2017 1717 SPREAD OUR LOVE AROUND THE WORLD

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澳優乳業股份有限公司 二零一七中期報告 宗旨 2 財務摘要

3 財務摘要 二零一四年 二零一五年 二零一六年 二零一六年 二零一七年 變動 財政年度 財政年度 財政年度 上半年 上半年 以%表示 人民幣百萬元 收入 1,966.0 2,103.5 2,740.3 1,251.0 1,702.9 36.1 毛利 567.2 590.0 1,124.9 511.0 713.0 39.5 28.9 28.0 41.1 40.8 41.9 1.1個百分點 EBITDA 168.3 33.4 333.3 163.6 250.7 53.2 稅前利潤 137.3 3.8 297.8 144.8 221.9 53.2 90.2 50.6 212.7 101.5 153.3 51.0 毛利 以%表示 股東應佔利潤 9.1 4.9 17.0 8.1 12.3 50.9 85.9 (45.4) 294.4 56.5 351.1 521.4 淨資產 1,214.9 1,327.5 1,589.7 1,433.0 1,777.1 24.0 總資產 2,433.3 3,030.5 3,923.6 3,501.6 4,764.3 36.1 淨現金 391.2 317.1 112.3 251.6 141.6 (43.7) 每股盈利 以人民幣分表示 二零一七中期報告 經營活動之現金流入 流出 按分部劃分之收入 按分部劃分之收入 自家品牌牛奶粉 自家品牌羊奶粉 34.7% 28.6% 自家品牌牛奶粉 自家品牌羊奶粉 38.0% 31.8% 澳優乳業股份有限公司 二零一六 上半年 二零一七 上半年 其他 私人品牌 營養品 其他 私人品牌 17.4% 19.3% 2.4% 13.8% 14.0% 主要自家品牌產品銷售額佔總收入之百分比由63.3%上升至69.8% 二零一六年 二零一七年 上半年 上半年 人民幣百萬元 人民幣百萬元 人民幣百萬元 % 自家品牌嬰幼兒配方牛奶粉 434.1 647.4 213.3 49.1 自家品牌嬰幼兒配方羊奶粉 358.1 541.3 183.2 51.2 792.2 1,188.7 396.5 50.1 241.7 238.4 (3.3) (1.4) 私人品牌 變動 41.4 不適用 不適用 其他 217.1 234.4 17.3 8.0 總計 1,251.0 1,702.9 451.9 36.1 營養品

4 Bartle van der Meer Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 168-200 36 16 168 A 8 Dokter van Deenweg 150 8025 BM Zwolle The Netherlands 25-27 Keysborough Avenue Keysborough VIC 3173 Australia Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 183 17M ABN AMRO Bank N.V. Rabobank 1717 www.ausnutria.com.hk

5 (i)(ii) (iii) 1,702.9 451.936.1% 50.1%1,188.7 69.8% 51.0%153.3 (i) (ii) (iii) (iv)

6 (A) A 1897 (B) 49.1% 647.4 (i)(ii) (iii)(iv) (v) 449.791.6 159.655.0% 23.634.7% (i)(ii)(iii) (Food and Drug Administration)

7 (C) 1.4%238.4 14.0% Nutrition Care Pharmaceuticals Pty Ltd Nutrition Care Pharmaceuticals Pty Ltd Nutrition Care Brighthope 41.4 8.9 Nutrition Care

8 60.0%45.3 10.4 200 ADP Ausnutrition Care Pty Ltd.Ausnutrition Care ADPADP Holdings (Australia) Pty Ltd.ADP Holdings ADPADP23.7121.6 ADP 10.051.313,900,000 Ausnutrition Care30% Ausnutrition CareADP Holdings ADP 65%

9 ADP HoldingsAustralian Dairy Park Pty Ltd. ADP ADPADP ADPADP ADP ADP8 ADPADP HoldingsAusnutrition CareAusnutrition Care Ausnutrition Care ADP70.0%Ausnutrition Care ADP Holdings ADPADP Ozfarm Ozfarm Ozfarm Ozfarm Royal Pty LtdOzfarm Ozfarm Ozfarm Ozfarm OzfarmOzfarm Ozfarm11.056.4 Ozfarm OzfarmOz Farm OzfarmADP

10 OzfarmADPOz Farm (Dairy Industry Association of Australia)Ozfarm OzfarmOzfarm OzfarmOz Farm OzfarmOzfarm Ozfarm OzfarmOzfarm 2,50010877

11

12 16.67.9%17.9 1,2001,800 94.1729.2 71.8527.1 16.9 83.84.923.5 30,000 90,000 15,000

13 28.5 200.030,000 55.228.5 ADP TGA

14 % (i) 449.7 290.1 55.0 (i) 91.6 68.0 34.7 541.3 358.1 51.2 (i) 647.4 434.1 49.1 1,188.7 792.2 50.1 (ii) 238.4 241.7 (1.4) (iii) 119.5 120.8 (1.1) (iv) 74.9 47.8 56.7 * (v) 41.4 (vi) 40.0 48.5 (17.5) 1,702.9 1,251.0 36.1 * (i) (ii) (iii) (iv) (v) Nutrition Care Pharmaceuticals Pty Ltd (vi)

15 1,702.91,251.0 451.936.1% 41.4 % % 300.1 207.3 55.4 57.9 331.6 239.9 51.2 55.3 631.7 447.2 53.1 56.5 20.0 48.3 63.9 72.1 13.5 15.7 715.6 519.3 42.0 41.5 (2.6) (8.3) (0.1) (0.7) 713.0 511.0 41.9 40.8 713.0202.0 39.5%40.8%41.9% 69.8% 63.3% 3.4 1.2

16 16.019.4 3.01.0 21.8% 23.0% 4.0 6.4 12.9 7.5% 6.7% 6.9% 1.1 3.4 0.7 3.6 9.08.8 Farmel Holding B.V.Farmel Farmel

17 25% 15% 25% 200,00020%200,000 25%30% 28% 24.3%2.4 15% 153.3 51.851.0% 4,764.3 3,923.61,777.11,589.7 (i) 210.8 45.7 (ii) 170.4254.5 (iii) 270.465.1

18 351.156.5 168.0 106.2 1.31.4 23 25 (2) 161 172 (11) 42 50 (8)

19 (1,453.7) (1,212.6) (i) 823.2 778.4 (ii) 772.1 546.5 141.6 112.3 4,764.3 3,923.6 1,640.9 1,468.1 (iii) (iv) 34.4% 37.4% (i) (ii) 91.2%75.1% (iii) (iv) 1,453.71,212.6870.4 761.5 583.3 451.1 67.0 48.74.45.0 5.0

20 211.4 1,638.0146.81,072.4 823.2 778.4 5.05.0 2.519.04.452.77

21 18.919.1 476.2 461.3 2,125 5 461 69 97 2,757 1,993 4 452 62 120 2,631 219.3197.6

22 XV 352 (1) (6) 1,200,000 (L) (2) 0.09% 106,539,085 (L) (3) 8.54% 1,200,000 (L) (2) 0.09% 551,500 (L) (4) 0.04% Bartle van der Meer van der Meer 1,200,000 (L) (2) 0.09% 162,205,230 (L) (5) 13.00% 1,000,000 (L) (2) 0.08% 300,000 (L) (2) 0.02% 300,000 (L) (2) 0.02% 300,000 (L) (2) 0.02% 300,000 (L) (2) 0.02% 300,000 (L) (2) 0.02%

23 1. L XV 2. 3. 106,539,085 4. 551,500 5. Dutch Dairy Investments HK LimitedDutch Dairy Investments HK Limited Dutch Dairy Investments B.V.DDI DDI PMH Investments B.V.50.00%PMH Investments B.V. van der Meervan der MeerDurk Andries van der Meer60.10% 39.90% van der Meer162,205,230 6. 1,247,732,530 352

24 336 5% 1 106,539,085 8.54% 123,355,375 9.89% 2 361,738,129 28.99% 2 144,193,643 11.56% DDI 3 4 162,205,230 13.00% Dutch Dairy Investments HK Limited 4 162,205,230 13.00% Fan Deming BV 5 7 162,205,230 13.00% Manids B.V. 3 6 162,205,230 13.00% PMH Investments BV 3 7 162,205,230 13.00% Reditus Holding BV 7 8 162,205,230 13.00% 10 106,539,085 8.54% Durk Andries van der Meer 8 9 162,205,230 13.00% Ignatius Petrus Jorna 6 162,205,230 13.00%

25 1. 106,539,085 2. 123,355,37520,838,268 3. DDI PMH Investments BV Manids B.V.50.00% 4. Dutch Dairy Investments HK Limited DDI 5. Fan Deming BV van der Meer 6. Manids B.V. Ignatius Petrus Jorna99.84% 7. PMH Investments BVFen Deming BV Reditus Holding BV60.10% 39.90% 8. Reditus Holding BV Durk Andries van der Meer 9. Durk Andries van der Meervan der Meer 10. 106,539,085 336 0.1

26 10%100,000,0008.01% 30% 2.45 1,200,000 1,200,000 2.45 1,200,000 1,200,000 Bartle van der Meer 2.45 1,200,000 1,200,000 2.45 1,000,000 1,000,000 2.45 300,000 300,000 2.45 300,000 300,000 2.45 300,000 300,000 2.45 300,000 300,000 2.45 300,000 300,000 6,100,000 6,100,000 2.45 28,500,000 28,500,000 2.45 12,015,000 12,015,000 46,615,000 46,615,000

27 1. 0.10 34,800,00012,015,000 2. 2.322.25 3. 8,329,0002,033,000 3.21 3.23

28 4 1,702,947 1,251,011 (989,962) (740,059) 712,985 510,952 4 20,341 24,985 (371,368) (287,807) (128,279) (83,655) (8,605) (13,008) 5 (9,029) (8,769) 5,828 2,124 6 221,873 144,822 7 (53,869) (38,644) 168,004 106,178 153,282 101,546 14,722 4,632 168,004 106,178 9 12.28 8.14 12.22 8.14

29 168,004 106,178 15,353 (2,356) 15,353 (2,356) 355 (4,866) (133) 1,168 222 (3,698) 15,575 (6,054) 183,579 100,124 168,847 96,261 14,732 3,863 183,579 100,124

30 10 1,098,305 830,891 28,419 28,808 145,060 135,069 168,016 150,648 61,422 52,103 11 67,232 35,000 180,193 154,085 1,748,647 1,386,604 12 970,671 800,259 13 221,711 216,990 225,869 194,834 610 1,443 14 823,241 778,427 14 772,141 546,532 3,015,686 2,537,042 15 306,560 151,934 1,028,225 797,007 1,840 2,482 870,361 761,455 140,890 115,711 2,347,876 1,828,589 667,810 708,453 2,416,457 2,095,057

31 2,416,457 2,095,057 583,315 451,155 5,859 6,138 50,171 48,113 639,345 505,406 1,777,112 1,589,651 16 108,455 108,455 1,532,455 1,359,614 1,640,910 1,468,069 136,202 121,582 1,777,112 1,589,651

32 108,455 911,574 11,793 (317,246) 84,243 (91,518) 760,768 1,468,069 121,582 1,589,651 153,282 153,282 14,722 168,004 15,343 15,343 10 15,353 222 222 222 15,343 153,504 168,847 14,732 183,579 (5,869) (5,869) 22 5,757 5,757 19 3,994 3,994 3,994 9,800 (9,800) 108,455 911,574* 15,787* (317,246)* 94,043* (76,175)* 904,472* 1,640,910 136,202 1,777,112 108,455 945,159 (302,835) 64,237 (65,244) 562,907 1,312,679 14,864 1,327,543 101,546 101,546 4,632 106,178 (1,587) (1,587) (769) (2,356) (3,698) (3,698) (3,698) (1,587) 97,848 96,261 3,863 100,124 (4,153) (4,153) (3,763) (3,763) 746 (3,017) 19 6,434 6,434 6,434 3,170 (3,170) 6,100 6,100 108,455 945,159 6,434 (306,598) 67,407 (66,831) 657,585 1,411,611 21,420 1,433,031 * 1,532,455,000

33 221,873 144,822 5 9,029 8,769 (5,828) (2,124) 4 (15,963) (19,396) 6 35,796 29,402 6 2,609 8,283 6 718 3,642 19 3,994 6,434 (610) 251,618 179,832 (168,681) (246,150) 675 26,366 (84,225) (78,019) 151,846 60,276 225,660 135,523 376,893 77,828 36,788 15,697 (9,586) (6,423) (50,906) (31,976) (2,074) 1,368 351,115 56,494 (247,891) (71,829) (21,220) (6,867) 68 134 22 (7,470) (358,140) (236,391) (44,814) 38,961 (679,535) (275,924)

34 317,227 133,306 (130,001) (13,755) (3,017) 6,100 (5,869) (4,153) (145) (799) 181,212 117,682 (147,208) (101,748) 448,262 307,620 14,677 (30,585) 315,731 175,287 14 315,731 175,287 456,410 422,381 772,141 597,668 (456,410) (422,381) 315,731 175,287

35 1. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands (i)168 20036 16(ii) 168 A 8(iii) Dokter van Deenweg 150, 8025 BM Zwolle, the Netherlands(iv) 25-27 Keysborough Avenue, Keysborough VIC 3173, Australia 2. 34

36 2. 7 12 12 12 3. (a) (b) (c)

37 3. 595,545 1,065,984 41,418 1,702,947 16,843 130,466 147,309 612,388 1,196,450 41,418 1,850,256 (147,309) 1,702,947 119,359 133,160 (18,368) 234,151 (2,325) 15,963 (9,029) (16,887) 221,873 3,327 3,327 5,828 5,828 7,680 22,450 5,666 35,796 * 28,593 178,592 61,926 269,111 657,858 2,393,248 341,952 3,393,058 (224,107) 1,595,382 4,764,333 574,392 1,053,468 129,792 1,757,652 (224,107) 1,453,676 2,987,221

38 3. 434,126 816,885 1,251,011 112,464 112,464 434,126 929,349 1,363,475 (112,464) 1,251,011 67,216 87,851 155,067 (4,927) 19,396 (8,769) (15,945) 144,822 11,925 11,925 2,124 2,124 5,077 24,325 29,402 * 5,867 72,829 78,696 709,576 1,932,040 271,303 2,912,919 (314,232) 1,324,959 3,923,646 422,541 948,359 64,717 1,435,617 (314,232) 1,212,610 2,333,995 *

39 3. (a) 1,162,583 807,117 (b) 312,371 271,842 60,096 54,726 55,895 50,671 40,411 3,171 71,591 63,484 1,702,947 1,251,011 232,417 177,430 1,069,696 852,094 145,028 143,247 121,313 59,748 1,568,454 1,232,519 10%

40 4. 1,702,947 1,251,011 15,963 19,396 (i) 3,014 964 148 1,173 1,216 3,452 20,341 24,985 (i) 5. 11,304 8,790 280 799 11,584 9,589 (1,790) (2,367) 9,794 7,222 (765) 1,547 9,029 8,769

41 6. 987,353 731,776 2,609 8,283 989,962 740,059 26,916 23,824 389 28 8,491 5,550 5,866 5,253 718 3,642 3,382 2,779 14,270 5,984 1,121 3,437 200,896 171,574 * 14,387 19,618 3,994 6,434 219,277 197,626 *

42 7. 25%200,00020% 200,000 25% 34%26.5% 30%28% 17% 15% 573 1,570 75,743 52,605 (22,447) (15,531) 53,869 38,644 8.

43 9. 1,247,732,5301,247,732,530 153,282 101,546 1,247,732,530 1,247,732,530 6,444,651 1,254,177,181 1,247,732,530

44 10. 247,891,000 71,829,000210,818,000 45,700,000 638,648,000 403,221,0001,790,000 2,367,000 1.62.4 Ausnutria Dutch Holding B.V. 20,417,000158,215,000 19,892,000145,347,00089,174,000691,062,000 49,733,000363,389,000 7,354,000 56,991,000 7,354,00053,668,000 1,990,00010,368,000 1,990,000 9,981,0003,000,00014,871,000 3,000,00014,492,000 11. 34,425 115,700,000

45 12. 175,229 239,805 790,855 555,059 4,587 5,395 970,671 800,259 83,392,000 646,255,000 63,841,000466,473,000 13. 194,448 161,943 27,263 55,047 221,711 216,990 1,064,0008,246,000 624,0004,559,000

46 13. 183,903 151,471 8,198 2,709 1,258 5,510 1,089 2,253 194,448 161,943 18,379,000 142,430,000 13,305,00097,217,000 14. 315,731 448,262 1,279,651 876,697 1,595,382 1,324,959 (823,241) (778,427) 772,141 546,532

47 14. 248,147,000 312,225,000 15. 299,936 151,001 6,624 933 306,560 151,934 3,992,00030,936,000 1,603,00011,712,00045

48 16. 1,247,732,530 1,247,732,530 0.10 124,773 108,455 124,773 108,455 8,329,0008,329,000 20,406,05017,711,000 17. 18. 10 12 13 14 19. i. ii. iii. iv. v.

49 19. 30% 1% 0.1%5 281 2.45 46,615 2.45 34,800 2.45 (200) 2.45 46,615 2.45 34,600

50 19. 34,600 2.45 12,015 2.45 46,615 27,477,000 4,529,0003,994,000 7,671,0006,434,000 4.5 5 (%) 0.00 (%) 47.45-49.09 (%) 1.36-1.6 5 2.45 46,615,000 46,615,0004,661,500 8,329,0008,329,000 20,406,05017,711,000

51 20. 8,265 8,048 10,595 10,825 198 18,860 19,071 21. 20 343,875 335,512 132,282 125,820 476,157 461,332

52 22. 60.0%45.310.4 7,231 7,886 2,892 5 7,070 (4,258) (5,233) (1,202) 14,391 (5,757) 1,728 10,362

53 22. (10,362) 2,892 (7,470) 6,677,000 1,320,000 1,713,717,000 169,017,000 23. (a) (i) 112,421 85,672 (i) 35,468 10,404 (ii) 148 1,173 1,920 (i) (ii)

54 23. (b) 13 15 (c) 14,416 7,693 553 325 3,387 1,674 18,356 9,692 24. 221,711 221,711 7,605 7,605 610 610 823,241 823,241 772,141 772,141 610 1,824,698 1,825,308

55 24. 306,560 306,560 167,354 167,354 1,840 1,840 1,453,676 1,453,676 1,840 1,927,590 1,929,430 216,990 28,429 778,427 546,532 1,570,378

56 24. 151,934 151,934 135,795 135,795 2,482 2,482 1,212,610 1,212,610 2,482 1,500,339 1,502,821 25. 610 610 1,840 2,482 1,840 2,482 1,453,676 1,212,610 1,440,771 1,203,007 1,455,516 1,215,092 1,442,611 1,205,489

57 25. ABN AMRO Bank N.V. Rabobank

58 25. 610 610

59 25. 1,840 1,840 2,482 2,482

60 26. (a) Ausnutrition Care ADPADP Holdings ADP23.7121.610.0 51.313,900,000Ausnutrition Care30% ADP ADPADP HoldingsAusnutrition CareAusnutrition Care Ausnutrition Care ADP70.0%Ausnutrition Care ADP Holdings (b) ADP ADP OzfarmOzfarm OzfarmOzfarmOzfarm Ozfarm OzfarmOzfarm 11.056.4 OzfarmOz Farm OzfarmOzfarm Ozfarm Ozfarm Ozfarm 27.