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Beingmate Co., Ltd. Annual Report 2014
54596_rns_2015-02-11_cd2f5282-140c-404f-a40b-41cf53529f60.PDF
Annual Report
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PRIVATE AND CONFIDENTIAL
Lukas Paravicini Chief Financial Officer Fonterra Co-operative Group Limited c/o Fonterra Brands (Hong Kong) Limited 9 Princes Street Auckland 1010
恒天然集团 c/o 恒天然乳品(香港)有限公司 新西兰奥克兰王子街 9号 邮编: 1010 Lukas Paravicini Chief Financial Officer
Date: 2 3 JAN 2015 日期:
Our Ref/档案编号: AWCC.CHMC/02034446.A001
Dear Sir: 敬启者:
Fonterra Brands (Hong Kong) Limited 恒天然乳品(香港)有限公司
Enclosed please find the certified true copies of the audited financial statements of Fonterra Brands (Hong Kong) Limited for the year ended 31 July 2014, together with the translated copies in Chinese for reference purposes only. The translated copy of the financial statements in Chinese shall be read in conjunction with the certified true copy of the financial statements and have been produced as a translated reference only.
现呈上恒天然乳品(香港)有限公司截至二零一四年七月三十一日止年度己审计财务报表的经核对真实 副本,并附上中文翻译本仅供参考用途。财务报表的中文翻译本只作翻译参考,须与财务报表的经核对 真实副本一起使用。
Yours faithfully 顺颂 商祺
Prolessatedouse (ospers
Enclosures
PricewaterhouseCoopers, 22/F Prince's Building, Central, Hong Kong T: +852 2289 8888, F: +852 2810 9888, www.pwchk.com
.......................................
董事会报告及财务报告
截至二零一四年七月三十一日止
$\bar{z}$
董事会报告
董事会同寅谨将截至二零一四年七月三十一日止年度报告连同经已审核之财务报表呈览。
主要业务
恒天然乳品(香港)有限公司(「本公司」)之主要业务为进口及销售乳制品。
业绩及分派
本公司在本年度之业绩载于第6页之综合收益表内。
董事会不建议派发截至二零一四年七月三十一日止的年度股利(二零一三年:中期股利每普通股港币 14.826元, 合共港币44,478,595元)。
储备
本公司在本年度内的储备变动载于第7页之权益变动表内。
不动产、工厂及设备
本公司的不动产、工厂及设备的变动详情载于财务报表附注 5。
股本
本公司之股本变动详情载于财务报表附注 9。
董事
本年度内及截至本报告日期止在任之董事如下:
Sin Wai Yu, Cortina Kelvin Andrew Wickham Grant Alistair Duncan
(于二零一四年九月十九日辞任)
本公司组织章程细则并无轮值告退之规定, 全体剩余董事继续留任。
董事服务合同
有意于应届股东周年大会上连任之董事均无与本公司订有本公司不可于一年内免付补偿(法定补偿除外)而终 止之服务合同。
董事会报告(续)
董事之合同权益
本年度内或年结时,本公司、各同系子公司或控股公司概无签订任何涉及本公司之业务而本公司之董事直 接或间接在其中拥有重大权益之重要合同。
本年度内任何时间,本公司、各同系子公司或控股公司没有成为某些安排的其中一方,且该等安排的目的 是使公司的董事能持有本公司及其有联系法团之股份的权益或淡仓、股份或债权证。
管理合同
本年度内, 本公司并无就整体业务或任何重要业务之管理或行政工作签订或存有任何合同。
核数师
本财务报表已经由罗兵咸永道会计师事务所审核,该核数师任满告退,但表示愿意应聘连任。
董事会代表
董事
香港, 二零一四年十一月七日
羅兵咸永道
独立核数师报告 致恒天然乳品(香港)有限公司股东 (于香港注册成立的有限公司)
本核数师(以下简称「我们」)已审计列载于第5至27页恒天然乳品(香港)有限公司(以下 简称「贵公司」)的财务报表, 此财务报表包括于二零一四年七月三十一日的财务状况表与截至 该日止年度的综合收益表、权益变动表及现金流量表,以及主要会计政策概要及其他附注解释资 料。
董事就财务报表须承担的责任
贵公司董事须负责根据香港会计师公会颁布的香港财务报告准则及香港《公司条例》编制财务报 表, 以令财务报表作出真实而公平的反映, 及落实其认为编制财务报表所必要的内部控制, 以使 财务报表不存在由于欺诈或错误而导致的重大错误陈述。
核数师的责任
我们的责任是根据我们的审计对该等财务报表作出意见,并按照香港《公司条例》附表11第80条 仅向整体股东报告, 除此之外本报告别无其他目的。我们不会就本报告的内容向任何其他人士负 上或承担任何责任。
我们已根据香港会计师公会颁布的香港审计准则进行审计。该等准则要求我们遵守道德规范,并 规划及执行审计, 以合理确定财务报表是否不存在任何重大错误陈述。
审计涉及执行程序以获取有关财务报表所载金额及披露资料的审计凭证。所选定的程序取决于核 数师的判断,包括评估由于欺诈或错误而导致财务报表存在重大错误陈述的风险。在评估该等风 险时, 核数师考虑与该公司编制财务报表以作出真实而公平的反映相关的内部控制, 以设计适当 的审计程序,但目的并非对公司内部控制的有效性发表意见。审计亦包括评价董事所采用会计政 策的合适性及作出会计估计的合理性, 以及评价财务报表的整体列报方式。
我们相信,我们所获得的审计凭证能充足和适当地为我们的审计意见提供基础。
$-3-$
. . . . . . . . . . . . . . . . . . . .
PricewaterhouseCoopers, 22/F Prince's Building, Central, Hong Kong T: +852 2289 8888, F: +852 2810 9888, www.pwchk.com
羅兵咸永道
$cninf$ 巨潮资讯 www.cnimo.com.cn
独立核数师报告 致恒天然乳品(香港)有限公司股东(续) (于香港注册成立的有限公司)
意见
$\sim$
我们认为,该等财务报表已根据香港财务报告准则真实而公平地反映贵公司于二零一四年七月三 十一日的事务状况,及其截至该日止年度的利润及现金流量,并已按照香港《公司条例》妥为编 制。
罗兵咸永道会计师事务所 执业会计师
香港, 二零一四年十一月七日
财务状况表
于二零一四年七月三十一日
| 附注 | 二零一四年 | 二零一三年 | |
|---|---|---|---|
| 资产 | 港币 | 港币 | |
| 非流动资产 | |||
| 不动产、工厂及设备 | 5 | 811,892 | 1,525,689 |
| 递延所得税资产 | 11 | 60,451 | |
| 872,343 | 1,525,689 | ||
| 流动资产 存货 |
6 | ||
| 应收账款及其他应收款 | 7 | 11,492,026 80,601,070 |
7,317,061 42,598,575 |
| 应收最终控股公司款项 | 22(b) | 26,823,874 | 94,772,776 |
| 应收同系子公司款项 | 22(b) | 38,375 | 620,608 |
| 现金及现金等价物 | 8 | 33,223,919 | 53,648,197 |
| 152,179,264 | 198,957,217 | ||
| 总资产 | 153,051,607 | 200,482,906 | |
| 权益 | |||
| 股本 | 9 | 3,000,000 | 3,000,000 |
| 留存收益 | 44,903,277 | 32,176,286 | |
| 总权益 | 47,903,277 | 35,176,286 | |
| 负债 | |||
| 非流动负债 递延所得税负债 |
11 | 24,994 | |
| 流动负债 应付账款及其他应付款 |
10 | 29,538,541 | 30,229,296 |
| 应付直接控股公司款项 | 22(b) | 55,451,105 | 123,436,019 |
| 应付同系子公司款项 | 22(b) | 16,732,104 | 7,925,457 |
| 当期所得税负债 | 3,426,580 | 3,690,854 | |
| 105,148,330 | 165,281,626 | ||
| 总负债 | 105,148,330 | 165,306,620 | |
| 总权益及负债 | 153,051,607 | 200,482,906 | |
| 流动资产净值 | 47,030,934 | 33,675,591 | |
| 总资产减流动负债 | 47,903,277 | 35,201,280 | |
第9至27页的附注为财务报表的整体部份。
第5至27页的财务报表已由董事会于二零一四年十一月七日批核,并代表董事会签署。
$\bar{z}$
综合收益表
截至二零一四年七月三十一日止年度
| 附注 | 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|---|
| 收入 | 12 | 704,202,298 | 593,899,533 |
| 销售成本 | (573,762,059) | (477,388,655) | |
| 毛利 | 130,440,239 | 116,510,878 | |
| 广告及促销费用 | (88, 388, 734) | (73, 475, 588) | |
| 职工福利费用 | 13 | (21,607,662) | (16, 234, 280) |
| 折旧 | (955, 942) | (1,036,267) | |
| 其他运营费用 - 净额 | 14 | (4,227,267) | (3,594,474) |
| 经营利润 | 15,260,634 | 22,170,269 | |
| 财务(费用)/收益 - 净额 | 16 | (2,317) | 121,852 |
| 除所得税前利润 | 15,258,317 | 22, 292, 121 | |
| 所得税费用 | 17 | (2,531,326) | (3,640,901) |
| 年度利润及总综合收益 | 12,726,991 | 18,651,220 | |
| 归属于: 本公司所有者 |
12,726,991 | 18,651,220 |
第9至27页的附注为财务报表的整体部份。
| 附注 | 二零一四年 港币 |
二零一三年 港币 |
|---|---|---|
| 18 | 44,478,595 |
股利
权益变动表
| 归属于本公司所有者 | |||
|---|---|---|---|
| 股本 港币 |
留存收益 港币 |
合计 港币 |
|
| 二零一二年八月一日结余 | 3,000,000 | 58,003,661 | 61,003,661 |
| 总综合收益 年度利润 |
18,651,220 | 18,651,220 | |
| 股利 | (44, 478, 595) | (44, 478, 595) | |
| 二零一三年七月三十一日结余 | 3,000,000 | 32,176,286 | 35,176,286 |
| 二零一三年八月一日结余 | 3,000,000 | 32,176,286 | 35,176,286 |
| 总综合收益 年度利润 |
12,726,991 | 12,726,991 | |
| 二零一四年七月三十一日结余 | 3,000,000 | 44,903,277 | 47,903,277 |
第9至27页的附注为财务报表的整体部份。
现金流量表
截至二零一四年七月三十一日止年度
| 附注 | 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|---|
| 经营活动的现金流量 | |||
| 除所得税前利润 | 15,258,317 | 22,292,121 | |
| 财务收益 | (25, 819) | (121, 852) | |
| 财务费用 | 28,136 | ||
| 折旧 | 5 | 955,942 | 1,036,267 |
| 处置不动产、工厂及设备的亏损 | 21 | 20 | |
| 经营资金变动前的调整利润 | 16,216,596 | 23,206,536 | |
| 存货(增加)/减少 | (4,174,965) | 6,309,470 | |
| 应收账款及其他应收款增加 | (38,002,495) | (1,970,528) | |
| 应收同系子公司款项减少/(增加) | 582,233 | (285, 876) | |
| 应付账款及其他应付款减少 | (690,755) | (3,859,693) | |
| 应付直接控股公司款项(减少)/增加 | (67, 984, 914) | 106,601,435 | |
| 应付同系子公司款项增加/(减少) | 8,806,647 | (60, 863) | |
| 经营(所用)/产生的现金 | (85, 247, 653) | 129,940,481 | |
| 已付利息 | (28, 136) | ||
| 已付香港所得税 | (2,881,045) | (4, 168, 644) | |
| 经营活动 (所用) /产生凈现金 | (88, 156, 834) | 125,771,837 | |
| 投资活动的现金流量 | |||
| 已收利息 | 25,819 | 121,852 | |
| 应收最终控股公司款项减少/(增加) | 67,948,902 | (75,535,632) | |
| 购买不动产、工厂及设备 | (242, 165) | (681, 639) | |
| 投资活动产生/(所用)净现金 | 67,732,556 | (76,095,419) | |
| 融资活动的现金流量 | |||
| 支付股利 | (44, 478, 595) | ||
| 融资活动所用净现金 | (44, 478, 595) | ||
| 现金及现金等价物净 (减少) /增加 | (20, 424, 278) | 5,197,823 | |
| 年初现金及现金等价物 | 53,648,197 | 48,450,374 | |
| 年终现金及现金等价物 | 8 | 33,223,919 | 53,648,197 |
第9至27页的附注为财务报表的整体部份。
财务报表附注
一般数据 $\mathbf{1}$
恒天然乳品(香港)有限公司(「本公司」)之主要业务为进口及销售乳制品。
本公司为一家有限公司, 在香港注册成立。注册地址为香港九龙荔枝角道 777 号田氏企业中心 1507-11室。
本财务报表以港币列报, 除非另有说明。本财务报表已经由董事会在二零一四年十一月七日批准刊 发。
重要会计政策摘要 $\overline{\mathbf{2}}$
编制本财务报表采用的主要会计政策载于下文。除另有说明外,此等政策在所列报的所有年度内贯 彻应用。
编制基准 $2.1$
财务报表是根据香港财务报告准则编制。财务报表按照历史成本法编制。
编制符合香港财务报告准则的财务报表需要使用若干关键会计估计。这亦需要管理层在应用本公司 的会计政策过程中行使其判断。涉及高度的判断或高度复杂性的范畴,或涉及对财务报表作出重大 假设和估计的范畴,在附注 4 中披露。
$(a)$ 已在二零一三年八月一日开始的财务年度生效,但与本公司营运无关或未造成重大影响的 新订准则,准则之修订及诠释:
香港财务报告准则第1号(修订本) 政府贷款 金融工具: 披露-抵销金融资产及金融负债 香港财务报告准则第 7号(修订本) 综合财务报表 香港财务报告准则第 10 号 香港财务报告准则第11号 共同安排 香港财务报告准则第12号 其他实体权益之披露 香港财务报告准则第13号 公允价值计量 香港财务报告准则第 10、11及 12号 综合财务报表、合营安排及于其他实体之权益披露: (修订本) 过渡指引 有关其他综合收益财务报表的呈报 香港会计准则第1号(修订本) 香港会计准则第 19号(2011) 雇员福利 独立财务报表 香港会计准则第 27号(2011) 香港会计准则第 28 号(2011) 于联营公司及合营公司之投资 露天矿场生产阶段之剥采成本 香港(国际财务报告诠释委员会)-诠释第20号 香港财务报告准则 2009-2011 报告周期年度改进
财务报表附注
重要会计政策摘要(续) $\overline{\mathbf{2}}$
- 编制基准(续) $2.1$
- $(b)$ 已经公布但在二零一三年八月一日开始的财务年度未生效而且本公司并无提早采纳的新订 准则, 准则之修订及诠释:
香港财务报告准则(修订本) 2010-2012以及2011-2013报告周期年度改进2 香港财务报告准则第 9号 (2014) 金融工具 5 投资实体1 香港财务报告准则第 10、12 及香港 会计准则第 27号(2011)(修订本) 香港财务报告准则第11号(修订本) 共同安排3 香港财务报告准则第14号 监管递延账户3 香港财务报告准则第15号 与客户之间合同产生的收入 4 香港会计准则第16及38号(修订本) 可使用的折旧和摊销方法的分类3 香港会计准则第19号(2011)(经修订) 雇员福利2 香港会计准则第32号(修订本) 抵销金融资产及金融负债1 香港会计准则第36号(修订本) 非金融资产之可收回金额披露1 香港会计准则第39号(修订本) 衍生工具的变更及对冲会计法的延续1 香港(国际财务报告诠释委员会) 征费1 -诠释第21号
- 在二零一四年一月一日或之后开始之财务年度生效 $\mathbf{1}$
- 在二零一四年七月一日或之后开始之财务年度生效 $\overline{2}$
- 在二零一六年一月一日或之后开始之财务年度生效 3
- 在二零一七年一月一日或之后开始之财务年度生效 4
- 在二零一八年一月一日或之后开始之财务年度生效 5
本公司已开始评估上述新订和已修改的准则的影响但并未能对上述新订和已修改的准则对 于财务状况和结果有无重大影响作出评价。
外币折算 $2.2$
$(a)$ 功能和列报货币
本公司财务报表所列项目以本公司经营所在的主要经济环境的货币计量(「功能货币」)。 财务报表以港币列报,港币为本公司的功能货币及列报货币。
$(b)$ 交易及结余
外币交易采用交易或项目重新计量的估值日期的汇率换算为功能货币。结算此等交易产生 的汇兑利得和损失以及将外币计值的货币资产和负债以年终汇率折算产生的汇兑利得和损 失在综合收益表中确认。
财务报表附注
$\overline{2}$ 重要会计政策摘要(续)
不动产、工厂及设备 $2.3$
不动产、工厂及设备按历史成本减折旧及累计损失(如有)列账。历史成本包括购买该等项目直接应 占的开支。
后续成本只有在很可能为本公司带来与该项目有关的未来经济利益,而该项目的成本能可靠计量时, 才包括在资产的账面值或确认为一项单独资产(按适用)。已更换零件的账面值已被终止确认。所有 其他维修费用在产生的财政期间内于综合收益表支销。
不动产、工厂及设备的折旧采用以下的估计可使用年期将其成本按直线分摊至其剩余价值计算:
| 租赁物业装修 | 剩余租期或可使用年期的较短者 |
|---|---|
| 家具及配件 | 4年 |
| 办公室设备 | 5年 |
| 计算机设备 | 3年 |
资产的剩余价值及可使用年期在每个资产负债表日进行检讨,及在适当时调整。
若资产的账面值高于其估计可收回价值,其账面值实时撇减至可收回金额。
处置的利得和损失按所得款与账面值的差额厘定,并在综合收益表中确认。
非金融资产投资的减值 $2.4$
使用寿命不限定的资产或尚未可供使用的资产无需摊销,但每年须就减值进行测试。须作摊销的资 产,当有事件出现或情况改变显示账面值可能无法收回时就进行减值检讨。减值亏损按资产的账面 值超出其可收回金额的差额确认。可收回金额以资产的公允价值扣除销售成本或使用价值两者之间 较高者为准。于评估减值时,资产按可分开辨认现金流量(现金产出单元)的最低层次组合。除商誉 外,已蒙受减值的非金融资产在每个报告日期均就减值是否可以转回进行检讨。
金融资产 $2.5$
$(a)$ 分类
本公司将其金融资产分类为贷款及应收款项。分类视乎购入金融资产之目的。管理层应在 初始确认时厘定金融资产的分类。
贷款及应收款项为有固定或可确定付款额且没有在活跃市场上报价的非衍生金融资产。此 等项目包括在流动资产内,但预期将于报告期末起计超过 12 个月结算的数额, 则分类为非 流动资产。本公司的贷款及应收款项由财务状况表的应收账款及其他应收款(不包括预付 款),应收关联公司的款项及现金及现金等价物组成。
财务报表附注
重要会计政策摘要(续) $\overline{\mathbf{2}}$
金融资产(续) $2.5$
$(b)$ 确认和计量
常规购买及出售的金融资产在交易日确认-交易日指本公司承诺购买或出售该资产之日。当 从投资收取现金流量的权利已到期或已转让,而本公司已实质上将所有权的所有风险和报 酬转让时,金融资产即终止确认。贷款及应收款项其后利用实际利率法按摊销成本列账。
$(c)$ 抵销金融工具
当有法定可执行权力可抵销已确认金额,并有意图按净额基准结算或同时变现资产和结算 负债时, 金融资产与负债可互相抵销, 并在财务状况表报告其净额。
$(d)$ 金融资产减值-以摊销成本列账的资产
本公司于每个报告期末评估是否存在客观证据证明某一金融资产或某一金融资产组出现减 值。只有当存在客观证据证明于因为首次确认资产后发生一宗或多宗事件导致出现减值 (「损失事项」),而该宗(或该等)损失事项对该项或该组金融资产的估计未来现金流 量构成的影响可以合理估计,有关的金融资产或金融资产组才算出现减值及产生减值亏损。
减值亏损的证据可包括债务人或一组债务人遇上严重财政困难、逾期或拖欠偿还利息或本 金、债务人很有可能破产或进行其他财务重组,以及有可观察数据显示估计未来现金流有 可计量的减少, 例如与违约有相互关联的拖欠情况或经济状况改变。
对于贷款及应收款类别,损失金额乃根据资产账面值与按金融资产原实际利率贴现而估计 未来现金流量(不包括仍未产生的未来信用损失)的现值两者的差额计量。资产账面值予 以削减,而损失金额则在综合收益表确认。
如在后继期间, 减值亏损的数额减少, 而此减少可客观地联系至减值在确认后才发生的事 件(例如倩务人的信用评级有所改善),则之前已确认的减值亏损可在综合收益表转回。
$2.6$ 存货
存货按成本及可变现净值两者的较低者列账。成本利用先进先出法厘定,包括在仓存货,在途存货 和使用于存货至现在的位置及条件的费用。可变现净值为在日常经营活动中的估计销售价, 减适用 的变动销售费用。
财务报表附注
$\overline{\mathbf{2}}$ 重要会计政策摘要(续)
应收账款及其他应收款 $2.7$
应收账款为在日常经营活动中就商品销售或服务执行而应收客户的款项。如应收账款及其他应收款 的收回预期在一年或以内(如仍在正常经营周期中, 则可较长时间), 其被分类为流动资产; 否则分 类为非流动资产。
应收账款及其他应收款以公允价值为初始确认,其后利用实际利率法按摊销成本扣除减值准备计量。
$2.8$ 现金及现金等价物
现金及现金等价物包括手头现金和银行通知存款。
应付账款和其他应付款 2.9
应付账款为在日常经营活动中购买商品或服务而应支付的债务。如应付款的支付日期在一年或以内 (如仍在正常经营周期中, 则可较长时间), 其被分类为流动负债; 否则分类为非流动负债。
应付账款和其他应付款以公允价值为初始确认,其后利用实际利率法按摊销成本计量。
$\hat{\boldsymbol{y}}$
2.10 股本
普通股被分类为权益。
当期及递延所得税 2.11
本期间的税项支出包括当期和递延税项。税项在综合收益表中确认,但与在其他综合收益中或直接 在权益中确认的项目有关者则除外。在该情况下,税项亦分别在其他综合收益或直接在权益中确认。
当期所得税支出根据本公司产生应课税收入的国家于资产负债表日已颁布或实质上已颁布的税务法 例计算。管理层就适用税务法例解释所规限的情况定期评估报税表的状况,并在适用情况下根据预 期须向税务机关支付的税款设定准备。
递延所得税利用负债法确认资产和负债的税基与资产和负债在财务报表的账面值的差额而产生的暂 时性差异。然而,若递延所得税负债来自对商誉的初始确认,以及若递延所得税来自在交易(不包 括业务合并)中对资产或负债的初始确认,而在交易时不影响会计损益或应课税利润或损失,则不 作记账。递延所得税采用在资产负债表日前已颁布或实质上已颁布,并在有关的递延所得税资产实 现或递延所得税负债结算时预期将会适用的税率(及法例)而厘定。
递延所得税资产是就很可能有未来应课税利润而就此可使用暂时性差异而确认。
当有法定可执行权力将当期税项资产与当期税务负债抵销,且递延所得税资产和负债涉及由同一税 务机关对应课税主体或不同应课税主体但有意向以净额基准结算所得税结余时, 则可将递延所得税 资产与负债互相抵销。
$\hat{\mathbf{x}}$
财务报表附注
重要会计政策摘要(续) $\mathbf{2}$
2.12 职工福利
职工假期权益 $(a)$
职工的年假权益在假期累计至职工时确认。因职工提供服务而产生的年假估计负债, 就截 至结算日止作出准备。
职工的病假权益和产假在休假前不作确认。
$(b)$ 退休金债务
本公司向两个设定提存退休计划供款。此计划的资产与本公司的资产分开,由独立运营的 基金持有。根据职工基本工资一定比例计算的供款在到期时认定为费用开支。本公司作出 供款后, 即无进一步付款债务。
奖金计划 $(c)$
本公司就奖金及利润分享确认负债和费用。本公司如有合同债务或依据过往做法产生推定 债务,则确认准备。
2.13 收入确认
收入按已收或应收对价的公允价值计量,并相当于供应货品的应收款项,扣除折扣和退货列帐。
当收入的金额能够可靠计量;当未来经济利益很可能会流入有关主体,及当本公司已经将货物交付 客户时,本公司将收入确认。
财务收益采用实际利率法按时间比例基准确认。
租赁 $2.14$
如租赁所有权的重大部份风险和报酬由出租人保留,分类为经营租赁。根据经营租赁支付的款项 (扣除自出租人收取的任何激励措施后)于租赁期内以直线法在综合收益表支销。
财务风险管理 3
财务风险因素 $3.1$
本公司的活动承受着多种的财务风险:市场风险(包括利率风险及外汇风险)、信用风险及流动性风 险。本公司的整体风险管理计划专注于财务市场的难预测性,并寻求尽量减低对本公司财务表现的 潜在不利影响。本公司未利用衍生金融工具套期若干承受的风险。
财务报表附注
- 财务风险管理(续) $\overline{\mathbf{3}}$
- 财务风险因素(续) $3.1$
- 市场风险 $(a)$
- $(i)$ 利率风险
本公司的利率风险来自应收最终控股公司款项。以固定利率借出的此款项令本公司 承受公允价值利率风险。最终控股公司司库部门负责监控本公司所承受的利率风险。
在二零一四年七月三十一日,假若利率高出/低了 50(二零一三年: 50)基点, 而所 有其他因素维持不变, 则该年度的除税后利润/损失应高出/低了港币 134.399 元 (二零一三年:港币 475.299元)。
$(ii)$ 外汇风险
本公司在香港经营业务,主要涉及港币或者美元。由于港币与美元的联系汇率维持 在 7.75 至 7.85, 因此管理层认为以美元进行的交易而产生的外汇风险影响不大。
本公司的现金及现金等价物的货币主要是港币和美元,以减少外汇风险。
$(b)$ 信用风险
财务状况表上的应收账款及其他应收款, 应收最终控股公司和同系子公司款项以及存于银 行的现金的账面价值为本公司有关于金融资产信用风险的最高风险承担。
本公司的信用风险集中在三位主要客户上。来自这三位客户的应收账项占本公司所有应收 账项的 100%。本公司已制定政策以确保货物销售给拥有恰当信用记录的客户,并且定期对 客户进行信用评估。本公司在每个资产负债表日单独审核每个应收账项的可回收金额以确 保对不可回收部分作出充足的减值损失调整。
在二零一四年和二零一三年七月三十一日,在附注 8 中披露的所有银行存款存于香港的香 港上海汇丰银行有限公司。管理层认为该银行具有高的信用保证,而且不认为会因为对方 的违约而产生任何损失。
管理层认为由于应收关联公司的款项并没有违约的纪录,因此其信用风险为低。
流动性风险 $(c)$
本公司的基本现金需求是用于支付采购和经营费用。本公司经营资金主要来自于经营活动 所产生的资金。
财务报表附注
财务风险管理(续) $\overline{\mathbf{3}}$
财务风险因素(续) $3.1$
$(c)$ 流动性风险(续)
本公司所有的金融负债按通知支付在一年内到期。账面价值等于未经折现的合同现金流量, 因此到期分析没有单独呈列。
公允价值计量 $3.2$
本公司的流动金融资产,包括现金及现金等价物,应收账款和其他应收款(不包括预付款),应收最终 控股公司款项以及应收同系子公司款项和流动金融负债,包括应付账款和其他应付款,应付直接控 股公司款项以及应付同系子公司款项的账面价值与公允价值相若。
到期日少于一年的金融资产和金融负债的面值减去贷项调整后假设与公允价值相若。
资本风险管理 $3.3$
本公司的资本管理政策, 是保障公司能继续经营, 以为股东提供回报和为其他利益关系者提供利益, 同时维持最佳的资本结构以减低资本成本。
本公司根据经济环境定期检讨及管理资本结构。本公司并未有任何外部带息贷款。为了维持或调整 资本结构,本公司可能会调整支付股东的股利的数额,向股东退还资本、发行新股或向控股公司寻 求资金。
抵消金融资产和负债 $3.4$
下列金融资产受抵销、可执行总互抵安排和类似协议的规限。
| 已确认金融 资产总额 |
在资产负债表 抵消的已确认 金融负债总额 |
在资产负债表 呈报的金融资 产净额 |
|
|---|---|---|---|
| 二零一四年 | |||
| 应收最终控股公司款项(附注 22(b)) | 26,879,730 | (55,856) | 26,823,874 |
| 二零一三年 | |||
| 应收最终控股公司款项(附注 22(b)) | 95,059,865 | (287, 089) | 94,772,776 |
$\frac{\epsilon}{\epsilon}$
财务报表附注
财务风险管理(续) $\overline{\mathbf{3}}$
抵消金融资产和负债(续) $3-4$
对于受可执行总互抵安排或类似协议所规限的金融资产和负债,本集团与对方之间的每份协议均容 许在双方均选择按净额基准结算的情况下,将相关的金融资产和负债作净结算。如没有此选择方案, 则金融资产和负债可将按总额基准结算,但总净额协议或类似协议的各方必须有权当另一方违约时, 选择将所有金额以净额结算。
关键会计估计及判断 $\overline{\mathbf{4}}$
估计和判断会被持续评估,并根据过往经验和其他因素进行评价,包括在有关情况下相信对未来事 件的合理预测。本公司对未来作出估计和假设。所得的会计估计如其定义,很少会与其实际结果相 同。很大机会导致下个财政年度的资产和负债的账面值作出重大调整的估计和假设讨论如下。
应收账款及其他应收款 $(a)$
本公司的管理层根据应收账款及其他应收款可收回程度之评估作出应收账款及其他应收款 的减值拨备。此评估以客户和其他债务人的信用记录以及当时的市场情况,并需要运用估 计及判断。管理层在资产负债表日重新评估减值准备。
在二零一四年和二零一三年七月三十一日,未有客观证据显示应收账款及其他应收款需要 减值拨备。
$(b)$ 存货
管理层根据最新的销售价格和当时的市场情况估计可变现净值。本公司的存货主要包括销 售订单已经收到但货物未有送达客户的在途商品。管理层认为与过期或滞销存货相关的风 险微小。
在二零一四年和二零一三年七月三十一日, 未有客观证据显示存货需要减值拨备。
不动产、工厂及设备 5
| 租赁物业装修 港币 |
家具及配件 港币 |
办公室设备 港币 |
计算机设备 港币 |
合计 港币 |
|
|---|---|---|---|---|---|
| 于二零一二年八月一日 成本 累计折旧 |
2,002,288 (820, 114) |
366,741 (220,584) |
274,672 (181,907) |
876,279 (417,058) |
3,519,980 (1,639,663) |
| 账面净值 | 1,182,174 | 146,157 | 92,765 | 459,221 | 1,880,317 |
财务报表附注
$\bar{z}$
6
在途存货
不动产、工厂及设备(续) $\overline{5}$
| 租赁物业装修 港币 |
家具及配件 港币 |
办公室设备 港币 |
计算机设备 港币 |
合计 港币 |
|
|---|---|---|---|---|---|
| 截至二零一三年七月三十一 | |||||
| 日止年度 | |||||
| 期初账面净值 | 1,182,174 | 146,157 | 92,765 | 459,221 | 1,880,317 |
| 购置 | 111,448 | 6,800 | 393,559 | 169,832 | 681,639 |
| 折旧 | (685,795) | (53, 860) | (89,520) | (207,092) | (1,036,267) |
| 期末账面净值 | 607,827 | 99,097 | 396,804 | 421,961 | 1,525,689 |
| 于二零一三年七月三十一日 | |||||
| 成本 | 2,113,736 | 373,541 | 668,231 | 902,088 | 4,057,596 |
| 累计折旧 | (1,505,909) | (274, 444) | (271, 427) | (480, 127) | (2,531,907) |
| 账面净值 | 607,827 | 99,097 | 396,804 | 421,961 | 1,525,689 |
| 截至二零一四年七月三十一 | |||||
| 日止年度 | |||||
| 期初账面净值 | 607,827 | 99,097 | 396,804 | 421,961 | 1,525,689 |
| 购置 | 31,850 | 11,500 | 39,063 | 159,752 | 242,165 |
| 折旧 | (548,752) | (56, 147) | (110, 576) | (240, 467) | (955, 942) |
| 处置 | (20) | (20) | |||
| 期末账面净值 | 90,925 | 54,450 | 325,291 | 341,226 | 811,892 |
| 于二零一四年七月三十一日 | |||||
| 成本 累计折旧 |
2,145,586 | 385,041 | 707,294 | 898,572 | 4,136,493 |
| (2,054,661) | (330, 591) | (382,003) | (557, 346) | (3,324,601) | |
| 账面净值 | 90,925 | 54,450 | 325,291 | 341,226 | 811,892 |
| 存货 | |||||
| 二零一四年 | 二零一三年 | ||||
| 港币 | 港币 | ||||
| 在仓存货 | 13,300 | 166,216 |
在途存货指相应的拥有权已经根据运输的条约转移给本公司,但本公司在财务年度年末尚未收到此 等货物。
11,478,726
11,492,026
7,150,845
7,317,061
存货成本中确认为费用并列入销售成本的金额共计港币 573,762,059 元(二零一三年:港币 477,388,655元)。
财务报表附注
应收账款及其他应收款 $\overline{7}$
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 应收账款 按金及其他应收款 预付账款 |
78,609,638 522,268 1,469,164 |
41,445,336 602,481 550,758 |
| 80,601,070 | 42,598,575 |
$\mathcal{L}$
应收账款及其他应收款之账面值与其公允价值相若。
于二零一四年及二零一三年七月三十一日, 应收账款根据信用期的账龄分析如下:
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 未到期 到期1至30天 到期 31 至 60 天 到期 61至 90 天 |
76,619,883 1,978,369 11,386 |
40,403,436 1,000,000 428 41,472 |
| 78,609,638 | 41,445,336 |
本公司给予客户 20 至 70 日之信贷期。应收账款的减值根据具体情况进行评估。于二零一四年七月 三十一日, 港币 1,989,755 元(二零一三年: 港币 1,041,900 元)的应收账款到期但没有减值。此等款 项与三个(二零一三年: 两个)无近期拖欠还款纪录的独立客户有关。此等应收账款的账龄分析如下:
| 二零一三年 港币 |
二零一四年 港币 |
|
|---|---|---|
| 1,000,000 41,900 |
1,978,369 11,386 |
到期1至30天 到期 31至 90 天 |
| 1,041,900 | 1,989,755 |
在截止于二零一四年七月三十一日止的年度内,无应收账款减值(二零一三年:无)。
应收账款及其他应收款的账面值以下列货币为单位:
港币 美元
| 二零一三年 | 二零一四年 |
|---|---|
| 港币 | 港币 |
| 15,295,740 | 26,068,142 |
| 27,302,835 | 52,541,496 |
| 42,598,575 | 78,609,638 |
财务报表附注
应收账款及其他应收款(续) $\overline{7}$
应收账款及其他应收款内的其他类别没有包含已减值资产。
在报告日期, 信用风险的最高风险承担为上述每类应收款的账面价值。本公司不持有任何作为抵押 的担保品。
现金及现金等价物 8
$\boldsymbol{9}$
| 二零一四年 港币 |
二零一三年 港币 |
|||
|---|---|---|---|---|
| 手头现金 银行存款 |
7,700 33,216,219 |
7,700 53,640,497 |
||
| 现金及现金等价物 | 33,223,919 | 53,648,197 | ||
| 信用风险的最高风险承担 | 33,216,219 | 53,640,497 | ||
| 现金及现金等价物以下列货币为单位: | ||||
| 二零一四年 港币 |
二零一三年 港币 |
|||
| 港币 美元 |
24,677,744 8,546,175 |
26,910,779 26,737,418 |
||
| 33,223,919 | 53,648,197 | |||
| 股本 | ||||
| 二零一四年 | 二零一三年 | |||
| 法定股本: (附注 a) | 股数 | 港币 | 股数 | 港币 |
| 普通股每股面值港币1元(附注b) | 3,000,000 | 3,000,000 | ||
| 已发行及缴足股本: | ||||
| 于七月三十一日 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 |
$(a)$ 根据于二零一四年三月三日生效之香港公司条例(第622章), 法定股本之概念已经不再存在。
根据香港公司条例(第622章)第135条,本公司之股份自二零一四年三月三日起不再有面值或账 $(b)$ 面值。此股份过渡对已发行股份之数量或任何股东之相对权益并无任何影响。
财务报表附注
应付账款及其他应付款 10
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 应付账款 其他应付款及应计费用 |
1,511,963 28,026,578 |
924,529 29,304,767 |
| 29,538,541 | 30,229,296 |
应付账款及其他应付款之账面值与公允价值相若并以下列货币为单位:
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 港币 | 29,524,159 | 30,088,187 |
| 美元 | - | 34,912 |
| 新加坡币 | 14,382 | 106,197 |
| 29,538,541 | 30,229,296 |
$\overline{\phantom{a}}$
递延所得税 $11$
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 递延所得税资产: - 超过十二个月后收回的递延所得税资产 |
60,451 | |
| 递延所得税负债: - 超过十二个月后收回的递延所得税负债 |
||
| (24, 994) | ||
| 递延所得税资产/(负债) | 60,451 | (24,994) |
| 递延所得税帐总变动如下: |
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 于八月一日 贷记在综合收益表(附注 17) |
(24,994) 85,445 |
(122, 131) 97,137 |
| 于七月三十一日 | 60,451 | (24, 994) |
财务报表附注
递延所得税(续) 11
年内递延所得税资产和负债(没有考虑结余可在同一征税区抵消)的变动如下:
递延所得税资产
| 减速税项折旧 | ||
|---|---|---|
| 二零一四年 港币 |
二零一三年 港币 |
|
| 于八月一日 | ۰ | |
| 贷记在综合收益表(附注 17) | 60,451 | |
| 于七月三十一日 | 60,451 | ٠ |
递延所得税负债
| 加速税项折旧 | ||
|---|---|---|
| 二零一四年 | 二零一三年 | |
| 港币 | 港币 | |
| 于八月一日 | 24,994 | 122,131 |
| 贷记在综合收益表(附注 17) | (24, 994) | (97, 137) |
| 于七月三十一日 | 24,994 | |
收入 12
年内确认的销售及收入如下:
| 货物销售 | 704,202,298 | 593,899,533 |
|---|---|---|
二零一四年
港币
-
$\blacksquare$
二零一三年
港币
职工福利费用 13
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 工资及其他福利 退休金福利 - 设定提存计划 |
20,243,306 1,364,356 |
15,267,402 966,878 |
| 21,607,662 | 16,234,280 |
财务报表附注
按性质分类的费用 $14$
计入其他运营费用的开支分析如下:
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 核数师酬金 | 211,819 | 199,032 |
| 电脑维修 | 605,790 | 724,275 |
| 差旅费用 | 152,941 | 308,959 |
| 土地及楼宇租赁租金 | 1,037,040 | 953,040 |
| 外汇净溢利 | (775) | (251, 110) |
| 其他 | 2,220,452 | 1,660,278 |
| 4,227,267 | 3,594,474 |
董事酬金 $15$
董事没有收到或将收到本年度在公司服务方面的任何费用或酬金(二零一三年:无)。
16 财务(费用)/收益 - 净额
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 银行存款利息收入 应收最终控股公司款项利息收入 |
543 25,276 |
116 121,736 |
| 财务收益 | 25,819 | 121,852 |
| 银行透支利息费用 | (28, 136) | |
| 净财务(费用)/收益 | (2,317) | 121,852 |
财务报表附注
所得税费用 $17$
香港所得税已按照本年度估计应课税利润以税率 16.5% (二零一三年: 16.5%)提拨准备。
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 当期所得税 - 香港所得税 递延所得税 (附注 11) |
2,616,771 (85, 445) |
3,738,038 (97, 137) |
| 所得税费用 | 2,531,326 | 3,640,901 |
本公司就除所得税前利润的税项,与假若采用香港所得税率计算之理论税额的差额如下:
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 除所得税前利润 | 15,258,317 | 22,292,121 |
| 按税率 16.5%计算的税项 (二零一三年: 16.5%) 没有确认的暂时性差异 无须课税的收益 |
2,517,622 17,964 (4,260) |
3,678,200 (37,299) |
| 所得税费用 | 2,531,326 | 3,640,901 |
| 股利 | ||
| 二零一四年 港币 |
二零一三年 港币 |
|
| 已派中期股利每普通股约港币无元(二零一三年:港币14.826 兀) |
44,478,595 |
19 租赁承诺
18
于二零一四年七月三十一日,本公司根据不可撤销租赁租用土地及楼宇,未来最低租赁付款总额如下 $\div$
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 不超过1年 | 792,000 | 624,000 |
$\hat{\mathbf{t}}$
财务报表附注
金融工具(按类别) 20
金融工具的会计政策运用如下:
| 贷款及应收款 港币 |
|
|---|---|
| 根据财务状况表的资产 二零一四年七月三十一日 应收账款及其他应收款(不包括预付款) |
79,131,906 |
| 关联公司应收款项 | 26,862,249 |
| 现金及现金等价物 | 33,223,919 |
| 合计 | 139,218,074 |
| 二零一三年七月三十一日 | |
| 应收账款及其他应收款(不包括预付款) | 42,047,817 |
| 关联公司应收款项 | 95,393,384 |
| 现金及现金等价物 | 53,648,197 |
| 合计 | 191,089,398 |
| 金融负债 按摊销成本 港币 |
|
| 根据财务状况表的负债 | |
| 二零一四年七月三十一日 | |
| 应付账款及其他应付款 | 29,538,541 |
| 关联公司应付款项 | 72,183,209 |
| 合计 | 101,721,750 |
| 二零一三年七月三十一日 | |
| 应付账款及其他应付款 | 30,229,296 |
| 关联公司应付款项 | 131,361,476 |
| 合计 | 161,590,772 |
现金流量表附注 $21$
在现金流量表内,处置不动产、工厂及设备的所得款包括:
| 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|
| 账面净值 (附注 5) 处置不动产、工厂及设备的亏损 |
20 (20) |
|
| 处置不动产、工厂及设备的所得款 |
财务报表附注
关联方交易 22
本公司由在新加坡成立的 Fonterra Brands (Singapore) Pte Ltd.控制, 其拥有本公司 100%的股份。 本公司的最终控股公司是在新西兰成立的有限责任公司恒天然合作集团有限公司 Fonterra Cooperative Group Limited.
在财务年度内,本公司与关联公司经常性按照正常商业模式进行交易。细节如下:
$(a)$ 与关联公司的交易:
| 附注 | 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|---|
| 向直接控股公司采购 | (i) | 417,810,471 | 331,026,714 |
| 向同系子公司采购 | (i) | 152, 187, 286 | 108,633,503 |
| 应收最终控股公司款项的利息收入 | (ii) | 25,276 | 121,737 |
| 支付最终控股公司的管理费用 | (iii) | 52,417 | 49,693 |
$(b)$ 与关联公司的年终结余
| 附注 | 二零一四年 港币 |
二零一三年 港币 |
|
|---|---|---|---|
| 应收最终控股公司款项 应收同系子公司款项 |
(ii) (iv) |
26,823,874 38,375 |
94,772,776 620,608 |
| 应付直接控股公司款项 | (v) | (55, 451, 105) | (123, 436, 019) |
| 应付同系子公司款项 | (vi) | (16,732,104) | (7,925,457) |
附注:
- 向直接控股公司和同系子公司的采购以双方同意的价格进行。 $(i)$
- 应收最终控股公司款项是未担保,每年O.2%的利率并且按通知还款。此等款项中, $(ii)$ 港币1,613,100元 (二零一三年: 港币7,814,137元)的账面值以美元为计量单位, 其他 账面值以港币为计量单位。
- 支付给最终控股公司的管理费由双方协商公平交易的基础和正常的商业约定条件进 $(iii)$ 行。
- 应收同系子公司款项是未担保,不计息而且按通知还款。此等款项的账面值以港币 $(iv)$ 为计量单位。
- 应付直接控股公司款项是未担保,不计息而且按通知还款。此等款项的账面值以美 $(v)$ 元为计量单位。
- 应付同系子公司公司款项是未担保,不计息而且在一至三个月内还款。此等款项以 $(vi)$ 美元、新西兰元和澳元为计量单位。
财务报表附注
- 关联方交易(续) $22$
- $(c)$ 关键管理人員酬金
董事为本公司的关键管理人员。董事均无收到或将收到本年度在公司服务方面的任何费用 或酬金(二零一三年:无)。
AUDITORS' COPY
CERTIFIED TRUE COPY
FONTERRA BRANDS (HONG KONG) LIMITED 恒天然乳品(香港)有限公司
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST JULY 2014
$\theta_{_{\rm S_2}}$
$\lambda$
Productementelospers ......................................
Certified Public Accountants Date:
2 3 JAN 2015
REPORT OF THE DIRECTORS
The directors submit their report together with the audited financial statements for the year ended 31st July 2014.
Principal activities
$\ddot{\phantom{a}}$
ï
The principal activities of Fonterra Brands (Hong Kong) Limited (the "Company") are the importing and selling of dairy products.
Results and appropriations
The results of the Company for the year are set out in the statement of comprehensive income on page 6.
The directors do not recommend the payment of a dividend for the year ended 31st July 2014 (2013: approximately HK\$14.826 per ordinary share, totalling HK\$44,478,595).
Reserves
Movements in the reserves of the Company during the year are set out in the statement of changes in equity on page 7.
Property, plant and equipment
Details of the movements in property, plant and equipment of the Company are set out in Note 5 to the financial statements.
Share capital
Details of the share capital of the Company are set out in Note 9 to the financial statements.
Directors
The directors during the year and up to the date of this report were:
Sin Wai Yu, Cortina Kelvin Andrew Wickham (Resigned on 19th September 2014) Grant Alistair Duncan
There being no provision in the Company's Articles of Association for retirement by rotation, all remaining directors continue in office.
Directors' service contracts
None of the directors who are proposed for re-election at the forthcoming annual general meeting has a service contract with the Company which is not determinable within one year without payment of compensation, other than statutory compensation.
cninf-巨潮寄讯 中国证监会指定信息披露
REPORT OF THE DIRECTORS (CONTINUED)
Directors' interests
No contracts of significance in relation to the Company's business to which the Company, its fellow subsidiaries or its holding companies was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.
At no time during the year was the Company, its fellow subsidiaries or its holding companies a party to any arrangement to enable the directors of the Company to hold any interests or short positions in the shares or underlying shares in, or debentures of, the Company or its associated companies.
Management contracts
No contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the year.
Auditor
The financial statements have been audited by PricewaterhouseCoopers who retire and, being eligible, offer themselves for re-appointment.
On behalf of the Board
theor for
Director
Hong Kong, 7th November 2014
cninf: 巨潮寄讯
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDER OF FONTERRA BRANDS (HONG KONG) LIMITED (incorporated in Hong Kong with limited liability)
We have audited the financial statements of Fonterra Brands (Hong Kong) Limited set out on pages 5 to 27, which comprise the statement of financial position as at 31st July 2014, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Directors' responsibility for the financial statements
The directors are responsible for the preparation of 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 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 financial statements based on our audit and to report our opinion solely to you, as a body, in accordance with section 80 of Schedule 11 to 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 financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the 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 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 financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
$-3-$
PricewaterhouseCoopers, 22/F Prince's Building, Central, Hong Kong T: +852 2289 8888, F: +852 2810 9888, www.pwchk.com
HOM KO for identificate
'∉ ⊅⊢htir
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDER OF FONTERRA BRANDS (HONG KONG) LIMITED (CONTINUED) (incorporated in Hong Kong with limited liability)
Opinion
In our opinion, the financial statements give a true and fair view of the state of the Company's affairs as at 31st July 2014, and of its profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance.
÷
Procenatedraseboper
PricewaterhouseCoopers Certified Public Accountants
Hong Kong, 7th November 2014
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$\ddot{\cdot}$
$cninf$ 巨潮资讯 中国证监会指定信息披露
STATEMENT OF FINANCIAL POSITION AS AT 31ST JULY 2014
$\overline{a}$
| Note | 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 5 | 811,892 | 1,525,689 |
| Deferred income tax assets | 11 | 60,451 | |
| 872,343 | 1,525,689 | ||
| Current assets | |||
| Inventories | 6 | 11,492,026 | 7,317,061 |
| Trade and other receivables | 80,601,070 | 42,598,575 | |
| Amount due from ultimate holding company | 22(b) | 26,823,874 | 94,772,776 |
| Amounts due from fellow subsidiaries | 22(b) | 38,375 | 620,608 |
| Cash and cash equivalents | 8 | 33,223,919 | 53,648,197 |
| 152,179,264 | 198,957,217 | ||
| Total assets | 153,051,607 | 200,482,906 | |
| EQUITY | |||
| Share capital | 9 | 3,000,000 | 3,000,000 |
| Retained earnings | 44,903,277 | 32,176,286 | |
| Total equity | 47,903,277 | 35,176,286 | |
| Non-current liability | |||
| Deferred income tax liabilities | 11 | 24,994 | |
| Current liabilities | |||
| Trade and other payables | 10 | 29,538,541 | 30,229,296 |
| Amount due to immediate holding company | 22(b) | 55,451,105 | 123,436,019 |
| Amounts due to fellow subsidiaries | 22(b) | 16,732,104 | 7,925,457 |
| Current income tax liabilities | 3,426,580 | 3,690,854 | |
| 105,148,330 | 165,281,626 | ||
| Total liabilities | 105,148,330 | 165,306,620 | |
| ----------- | |||
| Total equity and liabilities | 153,051,607 | 200,482,906 | |
| Net current assets | 47,030,934 | 33,675,591 | |
| Total assets less current liabilities | 47,903,277 | 35,201,280 |
The notes on pages 9 to 27 are an integral part of these financial statements.
The financial statements on pages 5 to 27 were approved by the Board of Directors on 7th November 2014 and were signed on its behalf.
Director
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中国证监会指定信息披露网站
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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST JULY 2014
| Note | 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|---|
| Revenue | 12 | 704,202,298 | 593,899,533 |
| Cost of sales | (573, 762, 059) | (477,388,655) | |
| Gross profit | 130,440,239 | 116,510,878 | |
| Advertising and promotion expenses | (88, 388, 734) | (73, 475, 588) | |
| Employee benefit expenses | 13 | (21, 607, 662) | (16, 234, 280) |
| Depreciation | (955, 942) | (1,036,267) | |
| Other operating expenses, net | 14 | (4,227,267) | (3,594,474) |
| Operating profit | 15,260,634 | 22,170,269 | |
| Finance (expense)/income, net | 16 | (2,317) | 121,852 |
| Profit before income tax | 15,258,317 | 22,292,121 | |
| Income tax expense | 17 | (2,531,326) | (3,640,901) |
| Profit and total comprehensive income for the year |
12,726,991 | 18,651,220 | |
| Attributable to: | |||
| Owner of the Company | 12,726,991 | 18,651,220 |
The notes on pages 9 to 27 are an integral part of these financial statements.
$\overline{a}$
| Note | 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|---|
| Dividend | 18 | $\overline{\phantom{0}}$ | 44,478,595 |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST JULY 2014
$\ddot{\phantom{a}}$
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| Attributable to owner of the Company | |||
|---|---|---|---|
| Share capital HK\$ |
Retained earnings HK\$ |
Total HK\$ |
|
| As at 1st August 2012 | 3,000,000 | 58,003,661 | 61,003,661 |
| Total comprehensive income Profit for the year |
18,651,220 | 18,651,220 | |
| Dividend paid | (44, 478, 595) | (44, 478, 595) | |
| As at 31st July 2013 | 3,000,000 | 32,176,286 | 35,176,286 |
| As at 1st August 2013 | 3,000,000 | 32,176,286 | 35,176,286 |
| Total comprehensive income Profit for the year |
12,726,991 | 12,726,991 | |
| As at 31st July 2014 | 3,000,000 | 44,903,277 | 47,903,277 |
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The notes on pages 9 to 27 are an integral part of these financial statements.
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST JULY 2014
$\ddot{\phantom{a}}$
$\ddot{\cdot}$
| Note | 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income tax | 15,258,317 | 22,292,121 | |
| Interest income | (25, 819) | (121, 852) | |
| Interest expense | 28,136 | ||
| Depreciation | 5 | 955,942 | 1,036,267 |
| Loss on disposal of property, plant and equipment | 21 | 20 | |
| Adjusted profit before changes in working capital | 16,216,596 | 23,206,536 | |
| (Increase)/decrease in inventories | (4,174,965) | 6,309,470 | |
| Increase in trade and other receivables Decrease/(increase) in amounts due from fellow |
(38,002,495) | (1,970,528) | |
| subsidiaries | 582,233 | (285, 876) | |
| Decrease in trade and other payables (Decrease)/increase in amount due to immediate |
(690,755) | (3,859,693) | |
| holding company Increase/(decrease) in amounts due to fellow |
(67,984,914) | 106,601,435 | |
| subsidiaries | 8,806,647 | (60, 863) | |
| Cash (used in)/generated from operations | (85, 247, 653) | 129,940,481 | |
| Interest paid | (28, 136) | ||
| Hong Kong profits tax paid | (2,881,045) | (4, 168, 644) | |
| Net cash (used in)/generated from operating activities | (88, 156, 834) | 125,771,837 | |
| Cash flows from investing activities | |||
| Interest received Decrease/(increase) in amount due from ultimate |
25,819 | 121,852 | |
| holding company | 67,948,902 | (75, 535, 632) | |
| Purchase of property, plant and equipment | (242, 165) | (681, 639) | |
| Net cash generated from/(used in) investing activities | 67,732,556 | (76,095,419) | |
| Cash flows from financing activities Dividend paid |
(44, 478, 595) | ||
| Net cash used in financing activities | (44,478,595) | ||
| Net (decrease)/increase in cash and cash equivalents |
(20, 424, 278) | 5,197,823 | |
| Cash and cash equivalents at beginning of the year | 53,648,197 | 48,450,374 | |
| Cash and cash equivalents at end of the year | 8 | 33,223,919 | 53,648,197 |
The notes on pages 9 to 27 are an integral part of these financial statements.
$-8-$
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三潮資讯
中国证监会指定信息披露网站
NOTES TO THE FINANCIAL STATEMENTS
$\mathbf{1}$ General information
Fonterra Brands (Hong Kong) Limited (the "Company") is principally engaged in the importing and selling of dairy products.
The Company is a limited liability company incorporated in Hong Kong. The address of its registered office is Rooms 1507-11, Tins Enterprises Centre, 777 Lai Chi Kok Road, Kowloon, Hong Kong.
These financial statements are presented in Hong Kong dollars ("HK\$"), unless otherwise stated. These financial statements have been approved for issue by the Board of Directors on 7th November 2014.
Summary of significant accounting policies $\mathbf{2}$
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
$2.1$ Basis of preparation
The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS"). These financial statements have been prepared under the historical cost convention.
The preparation of these financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.
New standards, amendments and interpretations to existing standards that are $(a)$ mandatory for the financial year beginning on or after 1st August 2013 but they are either not relevant or have no significant impact to the Company's operations:
| HKFRS 1 Amendment | Government Loans |
|---|---|
| HKFRS 7 Amendment | Disclosures - Offsetting Financial Assets and Financial Liabilities |
| HKFRS 10 | Consolidated Financial Statements |
| HKFRS 11 | Joint Arrangements |
| HKFRS 12 | Disclosure of Interests in Other Entities |
| HKFRS 13 | Fair Value Measurement |
| Amendments to HKFRSs10, 11 | Consolidated Financial Statements, Joint |
| and 12 | Arrangements and Disclosure of Interests in Other Entities: Transition Guidance |
| HKAS 1 Amendment | Presentation of Financial Statements |
| HKAS 19 (2011) | Employee Benefits |
| HKAS 27 (2011) . | Separate Financial Statements |
| HKAS 28 (2011) | Investment in Associates and Joint Ventures |
| HK(IFRIC)-Int 20 | Stripping Costs in the Production Phase of a Surface Mine |
| HKFRSs Amendment | Annual Improvements 2009 - 2011 Cycle |
| HK(IFRIC)-Int 20 | Stripping Costs in the Production Phase of Surface |
| Mine |
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NOTES TO THE FINANCIAL STATEMENTS
Summary of significant accounting policies (Continued) $\overline{2}$
Basis of preparation (Continued) $2.1$
$\ddot{\cdot}$
New standards, amendments and interpretations to existing standards that have been $(b)$ issued but are not effective for the financial year beginning 1st August 2013 and have not been early adopted by the Company:
| HKFRSs (Amendment) | Annual Improvement 2010 - 2012 Cycle and 2011 - 2013 Cycle 2 |
|---|---|
| HKFRS 9 (2014) | Financial instruments5 |
| HKFRS 10, HKFRS 12 and HKAS 27 (2011) (Amendment) |
Investment Entities1 |
| HKFRS 11 (Amendment) | Accounting for acquisitions of interest in joint operations 3 |
| HKFRS 14 | Regulatory Deferral Accounts 3 |
| HKFRS 15 | Revenue from contracts with customers 4 |
| HKAS 16 and HKAS 38 (Amendment) |
Classification of acceptable methods of depreciation and amortisation 3 |
| HKAS 19 (2011) (Amendment) |
Defined Benefit Plans: Employee Contributions 2 |
| HKAS 32 (Amendment) | Financial instruments: Presentation - offsetting financial assets and financial liabilities 1 |
| HKAS 36 (Amendment) | Recoverable amount disclosures for non-financial assets 1 |
| HKAS 39 (Amendment) | Novation of derivatives and continuation of hedge accounting 1 |
| $HK$ (IFRIC) - Int 21 | Levies |
- Effective for financial years beginning on or after 1st January 2014
- $\overline{\mathbf{2}}$ Effective for financial years beginning on or after 1st July 2014
- Effective for financial years beginning on or after 1st January 2016 $\overline{\mathbf{3}}$
- Effective for financial years beginning on or after 1st January 2017 4
- Effective for financial years beginning on or after 1st January 2018 5
The Company has already commenced an assessment of the impact of these new/revised standards but is not vet in a position to state whether these new/revised standards would have a significant impact on its results of operations and financial position.
Foreign currency translation $2.2$
$\mathbf{I}$
$(a)$ Functional and presentation currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency"). The financial statements are presented in Hong Kong dollars, which is the Company's functional and presentation currency.
$(b)$ Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at yearend exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
NOTES TO THE FINANCIAL STATEMENTS
$\overline{2}$ Summary of significant accounting policies (Continued)
$2.3$ Property, plant and equipment
٠
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses (if any). Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repair and maintenance costs are expensed in the statement of comprehensive income during the financial period in which they are incurred.
Depreciation of property, plant and equipment is calculated using the straight-line method to allocate their costs less accumulated impairment losses over their estimated useful lives, as $follows:$
| Leasehold improvements | Over the shorter of lease term and useful lives |
|---|---|
| Furniture and fixtures | 4 vears |
| Office equipment | 5 years |
| Computer equipment | 3 years |
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in the statement of comprehensive income.
Impairment of non-financial assets $2.4$
Assets that have an indefinite useful life or have not yet available for use are not subject to amortisation and are tested at least annually for impairment. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised as the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Nonfinancial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
Financial assets $2.5$
Classification $(a)$
The Company classifies its financial assets as loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Company's loans and receivables comprise trade and other receivables excluding prepayments, amounts due from related parties and cash and cash equivalents in the statement of financial position.
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$\mathbb{C} \cup \mathbb{C}$
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后潮瓷讯 中国证监会指定信息披露
NOTES TO THE FINANCIAL STATEMENTS
Summary of significant accounting policies (Continued) $\overline{\mathbf{2}}$
Financial assets (Continued) $2.5$
÷.
Ñ
$(b)$ Recognition and measurement
Regular way purchases and sales of financial assets are recognised on the trade-date - the date on which the Company commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Loans and receivables are subsequently carried at amortised cost using the effective interest method.
$(c)$ Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
$(d)$ Impairment of financial assets - Assets carried at amortised cost
The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.
Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation, and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
For loans and receivables category, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the statement of comprehensive income.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor's credit rating), the reversal of the previously recognised impairment loss is recognised in the statement of comprehensive income.
Inventories 2.6
Inventories are stated at the lower of cost and net realisable value. Cost, calculated on the first-infirst-out basis, comprises goods in hand, goods in transit and relevant 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 applicable variable selling expenses.
NOTES TO THE FINANCIAL STATEMENTS
2 Summary of significant accounting policies (Continued)
Trade and other receivables $2.7$
$\ddot{\cdot}$
Trade receivables are amounts due from customers for merchandise sold in the ordinary course of business. If collection of trade and other receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.
$2.8$ Cash and cash equivalents
Cash and cash equivalents included cash in hand and deposits held at call with banks.
Trade and other payables $2.9$
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Share capital 2.10
Ordinary shares are classified as equity.
Current and deferred income tax $2.11$
The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
NOTES TO THE FINANCIAL STATEMENTS
Summary of significant accounting policies (Continued) $\overline{2}$
Employee benefits 2.12
$\ddot{\cdot}$
Employee leave entitlements $(a)$
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.
Employee entitlements to sick leave and maternity leave are not recognised until the time of leave.
$(b)$ Pension obligations
The Company contributes to two defined contribution retirement benefit schemes. The assets of these schemes are held separately from those of the Company in independently administered funds. The contributions calculated based on a percentage of employees' basic salaries are recognised as expense when they are due. The Company has no further payment obligations once the contributions have been paid.
$(c)$ Bonus plans
The Company recognises a liability and an expense for bonuses. The Company recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
Revenue recognition 2.13
Revenue comprises the fair value for the consideration received or receivable for the sale of goods in the ordinary course of the Company's activities, shown net of returns and discounts.
The Company recognises revenue from sales of goods when the amount of revenue can be reliably estimated; when it is probable that future economic benefits will flow to the entity; and when the Company has delivered products to the customer.
Interest income is recognised on a time proportion basis using the effective interest method.
Operating leases $2.14$
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a straight-line basis over the period of the lease.
Financial risk management 3
Financial risk factors $3.1$
The Company's activities expose it to a variety of financial risks; market risk (including interest rate risk and foreign exchange risk), credit risk and liquidity risk. The Company's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects of the Company's financial performance. The Company does not use derivative financial instruments to hedge the risk exposure.
NOTES TO THE FINANCIAL STATEMENTS
Financial risk management (Continued) $\boldsymbol{\mathcal{R}}$
Financial risk factors (Continued) $3.1$
$(a)$ Market risk
$\ddot{\phantom{0}}$
$(i)$ Interest rate risk
The Company's interest rate risk arises from amount due from ultimate holding company. The balance is interest-bearing at fixed rate and exposes the Company to fair value interest rate risk. The treasury function of the ultimate holding company is responsible for monitoring the Company's interest rate exposure.
As at 31st July 2014, if the interest rate had increased/decreased by 50 (2013: 50) basis-point with all other variables held constant, profit for the year would have been approximately HK\$134,399 (2013: HK\$475,299) higher/lower.
$(ii)$ Foreign exchange risk
The Company mainly operates in Hong Kong with most of its transactions conducting in HK\$ or United States dollars ("US\$"). As HK\$ is pegged to US\$ at a range between 7.75 and 7.85, the foreign exchange exposure arising from transactions denominated in US\$ is considered as insignificant by management.
The Company's cash and bank balances are mainly kept in HK\$ and US\$ to minimise the foreign exchange risk.
(b) Credit risk
The carrying amounts of trade and other receivables, amounts due from ultimate holding company and fellow subsidiaries and cash in bank included in the statement of financial position represent the Company's maximum exposure to credit risk in relation to its financial assets.
The Company's credit risk is concentrated on three major customers. Trade receivables from these three customers amounted to 100% of the Company's total trade receivables. The Company has policies in place to ensure that the sales of goods are made to customers with an appropriate credit history and the Company performs periodic credit evaluation of its customers. The Company reviews the recoverable amount of each individual trade receivable at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts.
As at 31st July 2014 and 2013, all the bank balances as detailed in Note 8 are held as deposits at Hong Kong and Shanghai Banking Corporation Limited located in Hong Kong. which management believes is of high credit quality. Management does not expect any losses arising from non-performance by this counterparty.
Management also considers the credit risk arising from the amounts due from related parties as minimal as there was no history of default.
Liquidity risk $(c)$
The Company's primary cash requirements have been for payment for purchases and operating expenses. The Company finances its working capital requirements mainly through funds generated from its operations.
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NOTES TO THE FINANCIAL STATEMENTS
3 Financial risk management (Continued)
Financial risk factors (Continued) $3.1$
$(c)$ Liquidity risk (Continued)
÷,
All the Company's financial liabilities are either repayable on demand or mature within one year. Their carrying amounts equal to the contractual undiscounted cash flows and therefore the maturity analysis is not presented separately.
Fair value estimation $3.2$
The carrying amounts of the Company's current financial assets, including cash and cash equivalents, trade and other receivables excluding prepayments, amount due from ultimate holding company and amount due from a fellow subsidiary, and current financial liabilities. including trade and other payables, amount due to immediate holding company and amounts due to fellow subsidiaries, approximate their fair values.
The nominal values less any estimated credit adjustments for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values.
Capital risk management $3 - 3$
The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions. The Company does not have any external interest bearing borrowings. Therefore, in order to maintain or adjust the capital structure, the Company may adjust the dividend payments to shareholder, return capital to shareholder, issue new shares or obtain CONSIGNATION funding from its holding companies.
Offsetting financial assets and financial liabilities $3.4$
$(a)$ Financial asset
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The following financial asset is subject to offsetting, enforceable master netting arrangements and similar agreements.
| Gross amount | GIUSS AIIIUUIII of recognised financial liability set off in the statement of |
Net amount of financial asset presented in the statement |
||
|---|---|---|---|---|
| of recognised | financial | of financial | ||
| financial asset | position | position | ||
| 2014 | ||||
| Amount due from ultimate holding company (Note 22(b)) |
26,879,730 | (55, 856) | 26,823,874 | |
| 2013 | ||||
| Amount due from ultimate holding company (Note 22(b)) |
95,059,865 | (287, 089) | 94,772,776 |
NOTES TO THE FINANCIAL STATEMENTS
Financial risk management (Continued) 3
ķ,
Offsetting financial assets and financial liabilities (Continued) $3.4$
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Company and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis, however, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party.
Critical accounting estimates and judgements $\overline{\mathbf{4}}$
Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
$(a)$ Trade and other receivables
The Company's management determines the provision for impairment of trade and other receivables based on an assessment of the recoverability of the receivables. This assessment is based on the credit history of its customers and other debtors and the current market condition, and requires the use of judgements and estimates. Management reassesses the provision at each balance sheet date.
As at 31st July 2014 and 2013, there had been no objective evidence that the carrying value of the trade and other receivables may have become impaired.
$(b)$ Inventories
Management estimates the net realisable value for inventories based primarily on the latest invoice prices and current market conditions. Inventories of the Company mainly comprise goods in transit from the suppliers for which sales orders have been received but the goods have not been delivered to the customers. Management is of the view that the associated risk of obsolete and slow-moving inventories is remote.
As at 31st July 2014 and 2013, there was no objective evidence that the carrying value of the inventories may have become impaired.
Property, plant and equipment 5
| Leasehold improve- ments |
Furniture and fixtures HK\$ |
Office equipment HK\$ |
Computer equipment HK\$ |
Total | |
|---|---|---|---|---|---|
| At 1st August 2012 | HK\$ | 366,741 | 274,672 | 876,279 | HK\$ |
| Cost | 2,002,288 | (181,907) | (417,058) | 3,519,980 | |
| Accumulated depreciation | (820, 114) | (220,584) | 92,765 | 459,221 | (1,639,663) |
| Net book amount | 1,182,174 | 146,157 | consider \$15 in the first section | 1,880,317 |
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$\text{cminf}$
巨潮寄讯 中国证监会指定信息按器
NOTES TO THE FINANCIAL STATEMENTS
Property, plant and equipment 5
$\ddot{\cdot}$
$\ddot{\cdot}$
| improve- | and | Office | Computer | |
|---|---|---|---|---|
| ments | fixtures | equipment | equipment | Total |
| HK\$ | HK\$ | HK\$ | HK\$ | HK\$ |
| 1,182,174 | 146,157 | 92,765 | 459,221 | 1,880,317 |
| 111,448 | 6,800 | 393,559 | 169,832 | 681,639 |
| (685,795) | (53, 860) | (89,520) | (207,092) | (1,036,267) |
| 607,827 | 99,097 | 396,804 | 421,961 | 1,525,689 |
| 4,057,596 | ||||
| (2,531,907) | ||||
| 607,827 | 99,097 | 396,804 | 421,961 | 1,525,689 |
| 607,827 | 99,097 | 396,804 | 421,961 | 1,525,689 |
| 31,850 | 11,500 | 39,063 | 159,752 | 242,165 |
| (548,752) | (56, 147) | (110, 576) | (240, 467) | (955, 942) |
| (20) | (20) | |||
| 90,925 | 54,450 | 325,291 | 341,226 | 811,892 |
| 707,294 | 4,136,493 | |||
| (2,054,661) | (330,591) | (382,003) | (557,346) | (3,324,601) |
| 90,925 | 54,450 | 325,291 | 341,226 | 811,892 |
| Leasehold 2,113,736 (1,505,909) 2,145,586 |
373,541 (274, 444) 385,041 |
Furniture 668,231 (271, 427) |
902,088 (480, 127) 898,572 |
Inventories 6
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Goods on hand Goods in transit |
13,300 11,478,726 |
166,216 7,150,845 |
| 11,492,026 | 7,317,061 |
Goods in transit are inventories that respective legal title has been passed to the Company in accordance with the shipping terms with the suppliers, but they have not been delivered to the customers as at year end.
The cost of inventories recognised as expense and included in cost of sales amounted to HK\$573,762,059 (2013: HK\$477,388,655).
中国证监会指定信息披露
NOTES TO THE FINANCIAL STATEMENTS
Trade and other receivables
$\ddot{\phantom{a}}$
$\overline{7}$
$\ddot{\cdot}$
| 2014 | 2013 |
|---|---|
| HK\$ | HK\$ |
| 78,609,638 | 41,445,336 |
| 522,268 | 602,481 |
| 1,469,164 | 550,758 |
| 80,601,070 | 42,598,575 |
The carrying amounts of trade and other receivables approximate their fair values.
At 31st July 2014 and 2013, the ageing analysis of the trade receivables based on due date is as follows:
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Current Past due for 1 to 30 days Past due for 31 to 60 days Past due for 61 to 90 days |
76,619,883 1,978,369 11,386 |
40,403,436 1,000,000 428 41,472 |
| 78,609,638 | 41,445,336 |
The Company allows a credit period of 20 to 70 days to its trade customers. Impairment on trade receivables are considered on a specific basis. As at 31st July 2014, trade receivables of HK\$1,989,755 (2013: HK\$1,041,900) were past due but not impaired. These related to three (2013: two) independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows:
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Past due for 1 to 30 days Past due for 31 to 90 days |
1,978,369 11,386 |
1,000,000 41,900 |
| 1,989,755 | 1,041,900 |
During the year ended 31st July 2014, no trade receivables were impaired (2013: Nil).
The carrying amounts of trade and other receivables are denominated in the following currencies:
| 2013 HK\$ |
2014 HK\$ |
||
|---|---|---|---|
| 15,295,740 27,302,835 |
26,068,142 52,541,496 |
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HK\$ US\$ |
| 42,598,575 | 78,609,638 | 茶 할인E لانتقا -17 |
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$cminf$ 巨潮资讯 中国证监会指定信息披露
NOTES TO THE FINANCIAL STATEMENTS
Trade and other receivables (Continued) $\overline{7}$
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Company does not hold any collateral as security.
8 Cash and cash equivalents
$\ddot{\cdot}$
$\ddot{\cdot}$
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Cash on hand Cash in bank |
7,700 33,216,219 |
7,700 53,640,497 |
| Cash and cash equivalents | 33,223,919 | 53,648,197 |
| Maximum exposure to credit risk | 33,216,219 | 53,640,497 |
The carrying amounts of cash and cash equivalents are denominated in the following currencies:
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| HK\$ US\$ |
24,677,744 8,546,175 |
26,910,779 26,737,418 |
| 33,223,919 | 53,648,197 |
Share capital 9
| 2014 | 2013 | |||
|---|---|---|---|---|
| Authorised: (note a) | Number of shares |
HK\$ | Number of shares |
HK\$ |
| Ordinary shares of HK\$1 each (note b) | $\overline{\phantom{a}}$ | - | 3,000,000 | 3,000,000 |
| Issued and fully paid: | ||||
| At 31st July | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 |
$(a)$ Under the Hong Kong Companies Ordinance (Cap. 622), which commenced operation on 3rd March 2014, the concept of authorised share capital no longer exists.
In accordance with section 135 of the Hong Kong Companies Ordinance (Cap. 622), the $(b)$ Company's shares no longer have a par or nominal value with effect from 3rd March 2014. There is no impact on the number of shares in issue or the relative entitlement of any of the members as a result of this transition.
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$cminf$ 巨潮寄讯 中国证监会指定信息披露
NOTES TO THE FINANCIAL STATEMENTS
Trade and other payables 10
$\ddot{\cdot}$
$\ddot{\cdot}$
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Trade payables Other payables and accruals |
1,511,963 28,026,578 |
924,529 29,304,767 |
| 29,538,541 | 30,229,296 |
The carrying amounts of trade and other payables approximate their fair values and are denominated in the following currencies:
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| HK\$ US\$ Singaporean dollars ("SG\$") |
29,524,159 $\qquad \qquad$ 14,382 |
30,088,187 34,912 106,197 |
| 29,538,541 | 30,229,296 |
Deferred income tax 11
| 2014 | 2013 |
|---|---|
| HK\$ | HK\$ |
| - | (24,994) |
| 60,451 | (24.994) |
| 60,451 |
The net movement on the deferred income tax account is as follows:
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| At 1st August Credited to the statement of comprehensive income |
(24,994) | (122, 131) |
| (Note 17) | 85,445 | 97,137 |
| At 31st July | 60,451 | (24,994) |
NOTES TO THE FINANCIAL STATEMENTS
Deferred income tax (Continued) 11
$\ddot{\cdot}$
The movements in deferred income tax assets and liabilities during the year, without taking into consideration of the offsetting of balances within the same jurisdiction, are as follows:
Deferred income tax assets
| Decelerated tax depreciation | ||
|---|---|---|
| 2014 HK\$ |
2013 HK\$ |
|
| At ist August | ||
| Credited to statement of comprehensive income (Note 17) | 60,451 | |
| At 31st July | 60,451 |
Deferred income tax liabilities
| Accelerated tax depreciation | ||
|---|---|---|
| 2014 HK\$ |
2013 HK\$ |
|
| At 1st August Credited to statement of comprehensive income (Note 17) |
24,994 (24,994) |
122,131 (97, 137) |
| At 31st July | - | 24,994 ______ |
Revenue 12
Turnover and revenue for the year are as follows:
| 2014 HK\$ |
2013 HK\$ |
||
|---|---|---|---|
| Sales of goods | 704,202,298 | 593,899,533 |
Employee benefit expenses 13
| TYYZO | TTTT | |
|---|---|---|
| Salaries and other benefits | 20,243,306 | 15,267,402 |
| Pension costs - defined contribution plans | 1,364,356 | 966,878 |
2013
$\overline{uv}$
16,234,280
2014 $\mathbf{u}\mathbf{v}$
21,607,662
NOTES TO THE FINANCIAL STATEMENTS
14 Expenses by nature
$\ddot{\phantom{1}}$
ċ
Expenses included in other operating expenses are analysed as follows:
| 2014 | 2013 | |
|---|---|---|
| HK\$ | HK\$ | |
| Auditor's remuneration | 211,819 | 199,032 |
| Computer maintenance | 605,790 | 724,275 |
| Travelling expenses | 152,941 | 308,959 |
| Operating lease payments in respect of land and buildings | 1,037,040 | 953,040 |
| Net foreign exchange gain | (775) | (251, 110) |
| Others | 2,220,452 | 1,660,278 |
| 4,227,267 | 3,594,474 | |
Directors' emoluments 15
No fees or other emoluments were paid or payable to the directors of the Company in respect of their services to the Company during the year (2013: Nil).
16 Finance (expense)/income, net
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Interest income on cash in bank | 543 | 116 |
| Interest income on amount due from ultimate holding company |
25,276 | 121,736 |
| Finance income | 25,819 | 121,852 |
| Interest expense on bank overdrafts | (28, 136) | |
| Net finance (expense)/income | (2,317) | 121,852 |
HOME KONG for Manhassion $C_1$ $\partial y$ Public Anni
$cninf$ 巨潮资讯 中国证监会指定信息披露
NOTES TO THE FINANCIAL STATEMENTS
Income tax expense $17$ $\mathbb{R}^2$
$\ddot{\cdot}$
18
$\cdot$
Hong Kong profits tax has been provided at the rate of 16.5% (2013: 16.5%) on the estimated assessable profit for the year.
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Current income tax | ||
| - Hong Kong profits tax Deferred income tax (Note 11) |
2,616,771 (85, 445) |
3,738,038 (97, 137) |
| Income tax expense | 2,531,326 | 3,640,901 |
The tax on the Company's profit before income tax differs from the theoretical amount that would arise using the tax rate in Hong Kong as follows:
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Profit before income tax | 15,258,317 | 22,292,121 |
| Calculated at a taxation rate of 16.5% (2013: 16.5%) Temporary differences not recognised Income not subject to tax |
2,517,622 17,964 (4,260) |
3,678,200 (37, 299) |
| Income tax expense | 2,531,326 | 3,640,901 |
| Dividend | ||
| 2014 HK\$ |
2013 HK\$ |
|
| Interim dividends declared and paid of approximately HK\$Nil (2013: HK\$14.826) per ordinary share |
44,478,595 |
Commitments under operating leases 19
At 31st July 2014, the Company had future aggregate minimum lease payments under noncancellable operating leases in respect of land and buildings as follows:
| 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|
| Not later than one year | 792,000 | 624,000 |
$cninf$ 巨潮资讯 中国证监会指定信息披露
\$
NOTES TO THE FINANCIAL STATEMENTS
20 Financial instruments by category
$\ddot{\cdot}$
$\ddot{\mathbf{c}}$
The accounting policies for financial instruments have been applied to the line items as follows:
$\ddot{\phantom{a}}$
巨潮资讯 中国证监会指定信息披露网
| Loans and receivables |
|
|---|---|
| HK\$ | |
| Assets as per statement of financial position | |
| 31st July 2014 | |
| Trade and other receivables excluding prepayments | 79,131,906 |
| Receivables from related parties | 26,862,249 |
| Cash and cash equivalents | 33,223,919 |
| Total | 139,218,074 |
| 31st July 2013 | |
| Trade and other receivables excluding prepayments | 42,047,817 |
| Receivables from related parties | 95,393,384 |
| Cash and cash equivalents | 53,648,197 |
| Total | 191,089,398 |
| Financial liabilities at |
|
| amortised cost | |
| HK\$ | |
| Liabilities as per statement of financial position | |
| 31st July 2014 | |
| Trade and other payables | 29,538,541 |
| Payables to related parties | 72,183,209 |
| Total | 101,721,750 |
| 31st July 2013 | |
| Trade and other payables | 30,229,296 |
| Payables to related parties | 131,361,476 |
| Total | 161,590,772 |
Note to the statement of cash flows 21
In the statement of cash flows, proceeds from disposal of property, plant and equipment comprise:
| 2014 HK\$ |
2013 HK\$ |
||
|---|---|---|---|
| Net book amount (Note 5) Loss on disposal of property, plant and equipment |
20 (20) |
||
| Proceeds from disposal of property, plant and equipment | for executive age. | ||
| - 25 - | ony |
NOTES TO THE FINANCIAL STATEMENTS
22 Related party transactions
$\ddot{\cdot}$
×
The Company is controlled by Fonterra Brands (Singapore) Pte Ltd., a limited liability company incorporated in Singapore, which owns 100% of the Company's shares. The ultimate holding company of the Company is Fonterra Co-operative Group Limited, a limited liability company incorporated and listed in New Zealand.
During the year, the Company regularly conducted transactions in the normal course of business with the related parties. Details are as follows:
Transactions with related parties: $(a)$
| Note | 2014 HK\$ |
2013 HK\$ |
|
|---|---|---|---|
| Purchases from immediate holding company Purchases from fellow subsidiaries |
(i) (i) |
417,810,471 152,187,286 |
331,026,714 108,633,503 |
| Interest income on amount due from ultimate holding company |
(ii) | 25,276 | 121,737 |
| Management fee paid to ultimate holding company |
(iii) | 52,417 | 49,693 |
| Year end balances with related parties: | |||
| Note | 2014 HK\$ |
2013 HK\$ |
|
| Amount due from ultimate holding company Amounts due from fellow subsidiaries Amount due to immediate holding company Amounts due to fellow subsidiaries |
(ii) (iv) (v) (vi) |
26,823,874 38,375 (55, 451, 105) (16,732,104) |
94,772,776 620,608 (123, 436, 019) (7,925,457) |
Notes:
- Purchases from immediate holding company and fellow subsidiaries were $\bf (i)$ conducted at prices agreed by both parties.
- $(i)$ The amount due from ultimate holding company was unsecured, interest-bearing at 0.2% per annum and repayable on demand. Balance of HK\$1,613,100 (2013: HK\$7,814,137) is denominated in US\$ and the remaining balance is denominated in HK\$.
- Management fee paid to ultimate holding company was negotiated on an arm's length basis between the parties and on normal commercial terms.
- The amounts due from fellow subsidiaries were unsecured, interest-free and repayable on demand. The balances are denominated in HK\$.
- The amount due to immediate holding company was unsecured, interest-free and $(v)$ repayable within one to three months. The balance is denominated in US\$.
- The amounts due to fellow subsidiaries were unsecured, interest-free and $(vi)$ repayable within one to three months. The balances are denominated in US\$, NZ\$ and AU\$.
$(b)$
NOTES TO THE FINANCIAL STATEMENTS
22 Related party transactions (Continued)
$\ddot{\cdot}$
$\ddot{\phantom{0}}$
$(c)$ Key management compensation
The directors of the Company are regarded as senior management and none of them received or will receive any fees or emoluments in respect of their services to the Company during the year (2013: nil).
