to deliver a profitable growth. Mainland China Vitasoy China will continue its Go Deep Go Wide strategy. The new Wuhan plant, which is located in Central China, will further support Vitasoy China s business growth in the market. The business will further grow VITASOY platform with the new VITASOY HEALTH PLUS. It will continue to innovate in its product offerings to meet different consumer needs. Vitasoy China will continue to enhance its operating efficiency and capabilities. The new manufacturing plant in Wuhan will support expansion, whilst the advanced SAP system will help create synergies among operations and enhance operational and financial management standards. Hong Kong Operation (Hong Kong, Macau and Exports) Vitasoy Hong Kong will further strengthen its leading market position through product and marketing innovation in its core categories. In FY2016/2017, the Group will innovate in its core Soy range. In recent months, we have launched the new VITASOY Black Soymilk and a new variant of VITASOY GO Dark Chocolate Waffle Drink, as well as revamped the packaging of CALCI-PLUS Soymilk. Vitasoy Hong Kong will further strengthen its Hong Kong Style range with the newly launched VITA Coffee. While the challenges of high wages and shortage of labour supply persist, Vitasoy Hong Kong continues to enhance its automaton and operational efficiency to overcome these difficulties. 整體展望 預期二零一六 二零一七財政年度的營商環境將與二零一五 二零一六財政年度相若, 而我們的營運市場可能會面對更疲弱的經濟及零售氣氛 展望未來, 我們將更注重生產力 效率和成本控制, 繼續致力於建立基本要素, 鞏固競爭地位和提供美味 營養及可持續發展的核心產品, 並透過 執行 擴展及創新 繼續追求業務增長及擴展 來年, 我們將在各地區市場的核心業務上推出新產品及執行品牌創新 鑒於經濟環境的不明朗, 本集團亦會繼續提升生產效率 優化產品組合 提升配套設施, 並審慎管理經營成本, 從而帶來盈利增長 中國內地 維他奶中國將繼續推行 更深更廣 策略 位於華中地區的新武漢廠房將為維他奶中國的業務發展提供更有力的支援 我們將以全新推出的 + 品牌進一步發展 平台, 亦將繼續創新產品, 迎合不同消費者的需要 維他奶中國將繼續提升其營運效率及能力 武漢新廠房的成立將有助業務擴展, 而先進的 SAP 系統將促進營運單位間的協同效應, 並提升營運及財務管理水平 香港業務 ( 香港 澳門及出口 ) 維他奶香港將透過核心品類的產品及創新的市場推廣, 進一步鞏固市場領導地位 於二零一六 二零一七財政年度, 本集團將創新其核心大豆產品系列 我們近期已推出全新 黑豆奶及 VITASOY GO 黑朱古力窩夫味 新飲品, 並為 豆奶換上新包裝 維他奶香港以新推出的 啡走, 進一步壯大其港式產品系列 由於工資高企及勞工短缺等問題持續, 維他奶香港將繼續提升自動化生產及提高營運效率, 以解決這些問題 24 Vitasoy International Holdings Ltd. Annual Report 2015/16

28 GROUP CHIEF ExECUTIVE OFFICER s REPORT/BUSINESS REVIEW 集團行政總裁報告 業務回顧 Australia and New Zealand The plant milk market is expected to grow beyond soy-based drinks as consumers become more health conscious and look for functional attributes of plant milk. Nutrition and taste remain the key drivers of VITASOY product portfolio. Vitasoy Australia will continue to invest behind its full portfolio with the recent launches into the segments of Coconut Milk and Almond Milk. Singapore Vitasoy Singapore will drive sales growth through store excellence and by scaling up VITASOY brand equity. While labour recruitment is a concern, Vitasoy Singapore will continue to explore different means to improve operational efficiency and profitability. North America After the divestiture of its Mainstream Business and SAN SUI Business in North America, Vitasoy USA will focus on driving sales growth of its imported beverage business in Asian Channel. Conclusion In FY2015/2016, the core business has been accelerating the Group s growth on both the top line and bottom line. Growth was broad across all core geographies. Looking forward, we will continue to implement our strategy and business model to deliver our vision to expand Taste, Nutrition and Sustainability to the communities we serve. Our ability to deliver these encouraging results attests to our continuous focus on product quality, market leading innovation, and excellent customer and consumer dedication by all of our teams. We would like to thank all of our colleagues for their energy and efforts in contributing to another year of progress for the Group. We also wish to thank our Executive Chairman and our Board of Directors for their valuable guidance and ongoing support. 澳洲及新西蘭 由於消費者越趨注重健康及追求植物奶的功能效用, 預期植物奶市場增長會較豆類飲品迅速 營養和美味仍是 產品組合的主要銷售賣點 維他奶澳洲將繼續投資整體產品組合, 最近更推出椰子奶及杏仁奶品類產品 新加坡 維他奶新加坡透過優化零售店推廣及提高 品牌價值, 從而帶動銷售增長 為應付勞工招聘問題, 維他奶新加坡將繼續尋找不同方法改善營運效率及盈利能力 北美洲 在出售北美洲主流業務及 品牌業務後, 維他奶美國將專注於推動亞裔市場的進口飲料業務的銷售增長 總結 於二零一五 二零一六財政年度, 核心業務加速本集團收入及溢利的增長, 而所有核心營運地區均見有所增長 展望將來, 我們將繼續執行策略及業務模式, 將美味 營養及可持續發展的願景推廣至我們所服務的社區 我們能夠取得令人鼓舞的業績, 有賴團隊上下重視產品質量, 帶領市場創新, 以及竭誠為顧客及消費者提供優質服務 我們謹此向全體同事為本集團本年的佳績所付出的精神及努力衷心致謝 我們亦謹此感謝執行主席及董事會寶貴的指導及不斷的支持 Roberto Guidetti Group Chief Executive Officer 23rd June, 2016 集團行政總裁二零一六年六月二十三日 維他奶國際集團有限公司二零一五 一六年年報 25

29 26 Vitasoy International Holdings Ltd. Annual Report 2015/16

30 AWARDS AND RECOGNITIONS 嘉許及表揚 Major Awards of Vitasoy International Holdings Limited from 1st April, 2015 to the Date of this Annual Report 維他奶國際集團有限公司於二零一五年四月一日至本年報日期止所獲主要獎項 Corporate 企業 CAPITAL ECO Enterprise 2015 by CAPITAL Magazines. 資本雜誌 卓越環 商企業大獎 2015 Green Office Label under Green Office Awards Labelling Scheme (GOALS), and the United Nations Millennium Development Goals (UNMDG) Better World Company Label by World Green Organisation (WGO) and Junior Chamber International (JCI) North District, Hong Kong. 獲世界綠色組織及香港北區青年商會頒發 綠色辦公室獎勵計劃 認證及聯合國千禧發展目標 環球愛心企業 標誌 Metro Awards for Eco-Business 2015 by Metro Daily and Metro Prosperity. 都市日報 及 都市盛世 都市環保企業獎 2015 The HKIoD Symbol of Credit in Director CPD awarded by The Hong Kong Institute of Directors. 獲香港董事學會頒發 董事持續專業進修嘉許標誌 Consumer Caring Scheme 5 years 2016 awarded by GS1 Hong Kong. 獲香港貨品編碼協會頒發 2016 年度 貼心企業五年賞 The 10 years Plus Caring Company Logo from Hong Kong Council of Social Services. 獲香港社會服務聯會頒發 10 年 Plus 商界展關懷 標誌 Outstanding Corporate Communications and External Relations Award in Quamnet Outstanding Enterprise Awards 2015 organised by Quamnet. 華富財經主辦之 華富財經傑出企業大獎 2015 中獲 傑出企業傳訊及對外關係獎 Century Food Brand Awards from Hong Kong Food Council. 獲香港食品委員會頒發 百年食品品牌 維他奶國際集團有限公司二零一五 一六年年報 27

31 AWARDS AND RECOGNITIONS 嘉許及表揚 Vitaland Services Limited and Hong Kong Gourmet Limited 維他天地服務有限公司及香港美食有限公司 Vitaland Services Limited and Hong Kong Gourmet Limited were awarded Green Partner Appreciation Certificate in the Green Monday Carnival. 維他天地服務有限公司及香港美食有限公司獲頒贈 無綠不歡校園計劃 的 綠色夥伴感謝狀 Human Resources 人力資源 Manpower Developer awarded by the Employees Retraining Board. 獲僱員再培訓局嘉許為 人才企業 Hong Kong 香港 The Champion in Team Relay (Business Associates) Men s Section of Walk Up Jardine House organised by Jardine Group. 於怡和集團主辦的籌款活動 齊步上怡廈 中奪得商業夥伴男子組冠軍 Mainland China 中國內地 Shenzhen Vitasoy (Guang Ming) Foods and Beverage Co., Limited was recognised as an Outstanding EcoPartner in the BOCHK Corporate Environmental Leadership Award organized by the Federation of Hong Kong Industries and Bank of China Hong Kong. 深圳維他 ( 光明 ) 食品飲料有限公司在香港工業總會及中銀香港舉辦的 中銀香港企業環保領先大獎 2015 中獲得 環保傑出夥伴 28 Vitasoy International Holdings Ltd. Annual Report 2015/16

32 AWARDS AND RECOGNITIONS 嘉許及表揚 Vitasoy (Foshan) Company Limited was recognised as an Outstanding EcoPartner in the BOCHK Corporate Environmental Leadership Award organised by the Federation of Hong Kong Industries and Bank of China Hong Kong. 維他奶 ( 佛山 ) 有限公司在香港工業總會及中銀香港舉辦的 中銀香港企業環保領先大獎 中評為 環保傑出夥伴 Vitasoy (Foshan) Company Limited was nominated by the Food and Drug Administration of Nanhai District, as one of the demonstration units for food safety in Foshan area in 維他奶 ( 佛山 ) 有限公司被佛山南海區食品藥品監督管理局評選為 2015 年南海區食品安全生產示範單位 之一 Vitasoy (Shanghai) Company Limited was recognised by the Office for Social Security Management Committee of Songjiang District as a safety demonstration unit in 2015 in Shanghai city. 維他奶 ( 上海 ) 有限公司獲上海市松江區社會治安綜合治理委員會辦公室評為 2015 年度上海市平安示範單位 Vitasoy (Shanghai) Company Limited was recognised by Zhongshan Office of Songjiang District in Shanghai as an Outstanding Foreign Enterprise in Songjiang District, and awarded the Outstanding Contribution Award, Best Value Award, and Outstanding Progress Award in 維他奶 ( 上海 ) 有限公司獲上海市松江區中山街道評為 2015 年松江區中山街道 優秀外資企業 並獲得 傑出貢獻獎 最佳效益獎 及 特別進步獎 Vitasoy (Shanghai) Company Limited was recognised by the Songjiang District People s Government in Shanghai as an Advanced Manufacturing Enterprises and one of the top 15 Foreign Enterprises in Songjiang District, and received the Economic Contribution Award in 維他奶 ( 上海 ) 有限公司獲上海市松江區人民政府評為 2015 年松江區 先進製造企業 及 外資企業十五強 之一, 並獲頒 經濟貢獻獎 Singapore 新加坡 VITASOY was endorsed as Tasty Singapore Brand Ambassador by International Enterprise Singapore (IE Singapore). 成為新加坡國際企業的 美味新加坡品牌大使 Food Safety Awards by Agri-Food & Veterinary Authority of Singapore (AVA). 獲新加坡農業食品及動物安全局 (AVA) 頒發 食物安全獎 VITASOY was voted by readers of Singapore Women s Weekly as the best soy drink and gained the Domestic Diva Award. 新加坡婦女週刊 舉辦的讀者投票選出 為最佳大豆飲料, 並獲得 Domestic Diva Award 維他奶國際集團有限公司二零一五 一六年年報 29

33 AWARDS AND RECOGNITIONS 嘉許及表揚 Brand 品牌 VITASOY Hong Kong 香港 Yahoo! Emotive Brand Award Food & Beverage Category by YAHOO! Hong Kong. 獲雅虎香港頒發 Yahoo! 感情品牌大獎 飲料及食品類別 One of the Top 10 Favourite Brands in the Wellcome 16th Favourite Brand Awards 2015 by Wellcome Supermarket. 在惠康超級市場主辦之 惠康第 16 屆超市名牌選舉 2015 中獲選為 十大超市名牌 之一 Touch Brands Award by East Touch Magazine. 獲 東 Touch 雜誌頒發 Touch 品牌獎項 One of the Top Ten Excellence Brands, Super Supermarket Brand as well as Star Supermarket Brand (Milk Category) in Park N Shop Super Brands Awards by Park N Shop. 在百佳超級市場主辦之 百佳卓越品牌大賞 中獲頒發 十大超卓品牌 至尊超市品牌 及 星級超市品牌 ( 奶類 ) The Markies Award 2016 Best Idea Consumer Engagement Award by MARKETING Magazine. 獲 MARKETING 雜誌頒發 Markies 獎 2016 最佳創意消費者參與獎 VITA Hong Kong 香港 One of the Top Ten Excellence Brands, Super Family Brand, and Star Supermarket Brand (Ready-to-drink Tea Category) in Park N Shop Super Brands Awards by Park N Shop. 在百佳超級市場主辦之 百佳卓越品牌大賞 中獲頒發 十大超卓品牌 之一 至尊家庭品牌 及 星級超市品牌 ( 即飲茶類飲品 ) 30 Vitasoy International Holdings Ltd. Annual Report 2015/16

34 AWARDS AND RECOGNITIONS 嘉許及表揚 CALCI-PLUS Hong Kong 香港 Outstanding Category Performance Award Drinks in the Wellcome 16th Favourite Brand Awards 2015 by Wellcome Supermarket. 在惠康超級市場主辦之 惠康第 16 屆超市名牌選舉 2015 中獲 出類拔萃獎 飲品 VLT Hong Kong 檸檬茶 香港 One of the Top 10 Favourite Brands in the Wellcome 16th Favourite Brand Awards 2015 by Wellcome Supermarket. 在惠康超級市場主辦之 惠康第 16 屆超市名牌選舉 2015 中獲選為 十大超市名牌 之一 Touch Brands Award by East Touch Magazine. 獲 東 Touch 雜誌頒發 Touch 品牌獎項 VITA Chrysanthemum Tea Hong Kong 菊花茶 香港 One of the Top 10 Favourite Brands in the Wellcome 16th Favourite Brand Awards 2015 by Wellcome Supermarket. 在惠康超級市場主辦之 惠康第 16 屆超市名牌選舉 2015 中獲選為 十大超市名牌 之一 VITA HK Style Milk Tea Hong Kong 港式奶茶 香港 Best Idea of Launch Silver Award and Best Idea of Customer Acquisition Bronze Award in the Markies Award 2015 by MARKETING Magazine. 在 MARKETING 雜誌舉辦的 Markies 獎 2015 中獲 最佳發佈獎 銀獎 及 最佳概念 客戶贏取 銅獎 TVB Most Popular TV Commercial Awards 2015 Most Popular TV Commercial by Television Broadcasts Limited. 獲電視廣播有限公司頒發 2015 TVB 最受歡迎電視廣告大獎 最受歡迎電視廣告 維他奶國際集團有限公司二零一五 一六年年報 31

35 AWARDS AND RECOGNITIONS 嘉許及表揚 Hong Kong Effie Awards 2015 Alcoholic Beverages/Non-alcoholic Beverages Category (Bronze) by The Association of Accredited Advertising Agencies of Hong Kong (HK4As). 於香港廣告商會主辦之 2015 EFFIE 廣告效益大獎 中榮獲 酒精飲品 非酒精飲品類銅獎 Excellence in Launch / Relaunch Marketing (Silver) and Excellence in Advertising (Silver) in Marketing Excellence Awards 2015 by MARKETING Magazine. 由 MARKETING 雜誌舉辦的 最佳市場推廣獎 2015 中獲 最佳產品發佈 重新發佈營銷 ( 銀獎 ) 及 最佳廣告 ( 銀獎 ) Touch Brands Award by East Touch Magazine. 獲 東 Touch 雜誌頒發 Touch 品牌獎項 VITA HK Style Yuan Yang Hong Kong 港式鴛鴦 香港 Rising Star in the Wellcome 16th Favourite Brand Awards 2015 by Wellcome Supermarket. 在惠康超級市場主辦之 惠康第 16 屆超市名牌選舉 2015 中獲選為 最具潛力品牌 32 Vitasoy International Holdings Ltd. Annual Report 2015/16

36 維他奶國際集團有限公司二零一五 一六年年報 33

37 CORPORATE GOVERNANCE REPORT 企業管治報告 Vitasoy International Holdings Limited (the Company ) is firmly committed to a high level of corporate governance and adherence to the governance principles and practices emphasising transparency, independence, accountability, responsibility and fairness. These principles and practices are reviewed and revised regularly as appropriate to reflect the ever changing regulatory requirements and corporate governance development. The Board of Directors (the Board ) believes that the high standards of corporate governance is the essential core for sustaining Vitasoy Group s long term performance and value creation for our shareholders, the investing public and the other stakeholders. Corporate Governance Practices The Company has, throughout the year ended 31st March, 2016, complied with the code provisions set out in the Corporate Governance Code (the CG Code ) contained in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Listing Rules ). Board of Directors The general management of the Company s business is vested in the Board. The Board has established various committees to manage and oversee the specified affairs of the Company. The Board has delegated the day-today management power of the Company to the Executive Directors and Senior Management of the Company. However, full delegation is not allowed for some specific matters under the Companies Ordinance, the Listing Rules, the CG Code or other regulatory requirements, and the final decisions on those specific matters are required to be taken by the whole board. A defined schedule of matters reserved for Board decisions has been adopted by the Board as follows: 維他奶國際集團有限公司 ( 本公司 ) 堅守高水平的企業管治, 並時刻遵守注重具透明度 獨立性 問責 負責與公平之管治原則及常規 本公司定期在適當時候檢討及修訂該等原則及常規, 以反映不斷轉變的監管規定及企業管治發展 董事會相信, 高標準的企業管治對維他奶集團維持長遠表現, 以及為各股東 公眾投資者及其他持份者創造價值而言乃不可或缺的關鍵元素 企業管治常規 本公司於截至二零一六年三月三十一日止年度一直遵守香港聯合交易所有限公司證券上市規則 ( 上市規則 ) 附錄十四所載之企業管治守則 ( 企業管治守則 ) 中之守則條文 董事會 董事會負責本公司業務之整體管理工作, 並已成立不同之委員會來管理及監察本公司特定範疇之事務 董事會委任本公司之執行董事及高層管理人員負責管理公司日常事務 然而, 公司條例 上市規則 企業管治守則或其他規管要求規定, 部分特定事項不允許全權委託他人負責, 並須由全體董事會成員共同作出最終決定 董事會已採納如下明確之事項表, 列載須待董事會作出決定之事項 : Code and policies of Corporate Governance Practices 企業管治常規守則及政策 Corporate Governance Practices and Significant Financial Transactions 企業管治常規及重大財務交易 Material business merger, acquisition and divestiture 重大業務合併 收購及出售 Significant investment and joint venture formation 主要投資及成立合營企業 Notifiable and connected transactions 須予公佈及關連交易 Provision of significant guarantee or indemnity 提供重大擔保或彌償保證 Approval of Financial Reports 批准財務報告 Appointment and Removal of External Auditor 委任及罷免外聘核數師 Matters reserved for the Board Decisions 須待董事會作出決定之事項 Long-term Strategic Plan and Annual Budget 長期發展策略及年度預算 Appointment of Director and Company Secretary, and approval of Share Option Plans 委任董事及公司秘書, 並批准購股權計劃 34 Vitasoy International Holdings Ltd. Annual Report 2015/16

38 CORPORATE GOVERNANCE REPORT 企業管治報告 The Board strives to achieve high standards of corporate governance practices as well as the Company s mission to creating value for our shareholders. The Board is responsible for developing the strategic directions for the Company and continuous monitoring of the performance of the general management of the Company. Strategic planning is one of the Board s important functions for aligning mission and vision and a lot of focus and attention have been devoted to such a plan. Strategic planning horizons are generally three years. The Board has adopted its latest Three Year Strategic Plan for the fiscal years up to 2018/2019 in September The Board takes a proactive role in reviewing and updating the Strategic Plans periodically in response to changes in the macro economic and business environment. The Board plays a leading role for risk oversight in shaping the Company s risk appetite and ensure a proper risk management framework is in place. Recognising the increasing challenges for the Board in risk oversight, Management has engaged an independent consultant to identify the risk management objectives and develop a structured risk management framework to manage risks. The Board has formally adopted the Company s risk management framework in January Board Composition 董事會致力達致高標準的企業管治常規及履行本公司為股東創造價值之使命 董事會負責制定本公司之策略性方向, 並持續監察本公司整體管理表現 發展策略已成為董事會實踐使命和願景的重要職能, 因而董事會會非常注重及關注發展策略 發展策略一般涵蓋三年 董事會已於二零一五年九月採納截至二零一八 二零一九財政年度止之最新三年發展策略 董事會因應宏觀經濟及業務環境之改變, 積極定期檢討及更新發展策略 董事會在風險監察一環中發揮領導作用, 除了確立本公司之風險取向, 亦確保已建立適當之風險管理架構 管理層意識到董事會於風險監察上面臨的挑戰與日俱增, 故已委聘一名獨立顧問鑒識風險管理目標及制定有系統之風險管理架構, 從而進行風險管理 董事會已於二零一六年一月正式採納本公司之風險管理架構 董事會組成 Board of Directors Mr. Winston Yau-lai LO Dr. the Hon. Sir David Kwokpo LI Mr. Jan P. S. ERLUND Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG Mr. Anthony John Liddell NIGHTINGALE Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO Mr. Roberto GUIDETTI Executive Chairman 執行主席 Independent Non-executive Director 獨立非執行董事 Independent Non-executive Director 獨立非執行董事 Independent Non-executive Director 獨立非執行董事 Independent Non-executive Director 獨立非執行董事 Non-executive Director 非執行董事 Non-executive Director 非執行董事 Executive Director and Group Chief Executive Officer 執行董事暨集團行政總裁 The category, position and brief biographical information of each Director, together with the relationship amongst each other, are set out in the Directors and Senior Management section in this Annual Report. In addition, a list containing the names of the Directors and their roles and functions is published on the websites of The Stock Exchange of Hong Kong Limited (the Stock Exchange ) and the Company at Directors, including the Independent Non-executive Directors and Non-executive Directors, have brought a wide spectrum of valuable business experience, knowledge and professionalism to the Board for its efficient and effective delivery of the Board functions. 各董事所屬之類別 職位及簡歷以及彼此間之關係載列於本年報 董事及高層管理人員 一節 此外, 載列董事姓名及彼等之角色及職能之列表已刊登於香港聯合交易所有限公司 ( 聯交所 ) 及本公司之網站 董事 ( 包括獨立非執行董事及非執行董事 ) 均擁有廣泛而寶貴之商務經驗 知識及專業才能, 故董事會得以有效率及高效地履行其職責 維他奶國際集團有限公司二零一五 一六年年報 35

39 CORPORATE GOVERNANCE REPORT 企業管治報告 Analysis of Directors skills, knowledge and experience 董事之技能 知識及經驗分析 General management 整體管理 Financial, accounting and audit 財務 會計及審計 Legal 法律 Food Technology 食品科技 1 1 Banking 銀行 * Three out of five are/were directors of both local and overseas listed companies 五名董事當中, 三名董事現時 曾經同時於本地及海外上市公司擔任董事 The Independent Non-executive Directors represent half of the Board which far exceeds the Listing Rules requirement for one-third. 獨立非執行董事佔董事會人數之二分之一, 遠高於上市規則規定三分之一的要求 Board Composition 董事會組成 Two Executive Directors (ED) 兩名執行董事 Four Independent Non-executive Directors (INED) 四名獨立非執行董事 25 % 50 % Two Non-executive Directors (NED) 兩名非執行董事 25 % * INED: at least one-third of the Board 獨立非執行董事 : 至少佔董事會人數之三分之一 The Company has received, from each of the Independent Non-executive Directors, an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules. The Company considers all of the Independent Non-executive Directors are independent. 本公司已收到各獨立非執行董事根據上市規則第 3.13 條就其身份之獨立性發出之週年確認書 本公司認為各獨立非執行董事確為獨立人士 36 Vitasoy International Holdings Ltd. Annual Report 2015/16

40 CORPORATE GOVERNANCE REPORT 企業管治報告 Board Diversity The Board has adopted a Board Diversity Policy to set out the objectives and the factors to be considered for achieving the diversity of the Board in June The Board Diversity Policy has been published on the Company s website. The Company recognises and embraces the benefits of having a diverse Board to enhance the quality of its performance. Board appointment has been, and will continue to be, made based on merit as well as complementing and expanding the skills, knowledge and experience of the Board as a whole, taking into account experience, professional qualification, cultural, age, gender and any other factors that the Board might consider relevant. The Remuneration and Nomination Committee has established the measurable objectives for achieving age and gender diversity for the year of 2019/2020 during the year of 2013/2014. As at the year ended 31st March, 2016, progress in achieving the objectives are: 董事會成員多元化 董事會於二零一三年六月採納董事會成員多元化政策, 當中載列董事會成員多元化的目的以及達致多元化的考慮因素 董事會成員多元化政策已刊登於本公司網站 本公司認同董事會成員多元化之裨益, 並認為可增強董事會之表現質素 董事之委任過往根據並將繼續按候選人之才能或功績 能否補充 加強董事會整體之技能 知識及經驗為準則, 並會考慮候選人之個人經驗 專業資格 文化背景 年齡 性別及任何其他董事會認為相關之因素 薪酬及提名委員會已於二零一三 二零一四年度內制定可於二零一九 二零二零年度達致年齡及性別多元化的可計量目標 於截至二零一六年三月三十一日止年度內, 達致該等目標之進度如下 : Gender Female representation during the year of 2015/2016 was 25%, which has been progressing to attain the target of more than 25% set for the year of 2019/2020. (According to the Stock Exchange s 2012 statistics, women hold 10.3% of the total directorships on Hong Kong listed issuers boards. On average, a large-cap or small-cap issuer s board has 0.93 women.) Age Average age of the board members during the year of 2015/2016 was 70, average age will be reduced to attain the target with the appointment of younger directors over the years. 性別 於二零一五 二零一六年度, 女性代表達到 25%, 正逐步邁向二零一九 二零二零年度 高於 25% 之目標 ( 根據聯交所二零一二年之統計數據, 女性佔香港上市發行人董事會總人數之 10.3% 平均而言, 每名大型股或小型股發行人之董事會佔有 0.93 名女性 ) 年齡 於二零一五 二零一六年度, 董事會成員的平均年齡為 70 歲 隨著近年來委任更年輕的董事加入董事會, 平均年齡將會下降至目標水平 Designation 職銜 Ethnicity 種族 25% 25% 50% INED 獨立非執行董事 NED 非執行董事 ED 執行董事 37% 63% Chinese 華裔 Non-Chinese 非華裔 Gender 性別 Age Group 年齡組別 25% Male 男 12% 歲 75% Female 女 25% 63% 歲 歲 維他奶國際集團有限公司二零一五 一六年年報 37

41 CORPORATE GOVERNANCE REPORT 企業管治報告 The Company has arranged Directors and Officers Liability Insurance for the Directors and Officers of the Company for the period from 1st October, 2015 to 30th September, Changes in Directors information during the year ended 31st March, 2016 and up to the date of this Annual Report are set out below: 本公司已就二零一五年十月一日至二零一六年九月三十日止期間為本公司董事及行政人員投買董事及行政人員責任保險 於截至二零一六年三月三十一日止年度及截至本年報日期止之董事之資料變動載列如下 : Appointment of Independent Non-executive Director Mr. Anthony John Liddell NIGHTINGALE was appointed as an Independent Non-executive Director of the Company; was appointed a member of the Audit Committee of the Company; and was appointed a member of the Remuneration and Nomination Committee of the Company. Changes in Major Appointments and Other Directorships Dr. the Hon. Sir David Kwok-po LI ceased to be a director of Armada Holdings Limited (formerly known as SCMP Group Limited). Mr. Valiant Kin-piu CHEUNG ceased to be a director of Bank of East Asia (China) Limited. Mr. Anthony John Liddell NIGHTINGALE ceased to be a director of China Xintiandi Limited; and was appointed as a director of Shui On Land Limited. Changes in Directors Fees There was a 8% increase in basic directors fees for fiscal year of 2015/2016. 獨立非執行董事之委任 獲委任為本公司獨立非執行董事 ; 獲委任為本公司審核委員會成員 ; 及 獲委任為本公司薪酬及提名委員會成員 主要委任及其他董事職務之變動 辭任南潮控股有限公司 ( 前稱南華早報集團有限公司 ) 董事 辭任東亞銀行 ( 中國 ) 有限公司董事 辭任中國新天地有限公司董事 ; 及 獲委任為瑞安房地產有限公司董事 董事袍金之變動 於二零一五 二零一六財政年度之基本董事袍金增加 8% 38 Vitasoy International Holdings Ltd. Annual Report 2015/16

42 CORPORATE GOVERNANCE REPORT 企業管治報告 Executive Chairman and Group Chief Executive Officer The roles of the Executive Chairman and Group Chief Executive Officer of the Company have been clearly defined. Mr. Winston Yau-lai LO serves as the Executive Chairman and is responsible for providing leadership in the Board to set strategies to achieve the Group s goals. With the support from the Group Chief Executive Officer and the Company Secretary, the Executive Chairman seeks to ensure that all Directors are properly informed of issues arising at Board meetings and provided with adequate and accurate information in a timely manner. The Executive Chairman promotes a culture of openness and encourages Directors to make a full and active contribution to the Board s affairs so as to contribute to the Board s functions and encourages Directors with different views to voice their opinions. The Board, under the leadership of Mr. Winston Yau-lai LO, has adopted a formal corporate governance policy, with adherence to various best practices and procedures. We have also established various communication platforms to maintain an on-going dialogue with our shareholders and the other stakeholders so as to allow them to engage actively with the Company. Mr. Roberto GUIDETTI, the Group Chief Executive Officer is responsible for the overall strategic planning, business development and general management of all the Group s operations. The Group Chief Executive Officer is primarily accountable for keeping the Board apprised of the Company s business and financial performance, position and prospects by providing Directors with a monthly management update. Board Proceedings The Board met five times in fiscal year of 2015/2016 to discuss and approve the overall business strategies; to review and monitor the financial and operating performance of the Group and its business units respectively; and to consider and approve the strategic plan, annual budget, the financial reports and corporate governance related policies and practices for the Group. 執行主席及集團行政總裁 本公司之執行主席及集團行政總裁之角色已清楚區分 羅友禮先生擔任執行主席, 負責領導董事會制定策略以達成本集團之目標 在集團行政總裁及公司秘書協助下, 執行主席將確保全體董事均適當地被知會在董事會會議上提出之事項, 並適時獲提供足夠及準確之資料 執行主席提倡開放的文化, 鼓勵董事全面及積極地參與董事會之事務, 對董事會之職能作出貢獻, 同時鼓勵持不同見解之董事表達意見 董事會在羅友禮先生之領導下, 已採納正式之企業管治政策, 並遵守多項最佳常規及程序 我們亦已設立多個溝通渠道, 與股東及其他持份者持續保持溝通, 讓他們積極理解本公司事務 集團行政總裁陸博濤先生負責所有本集團業務之整體發展策略 業務發展及日常管理 集團行政總裁主要負責向董事會提供每月管理層報告更新, 讓董事會了解本公司之業務及財務表現 狀況及前景 董事會程序 董事會於二零一五 二零一六財政年度內共開會五次, 討論及批准整體業務策略 ; 檢討及監察本集團及各業務單位之財務及營運表現 ; 並考慮及審批本集團之發展策略 年度預算 財務報告及企業管治相關政策及常規 June September November January March Major Board Decisions in FY2015/2016 Approved Annual Results 批准年度業績 Approved Interim Results 批准中期業績 Approved Appointment of 批准委任獨立非執行董事 Independent Non-executive Director Approved Strategic Plan 批准發展策略 Approved Budget 批准預算 Approved Risk Management Framework 批准風險管理框架 Approved Material Transaction 批准重大交易 Reviewed Operation Performance 審閱營運表現 維他奶國際集團有限公司二零一五 一六年年報 39

43 CORPORATE GOVERNANCE REPORT 企業管治報告 All Directors have full and timely access to all relevant information in relation to the Company. There are established procedures for Directors to seek independent professional advice for them to discharge their duties and responsibilities, where appropriate, at the Company s expenses. During the year, Directors have made active participation in the Board meetings, Board Committees meetings and the Annual General Meeting. Board Committees The Board has established a Remuneration and Nomination Committee, an Audit Committee and an Executive Committee with specific terms of reference. 各董事均可全面而適時地獲得有關本公司之所有相關資料 本公司已有既定程序讓董事為履行職責及責任 ( 倘適宜 ) 而諮詢獨立專業意見, 費用由本公司支付 年內, 董事均積極參與董事會會議 董事委員會會議及股東週年大會 董事委員會 董事會轄下已成立薪酬及提名委員會 審核委員會及執行委員會, 各有特定之職權範圍 Board of Directors Remuneration and Nomination Committee 薪酬及提名委員會 (all Non-executive Directors, a majority of which are Independent Non-executive Directors) ( 全部均為非執行董事, 當中大部份成員為獨立非執行董事 ) Audit Committee 審核委員會 (all Independnet Nonexecutive Directors) ( 全部均為獨立非執行董事 ) Executive Committee 執行委員會 (Executive Directors and Group Senior Directors) ( 執行董事及集團高級總監 ) 40 Vitasoy International Holdings Ltd. Annual Report 2015/16

44 CORPORATE GOVERNANCE REPORT 企業管治報告 Remuneration and Nomination Committee 薪酬及提名委員會 Current Members Dr. the Hon. Sir David Kwok-po LI (Chairman) 李國寶爵士 ( 主席 ) Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 Mr. Valiant Kin-piu CHEUNG 張建標先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Terms of reference of the Remuneration and Nomination Committee are published on the websites of the Stock Exchange and the Company. The Remuneration and Nomination Committee is provided with sufficient resources, including the advice of independent professional firms, if necessary, to discharge its duties. The Remuneration and Nomination Committee is mainly responsible to consider and approve the remuneration packages of Executive Directors and Senior Management of the Group, including salaries, benefits in kind and bonuses; bonus schemes and other long-term incentive schemes, including share option and other plans. The Remuneration and Nomination Committee also reviews the structure, size, composition and diversity (including the skills, knowledge, experience, gender and age) of the Board; Directors time commitment; policies in relation to nomination of Directors and Board diversity. The Committee would identify and determine the measurable objective/s for achieving board diversity and monitor any progress made in achieving such measurable objective/s. The Committee also recommends to the Board on appointment or reappointment of and succession planning for Directors and Group Chief Executive Officer. The Remuneration and Nomination Committee met three times in fiscal year of 2015/2016. Each member s attendance record during the year is shown on page 46 of this Annual Report. 薪酬及提名委員會之職權範圍已刊登於聯交所及本公司之網站 薪酬及提名委員會獲提供充足資源, 包括獨立專業公司之意見 ( 如需要 ), 以履行其職責 薪酬及提名委員會主要負責審批本集團執行董事及高層管理人員之薪酬福利條件, 包括薪金 實物利益及花紅 ; 花紅計劃及其他長期獎勵計劃, 包括購股權及其他計劃 薪酬及提名委員會亦會檢討董事會之架構 規模 組成及成員多元化 ( 包括技能 知識 經驗 性別及年齡 ); 董事所付出之時間 ; 有關董事提名及董事會成員多元化之政策 委員會將確認及釐定達致董事會成員多元化之可計量目標及監察達致該等可計量目標之進度 ; 委員會亦就董事及集團行政總裁之委任或續聘及繼任計劃向董事會提出建議 薪酬及提名委員會於二零一五 二零一六財政年度內共開會三次 各成員於年內出席會議之記錄載於本年報第 46 頁 維他奶國際集團有限公司二零一五 一六年年報 41

45 CORPORATE GOVERNANCE REPORT 企業管治報告 Summary of work done during and for the fiscal year of 2015/2016 Reviewed, discussed and approved the remuneration package of Senior Management including the Executive Directors and key executives of the Group by reference to the individuals job responsibilities and performances, industry benchmarks and prevailing market conditions; Approved the discretionary bonuses and the grant of share options, having given due consideration to both the Group s financial performance and the individuals performances during the year in accordance with the performance-based compensation policy recommended by an independent consultant; Reviewed the re-election of three Independent Non-executive Directors and confirmed that the long tenure of services of two Independent Nonexecutive Directors who have served the Company for more than nine years will not affect their exercise of independent judgment and will continue fulfilling the roles of Independent Non-executive Directors; Reviewed and recommended to the Board for approval the letters of appointment of three Independent Non-executive Directors; Reviewed the structure, size and composition (including the mix of skills, knowledge, professional qualification and experience of the Directors) of the Board; Reviewed and updated the Board Succession Plan and its Road Map; Reviewed the measurable objectives for achieving Board diversity; Reviewed Directors time commitment to perform his/her duties; Assessed and confirmed the independence of all Independent Non-executive Directors; and Made recommendation to the Board for Directors Fees for fiscal year of 2015/2016. 在年內及為二零一五 二零一六財政年度所作之工作總結 檢討 討論及批准高層管理人員 ( 包括本集團執行董事及主要行政人員 ) 之酬金福利條件, 當中已參考個別人士之職責及表現 同業水平及現行市場環境 ; 根據獨立顧問建議, 以按表現釐定之薪酬政策, 在充份考慮本集團之財務表現及有關人士年內之個人表現後, 批准發放酌情花紅及授出購股權 ; 審閱三名獨立非執行董事之重選及確認兩名於本公司服務超過九年之獨立非執行董事的長期服務將不會影響彼等作出獨立判斷並可繼續履行獨立非執行董事之職責 ; 審閱及建議董事會批准三名獨立非執行董事之委任函 ; 檢討董事會之架構 人數及組成 ( 包括各董事擁有不同之技能 知識 專業資格及經驗 ); 審閱及更新董事會繼任計劃及其未來路向 ; 審閱達致董事會多元化的可計量目標 ; 審閱董事履行其職責所付出之時間 ; 評估並確認全體獨立非執行董事之獨立性 ; 及 就董事於二零一五 二零一六財政年度之袍金向董事會提供建議 42 Vitasoy International Holdings Ltd. Annual Report 2015/16

46 CORPORATE GOVERNANCE REPORT 企業管治報告 Audit Committee 審核委員會 Current Members Mr. Valiant Kin-piu CHEUNG (Chairman) 張建標先生 ( 主席 ) Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 Mr. Anthony John Liddell NIGHTINGALE 黎定基先生 The Audit and Corporate Governance Committee was renamed as Audit Committee on 27th January, 2016 with increased scope of risk management and internal control duties set out in new C.2 of the CG Code which took effect from 1st January, The Board has delegated the risk management responsibilities to the Audit Committee to oversee and review the adequacy and effectiveness of relevant financial, operational and compliance controls and risk management procedures that have been in place. The terms of reference of the Audit Committee were also amended to ensure compliance with the new provisions in the CG Code, in particular for the risk management role. Terms of reference of the Audit Committee are published on the websites of the Stock Exchange and the Company. The Audit Committee is provided with sufficient resources, including the advice of independent professional firms, if necessary, to discharge its duties. The Audit Committee is mainly responsible for making recommendations to the Board on the appointment, reappointment and removal of the External Auditors and their audit fees; meeting with the External Auditors to discuss the nature and scope of the audit; reviewing the interim financial report and annual financial statements before they are submitted to the Board; discussing problems and reservations arising from the interim review and final audit, and any other matters the External Auditors may wish to discuss, and reviewing the External Auditors management letter and management s response; reviewing the internal audit programs and to ensure co-ordination between the Internal and External Auditors, assessing the effectiveness of the Company s risk management and internal control systems which cover all material financial, operational and compliance controls, and ensuring that the internal audit function is adequately resourced and has appropriate standing within the Group; conducting an annual review of the adequacy of staffing of the financial reporting functions; reviewing arrangements the employees of the Company can use, in confidence, to raise concerns about the possible improprieties in financial reporting, internal control or other matters; ensuring proper arrangements are in place for fair and independent investigation of those matters and for appropriate follow up action; and acting as the key representative body for overseeing the Company s relations with the External Auditors. 審核及企業管治委員會於二零一六年一月二十七日更改名稱為 審核委員會, 並擴大其根據由二零一六年一月一日起生效的企業管治守則新 C.2 條所載, 有關風險管理和內部監控職能範圍 董事會授權審核委員會風險管理責任以監察及檢討現有的有關財務 營運及合規監控及風險管理程序是否足夠及有效 審核委員會的職權範圍亦已作出修改, 確保遵守企業管治守則的新條文, 尤其是風險管理的職能 審核委員會之職權範圍已刊登於聯交所及本公司之網站 審核委員會獲提供充足資源, 包括獨立專業公司之意見 ( 如需要 ), 以履行其職責 審核委員會主要負責就外聘核數師之委任 重新委任及罷免 以及彼等之核數師酬金等事宜向董事會提供建議 ; 與外聘核數師開會討論審核工作之性質及範圍 ; 在提交予董事會前, 審閱中期財務報告及全年財務報表 ; 討論源於中期審閱及年結審核過程所發現之問題及得出之保留意見, 及任何其他外聘核數師欲討論之事宜, 以及審閱外聘核數師之審核情況說明函件及管理層之回應 ; 審閱內部審計計劃並確保內部審計師及外聘核數師間之協調, 評估本公司涵蓋所有重大財務 營運及合規監控方面的風險管理及內部監控系統之成效 ; 以及確保內部審計職能獲足夠資源之支援及在本集團內保持適當之地位 ; 對財務匯報職能方面之員工資歷是否足夠進行年度檢討 ; 檢討有關本公司僱員可在保密情況下對財務報告 內部監控或其他事項之可能不正當行為提出關注所採取之安排 ; 確保有適當安排對該等事宜作出公平獨立之調查及採取適當之跟進行動 ; 並作為監察本公司與外聘核數師之關係之主要代表 維他奶國際集團有限公司二零一五 一六年年報 43

47 CORPORATE GOVERNANCE REPORT 企業管治報告 The Board discharges the corporate governance responsibilities through delegation to the Audit Committee the responsibilities of developing and reviewing the Company s policies and practices on corporate governance and making recommendations to the Board; reviewing and monitoring the training and continuous professional development of Directors and Senior Management; reviewing and monitoring the Company s policies and practices on compliance with legal and regulatory requirements; developing, reviewing and monitoring the code of conduct and compliance manual applicable to Directors and employees; and reviewing the Company s compliance with the CG Code and disclosure in the Corporate Governance Report. The Audit Committee met three times in fiscal year of 2015/2016. Each member s attendance record during the year is shown on page 46 of this Annual Report. 董事會透過委派審核委員會履行企業管治之職責, 包括制定及檢討本公司之企業管治政策及常規, 並向董事會提出建議 ; 審視及監察董事及高層管理人員之培訓及持續專業發展 ; 檢討及監察本公司在遵守法律及監管規定方面之政策及常規 ; 制定 檢討及監察適用於董事及僱員之行為守則及合規手冊 ; 以及檢討本公司對企業管治守則之遵守情況及在企業管治報告內之披露 審核委員會於二零一五 二零一六財政年度內共開會三次 各成員於年內出席會議之記錄載於本年報第 46 頁 Summary of work done during and for the fiscal year of 2015/2016 Reviewed the 2015/2016 interim financial report and annual financial statements with management and External Auditors, and recommended their adoption by the Board; Reviewed with the Internal Auditor the Company s internal control systems and the periodic audit reports prepared by the Internal Auditor and approved the 2015/2016 audit plan; Reviewed the Risk Appetite, Risk Management Policy and the amendments to the Terms of Reference and made recommendations to the Board; Met with the External Auditors to discuss the nature and scope of the audit and reporting obligations prior to the commencement of the audit work; Reviewed and considered the terms of engagement of the External Auditors; Reviewed and approved/preapproved the audit and non-audit services provided by the External Auditors, together with their respective fees; Reviewed External Auditors management letter and management s response; Reviewed the continuing connected transactions; Reviewed the internal audit reports covering the evaluation of risk management and internal control systems of the Company; 在年內及為二零一五 二零一六財政年度所作之工作總結 連同管理層及外聘核數師審閱二零一五 二零一六年度之中期財務報告及全年財務報表, 並建議董事會予以採納 ; 與內部審計師檢討本公司之內部監控系統及審閱內部審計師定期編製之審計報告, 並批准二零一五 二零一六年度之審核方案 ; 檢討風險承受能力 風險管理政策及職權範圍之修訂, 並向董事會作出建議 ; 於審核工作開始前, 與外聘核數師開會討論審核工作之性質及範疇以及匯報責任 ; 審閱及考慮外聘核數師之委聘條款 ; 審閱並批准 預先批准外聘核數師提供之審核及非審核服務及各有關收費 ; 審閱外聘核數師之審核情況說明函件及管理層之回應 ; 審閱持續關連交易 ; 審閱涵蓋本公司風險管理及內部監控系統評估之內部審計報告 ; 44 Vitasoy International Holdings Ltd. Annual Report 2015/16

48 CORPORATE GOVERNANCE REPORT 企業管治報告 Summary of work done during and for the fiscal year of 2015/2016 Reviewed the adequacy of resources, qualifications and experience of the staff of the Group s accounting, financial reporting and internal audit functions, and their training programs and budget; effectiveness of the Group s internal audit function and compliance with the CG Code; Reviewed the training and continuous professional development of Directors and Senior Management; Reviewed the Company s policies and practices on compliance with legal and regulatory requirements; Reviewed the code of conduct and compliance manual applicable to employees and Directors; Reviewed the status of compliance with the CG Code and disclosure in the Corporate Governance Report; and Held private sessions with External Auditors in the absence of Executive Directors and Senior Management. 在年內及為二零一五 二零一六財政年度所作之工作總結 審閱本集團於會計 財務匯報及內部審計功能部門方面之資源 員工資歷及經驗是否足夠, 以及培訓課程及有關預算 本集團內部審計職能之成效及遵守企業管治守則之情況 ; 審閱董事及高層管理人員之培訓及持續專業發展 ; 審閱本公司在遵守法律及監管規定方面之政策及常規 ; 審閱適用於僱員及董事之行為守則及合規手冊 ; 審閱遵守企業管治守則之情況及企業管治報告之披露 ; 及 在執行董事及高層管理人員不在場之情況下單獨與外聘核數師展開閉門會議 The Board has a Whistleblowing Policy to provide employees with a more consistent reporting channel and guidance to report any serious misconduct or malpractice internally. The Audit Committee has been delegated with the overall responsibility for monitoring and reviewing the effectiveness of the Whistleblowing Policy. During the year, no incident of serious fraud or misconduct was reported from employees that had a material effect on the Company s financial position and overall operations. The Board has adopted a Corporate Governance Policy to provide a basic framework for developing the Company s policies and practices to ensure alignment of interests and expectations from our shareholders, the investing public and other stakeholders. The Corporate Governance Policy has been published on the Company s website. The Audit Committee regularly reviews the corporate governance structure and practices within the Company and monitors compliance fulfillment on an ongoing basis. 董事會透過採用舉報政策, 為僱員提供一個更為統一之舉報渠道及指引, 舉報內部任何嚴重之失當或不良行為 審核委員會獲委派全權負責監察及檢討舉報政策之成效 年內, 僱員概無舉報有關嚴重欺詐或失職而對本公司之財務狀況及整體營運造成重大影響之事件 董事會已採納一份企業管治政策, 為本公司在制定政策及常規方面建立了基本框架, 確保能符合各股東 公眾投資者及其他持份者的利益與期望 企業管治政策已刊登於本公司網站 審核委員會定期檢討本公司之企業管治架構及常規, 並持續監察有關之遵守情況 維他奶國際集團有限公司二零一五 一六年年報 45

49 CORPORATE GOVERNANCE REPORT 企業管治報告 Executive Committee 執行委員會 Current Members Mr. Winston Yau-lai LO (Executive Chairman) 羅友禮先生 ( 執行主席 ) Mr. Roberto GUIDETTI (Executive Director and Group Chief Executive Officer) 陸博濤先生 ( 執行董事暨集團行政總裁 ) Mr. Chris Kin-shing LAU (Group Chief Finance Officer) 劉健成先生 ( 集團首席財務總監 ) Ms. Rosemary Pik-ling LI (Group Senior Director, Human Resources) 李碧齡女士 ( 集團高級總監, 人力資源 ) The Executive Committee operates as a general management committee under the direct authority of the Board to deal with certain operational matters of the Group. Attendance records of the Directors at the Board Meetings, Remuneration and Nomination Committee Meetings, Audit Committee Meetings and Annual General Meeting during the fiscal year of 2015/2016 are as follows: 執行委員會如同一般管理委員會運作, 直接隸屬董事會, 負責處理本集團若干營運事宜 於二零一五 二零一六財政年度, 各董事於董事會會議 薪酬及提名委員會會議 審核委員會會議以及股東週年大會之出席記錄表列如下 : Meetings Attended/ Held Remuneration and Annual Overall Nomination Audit General Attendance Board Committee Committee Meeting Rate Name Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 4/5 3/3 (b) 2/3 1/1 83% Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 5/5 3/3 3/3 1/1 100% Mr. Valiant Kin-piu CHEUNG 張建標先生 5/5 3/3 3/3 (c) 1/1 100% Mr. Anthony John 黎定基先生 Liddell NIGHTINGALE ( 於二零一五年六月二十六日獲委任 ) (appointed on 26th June, 2015) 4/4 2/2 2/2 1/1 100% Non-executive Directors Ms. Myrna Mo-ching LO 羅慕貞女士 5/5 2/3 N/A 不適用 1/1 89% Ms. Yvonne Mo-ling LO 羅慕玲女士 4/5 3/3 N/A 不適用 1/1 89% Executive Directors Mr. Winston Yau-lai LO 羅友禮先生 (Executive Chairman) ( 執行主席 ) 5/5 (a) 3/3 (e) 3/3 (e) 1/1 (d) 100% Mr. Roberto GUIDETTI 陸博濤先生 (Group Chief Executive Officer) ( 集團行政總裁 ) 5/5 2/2 (e) 3/3 (e) 1/1 100% Average Attendance of the Board Members 95% Group Chief Financial Officer Ms. Kitty Kit-yi FUNG 馮潔儀女士 (resigned on 1st April, 2016) ( 於二零一六年四月一日辭任 ) 5/5 (e) N/A 不適用 3/3 (e) 1/1 (e) N/A 不適用 Group Internal Audit Director Mr. Terence Chiu-kit CHOW 周昭傑先生 N/A 不適用 N/A 不適用 3/3 (e) N/A 不適用 N/A 不適用 External Auditors KPMG 畢馬威會計師事務所 N/A 不適用 N/A 不適用 3/3 (e) 1/1 (e) N/A 不適用 46 Vitasoy International Holdings Ltd. Annual Report 2015/16

50 CORPORATE GOVERNANCE REPORT 企業管治報告 Notes: (a) Chairman of the Board (b) Chairman of the Remuneration and Nomination Committee (c) Chairman of the Audit Committee (d) Chairman of the Annual General Meeting (e) Attendance by invitation The Company acknowledges the Annual General Meeting is one of the important forums to engage our shareholders. In the 2015 Annual General Meeting, all Directors, including Executive Chairman, the Chairman of the Board Committees and the External Auditors attended the meeting and answered shareholders questions. During the year under review, the Executive Chairman also met with the Non-executive Directors without the presence of Executive Directors and Senior Management. Appointment, Re-election and Removal of Directors The appointment of a new Director is made on the recommendation by the Remuneration and Nomination Committee of the Company or by shareholders in a general meeting. Shareholders may propose a candidate for election as Director in accordance with the Articles of Association of the Company and the Director Nomination Policy. The nomination procedures by shareholders are published on the website of the Company. Any Director who is appointed by the Board shall retire at the next General Meeting. Subject to the re-election requirement of the Company s Articles of Association, all the Non-executive (including Independent Non-executive) Directors of the Company are appointed for a specific term of not more than three years under their letters of appointment. Pursuant to the Company s current Articles of Association, all Directors are subject to retirement by rotation at least every three years and one-third (or the number nearest to but not exceeding one-third) of Directors shall retire from office every year at the Company s Annual General Meeting. Induction and Continuous Professional Development Induction programs are arranged for the newly appointed Directors on the general business of the Company. On appointment, new Directors will also be given an induction program kit advising them of their responsibilities and duties as Directors under various regulatory requirements and the Board procedures, including the Terms of Reference of the Board Committees. Directors are provided with A Guide on Directors Duties issued by the Companies Registry and Guidelines for Directors issued by Hong Kong Institute of Directors as guidelines on the general principles of duties of directors. 附註 : (a) 董事會主席 (b) 薪酬及提名委員會主席 (c) 審核委員會主席 (d) 股東週年大會主席 (e) 應邀出席 本公司確認股東週年大會是其中一個與股東溝通的重要渠道 於二零一五年股東週年大會, 全體董事 ( 包括執行主席 ) 各董事委員會主席及外聘核數師均有出席該大會並回答股東之提問 於回顧年度, 執行主席亦曾在執行董事及高層管理人員不在場之情況下與非執行董事會面 董事之委任 重選及罷免 本公司乃根據本公司薪酬及提名委員會之建議或通過股東大會由股東委任新董事 股東可根據本公司章程細則及董事提名政策提名候選人出選董事 股東之提名程序在本公司之網站上刊載 凡董事會委任之董事均須於下一屆股東大會上告退 在本公司章程細則有關重選規定之規限下, 根據非執行董事之委任函, 本公司全體非執行董事 ( 包括獨立非執行董事 ) 之特定任期不得超過三年 根據本公司現行之章程細則, 全體董事均須最少每三年輪席告退, 而每年須有三分之一 ( 或最接近但不能超越三分之一 ) 之董事於本公司股東週年大會上告退 董事就任及持續專業發展 本公司為新委任董事安排就任須知, 介紹本公司之業務概況 新任董事獲委任後亦會獲發一份就任須知資料, 以便彼等了解董事在不同規管要求及董事會程序 ( 包括不同董事委員會之職權範圍 ) 下之責任及職責 此外, 董事亦獲提供公司註冊處刊發之 董事責任指引 及香港董事學會刊發之 董事指引, 作為對董事責任一般原則之指引 維他奶國際集團有限公司二零一五 一六年年報 47

51 CORPORATE GOVERNANCE REPORT 企業管治報告 An induction program had been organised for Mr. Anthony John Liddell NIGHTINGALE, the newly appointed Independent Non-executive Director, in the headquarter office of the Company. During the induction session, Mr. Nightingale took part in a plant tour and met with the Executive Directors and Senior Management and has been acquainted with the vision, strategic direction, business and operation of the Company. The Company Secretary has provided to Mr. Nightingale an induction program kit immediately subsequent to his directorship appointment. The induction program kit mainly covers the Company s corporate governance framework, policies and guidelines and the current year s meeting schedule and annual agenda. The Company also arranges continuous professional development program to Directors at the expense of the Company. The Company Secretary regularly provides to Directors information about the enrollment of external training courses and seminars as well as legal alerts and articles which are relevant for Directors to keep up-to-date on any legislative, regulatory and corporate governance requirements and with professional practices in a dynamic business world. The program would help refresh Directors knowledge and skills in relation to their performance of the roles, functions and duties of directors of a listed company. During the year, the Company Secretary has organised an annual in-house training program for Directors in September 2015, covering the topics for risk management and internal control and shareholder activism. 本公司已為新委任之獨立非執行董事黎定基先生於總公司安排就任簡介會 於就任簡介會上, 黎先生不僅參觀廠房並與執行董事及高層管理人員會面, 從而得悉本公司之願景 策略方針 業務及營運 於彼獲委任為董事後, 公司秘書已即時向黎先生提供就任須知資料 就任須知資料主要涵蓋本公司的企業管治框架 政策及指引, 以及本年度的會議時間表及年度議程 本公司亦為董事安排持續專業發展課程, 有關費用由本公司支付 公司秘書定期向董事提供有關外間培訓課程及研討會之報名資料, 同時亦提供法律資訊和刊物, 有助董事持續掌握最新法例 監管及企業管治規定以及在商業領域內的專業實務 有關課程有助董事溫故知新其知識及技能, 履行上市公司董事所應擔任的角色 職能及責任等 年內, 公司秘書於二零一五年九月為董事舉辦年度內部培訓課程, 培訓題目包括風險管理及內部監控以及股東維權 48 Vitasoy International Holdings Ltd. Annual Report 2015/16

52 CORPORATE GOVERNANCE REPORT 企業管治報告 In March 2016, the Company has organised a plant and market visit for Directors in Wuhan, Mainland China. During the visit, Directors had also officiated the opening ceremony of our newly opened Wuhan manufacturing plant and met with local management team to be acquainted the current business performance and strategy. Directors had made visits in different sales channels in our growing Wuhan market. 於二零一六年三月, 本公司為董事籌辦參觀中國內地武漢廠房並巡視當地市場 期間, 董事亦為新建的武漢生產廠房主持開幕儀式, 並與當地管理團隊會面瞭解現時業務表現及策略 董事並同時巡視增長中武漢市場內的不同銷售渠道 Directors and government officials at the opening ceremony of new Wuhan plant 董事及政府官員主持武漢新廠房的開幕儀式 Wuhan market visit 巡視武漢市場 Wuhan plant tour 參觀武漢廠房 The Board also acknowledges the importance of continuous professional development ( CPD ) to Senior Management in this highly competitive consumer product market. Senior Management is encouraged to participate in various CPD program at the expense of the Company. All Directors and Senior Management have provided to the Company Secretary their training records for the fiscal year of 2015/2016 which have been reviewed by the Audit Committee. Directors has received an average of 30 hours of CPD training during the year. Senior Management has received an average of 75 hours of CPD training during the year. 董事會亦明白在競爭激烈之消費產品市場上, 持續專業發展對高層管理人員之重要性 本公司鼓勵高層管理人員參加各項持續專業發展課程, 費用由本公司支付 全體董事及高層管理人員已向公司秘書提供彼等於二零一五 二零一六財政年度之培訓記錄, 並已經由審核委員會審閱 本公司董事於年內接受持續專業發展培訓平均 30 小時, 而高層管理人員亦於年內接受平均 75 小時的持續專業發展培訓 維他奶國際集團有限公司二零一五 一六年年報 49

53 CORPORATE GOVERNANCE REPORT 企業管治報告 Directors Training Records Analysis of training attended by Directors in FY2015/2016 by topic 董事於二零一五 二零一六財政年度參加之培訓項目分析 董事之培訓記錄 Analysis of training attended by Directors in FY2015/2016 by type 董事於二零一五 二零一六財政年度參加之培訓類型分析 9% 12% 9% 44% Company s Business 本公司業務 Global Business Update 環球業務更新 18% 32% Readings 閱續 In-house training 內部培訓 26% Account and Finance 會計及財務 Legal/Regulatory Compliance 法例 監管條例之遵守 Directors Duties and Governance 董事職責及管治 24% 26% External Courses/Seminars/ Workshops 外間課程 研討會 工作坊 Plant/Market Visit 廠房參觀 市場巡視 Senior Management s Training Records Analysis of training attended by Senior Management in FY2015/2016 by topic 高層管理人員於二零一五 二零一六財政年度參加之培訓項目分析 高層管理人員之培訓記錄 Analysis of training attended by Senior Management in FY2015/2016 by type 高層管理人員於二零一五 二零一六財政年度參加之培訓類型分析 25% 7% 30% 38% Market/Product/Business Development 市場 產品 業務發展 Legal/Regulatory Compliance 法例 監管條例之遵守 Industry 行業 Company s Business 本公司業務 24% 25% 51% External Courses/Seminars/ Workshops 外間課程 研討會 工作坊 Readings 閱讀 in-house training 內部培訓 Responsibilities of Directors Directors acknowledge their responsibilities for preparing the financial statements of the Company. Directors are not aware of any material uncertainties relating to events or conditions that may cast significant doubt upon the Company s ability to continue as a going concern. The Annual Financial Statements for FY2015/2016 are prepared on a going-concern basis. All the new accounting standards and policies adopted by the Company have been thoroughly discussed and approved at the Audit Committee before adoption by the Board. The Group has adopted its own Code for Securities Transactions by Directors (the Code ) on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listed Companies (the Model Code ) contained in Appendix 10 of the Listing Rules. A similar code has also been adopted by the Group for the specified group of employees who may possess or have access to price sensitive information. Specific enquiries were made of all Directors and the specified group of employees, and all Directors and the specified group of employees have confirmed compliance with the required standard set out in the Code for the year ended 31st March, 董事責任 董事對編製本公司財務報表承擔責任 董事並不知悉有任何重大不明朗之事件或情況可能會嚴重影響本公司持續經營之能力 二零一五 二零一六財政年度之全年財務報表乃按持續經營基準編製 本公司採納之所有新會計準則及政策先由審核委員會經周詳討論後批准, 然後再提交予董事會採納 本集團已就董事之證券交易採納一套行為守則 ( 守則 ), 其條款不比上市規則附錄十所載之上市公司董事進行證券交易的標準守則 ( 標準守則 ) 載列之規定標準寬鬆 本集團亦就相關類別員工可能擁有或得悉影響股價之敏感資料而採納一套類似守則 本公司已對各董事及該相關類別員工作出具體查詢, 而全體董事及該相關類別員工均確認於截至二零一六年三月三十一日止年度一直遵守守則載列之規定標準 Vitasoy International Holdings Ltd. Annual Report 2015/16

54 CORPORATE GOVERNANCE REPORT 企業管治報告 Confirmations have been received from all Directors that they have provided sufficient time and attention to the affairs of the Company during the fiscal year of 2015/2016. Directors have also disclosed to the Company their interests as director and other office in other public companies and organisation in a timely manner, and have regularly reported to the Company Secretary on any subsequent changes. Evaluation of The Board and The Executive Chairman The Board believes that evaluation of the Board and the Executive Chairman is an essential requirement of good corporate governance and has already adopted the Recommended Best Practice for regular Board Evaluation under the CG Code as early as in the fiscal year of 2011/2012. The objective of the Board evaluation is to review the Board effectiveness and to identify areas for improvements. The Executive Chairman has also been evaluated on whether he has adequately and effectively performed his roles and fulfilled his responsibilities as the Chairman of the Board. Such evaluation is usually conducted once a year. A formal evaluation of the Board and the Executive Chairman was conducted for the fiscal year of 2015/2016. During the evaluation process, questionnaire was used for collecting opinions from all the Directors. Completed evaluation forms were sent to the Company Secretary on a confidential basis. The Company Secretary has then prepared an analysis of the overall evaluation results for review and discussion in the Board meeting. Continuous professional development 持續專業發展 Board composition and effectiveness 董事會組成及效能 EVALUATION CRITERIA 評核準則 Strategic planning and risk management 策略計劃及風險管理 Board 董事會 Board meeting and procedures 董事會會議及程序 本公司已接獲全體董事就於二零一五 二零一六財政年度已付出足夠時間及關注, 處理本公司事務之確認書 各董事亦適時向本公司披露彼等作為董事之利益申報及於其他公眾公司及組織之其他職務, 並已就任何其後變動定期向公司秘書匯報 董事會及執行主席之評核 董事會相信, 對董事會及執行主席進行評核, 乃良好企業管治之重要要求, 並早於二零一一 二零一二財政年度開始採納企業管治守則中之建議最佳常規定期為董事會作出評核 董事會之評核旨在檢討董事會之效能, 並確定須予改善之地方 本公司亦就執行主席作為董事會主席是否充分及有效地執行其角色及履行其責任進行評核 有關評核一般每年進行一次 於二零一五 二零一六財政年度, 本公司已就董事會及執行主席進行一次正式評核 於評核過程中, 本公司採用問卷方式向全體董事徵求意見 填妥之評核表格以保密形式寄發予公司秘書 公司秘書據此對整體評核結果進行分析, 並於董事會會議上審閱及討論 Succession planing 繼任計劃 Ensure good ESG practices 確保具良好的環境 社會及管治常規 Core Values and vision 核心價值及願景 EVALUATION CRITERIA 評核準則 Strategic planning 策略計劃 Executive Chairman 執行主席 Leadership 領導能力 Quality of analysis and judgement 分析及判斷素質 維他奶國際集團有限公司二零一五 一六年年報 51

55 CORPORATE GOVERNANCE REPORT 企業管治報告 All Directors have actively participated in the whole evaluation process. The evaluation results demonstrated that the Board has performed particularly well in the areas of Board procedures as well as strategic plan and risk management. The Executive Chairman has adequately and effectively performed his roles and fulfilled his responsibilities as the Chairman of the Board. No major areas of concerns were found in the evaluation results. Directors have proposed a few constructive and valuable recommendations for continuous improvement of the Board performance. The Executive Chairman as the leader of the evaluation process has provided the responses and actions to be taken to improve the Board performance derived from the Board evaluation results. Such responses and actions have also been discussed amongst the Directors during the Board meeting. Company Secretary The Company Secretary is an employee of the Company and is appointed by the Board. The Company Secretary is responsible for facilitating the procedures/activities of the Board and the Board Committees as well as good communication flow among the Board members, shareholders and Senior Management. The appointment and removal of the Company Secretary is subject to Board approval. The Company Secretary reports to both the Executive Chairman and the Group Chief Executive Officer. The Company Secretary is accountable to the Board for matters relating to Directors duties, such as giving advice on corporate governance developments and compliance and facilitating the professional development programme and induction programme of Directors. All members of the Board have access to the advice and service of the Company Secretary. During the year, the Company Secretary undertook over 30 hours of external CPD training courses to keep abreast of latest legislative and regulatory changes and to refresh her skills and knowledge. 全體董事均積極參與整個評核過程 評核結果顯示, 董事會於董事會程序, 以及策略計劃及風險管理等方面表現尤其出色 執行主席充分及有效地執行其身為董事會主席的角色及履行其責任 評核結果並無發現任何須予重要關注之地方 董事已就持續改善董事會表現提出多項具建設性及寶貴之建議 執行主席領導評核過程, 並按照董事會評核結果作出回應並提出若干行動, 以提升董事會表現 董事亦已於董事會會議上討論有關回應及行動 公司秘書 公司秘書為本公司之僱員, 並由董事會委任 公司秘書負責協助董事會及董事委員會之議事程序 活動, 以及維繫董事會成員 股東及高層管理人員間之良好溝通 公司秘書之委任及罷免須經董事會批准 公司秘書向執行主席及集團行政總裁匯報, 並就有關董事職責之事宜向董事會負責, 例如就企業管治發展及合規情況給予意見以及協助安排董事的專業發展課程及就任須知 董事會全體成員均可獲公司秘書提供意見及服務 年內, 公司秘書接受逾 30 小時的外間持續專業發展培訓課程, 與時並進得以瞭解法律及監管法規之最新發展, 並從而對其知識技能溫故知新 52 Vitasoy International Holdings Ltd. Annual Report 2015/16

56 CORPORATE GOVERNANCE REPORT 企業管治報告 Internal Control The Company has had in place an internal control system, which is developed based on the Committee of Sponsoring Organisations of the Treadway Commission (COSO) components for internal controls, to manage and mitigate rather than to eliminate business risks. The key underlying components of effective internal control system are illustrated as below: 內部監控 本公司已制定根據 Committee of Sponsoring Organisations of the Treadway Commission (COSO) 之內部監控原則為藍本的內部監控系統, 以管理及減低而非消除業務風險 有效之內部監控系統的主要相關原則載列如下 : Information and Communication 資訊及溝通 Set the tone at the top regarding the importance of internal control and risk management 設定與內部監控及風險管理有關的重要性基調 CONTROL ENVIRONMENT 監控環境 RISK ASSESSMENT 風險評估 Develop control activities to mitigate risks to the achievement of the objectives 制訂監控措施, 將達致目標的相關風險降低 CONTROL ACTIVITIES 監控措施 MONITORING ACTIVITIES 監管措施 Information and Communication 資訊及溝通 Identify, assess and manage of risks 識別 評估和管理風險 Independent reviews of the effectiveness of internal control and risk management systems 獨立審查內部監控和風險管理系統的有效性 Information and Communication 資訊及溝通 Assessing risks and reviewing the effectiveness of internal controls is a continuing process in the Company. Our internal control system is designed to give reasonable assurance that: Assets are prudently safeguarded; Business activities are conducted in an effective and efficient manner; Financial reporting is accurate, timely and complete; and Laws and regulations relevant to the business are complied. Under the Company s internal control system, management is charged with the responsibility to design and implement the internal controls while the Board and the Audit Committee oversee the effectiveness of the internal control system that have been put in place. 本公司持續評估風險及檢討內部監控之成效 本公司之內部監控系統旨在合理保證 : 資產獲得審慎保障 ; 以有效及高效之方式進行業務活動 ; 作出準確 適時及完整的財務報告 ; 及 遵守與業務相關的法律及法規 在本公司的內部監控系統下, 管理層負責設計及執行內部監控措施, 而董事會和審核委員會則監察現有內部監控系統執行之成效 維他奶國際集團有限公司二零一五 一六年年報 53

57 CORPORATE GOVERNANCE REPORT 企業管治報告 Review of Internal Controls Effectiveness The Board has the overall responsibility to ensure that appropriate and effective internal controls are maintained to provide reasonable assurance against material misstatement of information. The Group Internal Audit Department has conducted reviews of the effectiveness of the Company s internal control system, including those of its operating companies. The Audit Committee has reviewed the findings and impartial opinion of the Group Internal Audit Department on the effectiveness of the Company s internal control system two times a year. The Board considered that the internal control system for the year ended 31st March, 2016 was effective and adequate. No significant areas of concern that might affect the financial, operational and compliance issues and risk management functions of the Company were identified. The scope of this review also covered the adequacy of resources, qualification and experience of staff of the Company s accounting, financial reporting and internal audit functions and their training and budget. Inside Information With respect to procedures and internal controls for the handling and dissemination of inside information, the Company is aware of the requirements under the applicable Listing Rules and Securities and Futures Ordinance and the overriding principle that inside information should be announced as soon as reasonably practicable after such information comes to our attention unless it falls within any of the Safe Harbours provisions under the Securities and Futures Ordinance. The Company has had a system in place with established policies and procedures for complying with the Inside Information disclosure requirements under the regulatory regime. The Board has adopted a Disclosure Compliance Policy on 27th November, The Policy has been formulated by reference to the Guidelines on Disclosure of Inside Information issued by the Securities and Futures Commission. The purpose of the Policy is to provide Directors and employees with guidelines on assessing, reporting and disseminating inside information, maintaining confidentiality and abiding shares dealing restrictions. The Company has included in its code of conduct and staff handbook a strict prohibition on the unauthorised disclosure or use of confidential and inside information. 審閱內部監控之成效 董事會之整體職責是要確保維持適當和有效之內部監控, 從而為避免發生資料的重大錯誤陳述提供合理保證 集團內部審計部已檢討本公司 ( 包括其營運公司 ) 內部監控系統之成效 審核委員會會每年兩次審閱集團內部審計部對本公司內部監控系統成效之調查結果及所提供之公允意見 董事會認為, 截至二零一六年三月三十一日止年度之內部監控系統屬有效及充份, 並無識別可能影響本公司之財務 營運及合規事宜以及風險管理職能之重大關注範疇 是次審閱之範圍亦涵蓋本公司於會計 財務報告及內部審計職能方面之資源 員工資歷及經驗是否足夠, 以及彼等之培訓及有關預算 內幕消息 有關處理及發放內幕消息的程序和內部監控方面, 本公司知悉, 根據上市規則及 證券及期貨條例 的適用規定以及首要原則, 本公司在得悉內幕消息後, 應於切實可行情況下盡快公佈有關資料, 除非有關資料屬於 證券及期貨條例 下任何安全港條文所界定者則另當別論 為遵守監管體系下有關內幕消息披露規定, 本公司已有一套擁有既定政策及程序的系統 董事會已於二零一二年十一月二十七日採納披露合規政策 該政策乃參照證券及期貨事務監察委員會所頒佈之 內幕消息披露指引 而編製 該政策旨在為董事及僱員提供有關評估 匯報及發佈內幕消息 保密及遵守股份交易限制的指引 本公司已於行為守則及員工手冊內訂明嚴禁未經授權披露或使用機密及內幕資料 54 Vitasoy International Holdings Ltd. Annual Report 2015/16

58 CORPORATE GOVERNANCE REPORT 企業管治報告 Internal Audit The Group Internal Audit Department plays a critical role in monitoring the internal governance of the Company. The scope of services of the department is set out in the approved Internal Audit Charter and includes: Unrestricted access to all the Company s activities, personnel, records, properties, and other information sources required to carry out internal audits; Review the effectiveness of internal control over operational, compliance and financial reporting as well as risk management function; and Special reviews of areas of concern identified by management or the Audit Committee. The Group Internal Audit Department, reporting to the Audit Committee, provides independent assurance as to the existence and effectiveness of risk management functions and controls in business operations. Using risk assessment methodology and taking into account the Company structure, management s concern, nature and complexity of operation, and operating environment, the Group Internal Audit Department prepares its annual audit plan which is reviewed and approved by the Audit Committee. The risk assessment methodology assists in identifying business risks and determining audit frequencies. Based on the approved audit plan, the Group Internal Audit Department schedules its internal audit programs to conduct an independent review of different financial, business and functional operations and activities with resources focusing on areas with higher risk. During the fiscal year of 2015/2016, the Group Internal Audit Department issued reports to Senior Management covering various operational and financial units of the Company and its subsidiaries. The Group Internal Audit Department also conducted reviews of major projects and areas of concern identified by management. 內部審計 集團內部審計部肩負監察本公司內部管治的重任 該部門之工作範圍載列於經審批的內部審計約章內, 包括 : 無限制地獲取就進行內部審計所需之所有本公司活動 員工 記錄 物業以及其他方面之資料來源 ; 審閱對營運 合規及財務報告以及風險管理職能方面之內部監控成效 ; 及 對管理層或審核委員會所識別的關注範疇進行特定審閱 集團內部審計部會向審核委員會就業務營運的風險管理職能與監控之實施及成效匯報及提供獨立保證 集團內部審計部運用風險評估方法, 並考慮本公司架構 管理層的關注範疇 營運的性質及複雜性以及經營環境, 編製其年度審計計劃, 並交由審核委員會審批 風險評估方法有助識別業務風險及釐定審計的頻率 集團內部審計部會根據經審批的審計計劃, 為內部審計程序訂下時間表, 並集中資源對各項財務 業務及功能營運中風險較高的範疇及活動進行獨立審閱 於二零一五 二零一六財政年度內, 集團內部審計部向高層管理人員提交報告, 內容涵蓋本公司及其附屬公司各個營運及財務單位 集團內部審計部亦審閱多個主要項目以及管理層所指定的關注範疇 維他奶國際集團有限公司二零一五 一六年年報 55

59 CORPORATE GOVERNANCE REPORT 企業管治報告 Risk Management The Board is ultimately responsible for ensuring effective risk management and internal control systems for the business of the Company and its subsidiaries in place. To achieve this, the Board ensures that there is an effective framework of risk governance and ongoing risk management process to promote the long-term success of the Company. During the year, the Company has implemented a phased improvement plan and progressed to further enhance its internal controls and risk management systems. The Company aims to embed a risk management system to its day-to-day operations. Our new risk management framework is illustrated as below: 風險管理 董事會有最終責任確保已為本公司及其附屬公司之業務實施有效的風險管理及內部監控系統 為實現此一目標, 董事會確保已制定有效之風險管治架構及持續風險管理程序, 以促進本公司長期的成功 年內, 本公司已實行階段性改善計劃, 並貫徹執行以進一步強化其內部監控及風險管理系統 本公司旨在於其日常營運中納入風險管理系統 我們的新風險管理架構展示如下 : 4. Escalate and Report Oversight 監察 Risk Monitoring and Review 風險監督及審閱 Risk and Control Ownership 風險及監控權責 Risk Management Process 風險管理程序 1. Identify Risk Daily Operations Financial Activities Compliance Strategy Development and Business Planning Investment Decision Vitasoy 3. Mitigate and Control 2. Evaluate Risk External Factors Risk Governance Structure 風險管治架構 Audit Committee (On behalf of the Board) 代表董事會的審核委員會 Group Internal Audit 集團內部審計 Group Executives and Local CEOs 集團高層管理人員及當地行政總裁 Group Risk Management 集團風險管理 Corporate Services 企業事務 Department Heads 部門主管 Individual Employee 個別員工 Risk Escalation and Assurance 風險上報及保證 56 Vitasoy International Holdings Ltd. Annual Report 2015/16

60 CORPORATE GOVERNANCE REPORT 企業管治報告 Risk Governance Structure The risk governance structure consists of three layers of roles and responsibilities as explained below: 風險管治架構 風險管治架構劃分為下列三個層面的角色及職責 : Layer Roles and Responsibilities 層面職務及職責 Oversight Audit Committee, acting on behalf of the Board 代表董事會的 Oversee the Company s risk management on an ongoing basis. 持續監察本公司的風險管理 Oversee those risks that warrant the Committee s attention and supervise risk management process as part of good corporate governance. 委員會監察需要注意的風險並監督風險管理程序, 以配合優良的企業管治 Group Internal Audit Conduct independent review on the effectiveness of risk management framework and provide risk assurance to the Audit Committee. 對風險管理架構的成效進行獨立審閱, 並向審核委員會提供風險保證 Risk Monitoring and Review Group Executives and Local CEOs Design, implement and monitor the risk management system. 設計 實施及監督風險管理體系 Provide assurance to the Audit Committee on the effectiveness of risk management. 向審核委員會提供有關風險管理有效性的保證 Group Risk Management, an independent team under Group Internal Audit, 是集團內部審計轄下的獨立團隊 Report risks and controls to management continuously based on the risk reporting from Department Heads. 就部門主管所報告之風險及監控持續向管理層匯報 Track progress of mitigation plans and activities of risks. 跟蹤風險紓緩計劃及措施的進度 Corporate Services Advise the Board and management of the Company on matters of good corporate governance practices and changes in legislation which impacts the Company significantly. 就有關良好企業管治常規的事宜以及會對本公司造成重大影響的法例變動向本公司董事會及管理層提供意見 Risk and Control Ownership Department Heads and Individual Employee Responsible for identifying and assessing risks in their respective area of responsibility. 負責識別及評估其各自業務單位範圍內的風險 Carry out risk management activities and report their day to day operations. 於日常營運進行風險管理活動及滙報 維他奶國際集團有限公司二零一五 一六年年報 57

61 CORPORATE GOVERNANCE REPORT 企業管治報告 Risk Management Process Our risk management process is embedded in our daily operations, financial activities, compliance, strategy development and business planning, investment decision and external factors. It involves identifying potential risks that are related to different business processes and relevant to the Company s objectives. Risks are grouped into six clusters (including reputation, strategy, market, liquidity, credit and operation) to facilitate analysis. Each risk identified is analysed on the basis of impact and likelihood consistent with risk parameters set by the Board. Appropriate controls are developed and implemented to minimise the risk exposure. The Company compiles a risk register and updates and monitors it on an ongoing basis by taking into account emerging risks or changes to the identified risks. A risk management report that highlights key risks and action plans is presented to the Audit Committee on a regular basis. Our new risk management framework will be rolled-out at the Group Management functions and Company-level in Hong Kong during the fiscal year of 2016/2017. Moving forward, the Group will assist other subsidiaries in roll-out of this risk management framework and continue to enhance its risk management framework. External Auditors KPMG has been appointed as the External Auditors of the Company by shareholders at the last Annual General Meeting. An amount of HK$5.1 million (2014/2015: HK$5.2 million) was charged for fiscal year of 2015/2016 for statutory audits for the Company and subsidiaries. The amount for the other non-audit services provided by KPMG for the Company and subsidiaries during the year was HK$0.95 million (2014/2015: HK$0.67 million). The non-audit services mainly comprised market study and tax advisory services. The responsibilities of the External Auditors with respect to the 2015/2016 financial statements are set out in the section of Independent Auditor s Report on pages 83 and 84. Shareholders Rights Procedures for Shareholders to convene General Meeting Pursuant to section 566 of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the Companies Ordinance ), shareholders representing at least 5% of the total voting rights of all the shareholders having a right to vote at general meetings are entitled to send a request to the Company to convene a general meeting. Such request must state the general nature of the business to be dealt with at the meeting and may include the text of a resolution that may properly be moved and is intended to be moved at the meeting. A request may be sent to the Company Secretary at the Company s registered office in hard copy form or in electronic form to and must also be authenticated by the person or persons making it. 風險管理程序 我們的風險管理程序納入日常營運 財務活動 合規 策略發展與業務規劃 投資決定及外界因素 該風險管理程序涉及識別與本公司不同業務流程及目標相關的潛在風險 為便於分析, 本公司會將風險分為六個範疇 ( 包括信譽 策略 市場 流動資金 信貸及營運 ) 每個所識別的風險均按照與董事會設定的風險規範按其影響及可能性進行分析 為使風險降至最低, 我們制定適當的監控措施並加以實施 本公司滙編了風險登記冊, 並因應風險轉變而持續更新及監控 審核委員會定期檢視風險管理報告, 該報告重點說明主要風險及行動方案 我們的新風險管理架構將於二零一六 二零一七財政年度於本集團管理功能及集團旗下的香港公司實施 展望未來, 本集團將協助其他附屬公司實施風險管理架構, 並繼續加強其風險管理架構 外聘核數師 畢馬威會計師事務所已於上屆股東週年大會上獲股東委聘為本公司外聘核數師, 其為本公司及其附屬公司所提供之二零一五 二零一六財政年度法定審核服務之費用為港幣 5,100,000 元 ( 二零一四 二零一五年 : 港幣 5,200,000 元 ) 畢馬威會計師事務所於年內為本公司及其附屬公司所提供的其他非審核服務費用為港幣 950,000 元 ( 二零一四 二零一五年 : 港幣 670,000 元 ) 非審核服務主要包括市場研究及稅務顧問服務 外聘核數師就二零一五 二零一六年度財務報表所須承擔的責任載列於第 83 及 84 頁的 獨立核數師報告 一節 股東權利 股東召開股東大會之程序 根據香港 公司條例 ( 香港法例第 622 章 )( 公司條例 ) 第 566 條, 佔擁有權利於股東大會上投票之全體股東總表決權最少 5% 之股東有權向本公司發送請求書, 召開股東大會 該請求書必須列明將於大會上處理之事務之一般性質, 及應包括將於大會上正式動議及擬動議之決議案文本 請求書之列印本可發送至本公司之註冊辦事處予公司秘書或以電子形式電郵至 com, 並須由發出請求書之人士或人等核實 58 Vitasoy International Holdings Ltd. Annual Report 2015/16

62 CORPORATE GOVERNANCE REPORT 企業管治報告 Procedures for Shareholders to request circulation of statement at General Meeting Pursuant to section 580 of the Companies Ordinance, shareholder/s representing at least 2.5% of the total voting rights of all the shareholders or at least 50 shareholders, who have a relevant right to vote, can request the Company in writing to circulate to the shareholders a statement of not more than 1,000 words with respect to a matter mentioned in a proposed resolution to be dealt with at that meeting or other business to be dealt with at that meeting. A request may be sent to the Company Secretary at the Company s registered office in hard copy form or in electronic form to and must identify the statement to be circulated. It must be authenticated by the person or persons making it and be received by the Company at least 7 days before such meeting. Procedures for proposing a Person for Election as a Director at General Meeting Under the Articles of Association of the Company, if a shareholder wishes to propose a person other than a retiring Director for election as a Director at a general meeting, the shareholder should deposit a written notice of nomination which shall be given to the Company within the 7-day period commencing the day after the despatch of the notice of the meeting (or such other period as may be determined and announced by the Directors from time to time) and in no event ending no later than seven days prior to the date appointed for such meeting. The procedures for shareholders to propose a person for election as a Director are also published on the Company s website. Constitutional Document During the year, there was no change in the Company s Articles of Association. A copy of the latest consolidated version of the Articles of Association of the Company is published on the websites of the Stock Exchange and the Company. Communications with Shareholders and Investors We believe accountability and transparency are indispensable for ensuring good corporate governance and, in this regard, timely communication with our shareholders is crucial. The Board has adopted a formal Shareholders Communication Policy to ensure that shareholders are provided with ready, equal and timely access to the Company s information. The Shareholders Communication Policy is posted on the Company s website. We maintain a corporate website ( to keep our shareholders and the investing public posted of our share price information, latest business developments, final and interim results announcements, financial reports, public announcements, corporate governance policies and practices and other relevant shareholder information. The Company s Annual General Meeting is one of the important platforms to communicate with its shareholders. During the 2015 Annual General Meeting, the Chairman of the Board 股東於股東大會上要求傳閱陳述書之程序 根據公司條例第 580 條, 佔全體股東總表決權最少 2.5% 之股東或最少 50 名擁有相關表決權之股東可以書面形式要求本公司向股東傳閱一份不多於 1,000 字之陳述書, 內容有關將於該大會上提呈處理之決議案所述之事宜或其他將於該大會上處理之事務 請求書之列印本可發送至本公司之註冊辦事處予公司秘書或以電子形式電郵至 並須識別須傳閱之陳述書 該陳述書必須由發出之人士或人等核實, 並須於召開該大會最少七日前送交本公司 於股東大會上提名一位人士參選董事之程序 根據本公司章程細則, 倘股東有意於股東大會上提名一位人士 ( 退任董事除外 ) 參選董事, 則該股東須於寄發會議通知翌日起計七天內 ( 或董事不時釐定及公佈的其他期間 ) 並在任何情況下不遲於有關指定會議日期前七日, 向本公司寄存一份書面的提名通知 股東提名董事候選人之程序亦已在本公司之網站上刊載 章程性質文件 年內, 本公司之章程細則概無變動 本公司之章程細則之最新合併本已刊登在聯交所及本公司之網站 與股東及投資者之溝通 我們相信問責制及具透明度乃良好企業管治不可或缺之部份, 故就此與股東作適時溝通實為重要 董事會已採納一份正式之股東通訊政策, 以確保股東能隨時 公平及適時地獲得本公司之資訊 股東通訊政策已刊登在本公司之網站 我們設有公司網站 ( 向股東及公眾投資者匯報本集團股價資料 最新業務發展概況 年度及中期業績公佈 財務報告 公告 企業管治政策及常規以及其他相關股東資訊 本公司之股東週年大會為其與股東溝通之重要平台之一 於二零一五年股東週年大會上, 董事會主席向股東簡報本集團之業務概況及前景並回答 維他奶國際集團有限公司二零一五 一六年年報 59

63 CORPORATE GOVERNANCE REPORT 企業管治報告 briefed shareholders the business review and the outlook of the Group and answered questions raised by shareholders. The chairman of the Remuneration and Nomination Committee and the chairman of the Audit Committee were also present to answer questions raised by shareholders. The Company s External Auditors attended the 2015 Annual General Meeting to address questions about the conduct of the audit, the preparation and content of the auditors report, the accounting policies and auditors independence. Separate resolutions in respect of each substantial issue, including the appointment and re-election of Directors were proposed by the Chairman at the Annual General Meeting and were voted on by poll. The detailed procedures of conducting a poll were explained by the Chairman at the commencement of the Annual General Meeting to ensure that shareholders were familiar with such procedures. An independent scrutineer was appointed to count the votes and the poll results were posted on the websites of the Stock Exchange and the Company on the same day following the Annual General Meeting. We manage investor relations systematically as a key part of our operations. We maintain regular bilateral, open and regular communications with existing and potential investors to ensure that the investment community has a balanced and updated view of the performance of the Company and relevant business development. As such, the Company developed and adopted a formal Investor Relations Policy as the guidelines for conducting investor relations activities. We have established a dedicated contact for shareholders, fund managers, analysts and the media for a two-way communications with the related stakeholders. We keep our investors abreast on the Group s latest developments and strategies through direct communications including result announcement events, group and individual face-to-face meetings, telephone conferences and correspondences with shareholders and investors. All bilateral meetings are attended by at least two designated representatives of the Company, while always taking reference of applicable regulatory requirements and internal guidelines concerning fair disclosure of information without offering advantage to any particular investor or financial analyst. We shall also leverage media platform to update our latest corporate development. In addition, we are proactive in responding to general enquiries raised by the investing public, individual and institutional investors and analysts. In order to keep updated with the latest market practices on investor relations, the delegated persons engaged in investor relations activities often attend industry seminars or training sessions on various topics. 股東之提問 薪酬及提名委員會主席以及審核委員會主席亦在場回應股東之提問 本公司之外聘核數師出席二零一五年股東週年大會, 以便回答有關審核操守 核數師報告之編製及內容 會計政策以及核數師獨立性之問題 股東週年大會之主席就各重要事項 ( 包括委任及重選董事 ) 提呈獨立決議案, 而有關決議案以股份投票方式進行表決 主席於股東週年大會開始時詳細解釋進行股份投票之程序, 確保股東熟悉有關程序 本公司並委任獨立監票人進行點票, 而股份投票結果於股東週年大會結束後即日在聯交所及本公司之網站刊登 我們有系統地處理與投資者的關係, 並視此為我們之主要工作 我們與現有及潛在投資者保持開放及定期之雙向溝通, 以確保投資界能對本公司之表現及相關業務發展持有平衡及最新之意見 因此, 本公司已制訂及採納正式之投資者關係政策, 作為進行投資者關係活動之指引 我們已設立專門的電郵郵箱 方便與股東 基金經理 分析員及媒體等有關持份者達致雙向溝通 我們與股東及投資者直接溝通, 形式包括業績發佈活動 小組及一對一會面 電話會議及電子郵件往來等, 務求我們的投資者及時獲取有關本集團最新發展及策略之資訊 所有雙向性會面均由至少兩名本公司指定之代表出席, 並必須參考有關公平披露資料之適用規管要求及內部指引, 而不得向任何個別投資者或財務分析員提供優先訊息 我們亦將利用媒體平台更新公司最新發展情況 此外, 我們積極回應公眾 個人及機構投資者以及分析員等所提出之一般查詢 負責投資者關係活動之委任代表經常參與各個專題之行業研討會或培訓課程, 獲取有關投資者關係之市場最新資訊 60 Vitasoy International Holdings Ltd. Annual Report 2015/16

64 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Board of Directors Executive Chairman Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 75, is the Executive Chairman of the Group. Mr. Lo was appointed a Director of the Company in Mr. Lo graduated from the University of Illinois with a Bachelor of Science degree in Food Science and gained his Master of Science degree in Food Science from Cornell University. Mr. Lo is an Honorary Court Member of the Hong Kong University of Science and Technology and life member of Cornell University Council. Mr. Lo is a director of Ping Ping Investment Company Limited. He is also a director of The Bank of East Asia, Limited, a company listed on the Hong Kong Stock Exchange. He was a member of The National Committee of the Chinese People s Political Consultative Conference. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. He is the brother of Ms. Myrna Mo-ching LO and Ms. Yvonne Mo-ling LO. Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI (GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, 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 Legion d Honneur), aged 77, was appointed a Director of the Company in Sir David is the chairman and chief executive of The Bank of East Asia, Limited, a company listed on the Hong Kong Stock Exchange. He is the chairman of The Chinese Banks Association Limited. He is a member of the Council of the Treasury Markets Association. Sir David is a director of Hong Kong Interbank Clearing Limited. He is also a director of Guangdong Investment Limited, The Hong Kong and China Gas Company Limited, The Hongkong and Shanghai Hotels, Limited, PCCW Limited and San Miguel Brewery Hong Kong Limited, all being companies listed in Hong Kong. He was a member of the Legislative Council of the Hong Kong Special Administrative Region from 1985 to He was a director of China Overseas Land & Investment Limited, AFFIN Holdings Berhad, CaixaBank, S.A., and Armada Holdings Limited (formerly known as SCMP Group Limited), companies listed in Hong Kong or overseas. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. 董事會 執行主席 (SBS, BSc, MSc), 七十五歲, 本集團執行主席, 於一九七二年獲委任為本公司董事 羅先生畢業於伊利諾大學, 獲食物科學理學學士學位, 並獲康乃爾大學頒授食物科學理學碩士學位 羅先生為香港科技大學顧問委員會榮譽委員及康乃爾大學校董會終身校董 羅先生為平平置業有限公司董事, 亦為於香港聯交所上市之東亞銀行有限公司之董事 彼曾任中國人民政治協商會議全國委員會委員 除已披露者外, 彼於過往三年並無於其他上市公眾公司擔任任何董事職務 彼為羅慕貞女士之胞弟, 亦為羅慕玲女士之胞兄 獨立非執行董事 (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 Legion d Honneur), 七十七歲, 於一九九四年獲委任為本公司董事 李爵士為於香港聯交所上市之東亞銀行有限公司之主席兼行政總裁 彼亦為香港華商銀行公會有限公司之主席 李爵士亦為財資市場公會之議會成員 李爵士為香港銀行同業結算有限公司之董事 李爵士現今出任以下香港上市公司之董事, 包括粵海投資有限公司 香港中華煤氣有限公司 香港上海大酒店有限公司 電訊盈科有限公司及香港生力啤酒廠有限公司 李爵士曾在一九八五年至二零一二年期間出任香港特別行政區立法會議員 李爵士曾出任香港或海外上市公司中國海外發展有限公司 AFFIN Holdings Berhad CaixaBank, S.A. 及南潮控股有限公司 ( 前稱南華早報集團有限公司 ) 之董事 除已披露者外, 彼於過往三年並無於其他上市公眾公司擔任任何董事職務 維他奶國際集團有限公司二零一五 一六年年報 61

65 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Mr. Jan P. S. ERLUND, aged 77, was appointed a Director of the Company in He graduated with a Master degree in Law from the University of Aarhus and studied at the Nordic Institute for Maritime Law, the University of Oslo. Mr. Erlund was admitted to the Danish Bar in 1968 and was admitted to the Supreme Court in Mr. Erlund is now a partner in Copenhagen Chambers focusing on Danish and international arbitration. He was a partner of Gorrissen Federspiel Kierkegaard, a law firm in Copenhagen, Denmark. He was the president of the Danish Bar and Law Association, president of the Danish Maritime Law Association and chairman of the Maritime and Transport Committee of the International Bar Association. Mr. Erlund was the chairman of the board of directors of The East Asiatic Company Ltd. A/S and Dansk Skovselskab A/S, deputy chairman of ERRIA A/S and a member of the board of directors of PSA International Pte. Ltd., all being companies listed overseas. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. Mr. Valiant Kin-piu CHEUNG, aged 70, was appointed a Director of the Company in Mr. Cheung is a fellow member of the Institute of Chartered Accountants in England and Wales and the Hong Kong Institute of Certified Public Accountants. Mr. Cheung was a partner at KPMG, a leading international accounting firm in Hong Kong, until his retirement in March He has extensive experience in the fields of assurance and corporate finance, particularly in manufacturing, trading, wholesale, distribution and retails in Hong Kong and Mainland China. Mr. Cheung is an independent non-executive director of Dah Chong Hong Holdings Limited and The Bank of East Asia, Limited, all being companies listed on the Hong Kong Stock Exchange. Mr. Cheung was an independent non-executive director of Pacific Century Premium Developments Limited from October 2004 to 6th May, Save as disclosed, he has not held any directorship in other listed public companies in the last three years. J a n P. S. E R L U N D, 七十七歲, 於二零零六年獲委任為本公司董事 彼畢業於奧胡斯大學, 獲法律碩士學位, 其後於奧斯陸大學之北歐海事法研究院從事研究 Erlund 先生於一九六八年獲委任為丹麥大律師, 及於一九七六年獲委任為丹麥最高法院律師 Erlund 先生現為哥本哈根大律師事務所 ( 主要從事丹麥當地及國際間仲裁 ) 之合夥人 彼曾為 Gorrissen Federspiel Kierkegaard( 一間位於丹麥哥本哈根之律師行 ) 之合夥人 彼曾任丹麥大律師及事務律師公會主席 丹麥海事法律師公會主席及國際大律師公會屬下海事及運輸委員會主席 Erlund 先生曾任 The East Asiatic Company Ltd. A/S 及 Dansk Skovselskab A/S 之董事會主席 ERRIA A/S 之副主席及 PSA International Pte. Ltd. 之董事會成員, 該等公司均為海外上市公司 除已披露者外, 彼於過往三年並無於其他上市公眾公司擔任任何董事職務, 七十歲, 於二零一零年獲委任為本公司董事 張先生是英格蘭及威爾斯特許會計師公會及香港會計師公會的資深會員 於二零零一年三月退休前, 張先生為香港著名國際會計師事務所畢馬威會計師事務所之合夥人 彼在審計及企業財務工作方面具備豐富經驗, 尤其是香港及中國內地等生產 貿易 批發 分銷和零售經營行業 張先生現為以下於香港聯交所上市之大昌行集團有限公司及東亞銀行有限公司之獨立非執行董事 張先生曾於二零零四年十月至二零一五年五月六日期間擔任盈科大衍地產發展有限公司之獨立非執行董事 除已披露者外, 彼於過往三年並無於其他上巿公眾公司擔任任何董事職務 62 Vitasoy International Holdings Ltd. Annual Report 2015/16

66 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Mr. Anthony John Liddell NIGHTINGALE (CMG, SBS, JP), aged 68, was appointed a Director of the Company in Mr. Nightingale graduated from Peterhouse College, University of Cambridge with a Bachelor s degree (Honours) in Classics. Mr. Nightingale was Managing Director of the Jardine Matheson Group ( Jardine Group ) from 2006 to He joined Jardine Group in 1969 and was appointed a director in Mr. Nightingale is currently a non-executive director of Jardine Matheson Holdings Limited and of other Jardine Group companies. These include Dairy Farm, Hongkong Land, Jardine Cycle & Carriage, Jardine Strategic and Mandarin Oriental. Jardine Matheson Holdings Limited has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore. Mr. Nightingale is also a non-executive director of Prudential plc, a company with primary listings on stock exchanges in London and Hong Kong and with secondary listings on stock exchanges in Singapore and New York (ADRs). He is also the non-executive director of Schindler Holding Limited and Shui On Land Limited, companies listed in Hong Kong or overseas, and the UK-ASEAN Business Council. Mr. Nightingale is a commissioner of PT Astra International Tbk. He is a Hong Kong representative to the Asia Pacific Economic Cooperation (APEC) Business Advisory Council and chairman of The Hong Kong-APEC Trade Policy Study Group. He is also a member of the Securities and Futures Commission Committee on Real Estate Investment Trusts, a council member of the Employers Federation of Hong Kong, a non-official member of the Commission on Strategic Development in Hong Kong and the chairman of The Sailors Home and Missions to Seamen in Hong Kong. Mr. Nightingale is the former chairman of the Hong Kong General Chamber of Commerce. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. Non-executive Director Ms. Myrna Mo-ching LO, aged 77, was appointed a Director of the Company in Ms. Lo graduated from Oberlin College in the United States with a Bachelor of Arts degree in Music. Ms. Lo is a member of the Docent Committee and Bishop White Committee of the Royal Ontario Museum in Toronto, Canada. She does not hold/has not held any directorship in other listed public companies currently and in the last three years. She is the sister of Mr. Winston Yaulai LO and Ms. Yvonne Mo-ling LO, and the mother of Mr. Eugene LYE, President and Chief Executive Officer of Vitasoy USA Inc.. Ms. Yvonne Mo-ling LO, aged 68, was appointed a Director of the Company in Ms. Lo received a Bachelor of Arts degree from Oberlin College, Ohio in the United States and undertook graduate studies in Urban and Regional Planning at the University of Toronto in Canada. Ms. Lo joined the Group in 1980 and was the President of Vitasoy USA Group until Ms. Lo was the president of the Soyfoods Association of North America which represents more than 30 soyfoods companies covering the US and Canada. She does not hold/has not held any directorship in other listed public companies currently and in the past three years. She is the sister of Ms. Myrna Mo-ching LO and Mr. Winston Yaulai LO. (CMG, SBS, JP), 六十八歲, 於二零一五年獲委任為本公司董事 黎先生畢業於劍橋大學 Peterhouse 書院, 獲頒古典文學榮譽學士學位 黎先生曾於二零零六年至二零一二年期間, 擔任怡和集團 ( 怡和集團 ) 常務董事 彼於一九六九年加入怡和集團, 並於一九九四年獲委任為董事 黎先生現為怡和控股有限公司及怡和集團旗下其他多間公司的非執行董事, 包括牛奶國際控股有限公司 置地控股有限公司 怡和合發有限公司 怡和策略控股有限公司和文華東方國際有限公司 怡和控股有限公司於倫敦證券交易所作第一上市, 並於百慕達和新加坡交易所作第二上市 黎先生同時亦為保誠保險有限公司 ( 保誠 ) 之非執行董事 保誠於倫敦及香港證券交易所作第一上市並於新加坡及紐約 ( 預托證券 ) 證券交易所作第二上市, 而彼亦為香港或海外上市公司迅達控股有限公司及瑞安房地產有限公司之非執行董事, 同時亦為英國 - 東盟商務理事會之非執行董事 黎先生為 PT Astra International Tbk 的委員 彼現為亞太經合組織 (APEC) 商貿諮詢理事會香港代表及香港 -APEC 貿易政策研究小組主席 彼亦為證券及期貨事務監察委員會房地產投資信託基金委員會成員 香港僱主聯合會諮詢會委員 香港策略發展委員會非官方成員以及香港海員俱樂部主席 黎先生曾為香港總商會主席 除已披露者外, 彼於過往三年並無於其他上巿公眾公司擔任任何董事職務 非執行董事, 七十七歲, 於一九九二年獲委任為本公司董事 羅女士畢業於美國歐柏林大學, 獲音樂專業文學學士學位 羅女士為加拿大多倫多市皇家安大略省博物館之導賞員委員會及 Bishop White 委員會成員 彼於現時或過往三年並無於其他上市公眾公司擔任任何董事職務 彼為羅友禮先生及羅慕玲女士之胞姊, 以及 Vitasoy USA Inc. 之總裁兼行政總裁 Eugene LYE 先生之母親, 六十八歲, 於一九九三年獲委任為本公司董事 羅女士獲美國俄亥俄州歐柏林大學頒發文學學士學位, 並曾在加拿大多倫多大學修讀城市與區域規劃大學課程 羅女士於一九八零年加入本集團, 並曾為維他奶美國公司之主席, 直至二零零一年止 羅女士亦曾為北美大豆食品協會之主席, 該會代表美國及加拿大三十多間大豆食品公司 彼於現時或過往三年並無於其他上市公眾公司擔任任何董事職務 彼為羅慕貞女士及羅友禮先生之胞妹 維他奶國際集團有限公司二零一五 一六年年報 63

67 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Executive Director Mr. Roberto GUIDETTI, aged 53, was appointed as the Executive Director of the Company on 1st April, Mr. Guidetti is currently the Group Chief Executive Officer and a member of the Executive Committee of the Company. Mr. Guidetti graduated with a Bachelor s Degree in Economics at the Bologna University in Bologna, Italy in 1987 and further obtained a Master s Degree in Business Administration at Centro Universitario di Organizzazione Aziendale in Altavilla Vicentina, Italy in Mr. Guidetti is responsible for the overall strategic planning, business development and general management of all the Group s operations. Mr. Guidetti joined the Group as the Group Chief Executive Officer on 1st April, 2013 and has fully assumed the roles and responsibilities of the former Group Chief Executive Officer on 1st August, He has 24 years of proven track record in general management, strategic/business planning, marketing/commercial leadership, product innovation and new business development. He has matured his professional expertise in two of the largest global fast moving consumer goods organisations and across local, regional and global roles in Europe and Asia. He has spent the last 14 years in this field in Greater China before joining the Company. Mr. Guidetti is a director of Ariston Thermo Group, a private limited company incorporated in Italy. He does not hold/has not held any directorship in other listed public companies currently and in the last three years. Senior Management Group Senior Directors Mr. Chris Kin-shing LAU, aged 53, Group Chief Financial Officer. Mr. Lau is responsible for the strategic planning, financial management and control, accounting, corporate finance, investor relations and corporate services of the Group. Mr. Lau joined the Group in April He has close to 30 years of solid finance management experience gained in multinationals in Asia Pacific, Greater China and the US. He also brings a wealth of experience to this role with managing start-ups, post-merger/acquisition integration, business process improvement and ERP system implementation in addition to Treasury, Tax and Credit management. Mr. Lau holds a Bachelor Degree of Economics from the Australian National University and a Graduate Diploma in Computing Studies from the University of Canberra. He is an associate member of the Hong Kong Institute of Certified Public Accountants and a Fellow of CPA Australia. 執行董事, 五十三歲, 於二零一四年四月一日獲委任為本公司執行董事 陸博濤先生現為本公司之集團行政總裁及執行委員會成員 陸博濤先生於一九八七年畢業於意大利博洛尼亞大學, 取得經濟學學士學位, 並於一九八八年在意大利阿爾塔維拉比森蒂娜之 Centro Universitario di Organizzazione Aziendale 榮獲工商管理碩士學位 陸博濤先生負責本集團所有業務之整體策略規劃 業務發展及日常管理 陸博濤先生於二零一三年四月一日加入本集團為集團行政總裁, 並於二零一三年八月一日起全面替代負責前任集團行政總裁之角色及職能 彼於日常管理 策略性及業務規劃 市場銷售及商業領導 產品革新及新業務拓展方面擁有二十四年之豐富經驗 彼曾於兩間大型跨國高流轉消費品企業負責歐亞市場之本地 區域及全球性業務, 累積豐富專業知識 彼於加入本公司前曾於大中華區內的有關行業任職十四年 陸博濤先生現為意大利一間私人有限公司阿里斯頓熱能集團之董事 彼於現時或過往三年並無於其他上市公眾公司擔任任何董事職務 高層管理人員 集團高級總監, 五十三歲, 集團首席財務總監 劉先生負責本集團之策略規劃 財務管理及監控 會計 企業財務 投資者關係及企業事務等職務 劉先生於二零一六年四月加入本集團 彼曾於亞太區 大中華區及美國之多間跨國公司任職, 於財務管理方面累積近三十年的豐富經驗 彼為現任職位帶來不僅是資金管理 稅務及信貸管理方面, 還有管理新成立公司 併購後業務整合 改革業務流程以及落實執行 ERP 系統等多元化經驗 劉先生於澳洲國立大學取得經濟學學士學位, 並於坎培拉大學取得電腦學深造文憑 彼為香港會計師公會會員及澳洲會計師公會資深會員 64 Vitasoy International Holdings Ltd. Annual Report 2015/16

68 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Ms. Rosemary Pik-ling LI, aged 59, Group Senior Director, Human Resources. Ms. Li is responsible for leading all global human resources strategies and initiatives, including organisations structure, corporate remuneration and reward programs, employee engagement, talent development, and the overall human resources policies. She continuously shaped the Group s best practices in strategic human resources management to enhance the organizational capabilities. Prior to joining the Group in 2000, she had human resources leadership experience gained from multinational corporations and sizable local organisations. Mr. Frank Changbo SI, aged 46, Group Senior Director, Manufacturing and Project Management. Mr. Si is responsible for the formulation of the Group s manufacturing and project policy and strategy as well as the management and support of plant capital expenditure project and manufacturing performance. He joined the Group in He has extensive experience in different multi-national companies focus on quality, manufacturing and project management. Dr. Joanna Shwu-Pyng Tzeng CHEN, aged 57, Group Senior Director, Research, Development and Quality. Dr. Chen is responsible for developing, leading and executing research and development and quality strategies to meet the business needs of local and overseas markets. She plays a strategic role in driving global product direction and innovation while assuring compliance, safety, sustainability and quality excellence. Dr. Chen joined the Group in With Advanced Food Science education training, she joined company with diversified working experiences with prominent multinational companies in the United States, Greater China and Asia Pacific region. Her expertise covers technical management and commercialisation in areas across food ingredient, food product research and development/ manufacturing, regulatory compliance and quality assurance. Hong Kong Operation (Hong Kong, Macau and Exports) Mr. Charles Chung CHYI, aged 61, Chief Executive Officer, Hong Kong Operation. Mr. Chyi is responsible for the general management and development of the Group s operations in Hong Kong, Macau and various export markets. He joined the Group in 2008 and had held senior management positions with a couple of prominent multinational companies previously in the food and beverage industry focusing on Greater China., 五十九歲, 集團高級總監 ( 人力資源 ) 李女士負責領導本集團之所有人力資源策略及規劃, 包括組織架構 企業酬金及獎勵計劃 員工敬業度 人才發展, 以及整體人力資源政策 彼持續建立本集團策略性人力資源管理之最佳常規, 以提升組織功能 彼於二零零零年加入本集團前, 曾在多間跨國企業及具規模的本地機構任職, 具有人力資源領導經驗, 四十六歲, 集團高級總監 ( 生產及項目管理 ) 司先生負責制定本集團之生產與項目政策及策略, 以及管理及支援有關廠房資本支出項目及生產表現 彼於二零一二年加入本集團, 具有於不同跨國公司工作的豐富經驗, 專注於品質 生產及項目管理, 五十七歲, 集團高級總監 ( 研究 發展及質量 ) 陳博士負責發展 領導和執行產品研究和開發及質量等策略, 以符合本地和海外市場的業務需求 彼於推動全球產品方向和創新方面擔當著策略性角色, 同時確保產品合規 安全 可持續和質量卓越 陳博士於二零一零年加入本集團 彼曾接受食品科學先進教育培訓, 並曾於美國 大中華區及亞太區多間著名跨國公司任職, 具有多元化的工作經驗 彼的專業知識包括食品成份 食品研究和開發 生產 法例合規和質量保證等技術管理及商品化的領域上 香港業務 ( 香港 澳門及出口 ), 六十一歲, 香港業務行政總裁 齊先生負責管理及發展本集團之香港 澳門及多個海外市場之業務 彼於二零零八年加入本集團, 曾於大中華區多家知名飲品食品跨國企業出任高層管理職位 維他奶國際集團有限公司二零一五 一六年年報 65

69 DIRECTORS AND SENIOR MANAGEMENT 董事及高層管理人員 Mainland China Mr. Jack Jie YUAN, aged 46, Managing Director of Vitasoy (China) Investments Company Limited. Mr. Yuan is responsible for the general management and development of the Group s operations in Mainland China. Mr. Yuan joined the Group in 2004 as the General Manager of the Group s Shenzhen and Foshan joint venture operation. He has extensive experience in the beverage industry and had previously worked with a number of multinational companies in Mainland China. Australia and New Zealand Mr. Christopher John GILLARD, aged 44, General Manager of Vitasoy Australia Products Pty. Ltd. Mr. Gillard is responsible for the general management and development of the Group s operation in Australia and New Zealand. He joined the Group in November He has extensive experience across the Asia-Pacific fast moving consumer goods industry. Based in and a native of Melbourne, he recently returned from almost a decade living and working in Greater China. He has a strong track record in Sales, Marketing and General Management. North America Mr. Eugene LYE, aged 46, President and Chief Executive Officer of Vitasoy USA Inc.. Mr. Lye is responsible for the general management and development of the Group s beverage business and the import and sales of the Group s products for all sales channels in North America. He joined the Group in 2002 and has been closely involved in all aspects of the North American business for over 14 years. During his time at Vitasoy USA Inc., Mr. Lye has held sales and marketing positions in the mainstream channel, managed both the research & development and quality departments and most recently served as the Senior Vice President of the Asian Channel. He is the son of Ms. Myrna Mo-ching LO, the Non-executive Director of the Company. Singapore Mr. Derrick Teck Huat PEK, aged 55, Chief Executive Officer of Unicurd Food Co. (Private) Ltd., the Group s tofu manufacturing company in Singapore. Mr. Pek is responsible for the general management and development of the Group s operation in Singapore. He joined the Group in He has over 20 years experience in fast moving consumer goods industry, spanning from food to personal care products category. He had gained numerous years of sales and marketing experiences and held senior positions in a few renowned multinational consumer products companies in Singapore. 中國內地, 四十六歲, 維他奶 ( 中國 ) 投資有限公司之董事總經理 袁先生負責管理及發展本集團在中國內地之業務 袁先生於二零零四年加入本集團, 出任本集團深圳及佛山等合營企業之總經理 彼於飲品行業擁有豐富經驗, 曾於中國內地多間跨國公司工作 澳洲及新西蘭 Christopher John GILLARD, 四十四歲,Vitasoy Australia Products Pty. Ltd. 之總經理 Gillard 先生負責管理及發展本集團在澳洲及新西蘭之業務 彼於二零一四年十一月加入本集團, 在亞太地區之高流轉消費品行業具豐富經驗 彼最近從生活及工作近十年的大中華區回流土生土長的墨爾本 彼於銷售 市場推廣和日常管理方面均擁有豐富的經驗 北美洲 E u g e n e LY E, 四十六歲, Vitasoy USA Inc. 之總裁兼行政總裁 Lye 先生負責管理及發展本集團之飲品業務以及本集團產品在北美洲之進口及於所有銷售渠道之銷售工作 彼於二零零二年加入本集團, 並緊密參與北美洲業務各個層面逾十四年 於 Vitasoy USA Inc. 任職期間,Lye 先生曾於主流銷售渠道擔任多個銷售及市場推廣職位, 管理研發和質量部門, 最近擔任亞裔市場之高級副總裁 彼為本公司非執行董事羅慕貞女士之兒子 新加坡, 五十五歲, 為本集團於新加坡之豆腐生產公司, 統一食品 ( 私人 ) 有限公司之行政總裁 白先生負責管理及發展本集團在新加坡之業務 彼於二零一二年加入本集團, 於高流轉消費品市場, 包括食品及個人護理產品類別方面擁有逾二十年之豐富經驗 彼於銷售及市場推廣方面擁有多年經驗並曾於新加坡多家知名跨國消費品公司擔任高級職位 66 Vitasoy International Holdings Ltd. Annual Report 2015/16

70 REPORT OF THE DIRECTORS 董事會報告 The Directors have pleasure in submitting their annual report together with the audited financial statements for the year ended 31st March, Principal Place of Business Vitasoy International Holdings Limited ( the Company ) is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business at No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong. Principal Activities The principal activities of the Company are the manufacture and sale of food and beverages. The principal activities and other particulars of the subsidiaries are set out in note 14 to the financial statements. The segment analysis of the operations of the Company and its subsidiaries ( the Group ) during the financial year is set out in note 3 to the financial statements. Further discussion and analysis of these activities as required by Schedule 5 to the Companies Ordinance, including a discussion of the principal risks and uncertainties facing the Group and an indication of likely future developments in the Group s business, can be found in the Group Chief Executive Officer s Report/Business Review set out on pages 10 to 25 of this Annual Report. The environmental, employees, customers and suppliers matters that have a significant impact on the Group, are provided in the Sustainability Report 2.0 to be sent out together with this Annual Report. These discussions form part of this Report of the Directors. Major Customers and Suppliers For the year ended 31st March, 2016, the percentage of sales attributable to the Group s five largest customers was less than 30%. The information in respect of the Group s purchases attributable to the major suppliers during the financial year is as follows: 董事會欣然提呈截至二零一六年三月三十一日止年度之年報及經審核財務報表 主要營業地點 維他奶國際集團有限公司 ( 本公司 ) 為成立於香港及於香港註冊成立之公司, 其註冊辦事處及主要營業地點位於香港新界屯門建旺街一號 主要業務 本公司之主要業務為製造及銷售食品及飲品 附屬公司之主要業務及其他詳情載於 14 本公司及其附屬公司 ( 本集團 ) 於本財政年度內之業務分部分析載於 3 按公司條例附表 5 規定對該等業務作出之進一步討論及分析 ( 包括有關本集團面對的主要風險及不明朗因素之討論以及本集團業務日後可能發展之顯示 ), 載於本年報第 10 至 25 頁之集團行政總裁報告 業務回顧 有關環境 僱員 客戶及供應商且對本集團有重大影響之事宜載於 可持續發展報告 2.0, 該報告將連同本年報一同寄出 該等討論乃本董事會報告之一部分 主要客戶及供應商 於截至二零一六年三月三十一日止年度, 本集團五大客戶佔本集團之營業額少於 30% 以下所載為本財政年度主要供應商佔本集團採購額之資料 : Percentage of the Group s total purchases The largest supplier 最大供應商 25% Five largest suppliers in aggregate 首五大供應商合計 36% At no time during the year have the Directors, their associates or any shareholder of the Company (which to the knowledge of the Directors owns more than 5% of the Company s issued shares) had any interest in these major suppliers. 各董事 彼等之聯繫人或任何據董事所知擁有本公司已發行股份超過 5% 之本公司股東於年內概無擁有該等主要供應商之任何權益 維他奶國際集團有限公司二零一五 一六年年報 67

71 REPORT OF THE DIRECTORS 董事會報告 Recommended Dividend An interim dividend of HK3.8 cents per ordinary share (2015: HK3.2 cents per ordinary share) was paid on 28th December, The Directors now recommend the payment of a final dividend of HK26.5 cents per ordinary share (2015: HK21.2 cents per ordinary share) in respect of the year ended 31st March, Charitable Donations Charitable donations made by the Group during the year amounted to HK$50,000 (2015: HK$95,000). Bank Loans Particulars of bank loans of the Group, as at 31st March, 2016 are set out in note 20 to the financial statements. Share Capital Details of the movements in share capital of the Company during the year are set out in note 25(c) to the financial statements. Shares were issued during the year on exercise of share options. There were no purchases, sales or redemptions of the Company s listed securities by the Company or any of its subsidiaries during the year. Directors The Directors during the financial year and up to the date of this Annual Report are set out on page 2. Mr. Anthony John Liddell NIGHTINGALE was appointed as an Independent Non-executive Director and a member of the Audit Committee and the Remuneration and Nomination Committee of the Company with effect from 26th June, In accordance with Article 104 of the Company s Articles of Association, Mr. Winston Yau-Lai LO, Ms. Myrna Mo-ching LO and Mr. Valiant Kin-piu CHEUNG retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election, save for Mr. Valiant Kin-piu CHEUNG, who indicated that he would not offer himself for re-election at the Annual General Meeting. None of the Directors proposed for re-election at the forthcoming Annual General Meeting has a service contract with the Company or any of its subsidiaries which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. Non-executive Directors are appointed under the same terms for rotational retirement as other Directors, pursuant to the Articles of Association of the Company. 建議股息 本公司已於二零一五年十二月二十八日派發中期股息每股普通股 3.8 港仙 ( 二零一五年 : 每股普通股 3.2 港仙 ) 董事現建議派發截至二零一六年三月三十一日止年度之末期股息每股普通股 26.5 港仙 ( 二零一五年 : 每股普通股 21.2 港仙 ) 慈善捐款 本集團於年內之慈善捐款共達港幣 50,000 元 ( 二零一五年 : 港幣 95,000 元 ) 銀行貸款 本集團於二零一六年三月三十一日之銀行貸款詳情載於 20 股本 本公司於年內之股本變動詳情載於 25(c) 本公司因購股權獲行使而於年內發行股份 本公司或其任何附屬公司於年內概無購買 出售或贖回本公司之上市證券 董事 於本財政年度內及截至本年報之日期各董事之名單載於第 2 頁 黎定基先生獲委任為本公司獨立非執行董事 兼審核委員會和薪酬及提名委員會成員, 自二零一五年六月二十六日起生效 根據本公司之章程細則第 104 條, 羅友禮先生 羅慕貞女士及張建標先生須於應屆股東週年大會上輪值退任董事會職務, 合資格並願膺選連任, 惟張建標先生已表示彼將不會於股東週年大會上膺選連任 擬於應屆股東週年大會上膺選連任之董事並無與本公司或其任何附屬公司簽訂本公司或其任何附屬公司不得於一年內終止而不作出賠償 ( 一般法定賠償除外 ) 之服務合約 根據本公司之章程細則, 非執行董事乃按與其他董事相同之輪值告退條款獲委任 68 Vitasoy International Holdings Ltd. Annual Report 2015/16

72 REPORT OF THE DIRECTORS 董事會報告 Directors of Subsidiaries A full list of the names of the directors of the Group s subsidiaries during the financial year and up to the date of this Annual Report can be found in the Company s website at under Investor Relations/Corporate Governance/Board of Directors/Directors of Subsidiaries. Directors Interests and Short Positions in Shares, Underlying Shares and Debentures The Directors of the Company who held office at 31st March, 2016 had the following interests in the shares of the Company and subsidiaries (within the meaning of the Securities and Futures Ordinance ( SFO )) at that date as recorded in the register of Directors interests and short positions required to be kept under section 352 of the SFO: (1) Interests in issued shares 附屬公司之董事 於本財政年度內及截至本年報之日期本集團附屬公司之董事詳細名單於本公司網站 ( 投資者關係 企業管治 董事會 附屬公司董事 項下可供查閱 董事於股份 相關股份及債權證之權益及淡倉 按 證券及期貨條例 第 352 條規定備存之董事權益及淡倉登記冊記錄所載, 於二零一六年三月三十一日在職之本公司董事於當日持有本公司及附屬公司 ( 定義見 證券及期貨條例 ) 之股份權益如下 : (1) 於已發行股份之權益 Number of ordinary shares Trusts and Total Personal Family similar number of * % of total Name Note interests interests interests shares held issued shares * Mr. Winston Yau-lai LO (i), (iv) 61,583,800 28,702,500 72,678, ,964, % 羅友禮先生 Dr. the Hon. Sir David Kwok-po LI 6,000,000 6,000, % 李國寶爵士 Mr. Jan P.S. ERLUND 150, , % Jan P. S. ERLUND 先生 Ms. Myrna Mo-ching LO (ii), (iv) 100,653, ,653, % 羅慕貞女士 Ms. Yvonne Mo-ling LO (iii), (iv) 93,344,750 93,344, % 羅慕玲女士 Mr. Roberto GUIDETTI 200, , % 陸博濤先生 * The percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,047,329,500 ordinary shares) as at 31st March, * 此百分比乃根據本公司於二零一六年三月三十一日已發行之股份總數 ( 即 1,047,329,500 股普通股 ) 計算 維他奶國際集團有限公司二零一五 一六年年報 69

73 REPORT OF THE DIRECTORS 董事會報告 Directors Interests and Short Positions in Shares, Underlying Shares and Debentures (Continued) (1) Interests in issued shares (Continued) Notes: 董事於股份 相關股份及債權證之權益及淡倉 ( 續 ) (1) 於已發行股份之權益 ( 續 ) 附註 : (i) Mr. Winston Yau-lai LO is deemed to be interested in 28,702,500 shares through interests of his wife. (i) 羅友禮先生由於其妻室擁有 28,702,500 股股份, 故被視為擁有該等股份之權益 (ii) Ms. Myrna Mo-ching LO is interested in 27,974,700 shares held by Swift Luck Development Limited which in turn holds such shares in trust for Lo Myrna Trust. (ii) 羅慕貞女士擁有由 Swift Luck Development Limited 持有之 27,974,700 股股份之權益, 該公司以託管人身份為 Lo Myrna Trust 持有該等股份 (iii) Ms. Yvonne Mo-ling LO is interested in 3,338,300 shares held by Yvonne Lo Charitable Remainder Unitrust and 17,328,150 shares held by Yvonne Lo Separate Property Trust. Ms. Yvonne Mo-ling LO is a beneficiary of such two trusts and is therefore deemed to be interested in such shares. (iii) 羅慕玲女士擁有由 Yvonne Lo Charitable Remainder Unitrust 持有之 3,338,300 股股份及由 Yvonne Lo Separate Property Trust 持有之 17,328,150 股股份之權益 羅慕玲女士為該兩個信託基金之受益人, 故被視為擁有該等股份之權益 (iv) Each of Mr. Winston Yau-lai LO, Ms. Myrna Mo-ching LO and Ms. Yvonne Mo-ling LO is interested in 72,678,300 shares held by The Bank of East Asia (Nominees) Limited which holds such shares as a nominee for the K.S. Lo Foundation, a charitable trust. Each of them is a trustee of the K.S. Lo Foundation and is therefore deemed to be interested in such shares. (iv) 羅友禮先生 羅慕貞女士及羅慕玲女士均擁有由東亞銀行受託代管有限公司以代理人名義代 K.S. Lo Foundation 慈善基金持有之 72,678,300 股股份之權益 彼等均為 K.S. Lo Foundation 之受託人, 故被視為擁有該等股份之權益 (2) Interests in underlying shares Certain Directors of the Company have been granted options under the Company s share option scheme, details of which are set out in the section Share Option Scheme below. All interests in the shares and underlying shares of the Company are long positions. Apart from the foregoing, none of the Directors of the Company or any of their spouses or children under eighteen years of age has interests or short positions in the shares, underlying shares or debentures of the Company, any of its subsidiaries or other associated corporations, as recorded in the register required to be kept under section 352 of the SFO or as otherwise notified to the Company pursuant to the Model Code for Securities Transactions by Directors of Listed Companies. (2) 於相關股份之權益 本公司若干董事根據本公司之購股權計劃獲授購股權, 詳情載於下文 購股權計劃 一節 於本公司股份及相關股份中之全部權益均為好倉 除上文所披露外, 本公司各董事或彼等之任何配偶或未滿十八歲之子女概無在本公司 其任何附屬公司或其他相聯法團之股份 相關股份或債權證中擁有任何記錄在根據 證券及期貨條例 第 352 條須備存之登記冊上或須根據上市公司董事進行證券交易的標準守則知會本公司之權益或淡倉 70 Vitasoy International Holdings Ltd. Annual Report 2015/16

74 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements Share option scheme (1) Share option scheme approved on 4th September, 2002 On 4th September, 2002, the Company adopted a share option scheme (the 2002 Share Option Scheme ) under which the Directors might, at their discretion, grant options to employees and Directors of the Company or any of its subsidiaries to subscribe for ordinary shares in the Company. The 2002 Share Option Scheme was valid for 10 years ended 3rd September, The purpose of this scheme was to provide incentives and rewards to employees for their contribution to the Group. The principal terms of this scheme were as follows: The exercise price of the options is the higher of (a) the closing price of the shares on The Stock Exchange of Hong Kong Limited (the Stock Exchange ) on the date of grant, which must be a business day; and (b) the average of the closing prices of the shares on the Stock Exchange for the five business days immediately preceding the date of grant; The options were exercisable for a period to be notified by the Directors to each option holder, such period not to exceed 10 years from the date of grant. There was no minimum period which an option must be held before it could be exercised during the vesting period, but the Directors were empowered to impose at their discretion any such minimum period at the date of offer. The maximum number of shares which may be issued upon exercise of all options to be granted must not exceed 10% of the shares in issue on the date of approval and adoption of the scheme. The maximum aggregate number of shares over which options could be granted to any one participant, when added to the number of shares issued or issuable to that participant under the share option scheme must not exceed 25% of the maximum aggregate number of shares for the time being issued and issuable under the share option scheme. An offer of the grant of an option remained open for acceptance by an eligible Director or employee for a period of 28 days from the date of offer or such longer or shorter period as the Directors might in their discretion determine. An eligible Director or employee had to pay HK$10 on acceptance of the option as a consideration. 股票掛鈎協議 購股權計劃 (1) 於二零零二年九月四日批准之購股權計劃 於二零零二年九月四日, 本公司採納一項購股權計劃 ( 二零零二年購股權計劃 ), 據此, 董事可酌情向本公司或其任何附屬公司之僱員及董事授予購股權以認購本公司之普通股 二零零二年購股權計劃之有效期為十年, 於二零一二年九月三日終止 該計劃旨在獎勵及回饋對本集團作出貢獻之僱員 該計劃之主要條款如下 : 購股權之行使價為以下之較高者 :(a) 股份於授出日期 ( 當日必須為營業日 ) 在香港聯合交易所有限公司 ( 聯交所 ) 錄得之收市價 ; 及 (b) 股份於緊接授出日期前五個營業日在聯交所錄得之平均收市價 ; 購股權之行使期限由董事知會每名購股權持有人, 該期限由授出日期起計不得超過十年 購股權在歸屬期內毋須先行持有一段最短期限方可行使, 惟董事獲授權可酌情於要約日期時附加任何最短持有期 就行使全部將授予之購股權而可予發行之股份數目, 最多不得超過批准及採納計劃當日之已發行股份 10% 授予任何參與者之購股權所能認購之股份總數, 在與根據購股權計劃已發行或可發行予該名參與者之股份數目合計時, 最多不得超過根據購股權計劃當時已發行及可發行之股份最高總數之 25% 合資格之董事或僱員可於要約日期起計二十八日或董事酌情決定之較長或較短期間內接納授出購股權之要約 合資格之董事或僱員須於接納購股權時支付港幣 10 元作為代價 維他奶國際集團有限公司二零一五 一六年年報 71

75 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) Share option scheme (Continued) (1) Share option scheme approved on 4th September, 2002 (Continued) Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one participant in any 12-month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. The 2002 Share Option Scheme was terminated by shareholders of the Company at annual general meeting on 28th August, Outstanding share options granted under the 2002 Share Option Scheme prior to such termination shall continue to be valid, and subject to the vesting schedule, exercisable in accordance with the 2002 Share Option Scheme. As at 31st March, 2016, there were 8,453,000 outstanding options to be exercised under the 2002 Share Option Scheme. (2) Share option scheme approved on 28th August, 2012 On 28th August, 2012, the Company adopted a new share option scheme (the 2012 Share Option Scheme ). The purpose of the 2012 Share Option Scheme is to recognise and acknowledge the contributions which the Directors, executives and employees of the Company or any of its subsidiaries ( Eligible Participants ) have made or will make to the Group. It will provide the Eligible Participants with an opportunity to have a personal stake in the Company with a view to motivating the Eligible Participants to excel their performance and efficiency for the benefit of the Group; and attracting and retaining or otherwise maintaining an ongoing relationship with the Eligible Participants whose contributions are or will be beneficial to the long term growth of the Group. The Board may at its discretion grant options to any Director, executive or employee of the Company or its subsidiaries. The principal terms of the 2012 Share Option Scheme were as follows: The exercise price of the options is the higher of (a) the closing price of the shares on the Stock Exchange on the date of grant, which must be a business day; and (b) the average of the closing prices of the shares on the Stock Exchange for the five business days immediately preceding the date of grant. The period within which the options must be exercised would be specified by the Company at the time of grant. This period must expire no later than 10 years from the relevant date of grant. 股票掛鈎協議 ( 續 ) 購股權計劃 ( 續 ) (1) 於二零零二年九月四日批准之購股權計劃 ( 續 ) 除獲本公司股東於股東大會上批准外, 於截至授出日期止之任何十二個月期間內, 就任何一名參與者行使獲授予之購股權 ( 包括已行使 已註銷及未行使之購股權 ) 而已發行及須予發行之股份總數, 不得超過於授出日期之已發行股份 1% 二零零二年購股權計劃由本公司股東於二零一二年八月二十八日舉行之股東週年大會上終止 於上述終止前根據二零零二年購股權計劃已授出但尚未行使之購股權仍將繼續有效, 且根據歸屬安排可根據二零零二年購股權計劃予以行使 於二零一六年三月三十一日, 仍有 8,453,000 份未行使購股權待根據二零零二年購股權計劃獲行使 (2) 於二零一二年八月二十八日批准之購股權計劃 本公司於二零一二年八月二十八日採納新購股權計劃 ( 二零一二年購股權計劃 ) 二零一二年購股權計劃旨在肯定及表揚本公司或其任何附屬公司之董事 行政人員及僱員 ( 合資格參與者 ) 對本集團已作出或將作出之貢獻 該計劃將讓合資格參與者持有本公司股份, 以激勵合資格參與者為本集團之利益提升其表現及效率 ; 以及吸引及挽留所作出之貢獻對或將對本集團長遠增長有所裨益之合資格參與者, 或與彼等維持持續之關係 董事會可酌情向本公司或其附屬公司之任何董事 行政人員或僱員授予購股權 二零一二年購股權計劃之主要條款如下 : 購股權之行使價為以下之較高者 :(a) 股份於授出日期 ( 當日必須為營業日 ) 在聯交所錄得之收市價 ; 及 (b) 股份於緊接授出日期前五個營業日在聯交所錄得之平均收市價 本公司將於授予購股權時指定購股權須予行使之期限 此屆滿期限須不遲於有關授予日期起計十年 72 Vitasoy International Holdings Ltd. Annual Report 2015/16

76 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) Share option scheme (Continued) (2) Share option scheme approved on 28th August, 2012 (Continued) There was no minimum period for which an option must be held nor a performance target which must be achieved before it could be exercised during the vesting period, but the Board may determine at its sole discretion any such terms on the grant of an option. The maximum number of shares which may be issued upon exercise of all options to be granted must not exceed 10% of the shares in issue on the date of approval and adoption of the scheme. The overall limit on the number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the 2012 Share Option Scheme and any other share option schemes for the time being of the Company shall not, in aggregate, exceed such number of shares as equals 30% of the shares in issue from time to time. An offer of the grant of an option remained open for acceptance by an eligible participant for a period of 28 days from the date of offer or such longer or shorter period as the Directors might in their discretion determine. An eligible participant had to pay HK$10 on acceptance of the option as a consideration. Unless approved by shareholders of the Company in a general meeting, the total number of shares issued and which may fall to be issued upon exercise of the options granted (including exercised, cancelled and outstanding options) to any one eligible participant in any 12-month period up to the date of grant shall not exceed 1% of the shares in issue as at the date of grant. During the year, 5,712,000 options were granted under the 2012 Share Option Scheme. The total number of ordinary shares available for issue under the 2012 Share Option Scheme as at 31st March, 2016 was 82,059,950 shares, which represented 7.84% of the ordinary shares of the Company in issue at 31st March, 股票掛鈎協議 ( 續 ) 購股權計劃 ( 續 ) (2) 於二零一二年八月二十八日批准之購股權計劃 ( 續 ) 在歸屬期內, 並無購股權必須持有之最短期限或購股權可行使前必須達到之表現目標, 惟董事會可就授予購股權自行酌情釐定任何有關條款 就行使全部將授予之購股權而可予發行之股份數目, 最多不得超過批准及採納計劃當日之已發行股份 10% 因行使根據二零一二年購股權計劃及本公司當時任何其他購股權計劃而獲授予但尚未行使之所有購股權而可予發行之股份數目整體限額, 合共不得超過相等於不時已發行股份之 30% 之股份數目 合資格參與者於要約日期起計二十八日或董事酌情決定之較長或較短期間內接納授出購股權之要約 合資格參與者須於接納購股權時支付港幣 10 元作為代價 除獲本公司股東於股東大會上批准外, 於截至授出日期止之任何十二個月期間內, 就任何一名合資格參與者行使獲授予之購股權 ( 包括已行使 已註銷及未行使之購股權 ) 而已發行及須予發行之股份總數, 不得超過於授出日期之已發行股份 1% 年內, 根據二零一二年購股權計劃授出 5,712,000 份購股權 於二零一六年三月三十一日, 根據二零一二年購股權計劃可供發行之普通股總數為 82,059,950 股, 佔本公司於二零一六年三月三十一日之已發行普通股 7.84% 維他奶國際集團有限公司二零一五 一六年年報 73

77 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) Share option scheme (Continued) (2) Share option scheme approved on 28th August, 2012 (Continued) At 31st March, 2016, the Directors and employees of the Company had the following interests in options to subscribe for ordinary shares of the Company (market value per share at 31st March, 2016 was HK$14.48) in consideration of HK$10 for each grant under the 2002 Share Option Scheme and 2012 Share Option Scheme of the Company. As at 31st March, 2016, the total grant date fair value of unexercised vested options and unvested options, measured in accordance with the accounting policy set out in note 1(p) (iv) to the financial statements, amounted to HK$16,676,000 and HK$33,549,000 respectively. The options are unlisted. Once vested, each option gives the holder the right to subscribe for one ordinary share of the Company. Assuming that all the options outstanding as at 31st March, 2016 are exercised, the Company will receive proceeds of HK$261,610,000. Apart from the foregoing, at no time during the year was the Company or any of its subsidiaries a party to any arrangement to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. 股票掛鈎協議 ( 續 ) 購股權計劃 ( 續 ) (2) 於二零一二年八月二十八日批准之購股權計劃 ( 續 ) 於二零一六年三月三十一日, 本公司董事及僱員在根據本公司二零零二年購股權計劃及二零一二年購股權計劃獲授可以每份購股權代價港幣 10 元認購本公司普通股 ( 於二零一六年三月三十一日之每股市值為港幣 元 ) 之購股權中擁有下列權益 於二零一六年三月三十一日, 根據 1(p)(iv) 所載之會計政策計量, 未行使之已歸屬購股權及未歸屬購股權的授出日期公允值總值分別為港幣 16,676,000 元及港幣 33,549,000 元 該等購股權均為非上市 一旦歸屬後, 各份購股權會賦予持有人認購本公司一股普通股之權利 假設所有於二零一六年三月三十一日尚未行使之購股權獲行使, 本公司將收取所得款項港幣 261,610,000 元 除上文所披露者外, 本公司或其任何附屬公司概無於年內任何時間參與任何安排, 致使本公司董事可藉購入本公司或任何其他公司之股份或債權證而獲益 74 Vitasoy International Holdings Ltd. Annual Report 2015/16

78 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) Share option scheme (Continued) (2) Share option scheme approved on 28th August, 2012 (Continued) The Directors of the Company individually and other employees of the Group in aggregate had the following personal interests in options under the 2002 Share Option Scheme and 2012 Share Option Scheme to subscribe for ordinary shares of the Company during the year and at the end of the year: 股票掛鈎協議 ( 續 ) 購股權計劃 ( 續 ) (2) 於二零一二年八月二十八日批准之購股權計劃 ( 續 ) 於本年度及年結時, 個別本公司董事及本集團之其他僱員在根據二零零二年購股權計劃及二零一二年購股權計劃可認購本公司普通股之購股權中合共擁有之個人權益如下 : Number of options Number of Number of Number of * Market * Market Price per outstanding options options options value value Period during share on at the granted exercised outstanding per share at per share on Date of which options exercise beginning of during the during the at the end date of grant exercise Participants grant are exercisable of options the year year year of the year of options of options * * HK$ HK$ HK$ 港幣 港幣 港幣 Directors Mr. Winston Yau-lai LO 21/7/ /7/2010 to 至 20/7/ ,000 (928,000) 羅友禮先生 7/9/2010 7/9/2011 to 至 6/9/ ,120,000 (2,120,000) /9/2011 8/9/2012 to 至 7/9/ ,320,000 (580,000) 1,740, /8/ /8/2013 to 至 30/8/ ,822,000 2,822, /9/2013 9/9/2014 to 至 8/9/ ,704,000 1,704, /9/ /9/2015 to 至 9/9/ ,792,000 1,792, /9/ /9/2016 to 至 13/9/ ,588,000 1,588, Mr. Roberto 2/4/2013 2/4/2015 to 至 1/4/ ,100,000 (200,000) 1,900, 陸博濤先生 28/6/ /6/2014 to 至 27/6/ ,438,000 1,438, /7/2014 2/7/2015 to 至 1/7/ ,576,000 1,576, /6/ /6/2016 to 至 25/6/ ,414,000 1,414, Eligible employees 1/6/2005 1/6/2006 to 至 31/5/ ,000 (62,000) working under 5/6/2006 5/6/2007 to 至 4/6/ ,000 (30,000) 30, employment contracts 21/7/ /7/2009 to 至 20/7/ ,000 (240,000) 根據僱傭合約工作之 21/7/ /7/2010 to 至 20/7/ ,000 (78,000) 234, 合資格僱員 9/6/2010 9/6/2011 to 至 8/6/ ,504,000 (1,100,000) 404, /6/ /6/2012 to 至 14/6/ ,726,000 (734,000) 992, /6/ /6/2013 to 至 21/6/ ,268,000 (1,037,000) 2,231, /6/ /6/2014 to 至 27/6/ ,092,000 (440,000) 2,652, /7/2014 2/7/2015 to 至 1/7/ ,778,000 (265,000) 2,513, /6/ /6/2016 to 至 25/6/ ,710,000 2,710, ,842,000 5,712,000 (7,814,000) 27,740,000 維他奶國際集團有限公司二零一五 一六年年報 75

79 REPORT OF THE DIRECTORS 董事會報告 Equity-linked Agreements (Continued) Share option scheme (Continued) (2) Share option scheme approved on 28th August, 2012 (Continued) The options granted to the Directors are registered under the names of the Directors who are also the beneficial owners. * being the closing price or the weighted average closing price of the Company s ordinary shares immediately before the dates on which the options were granted or exercised, as applicable. 股票掛鈎協議 ( 續 ) 購股權計劃 ( 續 ) (2) 於二零一二年八月二十八日批准之購股權計劃 ( 續 ) 授予董事之購股權以同為實益擁有人之董事之名義登記 * options granted to Mr. Roberto GUIDETTI was fully vested after two years from the date of 授予陸博濤先生之購股權將自授出日期兩年後獲全部歸屬 All options except for options granted to Mr. Roberto Guidetti on 2nd April, 2013, are exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows: 可予行使之所有購股權數目 ( 除於二零一三年四月二日授予陸博濤先生之購股權外 ) 乃逐步增加, 而各階段可行使購股權之百分比上限如下 : Percentage of options granted On or after 1st year anniversary of the date of grant 授出日期起計一週年或其後 25% On or after 2nd year anniversary of the date of grant 授出日期起計兩週年或其後 another 另 25% On or after 3rd year anniversary of the date of grant 授出日期起計三週年或其後 another 另 25% On or after 4th year anniversary of the date of grant 授出日期起計四週年或其後 another 另 25% Information on the accounting policy for share options granted and the value per option is provided in note 1(p)(iv) and note 23 to the financial statements respectively. 有關授出購股權之會計政策及每份購股權價值之資料分別載於 1(p)(iv) 及附註 Vitasoy International Holdings Ltd. Annual Report 2015/16

80 REPORT OF THE DIRECTORS 董事會報告 Substantial Shareholders and Other Persons Interests and Short Positions in Shares and Underlying Shares The Company has been notified of the following interests in the Company s issued shares at 31st March, 2016 amounting to 5% or more of the ordinary shares in issue. These interests are in addition to those disclosed above in respect of the Directors. 主要股東及其他人士於股份及相關股份之權益及淡倉 於二零一六年三月三十一日, 本公司已獲知會下列佔已發行普通股之 5% 或以上之本公司已發行股份權益 該等權益不包括上文所披露之董事權益 Number of ordinary shares Trusts and Total * % of total Personal Family Corporate similar number of issued Substantial shareholders Note interests interests interests interests shares held shares * Ms. Irene CHAN (i), (ii) 23,514, ,000 72,678,300 96,943, % 陳羅慕連女士 Mr. Kai-tun LO (ii) 18,508,950 72,678,300 91,187, % 羅開敦先生 Mr. Peter Tak-shing LO (ii) 7,548,000 72,678,300 80,226, % 羅德承先生 Commonwealth Bank of Australia (iii) 94,112,000 94,112, % 澳洲聯邦銀行 Wasatch Advisors, Inc. (iv) 63,715,173 63,715, % Matthews International Capital Management, LLC (v) 62,353,000 62,353, % Arisaig Asia Consumer Fund Limited ( Arisaig ) ( Arisaig ) (vi) 60,600,000 60,600, % Arisaig Partners (Mauritius) Limited ( Arisaig Mauritius ) ( Arisaig Mauritius ) (vii) 60,600,000 60,600, % Mr. Lindsay William Ernest COOPER ( Cooper ) (viii) 60,600,000 60,600, % Lindsay William Ernest COOPER 先生 ( Cooper ) * This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,047,329,500 ordinary shares) as at 31st March, Notes: * 此百分比乃根據本公司於二零一六年三月三十一日已發行之股份總數 ( 即 1,047,329,500 股普通股 ) 計算 附註 : (i) Ms. Irene CHAN is interested in 750,000 shares held for her daughter Alexandra CHAN who is under the age of 18. (i) 陳羅慕連女士擁有代其未滿十八歲女兒 Alexandra CHAN 持有之 750,000 股股份之權益 (ii) Each of Ms. Irene CHAN, Mr. Kai-tun LO and Mr. Peter Takshing LO is interested in 72,678,300 shares held by The Bank of East Asia (Nominees) Limited which holds such shares as a nominee for the K.S. Lo Foundation, a charitable trust. Each of them is a trustee of the K.S. Lo Foundation and is therefore deemed to be interested in such shares. (ii) 陳羅慕連女士 羅開敦先生及羅德承先生均擁有由東亞銀行受託代管有限公司以代理人名義代 K.S. Lo Foundation 慈善基金持有之 72,678,300 股股份之權益 彼等均為 K.S. Lo Foundation 之受託人, 故被視為擁有該等股份之權益 (iii) These interests are held by Commonwealth Bank of Australia through its wholly-owned subsidiaries. (iii) 該等權益乃由澳洲聯邦銀行透過其全資附屬公司持有 維他奶國際集團有限公司二零一五 一六年年報 77

81 REPORT OF THE DIRECTORS 董事會報告 Substantial Shareholders and Other Persons Interests and Short Positions in Shares and Underlying Shares (Continued) Notes: (Continued) 主要股東及其他人士於股份及相關股份之權益及淡倉 ( 續 ) 附註 :( 續 ) (iv) These interests are held by Wasatch Advisors, Inc. in the capacity of investment manager. (iv) 該等權益由 Wasatch Advisors, Inc. 以投資經理身份持有 (v) These interests are held by Matthews International Capital Management, LLC in the capacity of investment manager. (v) 該等權益乃由 Matthews International Capital Management, LLC 以投資經理身份持有 (vi) These interests are held by Arisaig in the capacity of beneficial owner. (vi) 該等權益乃由 Arisaig 以實益擁有人身份持有 (vii) These interests are held by Arisaig Mauritius in the capacity of investment manager of Arisaig. These interests are duplicated by the interests disclosed in Note (vi) above. (vii) 該等權益乃由 Arisaig Mauritius 以 Arisaig 之投資經理身份持有 該等權益與上文附註 (vi) 所披露者為同一份權益 (viii) These interests represent Cooper s interests through his indirect 33% interest in Arisaig Mauritius. These interests are duplicated by the interests disclosed in Notes (vi) and (vii) above. All 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 Transactions, Arrangements or Contracts No transaction, arrangement or contract of significance to which the Company or any of its subsidiaries was a party, and in which a Director of the Company had a material interest, subsisted at the end of the year or at any time during the year. Remuneration for Senior Management The emoluments of the Senior Management by bands are as follows: (viii) 該等權益指 Cooper 透過其間接持有 Arisaig Mauritius 之 33% 權益而擁有之權益 該等權益與上文附註 (vi) 及 (vii) 所披露者為同一份權益 於本公司股份及相關股份中之全部權益均為好倉 除上文所披露者外, 本公司並無獲知會有任何其他權益須記錄在根據 證券及期貨條例 第 336 條而備存之登記冊內 充足公眾持股量 根據本公司所掌握之公開資料以及就本公司董事所知, 於本年報日期, 本公司一直保持上市規則規定之公眾持股量 董事於交易 安排或合約之權益 本公司或其任何附屬公司概無於年結時或年內任何時間訂立本公司董事擁有重大權益之交易 安排或重要合約 高層管理人員之酬金 按組別劃分之高層管理人員之酬金如下 : Number of individuals HK$2,000,001 to HK$4,000,000 港幣 2,000,001 元至港幣 4,000,000 元 5 HK$4,000,001 to HK$6,000,000 港幣 4,000,001 元至港幣 6,000,000 元 1 HK$6,000,001 to HK$8,000,000 港幣 6,000,001 元至港幣 8,000,000 元 3 78 Vitasoy International Holdings Ltd. Annual Report 2015/16

82 REPORT OF THE DIRECTORS 董事會報告 Employees and Human Resources Policy Details of the number and remuneration of employees, human resources policy, development and learning of the Group s employees are set out in the Sustainability Report 2.0 to be sent out togother with this Annual Report. Indemnity of Directors A permitted indemnity provision (as defined in section 469 of the Hong Kong Companies Ordinance) for the benefit of the Directors of the Company is currently in force and was in force throughout this year. Directors and Officers Liability Insurance Directors and officers liability insurance was maintained during the year. Related Party Transactions Details of material related party transactions entered into by the Company in the normal course of business during the year ended 31st March, 2016 are set out in note 28 to the financial statements. In respect of each related party transaction disclosed in note 28, the Company confirms that it has reviewed the transactions which are complied with the relevant requirements under the Listing Rules (if applicable). The transactions disclosed in the section Connected Transactions below fall into the definitions of continuing connected transactions under Rule 14A of the Listing Rules, also constitute related party transactions under the Hong Kong Financial Reporting Standards. Connected Transactions (1) On 27th March, 2013, the Company s subsidiary, Vitasoy Australia Products Pty. Ltd. ( VAP ), entered into a services and distribution agreement (the Services and Distribution Agreement ) to renew the original and the subsequent supplementary services and distribution agreements ( Supplementary Services and Distribution Agreement ) with LD&D Milk Pty. Ltd. ( LION ), a fellow subsidiary of National Foods Holdings Limited ( National Foods ), a substantial shareholder holding 49% of the ordinary shares of VAP in issue. LION would provide services to VAP in relation to soy food and beverage products manufactured, imported and/or distributed by VAP targeted for mainstream market ( VAP Products ). As part of the services provided, LION would be the exclusive distributor in Australia of the VAP Products. In return, VAP would pay a management fee equal to 5% of gross sales of VAP Products distributed by LION in Australia. 僱員及人力資源政策 本集團之僱員數目及薪酬 人力資源政策以及僱員發展及培訓之詳情載於 可持續發展報告 2.0, 該報告將連同本年報一同寄出 董事之彌償保證 惠及本公司董事的獲准許彌償條文 ( 定義見香港公司條例第 469 條 ) 於現時生效及於本年度一直有效 董事及行政人員之責任保險 本年度內, 本公司已投買董事及行政人員責任保險 關連人士交易 本公司於截至二零一六年三月三十一日止年度透過一般業務過程訂立之重大關連人士交易詳情載於 28 就附註 28 所披露之各項關連人士交易, 本公司確認已審閱交易, 而交易已遵守上市規則項下之相關規定 ( 如適用 ) 在以下 關連交易 一節所披露之交易屬上市規則第 14A 章項下持續關連交易之定義, 亦構成香港財務報告準則項下之關連人士交易 關連交易 (1) 於二零一三年三月二十七日, 本公司之附屬公司 Vitasoy Australia Products Pty. Ltd. ( VAP ) 與 LD&D Milk Pty. Ltd.( LION, 為 N a t i o n a l Fo o d s H o l d i n g s L i m i t e d ( National Foods ) 之同系附屬公司, 而 National Foods 為 VAP 之主要股東, 持有其已發行普通股之 49%) 訂立一項服務及分銷協議 ( 服務及分銷協議 ), 以為原服務及分銷協議及其後之補充服務及分銷協議 ( 補充服務及分銷協議 ) 續期 LION 將就 VAP 製造 進口及 或分銷之主流市場豆製食品及飲品 ( VAP 產品 ) 向 VAP 提供服務 作為所提供服務之一部份,LION 成為 VAP 產品在澳洲之獨家分銷商 VAP 須就此向 LION 支付相當於其在澳洲分銷之 VAP 產品總銷售額之 5% 作為管理費用 維他奶國際集團有限公司二零一五 一六年年報 79

83 REPORT OF THE DIRECTORS 董事會報告 Connected Transactions (Continued) (1) (Continued) The management fee, payable monthly in arrears by VAP to LION, is 5% of gross sales of the VAP Products distributed under the Services and Distribution Agreement. The estimated aggregate amounts of the management fee for the three years ending 31st March, 2014, 2015 and 2016 are approximately AUD5.5 million (approximately HK$44.6 million), AUD6.1 million (approximately HK$49.4 million) and AUD6.6 million (approximately HK$53.5 million) respectively. During the year, HK$21,681,000 (2014/2015: HK$24,577,000) was charged by LION. The transaction constituted continuing connected transaction under Rule 14A.76(2) of the Listing Rules, which is only subject to the reporting and announcement requirements and is exempt from the independent shareholders approval requirement. Announcement was made by the Company on 27th March, 2013 in this respect. The Directors, including the Independent Nonexecutive Directors, considered that the transaction during the year ended 31st March, 2016: 關連交易 ( 續 ) (1) ( 續 ) VAP 於每月結束後應付予 LION 之管理費為根據服務及分銷協議分銷 VAP 產品之總銷售額之 5% 截至二零一四年 二零一五年及二零一六年三月三十一日止三個年度之管理費用總額估計分別約為 5,500,000 澳元 ( 約港幣 44,600,000 元 ) 6,100,000 澳元 ( 約港幣 49,400,000 元 ) 及 6,600,000 澳元 ( 約港幣 53,500,000 元 ) 年內,LION 已收取港幣 21,681,000 元 ( 二零一四 二零一五年度 : 港幣 24,577,000 元 ) 根據上市規則第 14A.76(2) 條, 有關交易構成持續關連交易, 並只須遵守申報及公佈規定且獲豁免獨立股東批准之規定 本公司已於二零一三年三月二十七日就此發表公佈 董事 ( 包括獨立非執行董事 ) 認為截至二零一六年三月三十一日止年度之有關交易乃 : (i) was entered into in the ordinary and usual course of business of the Company; (i) 在本公司之一般及日常業務過程中訂立 ; (ii) was conducted on normal commercial terms or better; and (ii) 按照一般商業條款或更佳條款進行 ; 及 (iii) was conducted in accordance with the Supplementary Services and Distribution Agreement on terms that are fair and reasonable and in the interest of the shareholders as a whole. (iii) 按補充服務及分銷協議進行, 而其條款公平合理, 並且符合股東之整體利益 The Company s auditor was engaged to report on the Group s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) Assurance Engagements Other Than Audits or Reviews of Historical Financial Information and with reference to Practice Note 740 Auditor s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules issued by the Hong Kong Institute of Certified Public Accountants. The auditor has issued his unqualified conclusion containing his findings and conclusions in respect of the continuing connected transactions set out above in accordance with Main Board Listing Rule 14A.56. A copy of the auditor s conclusion has been provided by the Company to The Stock Exchange of Hong Kong Limited. 本公司之核數師委聘乃按照香港會計師公會頒佈之香港鑒證業務準則第 3000 號 ( 經修訂 ) 非審核或審閱過往財務資料的鑒證工作, 並參照實務說明第 740 號 關於香港上市規則所述持續關連交易的核數師函件, 對本集團之持續關連交易進行匯報 核數師已根據主板上市規則第 14A.56 條發出載有其有關上述持續關連交易發現及結論之無保留結論 本公司已將核數師結論副本呈交香港聯合交易所有限公司 80 Vitasoy International Holdings Ltd. Annual Report 2015/16

84 REPORT OF THE DIRECTORS 董事會報告 Connected Transactions (Continued) (2) On 28th June, 2013, the Company entered into the Distribution Agreement with LD&D Australia Pty. Limited ( LD&D Australia ), an associate of National Foods, which is a connected person of the Company under the Listing Rules. LD&D Australia agreed to supply to the Company the dairy and juice beverage products for distribution in Hong Kong and Macau, and to grant to the Company an exclusive right to distribute the dairy and juice beverage products in Hong Kong and Macau for a period of five years from 1st July, 2013 to 30th June, The estimated prices to be paid by the Company to LD&D Australia for the five years ending 30th June, 2014, 2015, 2016, 2017 and 2018 are approximately AUD7.2 million (approximately HK$51.9 million), AUD8.7 million (approximately HK$62.7 million), AUD10.1 million (approximately HK$72.8 million), AUD10.9 million (approximately HK$78.5 million) and AUD11.8 million (approximately HK$85.0 million) respectively. During the year, total purchases from LD&D Australia amounted to HK$7,497,000 (2014/2015: HK$10,510,000). The transaction constituted continuing connected transaction under Rule 14A.76(2) of the Listing Rules, which is only subject to the reporting and announcement requirements and is exempt from the independent shareholders approval requirement. Announcement was made by the Company on 28th June, 2013 in this respect. The Directors, including the Independent Nonexecutive Directors, considered that the transaction during the year ended 31st March, 2016: 關連交易 ( 續 ) (2) 於二零一三年六月二十八日, 本公司與 L D& D A u s t ra l i a P t y. L i m i t e d( L D& D Australia )(National Foods 之聯營公司, 根據上市規則乃本公司之關連人士 ) 訂立分銷協議 LD&D Australia 同意向本公司供應乳製品及果汁飲品於香港及澳門分銷, 並授予本公司於香港及澳門分銷乳製品及果汁飲品之獨家權, 自二零一三年七月一日起至二零一八年六月三十日止為期五年 本公司將於截至二零一四年 二零一五年 二零一六年 二零一七年及二零一八年六月三十日止五個年度向 LD&D Australia 支付之估計價格分別約為 7,200,000 澳元 ( 約港幣 51,900,000 元 ) 8,700,000 澳元 ( 約港幣 62,700,000 元 ) 10,100,000 澳元 ( 約港幣 72,800,000 元 ) 10,900,000 澳元 ( 約港幣 78,500,000 元 ) 及 11,800,000 澳元 ( 約港幣 85,000,000 元 ) 年內, 向 LD&D Australia 採購之貨品共值港幣 7,497,000 元 ( 二零一四 二零一五年度 : 港幣 10,510,000 元 ) 根據上市規則第 14A.76(2) 條, 有關交易構成持續關連交易, 並只須遵守申報及公佈規定且獲豁免獨立股東批准之規定 本公司已於二零一三年六月二十八日就此發表公佈 董事 ( 包括獨立非執行董事 ) 認為截至二零一六年三月三十一日止年度之有關交易乃 : (i) was entered into in the ordinary and usual course of business of the Company; (i) 在本公司之一般及日常業務過程中訂立 ; (ii) was conducted on normal commercial terms or better; and (ii) 按照一般商業條款或更佳條款進行 ; 及 (iii) was conducted in accordance with the Distribution Agreement on terms that are fair and reasonable and in the interest of the shareholders as a whole. (iii) 按分銷協議進行, 而其條款公平合理, 並且符合股東之整體利益 維他奶國際集團有限公司二零一五 一六年年報 81

85 REPORT OF THE DIRECTORS 董事會報告 Connected Transactions (Continued) (2) (Continued) The Company s auditor was engaged to report on the Group s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) Assurance Engagements Other Than Audits or Reviews of Historical Financial Information and with reference to Practice Note 740 Auditor s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules issued by the Hong Kong Institute of Certified Public Accountants. The auditor has issued his unqualified conclusion containing his findings and conclusions in respect of the continuing connected transactions set out above in accordance with Main Board Listing Rule 14A.56. A copy of the auditor s conclusion has been provided by the Company to The Stock Exchange of Hong Kong Limited. Employee Retirement Plans Particulars of employee retirement plans of the Group are set out in note 22 to the financial statements. 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 190 of the Annual Report. Auditors KPMG retire and, being eligible, offer themselves for reappointment. A resolution for the re-appointment of KPMG as auditors of the Company is to be proposed at the forthcoming Annual General Meeting. 關連交易 ( 續 ) (2) ( 續 ) 本公司之核數師委聘乃按照香港會計師公會頒佈之香港鑒證業務準則第 3000 號 ( 經修訂 ) 非審核或審閱過往財務資料的鑒證工作, 並參照實務說明第 740 號 關於香港上市規則所述持續關連交易的核數師函件, 對本集團之持續關連交易進行匯報 核數師已根據主板上市規則第 14A.56 條發出載有其有關上述持續關連交易發現及結論之無保留結論 本公司已將核數師結論副本呈交香港聯合交易所有限公司 僱員退休計劃 有關本集團僱員退休計劃之詳情載於 22 五年財務摘要 本集團於過去五個財政年度之業績 資產及負債摘要載於本年報第 190 頁 核數師 畢馬威會計師事務所任滿告退, 合資格並願受聘連任 有關續聘畢馬威會計師事務所擔任本公司核數師之決議案將於應屆股東週年大會上提呈 By Order of the Board Winston Yau-lai LO Executive Chairman Hong Kong, 23rd June, 2016 承董事會命 執行主席 香港, 二零一六年六月二十三日 82 Vitasoy International Holdings Ltd. Annual Report 2015/16

86 Independent Auditor s Report 獨立核數師報告 Independent auditor s report to the members of Vitasoy International Holdings Limited (Incorporated in Hong Kong with limited liability) We have audited the consolidated financial statements of Vitasoy International Holdings Limited ( the Company ) and its subsidiaries (together the Group ) set out on pages 85 to 189, which comprise the consolidated statement of financial position as at 31st March, 2016, the consolidated statement of profit or loss, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information. 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. 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. 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. ( 於香港註冊成立之有限公司 ) 本核數師 ( 以下簡稱 我們 ) 已審計列載於第 85 至 189 頁維他奶國際集團有限公司 ( 貴公司 ) 及其附屬公司 ( 統稱 貴集團 ) 之綜合財務報表, 此綜合財務報表包括於二零一六年三月三十一日的綜合財務狀況表, 截至該日止年度之綜合損益表 綜合損益及其他全面收益表 綜合權益變動表和綜合現金流量表, 以及主要會計政策概要及其他附註解釋資料 董事就綜合財務報表須承擔的責任 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之重大錯誤陳述所必需的內部控制負責 核數師的責任 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, 我們的報告不可用作其他用途 我們概不就本報告之內容, 對任何其他人士負責或承擔法律責任 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 該等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 維他奶國際集團有限公司二零一五 一六年年報 83

87 Independent Auditor s Report 獨立核數師報告 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 31st March, 2016 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. 核數師的責任 ( 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 所選定之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擬備真實而中肯的綜合財務報表相關的內部控制, 以設計適當的審計程序, 但並非為對公司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恰當性及所作出的會計估計的合理性, 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 意見 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二零一六年三月三十一日的財務狀況及截至該日止年度的財務表現和現金流量, 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 23rd June, 2016 執業會計師香港中環遮打道 10 號太子大廈 8 樓 二零一六年六月二十三日 84 Vitasoy International Holdings Ltd. Annual Report 2015/16

88 Consolidated Statement of Profit or Loss 綜合損益表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六年三月三十一日止年度 ( 以港幣計算 ) 二零一五年 Note 附註 $ 000 $ 000 千元 Revenue 3 5,551,898 5,051,827 Cost of sales 銷售成本 (2,726,117) (2,541,137) Gross profit 2,825,781 2,510,690 Other revenue 其他收入 4 32,050 44,688 Marketing, selling 推廣 銷售 and distribution expenses 及分銷費用 (1,496,807) (1,344,597) Administrative expenses 行政費用 (468,279) (411,142) Other operating expenses 其他經營費用 (289,393) (270,375) Profit from operations 603, ,264 Finance costs 融資成本 5(a) (4,044) (5,655) Profit before taxation 5 599, ,609 Income tax 所得稅 6(a) (34,064) (114,888) Profit for the year 565, ,721 Attributable to: Equity shareholders of the Company 本公司股權持有人 530, ,079 Non-controlling interests 非控股權益 34,628 36,642 Profit for the year 565, ,721 Earnings per share 10 Basic 基本 50.9 Cents 35.9 Cents 仙 Diluted 攤薄 50.4 Cents 35.5 Cents 仙 The notes on pages 92 to 189 form part of these financial statements. Details of dividends payable to equity shareholders of the Company attributable to the profit for the year are set out in note 25(b). 第 92 至 189 頁之附註乃本財務報表之一部份 有關本年度溢利中應付予本公司股權持有人之股息詳情載於附註 25(b) 維他奶國際集團有限公司二零一五 一六年年報 85

89 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六年三月三十一日止年度 ( 以港幣計算 ) 二零一五年 Note 附註 $ 000 $ 000 千元 Profit for the year 565, ,721 Other comprehensive income for the year (after tax) 9 Items that will not be reclassified to profit or loss: Remeasurement of employee 僱員退休福利負債 retirement benefit liabilities 之重新計量 (11,457) 3,538 Items that may be reclassified subsequently to profit or loss: Exchange differences on translation 因換算香港以外地區 of financial statements of 附屬公司之財務報表 subsidiaries outside Hong Kong 而產生之匯兌差額 (41,943) (49,581) Cash flow hedge: 現金流量對沖 : net movement in the hedging reserve 對沖儲備淨變動 (217) 1,600 Total comprehensive income for the year 511, ,278 Attributable to: Equity shareholders of the Company 本公司股權持有人 480, ,865 Non-controlling interests 非控股權益 31,104 15,413 Total comprehensive income for the year 511, ,278 The notes on pages 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份 86 Vitasoy International Holdings Ltd. Annual Report 2015/16

90 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March, 2016 (Expressed in Hong Kong dollars) 於二零一六年三月三十一日 ( 以港幣計算 ) 二零一五年 Note 附註 $ 000 $ 000 $ 000 千元 $ 000 千元 Non-current assets Property, plant and equipment 物業 廠房及設備 11(a) Interests in leasehold land 根據經營租賃 held for own use 持有作自用 under operating leases 之租賃土地權益 67,568 72,099 Investment properties 投資物業 5,140 5,666 Other property, plant 其他物業 廠房 and equipment 及設備 2,114,264 1,775,752 2,186,972 1,853,517 Deposits for the acquisition of 購買物業 廠房 property, plant and equipment 及設備之訂金 11(g) 309 3,716 Intangible assets 無形資產 12 4,530 4,809 Goodwill 商譽 13 36,547 35,813 Bank deposits 銀行存款 17(a) 1,406 Deferred tax assets 遞延稅項資產 24(b) 101,290 32,678 2,331,054 1,930,533 Current assets Inventories 存貨 , ,252 Trade and 應收賬款 other receivables 及其他應收款 , ,182 Current tax recoverable 應收現期稅項 24(a) 8,072 5,435 Cash and bank deposits 現金及銀行存款 17(a) 271, ,056 1,635,694 1,706,925 Assets of disposal group 分類為持作出售之 classified as held for sale 出售組別資產 ,078 1,853,772 1,706,925 Current liabilities Trade and 應付賬款 other payables 及其他應付款 19 1,286,879 1,247,908 Bank loans 銀行貸款 , ,948 Obligations under finance leases 融資租賃之債務 21 1,135 1,043 Current tax payable 應付現期稅項 24(a) 16,675 27,324 1,444,341 1,402,223 Liabilities of disposal group 分類為持作出售之 classified as held for sale 出售組別負債 18 26,039 1,470,380 1,402,223 Net current assets 383, ,702 Total assets less current liabilities 2,714,446 2,235,235 Non-current liabilities Bank loans 銀行貸款 ,341 27,714 Obligations under finance leases 融資租賃之債務 21 2,134 3,238 Employee retirement 僱員退休褔利負債 benefit liabilities 22(b) 28,033 10,234 Deferred tax liabilities 遞延稅項負債 24(b) 65,075 69, , ,563 NET ASSETS 2,411,863 2,124,672 維他奶國際集團有限公司二零一五 一六年年報 87

91 Consolidated Statement of Financial Position 綜合財務狀況表 At 31st March, 2016 (Expressed in Hong Kong dollars) 於二零一六年三月三十一日 ( 以港幣計算 ) 二零一五年 Note 附註 $ 000 $ 000 $ 000 千元 $ 000 千元 CAPITAL AND RESERVES Share capital 股本 25(c) 733, ,694 Reserves 儲備 1,466,013 1,241,391 Total equity attributable to equity shareholders of the Company 2,199,735 1,919,085 Non-controlling interests 212, ,587 TOTAL EQUITY 2,411,863 2,124,672 Approved and authorised for issue by the Board of Directors on 23rd June, 2016 於二零一六年六月二十三日獲董事會批准並授權發佈 Winston Yau-lai LO Director 董事 Roberto GUIDETTI Director 董事 The notes on pages 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份 88 Vitasoy International Holdings Ltd. Annual Report 2015/16

92 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六年三月三十一日止年度 ( 以港幣計算 ) Attributable to equity shareholders of the Company 本公司股權持有人應佔 Share-based Non- Share Capital Surplus Other General Hedging Exchange compensation Retained controlling Total capital reserve reserve reserve reserve reserve reserve reserve profits Total interests equity 股份基礎 股本 資本儲備 盈餘儲備 其他儲備 一般儲備 對沖儲備 匯兌儲備 補償儲備 保留溢利 合計 非控股權益 權益總額 (note 25(d)(i)) (note 25(d)(ii)) (note 25(d)(iii)) (note 25(d)(iv)) (note 25(d)(v)) (note 25(d)(vi)) ( 附註 25(d)(i))( 附註 25(d)(ii))( 附註 25(d)(iii)) ( 附註 25(d)(iv))( 附註 25(d)(v))( 附註 25(d)(vi)) Note 附註 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 Balance at 1st April, 2014 Changes in equity for the year: 655,299 55,133 44,095 (48,622) 2,261 (1,600) 58,992 18, ,565 1,749, ,651 1,957,312 Profit for the year 本年度溢利 372, ,079 36, ,721 Other comprehensive income 其他全面收益 9 1,600 (28,352) 3,538 (23,214) (21,229) (44,443) Total comprehensive income 全面收益總額 1,600 (28,352) 375, ,865 15, ,278 Transfer from retained profits 自保留溢利轉撥至 to surplus reserve 盈餘儲備 4,634 (4,634) Transfer from capital reserve 自資本儲備轉撥至 to retained profits 保留溢利 25(d)(i) (4,087) 4,087 Shares issued on exercise of 就行使購股權 share options 而發行股份 25(c)(ii) 22,395 (3,188) 19,207 19,207 Equity settled share-based 以股份為付款 transactions 基礎之交易 11,124 11,124 11,124 Final dividend approved in 批准屬於上一年度之 respect of the previous year 末期股息 25(b)(ii) (176,527) (176,527) (176,527) Interim dividend declared in 宣派本年度之 respect of the current year 中期股息 25(b)(i) (33,245) (33,245) (33,245) Dividends paid to 向非控股權益 non-controlling interests 派發股息 (17,477) (17,477) Balance at 31st March, ,694 51,046 48,729 (48,622) 2,261 30,640 26,474 1,130,863 1,919, ,587 2,124,672 維他奶國際集團有限公司二零一五 一六年年報 89

93 Consolidated Statement of Changes in Equity 綜合權益變動表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六年三月三十一日止年度 ( 以港幣計算 ) Attributable to equity shareholders of the Company Share-based Non- Share Capital Surplus Other General Hedging Exchange compensation Retained controlling Total capital reserve reserve reserve reserve reserve reserve reserve profits Total interests equity (note 25(d)(i)) (note 25(d)(ii)) (note 25(d)(iii)) (note 25(d)(iv)) (note 25(d)(v)) (note 25(d)(vi)) 25(d)(i) 25(d)(ii) 25(d)(iii) 25(d)(iv) 25(d)(v) 25(d)(vi) Note $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Balance at 1st April, 2015 Changes in equity for the year: 677,694 51,046 48,729 (48,622) 2,261 30,640 26,474 1,130,863 1,919, ,587 2,124,672 Profit for the year 本年度溢利 530, ,616 34, ,244 Other comprehensive income 其他全面收益 9 (217) (38,419) (11,457) (50,093) (3,524) (53,617) Total comprehensive income 全面收益總額 (217) (38,419) 519, ,523 31, ,627 Transfer from retained profits 自保留溢利轉撥至 to surplus reserve 盈餘儲備 4,089 (4,089) Transfer from capital reserve 自資本儲備轉撥至 to retained profits 保留溢利 25(d)(i) (4,087) 4,087 Shares issued on exercise of 就行使購股權 share options 而發行股份 25(c)(ii) 56,028 (7,527) 48,501 48,501 Equity settled share-based 以股份為付款 transactions 基礎之交易 12,393 12,393 12,393 Final dividend approved in 批准屬於上一年度之 respect of the previous year 末期股息 25(b)(ii) (221,111) (221,111) (221,111) Interim dividend declared in 宣派本年度之 respect of the current year 中期股息 25(b)(i) (39,656) (39,656) (39,656) Dividends paid to 向非控股權益 non-controlling interests 派發股息 (24,563) (24,563) Balance at 31st March, ,722 46,959 52,818 (48,622) 2,261 (217) (7,779) 31,340 1,389,253 2,199, ,128 2,411,863 The notes on pages 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份 90 Vitasoy International Holdings Ltd. Annual Report 2015/16

94 Consolidated Cash Flow Statement 綜合現金流量表 For the year ended 31st March, 2016 (Expressed in Hong Kong dollars) 截至二零一六年三月三十一日止年度 ( 以港幣計算 ) Operating activities 二零一五年 Note 附註 $ 000 $ 000 $ 000 千元 $ 000 千元 Cash generated from operations 經營業務所得現金 17(b) 749, ,186 Tax paid 已繳稅項 Hong Kong Profits Tax paid 已繳香港利得稅 (43,340) (48,358) Tax paid outside Hong Kong 已繳香港以外地區稅項 (75,394) (67,474) Net cash generated from operating activities 630, ,354 Investing activities Payment for the purchase of other 購買其他物業 廠房及 property, plant and equipment 設備之款項 (668,543) (521,034) Payment for acquisition of 收購根據經營租賃 interests in leasehold land 持有作自用 held for own use under 之租賃土地 operating leases 權益之款項 (39,136) Proceeds from sale of property, 出售物業 廠房及設備 plant and equipment 所得款項 1, Government grants received for 收購廠房及設備 acquisition of plant and equipment 之已收政府補助 30,839 Increase in long-term bank deposits 長期銀行存款增加 (1,406) Interest received 已收利息 2,002 2,476 Net cash used in investing activities (635,426) (556,826) Financing activities Capital element of finance 已付融資租賃租金之 lease rentals paid 資本部份 (1,006) (1,104) Proceeds from new bank loans 新增銀行貸款所得款項 435, ,324 Repayment of bank loans 償還銀行貸款 (242,257) (141,932) Interest element of finance 已付融資租賃租金之 lease rentals paid 利息部份 (276) (412) Interest paid 已付利息 (5,656) (5,243) Proceeds from shares issued 就行使購股權發行股份 on exercise of share options 所得款項 48,501 19,207 Dividends paid to equity 向本公司股權持有人 shareholders of the Company 派發股息 (260,612) (208,504) Dividends paid to 向非控股權益 non-controlling interests 派發股息 (24,563) (17,477) Net cash used in financing activities (50,755) (165,141) Net (decrease)/increase in cash and cash equivalents (55,437) 17,387 Cash and cash equivalents at 1st April 334, ,425 Effect of foreign exchange rate changes (7,898) (3,232) Cash and cash equivalents at 31st March 17(a) 271, ,580 The notes on pages 92 to 189 form part of these financial statements. 第 92 至 189 頁之附註乃本財務報表之一部份 維他奶國際集團有限公司二零一五 一六年年報 91

95 1 Significant accounting policies 1 主要會計政策 (a) Statement of compliance (a) 遵例聲明 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 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 for the current and prior accounting periods reflected in these financial statements. (b) Basis of preparation of the financial statements The consolidated financial statements for the year ended 31st March, 2016 comprise the Company and its subsidiaries (together referred to as the Group ). The measurement basis used in the preparation of the financial statements is the historical cost basis except that derivative financial instruments are stated at fair value as explained in the accounting policies set out in note 1(s). Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell (see note 1(w)). 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. 本財務報表是按照所有適用之 香港財務報告準則 香港公認會計原則及香港 公司條例 之規定而編製 香港財務報告準則 一詞包括香港會計師公會頒佈之所有適用之個別 香港財務報告準則 香港會計準則 及詮釋 本財務報表亦符合適用於香港聯合交易所有限公司證券上市規則 ( 上市規則 ) 之披露規定 本集團採納之主要會計政策概述如下 香港會計師公會已頒佈若干新訂及經修訂之 香港財務報告準則, 並於本集團之當前會計期間首次生效或可供提早採納 首次應用此等適用於本集團之新訂準則所引致於當前及過往會計期間之任何會計政策變動已於本財務報表內反映, 有關資料載於附註 1(c) (b) 財務報表之編製基準 截至二零一六年三月三十一日止年度之綜合財務報表包括本公司及其附屬公司 ( 統稱 本集團 ) 除附註 1(s) 所載會計政策闡釋之衍生金融工具按公允值計算外, 編製財務報表是以歷史成本作為計量基準 非流動資產及持作出售之出售組別按其賬面值與公允值減出售成本之較低者入賬 ( 見附註 1((w)) 管理層須在編製符合 香港財務報告準則 之財務報表時作出會影響會計政策應用, 以及資產 負債 收入及支出之報告金額之判斷 估計及假設 此等估計及相關假設是根據以往經驗和管理層因應當時情況認為合理之多項其他因素作出, 其結果構成當管理層在無法依循其他途徑即時得知資產與負債之賬面值時所作出判斷之基礎 實際結果可能有別於估計數額 92 Vitasoy International Holdings Ltd. Annual Report 2015/16

96 1 Significant accounting policies (Continued) (b) Basis of preparation of the financial statements (Continued) The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 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. 1 主要會計政策 ( 續 ) (b) 財務報表之編製基準 ( 續 ) 管理層會不斷審閱各項估計和相關假設 倘若會計估計之修訂只影響某一期間, 則該修訂便會在估計修訂期間內確認, 或如果修訂對當期和未來期間均有影響, 則在作出修訂之期間和未來期間確認 有關管理層在應用 香港財務報告準則 時所作出對財務報表有重大影響之判斷, 以及估計不確定因素之主要來源之討論內容, 載於附註 2 (c) Changes in accounting policies (c) 會計政策之變動 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. 香港會計師公會頒佈了下列於本集團當前會計期間首次生效之 香港財務報告準則 修訂 : 香港會計準則 第 19 號 僱員福利 : 界定福利計劃 : 僱員供款 之修訂 二零一零年至二零一二年週期香港財務報告準則之年度改進 二零一一年至二零一三年週期香港財務報告準則之年度改進 本集團並未採用於當前會計期間尚未生效之任何新訂準則或詮釋 採納新訂或經修訂 香港財務報告準則 的影響於下文討論 : 香港會計準則 第 19 號 僱員福利 : 界定福利計劃 : 僱員供款 之修訂 該等修訂引入了一項豁免, 旨在簡化對僱員或第三方按界定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, 而不將其包含於界定福利責任的計算中 由於本集團運作的界定福利計劃由本集團全額作出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 維他奶國際集團有限公司二零一五 一六年年報 93

97 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (c) Changes in accounting policies (Continued) (c) 會計政策之變動 ( 續 ) 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. (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 gains but only to the extent that there is no evidence of impairment. Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests proportionate share of the subsidiary s net identifiable assets. 二零一零年至二零一二年週期及二零一一年至二零一三年週期香港財務報告準則之年度改進 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 關聯人士披露 已予以修改, 藉以將 關聯人士 的定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人士披露並無任何影響 (d) 附屬公司及非控股權益 附屬公司為本集團所控制之實體 當本集團從參與某實體之業務獲得或有權獲得可變回報, 及有能力藉對實體行使其權力而影響該等回報, 則本集團控制該實體 當評估本集團是否有權力時, 只考慮具體權利 ( 由本集團及其他人士持有 ) 於附屬公司之投資由該控制權生效日期起至結束日期止期間於綜合財務報表綜合入賬 集團內公司之間之結餘 交易及現金流量, 以及集團內公司之間之交易所產生之任何未變現溢利, 均於編製綜合財務報表時全數撇銷 如無減值證據, 集團內公司之間之交易產生之未變現虧損按未變現收益相同之方式撇銷 非控股權益指非本公司直接或間接應佔之附屬公司股權, 而本集團並未與有關權益持有人協定任何附加條款, 令本集團整體對該等權益產生符合金融負債定義之合約義務 就各企業合併而言, 本集團可選擇按公允值或非控股權益所佔附屬公司之淨可識別資產之比例計量任何非控股權益 94 Vitasoy International Holdings Ltd. Annual Report 2015/16

98 1 Significant accounting policies (Continued) (d) Subsidiaries and non-controlling interests (Continued) Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to the equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statement of profit or loss and the consolidated statement of profit or loss and other comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. Loans from holders of non-controlling interests and other contractual obligations towards these holders are presented as financial liabilities in the consolidated statement of financial position in accordance with notes 1(m) or (n) depending on the nature of the liability. Changes in the Group s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised. 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(j)(ii)). 1 主要會計政策 ( 續 ) (d) 附屬公司及非控股權益 ( 續 ) 非控股權益在綜合財務狀況表之權益部份內, 與本公司股權持有人應佔權益分開呈列 非控股權益所佔本集團業績之權益在綜合損益表及綜合損益及其他全面收益表呈列, 以顯示本年度之總溢利或虧損及全面收益總額於非控股權益與本公司股權持有人之間之分配 非控股權益持有人之貸款及該等持有人之其他合約責任乃按該筆負債之性質根據附註 1(m) 或 (n) 在綜合財務狀況表呈列為金融負債 本集團不導致喪失控制權之附屬公司權益變動乃以權益交易入賬, 即只調整在綜合權益表內之控股及非控股權益金額以反映相關權益變動, 但不調整商譽及確認盈虧 當本集團喪失對附屬公司之控制權, 將按出售該附屬公司之所有權益入賬, 而所產生之盈虧於損益確認 任何於喪失控制權當日仍保留之該前附屬公司之權益乃按公允值確認, 而此金額被視為初始確認金融資產之公允值, 或 ( 如適用 ) 初始確認於聯營公司或合營企業之投資 本公司之財務狀況表所示之於附屬公司之投資, 是按成本值減去減值虧損 ( 見附註 1(j)(ii)) 後列賬 維他奶國際集團有限公司二零一五 一六年年報 95

99 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (e) Goodwill (e) 商譽 Goodwill represents the excess of: 商譽指 : (i) the aggregate of the fair value of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group s previously held equity interest in the acquiree; over (i) 已轉讓代價之公允值 於被收購方任何非控股權益金額與本集團先前持有被收購方股本權益公允值之總和 ; 超出 (ii) the net fair value of the acquiree s identifiable assets and liabilities measured as at the acquisition date. (ii) 於收購日期計量之被收購方可識別資產及負債之公允值淨額之部份 When (ii) is greater than (i), then this excess is recognised immediately in profit or loss as a gain on a bargain purchase. Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash generating units, that is expected to benefit from the synergies of the combination and is tested annually for impairment (see note 1(j)(ii)). On disposal of a cash generating unit during the year, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal. 倘 (ii) 項高於 (i) 項, 該差額即時於損益確認為廉價收購之收益 商譽按成本值減去累計減值虧損後列賬 企業合併產生之商譽分配至預計將會受惠於合併之協同作用之各現金產生單位或現金產生單位之組別, 並於每年進行減值測試 ( 見附註 1(j)(ii)) 年內, 出售現金產生單位時, 計算出售之損益時將計入購入商譽之任何應佔金額 (f) Investment properties (f) 投資物業 Investment properties are land and/or buildings which are owned or held under a leasehold interest (see note 1(i)) to earn rental income and/or for capital appreciation. These include land held for a currently undetermined future use and property that is being constructed or developed for future use as investment property. Investment properties held under operating leases are accounted for as if they were held under a finance lease (see note 1(i)). Investment properties are stated in the statement of financial position at cost less accumulated depreciation and impairment losses (see note 1(j)(ii)). Depreciation is calculated to write off the cost of investment properties using the straight-line method over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. The useful life of investment properties is reviewed annually. Rental income from investment properties is accounted for as described in note 1(t)(iii). 投資物業是指為賺取租金收入及 或為資本增值而擁有或以租賃權益持有之土地及 或樓宇 ( 見附註 1(i)) 該等物業包括目前持有但未確定未來用途之土地及興建中或已發展作未來投資物業用途之物業 根據經營租賃持有之投資物業乃按以融資租賃 ( 見附註 1(i)) 持有般入賬 投資物業按成本值減去累計折舊及減值虧損 ( 見附註 1(j)(ii)) 後於財務狀況表列賬 折舊乃將投資物業成本在未屆滿租賃期及其估計可使用年期 ( 不超過 50 年 ) 兩者中較短期間以直線法計算而撇銷 本公司會每年檢討投資物業之可使用年期 投資物業之租金收入乃按附註 1(t)(iii) 所述方式入賬 96 Vitasoy International Holdings Ltd. Annual Report 2015/16

100 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (g) Other property, plant and equipment (g) 其他物業 廠房及設備 The following items of property, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation and impairment losses (see note 1(j)(ii)): Freehold land and buildings; Land held under operating leases and buildings thereon, where the fair values of the leasehold interest in the land and buildings cannot be measured separately at the inception of the lease and the building is not clearly held under an operating lease (see note 1(i)); Buildings held for own use which are situated on leasehold land, where the fair value of the building could be measured separately from the fair value of the leasehold land at the inception of the lease (see note 1(i)); and Other items of plant and equipment. The cost of self-constructed items of property, plant and equipment includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads and borrowing costs (see note 1(v)). 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 value, if any, using the straight line method over their estimated useful lives as follows: 下列物業 廠房及設備項目按成本值減去累計折舊及減值虧損 ( 見附註 1(j)(ii)) 後於財務狀況表列賬 : 永久業權之土地及樓宇 ; 根據經營租賃持有之土地及建於其上之樓宇, 而有關土地及樓宇之租賃權益之公允值無法於租賃開始時分開計量, 以及有關樓宇並非清楚地根據經營租賃持有 ( 見附註 1(i)); 位於租賃土地而持作自用之樓宇, 而樓宇之公允值可於租賃開始時與租賃土地之公允值分開計量 ( 見附註 1(i)); 及 其他廠房及設備項目 物業 廠房及設備等自建項目之成本包括材料 直接勞工 初始估計之成本 ( 如相關 ) 拆除及移除建築物及重置建築物所在土地之成本, 以及生產成本及借貸成本之適當部份 ( 見附註 1(v)) 報廢或出售物業 廠房及設備項目所產生之盈虧為出售該項目所得款項淨額與該項目賬面值之差額, 並於報廢或出售當日在損益內確認 折舊乃按物業 廠房及設備項目之成本減去其估計剩餘價值 ( 如有 ), 在其估計可使用年期採用直線法以下列方式撇銷計算 : (i) Freehold land is not depreciated. (i) 永久業權之土地並無折舊 (ii) Buildings situated on freehold land are depreciated over their estimated useful lives, being no more than 25 years. (ii) 於永久業權之土地上之樓宇以不超過 25 年之估計可使用年期折舊 (iii) Leasehold land and buildings are depreciated over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. (iii) 租賃土地及樓宇按未屆滿租賃期及估計可使用年期 ( 不超過 50 年 ) 兩者中之較短者折舊 維他奶國際集團有限公司二零一五 一六年年報 97

101 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (g) (iv) Other property, plant and equipment (Continued) Other plant and equipment: (g) 其他物業 廠房及設備 ( 續 ) (iv) 其他廠房及設備 : Factory machinery and equipment Fixtures, furniture and office equipment Motor vehicles 4 25 years 3 12 years 4 10 years 工廠機器及設備裝置 傢俬及辦公室設備汽車 4 25 年 3 12 年 4 10 年 No provision for depreciation is made for construction in progress until such time when the assets are substantially completed and ready for use. 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. Both the useful life of an asset and its residual value, if any, are reviewed annually. (h) Intangible assets (other than goodwill) Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (where the estimated useful life is finite) and impairment losses (note 1(j)(ii)). Amortisation of intangible assets with finite useful lives is charged to profit or loss on a straight-line basis over the assets estimated useful lives. The following intangible assets with finite useful lives are amortised from the date they are available for use and their estimated useful lives are as follows: Brand name 20 years Customer list 7 years Both the period and method of amortisation are reviewed annually. (i) 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. 直至有關資產已大致完成及可供使用前, 並無就在建工程作出折舊撥備 倘一項物業 廠房及設備中之各部份有不同之可使用年期, 該項目之成本將合理地分配至各部份, 而各部份則獨立計提折舊 資產之可使用年期及其剩餘價值 ( 如有 ) 將於每年檢討 (h) 無形資產 ( 商譽除外 ) 本集團收購之無形資產按成本值減去累計攤銷 ( 倘估計可使用年期有限 ) 及減值虧損 ( 附註 1(j) (ii)) 後列賬 具有有限可使用年期之無形資產攤銷於資產估計可使用年期內以直線法於損益內扣除 下列具有有限可使用年期之無形資產自其可供使用當日起攤銷, 其估計可使用年期如下 : 品牌名稱 20 年 客戶名單 7 年 攤銷之期間及方法均於每年檢討 (i) 租賃資產 倘本集團釐定一項安排具有在協定期限內通過支付一筆或一系列款項, 從而獲得使用某一特定資產或多項資產之權利, 則該安排 ( 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, 而不論安排是否具備租賃之法律形式 98 Vitasoy International Holdings Ltd. Annual Report 2015/16

102 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (i) Leased assets (Continued) (i) 租賃資產 ( 續 ) (i) Classification of assets leased to the Group (i) 本集團承租之資產之分類 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. 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: Property held under operating leases that would otherwise meet the definition of an investment property is classified as investment property on a property-by-property basis and, if classified as investment property, is accounted for as if held under a finance lease (see note 1(f)); and Land held for own use under an operating lease, the fair value of which cannot be measured separately from the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under a finance lease, unless the building is also clearly held under an operating lease. For these purposes, the inception of the lease is the time that the lease was first entered into by the Group, or taken over from the previous lessee. 若本集團根據租賃持有資產, 而有關租賃將擁有該資產之絕大部份風險及報酬轉予本集團, 有關資產歸類為根據融資租賃持有之資產 並未將擁有資產之絕大部份風險及報酬轉予本集團之租賃, 則歸類為經營租賃, 惟下列兩項除外 : 以經營租賃持有但在其他方面均符合投資物業定義之物業, 會按每項物業之基準歸類為投資物業, 而倘若歸類為投資物業, 則會如以融資租賃持有般入賬 ( 見附註 1(f)); 及 以經營租賃持有作自用, 但無法在租賃開始時將土地之公允值與建於其上之樓宇之公允值分開計量之土地是按以融資租賃持有方式入賬, 惟清楚地以經營租賃持有之樓宇除外 就此而言, 租賃之開始時間是指本集團首次訂立租賃時, 或自前承租人接收樓宇時 (ii) Assets acquired under finance leases (ii) 以融資租賃購入之資產 Where the Group acquires the use of assets under finance leases, the amounts representing the fair value of the leased assets, or, if lower, the present value of the minimum lease payments, of such assets are recognised as property, plant and equipment and the corresponding liabilities, net of finance charges, are recorded as obligations under finance leases. Depreciation is provided at rates which write off the cost of the assets over the term of the relevant lease or, over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years, or where it is likely the Group will obtain ownership of the asset, the life of the asset, as set out in note 1(f) and note 1(g). Impairment losses are accounted for in accordance with the accounting policy as set out in note 1(j)(ii). Finance charges implicit in the lease payments are charged to profit or loss over the period of the leases so as to produce an approximately constant periodic rate of charge on the remaining balance of the obligations for each accounting period. 倘若本集團乃以融資租賃取得資產之使用, 便會將相當於租賃資產公允值或該等資產之最低租賃付款現值 ( 如為較低之數額 ) 計入物業 廠房及設備, 而相應負債 ( 不計財務費用 ) 則入賬列為融資租賃之債務 折舊乃按於相關租賃期或相關資產之未屆滿租賃期及其估計可使用年期 ( 不超過 50 年 ) 兩者之中較短者撇銷資產成本之比率作出撥備, 或倘本集團有可能將獲得資產擁有權, 則為資產可用年限, 詳見附註 1(f) 及附註 1(g) 減值虧損會根據附註 1(j)(ii) 所載之會計政策入賬 租賃付款內含之財務費用會自租賃期內之損益扣除, 以使每個會計期間債務餘額之定期定額扣減比率大致上相同 維他奶國際集團有限公司二零一五 一六年年報 99

103 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (i) Leased assets (Continued) (i) 租賃資產 ( 續 ) (iii) Operating lease charges Where the Group has the use of assets held under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. Contingent rentals are charged to profit or loss in the accounting period in which they are incurred. The cost of acquiring land held under an operating lease is amortised on a straight-line basis over the period of the lease term except where the property is classified as an investment property (see note 1(f)). Impairment losses are recognised in accordance with the accounting policy set out in note 1(j)(ii). (iii) 經營租賃費用 倘若本集團乃以經營租賃使用資產, 則根據租賃支付之款項於租賃期所涵蓋之會計期間內, 以等額在損益內扣除, 惟倘有其他基準能更清楚地反映租賃資產所產生之收益模式則除外 已收租賃獎勵均在損益中確認為已付租賃淨付款總額之組成部份 或然租金於其產生之會計期間自損益扣除 根據經營租賃購入之土地之成本, 乃以直線法按租賃期攤銷, 惟物業被劃分為投資物業 ( 見附註 1(f)) 則除外 減值虧損根據附註 1(j)(ii) 所載之會計政策確認 (j) Impairment of assets (j) 資產減值 (i) Impairment of financial assets (i) 金融資產減值 Financial assets that are stated at cost or amortised 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. 按成本值或攤銷成本列賬之金融資產於各報告期末進行檢討, 以確定是否出現減值之客觀證據 減值之客觀證據包括本集團注意到以下一項或多項虧損事項之顯著數據 : 債務人有重大財務困難 ; 違反合約, 如拖欠利息或本金還款 ; 債務人可能破產或進行其他財務重組 ; 及 科技 市場 經濟或法律環境有重大改變以致對債務人造成不利影響 100 Vitasoy International Holdings Ltd. Annual Report 2015/16

104 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (j) (i) Impairment of assets (Continued) Impairment of financial assets (Continued) (j) 資產減值 ( 續 ) (i) 金融資產減值 ( 續 ) If any such evidence exists, any impairment loss is determined and recognised as follows: For trade and other receivables carried at cost or amortised cost, the 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 the assets), 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 debtors and bills receivable included within trade and other receivables, whose recovery 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 debtors and bills receivable 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. 倘有任何該等證據存在, 則任何減值虧損按下列方式釐定及確認 : 就按成本或攤銷成本列賬之應收賬款及其他應收款而言, 如折現之影響屬重大, 則減值虧損按資產之賬面值與使用金融資產之原訂實際利率 ( 即初始確認該等資產時計算之實際利率 ) 而折現之估計未來現金流量之現值之間之差額計量 如該等金融資產具備類似之風險特徵, 例如類似之逾期情況及並未個別被評估為減值, 則有關之評估會共同進行 金融資產之未來現金流量會根據與該等資產具有類似信貸風險特徵資產之過往虧損情況共同評估減值 倘減值虧損之金額於往後期間減少, 而有關減少可客觀地與確認減值虧損後發生之事件有聯繫, 則減值虧損於損益撥回 撥回減值虧損不應引致資產之賬面值高於假若過往年度並無確認減值虧損時原應釐定之金額 減值虧損直接與相應資產撇銷, 惟就列於應收賬款及其他應收款中之應收賬款及應收票據所確認之減值虧損, 其收回情況屬存疑而不渺茫者, 則作別論 在此情況下, 呆壞賬之減值虧損透過撥備賬記錄 當本集團信納收回機會渺茫, 被視為無法收回之金額會直接在應收賬款及應收票據中撇銷, 而任何列入撥備賬與此債項有關之金額會被撥回 其後若收回之前已在撥備賬中扣除之金額, 則會在撥備賬中撥回 撥備賬內之其他變動及其後收回之前已直接撇銷之金額於損益內確認 維他奶國際集團有限公司二零一五 一六年年報 101

105 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (j) Impairment of assets (Continued) (j) 資產減值 ( 續 ) (ii) Impairment of other assets (ii) 其他資產之減值 Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, except in the case of goodwill, an impairment loss previously recognised no longer exists or may have decreased: interests in leasehold land held for own use under operating leases; investment properties; other property, plant and equipment; intangible assets; goodwill; and investment 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 goodwill, 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 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). 本集團於每個匯報期末檢討內部及外間資料來源, 以確定下列資產有否出現減值跡象, 或過往已確認之減值虧損不再存在或已減少 ( 商譽除外 ): 根據經營租賃持有作自用之租賃土地權益 ; 投資物業 ; 其他物業 廠房及設備 ; 無形資產 ; 商譽 ; 及 於本公司財務狀況表的附屬公司之投資 倘有任何減值跡象, 則會估計該項資產之可收回金額 此外, 就商譽而言, 不論是否有任何減值跡象存在, 亦於每年估計其可收回金額 計算可收回金額 資產之可收回金額為其公允值減去出售成本及使用價值兩者中之較高者 於評估使用價值時, 會使用除稅前折現率將估計未來現金流量折現至其現值 該折現率反映市場當時所評估之貨幣時間價值和該資產之獨有風險 倘個別資產所產生之現金流入基本上不能獨立於其他資產所產生之現金流入, 則就獨立產生現金流入之最小資產組合 ( 即現金產生單位 ) 釐定可收回金額 102 Vitasoy International Holdings Ltd. Annual Report 2015/16

106 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (j) (ii) Impairment of assets (Continued) Impairment of other assets (Continued) (j) 資產減值 ( 續 ) (ii) 其他資產之減值 ( 續 ) 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 first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable), or value in use (if determinable). Reversals of impairment losses In respect of assets other than goodwill, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed. A reversal of an impairment loss is limited to the asset s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised. (k) Inventories Inventories are carried at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. 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. 確認減值虧損 資產或其所屬之現金產生單位之賬面值高於其可收回金額時, 則會於損益確認減值虧損 就現金產生單位確認之減值虧損會首先分配予削減已分配至該現金產生單位 ( 或一組單位 ) 之任何商譽之賬面值, 然後按比例削減該單位 ( 或一組單位 ) 內其他資產之賬面值, 惟資產賬面值不可下調至低於其個別公允值減去出售成本 ( 如能計量 ) 或使用價值 ( 如能釐定 ) 減值虧損撥回 就商譽以外之資產而言, 倘用以釐定可收回金額之估計發生有利變動, 則會將減值虧損撥回 商譽之減值虧損不可撥回 所撥回之減值虧損僅限於倘若並無於過往年度確認減值虧損而可釐定之資產賬面值 所撥回之減值虧損在確認撥回之年度內計入損益 (k) 存貨 存貨按成本值及可變現淨值兩者中之較低者入賬 成本值乃以先入先出方法計算, 並包括所有購貨成本 加工成本及將存貨運往其現時地點及達至現有狀態之其他成本 可變現淨值指正常業務過程中之估計售價減去完成交易之估計成本及進行銷售所需之估計成本 維他奶國際集團有限公司二零一五 一六年年報 103

107 1 Significant accounting policies (Continued) (k) Inventories (Continued) 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 writedown 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 主要會計政策 ( 續 ) (k) 存貨 ( 續 ) 出售存貨時, 其賬面值於有關收入確認期內確認為開支 任何存貨金額撇減至可變現淨值及存貨之所有虧損均於撇減或虧損之發生期內確認為開支 倘存貨之撇減出現任何撥回, 則於撥回出現期內將費用作減額確認 (l) Receivables (l) 應收款 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(j)(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. (m) Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method. (n) Payables Payables are initially recognised at fair value. Except for financial guarantee liabilities measured in accordance with note 1(r)(i), payables are subsequently stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost. (o) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. 應收款之初值按公允值確認, 其後則以實際利率法按攤銷成本減去呆壞賬減值撥備 ( 見附註 1(j) (i)) 後所得數額入賬, 惟倘若應收款為借予關連人士且無任何固定償還年期之免息貸款, 或折現影響輕微者則除外 在該等情況下, 應收款會按成本值減去呆壞賬減值撥備後之所得數額入賬 (m) 附息借貸 附息借貸之初值按公允值扣除應佔交易成本後確認 首次確認後, 附息借貸將按攤銷成本入賬, 而最初確認金額與贖回值之間之任何差額則以實際利率法於借貸期內連同任何應付利息及費用於損益內確認 (n) 應付款 應付款之初值按公允值確認 除根據附註 1(r)(i) 計量之財務擔保負債外, 應付款其後按攤銷成本入賬, 但如折現影響輕微, 則按成本值入賬 (o) 現金及現金等值項目 現金及現金等值項目包括銀行結存及庫存現金 存於銀行及其他財務機構之活期存款及短期而高流動性之投資, 此等投資可隨時兌換為已知金額之現金, 且所須承受之價值波動風險不大, 而兌換期乃購入日起計三個月內 104 Vitasoy International Holdings Ltd. Annual Report 2015/16

108 1 Significant accounting policies (Continued) (p) Employee benefits 1 主要會計政策 ( 續 ) (p) 僱員福利 (i) Short term employee benefits and contributions to defined contribution retirement plans (i) 短期僱員福利及向界定供款退休計劃之供款 Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values. 薪酬 年終花紅 有薪年假 向界定供款退休計劃之供款及非金錢福利之成本均於僱員提供有關服務之年度累計 倘延遲付款或結算並構成重大影響, 則有關金額按其現值入賬 (ii) Defined benefit retirement plan obligations (ii) 界定福利退休計劃承擔 The Group s net obligation in respect of defined benefit retirement plans are calculated by estimating the amount of future benefit that employees have earned in return for their services in the current and prior periods; that benefit is discounted to determine the present value and the fair value of any plan assets is deducted. The calculation is performed by a qualified actuary using the projected unit credit method. Service cost and net interest expense/(income) on the net defined benefit liability/(asset) are recognised in profit and loss and allocated by function as part of cost of sales, marketing, selling and distribution expenses, administrative expenses or other operating expenses. Current service cost is measured as the increase in the present value of the defined benefit obligation resulting from employee service in the current period. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised as an expense in profit and loss at the earlier of when the plan amendment or curtailment occurs and when related restructuring costs or termination benefits are recognised. Net interest expense/ (income) for the period is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the reporting period to the net defined benefit liability/(asset). The discount rate is the yield at the end of the reporting period on high quality corporate bonds that have maturity dates approximating the terms of the group s obligations. Remeasurements arising from defined benefit retirement plans are recognised in other comprehensive income and reflected immediately in retained earnings. Remeasurements comprise actuarial gains and losses, the return on plan assets (excluding amounts included in net interest on the net defined benefit liability/(asset)) and any change in the effect of the asset ceiling (excluding amounts included in net interest on the net defined benefit liability/(asset)). 本集團就界定福利退休計劃所承擔之責任淨額, 乃透過估計僱員於當前及過往期間以提供服務所賺取之未來利益金額而計算 ; 在釐定現值時該項利益須予以折現, 並扣除任何計劃資產之公允值 計算工作由合資格精算師採用預計單位信貸法進行 界定福利負債 ( 資產 ) 淨額之服務成本及利息費用 ( 收入 ) 淨額於損益確認, 並按功能劃撥為 銷售成本 推廣 銷售及分銷費用 行政費用 或 其他經營費用 之一部份 現有服務成本按本期間僱員服務所產生之界定福利責任現值之增加計量 倘計劃之福利出現變動或倘計劃縮減, 則有關僱員以往服務之福利之變動部份或有關縮減之盈虧於計劃作出修訂或縮減時或於確認有關重組成本或終止福利時 ( 以較早者為準 ) 於損益確認為開支 期內利息費用 ( 收入 ) 淨額乃透過將計量報告期初界定福利責任所採用之折現率應用於界定福利負債 ( 資產 ) 淨額而釐定 折現率為優質公司債券 ( 到期日與本集團履行責任之期限相近 ) 於匯報日之收益率 界定福利退休計劃產生之重新計量於其他全面收益內確認並即時於保留盈利內反映 重新計量包括精算損益 計劃資產收益 ( 不包括計入界定福利負債 ( 資產 ) 淨額之利息淨額之金額 ) 及資產上限引致之任何變動 ( 不包括計入界定福利負債 ( 資產 ) 淨額之利息淨額之金額 ) 維他奶國際集團有限公司二零一五 一六年年報 105

109 1 Significant accounting policies (Continued) (p) Employee benefits (Continued) (iii) Long service payments obligation The Group s net obligation in respect of lump sum long service amounts payable on cessation of employment in certain circumstances under the Hong Kong Employment Ordinance is the amount of future benefit that employees have earned in return for their services in the current and prior periods; that benefit is discounted to determine the present value and reduced by entitlements accrued under the Group s retirement plans that are attributable to contributions made by the Group. The discount rate is the yield at the end of the reporting period on high quality corporate bonds that have maturity dates approximating the terms of the Group s obligation. The obligation is calculated by a qualified actuary using the projected unit credit method. (iv) Share-based payments The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in the share-based compensation reserve within equity. The fair value is measured at grant date using the binomial lattice model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest. During the vesting period, the number of share options that is expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognised in prior years is charged/credited to the profit or loss for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the share-based compensation reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of options that vest (with a corresponding adjustment to the share-based compensation reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company s shares. The equity amount is recognised in the share-based compensation reserve until either the option is exercised (when it is included in the amount recognised in share capital for the shares issued) or the option expires (when it is released directly to retained profits). 1 主要會計政策 ( 續 ) (p) 僱員福利 ( 續 ) (iii) 長期服務金承擔 本集團就香港 僱傭條例 須在若干情況下於終止僱用僱員時一筆過支付之長期服務金所承擔之責任淨額, 為僱員於當前及過往期間以提供服務所賺取之未來利益金額 ; 在釐定現值時該項利益須予以折現, 並扣除根據本集團之退休計劃累計之權益 ( 屬於本集團作出之供款 ) 折現率為優質公司債券 ( 到期日與本集團履行責任之期限相近 ) 於匯報日之收益率 有關責任由合資格精算師採用預計單位信貸法計算 (iv) 以股份為基礎之付款 授予僱員之購股權之公允值乃確認為僱員成本, 並相應增加權益項下之股份基礎補償儲備 公允值乃於授出日期使用二項式點陣模式計量, 並計及授出購股權之條款及條件 若僱員須符合歸屬條件後方可無條件享有購股權, 則購股權之估計公允值總額會在歸屬期間攤分, 並計及購股權將會歸屬之可能性 於歸屬期間, 本公司會檢討預期將歸屬之購股權數目 於過往年度確認之任何累計公允值調整會在檢討年度從損益扣除 計入損益 ( 除非原有僱員開支合資格確認為資產 ), 並相應調整以股份為基礎之補償儲備 於歸屬日期, 確認為開支之金額會作出調整, 以反映所歸屬之購股權之實際數目 ( 而以股份為基礎之補償儲備亦會作出相應調整 ), 惟只因未能達到與本公司股份市價有關之歸屬條件而導致被沒收則除外 權益金額乃於以股份為基礎之補償儲備確認, 直至購股權獲行使 ( 此時有關金額計入於已發行股份之股本中確認之金額 ) 或購股權屆滿 ( 此時有關金額直接撥至保留溢利 ) 為止 106 Vitasoy International Holdings Ltd. Annual Report 2015/16

110 1 Significant accounting policies (Continued) (q) Income tax 1 主要會計政策 ( 續 ) (q) 所得稅 (i) 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. (i) 年內所得稅包括本期稅項及遞延稅項資產和負債之變動 本期稅項及遞延稅項資產和負債之變動於損益中確認, 惟與於其他全面收益或直接於權益確認之項目相關者除外, 在此情況下, 相關稅額分別於其他全面收益或直接於權益中確認 (ii) Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. (ii) 本期稅項是按年內應課稅收入以匯報日已生效或實際上已生效之稅率計算之預期應付稅項, 加過往年度應付稅項之任何調整 (iii) Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. (iii) 遞延稅項資產及負債分別由可抵扣及應課稅暫時差異產生 暫時差異是指資產及負債按財務申報目的之賬面值與稅務基礎之間之差異 遞延稅項資產亦由未動用之稅務虧損及未動用之稅款抵免產生 Apart from certain limited exceptions, all deferred tax liabilities and all deferred tax assets, to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised. 除了某些有限之例外情況, 所有遞延稅項負債及所有遞延稅項資產 ( 只限於很可能獲得能動用該資產來抵扣之未來應課稅溢利 ) 均予確認 支持確認由可抵扣暫時差異所產生遞延稅項資產之未來應課稅溢利包括因撥回現有應課稅暫時差異而產生之數額 ; 但該等撥回之差異必須與同一稅務機關及同一應課稅實體有關, 並預期在可抵扣暫時差異預計撥回之同一期間或遞延稅項資產所產生稅務虧損可向後期或向前期結轉之期間內撥回 在決定現有應課稅暫時差異是否支持確認由未動用稅務虧損和抵免所產生之遞延稅項資產時, 亦會採用同一準則, 即差異是否與同一稅務機關及同一應課稅實體有關, 並是否預期在能夠使用稅務虧損或抵免之同一期間內撥回 維他奶國際集團有限公司二零一五 一六年年報 107

111 1 Significant accounting policies (Continued) (q) Income tax (Continued) 1 主要會計政策 ( 續 ) (q) 所得稅 ( 續 ) (iii) (Continued) The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future. 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. (iii) ( 續 ) 不確認為遞延稅項資產和負債之暫時性差異是產生自以下有限之例外情況 : 不可扣稅之商譽 ; 不影響會計或應課稅溢利之資產或負債之初始確認 ( 如屬企業合併之一部份則除外 ); 以及投資附屬公司相關之暫時差異 ( 如屬應課稅差異, 只限於本集團可以控制撥回之時間, 且差異不大可能在可預見之將來撥回 ; 或如屬可抵扣差異, 則只限於很可能在將來撥回之差異 ) 已確認之遞延稅項金額是按照資產及負債賬面值之預期變現或清償方式, 以匯報日已頒佈或實際上已頒佈之稅率計量 遞延稅項資產及負債均不進行折現計算 於每個匯報日本集團會對遞延稅項資產之賬面值作出審閱, 倘預期不再有足夠應課稅溢利以實現將動用之相關稅務利益, 則有關資產賬面值將予以扣減 任何被扣減之數額在預期可取得足夠應課稅溢利時予以撥回 (iv) Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised. (iv) 股息分派產生之額外所得稅於支付相關股息負債確認時確認 (v) Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: (v) 現期稅項結餘及遞延稅項結餘以及其變動會分開呈列, 而且不予抵銷 現期及遞延稅項資產只會在本集團有合法可強制執行權利以現期稅項資產抵銷現期稅項負債, 並且符合以下附帶條件之情況下, 才可以分別抵銷現期及遞延稅項負債 : in the case of current tax assets and liabilities, the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or 就現期稅項資產及負債而言, 本集團計劃按淨額基準結算, 或在變現資產之同時清償負債 ; 或 108 Vitasoy International Holdings Ltd. Annual Report 2015/16

112 1 Significant accounting policies (Continued) (q) Income tax (Continued) 1 主要會計政策 ( 續 ) (q) 所得稅 ( 續 ) (v) (Continued) (v) ( 續 ) 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. 就遞延稅項資產及負債而言, 該等資產及負債必須與同一稅務機關就以下其中一項徵收之所得稅有關 : 同一應課稅實體 ; 或 不同之應課稅實體 該等實體擬在預期有大額遞延稅項負債需要清償或遞延稅項資產可以收回之每個未來期間, 按淨額基準變現現期稅項資產及清償現期稅項負債, 或在變現資產之同時清償負債 (r) Financial guarantees issued, provisions and contingent liabilities (r) 已發出之財務擔保 撥備及或然負債 (i) Financial guarantees issued (i) 已發出之財務擔保 Financial guarantees are contracts that require the issuer (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the guarantee (the holder ) for a loss the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. Where the Group issues a financial guarantee, the fair value of the guarantee is initially recognised as deferred income within trade and other payables. The fair value of financial guarantees issued at the time of issuance is determined by reference to fees charged in an arm s length transaction for similar services, when such information is obtainable, or is otherwise estimated by reference to interest rate differentials, by comparing the actual rates charged by lenders when the guarantee is made available with the estimated rates that lenders would have changed, had the guarantees not been available, where reliable estimates of such information can be made. Where consideration is received or receivable for the issuance of the guarantee, the consideration is recognised in accordance with the Group s policies applicable to that category of asset. Where no such consideration is received or receivable, an immediate expense is recognised in profit or loss on initial recognition of any deferred income. 財務擔保為要求發行人 ( 即擔保人 ) 就擔保受益人 ( 持有人 ) 因特定債務人未能根據債務工具之條款於到期時付款而蒙受之損失, 而向持有人支付特定款項之合約 當本集團發出財務擔保, 該擔保之公允值最初確認為應付賬款及其他應付款內之遞延收入 已發出之財務擔保於發出時之公允值乃參考同類服務於公平交易中所收取之費用 ( 倘可獲得相關信息 ), 或參考貸款人於提供擔保時收取之實際費用與貸款人在未有提供擔保時估計可能收取之費用 ( 倘可就有關資料作出可靠估計 ) 之間之利率差額估計所得 倘在發出該擔保時已收取或可收取代價, 該代價則根據本集團適用於該類資產之政策確認 倘不存在已收取或應收取之代價, 則於最初確認任何遞延收入時即時於損益內確認開支 維他奶國際集團有限公司二零一五 一六年年報 109

113 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (r) (i) Financial guarantees issued, provisions and contingent liabilities (Continued) Financial guarantees issued (Continued) (r) 已發出之財務擔保 撥備及或然負債 ( 續 ) (i) 已發出之財務擔保 ( 續 ) The amount of the guarantee initially recognised as deferred income is amortised in profit or loss over the term of the guarantee as income from financial guarantees issued. In addition, provisions are recognised in accordance with note 1(r)(ii) if and when (i) it becomes probable that the holder of the guarantee will call upon the Group under the guarantee, and (ii) the amount of that claim on the Group is expected to exceed the amount currently carried in trade and other payables in respect of that guarantee i.e. the amount initially recognised, less accumulated amortisation. 最初確認為遞延收入之擔保款額按擔保年期於損益內攤銷為所發出之財務擔保收入 此外, 倘 (i) 擔保持有人有可能根據有關擔保向本集團提出申索 ; 及 (ii) 對本集團之申索款額預期超過現時列於應付賬款及其他應付款內之擔保金額 ( 即最初確認之金額減累計攤銷 ), 則會根據附註 1(r)(ii) 確認撥備 (ii) Other provisions and contingent liabilities (ii) 其他撥備及或然負債 Provisions are recognised for other liabilities of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. 倘若本集團須就已發生之事件承擔法律或推定責任, 履行該責任而預期會導致經濟利益流出, 並可作出可靠之估計, 便會就該時間或金額不定之其他負債確認撥備 如果貨幣時間價值重大, 則按預計履行責任所需開支之現值計提撥備 倘若經濟利益外流之可能性較低, 或是無法對有關金額作出可靠之估計, 便會將該責任披露為或然負債, 但假如經濟利益流出之可能性渺茫則除外 須視乎某宗或多宗未來事件是否發生才能確定存在與否之潛在責任, 亦會披露為或然負債, 但假如這類經濟利益之流出之可能性渺茫則除外 110 Vitasoy International Holdings Ltd. Annual Report 2015/16

114 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (s) Cash flow hedges (s) 現金流量對沖 Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk of a committed future transaction, the effective portion of any gains or losses on re-measurement of the derivative financial instrument to fair value is recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any gain or loss is recognised immediately in profit or loss. If the hedging instrument is a non-derivative monetary item, which is permitted only for foreign currency risk, then the effective portion of the foreign currency gains or losses on the hedging instrument also are recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any foreign currency gains or losses are recognised immediately in profit or loss. If a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated gain or loss reclassified from equity is to be included in the initial cost or other carrying amount of the non-financial asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gain or loss is reclassified from equity to profit or loss in the same period or periods during which the asset acquired or liability assumed affects profit or loss (such as when interest income or expense is recognised). For cash flow hedges, other than those covered by the preceding two policy statements, the associated gain or loss is reclassified from equity to profit or loss in the same period or periods during which the hedged forecast transaction affects profit or loss. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity until the transaction occurs and it is recognised in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss is reclassified from equity to profit or loss immediately. 金融衍生工具被指定用作對沖因已確認之資產或負債或極有可能發生之預期交易而產生之現金流量變動或因已訂約之未來交易而承擔之外匯風險, 重計該等金融衍生工具之公允值而產生之任何收益或虧損, 其有效部份會於其他全面收益確認, 並於對沖儲備之權益中獨立累計 任何收益或虧損之非有效部份即時於損益內確認 倘若對沖工具為僅可用作對沖外匯風險之非衍生貨幣項目, 則該對沖工具之外匯收益或虧損之有效部份亦於其他全面收益確認, 並於對沖儲備之權益中獨立累計 任何外匯收益或虧損之非有效部份即時於損益內確認 若被對沖之預期交易其後導致確認非金融資產或非金融負債, 由權益重新分類之相關盈虧會計入該非金融資產或負債之最初成本或其他賬面值內 若被對沖之預期交易其後導致確認金融資產或金融負債, 相關盈虧會在該購入之資產或承擔之負債影響損益之同一個或多個期間內 ( 例如當確認利息收入或支出時 ) 由權益重新分類至損益 有別於上述兩個政策所涵蓋之現金流量對沖, 相關盈虧會在被對沖之預期交易影響損益之同一個或多個期間內由權益重新分類至損益 當對沖工具到期或被出售 終止或行使或該實體取消該指定對沖關係, 而被對沖之預期交易預期仍會發生時, 其累計盈虧會保留在權益內, 直至該交易發生為止, 並按上述政策確認 若被對沖之交易預期不會發生, 其累計未變現盈虧會即時由權益重新分類至損益 維他奶國際集團有限公司二零一五 一六年年報 111

115 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (t) Revenue recognition (t) 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: 收入乃按已收或應收代價之公允值計量 收入只會於有關經濟利益有可能流入本集團並能可靠計算該收入及成本 ( 如適用 ) 之情況下, 方會按下列基準於損益內確認 : (i) Sale of goods (i) 貨物之銷售 Revenue is recognised when goods are delivered at the customers premises or picked up by customers or when goods are shipped on board/arrived the designated port which are 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 or other sales taxes and is after deduction of returns, rebates and discounts. 收入於貨物送交客戶之處所或客戶收取貨物或當貨物付運 到達指定港口 ( 即客戶接納貨物及擁有權之相關風險和回報 ) 時確認 收入不含增值稅或其他銷售稅並扣除回收貨值 回扣及折扣 (ii) Service fees (ii) 服務費 Service fees are recognised when the related services are provided. Service fees exclude value added tax or other sales taxes. (iii) Rental income from operating leases Rental income receivable under operating leases is recognised in profit or loss in equal instalments over the periods covered by the lease term. (iv) Interest income Interest income is recognised as it accrues using the effective interest method. 服務費於提供有關服務時確認 服務費不含增值稅或其他銷售稅 (iii) 經營租賃之租金收入 根據經營租賃應收之租金收入會於租賃期所涵蓋之期間內, 以等額在損益內確認 (iv) 利息收入 利息收入按實際利率法累計確認 (v) Dividend income (v) 股息收入 Dividend income from unlisted investments is recognised when the shareholder s right to receive payment is established. 來自非上市投資之股息收入乃於股東收取款項之權利確立時確認 112 Vitasoy International Holdings Ltd. Annual Report 2015/16

116 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (t) Revenue recognition (Continued) (t) 收入確認 ( 續 ) (vi) Government grants Government grants are recognised in the statement of financial position initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognised as income in profit or loss on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are deducted from the carrying amount of the asset and consequently are effectively recognised in profit or loss over the useful life of the asset by way of reduced depreciation expense. (u) Translation of foreign currencies Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognised in profit or loss, except those non-derivative monetary items used to hedge foreign currency risk which are recognised in other comprehensive income (see note 1(s)). Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The results of subsidiaries outside Hong Kong are translated into Hong Kong dollars at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items, including goodwill arising on consolidation of subsidiaries outside Hong Kong, are translated into Hong Kong dollars at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognised in other comprehensive income and accumulated separately in equity in the exchange reserve. On disposal of a subsidiary outside Hong Kong, the cumulative amount of the exchange differences relating to that subsidiary outside Hong Kong is reclassified from equity to profit or loss when the profit or loss on disposal is recognised. (vi) 政府補助 政府補助於可合理確保本集團將收取政府補助且將遵守其所附帶之條件時於財務狀況表初步確認 用於補償本集團已產生開支之補助於開支產生之同一期間有系統地於損益中確認為收入 補償本集團資產成本之補助乃於資產之賬面值中扣除, 其後於該項資產之可使用期間以減少折舊開支之方式於損益中實際確認 (u) 外幣換算 年內之外幣交易按交易當日之匯率換算 以外幣計值之貨幣資產及負債按匯報日之匯率換算 匯兌盈虧於損益內確認, 惟該等於其他全面收益確認並用於對沖外匯風險之非衍生貨幣項目除外 ( 見附註 1(s)) 按歷史成本法以外幣計值之非貨幣資產及負債, 則按交易當日之匯率換算 香港以外地區之附屬公司之業績以接近交易當日之匯率換算為港幣, 而財務狀況表項目 ( 包括香港以外地區之附屬公司綜合入賬時所產生之商譽 ) 則於匯報日按收市匯率換算為港幣, 由此而產生之匯兌差額於其他全面收益中確認, 並於匯兌儲備之權益中獨立累計 就出售香港以外地區之一間附屬公司而言, 確認出售產生之損益時, 與該香港以外地區之附屬公司有關之匯兌差額之累計金額會從權益重新分類至損益 維他奶國際集團有限公司二零一五 一六年年報 113

117 1 Significant accounting policies (Continued) (u) Translation of foreign currencies (Continued) 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. 1 主要會計政策 ( 續 ) (u) 外幣換算 ( 續 ) 貨幣項目產生之外匯收益及虧損 ( 實質屬於香港以外地區業務淨投資之一部份 ) 與任何相關稅項乃於綜合入賬時重新分類至權益 (v) Borrowing costs (v) 借貸成本 Borrowing costs that are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred. The capitalisation of borrowing cost as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or complete. (w) Non-current assets held for sale A non-current asset (or disposal group) is classified as held for sale if it is highly probable that its carrying amount will be recovered through a sale transaction rather than through continuing use and the asset (or disposal group) is available for sale in its present condition. A disposal group is a group of assets to be disposed of together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. When the Group is committed to a sale plan involving loss of control of a subsidiary, all the assets and liabilities of that subsidiary are classified as held for sale when the above critieria for classification as held for sale ar met, regardless of whether the Group will retain a non-controlling interest in the subsidiary after the sale. 倘一項資產需較長時間才可準備就緒用作預定用途或出售狀態, 則直接歸屬於收購 興建或生產該項資產之借貸成本將被資本化為該項資產之成本之一部份 其他借貸成本在產生當期列作支出 當資產開支及借貸成本已經產生, 且為使資產可用作擬定用途或可出售狀態所必要之活動已經開始, 借貸成本即資本化為該合資格資產之成本之一部份 倘為使合資格資產可用作擬定用途或可出售狀態所必需之大部份活動中止或完成, 借貸成本之資本化則隨之中止或停止 (w) 持作出售之非流動資產 倘非流動資產 ( 或出售組別 ) 之賬面值極可能透過銷售交易而非持續使用收回, 以及該資產 ( 或出售組別 ) 之現況為可供出售, 則分類為持作出售 出售組別為一組於單一交易將予出售之資產組別, 以及與將於交易轉讓之相關資產有直接關聯之負債 倘本集團參與涉及失去附屬公司控制權之出售計劃, 該附屬公司之所有資產及負債於符合上述分類為持作出售之條件時分類為持作出售, 而不論本集團會否在銷售後保留該附屬公司之非控股權益 114 Vitasoy International Holdings Ltd. Annual Report 2015/16

118 1 Significant accounting policies (Continued) (w) Non-current assets held for sale (Continued) Immediately before classification as held for sale, the measurement of the non-current assets (and all individual assets and liabilities in a disposal group) is brought up-todate in accordance with the accounting policies before the classification. Then, on initial classification as held for sale and until disposal, the non-current assets (except for certain assets as explained below), or disposal groups, are recognised at the lower of their carrying amount and fair value less costs to sell. The principal exceptions to this measurement policy so far as the financial statements of the Group and the Company are concerned are deferred tax assets, assets arising from employee benefits and certain financial assets. These assets, even if held for sale, would continue to be measured in accordance with the policies set out elsewhere in note 1. Impairment losses on initial classification as held for sale, and on subsequent remeasurement while held for sale, are recognised in profit or loss. As long as a non-current asset is classified as held for sale, or is included in a disposal group that is classified as held for sale, the non-current asset is not depreciated or amortised. 1 主要會計政策 ( 續 ) (w) 持作出售之非流動資產 ( 續 ) 緊接分類為持作出售前, 非流動資產及出售組別之所有獨立資產及負債於分類前根據會計政策重新計量 其後, 於初步分類為持作出售及直至出售前, 非流動資產 ( 下文解釋的若干資產除外 ) 或出售組別按其賬面值及公允值減出售成本之較低者確認 就本集團及本公司之財務報表而言, 有關計量政策之主要例外, 乃關於遞延稅項資產 因僱員福利而產生之資產及若干財務資產 該等資產儘管持有以供出售, 按附註 1 其他部分所載之政策計量 於初步分類為持作出售及其後於持作出售時重新計量之減值虧損於損益確認 只要非流動資產仍被分類為持作出售或列入分類為持作出售之出售組別, 則非流動資產將不予折舊或攤銷 (x) Repair and maintenance expenditure (x) 維修及保養支出 Repair and maintenance expenditure, including cost of overhaul, is expensed as incurred. 維修及保養支出 ( 包括檢修成本 ) 於產生時支銷 (y) Related parties (y) 關連人士 (a) A person, or a close member of that person s family, is related to the Group if that person: (a) 倘有關人士出現下列情況, 則該人士或該人士之近親家庭成員與本集團有關連 : (i) has control or joint control over the Group; (i) 控制或共同控制本集團 ; (ii) has significant influence over the Group; or (ii) 對本集團有重大影響 ; 或 (iii) is a member of the key management personnel of the Group. (iii) 為本集團之主要管理人員之一 維他奶國際集團有限公司二零一五 一六年年報 115

119 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (y) Related parties (Continued) (y) 關連人士 ( 續 ) (b) An entity is related to the Group if any of the following conditions applies: (b) 倘符合下列任何條件, 則一間實體與本集團有關連 : (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (i) 該實體與本集團屬同一集團之成員公司 ( 即各母公司 附屬公司及同系附屬公司彼此間有關連 ) (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (ii) 一間實體為另一實體之聯營公司或合營企業 ( 或另一實體為成員公司之集團旗下成員公司之聯營公司或合營企業 ) (iii) Both entities are joint ventures of the same third party. (iii) 兩間實體均為同一第三方之合營企業 (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (iv) 一間實體為第三方實體之合營企業, 而另一實體為該第三方實體之聯營公司 (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (v) 該實體乃為本集團或與本集團有關連之實體就僱員福利而設立之離職後福利計劃 (vi) The entity is controlled or jointly controlled by a person identified in (a). (vi) 該實體受 (a) 所識別人士控制或共同控制 (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or a parent of the entity). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. (vii) 於 (a)(i) 所識別人士對該實體有重大影響力或屬該實體 ( 或該實體之母公司 ) 主要管理人員之一 (viii) 該實體或其所屬集團之任何成員公司向本集團提供主要管理人員服務 個別人士之近親家庭成員乃指在處理與實體交易時可能對該人士施予影響或被該人士影響之親屬成員 (z) Segment reporting (z) 分部報告 Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group s various lines of business and geographical locations. 營運分部及財務報表所呈報之各分部項目金額, 乃根據就分配資源予本集團各業務及地區分部及評估其表現而定期提供予本集團最高層管理人員之財務資料而識別 116 Vitasoy International Holdings Ltd. Annual Report 2015/16

120 1 Significant accounting policies (Continued) 1 主要會計政策 ( 續 ) (z) Segment reporting (Continued) (z) 分部報告 ( 續 ) Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. 2 Accounting judgements and estimates Notes 13, 22 and 23 contain information about the assumptions and their risk factors relating to goodwill impairment assessment, defined benefit retirement liabilities and the fair value of share options granted. Other key sources of estimation uncertainty are as follows: 就財務報告而言, 個別重要營運分部不會綜合呈報, 除非該等分部具有類似經濟特徵以及在產品及服務性質 生產程序性質 客戶類型或類別 分銷產品或提供服務所採用之方式及監管環境性質方面類似 倘個別而言並非屬重要之營運分部共同擁有上述大部份特徵, 則可綜合呈報 2 會計判斷及估計 附註 及 23 分別載有關於商譽減值評估 界定福利退休負債及已授出購股權之公允值之假設及相關風險因素 估計不確定因素之其他主要來源如下 : (a) Impairment of property, plant and equipment (a) 物業 廠房及設備減值 If circumstances indicate that the carrying values of property, plant and equipment may not be recoverable, the assets may be considered impaired, and an impairment loss may be recognised in accordance with HKAS 36, Impairment of assets. Under HKAS 36, these assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to recoverable amount. The recoverable amount is the greater of its fair value less costs of disposal and the value in use. In determining the value in use, expected cash flows generated by the asset are discounted to their present value, which requires significant judgement relating to level of sales volume, selling prices and amount of operating costs. The Group uses all readily available information in determining an amount that is a reasonable approximation of recoverable amount. However, actual sales volumes, selling prices and operating costs may be different from assumptions which may require a material adjustment to the carrying amount of the assets affected. Details of the nature and carrying amounts of property, plant and equipment are disclosed in note 11. 倘有情況顯示物業 廠房及設備之賬面值可能無法收回, 則該等資產可能被視為 已減值, 而減值虧損可能會根據 香港會計準則 第 36 號 資產減值 予以確認 根據 香港會計準則 第 36 號, 凡有事件或變動顯示所錄得之賬面值可能無法收回, 該等資產將進行減值測試 如減值已出現, 賬面值將減至可收回金額 可收回金額為其公允值減去銷售成本與使用價值兩者中之較高者 釐定使用價值時, 將根據銷量 售價及營運成本金額之水平作出重大判斷, 將該資產產生之預期現金流量折現至其現值 本集團運用所有可用之資料以釐定可收回金額之合理概約金額 然而, 實際銷量 售價及營運成本金額可能有別於假設, 並可能須對受影響資產之賬面值作出重大調整 物業 廠房及設備之性質及賬面值詳情於附註 11 披露 維他奶國際集團有限公司二零一五 一六年年報 117

121 2 Accounting judgements and estimates (Continued) (b) Depreciation of property, plant and equipment Property, plant and equipment (see note 11) are depreciated on a straight-line basis over their estimated useful lives, after taking into account the estimated residual values, if any. The Group reviews the estimated useful lives and the estimated residual values, if any, of the assets at least annually in order to determine the amount of depreciation expense to be recorded during any reporting period. The useful lives and residual values are based on the Group s historical experience with similar assets and taking into account anticipated technological changes. The depreciation expense for future periods is adjusted if there are significant changes from previous estimates. 2 會計判斷及估計 ( 續 ) (b) 物業 廠房及設備之折舊 物業 廠房及設備 ( 見附註 11) 之折舊是根據資產之估計可使用年期, 扣除估計剩餘價值 ( 如有 ) 後以直線法計算 本集團至少每年審閱資產之估計可使用年期及估計剩餘價值 ( 如有 ), 以釐定在任何匯報日應被記錄之折舊費用數額 可使用年期及剩餘價值乃根據本集團以往在類似資產上之經驗而釐定, 並考慮到預期發生之技術上之變化 倘若原來估計發生重大變化, 則未來期間內之折舊費用將被調整 (c) Impairment loss for doubtful debts (c) 呆壞賬減值虧損 The Group maintains an allowance for doubtful debts for estimated losses resulting from the inability of the debtors to make required payments. The Group estimates the future cash flows based on the ageing of the trade receivables balance as disclosed in note 16, debtors credit-worthiness and historical write-off experience. If the financial condition of the debtors were to deteriorate, actual write-offs would be higher than estimated. (d) Write down of inventories The Group performs regular reviews of the carrying amounts of inventories as disclosed in note 15 with reference to aged inventories analysis, expected future consumption and management judgement. Based on these reviews, write down of inventories will be made when the estimated net realisable value of inventories decline below the carrying amount. However, actual consumption may be different from estimation and profit or loss could be affected by differences in this estimation. 本集團為債務人無力還款而產生估計虧損維持呆壞賬撥備 本集團對未來現金流量之估計是根據應收賬款餘額之賬齡 ( 於附註 16 披露 ) 債務人之信用及以往撇賬方面之經驗而作出 倘若債務人之財務狀況惡化, 實際撇賬額可能高於估計 (d) 撇減存貨 本集團參考存貨賬齡分析 預期未來耗用量及管理層之判斷, 對存貨之賬面值進行定期審閱 ( 於附註 15 披露 ) 倘存貨之估計可變現淨值跌至低於其賬面值, 則本集團會根據審閱之結果而撇減存貨之價值 然而, 實際耗用量可能與估計有所不同, 而此估計之出入可能影響損益 118 Vitasoy International Holdings Ltd. Annual Report 2015/16

122 2 Accounting judgements and estimates (Continued) 2 會計判斷及估計 ( 續 ) (e) Deferred tax assets (e) 遞延稅項資產 Deferred tax assets are recognised for unused tax losses and temporary deductible differences. As those deferred tax assets can only be recognised to the extent that it is probable that future taxable profit will be available against which the unused tax benefits can be utilised, management s judgements is required to assess the probability of future taxable profits. Management s assessment is constantly reviewed and additional deferred tax assets are recognised if it becomes probable that future taxable profits will allow the deferred tax assets to be recovered. Details of the nature and carrying amounts of deferred tax assets are disclosed in note 24(b). 3 Revenue and segment reporting 遞延稅項資產乃就未動用稅務虧損及可抵扣暫時差額而確認 由於遞延稅項資產只限於有可能使用未動用稅收抵免來抵銷日後應課稅溢利時才會確認, 因此需要管理層判斷日後獲得應課稅溢利之可能性 本集團不斷審閱管理層之評估, 倘未來應課稅溢利能使遞延稅項資產收回, 便會確認額外之遞延稅項資產 遞延稅項資產之性質及賬面值詳情於附註 24(b) 披露 3 收入及分部報告 (a) Revenue (a) 收入 The principal activities of the Group are the manufacture and sale of food and beverages. Revenue represents the invoiced value of products sold, net of returns, rebates and discounts. (b) Segment reporting The Group manages its businesses by entities, which are organised by geography. In a manner consistent with the way in which information is reported internally to the Group s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following five reportable segments. No operating segments have been aggregated to form the following reportable segments. The Mainland China business mainly represents the manufacture and sale of soymilk, tea, juice, etc. in Mainland China; The Hong Kong Operation (Hong Kong, Macau and Exports) mainly represents the manufacture and sale of soymilk, tea, water, juice, tofu, etc. in Hong Kong, sale of beverages in Macau, export of beverages from Hong Kong and the operating of tuck shops and catering businesses; The Australia and New Zealand business mainly represents the manufacture and sale of soymilk and rice milk etc. in Australia and sales of beverages in New Zealand; 本集團之主要業務為製造及銷售食品及飲品 收入指已售產品之發票價值減退貨 回扣及折扣 (b) 分部報告 本集團透過按地區成立之實體管理業務 本集團按照與向本集團最高層行政管理人員就資源配置及表現評估之內部匯報資料一致的方式, 呈報下列五個須報告分部 本集團並無合併營運分部, 以組成以下之須報告分部 中國內地業務主要指在中國內地生產及銷售豆奶 茶及果汁等產品 ; 香港業務 ( 香港 澳門及出口 ) 主要指在香港生產及銷售豆奶 茶 水 果汁及豆腐等產品 在澳門銷售飲料 從香港出口飲料, 以及經營學校小食部及餐飲業務 ; 澳洲及新西蘭業務主要指在澳洲生產及銷售豆奶及米奶等產品, 以及在新西蘭銷售飲料 ; 維他奶國際集團有限公司二零一五 一六年年報 119

123 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) The Singapore business mainly represents the manufacture and sale of soy related products in Singapore and sale of soy related products in overseas; and The North America business mainly represents the manufacture and sale of tofu and pasta; and sale of imported soymilk, imported juice, imported tea, etc. in North America. All of the Group s revenue is generated from the manufacture and sale of food and beverages. 3 收入及分部報告 ( 續 ) (b) 分部報告 ( 續 ) 新加坡業務主要指在新加坡生產及銷售大豆相關產品及在海外銷售大豆相關產品 ; 及 北美洲業務主要指在北美洲生產及銷售豆腐及麵食, 以及銷售進口豆奶 進口果汁 進口茶等產品 本集團之收入全部來自生產及銷售食品及飲品 (i) Segment results, assets and liabilities (i) 分部業績 資產及負債 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 with the exception of deferred tax assets, current tax recoverable and other corporate assets. Segment liabilities include trade creditors and bills payable attributable to the manufacture and sales activities of the individual segments, bank loans and obligations under finance leases managed directly by the segments with the exception of employee retirement benefit liabilities, current tax payable, deferred tax liabilities and other corporate liabilities. The measure used for reporting segment profit is profit/ (loss) from operations. To arrive at profit/(loss) from operations, the Group s profit is further adjusted for items not specifically attributed to individual segments, such as finance costs and unallocated head office and corporate expenses. Income tax is not allocated to reporting segments. Inter-segment sales are priced at cost plus a profit margin. 就評估分部表現及各分部間之資源配置而言, 本集團高層行政管理人員根據下列基準監控各須報告分部之業績 資產及負債 : 分部資產包括全部有形資產 無形資產及流動資產, 惟遞延稅項資產 應收現期稅項及其他企業資產除外 分部負債包括個別分部之生產及銷售活動之應付賬款及應付票據 銀行貸款及由分部直接管理之融資租賃債務, 惟僱員退休福利負債 應付現期稅項 遞延稅項負債及其他企業負債除外 用於報告分部溢利之方法為 經營溢利 ( 虧損 ) 為了得出 經營溢利 ( 虧損 ), 本集團之溢利就並無明確歸於個別分部之項目 ( 如融資成本及未分配之總公司及企業費用 ) 作出進一步調整 所得稅並無列入報告分部 分部間銷售乃按成本加邊際利潤定價 120 Vitasoy International Holdings Ltd. Annual Report 2015/16

124 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (i) Segment results, assets and liabilities (Continued) Information regarding the Group s reportable segments as provided to the Group s most senior executive management for the purposes of resource allocation and assessment of segment performance for the years ended 31st March, 2016 and 2015 is set out below: 3 收入及分部報告 ( 續 ) (b) 分部報告 ( 續 ) (i) 分部業績 資產及負債 ( 續 ) 截至二零一六年及二零一五年三月三十一日止年度, 有關向本集團最高層執行管理人員提供之資源配置及分部表現評估之須報告分部資料如下 : Mainland China Hong Kong Operation Australia & New Zealand Singapore North America Total 二零一五年 二零一五年 二零一五年 二零一五年 二零一五年 二零一五年 $ 000 $ 000 千元 $ 000 $ 000 千元 $ 000 $ 000 千元 $ 000 $ 000 千元 $ 000 $ 000 千元 $ 000 $ 000 千元 Revenue from external 來自外間顧客 customers 之收入 2,404,155 1,915,922 2,069,421 2,048, , , ,058 86, , ,002 5,551,898 5,051,827 Inter-segment revenue 分部間收入 91, , , , , , ,857 Reportable segment revenue 2,496,075 2,094,496 2,305,030 2,219, , , ,337 87, , ,002 5,880,987 5,402,684 Reportable segment profit/(loss) from operations 281, , , ,101 84,199 84,460 10,993 8,160 (32,758) (1,417) 724, ,720 Interest income from 銀行存款 bank deposits 之利息收入 ,118 1, ,002 2,475 Finance costs 融資成本 (109) (161) (728) (389) (3,137) (4,790) (70) (315) (4,044) (5,655) Depreciation and 本年度之折舊 amortisation 及攤銷 for the year (84,877) (67,040) (93,890) (86,081) (10,188) (23,634) (3,215) (4,691) (18,651) (17,119) (210,821) (198,565) Other material 其他重大 non-cash item: 非現金項目 : Equity settled 以股份為 share-based 付款基礎 payment expenses 之費用 (405) (456) (2,511) (2,106) (2,916) (2,562) Reportable segment assets 2,125,058 1,575,290 2,868,189 2,026, , , ,129 95, , ,712 5,709,240 4,283,047 Reportable segment liabilities 1,394,335 1,014, , , , ,026 16,988 12, ,193 98,535 2,687,621 1,824,072 Additions to non-current segment assets during the year 593, ,728 81, ,172 19,299 18,561 3,861 7,905 12,759 27, , ,950 維他奶國際集團有限公司二零一五 一六年年報 121

125 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) 3 收入及分部報告 ( 續 ) (b) 分部報告 ( 續 ) (ii) Reconciliations of reportable segment revenue, profit or loss, assets and liabilities (ii) 須報告分部收入 損益 資產及負債之對賬 二零一五年 $ 000 $ 000 千元 Revenue Reportable segment revenue 須報告分部之收入 5,880,987 5,402,684 Elimination of inter-segment revenue 分部間收入之撇銷 (329,089) (350,857) Consolidated revenue 綜合收入 5,551,898 5,051, 二零一五年 $ 000 $ 000 千元 Profit or loss Reportable segment profit/(loss) 須報告分部之經營溢利 from operations ( 虧損 ) 724, ,720 Finance costs 融資成本 (4,044) (5,655) Unallocated head office 未分配之總公司及 and corporate expenses 企業費用 (120,926) (116,456) Consolidated profit before taxation 綜合除稅前溢利 599, , 二零一五年 $ 000 $ 000 千元 Interest income Reportable segment interest income 須報告分部之利息收入 2,002 2,475 Unallocated head office 未分配之總公司及 and corporate interest income 企業利息收入 1 Consolidated interest income 綜合利息收入 2,002 2, 二零一五年 $ 000 $ 000 千元 Equity settled share-based payment expenses Reportable segment expenses 須報告分部之費用 2,916 2,562 Unallocated head office 未分配之總公司及 and corporate expenses 企業費用 9,477 8,562 Consolidated equity settled 以股份為付款基礎之 share-based payment expenses 綜合費用 12,393 11, Vitasoy International Holdings Ltd. Annual Report 2015/16

126 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) 3 收入及分部報告 ( 續 ) (b) 分部報告 ( 續 ) (ii) Reconciliations of reportable segment revenue, profit or loss, assets and liabilities (Continued) (ii) 須報告分部收入 損益 資產及負債之對賬 ( 續 ) 二零一五年 $ 000 $ 000 千元 Assets Reportable segment assets 須報告分部之資產 5,709,240 4,283,047 Elimination of inter-segment 分部間應收款 receivables 之撇銷 (1,635,884) (685,158) 4,073,356 3,597,889 Deferred tax assets 遞延稅項資產 101,290 32,678 Current tax recoverable 應收現期稅項 8,072 5,435 Unallocated head office 未分配之總公司及 and corporate assets 企業資產 2,108 1,456 Consolidated total assets 綜合總資產 4,184,826 3,637, 二零一五年 $ 000 $ 000 千元 Liabilities Reportable segment liabilities 須報告分部之負債 2,687,621 1,824,072 Elimination of inter-segment payables 分部間應付款之撇銷 (1,049,399) (443,165) 1,638,222 1,380,907 Employee retirement benefit liabilities 僱員退休福利負債 28,033 10,234 Deferred tax liabilities 遞延稅項負債 65,075 69,377 Current tax payable 應付現期稅項 16,675 27,324 Unallocated head office 未分配之總公司及 and corporate liabilities 企業負債 24,958 24,944 Consolidated total liabilities 綜合總負債 1,772,963 1,512,786 維他奶國際集團有限公司二零一五 一六年年報 123

127 3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (iii) Geographic information The following table sets out information about the geographic location of the Group s property, plant and equipment, deposits for the acquisition of property, plant and equipment, intangible assets and goodwill ( specified noncurrent assets ). The geographic location of the specified non-current assets is based on the physical location of the asset, in the case of property, plant and equipment and deposits for the acquisition of property, plant and equipment, and the location of the operation to which they are allocated, in the case of intangible assets and goodwill. 3 收入及分部報告 ( 續 ) (b) 分部報告 ( 續 ) (iii) 地區資料 下表載列有關本集團物業 廠房及設備 購置物業 廠房及設備之訂金 無形資產及商譽 ( 特定非流動資產 ) 之地理位置之資料 就特定非流動資產而言, 倘為物業 廠房及設備及購置物業 廠房及設備之訂金, 則地理位置乃根據該資產之實際地點確定, 而就無形資產及商譽而言則指其獲配置之業務所在地 Specified non-current assets 二零一五年 $ 000 $ 000 千元 Mainland China 中國內地 1,402, ,239 Hong Kong Operation 香港業務 560, ,295 Australia and New Zealand 澳洲及新西蘭 195, ,086 Singapore 新加坡 70,059 68,021 North America 北美洲 126,214 2,228,358 1,897,855 The revenue from external customers and specified noncurrent assets of the Group attributed to Hong Kong, the Group s place of domicile, amounted to $1,863,386,000 (2015: $1,851,356,000) and $552,901,000 (2015: $566,813,000) respectively. 香港 ( 本集團所在地 ) 佔本集團來自外間顧客之收入及本集團特定非流動資產分別為 1,863,386,000 元 ( 二零一五年 :1,851,356,000 元 ) 及 552,901,000 元 ( 二零一五年 :566,813,000 元 ) 124 Vitasoy International Holdings Ltd. Annual Report 2015/16

128 4 Other revenue 4 其他收入 二零一五年 $ 000 $ 000 千元 Government grants (note) 政府補助 ( 附註 ) 8,283 17,174 Scrap sales 廢料銷售 8,611 8,864 Rental income 租金收入 4,191 4,880 Interest income 利息收入 2,002 2,476 Reversal of long outstanding 長期未償還其他應 other payables 付款撥回 1,720 1,875 Sundry income 雜項收入 7,243 9,419 32,050 44,688 Note: Government grants mainly relate to value-added tax refunded and other financial assistance received from the government of the People s Republic of China ( PRC ). Other government grants received in relation to the acquisition of plant and equipment were netted off against the cost of the related assets (note 11(a)). 附註 : 政府補助主要指中華人民共和國 ( 中國 ) 政府退回之增值稅及從其收取之其他財務資助 就購置廠房及設備收取之其他政府補助已從相關資產之成本扣除 ( 附註 11(a)) 維他奶國際集團有限公司二零一五 一六年年報 125

129 5 Profit before taxation Profit before taxation is arrived at after charging/ (crediting): 5 除稅前溢利除稅前溢利已扣除 ( 計入 ): 二零一五年 $ 000 $ 000 千元 (a) Finance costs: (a) Interest on bank loans 銀行貸款之利息 5,656 5,243 Finance charges on obligations 融資租賃債務之 under finance leases 財務費用 ,932 5,655 Less: interest expense capitalised 減 : 被資本化為 into property, plant and 物業 廠房及設備 equipment* 之利息支出 * (1,888) 4,044 5,655 * The borrowing costs have been capitalised at a rate of 1.47% per annum (2015: Nil). * 被資本化的借貸成本按每年 1.47% 之息率計算 ( 二零一五年 : 無 ) 二零一五年 $ 000 $ 000 千元 (b) Staff costs: (b) Contributions to defined 界定供款退休計劃 contribution retirement plans 之供款 64,015 49,716 Net expenses recognised 以下項目之已確認 in respect of: 費用淨額 : retirement gratuites 退休金 (note 22(c)(v)) ( 附註 22(c)(v)) 4,036 4,104 long service payments 長期服務金 457 1,017 Total retirement costs 總退休成本 68,508 54,837 Equity settled share-based 以股份為付款基礎之費用 payment expenses (note 23) ( 附註 23) 12,393 11,124 Salaries, wages and other benefits 薪金 工資及其他福利 1,197,248 1,040,749 1,278,149 1,106, Vitasoy International Holdings Ltd. Annual Report 2015/16

130 5 Profit before taxation (Continued) Profit before taxation is arrived at after charging/ (crediting): (Continued) 5 除稅前溢利 ( 續 ) 除稅前溢利已扣除 ( 計入 ):( 續 ) 二零一五年 $ 000 $ 000 千元 (c) Other items: (c) Amortisation of interests in 根據經營租賃持有作 leasehold land held for own use 自用之租賃土地權益 under operating leases 之攤銷 1,607 1,000 Amortisation of intangible assets 無形資產之攤銷 367 2,059 Depreciation 折舊 Investment properties 投資物業 Assets acquired under finance leases 以融資租賃購入之資產 248 1,166 Other assets 其他資產 208, ,814 Recognition of impairment losses 應收賬款及其他應收款 on trade and other receivables 之減值虧損 Recognition/(reversal) of impairment 物業 廠房及設備 losses on property, plant and 之減值虧損 equipment ( 撥回 ) 679 (224) Auditors remuneration 核數師酬金 Audit services 審核服務 Provision for the current year 本年度之撥備 5,121 5,234 Under/(over)-provision 以往年度之撥備不足 in respect of prior year ( 超額撥備 ) 56 (545) Tax services 稅務服務 Other services 其他服務 Operating lease charges: 經營租賃費用 : minimum lease payments 最低租賃付款 Hire of properties 租用物業 86,088 73,159 Hire of factory machinery 租用工廠機器 and equipment 及設備 Contingent rent 或然租金 Other assets 其他資產 1, Net loss on disposal of property, 出售物業 廠房 plant and equipment 及設備之虧損淨額 5,110 4,410 Net foreign exchange (gain)/loss 外匯 ( 收益 ) 虧損淨額 (3,875) 1,289 Net loss on forward exchange contracts 非指定為對沖工具之遠期 not designated as hedging instruments 外匯合約之淨虧損 2,190 Cost of inventories (note 15(b)) 存貨成本 ( 附註 15(b)) 2,808,139 2,607,466 維他奶國際集團有限公司二零一五 一六年年報 127

131 6 Income tax in the consolidated statement of profit or loss (a) Taxation in the consolidated statement of profit or loss represents: 6 綜合損益表之所得稅 (a) 綜合損益表之稅項如下 : 二零一五年 $ 000 $ 000 千元 Current tax Hong Kong Profits Tax Provision for the year 年內撥備 50,095 44,306 Over-provision in respect of prior years 以往年度之超額撥備 (54) (20) 50,041 44,286 Current tax Outside Hong Kong Provision for the year 年內撥備 55,984 71,781 Under-provision in respect of 以往年度之 prior years 撥備不足 ,045 72,579 Deferred tax (72,022) (1,977) 34, ,888 Notes: 附註 : (i) The provision for Hong Kong Profits Tax for 2016 is calculated at 16.5% (2015: 16.5%) of the estimated assessable profits for the year. (i) 二零一六年之香港利得稅撥備是按年內之估計應課稅溢利以 16.5%( 二零一五年 :16.5%) 之稅率計算 (ii) In accordance with the relevant PRC corporate income tax laws, regulations and implementation guidance notes, the statutory income tax rate applicable to the Company s subsidiaries in Shenzhen, Foshan, Shanghai and Wuhan is 25%. (ii) 根據相關中國企業所得稅法律 法規及實施指引註釋, 適用於本公司之深圳 佛山 上海及武漢附屬公司之法定所得稅率為 25% In addition, the Group is subject to withholding tax at the rate of 10% (unless reduced by treaty) on distribution of profits generated after 31st December, 2007 from the Group s foreign-invested enterprises in the PRC. As more than 25% of the capital of all the Group s foreign-invested enterprises in the PRC is owned by a Hong Kong incorporated subsidiary, a rate of 5% is applicable in the calculation of this withholding tax. Deferred tax liabilities have been provided for in this regard based on the expected dividends to be distributed from the foreign-invested enterprises in the PRC in the foreseeable future in respect of the profits generated after 31st December, 此外, 除非獲條約減免, 否則本集團須就本集團中國外資企業以於二零零七年十二月三十一日後產生之溢利作出之分派按 10% 稅率繳納預扣稅 由於本集團所有中國外資企業中有逾 25% 資本由一間於香港註冊成立之附屬公司擁有, 故計算此預扣稅所適用之稅率為 5% 本集團已就此根據中國外資企業於可預見未來預計以於二零零七年十二月三十一日後產生之溢利分派之股息計提遞延稅項負債 128 Vitasoy International Holdings Ltd. Annual Report 2015/16

132 6 Income tax in the consolidated statement of profit or loss (Continued) (a) Taxation in the consolidated statement of profit or loss represents: (Continued) Notes: (Continued) 6 綜合損益表之所得稅 ( 續 ) (a) 綜合損益表之稅項如下 :( 續 ) 附註 :( 續 ) (iii) Taxation for subsidiaries outside Hong Kong and Mainland China is charged at the appropriate current rates of taxation ruling in the relevant tax jurisdictions. (iii) 香港及中國內地以外地區之附屬公司之稅項則按有關稅項司法管轄區之現行適用稅率計算 (b) Reconciliation between tax expense and accounting profit at applicable tax rates: (b) 稅項支出與會計溢利以適用稅率計算之對賬 : 二零一五年 $ 000 $ 000 千元 Profit before taxation 除稅前溢利 599, ,609 Notional tax on profit before taxation, 按有關稅項司法管轄區適用之 calculated at the rates applicable 利得稅稅率計算除稅前溢利之 to profits in the tax jurisdictions 名義稅項 concerned 117, ,413 Tax effect of non-deductible expenses 不可扣減支出之稅務影響 2,960 9,093 Tax effect of non-taxable revenue 非課稅收入之稅務影響 (1,620) (778) Withholding tax of PRC subsidiaries 中國附屬公司之預扣稅 4,024 5,459 Tax effect of current year s unused 本年度未確認之未使用稅務虧損 tax losses not recognised 之稅務影響 2, Tax effect of current year s deductible 本年度未確認之可扣減暫時差異之 temporary differences 稅務影響 not recognised 8,514 29,216 Tax effect of recognition of tax loss 確認先前未確認之稅務虧損 not previously recognised 之稅務影響 (54,156) Tax effect of utilisation of tax losses 就使用先前未確認之稅務虧損 and other temporary differences 及其他暫時差異之稅務影響 not previously recognised (38,439) (30,697) Net under-provision in respect 以往年度之撥備不足淨額 of prior years Others 其他 (7,722) (3,084) Actual tax expense 實際稅項支出 34, ,888 維他奶國際集團有限公司二零一五 一六年年報 129

133 7 Emoluments of Directors Directors emoluments disclosed pursuant to section 383(1) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation are as follows: 7 董事之酬金 根據香港 公司條例 第 383(1) 條及 公司 ( 披露董事利益資料 ) 規例 第 2 部披露之董事酬金如下 : 2016 Salaries, allowances Retirement Share- Directors and benefits Discretionary scheme based fees in kind bonuses contributions Sub-total payments Total (note) $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Executive Directors Mr. Winston Yau-lai LO 羅友禮先生 231 4,904 3, ,257 3,532 12,789 Mr. Roberto GUIDETTI 陸博濤先生 116 6,089 3, ,097 3,309 13,406 Non-executive Directors Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Valiant Kin-piu CHEUNG 張建標先生 Mr. Jan P.S. ERLUND Jan P.S. ERLUND 先生 Mr. Anthony John Liddell NIGHTINGALE (appointed on 26th June, 2015) 黎定基先生 ( 於二零一五年六月 二十六日獲委任 ) ,157 10,993 7, ,164 6,841 28, Vitasoy International Holdings Ltd. Annual Report 2015/16

134 7 Emoluments of Directors (Continued) 7 董事之酬金 ( 續 ) 2015 二零一五年 Salaries, allowances Retirement Share- Directors and benefits Discretionary scheme based fees in kind bonuses contributions Sub-total payments Total 薪金 津貼 酌情 退休 以股份為 董事袍金 及實物福利 發放之花紅 計劃供款 小計 基礎之付款 總計 (note) ( 附註 ) $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 Executive Directors Mr. Winston Yau-lai LO 羅友禮先生 214 4,965 3, ,937 3,314 12,251 Mr. Roberto GUIDETTI 陸博濤先生 107 6,848 3, ,501 3,693 14,194 Non-executive Directors Ms. Myrna Mo-ching LO 羅慕貞女士 Ms. Yvonne Mo-ling LO 羅慕玲女士 Independent Non-executive Directors Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 Mr. Iain F. BRUCE 布魯士先生 (retired on 4th September, 2014) ( 於二零一四年九月四日退任 ) Mr. Valiant Kin-piu CHEUNG 張建標先生 Mr. Jan P.S. ERLUND Jan P.S. ERLUND 先生 ,874 11,813 6, ,991 7,007 27,998 Note: These represent the estimated value of share options granted to the Directors under the Company s share option scheme. The value of these share options is measured according to the Group s accounting policies for share-based payment transactions as set out in note 1(p)(iv) and, in accordance with that policy, includes adjustments to reverse amounts accrued in previous years where grants of equity instruments are forfeited prior to vesting. The details of these benefits in kind, including the principal terms and number of options granted, are disclosed under the paragraph Share option scheme in the directors report and note 23. 附註 : 以股份為基礎之付款指根據本公司之購股權計劃授予董事之購股權之估計價值 此等購股權之價值乃根據附註 1(p)(iv) 所載本集團就以股份為付款基礎之交易採用之會計政策而計量, 而按照該政策, 包括對過往年度累計而所授出的股本工具在歸屬前已失效所作之撥回調整 此等實物福利之詳情 ( 包括已授出之購股權之主要條款及數目 ) 於董事會報告 購股權計劃 一段及附註 23 中披露 維他奶國際集團有限公司二零一五 一六年年報 131

135 8 Individuals with highest emoluments Of the five individuals with the highest emoluments, two (2015: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2015: three) individuals are as follows: 8 最高酬金人士 在五名最高酬金人士中, 兩名 ( 二零一五年 : 兩名 ) 為董事, 彼等之酬金於附註 7 中披露 其餘三名 ( 二零一五年 : 三名 ) 最高酬金人士之酬金總額如下 : 二零一五年 $ 000 $ 000 千元 Salaries and other emoluments 薪金及其他酬金 11,771 10,135 Retirement scheme contributions 退休計劃供款 Discretionary bonuses 酌情發放之花紅 4,413 4,268 Share-based payments 以股份為基礎之付款 4,368 3,550 21,085 18,424 The emoluments of the three (2015: three) individuals with the highest emoluments are within the following bands: 三名 ( 二零一五年 : 三名 ) 最高酬金人士之酬金介乎以下組別 : 二零一五年 Number of Number of individuals individuals 人數 $4,500,001 to $5,000,000 4,500,001 元至 5,000,000 元 1 $6,000,001 to $6,500,000 6,000,001 元至 6,500,000 元 1 1 $6,500,001 to $7,000,000 6,500,001 元至 7,000,000 元 1 $7,000,001 to $7,500,000 7,000,001 元至 7,500,000 元 1 $7,500,001 to $8,000,000 7,500,001 元至 8,000,000 元 Vitasoy International Holdings Ltd. Annual Report 2015/16

136 9 Other comprehensive income (a) Tax effects relating to each component of other comprehensive income: 9 其他全面收益 二零一五年 Before tax Tax Net-of-tax Before tax Tax Net-of-tax amount benefit amount amount expense amount 除稅前金額 稅務費用 扣除稅項金額 $ 000 $ 000 $ 000 $ 000 千元 $ 000 千元 $ 000 千元 Exchange differences 因換算香港以外地區 on translation of financial 附屬公司之財務報表 statements of subsidiaries 而產生的匯兌差額 outside Hong Kong (41,943) (41,943) (49,581) (49,581) Cash flow hedge: 現金流量對沖 : net movement in the 對沖儲備淨 hedging reserve 變動 (260) 43 (217) 1,916 (316) 1,600 Remeasurement of employee 僱員退休福利負債 retirement benefit liabilities 之重新計量 (13,704) 2,247 (11,457) 4,295 (757) 3,538 (a) 有關其他全面收益各部份之稅務影響 : (55,907) 2,290 (53,617) (43,370) (1,073) (44,443) (b) Components of other comprehensive income: (b) 其他全面收益之部份 : 二零一五年 $ 000 $ 000 千元 Cash flow hedges: 現金流量對沖 : Effective portion of changes 年內確認之對沖工具 in fair value of hedging instruments 公允值變動之有效部份 recognised during the year (1,114) 1,010 Amounts transferred to initial 轉撥至對沖項目最初 carrying amount of hedged items 賬面值之金額 Net deferred tax credited/(charged) 計入 ( 扣除 ) 其他全面收益之 to other comprehensive income 遞延稅項淨額 43 (316) Net movement in the hedging reserve 年內於其他全面收益確認之 during the year recognised 對沖儲備淨變動 in other comprehensive income (217) 1,600 維他奶國際集團有限公司二零一五 一六年年報 133

137 10 Earnings per share (a) Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to equity shareholders of the Company of $530,616,000 (2015: $372,079,000) and the weighted average number of 1,042,467,000 ordinary shares (2015: 1,037,669,000 ordinary shares) in issue during the year, calculated as follows: Weighted average number of ordinary shares 10 每股盈利 (a) 每股基本盈利 每股基本盈利乃根據本公司股權持有人應佔溢利 530,616,000 元 ( 二零一五年 :372,079,000 元 ) 及年內已發行普通股之加權平均股數 1,042,467,000 股 ( 二零一五年 :1,037,669,000 股普通股 ) 計算, 其計算如下 : 普通股之加權平均股數 二零一五年 Number of Number of shares shares 股份數目 千股 Issued ordinary shares at 1st April 於四月一日之已發行普通股 1,039,515 1,033,976 Effect of share options exercised 已行使購股權之影響 2,952 3,693 Weighted average number of 於三月三十一日之普通股之 ordinary shares at 31st March 加權平均股數 (note 10(b)) ( 附註 10(b)) 1,042,467 1,037,669 (b) Diluted earnings per share The calculation of diluted earnings per share is based on the profit attributable to equity shareholders of the Company of $530,616,000 (2015: $372,079,000) and the weighted average number of 1,053,076,000 ordinary shares (2015: 1,046,742,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows: Weighted average number of ordinary shares (diluted) (b) 每股攤薄盈利 每股攤薄盈利乃根據本公司股權持有人應佔溢利 530,616,000 元 ( 二零一五年 :372,079,000 元 ) 及就所有具潛在攤薄盈利之普通股之影響而作出調整後之普通股加權平均股數 1,053,076,000 股 ( 二零一五年 :1,046,742,000 股普通股 ) 計算, 其計算如下 : 普通股之加權平均股數 ( 攤薄 ) 二零一五年 Number of Number of shares shares 股份數目 千股 Weighted average number of 於三月三十一日之普通股之 ordinary shares at 31st March 加權平均股數 (note 10(a)) ( 附註 10(a)) 1,042,467 1,037,669 Effect of deemed issue of 假設因根據本公司之 ordinary shares under the 購股權計劃 Company s share option scheme 以無償方式發行普通股 for nil consideration 之影響 10,609 9,073 Weighted average number of 於三月三十一日之普通股之 ordinary shares (diluted) 加權平均股數 ( 攤薄 ) at 31st March 1,053,076 1,046, Vitasoy International Holdings Ltd. Annual Report 2015/16

138 11 Property, plant and equipment (a) 11 物業 廠房及設備 (a) Interests in Other property, plant and equipment leasehold 其他物業 廠房及設備 land held Land and Factory Fixtures, for own use buildings machinery furniture under held for and and office Motor Construction Investment operating own use equipment equipment vehicles in progress Sub-total properties leases Total 根據經營 持有作 裝置 租賃持有作 自用之 工廠機器 傢俬及 自用之租賃 土地及樓宇 及設備 辦公室設備 汽車 在建工程 小計 投資物業 土地權益 總計 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 Cost: At 1st April, 2014 於二零一四年四月一日 855,952 2,087, , ,560 33,013 3,326,038 22,698 41,280 3,390,016 Exchange adjustments 匯兌調整 (21,768) (59,390) (1,899) (789) (2,252) (86,098) 55 (86,043) Additions 添置 66, ,965 17,950 18, , ,416 39, ,552 Transfer 轉撥 12,963 97,562 1,697 (112,222) Disposals 出售 (728) (57,245) (5,723) (9,785) (73,481) (73,481) At 31st March, 2015 於二零一五年三月三十一日 913,334 2,205, , , ,097 3,656,875 22,698 80,471 3,760,044 Accumulated amortisation, depreciation and impairment losses: At 1st April, 2014 於二零一四年四月一日 360,521 1,201, ,785 75,842 1,799,464 16,506 7,358 1,823,328 Exchange adjustments 匯兌調整 (5,476) (37,976) (1,061) (381) (44,894) 14 (44,880) Charge for the year 本年度攤銷及折舊 30, ,727 20,189 6, , , ,506 Reversal of impairment losses 減值虧損撥回 (168) (56) (224) (224) Written back on disposals 出售時撥回 (244) (52,752) (5,600) (9,607) (68,203) (68,203) At 31st March, 2015 於二零一五年三月三十一日 385,325 1,248, ,313 72,226 1,881,123 17,032 8,372 1,906,527 Net book value: At 31st March, 2015 於二零一五年三月三十一日 528, ,430 78,428 42, ,097 1,775,752 5,666 72,099 1,853,517 維他奶國際集團有限公司二零一五 一六年年報 135

139 11 Property, plant and equipment (Continued) (a) (Continued) 11 物業 廠房及設備 ( 續 ) (a) ( 續 ) Interests in Other property, plant and equipment leasehold land held Land and Factory Fixtures, for own use buildings machinery furniture under held for and and office Motor Construction Investment operating own use equipment equipment vehicles in progress Sub-total properties leases Total $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Cost: At 1st April, 2015 於二零一五年四月一日 913,334 2,205, , , ,097 3,656,875 22,698 80,471 3,760,044 Exchange adjustments 匯兌調整 (16,067) (34,247) (1,646) (1,018) (9,461) (62,439) (3,289) (65,728) Additions 添置 17, ,279 20,000 24, , , ,340 Transfer 轉撥 14, ,796 4,386 (309,419) Disposals 出售 (777) (37,092) (7,832) (8,716) (54,417) (54,417) Classified as assets held for sale 分類為持作出售資產 (note 18) ( 附註 18) (76,268) (257,421) (21,376) (644) (1,869) (357,578) (357,578) At 31st March, 2016 於二零一六年三月三十一日 852,113 2,317, , , ,301 3,896,781 22,698 77,182 3,996,661 Accumulated amortisation, depreciation and impairment losses: At 1st April, 2015 於二零一五年四月一日 385,325 1,248, ,313 72,226 1,881,123 17,032 8,372 1,906,527 Exchange adjustments 匯兌調整 (5,487) (15,127) (857) (546) (22,017) (365) (22,382) Charge for the year 本年度攤銷及折舊 30, ,539 21,569 8, , , ,454 Recognition of impairment losses 確認減值虧損 Written back on disposals 出售時撥回 (188) (33,980) (5,291) (8,161) (47,620) (47,620) Classified as assets held for sale 分類為持作出售資產 (note 18) ( 附註 18) (52,024) (164,267) (21,158) (520) (237,969) (237,969) At 31st March, 2016 於二零一六年三月三十一日 358,606 1,183, ,576 71,232 1,782,517 17,558 9,614 1,809,689 Net book value: At 31st March, 2016 於二零一六年三月三十一日 493,507 1,133,901 77,697 57, ,301 2,114,264 5,140 67,568 2,186,972 Government grants of $30,839,000 (2015: $Nil) were received from the PRC government in relation to the acquisition of plant and equipment and were netted off against the cost of the related assets. 從中國政府收取就有關購置廠房及設備的政府補助為 30,839,000 元 ( 二零一五年 : 無 ) 已從相關資產之成本扣除 136 Vitasoy International Holdings Ltd. Annual Report 2015/16

140 11 Property, plant and equipment (Continued) (b) The analysis of net book value of properties is as follows: 11 物業 廠房及設備 ( 續 ) (b) 物業之賬面淨值之分析如下 : 二零一五年 $ 000 $ 000 千元 In Hong Kong 香港 medium-term leases 中期租約 131, ,221 Outside Hong Kong 香港以外地區 freehold 永久業權 77,230 99,307 long-term leases 長期租約 11,040 11,194 medium-term leases 中期租約 346, ,900 short-term leases 短期租約 Representing: 代表 : 566, ,774 Land and buildings held for own use 持有作自用之土地及樓宇 493, ,009 Investment properties 投資物業 5,140 5,666 Interests in leasehold land held 根據經營租賃持有作 for own use under operating leases 自用之租賃土地權益 67,568 72, , ,774 (c) Property, plant and equipment held under finance leases In addition to the leasehold land classified as being held under finance leases, the Group holds factory machinery and equipment under finance leases expiring from one to seven years. None of the leases includes contingent rentals. At the end of the reporting period, the net book value of the factory machinery and equipment held under finance leases of the Group amounted to $3,269,000 (2015: $3,494,000). The Group s obligations under finance leases are secured by the lessor s charge over the leased assets. (c) 以融資租賃持有之物業 廠房及設備 除列作以融資租賃持有之租賃土地外, 本集團透過於一至七年內到期之融資租賃, 持有工廠機器及設備 該等租賃並無包括或然租金 於匯報日, 本集團以融資租賃持有之工廠機器及設備之賬面淨值為 3,269,000 元 ( 二零一五年 : 3,494,000 元 ) 本集團根據融資租賃之債務乃以出租人之租賃資產押記作擔保 維他奶國際集團有限公司二零一五 一六年年報 137

141 11 Property, plant and equipment (Continued) (d) Property, plant and equipment leased out under operating leases The Group leases out investment properties under an operating lease. The leases runs for an initial period of three years, with an option to renew the lease after that date at which time all terms are renegotiated. None of the leases includes contingent rentals. The Group s total future minimum lease payments under non-cancellable operating lease are receivable as follows: 11 物業 廠房及設備 ( 續 ) (d) 根據經營租賃租出之物業 廠房及設備 本集團以經營租賃租出投資物業 該等租賃初步為期三年, 並且有權選擇在到期日後續期, 屆時所有條款均可重新商定 該等租賃並無包括或然租金 本集團根據不可解除之經營租賃在日後應收之最低租賃付款總額如下 : 二零一五年 $ 000 $ 000 千元 Within one year 一年內 833 1,910 (e) The fair value of investment properties (e) 投資物業之公允值 The fair value of investment properties at 31st March, 2016 is $53,800,000 (2015: $57,450,000) which is estimated at their open market value by reference to recent market transactions in comparable properties (2015: same basis of valuation adopted). The valuation was carried out by an independent firm of surveyors, Roma Appraisals Limited, who have among their staff members of the Hong Kong Institute of Surveyors with recent experience in the location and category of the properties being valued. The fair value measurement is categorised as a Level 3 valuation under the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to observability and significance of the inputs used in the valuation technique as follows: 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; Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available; and Level 3 valuations: Fair value measured using significant unobservable inputs. 投資物業於二零一六年三月三十一日之公允值為 53,800,000 元 ( 二零一五年 :57,450,000 元 ), 此乃經參考同類物業之近期市場交易後按公開市場價值進行估計 ( 二零一五年 : 採取同一估值基準 ) 估值乃由獨立測量師行羅馬國際評估有限公司進行, 其部份職員為香港測量師學會之會員, 在所估值物業之地區及類別具有相關近期經驗 公允值計量根據 香港財務報告準則 第 13 號 公允值計量 所界定之三級公允值架構分類為第三級估值 將某公允值計量分類之等級乃經參考如下估值方法所用數據之可觀察性及重要性後釐定 : 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 ; 第二級估值 : 使用第二級輸入數據 ( 即未能達到第一級之可觀察輸入數據 ) 且並未使用重大不可觀察輸入數據計量之公允值 不可觀察輸入數據為無市場數據之輸入數據 ; 及 第三級估值 : 使用重大不可觀察輸入數據計量之公允值 138 Vitasoy International Holdings Ltd. Annual Report 2015/16

142 11 Property, plant and equipment (Continued) 11 物業 廠房及設備 ( 續 ) (e) The fair value of investment properties (Continued) (e) 投資物業之公允值 ( 續 ) The fair value of investment properties is determined by using direct comparison approach with reference to the market price of comparable properties and adjusted for building quality and timing of the reference transaction. The significant unobservable input in the fair value measurement is the property-specific adjusting rate, which ranged from 0.95 to 1.05 (2015: 0.97 to 1.06). (f) Property, plant and equipment pledged against bank loans The following items of property, plant and equipment are pledged to secure certain bank loans or bank facilities granted to the Group (note 20). 投資物業之公允值乃參考可比較物業之市價使用直接比較法釐定, 並就參考交易之樓宇質素及時間作出調整 公允值計量之重大不可觀察輸入數據乃個別物業調整率, 介乎 0.95 至 1.05( 二零一五年 :0.97 至 1.06) (f) 就銀行貸款抵押之物業 廠房及設備 以下物業 廠房及設備項目已予抵押, 以擔保本集團獲授之若干銀行貸款或銀行信貸 ( 附註 20) 二零一五年 $ 000 $ 000 千元 Net book value of pledged assets: 抵押資產之賬面淨值 : Factory machinery and equipment 工廠機器及設備 67,871 72,163 (g) Deposits for the acquisition of property, plant and equipment As at 31st March, 2016, the Group paid deposits totalling $309,000 (2015: $3,716,000) to acquire property, plant and equipment. The remaining amount of the consideration for the acquisition is included in capital commitments (note 27(a)). (g) 購置物業 廠房及設備之訂金 於二零一六年三月三十一日, 本集團為購置物業 廠房及設備而支付訂金合共 309,000 元 ( 二零一五年 :3,716,000 元 ) 購置代價之餘下金額計入資本承擔 ( 附註 27(a)) 維他奶國際集團有限公司二零一五 一六年年報 139

143 12 Intangible assets 12 無形資產 Brand Customer name list Total 品牌名稱 客戶名單 總計 $ 000 千元 $ 000 千元 $ 000 千元 Cost: At 1st April, 2014 於二零一四年四月一日 8,073 11,957 20,030 Exchange adjustments 匯兌調整 (674) (999) (1,673) At 31st March, 2015 於二零一五年三月三十一日 7,399 10,958 18,357 Accumulated amortisation: At 1st April, 2014 於二零一四年四月一日 2,422 10,249 12,671 Exchange adjustments 匯兌調整 (226) (956) (1,182) Charge for the year 本年度攤銷 394 1,665 2,059 At 31st March, 2015 於二零一五年三月三十一日 2,590 10,958 13,548 Net book value: At 31st March, 2015 於二零一五年三月三十一日 4,809 4,809 Brand Customer name list Total $ 000 $ 000 $ 000 Cost: At 1st April, 2015 於二零一五年四月一日 7,399 10,958 18,357 Exchange adjustments 匯兌調整 At 31st March, 2016 於二零一六年三月三十一日 7,550 10,958 18,508 Accumulated amortisation: At 1st April, 2015 於二零一五年四月一日 2,590 10,958 13,548 Exchange adjustments 匯兌調整 Charge for the year 本年度攤銷 At 31st March, 2016 於二零一六年三月三十一日 3,020 10,958 13,978 Net book value: At 31st March, 2016 於二零一六年三月三十一日 4,530 4,530 The amortisation charges for the year are included in other operating expenses in the consolidated statement of profit or loss. 本年度之攤銷費用已計入綜合損益表之 其他經營費用 內 140 Vitasoy International Holdings Ltd. Annual Report 2015/16

144 13 Goodwill 13 商譽 二零一五年 $ 000 $ 000 千元 Cost: At 1st April 於四月一日 35,813 39,076 Exchange adjustments 匯兌調整 734 (3,263) At 31st March 於三月三十一日 36,547 35,813 Impairment tests for cash-generating unit containing goodwill Goodwill arose from the acquisition of the entire share capital in Unicurd Food Co. (Private) Limited ( Unicurd ). Therefore it is allocated to the Singapore segment according to the country of operation of Unicurd for impairment testing purposes. The recoverable amount of the Unicurd operation is determined based on a value-in-use calculation. That calculation uses cash flow projections based on financial budgets approved by management covering a threeyear period. Cash flows beyond the three-year period are extrapolated using an annual growth rate of 3% (2015: 3%). The growth rate does not exceed the long-term average growth rate for the business in which the Unicurd operation operate. Key assumptions used for the value-in-use calculation: 包含商譽之現金產生單位之減值測試 商譽因收購統一食品 ( 私人 ) 有限公司 ( 統一 ) 之全部股本而產生 因此, 商譽按照統一經營所在國家分配至新加坡分部以進行減值測試 統一業務之可收回金額乃根據使用價值計算釐定 該計算使用按管理層批准之三年期財政預算得出之現金流量預測 三年期以後之現金流量則使用 3%( 二零一五年 :3%) 之年增長率推算 該增長率不超過統一業務所經營業務之長期平均增長率 計算使用價值時採用之主要假設如下 : 二零一五年 Gross margin 毛利率 35.0% 39.4% Average annual sales growth rate 於三年期間之 for the three-year period 平均年銷售增長率 12.0% 18.5% Pre-tax discount rate 除稅前折現率 14.0% 14.0% Management determined the budgeted gross margin and sales growth rate based on past performance and its expectation for market development. The discount rate used is pre-tax and reflects specific risks relating to the relevant segment. Management believes that any reasonably possible change in the key assumptions on which the recoverable amount is based would not cause the carrying amount to exceed its recoverable amount. 管理層根據過往表現及其對市場發展之預測, 確定預算毛利率及銷售增長率 所使用之折現率則為反映相關分部特定風險之除稅前折現率 管理層認為, 釐定可收回金額所依據之主要假設出現任何合理可能變動, 均不會導致賬面值超過其可收回金額 維他奶國際集團有限公司二零一五 一六年年報 141

145 14 Subsidiaries The following list contains the particulars of the subsidiaries of the Group. The class of shares held is ordinary unless otherwise stated. All of these are controlled subsidiaries as defined under note 1(d) and have been consolidated into the Group s financial statements. 14 附屬公司 下表載有本集團附屬公司之詳情 除另有註明外, 本集團持有之股份類別均為普通股 此等附屬公司均為附註 1(d) 所界定之受控制附屬公司, 並在本集團之財務報表內綜合計算 Place of Particulars of incorporation/ issued and establishment paid-up Proportion of Principal Name of company and operation capital ownership interest activities held by the held by a Company subsidiary % % Vitasoy USA Inc. United States Common stock: 100 Manufacture of America US$32,841,222 and sale of 美利堅合眾國 普通股 : soy related 32,841,222 美元 products (note 18) Convertible 生產及銷售 series A 豆製產品 preferred stock: ( 附註 18) US$38,400,000 可換股 A 類優先股 : 38,400,000 美元 Shenzhen Vitasoy The PRC RMB80,000, Manufacture (Guang Ming) 中國 人民幣 and sale of Foods and Beverage 80,000,000 元 beverages Company Limited 生產及 (note (i)) 銷售飲品 深圳維他 ( 光明 ) 食品飲料有限公司 ( 附註 (i)) Vitasoy (China) Investments Hong Kong 2 shares 100 Investment Company Limited 香港 2 股股份 holding 維他奶 ( 中國 ) 投資有限公司 投資控股 Vitasoy (Shanghai) Company The PRC HK$219,461, Manufacture Limited (note (ii)) 中國 港幣 219,461,176 元 and sale of 維他奶 ( 上海 ) 有限公司 beverages ( 附註 (ii)) 生產及銷售飲品 Vita International Holdings Hong Kong 2 shares 100 Investment Limited 香港 2 股股份 holding 維他國際集團有限公司 投資控股 142 Vitasoy International Holdings Ltd. Annual Report 2015/16

146 14 Subsidiaries (Continued) 14 附屬公司 ( 續 ) Place of Particulars of incorporation/ issued and establishment paid-up Proportion of Principal Name of company and operation capital ownership interest activities held by the held by a Company subsidiary % % Vitasoy Australia Products Australia V class shares: 51 Manufacture Pty. Ltd. ( VAP ) 澳洲 A$8,925,000 and sale of ( VAP ) V 類股 : beverages 8,925,000 澳元 生產及銷售飲品 N class shares: A$8,575,000 N 類股 : 8,575,000 澳元 Vitasoja (Macau) Limitada Macau MOP100, Distribution 維他奶 ( 澳門 ) 有限公司 澳門 澳門幣 100,000 元 of beverages 分銷飲品 Produtos De Soja Hong Kong Macau MOP10, Dormant (Macau) Limitada 澳門 澳門幣 10,000 元 暫無營業 香港荳品 ( 澳門 ) 有限公司 Vitaland Services Limited Hong Kong 300,000 shares 100 Operation of 維他天地服務有限公司 香港 300,000 股股份 tuck shops and concessions 經營學校小食部及小食攤位 Hong Kong Gourmet Limited Hong Kong 2 shares 100 Provision of 香港美食有限公司 香港 2 股股份 catering services 提供餐飲服務 The Hong Kong Soya Bean Hong Kong 2 shares 100 Property Products Company, 香港 2 股股份 investment Limited 物業投資 香港荳品有限公司 Vitasoy Distributors Singapore S$2,500, Dormant (Singapore) Pte. Ltd. 新加坡 2,500,000 坡元 暫無營業 Vitasoy Investment Hong Kong 1 share 100 Investment Holdings Limited 香港 1 股股份 holding 維他奶投資控股有限公司 投資控股 維他奶國際集團有限公司二零一五 一六年年報 143

147 14 Subsidiaries (Continued) 14 附屬公司 ( 續 ) Place of Particulars of incorporation/ issued and establishment paid-up Proportion of Principal Name of company and operation capital ownership interest activities held by the held by a Company subsidiary % % Vitasoy Holdings (Malta) Malta Ordinary shares: 100 Sales of beverages Limited 馬爾他 HK$20,257 and exploitation 普通股 : of intellectual 港幣 20,257 元 rights of property 銷售飲品及 Deferred share: 運用知識產權 HK$7 遞延股份 : 港幣 7 元 Vitasoy International Hong Kong 1 share 100 Investment Investment Limited 香港 1 股股份 holding 維他奶國際投資有限公司 投資控股 Vitasoy Investment Singapore S$10, Investment (Singapore) Pte. Ltd. 新加坡 10,000 坡元 holding 投資控股 Unicurd Food Co. (Private) Singapore S$1,800, Manufacture Limited 新加坡 1,800,000 坡元 and sale of 統一食品 ( 私人 ) 有限公司 soy related products 生產及銷售豆製產品 Vitasoy (China) Holdings Hong Kong 1 share 100 Investment Limited 香港 1 股股份 holding 維他奶 ( 中國 ) 控股有限公司 投資控股 Vitasoy (Foshan) Company The PRC RMB200,000, Manufacture Limited (note (iii)) 中國 人民幣 and sale of 維他奶 ( 佛山 ) 有限公司 200,000,000 元 beverages ( 附註 (iii)) 生產及銷售飲品 Vitasoy (Wuhan) Company The PRC RMB170,000, Manufacture Limited (note (iv)) 中國 人民幣 and sale of 維他奶 ( 武漢 ) 有限公司 170,000,000 元 beverages ( 附註 (iv)) 生產及銷售飲品 144 Vitasoy International Holdings Ltd. Annual Report 2015/16

148 14 Subsidiaries (Continued) Notes: 14 附屬公司 ( 續 ) 附註 : (i) Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited ( Shenzhen Vitasoy ) is a sino-foreign equity joint venture established in the PRC and is to be operated up to (i) 深圳維他 ( 光明 ) 食品飲料有限公司 ( 深圳維他奶 ) 為於中國成立之中外合資合營企業, 經營期至二零四九年止 (ii) Vitasoy (Shanghai) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to (ii) 維他奶 ( 上海 ) 有限公司為於中國成立之全外資附屬公司, 經營期至二零四五年止 (iii) Vitasoy (Foshan) Company Limited ( Vitasoy Foshan ) is a sino-foreign equity joint venture established in the PRC and is to be operated up to (iii) 維他奶 ( 佛山 ) 有限公司 ( 佛山維他奶 ) 為於中國成立之中外合資合營企業, 經營期至二零四九年止 (iv) Vitasoy (Wuhan) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to (iv) 維他奶 ( 武漢 ) 有限公司為於中國成立之全外資附屬公司, 經營期至二零六四年止 維他奶國際集團有限公司二零一五 一六年年報 145

149 14 Subsidiaries (Continued) The following table lists out the information relating to Shenzhen Vitasoy, Vitasoy Foshan and VAP, the subsidiaries of the Group which have material non-controlling interests ( NCI ). The summarised financial information presented below represents the amounts before any inter-company elimination. 14 附屬公司 ( 續 ) 下表載列擁有重大非控股權益 ( 非控股權益 ) 之本集團附屬公司深圳維他奶 佛山維他奶及 VAP 有關之資料 下文呈列之財務資料概要指作出任何公司間撇銷前之金額 Shenzhen Vitasoy Vitasoy Foshan VAP 二零一五年 二零一五年 二零一五年 $ 000 $ 000 千元 $ 000 $ 000 千元 $ 000 $ 000 千元 NCI percentage 非控股權益百分比 15% 15% 15% 15% 49% 49% Current assets 流動資產 189, , , , , ,015 Non-current assets 非流動資產 216, , , , , ,419 Current liabilities 流動負債 (126,692) (144,634) (422,533) (265,953) (106,794) (94,955) Non-current liabilities 非流動負債 (9,475) (30,952) Net assets 淨資產 279, , , , , ,527 Carrying amount of NCI 非控股權益之賬面值 41,929 41,636 53,898 59, , ,628 Revenue 收入 626, , , , , ,740 Profit for the year 本年度溢利 60,568 76,018 50,511 57,243 36,665 33,986 Total comprehensive income 全面收益總額 60,568 76,018 50,511 57,243 35,078 33,972 Profit allocated to NCI 分配至非控股權益之溢利 9,085 11,403 7,577 8,586 17,966 16,653 Dividend paid to NCI 向非控股權益派發股息 6,991 10,118 10,499 7,073 7,359 Cash flows generated 經營活動所得現金流量 from operating activities 67, , ,890 45,877 38,914 59,196 Cash flows used in 投資活動所用現金流量 investing activities (47,818) (83,336) (251,076) (102,105) (20,941) (14,805) Cash flows (used in)/ 融資活動 ( 所用 ) 所得 generated from 現金流量 financing activities (47,295) (67,333) 70,290 76,057 (31,122) (37,101) 146 Vitasoy International Holdings Ltd. Annual Report 2015/16

150 15 Inventories (a) Inventories in the consolidated statement of financial position comprise: 15 存貨 (a) 綜合財務狀況表中之存貨包括 : 二零一五年 $ 000 $ 000 千元 Raw materials 原材料 317, ,313 Finished goods 製成品 211, , , ,252 (b) The analysis of the amount of inventories recognised as an expense and included in profit or loss is as follows: (b) 已於損益內確認為開支之存貨金額分析如下 : 二零一五年 $ 000 $ 000 千元 Carrying amounts of inventories sold 已售存貨之賬面值 2,789,077 2,603,572 Write down of inventories 撇減存貨 19,062 3,894 2,808,139 2,607, Trade and other receivables 16 應收賬款及其他應收款 二零一五年 $ 000 $ 000 千元 Trade debtors and bills receivable 應收賬款及應收票據 637, ,091 Less: Allowance for doubtful debts 減 : 呆壞賬減值撥備 (note 16(b)) ( 附註 16(b)) (1,227) (1,287) 636, ,804 Other debtors, deposits 其他應收款 按金及 and prepayments 預付款項 190, , , ,182 The amount of the Group s other debtors, deposits and prepayments expected to be recovered or charged as expense after more than one year is $29,691,000 (2015: $18,966,000). All of the other trade and other receivables are expected to be recovered or recognised as expense within one year. 本集團預期於超過一年後收回或扣除為開支之其他應收款 按金及預付款項為 29,691,000 元 ( 二零一五年 :18,966,000 元 ) 所有其他應收賬款及其他應收款預期於一年內收回或確認為開支 維他奶國際集團有限公司二零一五 一六年年報 147

151 16 Trade and other receivables (Continued) (a) Ageing analysis As of the end of the reporting period, the ageing analysis of trade debtors and bills receivable (which are included in trade and other receivables), based on the invoice date and net of allowance for doubtful debts, is as follows: 16 應收賬款及其他應收款 ( 續 ) (a) 賬齡分析 於匯報日, 應收賬款及應收票據 ( 已包括於應收賬款及其他應收款內 ) 按發票日期及扣除呆壞賬撥備之賬齡分析如下 : 二零一五年 $ 000 $ 000 千元 Within three months 三個月內 620, ,936 Three to six months 三至六個月 14,154 25,750 Over six months 六個月以上 1, , ,804 Trade receivables are due within one to three months from the date of billing. Further details on the group s credit policy are set out in note 26(a). (b) Impairment of trade debtors and bills receivable Impairment losses in respect of trade debtors and bills receivable 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 debtors and bills receivable directly (see note 1(j)(i)). The movement in the allowance for doubtful debts during the year is as follows: 應收賬款於發票日期起計一至三個月內到期 有關本集團信貸政策之進一步詳情載於附註 26(a) (b) 應收賬款及應收票據之減值 除非本集團信納收回該筆款項之可能性渺茫, 否則應收賬款及應收票據之減值虧損使用撥備賬記錄 若可收回之可能性渺茫, 有關減值虧損直接於應收賬款及應收票據中撇銷 ( 見附註 1(j)(i)) 呆壞賬撥備於年內之變動如下 : 二零一五年 $ 000 $ 000 千元 At 1st April 於四月一日 1,287 1,107 Exchange adjustments 匯兌調整 (4) (10) Impairment losses recognised 確認減值虧損 Uncollectible amounts written off 不可收回金額之撇銷 (197) (39) At 31st March 於三月三十一日 1,227 1,287 At 31st March, 2016, the Group s trade debtors and bills receivable of $1,227,000 (2015: $1,287,000) were individually determined to be impaired. The individually impaired receivables related to customers that were in financial difficulties. The Group does not hold any collateral over these balances. 於二零一六年三月三十一日, 本集團之應收賬款及應收票據 1,227,000 元 ( 二零一五年 : 1,287,000 元 ) 乃個別釐定為已減值 該等已個別減值之應收款與有財務困難之客戶有關 本集團並無就此等結餘持有任何抵押品 148 Vitasoy International Holdings Ltd. Annual Report 2015/16

152 16 Trade and other receivables (Continued) (c) Trade debtors and bills receivable that are not impaired The ageing analysis of trade debtors and bills receivable that are neither individually nor collectively considered to be impaired are as follows: 16 應收賬款及其他應收款 ( 續 ) (c) 並無減值之應收賬款及應收票據 並無個別或集體被視作已減值之應收賬款及應收票據之賬齡分析如下 : 二零一五年 $ 000 $ 000 千元 Neither past due nor impaired 無逾期亦無減值 507, ,259 Less than one month past due 逾期少於一個月 108, ,848 One to three months past due 逾期一至三個月 15,966 17,955 More than three months but less 逾期超過三個月 than twelve months past due 但少於十二個月 4,237 1,724 More than twelve months past due 逾期超過十二個月 Amounts past due 逾期金額 129, , , ,804 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. The Group does not hold any collateral over these balances. 無逾期亦無減值之應收款, 均為與近期並無拖欠還款紀錄之廣泛客戶有關 逾期但並無減值之應收款與多名獨立客戶有關, 該等客戶與本集團間之信貸紀錄良好 根據過往經驗, 由於其信貸質素並無重大變動, 管理層相信毋須就該等結餘作出減值撥備, 同時認為這些結餘仍可全數收回 本集團並無就此等結餘持有任何抵押品. 維他奶國際集團有限公司二零一五 一六年年報 149

153 17 Cash and bank deposits (a) Cash and bank deposits comprise: 17 現金及銀行存款 (a) 現金及銀行存款包括 : 二零一五年 $ 000 $ 000 千元 Cash at bank and in hand 銀行結存及庫存現金 221, ,407 Bank deposits maturing within 存款期於三個月內之 three months when placed 銀行存款 50,157 17,173 Cash and cash equivalents in 綜合現金流量表內之 the consolidated cash flow statement 現金及現金等值項目 271, ,580 Bank deposits maturing after 存款期超過三個月 three months 之銀行存款 Cash and bank deposits in 綜合財務狀況表內之 the consolidated statement 現金及銀行存款 of financial position 271, ,056 Long-term bank deposits 長期銀行存款 1, , ,056 At 31st March, 2016, certain Renminbi bank balances totalling $55,921,000 (2015: $Nil) were designated as a hedge against the foreign currency risk on future purchase of raw materials. The loss on re-translation of these bank balances at the exchange rate ruling at the end of the reporting period was included in other comprehensive income. 於二零一六年三月三十一日, 若干以人民幣計值的銀行結存合共 55,921,000 元 ( 二零一五年 : 零元 ) 被指定用作對沖日後購買原材料之外匯風險 按匯報日之匯率重新換算該等銀行結存之虧損已計入其他全面收益 150 Vitasoy International Holdings Ltd. Annual Report 2015/16

154 17 Cash and bank deposits (Continued) (b) Reconciliation of profit before taxation to cash generated from operations: 17 現金及銀行存款 ( 續 ) (b) 除稅前溢利與經營業務所得現金之對賬 : 二零一五年 Notes 附註 $ 000 $ 000 千元 Profit before taxation 除稅前溢利 599, ,609 Adjustments for: 調整 : Depreciation of property, 物業 廠房及 plant and equipment 設備之折舊 5(c) 208, ,980 Depreciation of investment 投資物業 properties 之折舊 5(c) Amortisation of interests in 根據經營租賃持有作 leasehold land held for own use 自用之租賃土地 under operating leases 權益之攤銷 5(c) 1,607 1,000 Amortisation of intangible assets 無形資產之攤銷 5(c) 367 2,059 Recognition/(reversal) of 物業 廠房及設備 impairment losses on property, 減值虧損 plant and equipment ( 撥回 ) 5(c) 679 (224) Interest on bank loans 銀行貸款之利息 5(a) 3,768 5,243 Finance charges on obligations 融資租賃債務之 under finance leases 財務費用 5(a) Interest income 利息收入 4 (2,002) (2,476) Net loss on disposal of property, 出售物業 廠房及 plant and equipment 設備之虧損淨額 5(c) 5,110 4,410 Net loss on forward exchange 非指定為對沖工具之 contracts not designated 遠期外匯合約之 as hedging instruments 淨虧損 5(c) 2,190 Equity settled share-based 以股份為付款基礎之 payment expenses 費用 5(b) 12,393 11,124 Foreign exchange (gain)/loss 匯兌 ( 收益 ) 虧損 (1,393) 365 Changes in working capital: 營運資金變動 : Increase in inventories 存貨增加 (18,121) (39,258) Increase in trade 應收賬款及 and other receivables 其他應收款增加 (89,402) (96,726) Increase in trade and other payables 應付賬款及其他應付款增加 21, ,449 Increase in employee retirement 僱員退休褔利 benefit liabilities 負債增加 4,095 4,693 Cash generated from operations 經營業務所得現金 749, ,186 維他奶國際集團有限公司二零一五 一六年年報 151

155 18 Disposal group held for sale On 24th March, 2016, the Group entered into an agreement with Pulmuone Foods Co., Ltd. (the Purchaser ) pursuant to which the Group conditionally agreed to sell certain assets in the Group s business operation in North America, as operated by Vitasoy USA Inc., to the Purchaser at a consideration of US$50.0 million (equivalent to approximately HK$387.5 million), subject to the net working capital adjustment, as defined in the agreement with the Purchaser (the Disposal ). The estimated gain on disposal (before taxation) is approximately US$19.8 million (equivalent to approximately HK$153.5 million). Details of the Disposal are set out in the Company s announcement dated 24th March, The Disposal was completed on 9th May, The assets and liabilities of Vitasoy USA Inc. attributable to the Disposal have been classified as a disposal group held for sale and are presented separately in the consolidated statement of financial position as at 31st March, Vitasoy USA Inc. continues to import beverage products from Hong Kong for sale in North America after the Disposal. The major classes of assets and liabilities of Vitasoy USA Inc. attributable to the Disposal as at 31st March, 2016 are as follows: 18 持作出售之出售組合 於二零一六年三月二十四日, 本集團與 Pulmuone Foods Co., Ltd( 買方 ) 訂立協議, 據此, 本集團已有條件地同意以代價 50,000,000 美元 ( 相等於約港幣 387,500,000 元 ) 出售本集團由 Vitasoy USA Inc. 營運之北美洲業務之若干資產予買方 ( 出售事項 ), 惟代價須待作出營運資金淨額之調整 ( 按與買方訂立之協議的定義 ), 方可作實 除稅前估計出售收益約為 19,800,000 美元 ( 相等於港幣約 153,500,000 元 ) 出售事項之詳情載於本公司於二零一六年三月二十四日之公佈 出售事項於二零一六年五月九日完成 Vitasoy USA Inc. 有關出售事項的資產及負債已分類為持作出售組合, 並於二零一六年三月三十一日之綜合財務狀況表內分開呈列 於出售事項後,Vitasoy USA Inc. 持續自香港進口飲料產品於北美洲銷售 於二零一六年三月三十一日 Vitasoy USA Inc. 有關出售事項之資產及負債之主要分類如下 : 2016 $ 000 Property, plant and equipment 物業 廠房及設備 119,609 Inventories 存貨 39,727 Trade and other receivables 應收賬款及其他應收款 58,742 Total assets classified as held for sale 分類為持作出售之總資產 218,078 Trade and other payables 有關分類為持作出售之資產之 associated with the assets 應付賬款及其他應付款 classified as held for sale 26, Trade and other payables 19 應付賬款及其他應付款 二零一五年 $ 000 $ 000 千元 Trade creditors and bills payable 應付賬款及應付票據 416, ,361 Accrued expenses and other payables 應計費用及其他應付款 868, ,547 Derivative financial instruments 衍生金融工具 2,190 1,286,879 1,247,908 All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $15,545,000 (2015: $15,297,000) which are expected to be settled after more than one year. 本集團預期所有應付賬款及其他應付款將於一年內償還, 惟 15,545,000 元 ( 二零一五年 : 15,297,000 元 ) 之客戶按金則預期於超過一年後償還 152 Vitasoy International Holdings Ltd. Annual Report 2015/16

156 19 Trade and other payables (Continued) As of the end of the reporting period, the ageing analysis of trade creditors and bills payable, based on the invoice date, is as follows: 19 應付賬款及其他應付款 ( 續 ) 於匯報日, 應付賬款及應付票據按發票日期之賬齡分析如下 : 二零一五年 $ 000 $ 000 千元 Within three months 三個月內 401, ,224 Three to six months 三至六個月 14,364 8,944 Over six months 六個月以上 906 1, , ,361 The Group s general payment terms are one to two months from the invoice date. 20 Bank loans At 31st March, 2016, the bank loans were repayable as follows: 本集團之一般付款期限為自發票日期起計一至兩個月 20 銀行貸款 於二零一六年三月三十一日, 銀行貸款須於下列期限償還 : 二零一五年 $ 000 $ 000 千元 Within one year or on demand 一年內或按要求 139, ,948 After one year but within two years 一年後但於兩年內 107,341 20,444 After two years but within five years 兩年後但於五年內 100,000 7, ,341 27, , ,662 At 31st March, 2016, bank loans totalling $27,986,000 (2015: $48,357,000) are secured by charges over property, plant and equipment with net book value totalling $67,871,000 (2015: $72,163,000) (note 12(Jacky)). Certain of the Group s banking facilities are subject to the fulfilment of covenants relating to certain financial ratios, as are commonly found in lending arrangements with financial institutions. If the Group were to breach the covenants, the drawn down facilities would become payable on demand. The Group regularly monitors its compliance with these covenants. Further details of the Group s management of liquidity risk are set out in note 26(b). As at 31st March, 2016 and 2015, none of the covenants relating to the drawn down facilities had been breached. 於二零一六年三月三十一日, 合共 27,986,000 元 ( 二零一五年 :48,357,000 元 ) 之銀行貸款乃以賬面淨值合共 67,871,000 元 ( 二零一五年 : 72,163,000 元 ) 之物業 廠房及設備作為擔保 ( 附註 12(Jacky)) 本集團若干銀行信貸須符合與若干財務比率有關之契諾, 這是與財務機構訂立貸款安排時之常見規定 倘若本集團違反有關契諾, 則須按要求償還已提取之信貸額 本集團定期監察以確保遵守該等契諾 有關本集團管理流動資金風險之進一步詳情載於附註 26(b) 於二零一六年及二零一五年三月三十一日, 本集團概無違反任何有關提取信貸之契諾 維他奶國際集團有限公司二零一五 一六年年報 153

157 21 Obligations under finance leases At 31st March, 2016, the Group had obligations under finance leases repayable as follows: 21 融資租賃之債務 於二零一六年三月三十一日, 本集團根據融資租賃須償還之債務如下 : 二零一五年 Present Present value of the Total value of the Total minimum minimum minimum minimum lease lease lease lease payments payments payments payments 最低租賃 最低租賃 付款之現值 付款總額 $ 000 $ 000 $ 000 千元 $ 000 千元 Within one year 一年內 1,135 1,342 1,043 1,329 After one year but within 一年後但於 two years 兩年內 1,223 1,341 1,124 1,329 After two years but within 兩年後但於 five years 五年內 ,114 2,252 2,134 2,274 3,238 3,581 3,269 3,616 4,281 4,910 Less: Total future 減 : 未來利息 interest expenses 費用總額 (347) (629) Present value of lease 租賃債務之現值 obligations 3,269 4, Vitasoy International Holdings Ltd. Annual Report 2015/16

158 22 Employee retirement benefits The Group operates and participates in a number of defined contribution and defined benefit retirement plans in and outside Hong Kong. 22 僱員退休福利 本集團在香港及香港以外地區設立及參加多項界定供款及界定福利退休計劃 (a) Defined contribution retirement plans (a) 界定供款退休計劃 (i) The Group operates a defined contribution retirement plan, Vitasoy International Holdings Limited Staff Provident Fund, which is available for all eligible staff employed by the Group in Hong Kong and Macau before 1st August, The plan is funded by contributions from employees and the Group, both of which contribute sums representing 5% 7.5% of basic salaries. Forfeited contributions are credited to members accounts in accordance with the rules of the plan. The plan is administered by trustees with the assets held separately from those of the Group. The employees are entitled to 100% of the employer s contributions after ten completed membership years, or at an increasing scale of between 50% to 90% after completion of five to nine membership years. (i) 本集團為所有於二零零零年八月一日之前在香港及澳門受聘之本集團合資格員工設立一項界定供款退休計劃 ( 維他奶國際集團有限公司職員強積金 ) 該計劃之資金來自僱員及本集團之供款 雙方供款金額為底薪之 5% 至 7.5% 沒收供款均根據計劃之規則撥入計劃成員之賬戶 該計劃交由信託人管理, 所持資產亦與本集團之資產分開處理 在參與計劃滿十年後, 僱員可享有全部僱主供款, 而參與計劃達五至九年可享有之僱主供款百分比則由 50% 逐步增至 90% Staff employed by the Group in Hong Kong not joining the defined contribution retirement plan are required to join the Group s Mandatory Provident Fund scheme ( the MPF scheme ) under the Hong Kong Mandatory Provident Fund Schemes Ordinance. The MPF scheme is a defined contribution retirement plan administered by an independent corporate trustee. Under the MPF scheme, the Group and the employees are each required to make contributions to the plan at 5% of the employees relevant income, subject to a cap of monthly relevant income of $30,000. Contributions to the MPF scheme vest immediately. 受僱於本集團而並無參加界定供款退休計劃之香港員工, 必須根據香港 強制性公積金計劃條例 參加本集團之強制性公積金計劃 ( 強制性公積金計劃 ) 強制性公積金計劃為一項界定供款退休計劃, 由獨立法團信託人管理 根據強制性公積金計劃, 本集團及僱員各自須按僱員有關收入 ( 有關收入之每月上限為 30,000 元 ) 之 5% 向計劃供款 向強制性公積金計劃支付之供款即時歸屬 (ii) Employees of the subsidiaries in the PRC are members of the central pension scheme operated by the PRC government. The Group is required to contribute a certain percentage of employees remuneration to the central pension scheme to fund the benefits. The only obligation for the Group with respect to the central pension scheme is the associated required contribution under the central pension scheme. Contributions to the plan vest immediately. (ii) 設於中國之附屬公司之僱員均參加由中國政府設立之中央退休金計劃 本集團須按僱員酬金之某一百分比向中央退休金計劃供款, 為福利提供資金 本集團就中央退休金計劃所須履行之唯一責任為向中央退休金計劃作出所需之相關供款 向計劃支付之供款即時歸屬 維他奶國際集團有限公司二零一五 一六年年報 155

159 22 Employee retirement benefits (Continued) 22 僱員退休福利 ( 續 ) (a) (iii) Defined contribution retirement plans (Continued) For employees in Australia, contributions are made by the Group to a registered superannuation fund for its employees, at 9% of the employees salaries. The assets of the scheme are held separately by an independent administered fund. Contributions to the plan vest immediately. (a) 界定供款退休計劃 ( 續 ) (iii) 澳洲僱員方面, 本集團須按僱員薪金之 9% 向一項為其僱員而設之註冊退休基金供款 計劃資產由獨立管理之基金分開持有 向計劃支付之供款即時歸屬 (iv) The Group also operates a defined contribution retirement plan for its employees in the United States of America ( the USA ). The Group is required to make contributions to the plan at various applicable rates of monthly salary that are in accordance with the local practice and regulations. Where there are employees who leave prior to vesting fully in the contributions, the forfeited employer s contributions shall be used to reduce the future contributions of the employer. (iv) 本集團亦為其於美國之僱員設立界定供款退休計劃 本集團須根據當地慣例及條例按每月薪金之各項適用比率向計劃作出供款 如僱員在未享有全部供款前離職, 因此沒收之僱主供款將用於扣減日後之僱主供款 (b) Defined benefit retirement plans At 31st March, 2016, the Group recognised employee retirement benefit liabilities in respect of the following employee retirement benefits: (b) 界定福利退休計劃 於二零一六年三月三十一日, 本集團就下列僱員退休福利確認僱員退休福利負債 : 二零一五年 $ 000 $ 000 千元 Employee retirement benefit liabilities 僱員退休福利負債 retirement gratuities 退休金 (note 22(c)(i)) ( 附註 22(c)(i)) 22,132 7,239 long service payments 長期服務金 (note 22(d)) ( 附註 22(d)) 5,901 2,995 28,033 10, Vitasoy International Holdings Ltd. Annual Report 2015/16

160 22 Employee retirement benefits (Continued) (c) Retirement gratuities Employees of the Group in Hong Kong and Macau, who have completed a prescribed minimum period of service and joined the Group before a specific date, are entitled to retirement gratuities upon retirement age. The gratuity is based on the employee s last month s salary and the number of years of service. A funded defined benefit retirement plan, Vitasoy International Holdings Limited Defined Benefit Scheme ( the Plan ), was established for the retirement gratuities. The Plan is administered by an independent corporate trustee, with assets held separately from those of the Group. The Plan is funded by contributions from the Group in accordance with an independent actuary s recommendation. The latest actuarial valuation of the Plan was at 31st March, 2016 and was prepared by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. The valuation indicates that the Group s obligation under this defined benefit retirement plan is 74% (2015: 91%) covered by the plan assets held by the trustee. 22 僱員退休福利 ( 續 ) (c) 退休金 本集團在香港及澳門之僱員在服務年資達到一段指定之最短期限及於指定日期之前加入本集團, 均有權在屆退休年齡時領取退休金 金額視乎僱員最後所領月薪及服務年資而定 本集團為退休金成立一項資助界定福利退休計劃 維他奶國際集團有限公司界定福利計劃 ( 該計劃 ) 該計劃由獨立法團信託人管理, 其資產與本集團之資產分開持有 該計劃由本集團按照獨立精算師之建議作出供款 該計劃之最新精算估值乃於二零一六年三月三十一日由韋萊韜悅之獨立專業合資格精算師採用預算單位信貸法進行 有關估值顯示本集團根據該界定福利退休計劃所須履行之責任其中 74% ( 二零一五年 :91%) 受信託人持有之計劃資產保障 (i) The amounts recognised in the consolidated statement of financial position are as follows: (i) 於綜合財務狀況表確認之金額如下 : 二零一五年 $ 000 $ 000 千元 Present value of wholly 全面資助責任 funded obligations 之現值 85,403 83,633 Fair value of plan assets 計劃資產之公允值 (63,271) (76,394) Employee retirement 僱員退休福利 benefit liabilities 負債 22,132 7,239 A portion of the above liabilities is expected to be settled after more than one year. However, it is not practicable to segregate this amount from the amounts payable in the next twelve months, as the retirement benefit entitled by scheme members and future contributions to the plan will also depend on staff turnover and future changes in actuarial assumptions. The Group expects to pay $225,000 in contributions to defined benefit retirement plan during the year ending 31st March, 2017 (2015: $192,000). 預期上述負債部份將於超過一年後清償 然而, 由於計劃成員有權享有之退休福利及日後之計劃供款亦將視乎員工流動率及精算假設日後之變動而定, 故將此款額自未來十二個月內所應支付之金額中抽離並不可行 本集團預期於截至二零一七年三月三十一日止年度向界定福利退休計劃支付供款 225,000 元 ( 二零一五年 :192,000 元 ) 維他奶國際集團有限公司二零一五 一六年年報 157

161 22 Employee retirement benefits (Continued) 22 僱員退休福利 ( 續 ) (c) (ii) Retirement gratuities (Continued) Plan assets consist of the following: (c) 退休金 ( 續 ) (ii) 計劃資產包括下列各項 : 二零一五年 $ 000 $ 000 千元 Plan assets with quoted price in active market Equities 股票 Financial 財務 14,883 18,695 Consumer discretionary 非必需消費品 4,772 5,885 Industrials 工業 4,201 5,258 Consumer staples 必需消費品 4,007 4,881 Other 其他 17,821 21,263 45,684 55,982 Bonds 債券 Corporate bonds 公司債券 9,727 8,311 Government-related bonds 政府相關債券 2,345 2,341 Treasury bonds 國債 5,237 7,812 17,309 18,464 Money instruments 貨幣工具 278 1,948 Total quoted plan assets 已報價計劃資產總值 63,271 76, Vitasoy International Holdings Ltd. Annual Report 2015/16

162 22 Employee retirement benefits (Continued) 22 僱員退休福利 ( 續 ) (c) (iii) Retirement gratuities (Continued) Movements in the present value of the defined benefit obligations are as follows: (c) 退休金 ( 續 ) (iii) 界定福利責任之現值變動如下 : 二零一五年 $ 000 $ 000 千元 At 1st April 於四月一日 83,633 83,911 Remeasurement: 重新計量 : Actuarial losses/(gains) arising from 由財務假設改變 changes in financial assumptions 所致的精算虧損 ( 收益 ) 5,441 (267) Benefits paid by the Plan 該計劃已付福利 (8,475) (5,314) Current service cost 現有服務成本 3,749 4,003 Interest cost 利息成本 1,055 1,300 At 31st March 於三月三十一日 85,403 83,633 The weighted average duration of the defined benefit obligation is 8 years (2015: 8 years). 界定福利責任之加權平均期限為 8 年 ( 二零一五年 :8 年 ) (iv) Movements in fair value of plan assets are as follows: (iv) 計劃資產之公允值變動如下 : 二零一五年 $ 000 $ 000 千元 At 1st April 於四月一日 76,394 77,076 Contributions paid to the Plan 向該計劃作出之供款 Benefits paid by the Plan 該計劃已付福利 (8,475) (5,314) Administrative expenses paid 由計劃資產支付之 from plan assets 行政費用 (193) Return on plan assets, 計劃資產回報, excluding interest income 不包括利息收入 (5,641) 3,205 Interest income 利息收入 961 1,199 At 31st March 於三月三十一日 63,271 76,394 維他奶國際集團有限公司二零一五 一六年年報 159

163 22 Employee retirement benefits (Continued) 22 僱員退休福利 ( 續 ) (c) (v) Retirement gratuities (Continued) Net expenses recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: (c) 退休金 ( 續 ) (v) 於綜合損益及其他全面收益表確認之開支淨額如下 : 二零一五年 $ 000 $ 000 千元 Current service cost 現有服務成本 3,749 4,003 Administrative expenses paid from 由計劃資產支付之 plan assets 行政費用 193 Net interest on 界定福利負債淨額的 net defined benefit liability 淨利息 Total amounts recognised in 於損益確認的總額 profit or loss 4,036 4,104 Actuarial losses/(gains) 精算虧損 ( 收益 ) 5,441 (267) Return on plan assets, 計劃資產回報, excluding interest income 不包括利息收入 5,641 (3,205) Total amounts recognised in 於其他全面收益 other comprehensive income 確認的總額 11,082 (3,472) Total defined benefit expenses 界定福利總開支 15, The current service cost and the net interest on net defined benefit liability are recognised in the following line items in the consolidated statement of profit or loss: 界定福利負債淨額之現有服務成本及淨利息已於綜合損益表中按下列各項確認 : 二零一五年 $ 000 $ 000 千元 Cost of sales 銷售成本 Marketing, selling and 推廣 銷售及 distribution expenses 分銷費用 1,112 1,200 Administrative expenses 行政費用 1,533 1,482 Other operating expenses 其他經營費用 ,036 4, Vitasoy International Holdings Ltd. Annual Report 2015/16

164 22 Employee retirement benefits (Continued) 22 僱員退休福利 ( 續 ) (c) (vi) Retirement gratuities (Continued) Significant actuarial assumptions and sensitivity analysis are as follows: (c) 退休金 ( 續 ) (vi) 主要精算假設及敏感性分析如下 : 二零一五年 Discount rate 折現率 1.10% 1.30% Future salary increases 未來薪金增幅 4.5% per annum 4.5% per annum 4.5 % 每年 4.5% The below analysis shows how the defined benefit obligations as at 31st March, 2016 would have increased/ (decreased) as a result of 0.5% change in the significant actuarial assumptions: 以下分析顯示於二零一六年三月三十一日之界定福利責任因重大精算假設 0.5% 變動而上升 ( 下跌 ): 二零一五年 Increase Decrease Increase Decrease in 0.5% in 0.5% in 0.5% in 0.5% 0.5% 0.5% 上升 0.5% 下跌 0.5% Discount rate 折現率 (3,683) 3,934 (3,330) 3,442 Future salary increases 未來薪金增幅 3,906 (3,695) 3,436 (3,338) 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. (d) Long service payments Under the Hong Kong Employment Ordinance, the Group is obliged to make lump sum payments on cessation of employment in certain circumstances to certain employees who have completed at least five years of service with the Group. The amount payable is dependent on the employees final salary and years of service, and is reduced by entitlements accrued under the Group s retirement plans that are attributable to contributions made by the Group. The Group does not set aside any assets to fund any remaining obligations. An actuarial valuation of long service payments was also carried out at 31st March, 2016, by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method. 上述敏感性分析乃以假設精算假設之間之變動並無直接關係為基準, 因此並無計入精算假設之間之直接關係 (d) 長期服務金 根據香港 僱傭條例, 本集團須在若干情況下終止僱用某些為本集團服務至少五年之僱員時向彼等支付一筆過款項 所須支付之金額視乎僱員最後所領薪金及服務年資而定, 並扣減本集團退休計劃下歸屬於本集團所作供款之應計權益 本集團並未預留任何資產以提供履行任何剩餘責任所需之資金 長期服務金亦於二零一六年三月三十一日由韋萊韜悅之獨立專業合資格精算師採用預算單位信貸法進行精算估值 維他奶國際集團有限公司二零一五 一六年年報 161

165 22 Employee retirement benefits (Continued) (d) Long service payments (Continued) The amounts recognised in the consolidated statement of financial position are as follows: 22 僱員退休福利 ( 續 ) (d) 長期服務金 ( 續 ) 於綜合財務狀況表確認之金額如下 : 二零一五年 $ 000 $ 000 千元 Present value of unfunded 無資助責任 obligations 之現值 5,901 2,995 A portion of the above liabilities is expected to be settled after more than one year. However, it is not practical to segregate this amount from the amounts payable in the next twelve months, as the retirement benefit payable will also depend on staff turnover and future changes in actuarial assumptions. 23 Equity settled share-based transactions The Company adopted a share option scheme on 4th September, 2002 (the 2002 Share Option Scheme ) whereby the Directors of the Company are authorised, at their discretion, to invite employees of the Group, including Directors of any company in the Group, to take up options to subscribe for ordinary shares in the Company. At the annual general meeting of the Company held on 28th August, 2012, ordinary resolutions were passed for the adoption of a new share option scheme (the 2012 Share Option Scheme ) and the termination of the 2002 Share Option Scheme. Subject to their respective exercisable periods, all outstanding options granted under the 2002 Share Option Scheme will still be valid and exercisable after the expiration of the 2002 Share Option Scheme. The exercise price of the options is determined by the Directors of the Company and is the higher of (i) the closing price of the shares on The Stock Exchange of Hong Kong Limited (the Stock Exchange ) on the date of grant, which must be a business day; and (ii) the average of the closing prices of the shares on the Stock Exchange for the five business days immediately preceding the date of grant. The options are exercisable for a period not to exceed 10 years from the date of grant. Each option gives the holder the right to subscribe for one share in the Company. 預期上述負債部份將於超過一年後清償 然而, 由於應付退休福利亦將視乎員工流動率及精算假設日後之變動而定, 故將此款額自未來十二個月內所應支付之金額中抽離並不可行 23 以股份為付款基礎之交易 本公司於二零零二年九月四日採納一項購股權計劃 ( 二零零二年購股權計劃 ), 據此, 本公司之董事獲授權酌情邀請本集團之僱員 ( 包括本集團旗下任何公司之董事 ) 接納購股權以認購本公司普通股 於二零一二年八月二十八日舉行之本公司股東週年大會上, 通過了有關採納新購股權計劃 ( 二零一二年購股權計劃 ) 及終止二零零二年購股權計劃之普通決議案 根據其各自行使期限, 所有根據二零零二年購股權計劃授出之未行使購股權於二零零二年購股權計劃期限屆滿後將仍然有效及可予行使 購股權之行使價由本公司董事釐定, 為以下之最高者 :(i) 股份於授出日期 ( 當日必須為營業日 ) 在香港聯合交易所有限公司 ( 聯交所 ) 錄得之收市價 ; 及 (ii) 股份於緊接授出日期前五個營業日在聯交所錄得之平均收市價 購股權之行使期不得超過授出日期起計之十年 每項購股權之持有人均有權認購一股本公司股份 162 Vitasoy International Holdings Ltd. Annual Report 2015/16

166 23 Equity settled share-based transactions (Continued) (a) The terms and conditions of the unexpired and unexercised share options at the end of the reporting period are as follows, whereby all options are settled by physical delivery of shares: 23 以股份為付款基礎之交易 ( 續 ) (a) 於匯報日之未屆滿及未行使購股權之條款及條件如下, 所有購股權均以股份之實物交收結算 : 二零一五年 Contractual Remaining Remaining life of Exercise contractual Number of contractual Number of Date of grant Exercise period options price life options life options 購股權之 尚餘 購股權之 授出日期 行使期 合約年期 行使價 合約年期 數目 $ 元 千股 1/6/2005 1/6/2006 to 至 31/5/ years 年 months 月 62 5/6/2006 5/6/2007 to 至 4/6/ years 年 months 30 1 year 年 60 21/7/ /7/2009 to 至 20/7/ years 年 years 3 years 年 /7/ /7/2010 to 至 20/7/ years 年 years years 年 1,240 9/6/2010 9/6/2011 to 至 8/6/ years 年 years years 年 1,504 7/9/2010 7/9/2011 to 至 6/9/ years 年 years 5 years 年 2,120 15/6/ /6/2012 to 至 14/6/ years 年 years years 年 1,726 8/9/2011 8/9/2012 to 至 7/9/ years 年 years 1,740 6 years 年 2,320 22/6/ /6/2013 to 至 21/6/ years 年 years 2,231 7 years 年 3,268 31/8/ /8/2013 to 至 30/8/ years 年 years 2,822 7 years 年 2,822 2/4/2013 2/4/2015 to 至 1/4/ years 年 years 1,900 8 years 年 2,100 28/6/ /6/2014 to 至 27/6/ years 年 years 4,090 8 years 年 4,530 9/9/2013 9/9/2014 to 至 8/9/ years 年 years 1,704 8 years 年 1,704 2/7/2014 2/7/2015 to 至 1/7/ years 年 years 4,089 9 years 年 4,354 10/9/ /9/2015 to 至 9/9/ years 年 years 1,792 9 years 年 1,792 26/6/ /6/2016 to 至 25/6/ years 年 years 4,124 14/9/ /9/2016 to 至 13/9/ years 年 years 1,588 27,740 29,842 Except for the options granted on 2nd April, 2013 which was fully vested after two years from the date of grant, all the options are exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows: 除於二零一三年四月二日授出之購股權將自授出日期起計兩年後獲全部歸屬外, 所有可予行使之購股權數目乃逐步增加, 而各階段可行使購股權之百分比上限如下 : Percentage of options granted On or after 1st year anniversary of the date of grant 授出日期起計一週年或其後 25% On or after 2nd year anniversary of the date of grant 授出日期起計兩週年或其後 another 另 25% On or after 3rd year anniversary of the date of grant 授出日期起計三週年或其後 another 另 25% On or after 4th year anniversary of the date of grant 授出日期起計四週年或其後 another 另 25% During the year, 6,909,000 options (2015: 5,540,000 options) were exercised under the 2002 Share Option Scheme, and 905,000 options (2015: Nil) were exercised under the 2012 Share Option Scheme. 年內,6,909,000 份購股權 ( 二零一五年 : 5,540,000 份購股權 ) 根據二零零二年購股權計劃已獲行使及 905,000 份購股權 ( 二零一五年 : 無 ) 根據二零一二年購股權計劃已獲行使 維他奶國際集團有限公司二零一五 一六年年報 163

167 23 Equity settled share-based transactions (Continued) 23 以股份為付款基礎之交易 ( 續 ) (b) The number and weighted average exercise prices of share options are as follows: (b) 購股權之數目及加權平均行使價如下 : 二零一五年 Weighted Weighted average average exercise Number of exercise Number of price options price options 加權平均 購股權之 行使價 數目 $ 000 $ 元 000 千股 Outstanding at 1st April 於四月一日尚未行使 , ,880 Exercised during the year 於年內行使 (7,814) (5,540) Granted during the year 於年內授出 , ,146 Forfeited on termination 因合資格參與 of employment of 者離職而於年內 eligible participants or 沒收或失效 lapsed during the year (644) Outstanding at 31st March 於三月三十一日尚未行使 , ,842 Exercisable at 31st March 於三月三十一日可行使 12,747 12,764 The weighted average share price at the date of exercise for share options exercised during the year was $ (2015: $10.082). 已行使之購股權於年內之行使日期之加權平均股價為 元 ( 二零一五年 : 元 ) (c) Fair value of share options and assumptions (c) 購股權之公允值及假設 The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted. The estimate of the fair value of the share options granted is measured based on a binomial lattice model. The contractual life of the share option is used as an input into this model. Expectations of early exercise are incorporated into the binomial lattice model. 本集團以授出購股權來獲得之服務之公允值, 乃參考已授出購股權之公允值計量 已授出購股權之估計公允值以二項式點陣模式計量 購股權之合約年期用作該模式之一項輸入參數 有關提早行使之預期已計入二項式點陣模式之內 164 Vitasoy International Holdings Ltd. Annual Report 2015/16

168 23 Equity settled share-based transactions (Continued) 23 以股份為付款基礎之交易 ( 續 ) (c) Fair value of share options and assumptions (Continued) (c) 購股權之公允值及假設 ( 續 ) Fair values of share options and assumptions: 購股權之公允值及假設 : Date of grant 授出日期 1/6/2005 5/6/ /7/ /7/2009 9/6/2010 7/9/ /6/2011 8/9/ /6/ /8/2012 2/4/ /6/2013 9/9/2013 2/7/ /9/ /6/ /9/2015 Fair value at 於計量日期 measurement date 之公允值 $0.522 元 $0.555 元 $0.507 元 $0.627 元 $0.956 元 $0.956 元 $0.895 元 $0.605 元 $0.953 元 $1.043 元 $1.440 元 $1.827 元 $2.244 元 $2.150 元 $2.082 元 $3.038 元 $2.248 元 Share price 股價 $2.375 元 $2.900 元 $3.820 元 $4.580 元 $5.950 元 $6.080 元 $6.160 元 $5.490 元 $6.170 元 $6.620 元 $9.090 元 $9.370 元 $9.950 元 $ 元 $9.920 元 $ 元 $ 元 Exercise price 行使價 $2.375 元 $2.900 元 $3.820 元 $4.580 元 $6.022 元 $5.942 元 $6.424 元 $6.358 元 $6.274 元 $6.400 元 $9.090 元 $9.370 元 $9.370 元 $ 元 $ 元 $ 元 $ 元 Expected volatility 預期波幅 35% 30% 23% 26% 26% 26% 25% 25% 26% 26% 26% 26% 26% 26% 26% 26% 26% Expected option life 預期購股權之有效期 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 10 years 年 Expected dividends 預期股息 7.5% 7.5% 7.0% 7.0% 5.6% 5.6% 5.5% 5.5% 5.0% 5.0% 4.9% 4.0% 4.0% 3.5% 3.5% 3.0% 3.0% Risk-free interest rate 無風險利率 3.520% 4.690% 3.600% 2.190% 2.120% 1.900% 2.040% 1.750% 0.810% 0.620% 1.092% 1.720% 2.400% 1.870% 1.940% 1.750% 1.730% The expected volatility is based on the historic volatility, adjusted for any expected changes to future volatility based on publicly available information. Expected dividends are based on historical dividends. Changes in the subjective input assumptions could materially affect the fair value estimate. Share options were granted under a service condition. This condition has not been taken into account in the grant date fair value measurement of the services received. There was no market conditions associated with the share option grants. 預期波幅按歷史波幅釐定, 並根據因公開資料導致未來波幅之任何預期變化予以調整 預期股息按歷史股息釐定 所採用主觀輸入假設之變動可對公允值之估計產生重大影響 購股權是根據服務條件而授出 此項條件在計量所得服務之公允值 ( 於授出日期 ) 時不在考慮之列 授出購股權並無附有市場條件 維他奶國際集團有限公司二零一五 一六年年報 165

169 24 Income tax in the consolidated statement of financial position (a) Current tax recoverable/(payable) in the consolidated statement of financial position represents: 24 綜合財務狀況表之所得稅 (a) 綜合財務狀況表之應收 ( 應付 ) 現期稅項如下 : 二零一五年 $ 000 $ 000 千元 Provision for Hong Kong 本年度香港 Profits Tax for the year 利得稅撥備 (50,095) (44,306) Provisional Profits Tax paid 已繳付之預繳利得稅 47,509 48,421 (2,586) 4,115 Taxation outside Hong Kong 香港以外地區稅項 (6,017) (26,004) (8,603) (21,889) Summary 概要 二零一五年 $ 000 $ 000 千元 Current tax recoverable 應收現期稅項 8,072 5,435 Current tax payable 應付現期稅項 (16,675) (27,324) (8,603) (21,889) 166 Vitasoy International Holdings Ltd. Annual Report 2015/16

170 24 Income tax in the consolidated statement of financial position (Continued) (b) Deferred tax assets/(liabilities) recognised: The components of deferred tax assets/(liabilities) recognised in the consolidated statement of financial position and the movements during the year are as follows: 24 綜合財務狀況表之所得稅 ( 續 ) (b) 已確認遞延稅項資產 ( 負債 ): 於綜合財務狀況表確認之遞延稅項資產 ( 負債 ) 及年內之變動如下 : Depreciation Fair value allowances adjustment on in excess Future Employee Withholding tangible and Cash of the related benefit of retirement tax on intangible flow depreciation tax losses benefits Provisions dividends assets hedges Total $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 Deferred tax arising from: At 1st April, 2014 於二零一四年四月一日 (70,598) 8,711 1,479 33,236 (8,286) (2,171) 316 (37,313) Exchange adjustments 匯兌調整 56 (3) (499) 156 (290) (Charged)/credited to profit or loss 於損益 ( 扣除 ) 計入 (4,891) (256) 753 8,512 (2,571) 430 1,977 Charged to reserves 於儲備扣除 (757) (316) (1,073) At 31st March, 2015 於二零一五年三月三十一日 (75,433) 8,452 1,475 41,249 (10,857) (1,585) (36,699) Deferred tax arising from: At 1st April, 2015 於二零一五年四月一日 (75,433) 8,452 1,475 41,249 (10,857) (1,585) (36,699) Exchange adjustments 匯兌調整 (128) (15) (1,234) (21) (1,398) (Charged)/credited to profit or loss 於損益 ( 扣除 ) 計入 (2,048) 65, , ,022 Credited to reserves 於儲備計入 2, ,290 At 31st March, 2016 於二零一六年三月三十一日 (77,609) 74,189 4,380 46,333 (9,916) (1,205) 43 36,215 維他奶國際集團有限公司二零一五 一六年年報 167

171 24 Income tax in the consolidated statement of financial position (Continued) (b) Deferred tax assets/(liabilities) recognised: (Continued) Reconciliation to the consolidated statement of financial position 24 綜合財務狀況表之所得稅 ( 續 ) (b) 已確認遞延稅項資產 ( 負債 ):( 續 ) 綜合財務狀況表對賬 二零一五年 $ 000 $ 000 千元 Net deferred tax assets 於綜合財務狀況表確認之 recognised in the consolidated 遞延稅項資產淨額 statement of financial position 101,290 32,678 Net deferred tax liabilities 於綜合財務狀況表確認之 recognised in the consolidated 遞延稅項負債淨額 statement of financial position (65,075) (69,377) 36,215 (36,699) (c) Deferred tax assets not recognised (c) 未確認之遞延稅項資產 In accordance with the accounting policy set out in note 1(q), the Group has not recognised deferred tax assets in respect of tax losses and other temporary differences of $279,800,000 (2015: $547,188,000) as it is not probable that future taxable profits against which the losses and other temporary differences can be utilised will be available in the relevant tax jurisdictions and entities. Included in unrecognised tax losses is an amount of $10,896,000 (2015: $Nil) and $224,735,000 (2015: $378,753,000) which can be carried forward up to five years and twenty years respectively from the year in which the loss originated. The remaining balance of $10,586,000 (2015: $10,373,000) does not expire under current tax legislation. Also included in unrecognised deferred tax assets for other temporary differences is an amount of $33,583,000 (2015: $158,062,000) which does not expire under current tax legislation. 根據附註 1(q) 所載之會計政策, 本集團並無確認有關於稅務虧損及其他暫時差異 279,800,000 元 ( 二零一五年 :547,188,000 元 ) 之遞延稅項資產, 原因在於有關稅項司法管轄區及實體不大可能產生未來應課稅溢利以抵銷可動用之有關虧損及其他暫時差異 未確認稅務虧損中有 10,896,000 元 ( 二零一五年 : 零元 ) 及 224,735,000 元 ( 二零一五年 : 378,753,000 元 ) 將可分別自虧損產生之年度起結轉最多五年及二十年 其餘 10,586,000 元 ( 二零一五年 :10,373,000 元 ) 結餘不會根據現行稅法屆滿 此外, 未確認遞延稅項資產中之其他暫時差異金額為 33,583,000 元 ( 二零一五年 :158,062,000 元 ) 不會根據現行稅法屆滿 168 Vitasoy International Holdings Ltd. Annual Report 2015/16

172 25 Capital, reserves and dividends (a) Movements in components of equity The reconciliation between the opening and closing balances of each component of the Group s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company s individual components of equity between the beginning and the end of the year are set out below: The Company 25 資本 儲備及股息 (a) 權益組成部份之變動 本集團綜合權益各組成部份之年初與年末結餘之對賬載於綜合權益變動表 本公司權益個別組成部份於年初及年末之變動詳情如下 : 本公司 Share-based Share Capital General compensation Hedging Retained Total capital reserve reserve reserve reserve profits equity 股份基礎 股本 資本儲備 一般儲備 補償儲備 對沖儲備 保留溢利 權益總額 Note 附註 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 Balance at 1st April, 2014 於二零一四年四月一日結餘 655,299 55,133 2,261 18,538 (1,600) 717,861 1,447,492 Changes in equity 本年度之權益變動 : for the year: Transfer from capital 自資本儲備轉撥至 reserve to retained profits 保留溢利 25(d)(i) (4,087) 4,087 Shares issued on exercise of 就行使購股權 share options 而發行股份 25(c)(ii) 22,395 (3,188) 19,207 Equity settled share-based 以股份為付款基礎之交易 transactions 11,124 11,124 Final dividend approved in 批准屬於上一年度之 respect of the previous 末期股息 year 25(b)(ii) (176,527) (176,527) Interim dividend declared in 宣派本年度之中期股息 respect of the current year 25(b)(i) (33,245) (33,245) Total comprehensive income 本年度全面收益總額 for the year 9 1, , ,672 Balance at 31st March, 2015 於二零一五年 三月三十一日結餘 677,694 51,046 2,261 26, ,248 1,588,723 維他奶國際集團有限公司二零一五 一六年年報 169

173 25 Capital, reserves and dividends (Continued) 25 資本 儲備及股息 ( 續 ) (a) Movements in components of equity (Continued) (a) 權益組成部份之變動 ( 續 ) The Company (Continued) 本公司 ( 續 ) Share-based Share Capital General compensation Hedging Retained Total capital reserve reserve reserve reserve profits equity Note 附註 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Balance at 1st April, 2015 於二零一五年四月一日結餘 677,694 51,046 2,261 26, ,248 1,588,723 Changes in equity 本年度之權益變動 : for the year: Transfer from capital 自資本儲備轉撥至 reserve to retained profits 保留溢利 25(d)(i) (4,087) 4,087 Shares issued on exercise of 就行使購股權 share options 而發行股份 25(c)(ii) 56,028 (7,527) 48,501 Equity settled share-based 以股份為付款基礎之交易 transactions 12,393 12,393 Final dividend approved in 批准屬於上一年度之 respect of the previous 末期股息 year 25(b)(ii) (221,111) (221,111) Interim dividend declared in 宣派本年度之中期股息 respect of the current year 25(b)(i) (39,656) (39,656) Total comprehensive income 本年度全面收益總額 for the year 9 (217) 701, ,236 Balance at 31st March, 2016 於二零一六年三月三十一日結餘 733,722 46,959 2,261 31,340 (217) 1,276,021 2,090, Vitasoy International Holdings Ltd. Annual Report 2015/16

174 25 Capital, reserves and dividends (Continued) (b) Dividends 25 資本 儲備及股息 ( 續 ) (b) 股息 (i) Dividends payable to equity shareholders of the Company attributable to the year (i) 應付予本公司股權持有人之本年度股息 二零一五年 $ 000 $ 000 千元 Interim dividend declared 已宣派及已支付中期股息 and paid of 3.8 cents per 每股普通股 3.8 仙 ordinary share ( 二零一五年 : 每股普通股 3.2 仙 ) (2015: 3.2 cents per ordinary share) 39,656 33,245 Final dividend proposed after 於匯報日後擬派之末期股息 the end of the reporting period of 每股普通股 26.5 仙 26.5 cents per ordinary share ( 二零一五年 : 每股普通股 21.2 仙 ) (2015: 21.2 cents per ordinary share) 277, , , ,678 The final dividend proposed after the end of the reporting period is based on 1,048,811,500 ordinary shares (2015: 1,039,779,500 ordinary shares), being the total number of issued shares at the date of approval of the financial statements. The final dividend proposed after the end of the reporting period has not been recognised as liabilities at the end of the reporting period. 於匯報日後擬派之末期股息乃按批准財務報表當日已發行股份總數 1,048,811,500 股普通股 ( 二零一五年 :1,039,779,500 股普通股 ) 計算 於匯報日後擬派之末期股息於匯報日並未確認為負債 (ii) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year (ii) 屬於上一財政年度, 並於年內批准及支付予本公司股權持有人之股息 二零一五年 $ 000 $ 000 千元 Final dividend in respect of 屬於上一財政年度, 並於年內 the previous financial year, 批准及支付之末期股息 approved and paid during the year, 每股普通股 21.2 仙 of 21.2 cents per ordinary share ( 二零一五年 : 每股普通股 17.0 仙 ) (2015: 17.0 cents per ordinary share) 221, ,527 The final dividend approved and paid during the year is based on the total number of issued shares at the date of Annual General Meeting. 於年內批准及支付之末期股息乃按股東週年大會當日已發行股份總數計算 維他奶國際集團有限公司二零一五 一六年年報 171

175 25 Capital, reserves and dividends (Continued) 25 資本 儲備及股息 ( 續 ) (c) (i) Share capital Issued share capital (c) (i) 股本 已發行股本 二零一五年 Number of Number of shares Amount shares Amount 股數 金額 000 $ 千股 $ 000 千元 Ordinary shares, issued and fully paid: 已發行及已繳足普通股 At 1st April 於四月一日 1,039, ,694 1,033, ,299 Shares issued on exercise of 就行使購股權 share options 而發行股份 7,814 56,028 5,540 22,395 At 31st March 於三月三十一日 1,047, ,722 1,039, ,694 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company s residual assets. 普通股之持有人可收取不時宣派之股息, 並可於本公司之大會上就每股股份享有一票投票權 就本公司之剩餘資產而言, 所有普通股享有同等權利 (ii) Shares issued under share option schemes (ii) 根據購股權計劃發行之股份 During the year, options were exercised to subscribe for 7,814,000 ordinary shares in the Company. The net consideration of $48,501,000 was credited to share capital. $7,527,000 was transferred from the share-based compensation reserve to the share capital account in accordance with the policy set out in note 1(p)(iv). 年內, 可認購本公司普通股 7,814,000 股之購股權獲行使 代價淨額為 48,501,000 元並已撥入股本 7,527,000 元已根據附註 1(p)(iv) 所載之政策自股份基礎補償儲備撥入股本 172 Vitasoy International Holdings Ltd. Annual Report 2015/16

176 25 Capital, reserves and dividends (Continued) (d) Nature and purpose of reserves 25 資本 儲備及股息 ( 續 ) (d) 儲備之性質及用途 (i) Capital reserve (i) 資本儲備 As part of the restructuring of the Group in February 1994, the Company disposed of a property to a former subsidiary and consideration was received in the form of cash and another property. A total gain, representing the difference between the historical carrying value of the property disposed of and the fair value of the consideration received, resulted from such transaction. The gain arising from this transaction was divided into realised and unrealised portions in the ratio of the amount of cash and the fair value of the property received ( the property ). The unrealised gain was taken to capital reserve and is realised on depreciation of the property. During the year, $4,087,000 (2015: $4,087,000) was transferred from capital reserve to retained profits. 作為本集團於一九九四年二月進行之重組之一部份, 本公司向一間前附屬公司出售一項物業, 代價以現金及另一項物業支付 故此產生總收益, 即所出售物業之歷史賬面值與已收代價公允值之差額 該項交易之收益按已收現金及物業 ( 物業 ) 公允值之比例分為已變現及未變現部份 未變現收益已計入資本儲備, 並於計算物業折舊時變現 於年內,4,087,000 元 ( 二零一五年 :4,087,000 元 ) 自資本儲備轉撥至保留溢利 (ii) Surplus reserve (ii) 盈餘儲備 The surplus reserve has been set up by Shenzhen Vitasoy, Vitasoja (Macau) Limitada, and Vitasoy Foshan in accordance with regulations in the PRC and Macau respectively. (iii) Other reserve The other reserve aroused from the equity transaction with non-controlling interest of Shenzhen Vitasoy in (iv) Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition of the hedged cash flow in accordance with the accounting policy adopted for cash flow hedges in note 1(s). 盈餘儲備由深圳維他奶 維他奶 ( 澳門 ) 有限公司及佛山維他奶分別根據中國及澳門之法例設立 (iii) 其他儲備 其他儲備產生自深圳維他奶非控股權益於二零一一年之權益交易 (iv) 對沖儲備 對沖儲備包括用作有待其後根據附註 1(s) 所載就現金流量對沖採納之會計政策確認對沖現金流量之現金流量對沖之對沖工具之公允值累計淨變動之實際部份 (v) Exchange reserve (v) 匯兌儲備 The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of subsidiaries 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(u). 匯兌儲備包含換算香港以外地區之附屬公司之財務報表產生之所有匯兌差額及換算香港以外地區之附屬公司實質構成投資淨額一部份之貨幣項目產生之匯兌差額 該儲備將根據附註 1(u) 所載之會計政策處理 維他奶國際集團有限公司二零一五 一六年年報 173

177 25 Capital, reserves and dividends (Continued) (d) Nature and purpose of reserves (Continued) (vi) Share-based compensation reserve Share-based compensation reserve comprises the fair value of the actual or estimated number of unexercised share options granted to employees of the Group or the Company recognised in accordance with the accounting policy adopted for share-based payments in note 1(p)(iv). 25 資本 儲備及股息 ( 續 ) (d) 儲備之性質及用途 ( 續 ) (vi) 股份基礎補償儲備 股份基礎補償儲備包含授予本集團或本公司僱員之實際或估計尚未行使購股權之公允值, 有關購股權乃根據附註 1(p)(iv) 所載就以股份為基礎之付款採納之會計政策而確認 (e) Distributability of reserves (e) 可供分派儲備 At 31st March, 2016, the aggregate amounts of reserves available for distribution to equity shareholders of the Company, as calculated under the provisions of Part 6 of the Hong Kong Companies Ordinance, was $1,278,282,000 (2015: $833,509,000). After the end of the reporting period the directors proposed a final dividend of 26.5 cents per ordinary share (2015: 21.2 cents per ordinary share), amounting to $277,935,000 (2015: $220,433,000) (note 25(b)(i)). This dividend has not been recognised as liabilities at the end of reporting period. 於二零一六年三月三十一日, 根據香港 公司條例 第 6 部條文計算之可供分派予本公司股權持有人之儲備總額為 1,278,282,000 元 ( 二零一五年 :833,509,000 元 ) 於匯報日後, 董事建議派發末期股息每股普通股 26.5 仙 ( 二零一五年 : 每股普通股 21.2 仙 ), 總數為 277,935,000 元 ( 二零一五年 :220,433,000 元 )( 附註 25(b)(i)) 有關股息於匯報日並未確認為負債 (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 and services commensurately with the level of risk and by securing access to finance at a reasonable cost. The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions. Consistent with industry practices, the Group monitors its capital structure on the basis of a debt-to-adjusted capital ratio. For this purpose, the Group defines debt as the total of bank loans and obligations under finance leases, and adjusted capital as all components of equity less unaccrued proposed dividends. 本集團在管理資本時之首要目標為保障本集團能持續經營的能力, 透過將產品及服務的價格訂於與風險相稱的水平及按合理成本籌措融資, 使其能繼續為股東提供回報及為其他利益相關人士提供利益 本集團積極及定期對資本架構進行檢討及管理, 以期在較高股東回報可能附帶較高借貸水平與雄厚資本帶來之優勢及保障間取得平衡, 並因應經濟環境之變化對資本架構作出調整 本著業內慣例, 本集團以負債對經調整資本比率作為監控其資本架構之基準 就此目的, 本集團將負債界定為銀行貸款及融資租賃債務之總額, 經調整資本為權益之所有組成部份減非累計建議股息 174 Vitasoy International Holdings Ltd. Annual Report 2015/16

178 25 Capital, reserves and dividends (f) (Continued) Capital management (Continued) During 2016, the Group s strategy, which was unchanged from 2015, was to maintain the debt-to-adjusted capital ratio below 30%. In order to maintain or adjust the ratio, the Group may adjust the amount of dividends paid to shareholders, issue new shares, return capital to shareholders, raise new debt financing or sell assets to reduce debt. The debt-to-adjusted capital ratio at 31st March, 2016 and 2015 was as follows: 25 資本 儲備及股息 ( 續 ) (f) 資本管理 ( 續 ) 於二零一六年, 本集團之策略與二零一五年起保持不變, 將負債對經調整資本比率維持於 30% 以下 為保持或調整有關比率, 本集團或會調整向股東派付之股息金額 發行新股份 向股東退回資本 籌集新債項融資或出售資產以減低負債 於二零一六年及二零一五年三月三十一日之負債對經調整資本比率如下 : 二零一五年 $ 000 $ 000 千元 Current liabilities: 流動負債 : Bank loans (note 20) 銀行貸款 ( 附註 20) 139, ,948 Obligations under finance leases 融資租賃之債務 (note 21) ( 附註 21) 1,135 1, , ,991 Non-current liabilities: 非流動負債 : Bank loans (note 20) 銀行貸款 ( 附註 20) 207,341 27,714 Obligations under finance leases 融資租賃之債務 (note 21) ( 附註 21) 2,134 3, ,475 30,952 Total debt 350, ,943 Total equity 權益總額 2,411,863 2,124,672 Less: Proposed dividends (note 25(b)(i)) 減 : 擬派股息 ( 附註 25(b)(i)) (277,935) (220,433) Adjusted capital 2,133,928 1,904,239 Debt-to-adjusted capital ratio 16% 8% Certain of the Group s banking facilities are subject to fulfilment of covenants which include maintaining the Group s debt-to-adjusted capital ratio below a certain amount and maintaining the Group s net worth ratio above a certain amount. Except for the above, neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements. 本集團若干銀行信貸須符合契諾, 包括旨在將本集團之負債對經調整資本比率維持於一定數值以下及將淨資產比率維持於一定數值以上 除以上所述外, 本公司及其任何附屬公司概毋須遵守外部施加之資本規定 維他奶國際集團有限公司二零一五 一六年年報 175

179 26 Financial risk management and fair values of financial instruments Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group s business. The Group s exposures to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below. (a) Credit risk The Group s credit risk is primarily attributable to trade and other receivables. Management has a credit policy in place and the exposure to this credit risk is monitored on an ongoing basis. The credit terms given to the customers vary and are generally based on the financial strength of the individual customer. In order to effectively manage the credit risks associated with customers, credit evaluations of customers are performed periodically. Trade receivables are generally due within one to three months from the date of billing. Normally, the Group does not obtain collateral from customers. The Group s exposure to credit risk is influenced mainly by the individual characteristics of each customer. At the end of reporting period, 17.7% (2015: 17.6%) and 36.7% (2015: 43.6%) of the total trade and other receivables was due from the Group s largest customer and the five largest customers respectively. The Group does not provide any guarantees which would expose the Group to credit risk. The Group s cash and bank deposits are placed with financial institutions with sound credit ratings, and the management consider the Group s exposure to credit risk is low. The Group s exposure to the credit risk and its policies for managing such risk were unchanged from the year ended 31st March, Further quantitative disclosures in respect of the Group s exposure to credit risk arising from trade and other receivables are set out in note 16. (b) Liquidity risk Individual operating entities within the Group are responsible for their own cash management for daily operation, including placing short term cash deposits and raising of loans to cover expected cash demands, subject to approval by the parent company s board when the borrowings exceed certain predetermined levels of authority. Cash surplus over operating needs are closely monitored and managed by the Group s central cash and treasury management system. The Group s policy is to regularly monitor its liquidity requirements and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term. The Group s exposures to the liquidity risk and its policies for managing such risk were unchanged from the year ended 31st March, 財務風險管理及金融工具之公允值 本集團在一般業務過程中存在信貸 流動資金 利率及貨幣風險 本集團面對之有關風險及本集團所採用之財務風險管理政策與慣例載述如下 (a) 信貸風險 本集團之信貸風險主要來自應收賬款及其他應收款 管理層備有信貸政策, 而有關該信貸之風險持續受到監控 本集團一般因應個別客戶之財政實力給予不同之信貸期 為有效地管控有關客戶之信貸風險, 本集團會定期評估客戶之信貸情況 應收賬款一般於發單日起計一至三個月內到期 一般而言, 本集團不會從客戶取得抵押品 本集團面對之信貸風險主要受各客戶之個別情況影響 於匯報日, 本集團最大客戶及五大客戶之欠款分別佔應收賬款及其他應收款總額之 17.7% ( 二零一五年 :17.6%) 及 36.7%( 二零一五年 : 43.6%) 本集團並無提供任何將令本集團面臨信貸風險之擔保 本集團之現金及銀行存款乃存放於有良好信貸評級之金融機構, 管理層認為本集團面對之信貸風險為低 自截至二零一五年三月三十一日止年度起, 本集團面對之信貸風險及就管理有關風險之政策概無變動 有關本集團自應收賬款及其他應收款而產生之信貸風險之進一步量化披露載於附註 16 (b) 流動資金風險 本集團個別經營實體負責其日常運作之資金管理, 包括存放短期現金存款及借入貸款以滿足預期現金需求, 惟倘借貸超過若干預先授權之水平, 則須獲母公司董事會批准 超過營運所需之現金盈餘由本集團中央現金及財政管理制度密切監控及管理 本集團之政策是定期監控流動資金需要及其遵守貸款契諾之情況, 以確保本集團維持充足現金儲備及獲主要金融機構承諾提供足夠之信貸額, 以應付短期及長期之流動資金需要 自截至二零一五年三月三十一日止年度起, 本集團面對之流動資金風險及就管理有關風險之政策概無變動 176 Vitasoy International Holdings Ltd. Annual Report 2015/16

180 26 Financial risk management and fair values of financial instruments (Continued) (b) Liquidity risk (Continued) The following table shows the remaining contractual maturities at the end of the reporting period of the Group s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period) and the earliest date the Group can be required to pay: 26 財務風險管理及金融工具之公允值 ( 續 ) (b) 流動資金風險 ( 續 ) 下表呈列本集團於匯報日之金融負債之餘下合約期限, 此乃根據合約未折現現金流量 ( 包括按合約利率, 或如屬浮息按匯報日通行之利率計算之利息 ) 以及本集團須償還有關款項之最早日期作分析 : 2016 Contractual undiscounted cash outflow 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 $ 000 $ 000 $ 000 $ 000 $ 000 Trade and other payables 應付賬款及其他 (excluding receipt in 應付款 ( 不包括 advance) 預收款項 ) 1,035,288 1,035,288 1,035,288 Bank loans 銀行貸款 143, , , , ,993 Obligations under finance 融資租賃 leases 之債務 1,342 1, ,616 3,269 1,180, , ,051 1,393,499 1,385, 二零一五年 Contractual undiscounted cash outflow 合約未折現現金流出 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 一年後 兩年後 按要求 但兩年內 但五年內 總計 賬面值 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 Trade and other payables 應付賬款及其他 (excluding receipt in 應付款 ( 不包括 advance) 預收款項 ) 957, , ,594 Bank loans 銀行貸款 128,171 21,414 7, , ,662 Obligations under finance 融資租賃 leases 之債務 1,329 1,329 2,252 4,910 4,281 1,087,094 22,743 9,577 1,119,414 1,115,537 維他奶國際集團有限公司二零一五 一六年年報 177

181 26 Financial risk management and fair values of financial instruments (Continued) 26 財務風險管理及金融工具之公允值 ( 續 ) (b) Liquidity risk (Continued) (b) 流動資金風險 ( 續 ) 二零一五年 Contractual undiscounted cash Contractual undiscounted cash (outflow)/inflow (outflow)/inflow 合約未折現現金 ( 流出 ) 流入 More than More than Within 1 year but Within 1 year but 1 year or less than 1 year or less than on demand 2 years Total on demand 2 years Total 一年內或 一年後 按要求 但兩年內 總計 $ 000 $ 000 $ 000 $ 000 千元 $ 000 千元 $ 000 千元 Derivatives settled gross: Forward foreign exchange 遠期外匯合約 contracts (note 26(d)(ii)) ( 附註 26(d)(ii)) Outflow 流出 (29,939) (5,773) (35,712) Inflow 流入 27,711 5,329 33,040 (c) Interest rate risk The Group s interest rate risk arises primarily from interestbearing borrowings. The Group monitors the level of its fixed rate and variable rate borrowings. The Group s interest rate profile as monitored by management is set out in (i) below. (c) 利率風險 本集團之利率風險主要來自附息借貸 本集團監察其定息及浮息借貸水平 本集團由管理層監控之利率資料載於下文 (i) 項 (i) Interest rate profile (i) 利率資料 The following table details the interest rate profile of the Group s interest-bearing borrowings at the end of the reporting period: 下表詳列本集團於匯報日的附息借貸之利率詳情 : 二零一五年 Effective Effective interest interest rate Amount rate Amount 實際利率 金額 % $ 000 % $ 000 千元 Fixed rate borrowings: 定息借貸 : Obligations under finance 融資租賃之債務 leases , ,281 Bank loans 銀行貸款 , ,357 Variable rate borrowings: 浮息借貸 : 150, ,638 Bank loans 銀行貸款 , ,305 Total borrowings 借貸總額 350, , Vitasoy International Holdings Ltd. Annual Report 2015/16

182 26 Financial risk management and fair values of financial instruments (Continued) 26 財務風險管理及金融工具之公允值 ( 續 ) (c) Interest rate risk (Continued) (c) 利率風險 ( 續 ) (ii) Sensitivity analysis (ii) 敏感性分析 At 31st March, 2016, it is estimated that a general increase/ decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/increased the Group s profit after taxation and retained profits by approximately $1,670,000 (2015: $61,000). The sensitivity analysis above indicates the instantaneous change in the Group s profit after taxation and retained profits in respect of the exposure to cash flow interest rate risk arising from floating rate instruments held by the Group at the end of the reporting period. The impact on the Group s profit after taxation and retained profits is estimated as an annualised impact on interest expense of such a change in interest rates. Management assumed that certain interestbearing borrowings maturing during the next reporting period will be rolled over upon the maturing for daily operation purposes. The Group does not account for any fixed rate borrowings at fair value through profit or loss, and the Group does not use derivative financial instruments to hedge its debt obligation. The fixed rate instruments of the Group are insensitive to any change in market interest rate. A change in interest rate at the end of the reporting period would not affect profit or loss. The analysis has been performed on the same basis for the year ended 31st March, 於二零一六年三月三十一日, 估計利率普遍上升 下跌一百個基點, 在所有其他可變動因素保持不變之情況下, 本集團除稅後溢利及保留溢利將因此減少 增加約 1,670,000 元 ( 二零一五年 : 61,000 元 ) 上述敏感性分析顯示本集團於匯報日持有之浮動利率工具引致本集團面臨現金流量利率風險所產生本集團除稅後溢利及保留溢利之即時變動 本集團除稅後溢利及保留溢利所受影響, 乃按利率變動對利息支出之年度化影響估計 管理層假設於下一個報告期間到期之若干附息借貸於到期後將續借以作日常營運之用 本集團並無將任何定息借貸按公允值計算並計入損益, 且本集團亦無使用衍生金融工具對沖其債務責任 本集團之定息工具對任何市場利率變動並不敏感 匯報日之利率變動並不影響損益 截至二零一五年三月三十一日止年度之分析乃按照相同基準進行 維他奶國際集團有限公司二零一五 一六年年報 179

183 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk The Group is exposed to currency risk primarily through sales, purchases and borrowings which give rise to receivables, payables, cash balances and obligations under finance leases that are denominated in a foreign currency, i.e. a currency other than the functional currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily United States dollars ( USD ), Australian dollars ( AUD ), Singapore dollars ( SGD ) and Renminbi ( RMB ). For group entities whose functional currency is Hong Kong dollars ( HKD ), all sales and purchases are denominated in either HKD or USD, except for certain transactions with group entities and purchases that are denominated in AUD, SGD and RMB. Given the HKD is pegged to the USD, management does not expect that there will be any significant currency risk associated with such USD denominated transactions. For group entities whose functional currency is a currency other than HKD, except for certain sales and transactions with group entities and certain borrowings from group entities that are denominated in HKD, most of the other transactions are denominated in their functional currencies. The Group s policies for managing such risk were unchanged from the year ended 31st March, During the year ended 31st March, 2016, the Group uses bank balances to hedge its currency risk arising from the purchase of raw materials that are denominated in foreign currency and classifies these as cash flow hedges as set out in note 17(a). The Group has also uses forward exchange contracts to manage its currency risks. Changes in the fair value of forward exchange contracts that economically hedge monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. The net fair value of forward exchange contracts used by the Group as economic hedges of monetary assets and liabilities denominated in foreign currencies at 31st March, 2016 was liabilities of $2,190,000 (2015: $Nil), recognised as derivative financial instruments. 26 財務風險管理及金融工具之公允值 ( 續 ) (d) 貨幣風險 本集團面對之貨幣風險主要來自因買賣及借貸而產生之應收款 應付款 現金結餘及融資租賃之債務, 該等項目乃按外幣 ( 即交易所涉業務之功能貨幣以外之貨幣 ) 計值 產生有關風險之貨幣主要為美元 ( 美元 ) 澳元 ( 澳元 ) 坡元 ( 坡元 ) 及人民幣 ( 人民幣 ) 就功能貨幣為港幣 ( 港幣 ) 之本集團各實體而言, 除若干與本集團各實體進行之交易及採購以澳元 坡元及人民幣計值外, 所有買賣均按港幣或美元計值 由於港幣與美元掛鈎, 管理層預期有關該等以美元計值之交易並無任何重大貨幣風險 就功能貨幣為港幣以外之貨幣之本集團各實體而言, 除若干出售及與本集團各實體進行之交易以及與本集團各實體之若干借貸按港幣計值外, 其他大部份交易按其功能貨幣計值 自截至二零一五年三月三十一日止年度起, 本集團管理有關風險之政策並無改變 於截至二零一六年三月三十一日止年度, 本集團利用銀行結存對沖其購置以外幣計值之原材料時所產生之貨幣風險, 並如附註 17(a) 所載分類為現金流量對沖 本集團亦利用遠期外匯合約管理其貨幣風險 用作經濟對沖以外幣計值之貨幣資產及負債之遠期外匯合約之公允值變動於損益內確認 於二零一六年三月三十一日, 本集團利用作以外幣計值之貨幣資產及負債之經濟對沖之遠期外匯合約之淨公允值為 2,190,000 元 ( 二零一五年 : 零元 ), 乃確認為衍生金融工具之負債 180 Vitasoy International Holdings Ltd. Annual Report 2015/16

184 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk (Continued) In respect of other trade receivables and payables denominated in foreign currencies, the company ensures that the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address short-term imbalances. (i) Exposure to currency risk The following table details the Group s significant exposure at the end of the reporting period to currency risk arising from recognised assets or liabilities denominated in a currency other than the functional currency of the entity to which they relate. For presentation purposes, the amounts of the exposure are shown in HKD, translated using the spot rates at the year end date. Differences resulting from the translation of the financial statements of subsidiaries outside Hong Kong into the Group s presentation currency, the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries and the bank balances that are designated as a hedge of the Group s foreign currency risk of highly probable forecast transactions or committed future transactions are excluded. 26 財務風險管理及金融工具之公允值 ( 續 ) (d) 貨幣風險 ( 續 ) 就以外幣計值之其他應收賬款及應付賬款而言, 本公司在有需要時按即期匯率買賣外幣, 以處理短期失衡情況, 確保淨風險乃維持於可接納水平 (i) 承受之貨幣風險 下表詳列本集團於匯報日並非以有關實體之功能貨幣之貨幣計值的已確認資產或負債而產生之重大貨幣風險 有關風險承擔之金額乃按年末之即期匯率換算為港幣作呈列之用 換算香港以外地區附屬公司之財務報表為本集團之呈列貨幣而產生之差額 來自本集團實體之借貸 ( 實質構成於附屬公司之投資淨額之一部份 ) 之風險, 以及指定用作對沖本集團預期很可能進行之交易或已承諾進行之未來交易之外幣風險之銀行結存並不包括在內 Exposure to foreign currencies (expressed in HKD) 二零一五年 USD SGD HKD RMB AUD USD SGD HKD RMB AUD 美元 坡元 港幣 人民幣 澳元 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 Cash and bank deposits 現金及銀行存款 ,535 57, ,384 35,579 17,208 6 Amount due from/(to) 應收 ( 應付 ) 集團成員 group companies 公司款項 347,195 4,481 (223,423) 51,794 6,720 47,395 (799) (4,874) 20,500 6,611 Trade and other receivables 應收賬款及其他應收款 , Trade and other payables 應付賬款及其他應付款 (9,480) (75) (2,346) (946) (20,863) (10) (710) (496) Gross exposure arising from 已確認資產及負債產生之 recognised assets and liabilities 風險承擔總額 338,687 5,025 (207,880) 106,498 5,780 27,916 3,182 30,705 36,998 6,121 Notional amount of forward exchange 用作經濟對沖的遠期外匯 contracts used as economic hedges 合約名義金額 (35,712) Net exposure arising from 已確認資產及負債產生之 recognised assets and liabilities 淨風險承擔 338,687 5,025 (207,880) 106,498 (29,932) 27,916 3,182 30,705 36,998 6,121 維他奶國際集團有限公司二零一五 一六年年報 181

185 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis The following table indicates the instantaneous change in the Group s profit after taxation and retained profits that would arise if foreign exchange rates to which the Group entities have significant exposure at the end of the reporting period had changed at that date, assuming all other risk variables remained constant. In this respect, it is assumed that the pegged rate between the HKD and the USD would be materially unaffected by any changes in movement in value of the USD against other currencies. 26 財務風險管理及金融工具之公允值 ( 續 ) (d) 貨幣風險 ( 續 ) (ii) 敏感性分析 下表列示於匯報日本集團各實體面對重大風險之匯率出現變動可能導致本集團除稅後溢利及保留溢利之即時變動 ( 假設所有其他風險變量維持不變 ) 就此而言, 乃假設港幣與美元之聯繫匯率不會因美元兌其他貨幣匯率之任何變動而受到重大影響 二零一五年 Increase/ Increase/ Increase/ (decrease) Increase/ (decrease) (decrease) in profit (decrease) in profit in foreign after taxation in foreign after taxation exchange and retained exchange and retained rates profits rates profits 除稅後溢利 匯率 及保留溢利 上升 上升 ( 下跌 ) ( 下跌 ) $ 000 $ 000 千元 USD 美元 5% (95) 5% (134) (5)% 95 (5)% 134 SGD 坡元 5% 210 5% 133 (5)% (210) (5)% (133) HKD 港幣 5% (5,839) 5% 1,215 (5)% 5,839 (5)% (1,215) RMB 人民幣 5% 4,796 5% 1,545 (5)% (4,796) (5)% (1,545) AUD 澳元 5% 241 5% 256 (5)% (241) (5)% (256) Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the Group entities profit after taxation measured in the respective functional currencies, translated into HKD at the exchange rate ruling at the end of the reporting period for presentation purposes. 上表呈述之分析結果顯示本集團各實體以各自功能貨幣計算之除稅後溢利, 按匯報日通行之匯率換算為港幣以作呈報之總體即時影響 182 Vitasoy International Holdings Ltd. Annual Report 2015/16

186 26 Financial risk management and fair values of financial instruments (Continued) (d) Currency risk (Continued) 26 財務風險管理及金融工具之公允值 ( 續 ) (d) 貨幣風險 ( 續 ) (ii) Sensitivity analysis (Continued) (ii) 敏感性分析 ( 續 ) The sensitivity analysis assumes that the change in foreign exchange rates had been applied to re-measure those financial instruments held by the Group which expose the Group to foreign currency risk at the end of the reporting period, including inter-company payables and receivables within the Group which are denominated in a currency other than the functional currencies of the lender or the borrower. The analysis excludes differences that would result from the translation of the financial statements of subsidiaries outside Hong Kong into the Group s presentation currency, the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries and the bank balances that are designated as a hedge of the Group s foreign currency risk of highly probable forecast transactions or committed future transactions. The analysis has been performed on the same basis for the year ended 31st March, 敏感性分析乃假設匯率變動應用於重新計量本集團於匯報日持有之令本集團面對外匯風險之有關金融工具, 包括本集團公司間以貸款人或借款人之功能貨幣以外之貨幣計值之應付款及應收款 分析不包括因換算香港以外地區附屬公司之財務報表為本集團之呈列貨幣而產生的差額 集團內因對附屬公司作出借貸 ( 該借貸實際為組成對附屬公司的淨投資的一部份 ) 而產生的風險, 以及指定用作對沖本集團預期很可能進行之交易或已承諾進行之未來交易之外匯風險之銀行結存而產生之差額 截至二零一五年三月三十一日止年度之分析乃按照相同基準進行 維他奶國際集團有限公司二零一五 一六年年報 183

187 26 Financial risk management and fair values of financial instruments (Continued) 26 財務風險管理及金融工具之公允值 ( 續 ) (e) Fair value measurement (e) 公允值計量 (i) Financial assets and liabilities measured at fair value (i) 按公允值計量之金融資產及負債 Fair value hierarchy The following table presents the fair value of the Group s consolidated financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: 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. 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. Level 3 valuations: Fair value measured using significant unobservable inputs. The fair value of forward exchange contracts is measured using Level 2 inputs. The fair value is determined by discounting the contractual forward price and deducting the current spot rate. The discount rate used is derived from the relevant government yield curve as at the end of the reporting period plus an adequate constant credit spread. 公允值架構 下表載列定期於匯報日計量之本集團綜合金融工具公允值, 並分類為 香港財務報告準則 第 13 號 公允值計量 所界定之三級公允值架構 將公允值計量分類之等級乃經參考如下估值方法所用數據之可觀察性及重要性後釐定 : 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 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 第三級估值 : 使用重大不可觀察輸入數據計量之公允值 遠期外匯合約之公允值乃採用第二級輸入數據計量, 並透過貼現合約遠期價格及扣減現有即期匯率釐定 所採用之貼現率按於匯報日之相關政府債券收益率曲線, 另加足夠之固定信貸息差計算 (ii) Fair values of financial instruments carried at other than fair value (ii) 並非按公允值列賬之金融工具之公允值 All other financial instruments of the Group carried at costs or amortised costs are not materially different from their fair values as at 31st March, 2016 and 於二零一六年及二零一五年三月三十一日, 本集團所有其他按成本或攤銷成本列賬之金融工具與其公允值並無重大差異 184 Vitasoy International Holdings Ltd. Annual Report 2015/16

188 27 Commitments (a) Capital commitments outstanding at 31st March, 2016 not provided for in the financial statements were as follows: 27 承擔 (a) 於二零一六年三月三十一日, 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 $ 000 $ 000 千元 Contracted for 已訂約 113, ,442 Authorised but not contracted for 已批准但未訂約 633, , ,579 1,038,465 As at 31st March, 2016, the Group is committed to certain contracts for the acquisition and construction of plant and machinery and buildings. 於二零一六年三月三十一日, 本集團履行若干收購及建造廠房 機器及樓宇之合約 (b) At 31st March, 2016, the total future minimum lease payments under non-cancellable operating leases are payable as follows: (b) 於二零一六年三月三十一日, 根據不可解除之經營租賃在日後應付之最低租賃付款總額如下 : 二零一五年 Factory Factory machinery machinery and and Properties equipment Properties equipment 工廠機器 物業 及設備 $ 000 $ 000 $ 000 千元 $ 000 千元 Within one year 一年內 89,571 4,030 68,453 3,624 After one year but within 一年後但五年內 five years 109,996 4,045 39,151 3,563 After five years 五年後 24,626 23, ,193 8, ,993 7,187 The Group leases a number of properties and items of factory machinery and equipment under operating leases. The leases run for an initial period of one to six years, with an option to renew each lease upon expiry when all terms are renegotiated. Some of the leases of the Group include contingent rentals determinable at certain fixed rates on the turnover of the relevant concessions in periods in which the leases relate to. 本集團根據經營租賃租用多個物業及多項工廠機器及設備 該等租賃初步為期一年至六年, 並且有權於屆滿後選擇續期, 屆時所有條款均可重新商定 本集團部份租賃亦計及按相關小食攤位於租賃期間之營業額之若干固定比率釐定之或然租金 維他奶國際集團有限公司二零一五 一六年年報 185

189 28 Material related party transactions In addition to the transactions and balances disclosed elsewhere in these financial statements, the Group entered into the following material related party transactions. 28 重大關連人士交易 除財務報表另有披露之交易及結餘外, 本集團已訂立以下重大關連人士交易 (a) Transactions with related parties (a) 與關連人士之交易 (i) The products of the Group are distributed in Australia by a related party (non-controlling interests of the Company s subsidiary) and a management fee is charged for the provision of services. The management fee is calculated based on a pre-determined percentage of the gross sales of products distributed by the related party. Total management fees charged by the related party for the year amounted to $21,681,000 (2015: $24,577,000). The amount due to the related party as at 31st March, 2016 amounted to $5,806,000 (2015: $5,702,000). (i) 本集團之產品由一名關連人士 ( 本公司附屬公司之非控股權益 ) 於澳洲分銷, 該人士就提供服務收取管理費用 管理費用按預先釐定之該關連人士分銷產品總銷售額之百分比計算 年內, 該關連人士收取之管理費用合共 21,681,000 元 ( 二零一五年 :24,577,000 元 ) 於二零一六年三月三十一日應付予該關連人士之款項為 5,806,000 元 ( 二零一五年 :5,702,000 元 ) (ii) On 28th June, 2013, the Group entered into a distribution agreement with a related party (noncontrolling interests of the Company s subsidiaries) in Australia pursuant to which the related party agreed to supply to the Group the dairy and juice beverage products for distribution in Hong Kong and Macau, and to grant to the Group an exclusive right to distribute the products in Hong Kong and Macau. The unit price of the dairy and juice beverage products was pre-determined in an agreement entered into between the Group and the related party, and would be revised by reference to the prevailing market price of same products sold by a related party to other distributors. Total purchases from the related party amounted to $7,497,000 (2015: $10,510,000). The amount due to the related party as at 31st March, 2016 amounted to $782,000 (2015: $738,000). (ii) 於二零一三年六月二十八日, 本集團與一名關連人士 ( 本公司附屬公司之非控股權益 ) 於澳洲訂立一項分銷協議, 據此, 該關連人士同意向本集團供應乳製品及果汁飲品於香港及澳門分銷, 並授予本集團於香港及澳門分銷產品之獨家權 乳製品及果汁飲品之單位價已在一份由本集團與該關連人士訂立之協議中預先釐定, 並將會參考由一名關連人士向其他分銷商銷售相同產品之當前市價作出調整 向該關連人士採購之貨品共值 7,497,000 元 ( 二零一五年 :10,510,000 元 ) 於二零一六年三月三十一日應付該關連人士之款項為 782,000 元 ( 二零一五年 : 738,000 元 ) (iii) On 29th July, 2013, the Group entered into a distribution agreement with a related party (noncontrolling interests of the Company s subsidiaries) in New Zealand pursuant to which the related party agreed to distribute the products of the Group in New Zealand. A management fee is charged for the provision of services. The management fee is calculated based on a pre-determined percentage of the gross sales of products distributed by the related party. Total management fee charged by the related party for the year amounted to $5,063,000 (2015: $5,372,000). The amount due to the related party as at 31st March, 2016 amounted to $1,290,000 (2015: $1,294,000). (iii) 於二零一三年七月二十九日, 本集團與一名新西蘭的關連人士 ( 本公司附屬公司之非控股權益 ) 訂立一項分銷協議, 據此, 該關連人士同意於新西蘭分銷本集團之產品 該關連人士就提供服務收取管理費用 管理費用按預先釐定之該關連人士分銷產品總銷售額之百分比計算 於本年度, 該關連人士收取之管理費用合共 5,063,000 元 ( 二零一五年 : 5,372,000 元 ) 於二零一六年三月三十一日應付予該關連人士之款項為 1,290,000 元 ( 二零一五年 :1,294,000 元 ) 186 Vitasoy International Holdings Ltd. Annual Report 2015/16

190 28 Material related party transactions (a) (Continued) Transactions with related parties(continued) The related party transactions in respect of (i) and (ii) above constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules. The disclosures required by Chapter 14A of the Listing Rules are provided in section Connected Transactions of the Reports of the Directors. The related party transactions in respect of (iii) above constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules. However they are exempt from the disclosure requirements in Chapter 14A of the Listing Rules as they are below the de minimis threshold under Rule 14A.76(1). (b) Key management personnel remuneration Remuneration for key management personnel of the Group, including amounts paid to the Company s Directors as disclosed in note 7 and certain of the highest paid employees as disclosed in note 8, is as follows: 28 重大關連人士交易 ( 續 ) (a) 與關連人士之交易 ( 續 ) 上述有關 (i) 及 (ii) 之關連人士交易構成上市規則第 14A 章所界定之持續關連交易 上市規則第 14A 章之披露規定載於董事會報告 關連交易 一節 上述有關 (iii) 之關連人士交易構成上市規則第 14A 章所界定之持續關連交易 然而, 由於該等交易低於第 14A.76(1) 條最低門檻, 因此獲豁免遵守上市規則第 14A 章之披露規定 (b) 關鍵管理人員之酬金 本集團關鍵管理人員之酬金 ( 包括附註 7 所披露向本公司董事支付之款項以及附註 8 所披露向若干最高薪僱員支付之款項 ) 如下 : 二零一五年 $ 000 $ 000 千元 Short-term employee benefits 短期僱員福利 37,685 38,735 Post-employment benefits 離職後福利 1,147 1,171 Equity compensation benefits 股本補償福利 10,806 11,000 49,638 50,906 Total remuneration is included in staff costs (see note 5(b)). 總酬金已計入 員工成本 ( 見附註 5(b)) 維他奶國際集團有限公司二零一五 一六年年報 187

191 29 Company-level statement of financial position 29 公司層面的財務狀況表 二零一五年 Note 附註 $ 000 $ 000 $ 000 千元 $ 000 千元 Non-current assets Property, plant and equipment 物業 廠房及設備 Investment properties 投資物業 5,140 5,666 Other property, plant 其他物業 廠房 and equipment 及設備 447, , , ,277 Interest in subsidiaries 於附屬公司之權益 1,124, ,108 Deposits for the acquisition of 購買物業 廠房及設備 property, plant and equipment 之訂金 ,578,230 1,114,912 Current assets Inventories 存貨 173, ,119 Trade and other receivables 應收賬款及其他應收款 394, ,411 Current tax recoverable 應收現期稅項 3,793 Amounts due from subsidiaries 應收附屬公司款項 720, ,733 Cash and bank deposits 現金及銀行存款 66,729 29,010 1,355,694 1,094,066 Current liabilities Trade and other payables 應付賬款及其他應付款 407, ,029 Bank loans 銀行貸款 95,000 96,000 Amounts due to subsidiaries 應付附屬公司款項 64,896 50,941 Current tax payable 應付現期稅項 2, , ,970 Net current assets 785, ,096 Total assets less current liabilities 2,363,484 1,650,008 Non-current liabilities Bank loans 銀行貸款 200,000 Employee retirement 僱員退休褔利負債 benefit liabilities 23,443 8,060 Deferred tax liabilities 遞延稅項負債 49,955 53, ,398 61,285 NET ASSETS 2,090,086 1,588,723 CAPITAL AND RESERVES Share capital 股本 25(a) 733, ,694 Reserves 儲備 1,356, ,029 TOTAL EQUITY 2,090,086 1,588,723 Approved and authorised for issue by the Board of Directors on 23rd June, 於二零一六年六月二十三日獲董事會批准並授權發佈 Winston Yau-lai LO Director 董事 Roberto GUIDETTI Director 董事 188 Vitasoy International Holdings Ltd. Annual Report 2015/16

192 30 Non-adjusting events after the reporting period (a) (b) Subsequent to the end of the reporting period, the Directors proposed a final dividend. Further details are disclosed in note 25(b). The disposal of certain assets and liabilities of Vitasoy USA Inc. as set out in the Company s announcement dated 24th March, 2016 was completed on 9th May, Further details are disclosed in note Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March, 2016 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 31st March, 2016 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 Annual improvements to 1st January, 2016 HKFRSs cycle Amendments to HKFRS 10 and 1st January, 2016 HKAS 28, Sale or contribution of assets between an investor and its associate or joint venture Amendments to HKFRS 11, 1st January, 2016 Accounting for acquisitions of interests in joint operations Amendments to HKAS 1, 1st January, 2016 Disclosare imitative Amendments to HKAS 16 and 1st January, 2016 HKAS 38, Clarification of acceptable methods of depreciation and amortisation HKFRS 15, Revenue from 1st January, 2018 contracts with customers HKFRS 9, Financial instruments 1st January, 2018 HKFRS 16, Leases 1st January, 2019 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. The Group is therefore unable to disclose the impact that adopting the amendments and new standards will have on its financial position and the results of operations when such amendments are adopted. 30 毋須作出調整之匯報日後事項 (a) (b) 董事於匯報日後建議派發末期股息 進一步詳情於附註 25(b) 中披露 出售 Vitasoy USA Inc. 之若干資產及負債 ( 如本公司於二零一六年三月二十四日之公佈所載 ) 已於二零一六年五月九日完成 進一步詳情於附註 18 中披露 31 已頒佈但尚未於截至二零一六年三月三十一日止年度生效之修訂 新訂準則及詮釋可能構成之影響 截至本財務報表刊發之日, 香港會計師公會已頒佈截至二零一六年三月三十一日止年度尚未生效, 亦無在本財務報表採用之數項修訂及新訂準則, 當中包括下列可能與本集團相關之修訂及詮釋 二零一二年至二零一四年週期香港財務報告準則之年度改進 香港財務報告準則 第 10 號及 香港財務報告準則 第 28 號 投資者及其聯營公司或合營企業之間的資產出售或投入 之修訂 二零一六年一月一日 二零一六年一月一日 香港財務報告準則 第 11 號 二零一六年 收購合營業務權益 一月一日 之會計處理 之修訂 香港會計準則 第 1 號 二零一六年 披露計劃 之修訂 一月一日 香港會計準則 第 16 號 二零一六年 及 香港會計準則 第 38 號 一月一日 折舊及攤銷可接受方法 之澄清 之修訂 香港財務報告準則 第 15 號 二零一八年 客戶合約收入 一月一日 香港財務報告準則 第 9 號 二零一八年 金融工具 一月一日 香港財務報告準則 第 16 號 二零一九年 租賃 一月一日 本集團現正評估該等修訂預期於應用初期產生之 影響 因此, 本集團未能披露採納該等修訂及新 訂準則將對其財務狀況及營運業績造成之影響 維他奶國際集團有限公司二零一五 一六年年報 189

193 Five Year Summary 五年財務摘要 (Expressed in Hong Kong dollars) ( 以港幣計算 ) 二零一五年 二零一四年 二零一三年 二零一二年 $ 000 $ 000 千元 $ 000 千元 $ 000 千元 $ 000 千元 (Restated) (Restated) ( 重列 ) ( 重列 ) Results Revenue 收入 5,551,898 5,051,827 4,493,885 4,051,248 3,716,539 Profit from operations 經營溢利 603, , , , ,336 Finance costs 融資成本 (4,044) (5,655) (13,068) (21,102) (17,243) Profit before taxation 除稅前溢利 599, , , , ,093 Income tax 所得稅 (34,064) (114,888) (115,845) (88,742) (85,691) Profit for the year 本年度溢利 565, , , , ,402 Attributable to: 下列人士應佔.. Equity shareholders of 本公司股權 the Company 持有人 530, , , , ,003 Non-controlling interests 非控股權益 34,628 36,642 34,063 33,212 41,399 Profit for the year 本年度溢利 565, , , , ,402 Assets and liabilities Property, plant and equipment 物業 廠房及設備 2,186,972 1,853,517 1,566,688 1,533,116 1,567,010 Other non-current assets 其他非流動資產 144,082 77,016 94,304 67,558 69,941 Net current assets 淨流動資產 383, , , , ,275 Total assets less current liabilities 總資產減流動負債 2,714,446 2,235,235 2,104,189 1,984,770 1,828,226 Non-current liabilities 非流動負債 (302,583) (110,563) (146,877) (166,925) (161,730) NET ASSETS 2,411,863 2,124,672 1,957,312 1,817,845 1,666,496 Capital and reserves Share capital 股本 733, , , , ,437 Reserves 儲備 1,466,013 1,241,391 1,094,362 1,366,129 1,227,074 Total equity attributable to 本公司股權 equity shareholders of 持有人應佔 the Company 權益總額 2,199,735 1,919,085 1,749,661 1,622,875 1,482,511 Non-controlling interests 非控股權益 212, , , , ,985 TOTAL EQUITY 2,411,863 2,124,672 1,957,312 1,817,845 1,666,496 Earnings per share 每股盈利 Basic 基本 50.9 cents 35.9 cents 仙 29.8 cents 仙 29.4 cents 仙 27.5 cents 仙 Diluted 攤薄 50.4 cents 35.5 cents 仙 29.4 cents 仙 29.1 cents 仙 27.3 cents 仙 Note: In order to comply with Revised Hong Kong Accounting Standard 19, Employee benefits, that is effective for accounting period beginning on 1st January 2013, the Group adopted new accounting policies for defined benefit plans. Figures for the years FY2011/2012 and FY2012/2013 have been adjusted. 附註 : 經修訂之 香港會計準則 第 19 號 僱員福利 於二零一三年一月一日開始之會計期間生效, 為遵守有關規定, 本集團就界定福利計劃採納新會計政策 二零一一 二零一二年財政年度及二零一二 二零一三年財政年度之數字已獲調整 190 Vitasoy International Holdings Ltd. Annual Report 2015/16

194 Vitasoy International Holdings Limited No.1, Kin Wong Street, Tuen Mun New Territories, Hong Kong Tel (852) Fax (852) C111999