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BROADENING Our Impact

Annual Report 2020/21 年度報告 Stock Code 股份代號：0345

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The Netherlands
Canada 荷蘭 UK Denmark
加拿大 Ireland 英國丹麥 Poland
愛爾蘭 Germany 波蘭
Belgium 德國
比利時
France
法國 Switzerland
USA Luxembourg 瑞士
美國盧森堡 Spain Italy Japan
西班牙意大利日本
Mainland China South Korea
中國內地南韓
Dominican Republic Taiwan Hong Kong
Guatemala 危地馬拉 Curacao 多明尼加共和國 Martinique Cambodia Macau 澳門台灣香港
古拉索馬提尼克柬埔寨
The Philippines
Suriname 蘇里南 French Guiana Malaysia 馬來西亞 Brunei 菲律賓
文萊
法屬圭亞那
Papua New Guinea
巴布亞新幾內亞
Global Markets
Mauritius
毛里求斯
Australia
全球營銷市場
澳洲
Manufacturing Presence
擁有生產廠房的地區
Singapore
新加坡
New Zealand
新西蘭
Some of Vitasoy’s
Flagship Products
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Some of Vitasoy’s
Flagship Products
部分維他奶皇牌產品
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Soy/Plant Milk 大豆／植物奶

Tofu 豆腐

Tea 茶

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

31 企業管治報告

Directors and Senior Management

74 董事及高層管理人員

Report of the Directors 84 董事會報告

Independent Auditor’s Report 99 獨立核數師報告

Consolidated Statement of Profit or Loss 106 綜合損益表

Consolidated Statement of Profit or Loss and 108 綜合損益及其他全面收益表 Other Comprehensive Income

Consolidated Statement of Financial Position 109 綜合財務狀況表

Consolidated Statement of Changes in Equity 112 綜合權益變動表

Consolidated Cash Flow Statement 114 綜合現金流量表

Notes to the Financial Statements 116 財務報表附註

Five Year Summary 240 五年財務摘要

Directors anD corporate information 董事及集團資料

Board of Directors

Executive Chairman Mr. Winston Yau-lai LO

董事會執行主席 羅友禮先生

Independent Non-executive Directors

Dr. the Hon. Sir David Kwok-po LI Mr. Jan P. S. ERLUND Mr. Anthony John Liddell NIGHTINGALE Mr. Paul Jeremy BROUGH Dr. Roy Chi-ping CHUNG

獨立非執行董事 李國寶爵士 Jan P. S. ERLUND 先生黎定基先生 Paul Jeremy BROUGH 先生鍾志平博士

Non-executive Directors

Ms. Yvonne Mo-ling LO Mr. Peter Tak-shing LO Ms. May LO

非執行董事

羅慕玲女士羅德承先生羅其美女士

Executive Director and Group Chief Executive Officer

Mr. Roberto GUIDETTI

執行董事暨集團行政總裁 陸博濤先生

Executive Director

Mr. Eugene LYE

執行董事 黎中山先生

Group Chief Financial Officer

Ms. Ian Hong NG

集團首席財務總監 吳茵虹女士

Company Secretary

Ms. Paggie Ah-hing TONG

公司秘書 湯亞卿女士

Registered Office

No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong

註冊辦事處 香港新界屯門建旺街一號

Auditors

KPMG

Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance

核數師

畢馬威會計師事務所於《財務匯報局條例》下的註冊公眾利益實體核數師

2 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

Directors and corporate information 董事及集團資料

Principal Bankers

The Bank of East Asia, Limited

The Hongkong and Shanghai Banking Corporation Limited MUFG Bank, Ltd. Citibank, N.A. Westpac Banking Corporation China Merchants Bank Company, Ltd. China Construction Bank Corporation Bank of China Limited

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株式會社三菱 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

Share Registrar

Computershare Hong Kong Investor Services Limited 46/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong

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

Investor Relations Contact

Tel: (852) 2468 9272 Fax: (852) 2465 1008 Email: [email protected]

投資者關係聯絡

電話 : (852) 2468 9272 傳真 : (852) 2465 1008 電郵 : [email protected]

Key Dates 重要日期

Closure of Register of Members 暫停辦理股份過戶登記

暫停辦理股份過戶登記
– Annual General Meeting	18th August 2021 (Wednesday) to 23rd August 2021 (Monday)
股東週年大會	二零二一年八月十八日（星期三）至二零二一年八月二十三日（星期一）
Record Date	23rd August 2021 (Monday)
記錄日期	二零二一年八月二十三日（星期一）
– Proposed Final Dividend	31st August 2021 (Tuesday) to 2nd September 2021 (Thursday)
建議末期股息	二零二一年八月三十一日（星期二）至二零二一年九月二日（星期四）
Record Date	2nd September 2021 (Thursday)
記錄日期	二零二一年九月二日（星期四）
Annual General Meeting	at 11:00 a.m., 23rd August 2021 (Monday)
股東週年大會	Chatham Room, Level 7, Conrad Hong Kong, Pacific Place,
	88 Queensway, Hong Kong
	於二零二一年八月二十三日（星期一）上午十一時正
	假座香港金鐘道88號太古廣場，香港港麗酒店七樓漆咸廳
Final Dividend Payable	14th September 2021 (Tuesday)
派發末期股息	二零二一年九月十四日（星期二）

Annual Report 2020/2021 年度報告

financial HigHligHts 財務摘要

Year Ended 31st March 截至三月三十一日止年度

Results 業績

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2021 2020
二零二一年二零二零年 %
HK$ million HK$ million Change
港幣百萬元港幣百萬元百分比變動
Revenue 收入 7,520 7,233 +4
Gross Profit 毛利 3,954 3,851 +3
EBITDA (Earnings Before Interest 未計利息收入、融資成本、
Income, Finance Costs, Income Tax, 所得稅、折舊、攤銷
Depreciation, Amortisation and 費用及所佔合營公司
Share of Losses of Joint Venture) 虧損前盈利
（「 EBITDA 」） 1,281 1,097 +17
Profit Attributable to Equity 本公司股權持有人
Shareholders of the Company 應佔溢利 548 536 +2
Basic Earnings per Share (HK cents) 每股基本盈利（港仙） 51.5 50.4 +2
Total Dividends per 每股普通股總股息
Ordinary Share (HK cents) （港仙） 32.8 32.2 +2
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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

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8,000 7,526 7,233 7,520
6,465
7,000
6,000 5,406
5,000
4,000
3,000
2,000
1,000
0
2017 2018 2019 2020 2021
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Gross Profit 毛利

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5,000
4,042 3,851 3,954
4,000 3,420
2,873
3,000
2,000
1,000
0
2017 2018 2019 2020 2021
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EBITDA 未計利息收入、融資成本、所得稅、折舊、攤銷費用及所佔合營公司虧損前盈利

Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利

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1,500
1,281
1,228
1,200 1,083 1,063 1,097
900
600
300
0
2017 2018 2019 2020 2021
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800
696
700 618
586
600 536 548
500
400
300
200
100
0
2017 2018 2019 2020 2021
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Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

financial Highlights 財務摘要

As at 31st March 於三月三十一日

Financial Position 財務狀況

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2021 2020
二零二一年二零二零年 %
HK$ million HK$ million Change
港幣百萬元港幣百萬元百分比變動
Total Assets 總資產 7,276 6,410 +14
Net Cash Balance 現金淨額 453 363 +25
Total Equity Attributable to Equity 本公司股權持有人
Shareholders of the Company 應佔權益總額 3,616 3,128 +16
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Year Ended 31st March 2021 截至二零二一年三月三十一日止年度

Sales Analysis by Location 銷售額分析（按地區）

66% Mainland China 中國內地

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2%
Singapore
新加坡
7%
Australia and
New Zealand
澳洲及新西蘭
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25% Hong Kong Operation (Hong Kong, Macau and Exports) 香港業務（香港、澳門及出口）

Annual Report 2020/2021 年度報告

cHairman’s statement 主席報告

Vitasoy Group continues to sustain its mission of providing tasty and nutritious plant-based food and beverages for the community despite diverse challenges across all our markets. The outlook of our Group remains promising as plant-based food and beverages become ever more mainstream.

儘管我們所有業務市場均面對各種挑戰，維他奶集團繼續堅守其使命，為社區提供以植物成分為主、既美味又營養豐富的食品及飲品。由於以植物為本的食品及飲品正逐漸成為主流，我們對本集團業務前景保持樂觀。

chairman’s statement 主席報告

As the world grapples with the extended impact of COVID-19, our Group continues to sustain its mission and growth despite diverse challenges across all our markets. In FY2020/2021, the Group’s revenue grew by 4% to HK$7,520 million. Profit attributable to equity shareholders of the Company also grew by 2% to HK$548 million.

The Board will recommend a final dividend of HK29.0 cents per ordinary share at the Annual General Meeting to be held on 23rd August 2021. Together with the interim dividend of HK3.8 cents per ordinary share, this brings the total dividend for FY2020/2021 to HK32.8 cents per ordinary share (FY2019/2020 total dividend: HK32.2 cents per ordinary share).

Discipline in delivering sustainable growth

The Group was founded in 1940 with the purpose to provide tasty and nutritious plant-based food and beverages for the community. We remain focused on our vision and, during this challenging period, have given full attention to the safety and well-being of our employees. In gradually scaling up our operations, we devote utmost discipline towards the constant changes in markets and technology, shoppers’ evolving needs, financial performance and efficiency. We continue to improve our environmental, social and governance (ESG) performance, as recognised by steady improvement in our external ratings.

全球各地努力應對 2019 冠狀病毒病疫情所帶來延續的影響，儘管我們所有業務市場均面對各種挑戰，本集團仍繼續維持其使命及業務增長。於二零二零╱二零二一財政年度，本集團的收入增長 4% 至港幣 7,520,000,000 元。本公司股權持有人應佔溢利亦增長 2% 至港幣 548,000,000 元。

董事會將於二零二一年八月二十三日舉行的股東週年大會上建議派發末期股息每股普通股 29.0 港仙。連同中期股息每股普通股 3.8 港仙，二零二零╱二零二一財政年度股息總額將達到每股普通股 32.8 港仙（二零一九╱二零二零財政年度股息總額：每股普通股 32.2 港仙）。

嚴格執行，達致持續增長

本集團創立於一九四零年，為社區提供以植物成分為主、既美味又營養豐富的食品及飲品為宗旨。我們繼續專注於實踐願景，並在這段極具挑戰的時期全力保護僱員的安全及健康。維他奶在逐步擴大業務的同時，積極回應瞬息萬變的市場環境、日新月異的科技發展以及消費者不斷演變的需求，竭誠盡責確保財務表現及營運效率。我們對環境、社會及管治方面的表現繼續精益求精，而外部評級表現的平穩進步，足證我們的努力廣泛獲得認可。

Annual Report 2020/2021 年度報告

chairman’s statement 主席報告

Resilience

The Group maintained focus on business fundamentals during this unprecedented period of uncertainty.

Mainland China grew revenue by 8% in local currency terms, leading the Group’s overall recovery, with both our core brands, VITASOY and VITA growing. We also opened our new Dongguan factory on time despite the challenges posed by the pandemic.

COVID-19 restrictions continued to impact Hong Kong in the important on-the-go and on-premise channels, greatly affecting our Vitaland school tuckshop business. As a result, our revenue from the Hong Kong Operation fell 12%.

Australia and New Zealand revenue fell by 1% in local currency as easing of COVID-19 restrictions gradually helped our business to recover in the second half of the year. The drop in revenue was also caused by a distortion from shoppers’ stock up which took place in the last month of the prior year (March 2020).

Singapore revenue was flat due to declines in beverage and export business offsetting our growth in domestic tofu sales.

Our joint venture with Universal Robina Corporation in the Philippines continued to operate in a very challenging environment, but we were encouraged by growth of our multiserve business which partly offset the decline of single serve due to COVID-19 continuous lockdowns and extended restrictions.

We will sustain our growth whilst continuing to invest in infrastructure and brand equity to secure long-term growth. The outlook remains promising as plant-based food and beverages become ever more mainstream.

迎難向前

在過去一年前所未見的不確定時刻，本集團仍能專注於穩定業務基礎。

中國內地業務的收入以當地貨幣計算增長 8% ，帶領本集團的整體復甦，維他奶及維他核心品牌產品銷售持續增長。儘管面對疫情帶來的種種挑戰，本集團東莞的新廠房亦如期開始運作。

2019 冠狀病毒病疫情實施的限制措施持續影響香港的便利店及食肆等銷售渠道，亦大幅影響了維他天地的學校小賣部業務。因此，香港業務的收入下跌 12% 。

澳洲及新西蘭業務在 2019 冠狀病毒病疫情限制措施有所放寬後，業務於下半年度逐步復甦，收入以當地貨幣計算下跌 1% 。收入下跌亦由於過去財政年度最後一個月（即二零二零年三月），消費者大批購入存貨所致。

新加坡業務的收入持平，原因是進口飲品及豆腐出口業務均下跌，抵銷了當地豆腐銷售增長。

與 Universal Robina Corporation 成立的菲律賓合營公司在艱難的營商環境下繼續營運，但因其家庭裝產品業務取得令人鼓舞的增長，抵銷了部分因 2019 冠狀病毒病疫情持續封城及延長限制措施下，一次性飲用支裝產品業務的降幅。

我們將努力維持增長，並同時繼續投資於基礎設施及品牌價值上，以確保長遠增長。由於以植物為本的食品及飲品正逐漸成為主流，我們對業務前景保持樂觀。

8 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

chairman’s statement 主席報告

Invaluable contribution

The Group’s long-term growth is only possible because of the immense contribution of our Board, management team and our staff. The whole group has stood up strongly to the unique challenges of the last two years. I thank our shareholders, customers, suppliers and business partners for their continued support to help us stay on course in our mission for ongoing success.

Winston Yau-lai lo Executive Chairman 17th June 2021

寶貴貢獻

本集團能夠取得長遠增長，全賴董事會、管理層以及全體員工盡心盡力工作及作出的寶貴貢獻。維他奶集團在過去兩年於經營環境面對獨特挑戰的情況下，業務仍能穩定增長。本人謹此對股東、客戶、供應商及業務夥伴一直以來的支持令我們得以堅持使命，持續取得成功，在此致以由衷謝意。

羅友禮 執行主席二零二一年六月十七日

Annual Report 2020/2021 年度報告

groUp cHief eXecUtiVe officer’s report/BUsiness reVieW

集團行政總裁報告 ╱ 業務回顧

In FY2020/2021, Vitasoy Group continued to broaden our impact while navigating the unique challenges set by the COVID-19 pandemic. Throughout our 80 years’ history, the Vitasoy Group has proved resilient in the face of diverse disruption and adversity. We will continue to sustain growth upon firm financial discipline and thus advance our purpose to deliver sustainable plantbased tasty and nutritional products to our communities.

於二零二零╱二零二一財政年度，儘管全球飽受 2019 冠狀病毒病的疫情肆虐，維他奶集團仍能繼續應對疫情帶來的獨特挑戰，向前邁進。縱觀過去 80 年的歷史，維他奶集團在面對各種逆境困難時依然仍能迎難而上。我們將繼續維持財務穩健審慎以維持增長，為我們的社區持續提供以植物為本的美味及營養產品，繼續推進我們的增長目標。

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

In FY2020/2021, we continued to broaden our impact while navigating the unique challenges set by the COVID-19 pandemic. Group revenue grew 4% driven by Mainland China delivering a solid 11% increase as its overall market and economic limitations began to ease in the second half.

Profits from operations increased 19% compared to FY2019/2020. As the Group decided to maintain headcount and employment of our staff despite imploding revenues in Hong Kong due to the pandemic significantly affecting our school, on-the-go and onpremise channels, we became eligible for government support, being primarily employment subsidies. COVID-19-related government subsidies of the Group amounted to HK$225 million for the year. Excluding all COVID-19-related government subsidies, and in the absence of any employees’ reduction countermeasures, the Group profit from operations would have fallen by 11%.

We focused first on effectively securing the safety and well-being of all our associates. We then focused on deliberate cost control and phasing of investments with renewed attention to operational efficiency. The pandemic impacted our various sales channels in different ways. The on-the-go and on-premise consumption were seriously affected by lockdowns and traffic restrictions: this severely impacted our Vitaland school tuckshop business in Hong Kong and overall reduction of revenue from sales to convenience stores, restaurants and coffee shops. On the positive side, the home consumption occasion satisfied by our multi-serve formats grew strongly, allowing us to drive growth in supermarkets and new on-line retail commerce.

於二零二零╱二零二一財政年度，儘管全球飽受 2019 冠狀病毒病的疫情肆虐，本集團仍能繼續應對疫情帶來的獨特挑戰，向前邁進。隨著中國內地整體市場及各項經濟限制措施開始放寬，中國內地業務收入增長 11% ，由此帶動本集團收入錄得 4% 增長。

經營溢利較二零一九╱二零二零財政年度增長 19% 。儘管本集團受到疫情衝擊，導致我們在學校、便利店及食肆等銷售渠道的香港營運收入嚴重下跌，但本集團仍決定堅守僱員人數及僱用，故此合資格申請政府補貼，主要為保就業計劃。本年度本集團共獲得有關 2019 冠狀病毒病疫情的政府補貼達港幣 225,000,000 元。撇除有關 2019 冠狀病毒病疫情的政府補貼，及維持原有員工人數及其他開支的大前題下，本集團的經營溢利則下跌 11% 。

我們以全體員工福祉為先，務求有效保障全體員工的工作安全。我們專注控制成本、分階段投資並銳意提升營運效率。新冠疫情已對我們不同的銷售渠道造成不同程度的影響。來自便利店及食肆的需求已因封城以及出行限制措施而受到重大打擊，導致我們香港的維他天地的學校小賣部生意嚴重受損，亦令銷售予便利店、餐廳及咖啡室的整體收入下跌。可幸的是，我們的家庭裝產品業務增長強勁，不單滿足了家庭式需求，亦推動了超市及網購新零售業務的增長。

Annual Report 2020/2021 年度報告 11

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Whilst Mainland China led the rebound in growth, Hong Kong declined as COVID-19 affected the export business on top of the Vitaland schools tuckshops mentioned above. Australia was marginally below last year due to restrictions affecting restaurants and cafés. Singapore was flat as increased demand in the local tofu business offset a drop in the imported beverage and export business. The Philippines grew the multi-serve business in supermarkets but the newly local single-serve business was severely impacted by extended lock-down restrictions.

We continued to diligently progress and complete our capital projects, enhancing infrastructure with the successful completion of various initiatives notably completion of the new manufacturing plant in Dongguan, China, which commenced production on schedule. Whilst continuing to drive our core business, we consciously made investments in brand equity and innovation. This will secure the Group’s strongly differentiated position amidst the surge of competitive activity in the plant-based food and beverage market, now ever more mainstream in most of our markets. Complementarily, we have continued to improve our ESG performance, by enhancing our nutritional offerings and reducing the resources used per unit of product. These advancements have also been recognised by external ratings. After entering the Hang Seng Corporate Sustainability Index, Vitasoy has now been included in the Dow Jones Sustainability Asia/Pacific Index. Morgan Stanley Capital International (MSCI) promoted Vitasoy’s ESG rating from “BBB” to “A”. The integration of these improvements in our business model will enhance our appeal and relevance whilst protecting the enterprise from external vulnerabilities in the long term.

儘管中國內地的業務回復增長，但香港業務除上述的維他天地學校小賣部生意受損外，出口業務在 2019 冠狀病毒病的陰霾下亦遭受影響。澳洲業務亦較去年略為遜色，主要由於限制措施影響了眾多食肆及咖啡店的生意。新加坡業務表現持平，進口飲品及出口業務錄得跌幅，抵銷了當地豆腐業務需求的增幅。菲律賓業務在超市的家庭裝產品業務錄得增長，但在當地新推出的一次性飲用支裝產品業務卻因封城限制措施延長而遭受嚴重影響。

我們會繼續努力推進及完成我們的資本項目，隨著多項建設工程順利竣工，特別是我們位於中國東莞的全新生產廠房已按進度開始投產，我們的基礎設施亦得到提升。我們將會繼續推動我們的核心業務，亦會在品牌價值及創新方面作出適當投資。以植物為本的食品及飲品市場競爭日趨激烈且已逐漸成為我們大多數市場的主流，上述舉措有助本集團在行內穩佔市場領導位置。我們透過改善產品的營養成份以及減少每件產品所用的資源，繼續在環境、社會及管治方面取得進展，與我們的主要業務相輔相成。該等進展亦已獲得外部評級表揚。維他奶除獲納入「恒生可持續發展企業指數」的成份股後，現時亦已躋身「道瓊斯可持續發展亞太指數」的成份股。摩根士丹利資本國際公司已將維他奶的環境、社會及管治評級由「 BBB 」提升至「 A 」。我們的業務模式加上該等改善措施，將可提升我們的吸引力及鞏固我們在行內的影響力，同時可長遠地保障公司免受外圍環境因素所影響。

12 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Financial Highlights

The Group’s financial position stays healthy with all key indicators in positive territory.

財務摘要

本集團的財務狀況保持穩健，主要財務指標均反映正面樂觀。

The following table presents the Group’s financial highlights for the year ended 31st March 2021 versus the previous ending on 31st March 2020.

下表呈列本集團截至二零二一年三月三十一日止年度及二零二零年三月三十一日止上個年度的主要財務摘要。

==> picture [485 x 351] intentionally omitted <==

----- Start of picture text -----

Year ended 31st march
截至三月三十一日止年度
2021 2020
二零二一年二零二零年
(HK$ million) (HK$ million) Change
（港幣百萬元）（港幣百萬元）變動
Revenue 收入 7,520 7,233 +4%
Gross Profit 毛利 3,954 3,851 +3%
EBITDA (Earnings Before EBITDA （未計利息收入、
Interest Income, 融資成本、所得稅、折舊、
Finance Costs, Income Tax, 攤銷費用及所佔合營公司
Depreciation, 虧損前盈利）
Amortisation and Share of
Losses of Joint Venture) 1,281 1,097 +17%
Profit Attributable to 本公司股權持有人應佔溢利
Equity Shareholders of the
Company 548 536 +2%
Basic Earnings per Share 每股基本盈利（港仙）
(HK cents) 51.5 50.4 +2%
Gearing ratio 借貸比率 14% 16% –2% points
百分點
ROCE (Return on capital 資本回報率 34% 31% +3% points
employed) 百分點
----- End of picture text -----

Annual Report 2020/2021 年度報告 13

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Revenue

For the year ended 31st March 2021, the Group’s revenue grew 4% to HK$7,520 million (FY2019/2020: HK$7,233 million).

收入

截至二零二一年三月三十一日止年度，本集團的收入增加 4% 至港幣 7,520,000,000 元（二零一九 ╱二零二零財政年度：港幣 7,233,000,000 元）

Mainland China: +8% in local currency (+11% in HKD)

Started the post-COVID-19 recovery with solid growth on both VITASOY and VITA.

中國內地：以當地貨幣計算 +8% （以港幣計算 +11% ）

隨著 2019 冠狀病毒病疫情爆發後的經濟開始復甦，維他奶及維他品牌產品收入穩健增長。

Hong Kong Operation (Hong Kong, Macau and Exports): - 12% Successive waves of COVID-19 severely affected the Vitaland school business, export and local on-the-go channels.

香港業務（香港、澳門及出口）： -12% 2019 冠狀病毒病持續爆發，嚴重影響維他天地於學校的業務、出口以及本地便利店的銷售。

Australia and New Zealand: – 1% in local currency (+5% in HKD)

Strong growth in the supermarket channel was offset by reduction in the on-premise business caused by lockdowns.

澳洲及新西蘭：以當地貨幣計算 -1% （以港幣計算 +5% ）

封城措施導致食肆生意減少，抵銷了超級市場渠道的強勁增長。

Singapore: Flat in local currency (Flat in HKD)

Similar to other markets, supermarket sales grew whilst onpremise and exports declined due to local COVID-19 restrictions.

新加坡：以當地貨幣計算持平（以港幣計算持平）

與其他市場相若，受到 2019 冠狀病毒病措施限制，超級市場銷售有所增長，但食肆及出口銷售則有所下降。

Gross Profit and Gross Profit Margin

The Group’s gross profit was HK$3,954 million (FY2019/2020: HK$3,851 million), representing an increase of 3%, mainly driven by increase in revenue.

毛利及毛利率

本集團的毛利為港幣 3,954,000,000 元（二零一九 ╱二零二零財政年度：港幣 3,851,000,000 元），增加 3% ，主要由於收入增加。

Gross profit margin was in line with last year at 53%, due to higher promotional expenses offset by government subsidies and favourable trends in paper packaging costs.

由於政府補貼，加上包裝紙價格利好，故抵銷了較高的促銷費用，毛利率與去年持平，維持 53% 。

14 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Operating Expenses

Total operating expenses increased 1% to HK$3,233 million (FY2019/2020: HK$3,188 million), mainly due to higher logistic expenses and impairment losses on property, plant and equipment, partly offset by the receipt of government subsidies.

Marketing, selling and distribution expenses were in line with last year at HK$2,115 million (FY2019/2020: HK$2,112 million), as a result of higher distribution costs driven by growing sales volume offset by the receipt of government subsidies.

Administrative expenses were also at the same level, being HK$723 million (FY2019/2020: HK$717 million), reflecting the resumption of planned investment in organisational capability and further support from the pandemic-related subsidies.

Other operating expenses mainly include staff costs for other supporting functions, warehouse expenses, management fee charged by a related party and sundry tax in Mainland China. As a result, other operating expenses increased 10% to HK$395 million (FY2019/2020: HK$359 million), due to impairment losses on property, plant and equipment. The pandemic caused reduced mobility and school closures, negatively impacting demand and asset utilisation.

經營費用

總經營費用增加 1% 至港幣 3,233,000,000 元（二零一九╱二零二零財政年度：港幣 3,188,000,000 元），主要由於較高的物流費用以及物業、廠房及設備的減值虧損，其中部分為獲得的政府補貼所抵銷。

市場推廣、銷售及分銷費用與去年相若，即港幣 2,115,000,000 元（二零一九╱二零二零財政年度：港幣 2,112,000,000 元），主要因為銷量增長而上升的分銷成本為政府補貼所抵銷。

行政費用亦與去年相若，即港幣 723,000,000 元（二零一九╱二零二零財政年度：港幣 717,000,000 元），主要用於重啟原定改善公司組織能力的投資，以及疫情有關補貼所提供的額外援助。

其他經營費用主要包括其他支援職務的員工成本、倉庫費用、關連方收取的管理費及中國內地的其他稅項。由於物業、廠房及設備出現減值虧損，故此其他經營費用增加 10% 至港幣 395,000,000 元（二零一九╱二零二零財政年度：港幣 359,000,000 元）。疫情導致人流減少、學校停課，對產品需求及資產使用率均產生負面影響。

Annual Report 2020/2021 年度報告 15

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

COVID-19-related Government Grants in FY2020/2021

For the year ended 31st March 2021, the Group received government grants of HK$225 million related to COVID-19 financial assistance as we maintained headcount and employment of our staff.

二零二零╱二零二一財政年度的 2019 冠狀病毒病相關政府資助

截至二零二一年三月三十一日止年度，本集團獲得與 2019 冠狀病毒病財務資助有關的政府資助為港幣 225,000,000 元，由於本集團堅守員工人數及僱用。

==> picture [485 x 301] intentionally omitted <==

----- Start of picture text -----

(HK$ million) amount recognised
（港幣百萬元）確認金額
net in Under
“cost of “other
sales” income” net in
segment nature of grants 於「銷售成本」「其他收入」 expenses total
分部資助性質抵銷項下於費用抵銷總額
Hong Kong Operation Employment Support 23 62 60 145
Scheme (“ESS”) and
other relief grants
香港業務保就業計劃及其他紓
困津貼
Mainland China Mainly waiver of social 15 1 53 69
insurance
中國內地主要為社會保險減免
Singapore Employment subsidies 2 – 3 5
新加坡就業補貼
Others ESS – – 6 6
其他保就業計劃
40 63 122 225
----- End of picture text -----

EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation and Share of Losses of Joint Venture)

EBITDA for the year was HK$1,281 million, representing an increase of 17% year-on-year, mainly driven by higher gross profit and government subsidies. The EBITDA to revenue margin for the year increased from 15% to 17%.

未計利息收入、融資成本、所得稅、折舊、攤銷費用及所佔合營公司虧損前盈利（「 EBITDA 」）

年內的 EBITDA 為港幣 1,281,000,000 元，按年增加 17% ，主要由於毛利及政府補貼增加。年內的 EBITDA 佔銷售利潤由 15% 上升至 17% 。

Profit from Operations

Profit from operations increased by 19% to HK$843 million (FY2019/2020: HK$707 million).

經營溢利

經營溢利增加 19% 至港幣 843,000,000 元（二零一九╱二零二零財政年度：港幣 707,000,000 元）。

16 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Impairment Loss on Interest in Joint Venture

An impairment charge of HK$43 million was recognised during the year due to the impact of the pandemic on current year sales and future sales projections.

Profit before Taxation

Profit before taxation increased by 13% to HK$767 million (FY2019/2020: HK$679 million).

Taxation

Income tax charged for the year was HK$177 million (FY2019/2020: HK$109 million) with an effective tax rate of 23%, versus 16% last year, mainly due to a higher proportion of sales and profits in Mainland China which are subject to a higher tax rate.

Profit Attributable to Equity Shareholders of the Company

Profit attributable to equity shareholders of the Company was HK$548 million, representing an increase of 2% compared to the previous year (FY2019/2020: HK$536 million). Excluding all COVID-19-related government subsidies, profit attributable to equity shareholders of the Company decreased 35%.

Financial Position

The Group finances its operations and capital expenditure primarily through internally generated cash as well as banking facilities provided by our principal bankers.

As at 31st March 2021, cash and bank deposits amounted to HK$971 million (31st March 2020: HK$848 million). 40%, 52% and 2% of our cash and bank deposits were denominated in Hong Kong Dollars (HKD), Renminbi (RMB) and United States Dollars (USD), respectively (31st March 2020: 8%, 82% and 6%). As of 31st March 2021, the Group had a net cash balance (cash and bank deposits less bank borrowings, bills payable and lease liabilities) of HK$453 million (31st March 2020: HK$363 million). Available banking facilities amounted to HK$905 million (31st March 2020: HK$699 million) to facilitate future cash flow needs.

合營公司權益之減值虧損

由於疫情對本年及未來銷售預測造成不利影響，故於年內確認減值費用港幣 43,000,000 元。

除稅前溢利

除稅前溢利增加 13% 至港幣 767,000,000 元（二零一九╱二零二零財政年度：港幣 679,000,000 元）。

稅項

年內所繳納的所得稅為港幣 177,000,000 元（二零一九╱二零二零財政年度：港幣 109,000,000 元），實際稅率為 23% ，去年則為 16% ，主要由於中國內地的銷售及溢利佔比增加，而中國內地的利得稅率亦較高。

本公司股權持有人應佔溢利

本公司股權持有人應佔溢利為港幣 548,000,000 元，較去年增加 2% （二零一九╱二零二零財政年度：港幣 536,000,000 元）。撇除所有 2019 冠狀病毒病相關政府補貼，本公司股權持有人應佔溢利則下跌 35% 。

財務狀況

本集團主要透過動用內部現金及主要來往銀行所提供的銀行信貸額，為營運及資本支出提供資金。

於二零二一年三月三十一日，現金及銀行存款為港幣 971,000,000 元（二零二零年三月三十一日：港幣 848,000,000 元）。當中 40% 、 52% 及 2% 的現金及銀行存款分別以港元、人民幣及美元計值（二零二零年三月三十一日： 8% 、 82% 及 6% ）。截至二零二一年三月三十一日，本集團的現金淨額（現金及銀行存款減銀行借貸、應付票據及租賃負債）為港幣 453,000,000 元（二零二零年三月三十一日：港幣 363,000,000 元）。可供動用的銀行信貸額為港幣 905,000,000 元（二零二零年三月三十一日：港幣 699,000,000 元），以滿足未來的現金流量需要。

Annual Report 2020/2021 年度報告 17

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

The Group’s debt amounted to HK$518 million (31st March 2020: HK$485 million), of which bank borrowings amounted to HK$130 million (31st March 2020: HK$241 million), bills payable amounted to HK$183 million (31st March 2020: nil) and lease liabilities amounted to HK$205 million (31st March 2020: HK$244 million).

本集團的債務為港幣 518,000,000 元（二零二零年三月三十一日：港幣 485,000,000 元），當中銀行借貸為港幣 130,000,000 元（二零二零年三月三十一日：港幣 241,000,000 元）、應付票據為港幣 183,000,000 元（二零二零年三月三十一日：無）及租賃負債為港幣 205,000,000 元（二零二零年三月三十一日：港幣 244,000,000 元）。

The gearing ratio (total debt/total equity attributable to equity shareholders of the Company) decreased to 14% (31st March 2020: 16%). Excluding lease liabilities from total debt, the gearing ratio increased to 9% (31st March 2020: 8%).

借貸比率（按債務總額與本公司股權持有人應佔權益總額比率計算）下降至 14% （二零二零年三月三十一日： 16% ）。倘在債務總額中撇除租賃負債，則借貸比率上升至 9% （二零二零年三月三十一日： 8% ）。

The Group’s return on capital employed (ROCE) (EBITDA/average non-current debt and equity) for the year was 34% (FY2019/2020: 31%).

年內本集團的資本回報率（按 EBITDA ╱平均非流動債務及權益比率計算）為 34% （二零一九╱二零二零財政年度： 31% ）。

Capital expenditure incurred during the year decreased to HK$623 million (FY2019/2020: HK$1,061 million), which was mainly spent for acquisition of production equipment for the new plant in Dongguan.

年內錄得的資本開支減少至港幣 623,000,000 元（二零一九╱二零二零財政年度：港幣 1,061,000,000 元），主要用於為東莞新廠房購置生產設備。

There were no assets pledged or secured under loan and/or lease arrangements.

概無資產根據貸款及╱或租賃安排而予以抵押或擔保。

Non-financial Key Performance Indicators

The Group publishes various non-financial KPIs in the “Sustainability Report 2020/2021”, which will be released in July 2021 together with this Annual Report.

非財務關鍵表現指標

本集團將於二零二一年七月與本年報一併公佈的「二零二零╱二零二一年可持續發展報告」中刊載多個非財務關鍵表現指標。

Financial Risk Management

The Group’s overall financial management policy focuses on anticipating, controlling and managing risks, covering transactions directly related to the underlying businesses of the Group. For synergy, efficiency and control, the Group operates a central cash and treasury management system for all subsidiaries. Borrowings are normally taken out in local currencies by the operating subsidiaries to fund their investments and partially mitigate foreign currency risks.

財務風險管理

本集團的整體財務管理政策強調預測及管控風險，涵蓋與本集團的相關業務直接有關的交易。為達致協同效益、效率及監控的目的，本集團為所有附屬公司實行中央現金及財政管理系統。各營運附屬公司一般以當地貨幣進行借貸，為當地投資項目提供資金及減低部份外匯風險。

18 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Potential Risk and Uncertainties

Vitasoy has implemented a comprehensive risk management framework across the Group to consistently anticipate, assess and mitigate key business risks, and a risk governance structure to ensure proper risk ownership and oversight. In view of the rapidly changing business environment, Group Internal Audit and Risk Management Department has stepped up efforts in improving key risk indicators, identifying external emerging risks, and facilitating risk reviews for key purchasing decisions. Details of these risk management processes are covered in the Risk Management section of the Corporate Governance Report in this Annual Report.

潛在風險及不明朗因素

維他奶在本集團內實施全面的風險管理框架，採用一致的流程以預測、評估及減輕關鍵業務風險，並採納風險管治架構，確保風險得到適當歸屬及監督。鑑於營商環境瞬息萬變，本集團內部審計及風險管理部因而加強提升關鍵風險指標，識別外來新興風險，促進關鍵採購決策風險審核。該等風險管理流程的詳情載於本年報內企業管治報告的風險管理一節。

Annual Report 2020/2021 年度報告 19

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

Started the post-COVID-19 recovery with both brands VITASOY and VITA growing

業務回顧

中國內地

隨著 2019 冠狀病毒病疫情爆發後的經濟開始復甦， 維他奶及維他 品牌產品收入均有增長

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2021 2020
二零二一年二零二零年
2021 2020 % Change group contribution %
(rounded to the nearest 二零二一年二零二零年百分比變動佔本集團貢獻百分比
million) (restated)
（四捨五入至最接近百萬）（重列）
Revenue from external 來自外間顧客之
customers 收入
(HK$ million) （港幣百萬元） 5,008 4,504 +11 66 62
Profit from operations 經營溢利
(HK$ million) （港幣百萬元） 524 476 +10 55 58
Revenue from external 來自外間顧客之
customers 收入
(RMB million) （人民幣百萬元） 4,366 4,025 +8
Profit from operations 經營溢利
(RMB million) （人民幣百萬元） 457 425 +8
----- End of picture text -----

Vitasoy China grew revenue by 8% in local currency, gradually recovering from the interruption of its growth trajectory due to COVID-19 restrictions in the first half of the year. Both brands, VITASOY and VITA grew. Notable was the acceleration of the on-line “new retail” business during the year.

維他奶中國以當地貨幣計算增長 8% ，上半年度受 2019 冠狀病毒病各種限制而中斷的增長軌道正逐漸恢復。維他奶及維他品牌產品均有增長。「新零售」網購銷售於年內亦明顯急速發展。

As communicated previously, we significantly increased our investments in the second half of the year as the pandemic limitations progressively eased. Government subsidies helped our profit from operations, which grew by 8% in local currency terms. Excluding COVID-19-related government support, profit from operations fell 4%.

誠如先前所述，由於疫情限制措施逐漸放寬，我們於下半年度大幅增加投資。政府的疫情補貼有助經營溢利以當地貨幣計算增長 8% 。撇除 2019 冠狀病毒病相關的政府補貼，經營溢利則下跌 4% 。

Infrastructure developments continued with the commissioning of our new manufacturing plant in Dongguan, Guangdong Province, adding production capacity to support continued growth driven by both execution in same stores and geographical channel expansion.

廣東省東莞市的新生產廠房順利投產，各項基礎設施亦隨著繼續進展，同時提升產能，滿足在執行擴張現有店舖及地域渠道方面的持續增長。

Due to RMB appreciation, our revenue and profit from operations grew 11% and 10% respectively in HKD terms.

由於人民幣升值，經營收入及溢利以港幣計算分別增長 11% 及 10% 。

20 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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)

Sustained leadership and profitability in core categories amidst contracted Vitaland and export businesses due to continued COVID-19 impact

香港業務（香港、澳門及出口）

備受 2019 冠狀病毒病的持續影響，嚴重影響維他天地於學校的銷售業務以及出口業務，但核心品類仍持續穩佔市場領導地位及錄得收益

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----- Start of picture text -----

2021 2020
2021 2020
二零二一年二零二零年
二零二一年二零二零年
HK$ million HK$ million % Change group contribution %
(rounded to the nearest 港幣百萬元港幣百萬元百分比變動佔本集團貢獻百分比
million) (restated)
（四捨五入至最接近百萬）（重列）
Revenue from external 來自外間顧客之收入
customers 1,865 2,108 –12 25 29
Profit from operations 經營溢利 355 269 +32 37 32
----- End of picture text -----

Revenues of the Hong Kong Operation fell 12% versus last year as successive waves of COVID-19 restrictions affected the on-thego channel, the Vitaland school tuckshop and export businesses. However, the local supermarket channel and on-line business performed solidly thus driving aggregate growth and maintaining the Group’s leadership position in our core categories of plant milk and tea. To enhance our plant milk offering on VITASOY, we introduced a new high-calcium low-sugar oat milk on our CALCIPLUS platform during the year.

與去年相比，香港業務收入下跌 12% ，原因是 2019 冠狀病毒病持續爆發的限制措施影響便利店銷售渠道、維他天地的學校小賣部以及出口業務等。然而，本地超級市場渠道及網購銷售表現穩健，帶動本地核心品類植物奶及茶的整體增長，並維持其領導地位。為了在維他奶品牌中拓展植物奶產品，我們於年內推出鈣思寶系列的全新高鈣低糖燕麥奶產品。

Profit from operations grew 32%, due to both deliberate cost optimisation and receipt of government subsidies related to employees despite contracting revenues. Excluding the COVID19-related government subsidies, and in the absence of any employees’ reduction counter-measures, profit from the Hong Kong Operation fell 22%.

由於審慎的成本控制，加上獲得確保員工就業相關的政府補貼，即使在收入減少的情況下，經營溢利增長 32% 。撇除 2019 冠狀病毒病相關的政府補貼，及在維持原有員工人數及其他開支的大前題下，香港業務的經營溢利則下跌 22% 。

Annual Report 2020/2021 年度報告 21

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Australia and New Zealand

Strong core business and multi-plants innovation mitigated pandemic’s impact

澳洲及新西蘭

強勁的核心業務及推出多種以植物為本創新產品，舒緩了疫情帶來的影響

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
(rounded to the nearest
million) 2021 2020 % Change group contribution %
（四捨五入至最接近百萬）二零二一年二零二零年百分比變動佔本集團貢獻百分比
Revenue from external 來自外間顧客之
customers 收入
(HK$ million) （港幣百萬元） 528 502 +5 7 7
Profit from operation 經營溢利
(HK$ million) （港幣百萬元） 68 77 –12 7 9
Revenue from external 來自外間顧客之
customers 收入
(AUD million) （澳元百萬元） 94 95 –1
Profit from operation 經營溢利
(AUD million) （澳元百萬元） 12 14 –16
----- End of picture text -----

Revenue fell by just 1% in local currency as the extended lockdown severely affected the restaurant and coffee channel business. This was offset by strong core business performance in the supermarket channel and the launch of new items in the Oat and Almond portfolio. Profit from operations dropped 16% in local currency terms, as the drought which began last year continued to keep raw material prices at an elevated level, coupled with higher investments to keep building brand equity.

由於封城期延長，嚴重影響餐廳及咖啡渠道業務，令收入以當地貨幣計算輕微下降 1% 。但憑著於超級市場渠道的強勁核心業務表現，以及在燕麥及杏仁產品組合中推出新產品，得以抵銷受影響渠道下跌的影響。由於去年出現的乾旱天氣仍使部分原材料價格維持在較高水平，加上增加投資繼續建立品牌價值，故經營溢利以當地貨幣計算下跌 16% 。

During the year, Bega Cheese Limited acquired shares in Lion Dairy & Drinks including 49% of the shares in Vitasoy Australia Products Pty. Ltd.. A new joint venture Board has now been formed and the management team has operated effectively throughout the transition period.

年內， Bega Cheese Limited 收購 Lion Dairy & Drinks 股份，當中包括合營公司 Vitasoy Australia Products Pty. Ltd. 的 49% 股份。新的合營公司董事會已經成立，管理團隊於過渡期間亦能有效管理營運。

Due to the appreciation of the Australian dollars (AUD), revenue grew 5% while profit from operations dropped 12% in HKD terms.

由於澳元升值，收入增長 5% ，而經營溢利以港幣計算則下跌 12% 。

22 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Singapore

Pandemic impacted the exported tofu and the imported beverage businesses

新加坡

出口豆腐及進口飲品業務均受到疫情影響

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
(rounded to the nearest
thousand) 2021 2020 % Change group contribution %
（四捨五入至最接近千）二零二一年二零二零年百分比變動佔本集團貢獻百分比
Revenue from external 來自外間顧客之
customers 收入
(HK$ thousand) （港幣千元） 118,343 118,641 – 2 2
Profit from operation 經營溢利
(HK$ thousand) （港幣千元） 3,014 4,969 –39 1 1
Revenue from external 來自外間顧客之
customers 收入
–
(SGD thousand) （坡元千元） 20,784 20,855
Profit from operation 經營溢利
(SGD thousand) （坡元千元） 529 873 –39
----- End of picture text -----

Revenue from our Singapore business was flat in local currency terms compared to last year. Growth in the local tofu business offset the decline in imported beverages and exported tofu which were impacted by the pandemic.

與去年相比，新加坡業務的收入以當地貨幣計算持平。當地豆腐業務增長抵銷了受疫情影響的進口飲品及豆腐出口業務的跌幅。

Profit from the operation dropped 39% in local currency terms due to additional staff costs to sustain local production and operations in the face of the pandemic. The lock-down also delayed implementation of planned innovations causing higher material costs due to packaging and raw materials’ expiry.

疫情下，員工成本須增加以維持當地的生產及營運，經營溢利以當地貨幣計算下跌 39% 。封城措施亦推遲了我們推行產品創新計劃，致使包裝物料及原材料過了限期，導致材料成本增加。

Annual Report 2020/2021 年度報告 23

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Business Outlook

The pandemic challenges will continue to impact the Group’s operating environment in the short term, causing not only increasing raw material and logistic costs, but also complexity and volatility.

In this context, the Group’s sales outlook is cautiously optimistic.

Our operations proved resilient and are now operating within this “new normal”. With the pandemic limitations slowly and gradually easing across our markets, we expect to complete the recovery of our business in the sectors which have been most affected, like onthe-go and on-premise channels, export across all markets and the material Vitaland school tuckshop business in Hong Kong.

We will continue to drive our growth vectors of improved execution in existing customers, and geographical expansion primarily in Mainland China. Our innovation pipeline is strong, relevant and ready to be progressively deployed. The global plantbased food and beverages movement is becoming ever more mainstream, and is expected to add additional impetus to the Group’s growth prospects.

Mainland China

Our business in Mainland China is expected to maintain growth in the next year. Improving performance in key channels based on new campaigns on both VITASOY and VITA, national expansion and core portfolio innovation have been planned to secure growth momentum.

Hong Kong Operation (Hong Kong, Macau and Exports)

We will continue disciplined cost improvements whilst leveraging new campaigns for both brands and introducing further innovation to restore revenue growth.

Australia and New Zealand

We expect a return to revenue growth, driven by a new campaign to strengthen our brand across plant-based categories and a rebound in the on-premise business.

展望

疫情帶來的各種挑戰在短期內仍會影響本集團的營商環境，不單導致原材料及物流成本上升，亦令營運更添難度及不確定性。

在此情況下，本集團對銷售前景是審慎樂觀。

我們的業務維持穩健，並適應了在「新常態」中營運。隨著疫情限制措施在我們各市場中逐漸緩慢放寬，我們預計業務可在最受影響的銷售渠道中恢復，例如便利店及餐飲業務、所有市場的出口，以及對香港業務作出重要貢獻的維他天地學校小賣部業務。

我們將繼續推動各增長模式，提升現有客戶的執行力，並在中國內地進行地域擴張。我們對已計劃的創新產品富有信心，並隨時準備逐步作出適當部署。以植物為本的食品及飲品逐漸成為全球主流，預計將對本集團的前景增添增長動力。

中國內地

中國內地業務預計於下一年度將維持增長。憑維他奶及維他品牌的新營銷活動提高主要銷售渠道的業績、擴張全國銷售渠道，以及創新核心產品組合，均有助確保增長勢頭。

香港業務（香港、澳門及出口）

我們將繼續嚴格控制成本，同時配合品牌及推出創新產品的多種營銷活動，恢復收入增長。

澳洲及新西蘭

我們預計收入將恢復增長，由加強宣傳我們品牌以植物為本的新營銷活動，以及恢復餐飲業務所帶動。

24 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Singapore

In the coming year, we will relaunch our domestic tofu business, continue to expand our imported beverage portfolio and upon easing of pandemic restrictions restart our export tofu business.

The Philippines

Our joint venture with Universal Robina Corporation will continue to focus on establishing the VITASOY brand in the Philippines. While continuing to drive the successful multi-serve business, we will launch a new campaign to emphasise the home occasion for our single serve business, which was halted by the lockdowns and traffic restrictions.

Conclusion

Throughout our 80 years’ history, the Vitasoy Group has proved resilient in the face of diverse disruption and adversity. We will continue to focus on the safety of our teams and infrastructure, sustain growth upon firm financial discipline and thus advance our purpose to deliver sustainable plant-based tasty and nutritional products to our communities.

I sincerely thank our Executive Chairman and our Board of Directors for their unwavering support, wise counsel and guidance in such unique times. I am grateful to all our business partners for their continued resolve, and to all of our associates for their passionate dedication and contribution.

roberto gUiDetti

Group Chief Executive Officer 17th June 2021

新加坡

來年，我們將重新包裝本地豆腐業務，繼續擴充進口飲品組合，並在疫情限制放寬後重啟出口豆腐業務。

菲律賓

我們與 Universal Robina Corporation 的合營公司將繼續專注於建立維他奶在菲律賓的品牌價值。除了繼續推動成功的家庭裝產品業務，我們亦將推出一項新營銷活動以推動因封城措施及交通限制而受影響的一次性飲用支裝產品的家庭需求。

總結

縱觀我們過去 80 年的歷史，維他奶集團在面對各種逆境困難時依然保持業務穩健。我們將繼續專注保障團隊及基礎設施的安全，維持財務穩健審慎以維持增長，為我們的社區持續提供以植物為本的美味及營養產品，繼續推進我們的增長目標。

本人衷心感謝執行主席及董事會所給予的堅定支持、真知灼見和悉心指導。本人亦謹此感謝業務夥伴一如既往的信任，以及本公司所有員工的熱切忠誠與貢獻。

陸博濤

集團行政總裁二零二一年六月十七日

Annual Report 2020/2021 年度報告

awards and recognitions 嘉許及表揚

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awards and recognitions 嘉許及表揚

Major Awards of Vitasoy International Holdings Limited from 1st April 2020 to 31st March 2021

維他奶國際集團有限公司於二零二零年四月一日至二零二一年三月三十一日止所頒獲的主要獎項

corporate 企業

Hong Kong, China 中國香港

Vitasoy International Holdings Limited 維他奶國際集團有限公司 2020 Best Corporate Governance Awards: winner of Sustainability and Social Responsibility Reporting Award in the “H-share Companies and Other Mainland Enterprises Category” by the Hong Kong Institute of Certified Public Accountants (HKICPA) 榮獲香港會計師公會頒發「最佳企業管治大獎 2020 」中的「可持續發展及企業社會責任報告獎」（「 H 股公司與其他中國內地企業」組別） 2021 Corporate Knights Global 100 Most Sustainable Corporations by Corporate Knights - we rank 62nd, up from 90th last year. We rank 2nd in the Packaged and Processed Food and Ingredients category, following McCormick & Company 在《企業爵士》 2021 年全球可持續企業百強排名中，由去年 90 位升至 62 位；於包裝與加工食品及食材組別中排名第二，僅次於味可美公司 The “15 Years Plus Caring Company” Logo from Hong Kong Council of Social Services 榮獲香港社會服務聯會頒發「 15 年或以上商界展關懷」標誌 The “5 years+ Award Consumer Caring Company” Logo from GS1 Hong Kong 榮獲香港貨品編碼協會頒發「 5 年＋賞貼心企業」標誌 “Diamond Enterprise Winner” in the “Quality Food Traceability Scheme 2020” from GS1 Hong Kong for the fourth consecutive year 連續第四年榮獲香港貨品編碼協會頒發「優質食品源頭追蹤計劃 2020 」的「鑽石企業獎」 “Manpower Developer” in the “ERB Manpower Developer Award Scheme” 2019-2021 from the Employees Retraining Board 在僱員再培訓局舉辦的 2019-2021 年度「 ERB 人才企業嘉許計劃」中獲嘉許為「人才企業」 Vitasoy Manufacturing Building is certified in environmental management and food safety management: ISO14001:2015 Environmental Management System; and the 1L Ultra-High Temperature (UHT) Treatment Production Line in FSSC22000 Food Safety Management System (Global Food Safety Initiative, ie, GFSI) 生產大樓獲 ISO14001:2015 環境管理體系認證； 1 公升超高温處理生產線獲 FSSC22000 食品安全管理體系（全球食品安全倡議）認證 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 The “Caring Company” Logo from Hong Kong Council of Social Services 榮獲香港社會服務聯會頒發「商界展關懷」標誌 Signatory of the “Good Employer Charter 2020” by The Labour Department 成為勞工署舉辦「好僱主約章 2020 」的簽署機構 Annual Report 2020/2021 年度報告

awards and recognitions 嘉許及表揚

corporate 企業 Mainland China 中國內地 One of the “Top Graduate Employers” by 51job.com 獲 51job 前程無憂招聘網選為「中國大學生喜愛僱主」榮譽 2020 “Embroidery Spirit” – Annual Development Innovation Award by Yangcheng Evening News Newspaper Group 獲羊城晚報報業集團頒發 2020 「綉花精神」新時代榜樣 —「年度發展創新獎」 2020 Ram Charan Award in Marketing Practice by Harvard Business Review China 獲《哈佛商業評論》中文版頒發 2020 年「拉姆•查蘭管理實踐獎之營銷實踐獎」 Shenzhen Vitasoy (Guang Ming) Foods & Beverage Co. Ltd. 深圳維他（光明）食品飲料有限公司 National Excellent Enterprise with Foreign Investment 2019 – “Excellent Taxpayment and Turnover”, “Safety and Environmental Protection Encouragement Award”, “Quality Improvement Award” and “Harmonious Labour Relationships Promotion Award” by Shenzhen Association of Enterprises with Foreign Investment 獲深圳外商投資企業協會頒發 2019 年度全國優秀外商投資企業 —「雙優企業獎」、「安全環保鼓勵獎」、「質量進步獎」、及「和諧勞動關係促進獎」 “Special Social Welfare Award” granted by Shenzhen Guangming District Committee of the Communist Youth League and Shenzhen Guangming District Volunteer Federation 獲共青團深圳市光明區委員會深圳市光明區義工聯合會頒發「社會公益特別獎」 Vitasoy (Foshan) Company Limited 維他奶（佛山）有限公司 “Outstanding Energy-saving Enterprise in China Beverage Industry 2020” by China Beverage Industry Association 獲中國飲料工業協會評為「 2020 年中國飲料行業節能優秀企業」 “Foshan Nanhai District Food Safety Demonstration Unit 2020” by Foshan Nanhai District Administration for Market Regulation 獲佛山市南海區市場監督管理局評為佛山市南海區「 2020 年食品安全示範單位」 Vitasoy (Shanghai) Company Limited 維他奶（上海）有限公司 2020 Science Pioneer Award and Quality Innovation Award by Zhongshan Sub-district Working Committee, Songjiang District, CPC/Zhongshan Sub-district Office, People’s Government of Songjiang District, Shanghai 獲中共松江區中山街道工作委員會╱上海市松江區人民政府中山街道辦事處頒發 2020 年度「科創先鋒獎」、「質量創新獎」

28 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

awards and recognitions 嘉許及表揚

corporate 企業

Mainland China

中國內地

Vitasoy (Wuhan) Company Limited

維他奶（武漢）有限公司

Funding subsidies for comprehensive control of smoke pollution from coal-fired boilers by Xinzhou Bureau of Ecology and Environment

獲得新洲區生態環境局燃煤鍋爐烟塵污染綜合整治資金補助

2020 Wuhan Investment Promotion Incentive Special Funds by Bureau of Commerce of Wuhan Municipality 獲得武漢市商務局頒發的 2020 年度武漢市招商引資獎勵專項資金

Vitasoy (Dongguan) Company Limited 維他奶（東莞）有限公司

LEED Gold Certification by US Green Building Council 獲美國綠色建築委員會頒發 LEED 金級認證

Singapore

新加坡

Vitasoy International Singapore Pte Ltd.

Certified ISO 22000 standard on food safety management system by United Kingdom Accreditation Service and Singapore Accreditation Council

獲英國皇家認證委員會及新加坡認證委員會確認符合 ISO 22000 食品安全管理體系的標準

“Top Supplier in Top Categories Award” in Partners Excellence Awards by NTUC FairPrice

於職總平價超市（ NTUC FairPrice ）舉辦的卓越伙伴獎中，在「最佳供應商獎」類別中入選為「最佳供應商」

Singapore Packaging Agreement Merit Award by National Environment Agency (NEA) 獲國家環境局頒發「新加坡包裝協議優異獎」

Annual Report 2020/2021 年度報告 29

awards and recognitions 嘉許及表揚

Brand 品牌

VITASOY 維他奶

Top Brand Award – Sales Outstanding Performance Award (Beverage) by 7-Eleven in Hong Kong 獲香港 7-11 頒發「最喜愛便利品牌 — 貨品類別銷售傑出表現大獎」（飲品類）

Almond Milky in VITASOY Whole™ series was awarded Bronze Award of ISEE Fond Innovation Award by Foodaily in China

維他奶 WHOLE 巴旦木仁植物蛋白飲料獲中國內地《每日食品》頒發的 ISEE 食品創新力大獎銅獎

VLT

維他檸檬茶

“Top Brand Award – Sales Outstanding Performance Award” (Beverage) by 7-Eleven in Hong Kong 獲香港 7-11 頒發「最喜愛便利品牌 — 貨品類別銷售傑出表現大獎」（飲品類）

VITASOY China

維他奶中國

2020 Double 11 Best Marketing Award by Tmall

獲天猫頒發 2020 雙 11 營銷先鋒獎

2020 Progressing Brand Award by Suning 獲蘇寧易購頒發 2020 飛躍品牌獎

Recognised as 2020 Excellent New Star Brand by JD Co-Branding Plan 東聯計劃 2020 年度優秀新星品牌

2020 Jingdong Supermarket Consumer Goods Division Annual Most Innovative Award 2020 年度京東超市消費品事業部年度最具創新獎

Vitasoy online flagship store received 2020 Leap Progress Award by Tmall Vitasoy 維他奶旗艦店獲天猫頒發 2020 年飛躍進步獎

2020 Industrial Pioneer Brand by KAMEN

獲咖門頒發 2020 年度產業先鋒品牌

Vitasoy (Shanghai) Company Limited

維他奶（上海）有限公司

2021 MIRROR The Most Influential Brand Award by 30 Years of HOTELEX Shanghai

獲 HOTELEX 上海 30 周年組委會頒發 2021 年度「覓樂」酒店餐飲最具影響力品牌

30 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

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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 regularly reviewed and updated by the Board of Directors (the “Board”) or its delegated Board Committees to reflect the ever changing regulatory requirements and corporate governance development. The Board believes that the high standards of corporate governance is the essential core for sustaining Vitasoy Group’s long term performance and value creation for our shareholders, the investing public and the other stakeholders.

維他奶國際集團有限公司（「本公司」）堅守高水平的企業管治，並時刻遵守注重具透明度、獨立性、問責、負責與公平之管治原則及常規。本公司董事會（「董事會」）或其授權之董事會委員會定期檢討並更新該等原則及常規，以反映不斷轉變的監管規定及企業管治發展。董事會相信，高標準的企業管治對維他奶集團持續其長遠表現，為各股東、公眾投資者及其他持份者創造價值等，乃不可或缺的關鍵元素。

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Effectiveness
成效
CORPORATE
GOVERNANCE
企業管治
Engagement Accountability
參與問責
BOARD AND
GOVERNANCE PROCESS AND
BOARD COMPOSITION CONTINUING PROFESSIONAL DEVELOPMENT
董事會組成董事會及管治程序以及持續專業發展
– five out of eleven directors are independent – five Board meetings and six Sub-board Committee meetings
non-executive directors in FY2020/2021
– 十一名董事當中五人為獨立非執行董事 – 於二零二零╱二零二一財政年度舉行了五次董事會會議及
六次董事會轄下委員會會議
– two of eleven directors are female
– 十一名董事當中兩人為女性 – average 97% attendance rate of meetings
– 會議平均出席率達 97%
– the Board has diverse mix of knowledge,
skills, experience and expertise – annual performance evaluation of the Board
– 董事會擁有多元化的知識、技能、經驗及專長 and Executive Chairman
– 董事會及執行主席均進行年度表現評核
– chairman of all governance sub-board
committees are independent non-executive – proactive sustainability strategy
directors – 積極的可持續發展策略
– 董事會轄下所有與管治有關之委員會之主席 – active participation into in-house training and engagement
均為獨立非執行董事 with continuing professional development
– 積極參與公司內部培訓；
並參與持續專業發展
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Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

Corporate Governance Practices

The Company has, throughout the year ended 31st March 2021, 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”).

企業管治常規

本公司於截至二零二一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。

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The Company’s key corporate governance
related policies
本公司之主要企業管治相關政策
Corporate Governance Policy Director Nomination Policy
企業管治政策董事提名政策
Disclosure Compliance Policy Shareholders Communication Policy Board Diversity Policy
披露合規政策股東通訊政策董事會成員多元化政策
Group Whistleblowing Policy Group Business Ethics Policy Group Dividend Policy
集團舉報政策集團商業道德政策集團股息政策
Group Risk Management Policy Group Environmental Policy Investor Relations Policy
集團風險管理政策集團環境政策投資者關係政策
Directors Conflict of Interest Policy
董事利益衝突政策
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Annual Report 2020/2021 年度報告 33

corporate governance report 企業管治報告

Board of Directors

The general management of the Company’s business is vested in the Board. The Board has established various committees to carry out specified functions assigned by the Board of Directors which require specialised areas of expertise. The Board has delegated the day-to-day management power of the Company to the Executive Directors and Senior Management of the Company. However, full delegation is not allowed for some specific matters under the Companies Ordinance, the Listing Rules, the CG Code or other regulatory requirements, and the final decisions on those specific matters are required to be taken by the whole Board. A defined schedule of matters reserved for Board decisions has been adopted by the Board as follows:

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履行由董事會委派且需具備特定專業知識範疇之特定職能。董事會委任本公司之執行董事及高層管理人員負責管理本公司日常事務。然而，根據《公司條例》、上市規則、企業管治守則或其他規管要求規定，部分特定事項不允許全權委託他人負責，並須由全體董事會成員共同作出最終決定。董事會已採納如下明確之事項表，列載須待董事會作出決定之事項：

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Strategy and Direction
策略及方向
Financial Controls, Compliance, Corporate Reporting and Risk Management
財務監控、合規、企業匯報及風險管理
Corporate Structure
企業架構
Appointment of Directors, Chief Executive, Company Secretary and External Auditor
委任董事、行政總裁、公司秘書及外聘核數師
Corporate Governance Matters
企業管治事宜
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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 sustaining long term business growth and lot of focus and attention have been devoted to formulation and execution of the strategic planning.

董事會致力達致高標準的企業管治常規及履行本公司為股東創造價值之使命。董事會負責制訂本公司之策略性方向，並持續監察本公司整體管理表現。制訂策略規劃已成為董事會實現使命和願景以及維持長遠業務增長的重要職能，董事會因而非常重視並致力制訂及執行策略規劃。

Strategic planning horizons are currently set for five years. The Board has approved a Five Year Strategic Plan for the fiscal years up to 2025/2026 in August 2020 and has always been taking a proactive role in reviewing and revising the Strategic Plan periodically in response to changes in the macro economic, competitive business environment and regulatory requirements. The Board is also actively to define the Company’s sustainability strategies and practices, and to prioritize and allocate resources to achieve the long-term success of the business.

策略規劃目前設定為五年。董事會已於二零二零年八月批准截至二零二五╱二零二六財政年度止之五年策略規劃，並一直因應宏觀經濟、競爭業務環境及監管規條之變動，積極定期檢討及修訂策略規劃。董事會亦積極制定本公司之可持續發展策略及常規，並優先考慮及分配資源以達致業務之長久成功。

34 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

Board Composition 董事會組成

Mr. Winston Yau-lai LO 羅友禮先生

Executive Chairman 執行主席

Mr. Roberto GUIDETTI 陸博濤先生

Executive Director and Group Chief Executive Officer 執行董事暨集團行政總裁

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Mr. Eugene LYE
黎中山先生
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Executive Director 執行董事

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Dr. the Hon. Sir
David Kwok-po LI
李國寶爵士
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Independent Non-executive Director 獨立非執行董事

Mr. Jan P. S. ERLUND 先生

Independent Non-executive Director 獨立非執行董事

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Mr. Anthony John Liddell
NIGHTINGALE
黎定基先生
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Independent Non-executive Director 獨立非執行董事

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Ms. Yvonne Mo-ling LO
羅慕玲女士
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Non-executive Director 非執行董事

Mr. Peter Tak-shing LO 羅德承先生

Non-executive Director 非執行董事

Ms. May LO 羅其美女士

Non-executive Director 非執行董事

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Mr. Paul Jeremy BROUGH
先生
Independent Non-executive Director
獨立非執行董事
Dr. Roy Chi-ping CHUNG
鍾志平博士
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Independent Non-executive Director
獨立非執行董事
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Annual Report 2020/2021 年度報告 35

corporate governance report 企業管治報告

The designation, position and brief biographical information of each Director, together with the relationship amongst each other, Senior Management or Substantial or Controlling Shareholder are set out in the “Directors and Senior Management” section in this Annual Report. In addition, a list containing the names of the Directors and their roles and functions has been published on the websites of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and the Company at www.vitasoy.com.

各董事之職銜、職位及簡歷以及彼此間或與高層管理人員、主要股東或控股股東之關係載列於本年報「董事及高層管理人員」一節。此外，載列董事姓名及彼等之角色及職能之列表已刊登於香港聯合交易所有限公司（「聯交所」）網站及本公司網站 www.vitasoy.com 。

Number of the Independent Non-executive Directors is near to half of the total number of Board members which also exceeds the Listing Rules requirement for Independent Non-executive Directors to make up at least one third of the Board.

獨立非執行董事人數佔董事會總人數接近二分之一，亦高於上市規則所規定獨立非執行董事須佔董事會人數最少三分之一的要求。

The Company has received, from each of the Independent Nonexecutive 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。

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46%
Five Independent
Non-executive
Directors
五名獨立非執行
27% 董事
Three
Executive
Directors
三名執行董事
27%
Three Non-executive
Directors
三名非執行董事
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36 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

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Age Group 年齡組別
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Gender 性別

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9
Male
男
2
Female
女
Ethnicity 種族
7
Chinese
華裔
4
Non-Chinese
非華裔
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5
1
Over 70
41-50
70 以上
3
51-60
2
61-70
Tenure Office 任職年期
7
1 1-10
11-20
3
Over 20
20 以上
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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從商經驗、知識及專業才能，故董事會得以有效率及高效地履行其職能。

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.

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Directors’ core skills, expertise and experience
董事之主要技能、專業知識及經驗
accounting,
audit,
finance, risk manufacturing
management and project
general 會計、審計、 food management
management 財務及 legal technology marketing 生產及項目
name 姓名綜合管理風險管理法律食品科技市場推廣管理
executive chairman 執行主席
Mr. Winston Yau-lai LO 羅友禮先生 3 3
independent non-executive 獨立非執行董事
Directors
Dr. the Hon. Sir David 李國寶爵士 3 3
Kwok-po LI
Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 3
Mr. Anthony John Liddell 黎定基先生 3
NIGHTINGALE
Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH 3
先生
Dr. Roy Chi-ping CHUNG 鍾志平博士 3
non-executive Directors 非執行董事
Ms. Yvonne Mo-ling LO 羅慕玲女士 3
Mr. Peter Tak-shing LO 羅德承先生 3
Ms. May LO 羅其美女士 3
executive Directors 執行董事
Mr. Roberto GUIDETTI 陸博濤先生 3 3
Mr. Eugene LYE 黎中山先生 3 3
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Annual Report 2020/2021 年度報告

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 2013. The Board Diversity Policy has been published on the Company’s website.

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。

The Company recognises and embraces the benefits of having a diverse Board to enhance the quality of its performance. Board appointment and renewal have been, 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. The Remuneration and Nomination Committee reviews the progress on achieving measurable objectives for gender and age diversity annually and review such objectives, whenever applicable to ensure it leverages diversity to contribute to the achievement of the Company’s strategic objectives. The Remuneration and Nomination Committee has established the measurable objectives for achieving gender and age diversity up to the year of 2024/2025. As at the year ended 31st March 2021, progress in achieving the objectives are:

本公司認同董事會成員多元化之裨益，並認為可增強董事會之表現質素。董事之委任及續聘過往根據並將繼續按候選人之功績以及能否補替及加強董事會整體之技能、知識及經驗為準則。薪酬及提名委員會將會每年檢討達致性別及年齡多元化的可計量目標之進度並適時地檢討該等目標，以確保政策能利用多元性協助達致本公司之策略目標。薪酬及提名委員會已制定截至二零二四╱ 二零二五年度達致性別及年齡多元化的可計量目標。於截至二零二一年三月三十一日止年度內，達致該等目標之進度如下：

Female representation during the year of 2020/2021 was 18.2% which has achieved the target of “not less than 18%” set up for the years up to 2024/2025.

於二零二零╱二零二一年度，女性代表達到 18.2% ，並已達致為截至二零二四╱二零二五年度所釐訂「不少於 Gender 18% 」之目標。

性別

Average age of the board members during the year of 2020/2021 was 66 which has achieved the target of Age “average 67-70” set up for the years up to 2024/2025. 年齡於二零二零╱二零二一年度，董事會成員的平均年齡為 66 歲，並已達致為截至二零二四╱二零二五年度所釐訂「 67 至 70 歲」之目標。

The Company has arranged Directors’ and Officers’ Liability Insurance for the Directors and Officers of the Company for the period from 1st October 2020 to 30th September 2021.

本公司已為本公司董事及行政人員投買二零二零年十月一日至二零二一年九月三十日止期間的董事及行政人員責任保險。

38 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

Changes in Directors’ Information during the year ended 31st March 2021 and up to the date of this Annual Report are set out below:

changes in major appointments and other Directorships

Dr. the Hon. sir David Kwok-po li

ceased to be a director of Guangdong Investment Limited with effect from 27th March 2021.

mr. anthony John liddell nigHtingale

ceased to be a director of Jardine Strategic Holdings Limited with effect from 15th April 2021.

mr. paul Jeremy BroUgH

ceased to be a director of Sailability Hong Kong Limited.
ceased to be a director of GL Limited with effect from 16th April 2021.

changes in Directors’ fees

Basic directors’ fees will be adjusted upwards for fiscal year of 2021/2022.

於截至二零二一年三月三十一日止年度及截至本年報日期止之董事資料變動載列如下：

主要委任及其他董事職務之變動

李國寶爵士

辭任粵海投資有限公司之董事，自二零二一年三月二十七日起生效。

黎定基先生

辭任怡和策略控股有限公司之董事，自二零二一年四月十五日起生效。

Paul Jeremy BROUGH 先生

辭任 Sailability Hong Kong Limited 之董事。
– 辭任 GL Limited 之董事，自二零二一年四月十六日起生效。

董事袍金之變動 將調高二零二一╱二零二二財政年度之基本董事袍金。

Annual Report 2020/2021 年度報告 39

corporate governance report 企業管治報告

Executive Chairman and Group Chief Executive Officer

執行主席及集團行政總裁

the roles and responsibilities of executive chairman and group chief executive officer are clearly defined and separate 執行主席及集團行政總裁之角色及職責已清楚界定及區分

mr. Winston Yau-lai lo, the executive chairman is mainly responsible for:

chairing Board meetings and shareholders’ meetings;
ensuring the company has an effective vision and mission, strategy and set of values and monitoring implementation of the strategies;
providing leadership and establishing guiding principles for the Board and promoting a culture of openness;
encouraging all board members to make a full and active contribution to the Board’s affairs;
acting as a resources person and advisor to various Board committees;
ensuring the Board has efficient communication channels regarding all material issues concerning the business;
ensuring all board members have sufficient resources for the Board to run efficiently;
ensuring good corporate governance practices and procedures are established;
ensuring shareholders are adequately informed with respect to the Company’s affairs;
providing continuous guidance and mentoring to the Group Chief Executive Officer;
building and maintaining stakeholders’ trust and confidence in the Company;
promoting social responsibility goals and giving guidance and advice to the Group Executive Sustainability Committee; and
providing support and guidance for special corporate projects.

執行主席羅友禮先生主要負責：

主持董事會會議及股東大會；
確保公司締造有效的願景與使命、策略及價值觀，並監察策略的實施；
領導董事會並制定指導性原則，提倡開放的文化；
鼓勵全體董事會成員全面及積極地參與董事會之事務；
為各董事委員會提供指導及意見；
確保董事會就一切有關業務之重大事宜設立有效溝通渠道；
確保全體董事會成員擁有充足資源，董事會得以有效運作；
確保已制定良好企業管治常規及程序；
確保股東充分了解本公司事務；
持續指導並作為集團行政總裁的顧問；
建立及維繫持份者對本公司之信任及信心；
宣揚社會責任目標並向集團可持續發展執行委員會提供指導及意見；及
支持特別企業項目並給予指導意見。

40 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

mr. roberto gUiDetti, the group chief executive officer is mainly responsible for:

formulating and executing the overall strategies of all the Group’s operations;
ensuring business development and leading general management of all the Group’s operations;
providing the Board with a monthly management update to keep the Board apprised of the Group’s business and financial performance, position and prospects;
taking the lead of strategic plan meeting;
taking the lead for the development and promotion of a sound Enterprise Risk Management system, and ensuring appropriate actions will be taken to eliminate or mitigate key risks;
maintaining relationship with the institutional investors and echoed their views to the Board; and
taking lead of the Group’s long term sustainability development and giving strategic directions to the Group Executive Sustainability Committee.

集團行政總裁陸博濤先生主要負責：

制定及執行本集團所有營運單位之整體策略；
確保本集團所有營運單位之業務發展以及領導其整體管理；
每月向董事會提交最新之管理層報告，務使董事會得以了解本集團之業務及財務表現、狀況及前景；
主持策略規劃會議；
帶領發展及推行完善之企業風險管理系統，確保將採取適當措施消除或減輕主要風險；
維繫與機構投資者之關係，並向董事會反映他們的意見；及
領導本集團之長遠可持續發展，並向集團可持續發展執行委員會提供策略性方向。

Annual Report 2020/2021 年度報告 41

corporate governance report 企業管治報告

Board Proceedings

The Board met five times in FY2020/2021 to discuss and approve the Group’s long term strategic plan; to review and monitor the financial and business performance of the Group and each of its operating units; to consider and approve annual budget, the financial reports; to review and approve sustainability report and various corporate governance and sustainability related policies and practices; and to monitor and review the effectiveness of the Group’s risk management performance.

董事會程序

董事會於二零二零╱二零二一財政年度內召開五次會議，討論及批准本集團之長期策略規劃；審視及監察本集團及各營運單位之財務及業務表現；考慮及審批年度預算及財務報告；審閱及批准可持續發展報告及與企業管治及可持續發展相關之各種政策及常規；並監察及審視本集團風險管理表現之有效性。

The Board and its Committees are supplied with full and timely information in relation to the Company, which enables them to discharge their responsibilities. There are established procedures for Directors to seek independent professional advice for them to discharge their duties and responsibilities, where appropriate, at the Company’s expenses.

董事會及其委員會均適時獲得本公司所有相關資料，讓其能履行職責。本公司已有既定程序讓董事在適當的情況下，為履行其職責及責任而諮詢獨立專業意見，費用由本公司支付。

Directors have made active participation in the Board meetings, Board Committees meetings and the Annual General Meeting during the year.

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。

				2020	2020							2021
Apr		May	Jun	Jul	Aug	Sep	Oct	Nov	Dec		Jan	Feb	Mar
四月		五月	六月	七月	八月	九月	十月	十一月	十二月		一月	二月	三月
			BM		BM			BM			BM		BM
			RN		AGM			AC			RN		AC
			AC		ESG
BM	Board Meeting董事會會議						ESG	ESG Committee Meeting		環境、社會及管治委員會會議
RN	Remuneration and Nomination			Committee Meeting薪酬及提名委員會會議			AGM	Annual General Meeting		股東週年大會
AC	Audit Committee Meeting審核委員會會議

42 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

Attendance records of the Directors at the Board Meetings, Remuneration and Nomination Committee Meetings, Audit Committee Meetings, ESG Committee Meeting and Annual General Meeting during FY2020/2021 are as follows:

於二零二零╱二零二一財政年度，各董事於董事會會議、薪酬及提名委員會會議、審核委員會會議、環境、社會及管治委員會會議及股東週年大會之出席記錄表列如下：

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meetings attended/Held
出席次數╱會議次數
remuneration
and esg annual
nomination committee general Overall
committee audit 環境、 meeting Attendance
Board 薪酬及 committee 社會及股東週年 Rate
name 姓名董事會提名委員會審核委員會管治委員會大會整體出席率
independent non-executive 獨立非執行董事
Directors
Dr. the Hon. Sir David Kwok-po LI 李國寶爵士 5/5 2/2 [(b)] 3/3 N/A 1/1 100%
不適用
Mr. Jan P. S. ERLUND Jan P. S. ERLUND 先生 5/5 2/2 3/3 N/A 1/1 100%
不適用
Mr. Anthony John Liddell 黎定基先生 4/5 [(h)] 0/2 [(h)] 2/3 [(h)] 1/1 [(d)] 1/1 67%
NIGHTINGALE
Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH 先生 5/5 2/2 3/3 [(c)] N/A 1/1 100%
不適用
Dr. Roy Chi-ping CHUNG 鍾志平博士 5/5 1/1 [(f)] N/A N/A 1/1 100%
不適用不適用
non-executive Directors 非執行董事
Ms. Yvonne Mo-ling LO 羅慕玲女士 5/5 2/2 N/A N/A 1/1 100%
不適用不適用
Mr. Peter Tak-shing LO 羅德承先生 5/5 2/2 N/A N/A 1/1 100%
不適用不適用
Ms. May LO 羅其美女士 5/5 2/2 N/A 1/1 1/1 100%
不適用
executive Directors 執行董事
Mr. Winston Yau-lai LO 羅友禮先生 5/5 [(a)] 2/2 [(g)] 3/3 [(g)] 1/1 1/1 [(e)] 100%
(Executive Chairman) （執行主席）
Mr. Roberto GUIDETTI 陸博濤先生 5/5 2/2 [(g)] 3/3 [(g)] 1/1 1/1 100%
Mr. Eugene LYE 黎中山先生 5/5 N/A N/A N/A 1/1 100%
不適用不適用不適用
average attendance of the Board 董事會成員平均出席率 97%
Members
group chief financial officer 集團首席財務總監
Ms. Ian Hong NG 吳茵虹女士 2/2 [(g)] N/A 1/1 [(g)] N/A N/A N/A
(appointed on 18th January （於二零二一年不適用不適用不適用不適用
2021) 一月十八日獲委任）
group senior Director, internal 集團內部審計及風險管理
audit and risk management 高級總監
Mr. Terence Chiu-kit CHOW 周昭傑先生 N/A N/A 3/3 [(g)] N/A N/A N/A
不適用不適用不適用不適用不適用
group Director, sustainability and 集團可持續發展及
corporate communications 企業傳訊總監
Mr. Simeon Sing-hymn CHENG 鄭聲謙先生 N/A N/A N/A 1/1 [(g)] N/A N/A
不適用不適用不適用不適用不適用
external auditors 外聘核數師
KPMG 畢馬威會計師事務所 N/A N/A 3/3 [(g)] N/A 1/1 [(g)] N/A
不適用不適用不適用不適用
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Annual Report 2020/2021 年度報告

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 ESG Committee
(e) Chairman of the Annual General Meeting

(f) Was appointed as Committee member on 1st September 2020 (g) Attendance by invitation (h) Was unable to attend meetings due to illness

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) 環境、社會及管治委員會主席 (e) 股東週年大會主席 (f) 於二零二零年九月一日獲委任為該委員會成員 (g) 應邀出席 (h) 董事因身體不適而未能出席會議

The Company acknowledges the Annual General Meeting is one of the important forums to engage our shareholders. In the 2020 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. Overseas Directors attended the Annual General Meeting through video conferencing due to travel restrictions during the period.

本公司深明股東週年大會是與股東溝通的重要渠道之一。於二零二零年股東週年大會，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大會並回答股東提問。身處海外的董事由於旅遊限制措施故透過視像會議出席股東週年大會。

During the year under review, the Executive Chairman met with the Independent Non-executive Directors on various occasions without the presence of other Directors and Senior Management.

於回顧年度，執行主席曾在其他董事及高層管理人員不在場之情況下於不同場合與獨立非執行董事會面。

Board Committees

The Board has established a Remuneration and Nomination Committee, an Audit Committee, an Executive Committee and an ESG Committee with specific terms of reference.

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、執行委員會及環境、社會及管治委員會，各有特定之職權範圍。

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Board of Directors
董事會
Remuneration and
Executive Committee Audit Committee ESG Committee
Nomination Committee
執行委員會審核委員會環境、社會及管治委員會
薪酬及提名委員會
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44 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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Remuneration and Nomination Committee

薪酬及提名委員會

==> picture [43 x 23] intentionally omitted <==

----- Start of picture text -----

Members
成員
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==> picture [483 x 102] intentionally omitted <==

----- Start of picture text -----

Mr. Peter Mr. Anthony Mr. Jan P. S. Dr. the Hon. Sir Mr. Paul Jeremy Dr. Roy Chi-ping Ms. Yvonne Ms. May LO
Tak-shing LO John Liddell ERLUND 先生 David Kwok-po LI BROUGH 先生 CHUNG Mo-ling LO 羅其美女士
羅德承先生 NIGHTINGALE (Independent (Chairman) (Independent 鍾志平博士羅慕玲女士 (Non-executive
(Non-executive 黎定基先生 Non-executive 李國寶爵士 Non-executive (Independent (Non-executive Director)
Director) (Independent Director) （主席） Director) Non-executive Director) （非執行董事）
（非執行董事） Non-executive （獨立非執行 (Independent （獨立非執行 Director) （非執行董事）
Director) 董事） Non-executive 董事）（獨立非執行
（獨立非執行 Director) 董事）
（獨立非執行
董事）董事）
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During the year, Dr. Roy Chi-ping CHUNG, an Independent Nonexecutive Director of the Company, has been appointed as the new member of the Remuneration and Nomination Committee in order to further enhance the independence of the Committee in setting the Company’s remuneration policy, determining remuneration package of each Executive Director and Senior Management and setting the targets for performance-related pay schemes. The independence role of Remuneration and Nomination Committee has also increased in evaluating the skills, characteristics and performance of board members and selecting the best candidates for each seat on the Board.

年內，本公司獨立非執行董事鍾志平博士獲委任為薪酬及提名委員會新成員，以進一步提高委員會在制定本公司薪酬政策、釐定每位執行董事及高層管理人員之薪酬待遇及訂立表現相關獎勵方案之目標時持有之獨立性。在評估董事會成員之技能、特點和表現以及為董事會挑選出最佳董事候選人時，薪酬及提名委員會獨立性之增加亦顯重要。

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major responsibilities 主要職責
– to consider and approve the remuneration packages of – 審批本集團執行董事及高層管理人員之薪酬
Executive Directors and Senior Management of the Group, 福利條件，包括薪金、實物利益及花紅；花
including salaries, benefits in kind and bonuses; bonus schemes 紅計劃及其他長期激勵計劃，包括購股權、
and other long-term incentive schemes, including share option, 股份獎勵及其他計劃；
share award and other plans;
– to review the structure, size, composition and diversity – 檢討董事會之架構、規模、組成及成員多元
(including the skills, knowledge, experience, gender and age) of 化，當中包括技能、知識、經驗、性別及年
the Board; 齡等方面的多元化；
– to review Director’s time commitment; – 審視董事所須付出的時間；
– to review policies in relation to nomination of Director and – 檢討有關董事提名及董事會成員多元化之政
Board diversity; 策；
– to identify and determine the measurable objectives for – 確認及釐定達致董事會成員多元化之可計量
achieving board diversity and monitor any progress made in 目標及監察達致該等可計量目標之進度；及
achieving such measurable objectives; and
– to recommend to the Board on appointment or reappointment – 就董事及集團行政總裁之委任或續聘及繼任
of and succession planning for Director and Group Chief 計劃向董事會提出建議。
Executive Officer.
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46 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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Work done during and for fY2020/2021 於年內及為二零二零╱二零二一
財政年度所作之工作
– reviewed, discussed and approved the remuneration package – 檢討、討論及批准高層管理人員（包括本集
of Senior Management including the Executive Directors and 團執行董事及主要行政人員）之酬金福利條
key executives of the Group by reference to the individuals’ job 件，當中已參考個別人士之職責及表現、同
responsibilities and performances, industry benchmarks and 業水平及現行市場環境；
prevailing market conditions;
– approved the discretionary bonuses and the grant of share – 根據獨立顧問建議，以按表現釐定之薪酬政
options, having given due consideration to both the Group’s 策，在充分考慮本集團之財務表現及有關人
financial performance and the individuals’ performances 士年內之個人表現後，批准發放酌情花紅及
during the year in accordance with the performance-based 授出購股權；
compensation policy recommended by an independent
consultant;
– reviewed and recommended to the Board for approval the – 審閱及建議董事會批准本集團之全球長期激
Group’s global long-term incentive plan design; 勵計劃之設計；
– reviewed and recommended to the Board for approval – 審閱及建議董事會批准執行主席、一名獨立
the letters of appointment of the Executive Chairman, one 非執行董事、三名非執行董事及一名執行董
Independent Non-executive Director, three Non-executive 事之委任函；
Directors and one Executive Director;
– reviewed the structure, size, composition and diversity – 審視董事會之架構、規模、組成及多元化
(including the skills, knowledge, professional qualification, （包括董事擁有之不同技能、知識、專業資
experience, gender and age) of the Board; 格、經驗、性別及年齡組合）；
– reviewed the Board Succession Plan and its Road Map; – 審閱董事會繼任計劃及其未來路向；
– reviewed the measurable objectives for achieving Board – 審閱達致董事會多元化的可計量目標；
diversity;
– reviewed Director’s time commitment to perform his/her – 審閱董事履行其職責所投入的時間；
duties;
– assessed and confirmed the independence of all Independent – 評估並確認全體獨立非執行董事之獨立性；
Non-executive Directors; and 及
– made recommendation to the Board for Directors’ Fees for – 向董事會建議二零二零╱二零二一財政年度
FY2020/2021. 之董事袍金。
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Terms of reference of the Remuneration and Nomination Committee have been amended in March 2021 to expressly include its authority and responsibility specified under the Group’s global long-term incentive plan and reflect current market practices for its expanded authorities. The Terms of reference have been 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.

薪酬及提名委員會之職權範圍已於二零二一年三月獲修訂，以將該委員會根據本集團全球長期激勵計劃所訂明之權力和責任明確納入職權範圍，並以其已擴大之權限反映當前市場常規。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。

Annual Report 2020/2021 年度報告

corporate governance report 企業管治報告

The Remuneration and Nomination Committee held two meetings during FY2020/2021. Each member’s attendance record during the year is shown on page 43 of this Annual Report.

薪酬及提名委員會於二零二零╱二零二一財政年度內舉行兩次會議。各成員於年內出席會議之記錄列載於本年報第 43 頁。

Audit Committee

審核委員會

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Members
成員
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----- Start of picture text -----

Dr. the Hon. Sir Mr. Paul Jeremy Mr. Jan P. S. Mr. Anthony
David Kwok-po LI BROUGH 先生 ERLUND 先生 John Liddell
李國寶爵士 (Chairman) (Independent NIGHTINGALE
(Independent （主席） Non-executive 黎定基先生
Non-executive (Independent Director) (Independent
Director) Non-executive （獨立非執行 Non-executive
（獨立非執行 Director) 董事） Director)
（獨立非執行（獨立非執行
董事）董事）董事）
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major responsibilities

to make recommendations to the Board on the appointment, reappointment and removal of the External Auditors and their audit fees;
to meet with the External Auditors to discuss the nature and scope of the audit;
to review the interim financial report and annual financial statements before they are submitted to the Board;
to discuss problems and reservations arising from the interim review and final audit, and any other matters the External Auditors may wish to discuss, and review the External Auditors’ management letter and management’s response;
to review the internal audit programs and to ensure coordination between the Internal and External Auditors, assess the effectiveness of the Company’s risk management and internal control systems which cover all material financial, operational and compliance controls, and ensure that the internal audit function is adequately resourced and has appropriate standing within the Group;

主要職責

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；
審閱內部審核計劃並確保內部審計師及外聘核數師間之協調，評估本公司涵蓋所有重大財務、營運及合規監控方面的風險管理及內部監控系統之成效；以及確保內部審計職能獲足夠資源之支援及在本集團內保持適當之地位；

48 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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major responsibilities 主要職責
– to conduct an annual review of the adequacy of staffing of the – 對財務匯報職能方面之員工資歷是否足夠
financial reporting functions; 進行年度檢討；
– to review arrangements the employees of the Company – 檢討有關本公司僱員可在保密情況下對財
can use, in confidence, to raise concerns about the possible 務報告、內部監控或其他事項之可能不正
improprieties in financial reporting, internal control or other 當行為提出關注所採取之安排；確保有適
matters; and to ensure proper arrangements are in place for 當安排對該等事宜作出公平獨立之調查及
fair and independent investigation of those matters and for 採取適當之跟進行動；
appropriate follow up action;
– to act as the key representative body for overseeing the – 作為監察本公司與外聘核數師之關係之主
Company’s relations with the External Auditors; 要代表；
– to oversee and review the adequacy and effectiveness of – 監察及檢討現有的有關財務、營運及合規
relevant financial, operational and compliance controls and 監控及風險管理程序是否足夠有效；
risk management procedures that have been in place;
– to develop and review the Company’s policies and practices – 制定及檢討本公司之企業管治政策及常
on corporate governance and making recommendations to 規，並向董事會提出建議；
the Board;
– to review and monitor the training and continuous professional – 審視及監察董事及高層管理人員之培訓及
development of Directors and Senior Management; 持續專業發展；
– to review and monitor the Company’s policies and practices – 檢討及監察本公司在遵守法律及監管規定
on compliance with legal and regulatory requirements; 方面之政策及常規；
– to develop, review and monitor the code of conduct and – 制定、檢討及監察適用於董事及僱員之行
compliance manual applicable to Directors and employees; 為守則及合規手冊；及
and
– to review the Company’s compliance with the CG Code and – 檢討本公司對企業管治守則之遵守情況及
disclosure in the Corporate Governance Report. 在企業管治報告內之披露。
Work done during and for fY2020/2021 於年內及為二零二零╱二零二一
財政年度所作之工作
– reviewed the 2020/2021 preliminary interim results – 連同管理層及外聘核數師審閱二零二零╱
announcement; interim financial report; preliminary annual 二零二一年度之初步中期業績公告；中期
results announcement and annual financial statements with 財務報告；初步年度業績公告以及全年財
management and External Auditors, and recommended their 務報表，並建議董事會予以採納；
adoption by the Board;
– reviewed with the Internal Auditor the Company’s internal – 與內部審計師檢討本公司之內部監控系統
control systems and the periodic audit reports prepared by 及審閱內部審計師定期編製之審計報告，
the Internal Auditor and approved the 2020/2021 audit plan; 並批准二零二零╱二零二一年度之審核方
案；
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Annual Report 2020/2021 年度報告

corporate governance report 企業管治報告

Work done during and for fY2020/2021

於年內及為二零二零╱二零二一財政年度所作之工作

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– reviewed the Group Risk Report prepared by the Internal – 審閱由內部核數師編製之集團風險報告；
Auditor;
– reviewed and approved the changes to the Terms of Reference – 審閱及批准企業風險管理執行委員會之職
of Enterprise Risk Management Executive Committee; 權範圍之修訂；
– met with the External Auditors to discuss the nature and – 於審核工作開始前，與外聘核數師開會討
scope of the audit and reporting obligations prior to the 論審核工作之性質及範疇以及匯報責任；
commencement of the audit work;
– reviewed and considered the terms of engagement of the – 審閱及考慮外聘核數師之委聘條款；
External Auditors;
– reviewed and approved/preapproved the audit and non-audit – 審閱並批准╱預先批准外聘核數師提供之
services provided by the External Auditors, together with 審核及非審核服務及各有關收費；
their respective fees;
– reviewed the adequacy of resources, qualifications and – 審閱本集團於會計、財務匯報、風險管理
experience of the staff of the Group’s accounting, financial 及內部審計功能部門方面之資源、員工資
reporting, risk management and internal audit functions, 歷及經驗是否足夠，以及培訓課程及有關
and their training programs and budget; effectiveness of the 預算；本集團內部審計職能之成效及企業
Group’s internal audit function and compliance with the CG 管治守則合規之情況；
Code;
– reviewed the training and continuous professional – 審閱董事及高層管理人員之培訓及持續專
development of Directors and Senior Management; 業發展；
– reviewed the Company’s policies and practices on compliance – 審閱本公司在法律及監管規定合規之政策
with legal and regulatory requirements; 及常規；
– reviewed the code of conduct and compliance manual – 審閱適用於董事及僱員之行為守則及合規
applicable to Directors and employees; 手冊；
– reviewed the status of compliance with the Corporate – 審閱企業管治守則合規之情況及企業管治
Governance Code and disclosure in the Corporate 報告之披露；及
Governance Report; and
– held private session with External Auditors in the absence of – 在執行董事及高層管理人員不在場之情況
Executive Directors and Senior Management. 下單獨與外聘核數師開會。
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50 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

The Board has approved a Whistleblowing Policy in March 2012 which has been revised in November 2017. The main objective of the Policy is to provide employees and external parties an open and unified reporting channel and procedures to report any serious misconduct or malpractice involving the Company and its employees. 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 involving serious fraud or misconduct have been received from employees nor external parties which had or would have a material impact on the Company’s financial position and overall operations.

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 reviews regularly the corporate governance structure and practices within the Company and monitors compliance fulfillment on an ongoing basis.

Terms of reference of the Audit Committee have been published on the websites of the Stock Exchange and the Company. The Audit Committee is provided with sufficient resources, including independent professional advice, if necessary, to discharge its duties.

The Audit Committee met three times in FY2020/2021. Each member’s attendance record during the year is shown on page 43 of this Annual Report.

於二零一二年三月，董事會已批准採納舉報政策，並於二零一七年十一月作出修訂。政策之主要目標是為僱員及外間人士提供一個公開及統一之舉報渠道及程序，舉報任何涉及本公司及其僱員之嚴重失當或不良行為。審核委員會獲委派全權負責監察及檢討舉報政策之成效。年內，概無從僱員或外間人士接獲涉及嚴重欺詐或失職之事件而對或將對本公司之財務狀況及整體營運造成重大影響。

董事會已採納企業管治政策，為本公司在制定政策及常規方面建立基本框架，確保能符合各股東、公眾投資者及其他持份者的利益與期望。企業管治政策已刊登於本公司網站。

審核委員會定期檢討本公司之企業管治架構及常規，並持續監察有關之合規情況。

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，包括獨立專業意見（如有需要），以履行其職責。

審核委員會於二零二零╱二零二一財政年度內召開三次會議。各成員於年內出席會議之記錄列載於本年報第 43 頁。

Annual Report 2020/2021 年度報告 51

corporate governance report 企業管治報告

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執行委員會
Members
成員
Mr. Winston Mr. Roberto
Yau-lai LO GUIDETTI
羅友禮先生陸博濤先生
(Executive Chairman) (Executive Director
（執行主席） and Group Chief
Executive Officer)
（執行董事暨
集團行政總裁）
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Executive Committee

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major responsibilities 主要職責
– to operate as a general management committee under the – 如同一般管理委員會運作，直接隸屬董事
direct authority of the Board; and 會；及
– to consider and approve any contract, transaction and – 考慮及批准任何合約、交易及安排以及
arrangement and exercise of powers and functions as 行使由董事會就本公司日常管理所授予
conferred by the Board in relation to day to day management 之權力及職能。
of the Company.
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52 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

ESG (Environmental, Social and Governance) Committee

環境、社會及管治委員會

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Members
成員
Mr. Roberto Mr. Winston Yau- Mr. Anthony Ms. May LO Mr. Eugene LYE
GUIDETTI lai LO John Liddell 羅其美女士黎中山先生
陸博濤先生羅友禮先生 NIGHTINGALE (Non-executive (Executive Director)
(Executive Director (Executive Chairman) (Chairman) Director) （執行董事）
and Group Chief （執行主席）黎定基先生（非執行董事）
Executive Officer) （主席）
（執行董事暨集團 (Independent
行政總裁） Non-executive
Director)
（獨立非執行
董事）
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On 1st April 2021, Mr. Eugene LYE has been appointed as a new member of the ESG Committee in order to bring in new skills, attributes and insights to further strengthen the Company’s longterm strategic planning and engagement on ESG performance and goals.

於二零二一年四月一日，黎中山先生獲委任為環境、社會及管治委員會之新成員，藉以引入新技能、個人特質和洞察力，進一步加強本公司在環境、社會及管治表現及目標方面之長遠策略規劃與參與。

major responsibilities

to provide vision, long term guidance and report to the Board on Group-level sustainability goals, strategies and priorities;
to advise the Board on environmental and social risks of strategic significance and provide anticipatory and mitigation plans;
to review the Company’s sustainability performance against declared KPIs (Key Performance Indices) and goals;
to examine the relevance of sustainability indices and the desirability of inclusion;
to review and approve Group-level sustainability related policies; and
to review and approve the Company’s sustainability reports.

主要職責

就集團層面之可持續發展目標、策略及優先處理事項為董事會提供遠見、長期指導及匯報；
就具策略意義之環境及社會風險向董事會作出建議並提供預防及減輕風險計劃；
根據已宣佈之關鍵表現指標及目標審視本公司之可持續發展表現；
審視可持續發展指標之相關性以及納入該等指標之可取性；
審閱及批准集團層面的可持續發展相關政策；及
審閱及批准本公司可持續發展報告。

Annual Report 2020/2021 年度報告 53

corporate governance report 企業管治報告

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Work done during and for fY2020/2021 於年內及為二零二零╱二零二一
財政年度所作之工作
– reviewed public policies, regulations and peer companies’ – 審閱公共政策、法規和同行公司就包裝廢
approach on packaging wastes and provided strategic 物之方法，並制定策略性方向以減輕對我
directions on mitigating our impact; 們所造成的影響；
– provided strategic directions on the mitigation and adaptation – 制定策略性方向，減輕和適應氣候變化；
of climate change; and 及
– approved the Group’s Diversity and Inclusion Policy, – 批准本集團之多元與共融政策、反歧視及
Anti-discrimination and Anti-harassment Policy, Waste 反騷擾政策、廢棄物管理政策、水資源管
Management Policy, Water Stewardship Policy and Zero 理政策和零毀林政策。
Deforestation Policy.
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The Board-level ESG Committee continued to oversee our sustainability issues, and to advise the Board on a range of strategy ESG topics which present risks and opportunities for the Company. The ESG Committee also provided strategic long-term guidance on sustainability performance, goals and priorities.

董事會級別之環境、社會及管治委員會持續監察我們的可持續發展事宜，並就一系列對本公司而言屬有危有機之策略性環境、社會及管治議題向董事會作出建議。環境、社會及管治委員會亦為可持續發展表現、目標及優先處理事項提供策略性長遠指導。

The ESG Committee also approved a suite of Group-level policies, covering both social and environmental topics that are material to the Company. The Diversity and Inclusion Policy and Antidiscrimination and Anti-harassment Policy support the Group’s effort in fostering a diverse workforce and a workplace free from prejudice. While the Waste Management Policy and Water Stewardship Policy formalised our commitment to reduce and manage our resource, the Zero Deforestation affirmed our stance against harmful agricultural practices.

環境、社會及管治委員會亦批准了一套集團層面之政策，其涵蓋對本公司而言屬重大之社會及環境議題。多元與共融政策以及反歧視及反騷擾政策有助本集團促進勞動力多元化及免受偏見蒙蔽之工作環境，而廢棄物管理政策及水資源管理政策則確立我們在減少使用及管理資源方面之承諾，零毀林政策亦堅確我們對有害農業規範之反對立場。

Terms of reference of the ESG Committee has been published on the Company’s website.

環境、社會及管治委員會之職權範圍已刊登於本公司網站。

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 have been published on the website of the Company. Any Director who is appointed by the Board shall retire at the next General Meeting.

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任董事。股東之提名程序已在本公司之網站上刊載。凡董事會委任之董事均須於下一屆股東大會上告退。

54 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

Subject to the re-election requirement of the Company’s Articles of Association and Code Provision A.4.2 of Appendix 14 of the Listing Rules, 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 and Code Provision, 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.

Director Nomination Policy

The Board has adopted a Director Nomination Policy in March 2012 to set out the procedures and criteria for identifying and selecting potential candidates for the appointment of new Director/s as well as for considering the renewal of director appointment. The Board has delegated to the Remuneration and Nomination Committee the authority to identify individuals suitably qualified to become board members and select or make recommendations to the Board on the selection of, individuals nominated for directorship; assess the independence of independent non-executive directors; and make recommendations to the Board to the appointment or re-appointment of directors.

The Director Nomination Policy is intended to guide the Remuneration and Nomination Committee when recommending new directors and when deciding whether to recommend that current Directors be re-elected. The Committee will carefully consider the qualifications, skills, experience, independence, gender diversity, time commitments and contributions of any currently sitting director before making a re-election recommendation to the Company’s shareholders. Any shareholder of the Company who is qualified to be present and vote at the general meeting, may nominate one or more persons for election as a director of the Company at any general meeting if the shareholder complies with the director nomination provisions, including without limitation the notice, information and consent provisions under the Company’s Articles of Association or the Listing Rules.

The Director Nomination Policy has been published on the Company’s website.

在本公司章程細則有關重選規定及上市規則附錄十四守則條文 A.4.2 條之規限下，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及守則條文，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。

董事提名政策

董事會已於二零一二年三月採納董事提名政策，當中載列物色及挑選準候選人擔任新董事以及考慮續展現任董事委任之程序及準則。薪酬及提名委員會已獲董事會授權以物色具備合適資格成為董事會成員的人士，並挑選或向董事會推薦有關被提名人士出任董事；評核獨立非執行董事的獨立性；及就董事委任或重新委任向董事會提出建議。

董事提名政策旨在就推薦新任董事及決定是否推薦重選現任董事向薪酬及提名委員會提供指引。委員會在仔細考慮各現任董事之資歷、技能、經驗、獨立性、性別多元化、其已付出的時間及貢獻後，向本公司股東作出重選建議。任何符合資格出席股東大會並於會上投票之本公司股東，可在遵照董事提名條文（包括但不限於本公司章程細則或上市規則項下之通告、通知及許可條文）之情況下於任何股東大會上提名一名或以上人士競任本公司董事。

董事提名政策已刊登於本公司網站。

Annual Report 2020/2021 年度報告 55

corporate governance report 企業管治報告

Induction and Continuous Professional Development

Induction programs are arranged for any newly appointed Directors for provision of information which would assist him or her in understanding his or her role as a director as well as building an understanding of the nature of the Company, its business, products and markets. On appointment, new Directors will also be given an induction program kit outlining the responsibilities and duties as Directors under various regulatory requirements. The induction kit also contains the Board 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 The Hong Kong Institute of Directors as guidelines on the general principles of duties of directors and a “Code of Conduct for Directors” to prevent any conflict of interest.

董事就任及持續專業發展

本公司為任何新委任董事安排就任須知，以協助其理解董事職務，以及建立對本公司性質、其業務、產品及市場之認識。新任董事亦會獲發一份就任須知資料，向董事簡介在不同規管要求下之責任及職責。就任須知亦附有董事會程序（包括各董事委員會之職權範圍）。此外，董事亦獲提供公司註冊處刊發之「董事責任指引」及香港董事學會刊發之「董事指引」，作為董事責任一般原則性之指引，以及「董事行為守則」防止任何利益衝突。

The Company also arranges continuous professional development program to Directors at the expense of the Company. The Company Secretary provides regularly to Directors information about the enrollment of external training courses and seminars as well as legal alerts and articles which are relevant for Directors to keep them up-to-date on any legislative, regulatory and corporate governance requirements and also professional practices in a dynamic business world. The program would help refresh Directors’ knowledge and skills in performing their roles, functions and duties of directors of a listed company.

本公司亦為董事安排持續專業發展課程，有關費用由本公司支付。公司秘書定期向董事提供外間培訓課程及研討會之報名資料，同時亦提供法律預警以及報導，有助董事持續掌握最新法例、監管及企業管治等規定以及不斷變化之商業領域內的專業實務。有關課程有助董事就其知識及技能溫故知新，從而履行上市公司董事所應擔任之角色、職能及責任等。

In August 2020, the Company organised an annual in-house training program covering ESG topical issues so as to provide the updated perspective of the evolving ESG context and competitive benchmarking to Directors.

於二零二零年八月，本公司舉辦涵蓋環境、社會及管治議題之年度內部培訓課程，向董事提供不斷演變之環境、社會及管治議題及競爭標準最新資訊。

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56 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

The Board also acknowledges the importance of continuous training and development to Senior Management, which enables them to boost their skills and knowledge to re-evaluate their roles with a newly informed perspective and in this highly competitive consumer product market. Senior Management is encouraged to participate in various continuous professional development programs and other training courses at the expense of the Company.

董事會亦明白在競爭激烈之消費產品市場上，持續培訓及發展對高層管理人員相當重要，使彼等得以提升其技能及知識，並以全新知情角度重新審視其董事之角色。本公司鼓勵高層管理人員參加各類型持續專業發展課程及其他培訓課程，費用由本公司支付。

All Directors and Senior Management have provided to the Company Secretary their training records for FY2020/2021 which have been reviewed by the Audit Committee. The average training hours of the Directors were over 51 hours during the year. The average training hours of Senior Management were over 67 hours.

全體董事及高層管理人員已向公司秘書提供彼等於二零二零╱二零二一財政年度之培訓記錄，並經由審核委員會審閱。董事於本年內平均培訓時數超過 51 小時，而高層管理人員於本年內平均培訓時數則超過 67 小時。

Directors’ Training Records

Analysis of training attended by Directors in FY2020/2021 – by topic 董事於二零二零╱二零二一財政年度參加之培訓 — 按專題分析

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44%
Global Business
Environment
4%
Update
Accounting / Finance / Tax
最新環球商務
會計╱財務╱稅務
環境
6%
Innovation and
Technology
創新科技
8%
Legal / Regulatory
/Governance
法例╱法規╱管治
18%
Director’s Duties
and Governance
董事職責及管治
20%
Company Business
本公司業務
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董事之培訓記錄

Analysis of training attended by Directors in FY2020/2021 – by type

董事於二零二零╱二零二一財政年度參加之培訓 — 按類型分析

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54%
Readings
閱讀
19%
In-house Training
內部培訓
27%
External Courses /
Seminars / Workshops
外間課程╱
研討會╱工作坊
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Annual Report 2020/2021 年度報告

corporate governance report 企業管治報告

Senior Management’s Training Records

Analysis of training attended by Senior Management in FY2020/2021 – by topic

高層管理人員於二零二零╱二零二一財政年度參加之培訓 — 按專題分析

高層管理人員之培訓記錄

Analysis of training attended by Senior Management in FY2020/2021 – by type

高層管理人員於二零二零╱二零二一財政年度參加之培訓 — 按類型分析

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41%
34%
External Courses /
Market /
Seminars / Workshops
5% Product Development 外間課程╱研討會╱
市場╱產品發展
Audit / Accounting / Finance / Tax 工作坊
審計╱會計╱財務╱稅務 28%
In-house Training
5% 內部培訓
Cyber Technology
數碼科技
8%
Regulatory / Governance / 31%
Sustainability Readings
法規╱管治╱ 閱讀
可持續發展
27%
Company Business
本公司業務
21%
Industry News
行業資訊
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Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

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 FY2020/2021 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 contained in Appendix 10 of the Listing Rules. Specific enquiries were made of all Directors and they have confirmed compliance with the required standard set out in the Code for the year ended 31st March 2021. 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.

Confirmations have been received from all Directors that they have provided sufficient time and attention to the affairs of the Company during FY2020/2021. 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 in FY2011/2012.

The objective of the Board evaluation is to assist the Board in identifying and addressing its strengths and weaknesses and highlight the Board’s expectations for itself and areas for further improvement. 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. Board evaluation is usually conducted on an annual basis.

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。二零二零╱二零二一財政年度之全年財務報表乃按持續經營基準編製。本公司採納之所有新會計準則及政策先經由審核委員會經周詳討論後批准，然後再提交董事會採納。

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之標準守則所載列之規定標準寬鬆。本公司已對全體董事作出具體查詢，而彼等均確認於截至二零二一年三月三十一日止年度均已遵守守則載列之規定標準。本集團亦就可能擁有或得悉有關股價之敏感資料之特定類別員工而採納一套類似守則。

本公司已接獲全體董事確認書確認他們於二零二零╱二零二一財政年度已付出足夠時間及關注，處理本公司事務。董事亦適時向本公司披露彼等作為董事之利益申報及於其他公眾公司及組織之其他職務，並已就任何其後變動定期向公司秘書匯報。

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。

董事會評核旨在協助董事會識別其長處及弱點並對其不足之處提出針對方案，以及突出董事會對自身之期望及有待進一步改善之範疇。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職責進行評核。董事會評核一般每年進行一次。

Annual Report 2020/2021 年度報告 59

corporate governance report 企業管治報告

A formal evaluation of the Board and the Executive Chairman was conducted for FY2020/2021. During the evaluation process, questionnaire with scoring was used for collecting scores as well as opinions from all the Directors. The questionnaire included 20 statements for Board evaluation and 10 statements for Executive Chairman evaluation. Completed evaluation forms were sent to the Company Secretary on a confidential basis. The Company Secretary then prepared a summary report of the aggregate evaluation results for review and discussion in the Board meeting.

本公司已為董事會及執行主席進行二零二零╱二零二一財政年度的正式評核。於評核過程中，本公司採用計分問卷方式向全體董事收集評分及意見，當中包括 20 項評核董事會之陳述及 10 項評核執行主席之陳述。填妥之評核表格以保密形式遞交予公司秘書。公司秘書其後就綜合評核結果編製摘要報告，並呈交於董事會會議上審閱及討論。

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Personal attributes
Board composition and structure
個人特質
董事會組成及架構
Leadership
領導才能
Board meeting and procedures Encourage active participation
董事會會議及程序
鼓勵積極參與
Decision making
決策
Strategic direction and planning
策略方向及規劃 Relationship with the Board
Evaluation of Evaluation 與董事會的關係
of Executive
the Board
Chairman
董事會之評核 Relationship with Group CEO
執行主席之評核與集團行政總裁的關係
Corporate governance practices
企業管治常規
Adhere to good corporate governance
遵從優良的企業管治措施
Promote good corporate governance
Sustainability focus and drive practices
專注及推動可持續發展推動優良的企業管治常規
Promote environmental, social and
governance
推動環境、社會及管治
Risk management and internal control
風險管理及內部監控
Succession planning
繼任計劃
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60 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

All Directors have actively participated in the whole evaluation process. Responses from the Board members were overall very positive, with three of the six Board evaluation areas recorded an average score of 9 or above (full score is 10). The highest score went to “Board meeting and procedures”.

全體董事均積極參與整個評核過程。董事會成員對整體評價非常正面，六個董事會評核範疇中有三個錄得平均分 9 分或以上（ 10 分為滿分）。「董事會會議及程序」得分最高。

Overall weighted scores in six evaluation areas 六個評核範疇之整體加權分數

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BOARD MEETING AND PROCEDURES
董事會會議及程序 9.16
CORPORATE GOVERNANCE PRACTICES
企業管治常規 9.09
BOARD COMPOSITION AND STRUCTURE
董事會組成及架構 9.00
STRATEGIC DIRECTION AND PLANNING
策略方向及規劃 8.91
RISK MANAGEMENT AND INTERNAL CONTROL
8.82
風險管理及內部監控
SUSTAINABILITY FOCUS AND DRIVE
8.70
專注及推動可持續發展
5 5.5 6 6.5 7 7.5 8.0 8.5 9 9.5 10
Weighted scores full score is 10
加權分數 10 分為滿分
Evaluation areas 評核範疇
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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.

執行主席充分及有效地執行其身為董事會主席之角色及履行其職責。評核結果並無發現任何重要須予關注之地方。

Directors have proposed a few valuable and constructive recommendations for continuous improvement of the Board’s performance, mainly in the areas of board composition; board meeting and procedures; strategic direction and planning; sustainability drive; and risk management.

董事已就持續改善董事會表現提出多項寶貴及具建設性之建議，主要包括對董事會組成、董事會會議及程序、策略方向及規劃、推動可持續發展；以及風險管理等方面。

Executive Chairman as the leader of the evaluation process has reviewed summaries of the aggregate evaluation results of the Board and Executive Chairman and also valuable comments from Directors on each area. He had discussed with Senior Management comments from Directors and provided his responses and a few action plans to address the areas identified from the evaluation results. Executive Chairman’s responses and action plans have also been considered and discussed amongst the Directors.

執行主席領導評核過程，審閱董事會及執行主席之綜合評核結果摘要以及董事就各方面給予之寶貴建議，並與高層管理人員對董事之建議進行討論及作出回應和多項行動計劃以處理評核結果所反映之問題。執行主席之回應及行動計劃亦經董事考慮及討論。

Annual Report 2020/2021 年度報告 61

corporate governance report 企業管治報告

Company Secretary

The Company Secretary is an employee of the Company and has been appointed by the Board. The Company Secretary is responsible for facilitating the procedures/activities of the Board and the Board Committees as well as good communication flow amongst the Board members, shareholders and Senior Management.

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 26 hours of external CPD training courses to keep abreast of latest regulatory changes and corporate governance practices and to refresh her skills and knowledge.

Risk Management and Internal Control

The Board acknowledges its responsibility for the risk management and internal control systems and reviewing their effectiveness. The systems are designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss. To achieve this, the Board ensures that there is an effective framework of risk governance and ongoing risk management process to promote the long-term success of the Company.

The Board is entrusted with the overall responsibility on an ongoing basis for ensuring that appropriate and effective risk management and internal controls are maintained to provide reasonable assurance against material misstatement of information. Main features of the risk management and internal control systems are described in the sections below:

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狀況給予意見以及協助安排董事之專業發展課程及就任須知。董事會全體成員均可獲公司秘書提供意見及服務。

年內，公司秘書接受 26 小時之外間持續專業發展培訓課程，以瞭解最新的監管法規以及企業管治常規，從而對其技能及知識溫故知新。

風險管理及內部監控

董事會明白其肩負風險管理及內部監控系統之責任，並檢討其成效。該系統之設計旨在管理而非消除無法達成業務目標之風險，並僅可為避免發生重大錯誤陳述或損失提供合理而非絕對之保證。為實現此目標，董事會確保已制定有效之風險管治架構及持續風險管理程序，以達致本公司業務之長久成功。

董事會一直獲委以確保維持適當及有效之風險管理及內部監控之整體職責，從而提供合理保證，以避免發生資料之重大錯誤陳述。風險管理及內部監控系統之主要特點如下：

62 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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 Organizations of the Treadway Commission (COSO) components for internal controls, to manage and mitigate rather than to eliminate business risks. The key underlying components of effective internal control system are illustrated as below:

內部監控

本公司已根據 Committee of Sponsoring Organizations of the Treadway Commission (COSO) 之內部監控原則制定內部監控系統，以管理及減低而非消除業務風險。有效之內部監控系統之主要相關原則載列如下：

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Set the tone at the top regarding Develop control activities
the importance of internal to mitigate risks to the
control & risk management achievement of the objectives
設定與內部監控及風險管理制訂監控措施，將達致目標的
的基調相關風險降低
Control Control
Environment Activities
監控文化監控措施
Risk Monitoring
Assessment Activities
風險評估監管措施
Independent reviews of the
Identify, assess and manage effectiveness of internal control
of risks & risk management systems
識別、評估和管理風險進行獨立審查內部監控和
風險管理制度的有效性
ormation&Communication 資訊及溝
Inf 通
通 Informatio
溝 n
及 &C
訊 o
m
m
u
資
n
o
ni
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ti
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In
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Annual Report 2020/2021 年度報告 63

corporate governance report 企業管治報告

Assessing risks and reviewing the effectiveness of internal controls is a continuing process in the Company. Our internal control system is designed to give reasonable assurance that:

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.

Internal Audit

Group Internal Audit (a team under Group Internal Audit and Risk Management Department) plays a critical role in monitoring the internal governance of the Company.

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.

Group Internal Audit, reporting to the Audit Committee, provides independent assurance as to the existence and effectiveness of risk management functions and controls in business operations.

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、適時及完整之財務報告；及
遵守與業務相關之法律及法規。

在本公司之內部監控系統下，管理層負責設計及執行內部監控措施，而董事會及審核委員會則監察現有內部監控系統執行之成效。

內部審計

集團內部審計（集團內部審計及風險管理部門轄下的團隊）肩負監察本公司內部管治的重任。

該部門之工作範圍載列於經審批之內部審計約章內，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之關注範疇進行特定審閱。

集團內部審計向審核委員會報告，就業務營運風險管理職能及監控之存在價值及成效提供獨立保證。

64 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

Using risk assessment methodology and taking into account the Company structure, management’s concern, nature and complexity of operation, and operating environment, Group Internal Audit prepares its annual audit plan which is reviewed and approved by the Audit Committee. The risk assessment methodology assists in identifying business risks and determining audit frequencies. Based on the approved audit plan, Group Internal Audit schedules its internal audit programs to conduct an independent review of different financial, business and functional operations and activities with resources focusing on areas with higher risk.

集團內部審計編製由審核委員會審批的年度審計計劃時採用風險評估方法，並考慮本公司架構、管理層的關注範疇、營運性質及複雜性以及經營環境。風險評估方法有助識別業務風險及釐定審計之頻率。集團內部審計按照已批核的審計計劃安排內部審核程序，就財務、業務及職能方面之各項營運及活動進行獨立檢討，並安排將其資源集中處理高風險的範疇。

During the fiscal year of 2020/2021, Group Internal Audit issued reports to Senior Management covering various operational and financial units of the Company and its subsidiaries. Group Internal Audit also conducted reviews of major projects and areas of concern identified by management.

於二零二零╱二零二一財政年度內，集團內部審計向高層管理人員出具涵蓋本公司及其附屬公司多個經營及財務單位的報告。集團內部審計亦就主要項目及管理層識別的關注範疇進行審核。

Risk Management

Risk management framework with effective governance structure and management process are in place. Such framework enables the Company to adopt a proactive and structured approach to identify and manage risks across the Company with ongoing monitoring and oversight.

風險管理

我們已制定風險管理框架，實施有效的風險管治架構及管理程序。有關框架使本公司能夠採取積極及有系統之方法，透過持續監督及監察，識別及管理本公司所面臨之風險。

Risk Management Framework 風險管理框架

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• Audit Committee
(On behalf of the Board)
審核委員會（代表董事會）
• Group Internal Audit
集團內部審計
• Enterprise Risk Management
Executive Committee
企業風險管理執行委員會
• Entity CEOs
地方公司行政總裁
• Group Risk Management
集團風險管理
Anticipate
預測
Report Rate
通報評估
• Department Heads &
Individual Employee
部門主管及個別員工
React Respond
緩解控制
Regulate
監察
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Annual Report 2020/2021 年度報告

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

風險管治架構包括下列三個層面之角色及職責：

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layer roles and responsibilities 層面職務及職責
oversight audit committee , acting on behalf of the Board 監督代表董事會之審核委員會
• Oversee the Company’s risk management and • 持續監督本公司之風險管理及內
internal control on an ongoing basis. 部監控。
• Oversee those risks that warrant the • 監督委員會需要注意之該等風險
Committee’s attention and supervise risk 並監督風險管理程序，以配合優
management process as part of good corporate 良之企業管治。
governance.
group internal audit 集團內部審計
• Conduct independent review on the • 對風險管理及內部監控系統之成
effectiveness of risk management and internal 效進行獨立審閱，並向審核委員
control systems and provide risk assurance to 會提供風險保證。
Audit Committee.
risk enterprise risk management executive 風險企業風險管理執行委員會及地方公
monitoring & committee & entity ceos 監察及司行政總裁
review 審閱
• Design, implement and monitor the risk • 設計、實施及監察風險管理及內
management and internal control system. 部監控系統。
• Provide assurance to the Audit Committee • 向審核委員會提供有關風險管理
on the effectiveness of risk management and 及內部監控系統成效之保證。
internal control systems.
group risk management , an independent 集團風險管理為集團內部審計及風
team under Group Internal Audit and Risk 險管理部門轄下之獨立團隊
Management
• Support the Board of Directors, Audit • 支援董事會、審核委員會及企業
Committee and Enterprise Risk Management 風險管理執行委員會。
Executive Committee.
• Develop and implement risk management • 與所有附屬公司建立及執行風險
frameworks, policies, tools and methodologies 管理框架、政策、工具及方法。
with all subsidiaries.
• Monitor status of risk and communicate with • 持續監察風險狀況，並與執行委
the Executive Committee and Audit Committee 員會及審核委員會持續溝通。
on an ongoing basis.
risk & control Department Heads & individual employee 風險部門主管及個別員工
ownership 及控制
• Ownership of managing risks, executing • 於日常營運中管理風險，執行監
的責任
control activities and identifying new risks in 控活動及識別新風險。
daily operation.
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66 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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 & business planning, investment decision and external factors. The processes are as follows:

Anticipate: Potential risks and threats that are related to different business processes and relevant to the Company’s objectives will be anticipated and identified by all individual staff. Risks are grouped into six clusters (including reputation, strategy, market, liquidity, credit and operation) to facilitate the assessment appropriately.
Rate: Each identified risk is evaluated on the basis of impact and likelihood consistent with the risk appetite set by the Board. The risk impact and likelihood will be rated according to the historical records, statistical analyses and relevant experiences, specialist and expert judgments by management. Group Risk Management facilitates the evaluation process including the summary discussion in the Enterprise Risk Management Executive Committee and Audit Committee.
Respond: A delegated management is assigned to each risk as risk owner to fully respond on each risk. Risk management strategies and corresponding control owners are identified by risk owner to deploy appropriate control activities.
Regulate: We take a close monitoring on the current status of risk, which is being monitored through key risk indicators with defined thresholds, occurrence of related incidents, control effectiveness and audit results. Any change in current status of risk to a worsened level will trigger a react process through creation of a mitigation plan.
React: When there is a change on the current status of risk, the corresponding owner will coordinate mitigation plan with action details, responsible person and timeline to address the status.

風險管理程序

我們之風險管理程序已納入日常營運範圍、財務活動、合規、策略發展與業務規劃、投資決定及外界因素，程序如下：

預測： 所有員工均參與識別不同業務流程及與本公司目標相關之潛在風險及威脅。為便於進行適當評估，我們將風險分為六個範疇（包括信譽、策略、市場、流動資金、信貸及營運）。
評估： 按照董事會設定之風險承受能力，評估每項經識別風險的影響及可能性。風險之影響及可能性將根據過往記錄、統計分析、相關經驗及管理層之專業判斷進行評級。集團風險管理促進評估流程，包括協助企業風險管理執行委員會及審核委員會之討論。
控制： 各項風險將配對專責管理人員，成為風險負責人，以有效管理風險。風險負責人制定風險管理策略以及指派監控負責人，實施適當監控活動。
監察： 我們密切監控風險現況。各風險現況的結果取決於關鍵風險指標的預設量度級別基準、所發生之相關事故、內部監控程序之成效以及審計結果。風險現況倘出現任何不良轉變，均會觸發反應程序，展開減輕風險計劃。
緩解： 當風險現況有所改變，相應負責人將協調減輕風險計劃之行動細節、負責人及時間表，以處理風險情況。

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Report: To support the oversight of the Board on the effectiveness of Vitasoy’s risk management, risk reporting requirement was approved by the Board of Directors under risk management framework. Periodic risk report is provided to the Enterprise Risk Management Executive Committee summarizing the results of risk monitoring, mitigation plans and the current risk management implementation progress. Besides, since the launch of the Governance, Risk and Compliance System (“GRC System”) in mid-2018, Enterprise Risk Management Executive Committee and risk owners are able to obtain real-time risk status through the relevant system dashboards.

Risk Management Activities

Improvement of Key Risk Indicators (“KRIs”) In Vitasoy, KRIs are used as one of the key tools to monitor risk status. During this year, the definition and threshold of the KRIs for manufacturing, product quality, occupational health & safety, and information security have been reviewed and revised where necessary. This resulted in a more timely and accurate detection of change in risk status and development of mitigation actions.
Facilitated risk reviews for key purchases
In addition to the regular risk management process, Vitasoy has incorporated a risk review process in making key purchasing decisions. The objective of the review is to ensure that critical purchasing risks are adequately assessed and considered and hence improve the quality of purchasing decisions.
Enhanced emerging risk monitoring Vitasoy has stepped up the efforts in proactively scanning the risk environment to identify any emerging risks of potential concerns, including pandemic, regulatory, sustainability, supply chain and other business risks. Additionally, Vitasoy is further exploring the use of data analytics solutions to improve the efficiency and effectiveness of risk monitoring.
Enterprise Integrity Risk Management

To support the on-going development of integrity culture, Vitasoy launched the Enterprise Integrity Risk Management policy to specify supervisory accountability in managing integrity risk, aiming to strengthen the first-line awareness in the detection of and remediation actions on abnormalities.

通報︰ 風險報告內容及風險管理框架，均獲董事會批准，協助董事會監察維他奶風險管理之成效。集團風險管理定期向企業風險管理執行委員會提供風險報告，監控減輕風險計劃及現時風險管理實施之進度。此外，自二零一八年中推出管治、風險管理及合規系統（「 GRC 系統」），企業風險管理執行委員會及風險負責人可透過相關系統指標獲得實時風險狀況。

風險管理措施

改進關鍵風險指標（「關鍵風險指標」） 在維他奶，關鍵風險指標是用來監管風險狀況的主要工具之一。年內，我們為生產、產品質素、職業健康及安全以及資訊安全之關鍵風險指標的定義及門檻進行了審視，並於有需要時作出了修訂。此程序令我們能夠更及時、更準確地偵測風險狀況的變動，及制定減輕風險行動。
為關鍵採購進行風險審視 除慣常的風險管理流程外，維他奶亦將一套風險審視流程納入關鍵採購之決策過程中。審視目的是確保主要採購風險獲充分評估及考慮，藉此提升採購決策之質素。

加強監察新興風險

維他奶加大力度主動監測經營環境中的風險，以識別任何潛在憂慮可能帶來之風險，如疫情、監管、可持續性、供應鏈及其他業務風險。此外，維他奶現正進一步研究使用數據分析解決方案以提高風險監察之效益和成效。
企業誠信風險管理 為支持誠信文化持續發展，維他奶制定企業誠信風險管理政策，訂明管理誠信風險時之監督責任，旨在加強第一線員工發現異常情況並採取補救措施之意識。

68 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

Review of Risk Management and Internal Controls Effectiveness

Group Internal Audit has conducted annual review of the effectiveness of the Company’s risk management and internal control system, including those of its operating companies. The Audit Committee has reviewed the findings and impartial opinion of Group Internal Audit on the effectiveness of the Company’s risk management and internal control systems.

The Board, with confirmation from management, considered the risk management and internal control systems are effective and adequate for the year ended 31st March 2021. 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 2012 which has been revised with a few housekeeping amendments on 30th March 2020. 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.

檢討風險管理及內部監控之成效

集團內部審計已就本公司（包括其營運公司）風險管理及內部監控系統之成效進行年度檢討。審核委員會已審閱集團內部審計對本公司風險管理及內部監控系統成效之調查結果及所提供之公允意見。

經管理層確認，董事會認為，截至二零二一年三月三十一日止年度之風險管理及內部監控系統屬有效及充分，並無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。是次檢討之範圍亦涵蓋本公司於會計、財務報告及內部審計職能方面之資源、員工資歷及經驗是否足夠，以及彼等之培訓及有關預算。

內幕消息

有關處理及發放內幕消息之程序和內部監控方面，本公司知悉，根據上市規則及《證券及期貨條例》之適用規定以及首要原則，本公司在得悉內幕消息後，應於切實可行情況下盡快公佈有關資料，除非有關資料屬於《證券及期貨條例》中任何安全港條文所界定者則另當別論。為遵守監管體系下有關內幕消息披露規定，本公司已有一套擁有既定政策及程序之系統。董事會已於二零一二年十一月二十七日採納披露合規政策，並於二零二零年三月三十日作出一些非主要修訂。該政策乃參照證券及期貨事務監察委員會所頒佈之《內幕消息披露指引》而編製。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之指引。本公司已於行為守則及員工手冊內訂明嚴禁未經授權披露或使用公司之機密資料以及內幕消息。

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corporate governance report 企業管治報告

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$5.9 million (FY2019/2020: HK$5.7 million) was charged for FY2020/2021 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$0.4 million (FY2019/2020: HK$3.8 million). The non-audit services mainly comprised tax advisory services. The non-audit fee decreased versus the previous year due to substantial reduction of consultancy services rendered by KPMG for digitisation during the year.

The responsibilities of the External Auditors with respect to the FY2020/2021 financial statements are set out in the section of “Independent Auditor’s Report” on pages 99 to 105.

Dividend Policy

The Board has adopted a Dividend Policy to provide guidance to the Board and the management of the Company for distribution of surplus funds to its shareholders.

In determining the level of dividend payment, the following criteria and consideration must be taken:

Sharing of success with shareholders
Liquidity and capital requirement
Historical trend of dividend payout
Benchmarking with competitors within the industry
Fulfilment of financial covenants
Taxation impact
Restrictions
Other factors that may deem relevant

The Company intends to declare dividends to shareholders semiannually in an aggregate amount per year of approximately 60% of the anticipated consolidated net annual profit attributable to shareholders net of one-off event impact and may declare special dividends from time to time in addition to interim or final dividends. The determination to pay dividends and level of dividend to be distributed will be subject to the discretion of the Board from time to time.

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二零二零╱二零二一財政年度法定審核服務之費用為港幣 5,900,000 元（二零一九╱二零二零財政年度：港幣 5,700,000 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之其他非審核服務費用為港幣 400,000 元（二零一九╱二零二零財政年度：港幣 3,800,000 元）。非審核服務主要包括稅務顧問服務。非審核服務費用較去年減少，是由於畢馬威會計師事務所就數碼化項目提供之顧問服務大幅下降。

外聘核數師就二零二零╱二零二一財政年度財務報表所須承擔之責任載列於第 99 至 105 頁之「獨立核數師報告」一節。

股息政策

董事會已採納股息政策，就派發盈餘資金予股東向董事會及管理層提供指引。

就決定所派付的股息水平，須計及下列準則及考慮因素：

與股東共享成果
– 流動資金及資本要求
過往股息派付之趨勢
與業內競爭對手之標準比較
符合財務契約
– 稅務影響
– 限制條件
任何其他視為相關之因素

本公司計劃每半年向股東宣派股息，每年宣派之股息總額預計為扣除一次性事件影響後之股東預期應佔年度綜合溢利約 60% ，並可能除中期或末期股息外不時宣派特別股息。董事會將不時酌情決定是否派發股息以及所派發股息之水平。

70 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

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 [email protected] and must also be authenticated by the person or persons making it.

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 [email protected] and must identify the statement to be circulated. It must be authenticated by the person or persons making it and be received by the Company at least 7 days before such meeting.

Procedures for proposing a Person for Election as a Director at General Meeting

Under the Articles of Association of the Company, if a shareholder wishes to propose a person other than a retiring Director for election as a Director at a general meeting, the shareholder should deposit a written notice of nomination which shall be given to the Company within the 7-day period commencing the day after the despatch of the notice of the meeting (or such other period as may be determined and announced by the Directors from time to time) and in no event ending no later than seven days prior to the date appointed for such meeting. The procedures for shareholders to propose a person for election as a Director have also been published on the Company’s website.

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 [email protected] ，並須由發出請求書之人士或人等核實。

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 [email protected] ，並須識別須傳閱之陳述書。該陳述書必須由發出之人士或人等核實，並須於召開該大會最少七日前送交本公司。

於股東大會上提名一位人士參選董事之程序

根據本公司章程細則，倘股東有意於股東大會上提名一位人士（退任董事除外）參選董事，則該股東須於寄發會議通知翌日起計七天內（或董事不時釐定及公佈之其他期間）並在任何情況下不遲於有關指定會議日期前七日，向本公司寄存一份書面之提名通知。股東提名董事候選人之程序亦已刊登在本公司之網站。

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Constitutional Document

During the year, there has been no change in the Company’s Articles of Association. A copy of the latest consolidated version of the Articles of Association of the Company has been published on the websites of the Stock Exchange and the Company.

Communications with Shareholders and

章程性質文件

年內，本公司之章程細則概無變動。本公司章程細則之最新匯總版本已刊登在聯交所及本公司之網站。

與股東及投資者之溝通

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 has been updated on 30th March 2020 and been posted on the Company’s website.

We maintain a corporate website (www.vitasoy.com) to keep our shareholders and the investing public posted of our share price information, latest business developments, final and interim results announcements, financial reports, public announcements, corporate governance policies and practices and other relevant shareholder information.

The Company views its Annual General Meeting as one of the important platforms to communicate with its shareholders. All Directors and Senior Management make an effort to attend the Annual General Meeting. At the 2020 Annual General Meeting, the Chairman of the Board briefed shareholders the business review and the outlook of the Group and answered questions raised by shareholders. The 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 2020 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.

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。

董事會已採納正式之股東通訊政策，以確保股東能隨時、公平及適時地獲得本公司之資訊。股東通訊政策已於二零二零年三月三十日更新並已刊登在本公司之網站。

我們設有公司網站 (www.vitasoy.com) ，向股東及公眾投資者匯報本集團股價資料、最新業務發展概況、年度及中期業績公佈、財務報告、公告、企業管治政策及常規以及其他相關股東資訊。

本公司視其股東週年大會為其與股東溝通之重要平台之一。所有董事及高層管理人員均盡量出席股東週年大會。於二零二零年股東週年大會上，董事會主席向股東簡報本集團之業務回顧及前景並回答股東之提問。薪酬及提名委員會主席以及審核委員會主席亦在場以回應股東之提問。本公司之外聘核數師亦有出席二零二零年股東週年大會，回答有關審核操守、核數師報告之編製及內容、會計政策以及核數師獨立性之問題。

72 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

corporate governance report 企業管治報告

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 set up a dedicated email account at [email protected] for shareholders and general investing public, fund managers, analysts and the media for a two-way communication with the related stakeholders. We keep our investors abreast of the Group’s latest developments and strategies through direct communications including results announcement events, group and individual face-to-face meetings, telephone conferences and email with shareholders and investors. Our sharing with investors community always takes reference of applicable regulatory requirements and internal guidelines for fair disclosure of information without offering advantage to any particular investor or financial analyst. We 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之關係，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觀點。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。我們已設立專門之電郵郵箱 [email protected] ，方便與股東及一般公眾投資者、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等，務求我們之投資者及時獲取有關本集團最新發展及策略之資訊。與投資界之共享乃參考有關公平披露資料之適用規管要求及內部指引所作出，而不得優待任何個別投資者或財務分析員。我們亦善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類專題之行業研討會或培訓課程，以得悉有關投資者關係之最新市場動向。

Annual Report 2020/2021 年度報告 73

Directors anD senior management 董事及高層管理人員

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BOARD OF DIRECTORS

Executive Chairman

mr. Winston Yau-lai lo (SBS, BSc, MSc) , aged 80, is the Executive Chairman of the Group. Mr. Lo was appointed a Director of the Company in 1972. Mr. Lo graduated from the University of Illinois with a Bachelor of Science degree in Food Science and gained his Master of Science degree in Food Science from Cornell University. Mr. Lo is an Honorary Court Member of the Hong Kong University of Science and Technology and life member of Cornell University Council. Mr. Lo is a director of Ping Ping Investment Company Limited. He is also a director of The Bank of East Asia, Limited, a company listed on the Hong Kong Stock Exchange. He was a member of The National Committee of the Chinese People’s Political Consultative Conference. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. He is the father of Ms. May Lo (a Non-executive Director of the Company) and Ms. Joy Cheung Lo (a substantial shareholder of the Company), the brother of Ms. Yvonne Mo-ling Lo (a Non-executive Director of the Company), Ms. Myrna Mo-ching Lo and Ms. Irene Chan (the substantial shareholders of the Company) and the relative of Mr. Peter Tak-shing Lo (a Non-executive Director of the Company), Mr. Eugene Lye (an Executive Director of the Company), Mr. Christopher Lye, Ms. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company).

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, Officier de l’Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l’Ordre National de la Légion d’Honneur) , aged 82, was appointed a Director of the Company in 1994. Sir David is the executive chairman of The Bank of East Asia, Limited, a company listed on the Hong Kong Stock Exchange. He is a member of the Council of the Treasury Markets Association. He is also an independent non-executive

董事會

執行主席

羅友禮先生 (SBS, BSc, MSc) ，八十歲，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。彼為本公司非執行董事羅其美女士及本公司主要股東張羅其樂女士之父親、本公司非執行董事羅慕玲女士、本公司主要股東羅慕貞女士及陳羅慕連女士之胞兄弟，亦為本公司非執行董事羅德承先生、本公司執行董事黎中山先生以及本公司主要股東黎東山先生、羅安女士及陳凌珊女士之親屬。

獨立非執行董事

李國寶爵士 (GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum. Litt. (Trinity, USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, Officier de l'Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l'Ordre National de la Légion d'Honneur ），八十二歲，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

74 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

Directors and senior management 董事及高層管理人員

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director of The Hong Kong and China Gas Company Limited, The Hongkong and Shanghai Hotels, Limited and San Miguel Brewery Hong Kong Limited, all being companies listed in Hong Kong. Sir David is founding chairman of The Friends of Cambridge University in Hong Kong Limited, chairman of the Advisory Board of The Salvation Army, Hong Kong and Macau Command, chairman of the Executive Committee of St. James’ Settlement and a fellow of the Hong Kong Academy of Finance. He was a member of the Executive Council of Hong Kong from 2005 to 2008 and the Legislative Council of Hong Kong from 1985 to 2012. He was an independent non-executive director of PCCW Limited and Guangdong Investment Limited. Save as disclosed, he has not held any directorship in other listed public companies in the last three years.

mr. Jan p. s. erlUnD , aged 82, was appointed a Director of the Company in 2006. He graduated with a Master degree in Law from the University of Aarhus and studied at the Nordic Institute for Maritime Law, the University of Oslo. Mr. Erlund was admitted to the Danish Bar in 1968 and was admitted to the Supreme Court in 1976. Mr. Erlund is now a partner in Copenhagen Chambers focusing on Danish and international arbitration. He was a partner of Gorrissen Federspiel Kierkegaard, a law firm in Copenhagen, Denmark. He was the president of the Danish Bar and Law Association, president of the Danish Maritime Law Association and chairman of the Maritime and Transport Committee of the International Bar Association. Mr. Erlund was the chairman of the board of directors of The East Asiatic Company Ltd. A/S and Dansk Skovselskab A/S, deputy chairman of ERRIA A/S and a member of the board of directors of PSA International Pte. Ltd., all being companies listed overseas. Save as disclosed, he has not held any directorship in other listed public companies in the last three years.

有限公司之執行主席。李爵士亦為財資市場公會之議會成員。李爵士現今出任以下香港上市公司之獨立非執行董事，包括香港中華煤氣有限公司、香港上海大酒店有限公司及香港生力啤酒廠有限公司。李爵士為劍橋之友香港有限公司之創會主席、救世軍港澳軍區顧問委員會主席、聖雅各福群會執行委員會主席及金融學院院士。李爵士曾在二零零五年至二零零八年期間出任香港行政會議成員及在一九八五年至二零一二年期間出任香港立法會議員。李爵士曾出任電訊盈科有限公司及粵海投資有限公司之獨立非執行董事。除已披露者外，彼於過往三年並無於其他上市公眾公司擔任任何董事職務。

Jan P. S. ERLUND 先生 ，八十二歲，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。

Annual Report 2020/2021 年度報告 75

Directors and senior management 董事及高層管理人員

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mr. anthony John liddell nigHtingale (CMG, SBS, JP) , aged 73, was appointed a Director of the Company in 2015. Mr. Nightingale graduated from Peterhouse College, University of Cambridge with a degree in Classics. Mr. Nightingale was Managing Director of the Jardine Matheson Group (“Jardine Group”) from 2006 to 2012. He joined Jardine Group in 1969 and was appointed a director in 1994. Mr. Nightingale is currently a nonexecutive director of Jardine Matheson Holdings Limited and of other Jardine Group companies. These include Dairy Farm, Hongkong Land, Jardine Cycle & Carriage 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 nonexecutive 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 nonexecutive director of Shui On Land Limited, a company listed in Hong Kong. Mr. Nightingale is a commissioner of PT Astra International Tbk. He is a member of The Chief Executive’s Council of Advisors on Innovation and Strategic Development, a member of the HKUST Business School Advisory Council, the chairperson of The Sailors Home and Missions to Seafarers in Hong Kong and the chairman of the Friends of Uppingham School Limited. Mr. Nightingale is the former chairman of the Hong Kong General Chamber of Commerce and was appointed as a Hong Kong, China’s representative to the Asia Pacific Economic Cooperation Business Advisory Council from 2005 to 2017 and a Hong Kong representative to the APEC Vision Group from 2018 to 2019. He was a non-executive director of Schindler Holding Limited and Jardine Strategic Holdings Limited. Save as disclosed, he has not held any directorship in other listed public companies in the last three years.

黎定基先生 （ CMG, SBS, JP ），七十三歲，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，獲頒古典文學學位。黎先生曾於二零零六年至二零一二年期間，擔任怡和集團（「怡和集團」）董事總經理。彼於一九六九年加入怡和集團，並於一九九四年獲委任為董事。黎先生現為怡和控股有限公司及其他怡和集團旗下多間公司的非執行董事，包括牛奶國際控股有限公司、置地控股有限公司、怡和合發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，而彼亦為香港上市公司瑞安房地產有限公司之非執行董事。黎先生為 PT Astra International Tbk 的委員。彼為行政長官創新及策略發展顧問團成員、香港科技大學商學院顧問委員會成員、香港海員俱樂部主席以及 Friends of Uppingham School Limited 之主席。黎先生曾為香港總商會主席，並於二零零五年至二零一七年獲委任為亞太區經濟合作組織商貿諮詢理事會之中國香港代表，以及於二零一八年至二零一九年為亞太經合組織願景小組香港代表。彼曾為迅達控股有限公司及怡和策略控股有限公司之非執行董事。除已披露者外，彼於過往三年並無於其他上巿公眾公司擔任任何董事職務。

76 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

Directors and senior management 董事及高層管理人員

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mr. paul Jeremy BroUgH , aged 64, was appointed a Director of the Company in 2016. Mr. Brough graduated from Nottingham Trent Business School with a Bachelor’s degree (Honours) in Business Studies. Mr. Brough is an associate of the Institute of Chartered Accountants in England and Wales, an associate of the Hong Kong Institute of Certified Public Accountants and an associate of the Hong Kong Securities and Investment Institute. Mr. Brough is an independent non-executive director of Habib Bank Zurich (Hong Kong) Limited, a Hong Kong restricted licence bank, an independent nonexecutive director of Toshiba Corporation, a company listed on the Tokyo Stock Exchange and an independent non-executive director of The Executive Centre Limited. Mr. Brough joined KPMG Hong Kong in 1983 and held appointments as its Head of Consulting in 1995 and as Head of Financial Advisory Services in 1997. In 1999, he was appointed the Asia Pacific Head of KPMG’s Financial Advisory Services business and a member of its global advisory steering group. He held the position of Regional Senior Partner of KPMG Hong Kong from April 2009 before retiring in March 2012. Mr. Brough also occupies the following positions in not-for-profit entities: member of the General Committee of The Hong Kong Club, director of the Hong Kong Club Foundation Limited and a director of Run Hong Kong Limited. Mr. Brough is also a director of Blue Willow Limited, a private limited company. Mr. Brough was the executive chairman of Noble Group Limited, a company listed on the Singapore Stock Exchange, and its successor company, Noble Group Holdings Limited from 8th May 2017 to 1st October 2019. He was an independent nonexecutive director of GL Limited, a company listed on the Singapore Stock Exchange, from 1st July 2012 to 15th April 2021. Save as disclosed, he has not held any directorship in other listed public companies in the last three years.

Paul Jeremy BROUGH 先生 ，六十四歲，於二零一六年獲委任為本公司董事。 Brough 先生畢業於諾丁漢特倫特大學商學院，獲頒商業學榮譽學士學位。 Brough 先生現為英格蘭及威爾斯特許會計師公會會員、香港會計師公會會員以及香港證券及投資學會會員。 Brough 先生為香港一家受限制持牌銀行恒比銀行蘇黎世（香港）有限公司之獨立非執行董事、於東京證券交易所上市之株式會社東芝之獨立非執行董事以及德事商務中心有限公司之獨立非執行董事。 Brough 先生於一九八三年加入畢馬威會計師事務所香港分部，於一九九五年出任業務顧問主管，並於一九九七年出任財務諮詢服務主管。彼於一九九九年出任畢馬威會計師事務所亞太區之財務諮詢服務主管，以及畢馬威會計師事務所全球諮詢督導委員會成員。彼自二零零九年四月起出任畢馬威會計師事務所香港區高級合夥人，至二零一二年三月退休。 Brough 先生亦於以下非牟利機構擔任職務：香港會理事會成員、 Hong Kong Club Foundation Limited 之董事及 Run Hong Kong Limited 之董事。 Brough 先生亦為私人有限公司 Blue Willow Limited 之董事。 Brough 先生於二零一七年五月八日至二零一九年十月一日擔任來寶集團有限公司（為於新加坡證券交易所上市及 Noble Group Holdings Limited 之繼任公司）之執行主席。彼於二零一二年七月一日至二零二一年四月十五日擔任於新加坡證券交易所上市之 GL Limited 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。

Annual Report 2020/2021 年度報告 77

Directors and senior management 董事及高層管理人員

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Dr. roy chi-ping cHUng (GBS, BBS, JP) , aged 68, was appointed a Director of the Company in June 2017. Dr. Chung holds a Doctor of Engineering Degree from the University of Warwick, United Kingdom and Doctor of Business Administration Degree from City University of Macau. He was re-appointed as an Industrial Professor by the University of Warwick, United Kingdom in December 2020. He was awarded an Honorary Doctor of Business Administration by the Lingnan University in 2015, an Honorary Doctor of Business Administration by the Hong Kong Polytechnic University in 2007, an Honorary Doctorate Degree by the University of Newcastle, New South Wales, Australia in 2006, an Honorary Doctor of Science by The University of Warwick, United Kingdom in 2019 and a Doctor of Business Administration honoris causa by The University of Macau in 2019. He was awarded the Bronze Bauhinia Star (BBS) and Gold Bauhinia Star (GBS) by the Hong Kong Special Administrative Region Government on 1st July 2011 and 1st July 2017 respectively. He was also appointed as Justice of Peace by the Hong Kong Special Administrative Region Government on 1st July 2005 and won the Hong Kong Young Industrialists Award in 1997. In November 2014, he was further awarded the Industrialist of the Year. Dr. Chung is highly dedicated to the advancement of industry and was the Chairman of the Federation of Hong Kong Industries from July 2011 to July 2013 and now its Honorary President. In addition, Dr. Chung holds positions on a number of Hong Kong Special Administrative Region Government advisory committees and is also an active member of many social committees and associations. He was appointed as chairman of Vocational Training Council from January 2018 to December 2019. Dr. Chung is a co-founder and currently a non-executive director of Techtronic Industries Company Limited. Dr. Chung is also an independent non-executive director of TK Group (Holdings) Limited and Fujikon Industrial Holdings Limited, all being companies listed in Hong Kong. Dr. Chung retired as independent non-executive director of Kin Yat Holdings Limited and KFM Kingdom Holdings Limited effective from 25th August 2014 and 27th August 2015 respectively. Save as disclosed, he has not held any directorship in other listed public companies in the last three years.

鍾志平博士 （ GBS, BBS, JP ），六十八歲，於二零一七年六月獲委任為本公司董事。鍾博士分別持有英國華威大學頒授之工程學博士學位及澳門城市大學頒授之工商管理博士學位。彼於二零二零年十二月獲英國華威大學再次委任為工程教授。彼於二零一五年獲嶺南大學頒授榮譽工商管理學博士、於二零零七年獲香港理工大學頒授榮譽工商管理博士、於二零零六年獲澳洲新南威爾斯州紐卡斯爾大學頒發榮譽博士銜︑於二零一九年獲英國華威大學頒授榮譽科學博士學位及於二零一九年獲澳門大學頒授榮譽工商管理博士學位。鍾博士分別於二零一一年七月一日及二零一七年七月一日獲香港特別行政區政府頒授銅紫荊星章及金紫荊星章，於二零零五年七月一日獲香港特別行政區政府委任為太平紳士，亦於一九九七年榮獲香港青年工業家獎。彼更於二零一四年十一月獲頒傑出工業家獎。鍾博士推動香港工業發展不遺餘力，曾於二零一一年七月至二零一三年七月擔任香港工業總會主席及現為名譽會長。此外，鍾博士為香港特別行政區政府多個諮詢委員會委員，並為多個社會機構組織之活躍會員。彼於二零一八年一月至二零一九年十二月獲委任為職業訓練局主席。鍾博士為創科實業有限公司創辦人之一，現為該公司之非執行董事。鍾博士亦為東江集團（控股）有限公司及富士高實業控股有限公司之獨立非執行董事，以上公司均為香港上市公司。鍾博士分別於二零一四年八月二十五日及二零一五年八月二十七日起退任建溢集團有限公司及 KFM 金德控股有限公司之獨立非執行董事。除已披露者外，彼於過往三年並無於其他上巿公眾公司擔任任何董事職務。

78 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

Directors and senior management 董事及高層管理人員

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Non-executive Directors

ms. Yvonne mo-ling lo , aged 73, was appointed a Director of the Company in 1993. 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 2001. Ms. Lo was the president of the Soyfoods Association of North America which represents more than 30 soyfoods companies covering the US and Canada. She does not hold/has not held any directorship in other listed public companies currently and in the past three years. She is the mother of Ms. Keiko Aun Fukuda (a substantial shareholder of the Company), the sister of Mr. Winston Yau-lai Lo (the Executive Chairman of the Company), Ms. Myrna Mo-ching Lo and Ms. Irene Chan (the substantial shareholders of the Company) and the relative of Mr. Peter Tak-shing Lo (a Non-executive Director of the Company), Ms. May Lo (a Non-executive Directors of the Company), Mr. Eugene Lye (an Executive Director of the Company), Ms. Joy Cheung Lo, Mr. Christopher Lye and Ms. Alexandra Chan (the substantial shareholders of the Company).

mr. peter tak-shing lo , aged 59, was appointed a Director of the Company in June 2017, Mr. Lo holds a Bachelor’s Degree in Electronic Engineering & Physics from the Loughborough University of Technology, a Master’s Degree in Medical Physics from the University of Surrey, a Doctorate’s Degree in Medical Physics from the University of London and an Honorary Fellow from The Chinese University of Hong Kong. Mr. Lo is an executive director and the chief executive officer of Cafe de Coral Holdings Limited, a company listed on the Hong Kong Stock Exchange. Mr. Lo is the chairman and a trustee of Lo Kwee Seong Foundation (a charitable trust) being a substantial shareholder of the Company within the meaning of Part XV of the SFO. Save as disclosed, he has not held any directorship in other listed public companies in the last three years. Mr. Lo is the relative of Mr. Winston Yau-lai Lo (the Executive Chairman of the Company), Ms. Yvonne Mo-ling Lo (a Non-executive Director of the Company), Ms. May Lo (a Non-executive Director of the Company), Mr. Eugene Lye (an Executive Director of the Company), Ms. Irene Chan, Ms. Myrna Mo-ching Lo, Ms. Joy Cheung Lo, Mr. Christopher Lye, Ms. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company).

非執行董事

羅慕玲女士 ，七十三歲，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。彼為本公司主要股東羅安女士之母親、本公司執行主席羅友禮先生、本公司主要股東羅慕貞女士、陳羅慕連女士之胞妹，亦為本公司非執行董事羅德承先生、本公司非執行董事羅其美女士、本公司執行董事黎中山先生以及本公司主要股東張羅其樂女士、黎東山先生及陳凌珊女士之親屬。

羅德承先生 ，五十九歲，於二零一七年六月獲委任為本公司董事。羅先生分別持有 Loughborough University of Technology 電子工程學士學位、 University of Surrey 醫學物理碩士學位、英國倫敦大學醫學物理博士學位及香港中文大學榮譽院士銜。羅先生為於香港聯交所上市之大家樂集團有限公司之執行董事兼首席執行官。羅先生亦為羅桂祥基金（慈善基金）之主席兼受託人，根據《證券及期貨條例》第 XV 部之定義，該基金為本公司主要股東。除已披露者外，彼於過往三年並無於其他上市公眾公司擔任任何董事職務。羅先生乃本公司執行主席羅友禮先生、本公司非執行董事羅慕玲女士及羅其美女士、本公司執行董事黎中山先生、本公司主要股東陳羅慕連女士、羅慕貞女士、張羅其樂女士、黎東山先生、羅安女士及陳凌珊女士之親屬。

Annual Report 2020/2021 年度報告 79

Directors and senior management 董事及高層管理人員

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ms. may lo , aged 46, was appointed a Director of the Company in June 2017. Ms. Lo holds a Master’s degree in Business Administration from MIT Sloan School of Management and a Bachelor of Science degree from Cornell University. She has worked in finance in various roles, including, as a fund manager for a global asset management company and has had experience investing in publicly listed companies. She does not hold/has not held any directorship in other listed public companies currently and in the past three years. Ms. Lo is the daughter of Mr. Winston Yau-lai Lo (the Executive Chairman of the Company), the sister of Ms. Joy Cheung Lo (a substantial shareholder of the Company), the relative of Ms. Yvonne Mo-ling Lo (a Non-executive Director of the Company), Mr. Peter Tak-shing Lo (a Non-executive Director of the Company), Mr. Eugene Lye (an Executive Director of the Company), Ms. Irene Chan, Ms. Myrna Mo-ching Lo, Mr. Christopher Lye, Ms. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company).

Executive Directors

mr. roberto gUiDetti , aged 58, was appointed as the Executive Director of the Company on 1st April 2014. Mr. Guidetti is currently the Group Chief Executive Officer. Mr. Guidetti graduated with a Bachelor’s Degree in Economics at the Bologna University in Bologna, Italy in 1987 and further obtained a Master’s Degree in Business Administration at Centro Universitario di Organizzazione Aziendale in Altavilla Vicentina, Italy in 1988. Mr. Guidetti completed a Harvard Business School Executive Education programme in July 2017. Mr. Guidetti is responsible for the overall strategic planning, business development and general management of all the Group’s operations. Mr. Guidetti joined the Group as the Group Chief Executive Officer on 1st April 2013 and has fully assumed the roles and responsibilities of the former Group Chief Executive Officer on 1st August 2013. He has 32 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 21 years in this field in Mainland China, Hong Kong and Taiwan. Mr. Guidetti is a director of Ariston Thermo

羅其美女士 ，四十六歲，於二零一七年六月獲委任為本公司董事。羅女士持有麻省理工史隆管理學院之工商管理碩士學位及康乃爾大學之理學士學位。羅女士曾於金融界擔任多個職位，包括在一間全球資產管理公司擔任基金經理，並具備投資於多間公眾上市公司之投資經驗。彼於現時或過往三年並無於其他上市公眾公司擔任任何董事職務。羅女士乃本公司執行主席羅友禮先生之女兒、本公司主要股東張羅其樂女士之胞妹、本公司非執行董事羅慕玲女士及羅德承先生、本公司執行董事黎中山先生、本公司主要股東陳羅慕連女士、羅慕貞女士、黎東山先生、羅安女士及陳凌珊女士之親屬。

執行董事

陸博濤先生 ，五十八歲，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。陸博濤先生於一九八七年畢業於意大利博洛尼亞大學，取得經濟學學士學位，並於一九八八年在意大利阿爾塔維拉比森蒂娜之 Centro Universitario di Organizzazione Aziendale 榮獲工商管理碩士學位。陸博濤先生於二零一七年七月完成哈佛商學院之行政人員教育課程。陸博濤先生負責本集團所有業務之整體策略規劃、業務發展及日常管理。陸博濤先生於二零一三年四月一日加入本集團為集團行政總裁，並於二零一三年八月一日起全面替代負責前任集團行政總裁之角色及職能。彼於日常管理、策略性及業務規劃、市場銷售及商業領導、產品革新及新業務拓展方面擁有三十二年之豐富經驗。彼曾於兩間大型跨國高流轉消費品企業負責歐亞市場之本地、區域及全球性業務，累積豐富專業知識。彼曾於中國內地、香港及台灣內的有關行業任職二十一年。陸博濤先生現為意大利一

80 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

Directors and senior management 董事及高層管理人員

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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.

mr. eugene lYe , aged 51, was appointed a Director of the Company in October 2017. Mr. Lye is currently the President and Chief Executive Officer of Vitasoy USA Inc. and Vitasoy North America Inc., the subsidiaries of the Company. Mr. Lye holds a Bachelor’s Degree in Economics from the University of Toronto and a MBA from the Chinese University of Hong Kong. Mr. Lye is responsible for the general management and development of the Group’s import business of the Group’s products for sales in North America. He joined the Group in 2002 and has been closely involved in all aspects of the North American business for over 18 years. During his time at Vitasoy USA Inc., Mr. Lye has held management positions in sales and marketing in the Mainstream Channel, and has had oversight responsibilities for both the research & development and quality control departments as well as serving as the Senior Vice President of the Asian Channel. He does not hold/has not held any directorship in other listed public companies currently and in the past three years. Mr. Lye is the son of Ms. Myrna Mo-ching Lo (a substantial shareholder of the Company), the brother of Mr. Christopher Lye (a substantial shareholder of the Company), the relative of Mr. Winston Yau-lai Lo (the Executive Chairman of the Company), Ms. Yvonne Mo-ling Lo, Mr. Peter Tak-shing Lo and Ms. May Lo (the Non-executive Directors of the Company), Ms. Irene Chan, Ms. Joy Cheung Lo, Ms. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company).

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。

黎中山先生 ，五十一歲，於二零一七年十月獲委任為本公司董事。黎先生現為本公司附屬公司 Vitasoy USA Inc. 及 Vitasoy North America Inc. 之總裁兼行政總裁。黎先生擁有多倫多大學經濟學學士學位及香港中文大學工商管理碩士學位。黎先生負責管理及發展本集團在北美洲銷售由香港進口之產品業務。彼於二零零二年加入本集團，並曾緊密參與北美洲業務多方面範疇的工作逾十八年。任職 Vitasoy USA Inc. 期間，黎先生曾於主流銷售渠道擔任多個銷售及市場推廣管理職位，任職監督研發和品控等部門，以及擔任亞裔市場之高級副總裁。彼於現時或過往三年並無於其他上市公眾公司擔任任何董事職務。黎先生乃本公司主要股東羅慕貞女士之兒子、本公司主要股東黎東山先生之胞弟、本公司執行主席羅友禮先生、本公司非執行董事羅慕玲女士、羅德承先生及羅其美女士、本公司主要股東陳羅慕連女士、張羅其樂女士、羅安女士及陳凌珊女士之親屬。

Annual Report 2020/2021 年度報告 81

Directors and senior management 董事及高層管理人員

SENIOR MANAGEMENT

ms. ian Hong ng , aged 50, Group Chief Financial Officer. Ms. Ng is responsible for the strategic planning, financial management and control, accounting, corporate finance, investor relations and corporate services of the Group. Ms. Ng joined the Group in 2021 and has solid finance management experience gained with multinational companies. She also brings a wealth of experience to this role with leading start-up commercial operation, acquisitions, post-merger integration, finance and digital transformation with fast moving consumer goods (FMCG), agriculture, oil & gas, and technology industries. Ms. Ng is a US Certified Public Accountant, and holds a Master’s Degree in Business Administration at the University of Southern California Marshall School of Business.

mr. eric ting-yi ZHong , aged 46, Chief Executive Officer, Mainland China Operation. Mr. Zhong is responsible for the general management and development of the Group’s operations in Mainland China. He joined the Group in February 2018. Mr. Zhong has over 20 years of full management experience covering different roles across different fast moving consumer goods (FMCG) categories, and has worked with many multinational companies in Mainland China.

ms. Dorcas shing-suet laU , aged 51, Chief Executive Officer, Hong Kong Operation. Ms. Lau is responsible for the general management and development of the Group’s operations in Hong Kong, Macau and various export markets. She joined the Group in March 2017 and has 28 years of proven track record in Customer Development, Marketing, Digital and eCommerce, and General Management in fast moving consumer goods industry across Hong Kong, Taiwan, Mainland China and North Asia markets. In 2012, she was awarded Women To Watch by Advertising Age’s in Mainland China.

高層管理人員

吳茵虹女士 ，五十歲，集團首席財務總監。吳女士負責本集團之策略規劃、財務管理及監控、會計、企業財務、投資者關係及企業事務等職務。吳女士於二零二一年加入本集團，並在多間跨國公司任職，累積豐富的財務管理經驗。彼曾於高流轉消費品、農業、石油及天然氣以及科技等行業中工作，對領導初創企業的商業營運、收購、合併後整合、融資及數碼化轉型等方面擁有豐富經驗。吳女士為美國執業註冊會計師，並於美國南加州大學馬歇爾商學院取得工商管理碩士學位。

鍾廷毅先生 ，四十六歲，中國內地業務行政總裁。鍾先生負責管理及發展本集團在中國內地之業務。彼於二零一八年二月加入本集團。鍾先生擁有超過二十年之豐富管理經驗，涵蓋不同高流轉消費品類別之不同職位，並曾於中國內地多間跨國公司工作。

劉盛雪女士 ，五十一歲，香港業務行政總裁。劉女士負責管理及發展本集團之香港、澳門及多個出口市場之業務。彼於二零一七年三月加入本集團，擁有二十八年豐富工作經驗，工作領域涵蓋客戶開發、市場推廣、數碼化營銷及電子商貿，並曾於業務橫跨香港、台灣、中國內地及北亞等市場之高流轉消費品行業，負責日常管理方面的工作。彼於二零一二年獲中國內地《廣告時代》評選為「最值得矚目女性」。

82 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

Directors and senior management 董事及高層管理人員

mr. David Bruce charles tYacK , aged 50, Managing Director of Vitasoy Australia Products Pty. Ltd.. Mr. Tyack is responsible for general management and development of the Group’s operation in Australia and New Zealand. He joined the Group in September 2019 and has extensive experience across the Asia-Pacific fast moving consumer goods (FMCG) industry over the past 27 years. Based in and a native of Melbourne, Mr. Tyack relocated back to his home town after leading Canberra based, Capitol Chilled Foods Pty Ltd. (a Joint Venture between Lion Dairy & Drinks and Bega Cheese) for 4 years. He has a strong track record in Sales, Marketing and General Management working for a few local and global FMCG companies.

mr. christopher lloyd marcHant , aged 42, Managing Director of Vitasoy International Singapore Pte. Ltd., the Group’s tofu manufacturing company in Singapore. Mr. Marchant is responsible for the general management and development of the Group’s operation in Singapore. He joined the Singapore operation in September 2016 after spending 4 years heading up the Vitasoy Australia and New Zealand Sales team. Mr. Marchant has extensive experience across the fast moving consumer goods (FMCG) industry in Asia Pacific, and is very familiar with the Singapore market having spent 14 years in the city state, where he both started his career and completed his secondary education.

David Bruce charles tYacK 先生 ，五十歲， Vitasoy Australia Products Pty. Ltd. 之董事總經理。 Tyack 先生負責管理及發展本集團在澳洲及新西蘭之業務。彼於二零一九年九月加入本集團，於過去二十七年在亞太地區之高流轉消費品行業具豐富經驗。 Tyack 先生領導 Capitol Chilled Foods Pty Ltd. （該公司總部設於坎培拉，為 Lion Dairy ＆ Drinks 及 Bega Cheese 之合資公司）四年後，回流至土生土長的家鄉墨爾本。彼曾於多間當地及環球性之高流轉消費品公司任職，在銷售、市場推廣和綜合管理方面均擁有豐富經驗。

christopher lloyd marcHant 先生 ，四十二歲，為本集團於新加坡之豆腐生產公司， Vitasoy International Singapore Pte. Ltd. 之董事總經理。 Marchant 先生負責管理及發展本集團之新加坡業務。彼於二零一六年九月加入集團新加坡公司前，曾領導維他奶澳洲及其新西蘭銷售團隊達四年時間。 Marchant 先生於亞太區高流轉消費品行業擁有豐富經驗，對其已居住達十四年的新加坡市場極為熟悉，他並在新加坡完成中學教育並在此展開事業。

Annual Report 2020/2021 年度報告 83

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 2021.

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 Hong Kong Companies Ordinance, including a discussion of the principal risks and uncertainties facing the Group and an indication of likely future developments in the Group’s business, can be found in the Group Chief Executive Officer’s Report/Business Review set out on pages 10 to 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 2020/2021” to be posted on the Company’s corporate website at www.vitasoy.com together with this Annual Report. These discussions form part of this Report of the Directors.

董事會欣然提呈截至二零二一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財務報表附註 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財務報表附註 3 。

按香港公司條例附表 5 規定對該等業務作出之進一步討論及分析（包括有關本集團面對的主要風險及不明朗因素之討論以及本集團業務日後可能發展之顯示），載於本年報第 10 至 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「二零二零╱二零二一年可持續發展報告」，該報告將連同本年報於本公司之公司網站 (www.vitasoy.com) 刊登。該等討論會作為本董事會報告之一部分。

84 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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Major Customers and Suppliers

For the year ended 31st March 2021, the percentage of sales attributable to the Group’s five largest customers was less than 30%.

主要客戶及供應商

於截至二零二一年三月三十一日止年度，本集團五大客戶佔本集團之營業額少於 30% 。

The information in respect of the Group’s purchases attributable to major suppliers during the financial year is as follows:

以下所載為本財政年度主要供應商佔本集團採購額之資料：

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----- Start of picture text -----

Percentage of the Group’s total purchases
佔本集團採購總額百分比
The largest supplier 24%
最大供應商
Five largest suppliers in aggregate 34%
首五大供應商合計
----- End of picture text -----

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。

Recommended Dividend

An interim dividend of HK3.8 cents per ordinary share (2020: an interim dividend of HK3.8 cents per ordinary share) was paid on 17th December 2020. The Directors now recommend the payment of a final dividend of HK29.0 cents per ordinary share (2020: a final dividend of HK28.4 cents per ordinary share) in respect of the year ended 31st March 2021.

建議股息

本公司已於二零二零年十二月十七日派發中期股息每股普通股 3.8 港仙（二零二零年：中期股息每股普通股 3.8 港仙）。董事現建議派發截至二零二一年三月三十一日止年度之末期股息每股普通股 29.0 港仙（二零二零年：末期股息每股普通股 28.4 港仙）。

Charitable Donations

Charitable donations made by the Group during the year amounted to HK$169,000 (2020: HK$2,723,000).

慈善捐款

本集團於年內之慈善捐款共達港幣 169,000 元（二零二零年：港幣 2,723,000 元）。

Bank Loans

Particulars of bank loans of the Group, as at 31st March 2021 are set out in note 20 to the financial statements.

銀行貸款

本集團於二零二一年三月三十一日之銀行貸款詳情載於財務報表附註 20 。

Annual Report 2020/2021 年度報告 85

report of the Directors 董事會報告

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.

In accordance with Article 104 of the Company’s Articles of Association and under Code Provision A.4.2 of Appendix 14 of the Listing Rules, Dr. the Hon. Sir David Kwok-po LI, Mr. Jan P. S. ERLUND and Mr. Anthony John Liddell NIGHTINGALE retire from the board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

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.

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 www.vitasoy.com under “Investor Relations/Corporate Governance/Board of Directors/ Directors of Subsidiaries”.

股本

本公司於年內之股本變動詳情載於財務報表附註 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。

根據本公司之章程細則第 104 條及上市規則附錄十四之守則條文 A.4.2 ，李國寶爵士、 Jan P.S. ERLUND 先生及黎定基先生將於應屆股東週年大會上輪值退任董事會職務，且符合資格並願膺選連任。

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。

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（ www.vitasoy.com ）「投資者關係╱企業管治╱董事會╱附屬公司董事」項下可供查閱。

86 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

report of the Directors 董事會報告

Directors’ Interests and Short Positions in

Shares, Underlying Shares and Debentures

The Directors of the Company who held office at 31st March 2021 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:

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，於二零二一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) Interests in issued shares

(1) 於已發行股份之權益

==> picture [485 x 385] intentionally omitted <==

----- Start of picture text -----

number of ordinary shares
普通股數目
% of total
personal family trusts and total number of issued shares
name note interests interests similar interests shares held * 佔已發行股份
姓名附註個人權益家族權益信託及同類權益所持股份總數總數之百分比
Mr. Winston Yau-lai LO (i), (iv) 63,323,800 28,702,500 72,678,300 164,704,600 15.43%
羅友禮先生
Dr. the Hon. Sir David 10,000,000 – – 10,000,000 0.94%
Kwok-po LI
李國寶爵士
Mr. Jan P.S. ERLUND 150,000 – – 150,000 0.01%
Jan P. S. ERLUND 先生
Ms. Yvonne Mo-ling LO (ii), (iv) – – 92,084,750 92,084,750 8.63%
羅慕玲女士
Mr. Peter Tak-shing LO (iii),(iv) 9,198,000 – 121,657,000 130,855,000 12.26%
羅德承先生
Ms. May LO 2,100,000 – – 2,100,000 0.20%
羅其美女士
Mr. Roberto GUIDETTI (v) 4,700,000 100,000 – 4,800,000 0.45%
陸博濤先生
Mr. Eugene LYE 442,313 – – 442,313 0.04%
黎中山先生
----- End of picture text -----*

The percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,067,187,500 ordinary shares) as at 31st March 2021.
此百分比乃根據本公司於二零二一年三月三十一日已發行之股份總數（即 1,067,187,500 股普通股）計算。

Annual Report 2020/2021 年度報告 87

report of the Directors 董事會報告

Directors’ Interests and Short Positions in Shares, Underlying Shares and Debentures

董事於股份、相關股份及債權證之權益及淡倉（續）

(Continued)

(1) Interests in issued shares (Continued)

Notes:

(i) Mr. Winston Yau-lai LO is deemed to be interested in 28,702,500 shares through interests of his wife.
(ii) Ms. Yvonne Mo-ling LO is interested in 2,078,300 shares held by Yvonne Lo Charitable Remainder Unitrust, 2,560,150 shares held by Yvonne Lo Separate Property Trust and 14,768,000 shares held by Lo/ Higashida Joint Trust. Ms. Yvonne Mo-ling LO is a beneficiary of such three trusts and is therefore deemed to be interested in such shares.
(iii) Mr. Peter Tak-shing LO is interested in 48,978,700 shares held by two discretionary family trusts. Mr. Peter Tak-shing LO is a beneficiary of such two trusts and is therefore deemed to be interested in such shares.
(iv) Each of Mr. Winston Yau-lai LO, Ms. Yvonne Mo-ling LO and Mr. Peter Tak-shing LO is interested in 72,678,300 shares held by The Bank of East Asia (Nominees) Limited which holds such shares as a nominee for the Lo Kwee Seong Foundation, a charitable trust. Each of them is a trustee of the Lo Kwee Seong Foundation and is therefore deemed to be interested in such shares.
(v) The family interests of 100,000 shares are jointly held by Mr. Roberto GUIDETTI and his wife.

(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.

(1) 於已發行股份之權益（續）

附註：

(i) 羅友禮先生由於其妻室擁有 28,702,500 股股份，故被視為擁有該等股份之權益。
(ii) 羅慕玲女士擁有由 Yvonne Lo Charitable Remainder Unitrust 持有之 2,078,300 股股份、由 Yvonne Lo Separate Property Trust 持有之 2,560,150 股股份及由 Lo/Higashida Joint Trust 持有之 14,768,000 股股份之權益。羅慕玲女士為該三個信託基金之受益人，故被視為擁有該等股份之權益。
(iii) 羅德承先生擁有由兩個全權家族信託基金持有之 48,978,700 股股份之權益。羅德承先生為該兩個信託基金之受益人，故被視為擁有該等股份之權益。
(iv) 羅友禮先生、羅慕玲女士及羅德承先生均擁有由東亞銀行受託代管有限公司以代理人名義代羅桂祥基金（慈善基金）持有之 72,678,300 股股份之權益。彼等均為羅桂祥基金之受託人，故被視為擁有該等股份之權益。
(v) 陸博濤先生及其妻室共同持有 100,000 股股份之家族權益。

(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。

除上文所披露者外，本公司各董事或彼等之任何配偶或未滿十八歲之子女概無在本公司、其任何附屬公司或其他相聯法團之股份、相關股份或債權證中擁有任何記錄在根據《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另行知會本公司之權益或淡倉。

88 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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 2012. The purpose of this scheme was to provide incentives and rewards to employees for their contribution to the Group. The principal terms of the 2002 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 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.

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。二零零二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% 。

Annual Report 2020/2021 年度報告 89

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)
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.
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 the annual general meeting held on 28th August 2012. 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 2021, there were 2,822,000 outstanding options to be exercised under the 2002 Share Option Scheme.

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）
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。
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，就行使授予任何一名參與者之購股權（包括已行使、已註銷及未行使之購股權）而已發行及可能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。於二零二一年三月三十一日，仍有 2,822,000 份根據二零零二年購股權計劃獲行使而未行使的購股權。

90 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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

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 in their performance and efficiency for the benefit of the Group; and attracting and retaining or otherwise maintaining an ongoing relationship with the Eligible Participants whose contributions are or will be beneficial to the long term growth of the Group. The Board may at its discretion grant options to any Director, executive or employee of the Company or its subsidiaries.

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.
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.

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

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。
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% 。

Annual Report 2020/2021 年度報告 91

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 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, 2,310,000 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 2021 was 71,745,450 shares, which represented 6.72% of the ordinary shares of the Company in issue at 31st March 2021.

The 2012 Share Option Scheme will end on 27th August 2022.

At 31st March 2021, the Directors and employees of the Company had the following interests in options to subscribe for ordinary shares of the Company (market value per ordinary share at 31st March 2021 was HK$29.90) 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 2021, the total grant date fair value of unexercised vested options and unvested options, measured in accordance with the accounting policy set out in note 1(q)(iv) to the financial statements, amounted to HK$36,107,000 and HK$30,776,000 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 2021 were exercised, the Company would receive proceeds of HK$316,324,000.

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）
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 2,310,000 份購股權。於二零二一年三月三十一日，根據二零一二年購股權計劃可供發行之普通股總數為 71,745,450 股，佔本公司於二零二一年三月三十一日之已發行普通股 6.72% 。

二零一二年購股權計劃將於二零二二年八月二十七日終止。

於二零二一年三月三十一日，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（於二零二一年三月三十一日之每股市值為港幣 29.90 元）之購股權中擁有下列權益。於二零二一年三月三十一日，根據財務報表附註 1(q)(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 36,107,000 元及港幣 30,776,000 元。該等購股權均為非上市。一旦歸屬後，各份購股權會賦予持有人認購本公司一股普通股之權利。假設所有於二零二一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 316,324,000 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。

92 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

report of the Directors 董事會報告

Equity-linked Agreements (Continued)

Share option scheme (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）

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：

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Number of
options Number of * Market * Market
Price per outstanding Number of Number of Number of options value value
Period during share on at the options options options outstanding per share at share on
Date of which options exercise of beginning of granted exercised forfeited at the end date of grant exercise of
Participants grant are exercisable options the year during the during the during the of the year of options options
行使購股權年初時 year year year 年結時 * 授出 * 行使
時須付之尚未行使之年內授出之年內行使之年內沒收之尚未行使之購股權之日購股權時之
參與者授出日期購股權行使期每股價格購股權數目購股權數目購股權數目購股權數目購股權數目之每股市價每股市價
HK$ HK$ HK$
港幣港幣港幣
Directors
董事
Mr. Winston Yau-lai LO 8/9/2011 8/9/2012 to 至 7/9/2021 6.358 1,740,000 – (1,740,000) – – 5.470 30.783
羅友禮先生 31/8/2012 31/8/2013 to 至 30/8/2022 6.400 2,822,000 – – – 2,822,000 6.700 –
9/9/2013 9/9/2014 to 至 8/9/2023 9.370 1,704,000 – – – 1,704,000 9.950 –
10/9/2014 10/9/2015 to 至 9/9/2024 10.080 1,792,000 – – – 1,792,000 9.890 –
14/9/2015 14/9/2016 to 至 13/9/2025 13.600 1,588,000 – – – 1,588,000 11.520 –
6/9/2016 6/9/2017 to 至 5/9/2026 14.792 1,420,000 – – – 1,420,000 15.280 –
Mr. Roberto GUIDETTI 24/6/2016 24/6/2017 to 至 23/6/2026 14.792 730,000 – (300,000) – 430,000 13.960 30.050
陸博濤先生 26/6/2017 26/6/2018 to 至 25/6/2027 16.296 1,254,000 – – – 1,254,000 16.200 –
19/6/2018 19/6/2019 to 至 18/6/2028 25.100 1,288,000 – – – 1,288,000 24.000 –
21/6/2019 21/6/2020 to 至 20/6/2029 44.810 866,000 – – – 866,000 42.550 –
22/6/2020 22/6/2021 to 至 21/6/2030 30.200 – 1,032,000 – – 1,032,000 29.550 –
eligible employees 28/6/2013 28/6/2014 to 至 27/6/2023 9.370 38,000 – (38,000) – – 9.180 29.650
working under 2/7/2014 2/7/2015 to 至 1/7/2024 10.080 60,000 – (60,000) – – 9.890 29.650
employment contracts 26/6/2015 26/6/2016 to 至 25/6/2025 13.600 328,000 – (310,000) – 18,000 13.620 30.621
根據僱傭合約工作 24/6/2016 24/6/2017 to 至 23/6/2026 14.792 662,000 – (448,000) – 214,000 13.960 31.279
之合資格僱員 26/6/2017 26/6/2018 to 至 25/6/2027 16.296 997,000 – (247,000) (207,000) 543,000 16.200 29.607
19/6/2018 19/6/2019 to 至 18/6/2028 25.100 1,239,000 – (267,000) (318,000) 654,000 24.000 29.454
@ 28/1/2019 28/1/2020 to 至 27/1/2029 30.350 320,000 – – – 320,000 30.000 –
21/6/2019 21/6/2020 to 至 20/6/2029 44.810 946,000 – – (345,500) 600,500 42.550 –
22/6/2020 22/6/2021 to 至 21/6/2030 30.200 – 1,278,000 – (376,000) 902,000 29.550 –
19,794,000 2,310,000 (3,410,000) (1,246,500) 17,447,500
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Annual Report 2020/2021 年度報告 93

report of the Directors 董事會報告

Equity-linked Agreements (Continued)

Share option scheme (Continued)

The options granted to the Directors are registered under the names of the Directors who are also the beneficial owners.

股票掛鈎協議（續）

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。

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.
即本公司普通股於緊接購股權授出或獲行使日期前一日適用之收市價或加權平均收市價。
@ 50% of options will be vested after the first anniversary from the date of grant and 50% of options will be vested after the second anniversary from the date of grant.
@ 50% 之購股權將自授出日期起計一週年後獲歸屬及 50% 之購股權將自授出日期起計兩週年後獲歸屬。

All options except for options granted on 28th January 2019, are exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows:

可予行使之所有購股權數目（除於二零一九年一月二十八日授出之購股權外）乃逐步增加，而各階段可行使購股權之百分比上限如下：

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Percentage of options granted
佔獲授購股權之百分比
On or after 1st year anniversary of the date of grant 25%
授出日期起計一週年或其後
On or after 2nd year anniversary of the date of grant another 另 25%
授出日期起計兩週年或其後
On or after 3rd year anniversary of the date of grant another 另 25%
授出日期起計三週年或其後
On or after 4th year anniversary of the date of grant another 另 25%
授出日期起計四週年或其後
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Information on the accounting policy for share options granted and the value per option is provided in note 1(q)(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財務報表附註 1(q)(iv) 及附註 23 。

94 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

report of the Directors 董事會報告

Substantial Shareholders’ and Other Persons’ Interests and Short Positions in

主要股東及其他人士於股份及相關股份之權益及淡倉

Shares and Underlying Shares

The Company has been notified of the following interests in the Company’s issued shares at 31st March 2021 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.

於二零二一年三月三十一日，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。

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Number of ordinary shares
普通股數目
Trusts and Total * % of total
Personal Family Corporate similar number of shares issued
Substantial shareholders Note interests interests interests interests held shares
佔已發行
信託及股份總數
主要股東附註個人權益家族權益公司權益同類權益所持股份總數之百分比
Mitsubishi UFJ Financial Group, (i) – – 159,993,369 – 159,993,369 14.99%
Inc.
三菱日聯金融集團
Ms. Irene CHAN (iii) 23,514,700 – – 72,678,300 96,193,000 9.01%
陳羅慕連女士
Ms. Myrna Mo-ching LO (ii),(iii) – – – 95,197,000 95,197,000 8.92%
羅慕貞女士
Ms. Joy Lo CHEUNG (iii) 2,766,250 – – 72,678,300 75,444,550 7.07%
張羅其樂女士
Ms. Keiko Aun FUKUDA (iii) 2,400,000 – – 72,678,300 75,078,300 7.04%
羅安女士
Mr. Christopher LYE (iii) 750,000 – – 72,678,300 73,428,300 6.88%
黎東山先生
Ms. Alexandra CHAN (iii) 610,000 – – 72,678,300 73,288,300 6.87%
陳凌珊女士
Wasatch Advisors, Inc. (iv) – – 54,171,272 – 54,171,272 5.08%
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This percentage has been compiled based on the total number of shares of the Company in issue (i.e. 1,067,187,500 ordinary shares) as at 31st March 2021.
此百分比乃根據本公司於二零二一年三月三十一日已發行之股份總數（即 1,067,187,500 股普通股）計算。

Annual Report 2020/2021 年度報告 95

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:

(i) These interests are held by Mitsubishi UFJ Financial Group, Inc. through its wholly-owned subsidiaries.
(ii) Ms. Myrna Mo-ching LO is interested in 22,518,700 shares held by Lo Myrna Trust. Ms. Myrna Mo-ching LO is a beneficiary of such trust and is therefore deemed to be interested in such shares.
(iii) Each of Ms. Irene CHAN, Ms. Myrna Mo-ching LO, Ms. Joy Lo CHEUNG, Ms. Keiko Aun FUKUDA, Mr. Christopher LYE and Ms. Alexandra CHAN is interested in 72,678,300 shares held by The Bank of East Asia (Nominees) Limited which holds such shares as a nominee for the Lo Kwee Seong Foundation, a charitable trust. Each of them is a trustee of the Lo Kwee Seong Foundation and is therefore deemed to be interested in such shares.
(iv) These interests are held by Wasatch Advisors, Inc. in the capacity of investment manager.

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,

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：

(i) 該等權益乃由三菱日聯金融集團透過其全資附屬公司持有。
(ii) 羅慕貞女士擁有由 Lo Myrna Trust 持有之 22,518,700 股股份之權益。羅慕貞女士為該信託之受益人，故被視為擁有該等股份之權益。
(iii) 陳羅慕連女士、羅慕貞女士、張羅其樂女士、羅安女士、黎東山先生及陳凌珊女士均擁有由東亞銀行受託代管有限公司以代理人名義代羅桂祥基金（為一慈善基金）持有之 72,678,300 股股份之權益。彼等均為羅桂祥基金之受託人，故被視為擁有該等股份之權益。
(iv) 該等權益乃由 Wasatch Advisors, Inc. 以投資經理之身份持有。

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

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.

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。

96 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

report of the Directors 董事會報告

Remuneration for Senior Management

The emoluments of the Senior Management by bands are as follows:

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：

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Number of individuals
人數
Below HK$2,000,000 1
港幣 2,000,000 元以下
HK$2,000,001 to HK$4,000,000 2
港幣 2,000,001 元至港幣 4,000,000 元
HK$4,000,001 to HK$6,000,000 1
港幣 4,000,001 元至港幣 6,000,000 元
HK$6,000,001 to HK$8,000,000 1
港幣 6,000,001 元至港幣 8,000,000 元
HK$8,000,001 to HK$10,000,000 1
港幣 8,000,001 元至港幣 10,000,000 元
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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 2020/2021” to be posted on the Company’s corporate website at www.vitasoy. com together with this Annual Report.

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「二零二零╱二零二一年可持續發展報告」，該報告將連同本年報於本公司之公司網站（ www.vitasoy.com ）發佈。

Indemnity of Directors

A permitted indemnity provision (as defined in section 469 of the Hong Kong Companies Ordinance) for the benefit of the Directors of the Company is currently in force and was in force throughout the year.

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。

Directors’ and officers’ liability insurance

Directors’ and officers’ liability insurance was maintained during the year.

董事及行政人員之責任保險

本年度內，本公司已投買董事及行政人員責任保險。

Related Party Transactions

Details of material related party transactions entered into by the Company in the normal course of business during the year ended 31st March 2021 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 in compliance with the relevant requirements under the Listing Rules (if applicable).

關連人士交易

本公司於截至二零二一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財務報表附註 28 。就附註 28 所披露之各項關連人士交易而言，本公司確認已審閱交易，而交易已遵守上市規則項下之相關規定（如適用）。

Annual Report 2020/2021 年度報告 97

report of the Directors 董事會報告

Employee Retirement Benefits

Particulars of employee retirement benefits 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 pages 240 to 242 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.

By Order of the Board Winston Yau-lai lo Executive Chairman

Hong Kong, 17th June 2021

僱員退休福利

有關本集團僱員退休福利之詳情載於財務報表附註 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 240 至 242 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。

承董事會命 羅友禮 執行主席

香港，二零二一年六月十七日

98 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

independent auditor’s report 獨立核數師報告

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independent auditor’s report to the members of Vitasoy international Holdings limited

(Incorporated in Hong Kong with limited liability)

Opinion

We have audited the consolidated financial statements of Vitasoy International Holdings Limited (“the Company”) and its subsidiaries (“the Group”) set out on pages 106 to 239, which comprise the consolidated statement of financial position as at 31st March 2021, the consolidated statement of profit or loss, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31st March 2021 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance.

Basis for opinion

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”) and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

獨立核數師報告致維他奶國際集團有限公司成員

（於香港註冊成立的有限公司）

意見

本核數師（以下簡稱「我們」）已審計列載於第 106 至 239 頁的維他奶國際集團有限公司（以下簡稱「貴公司」）及其附屬公司（以下統稱「貴集團」）的綜合財務報表，此財務報表包括於二零二一年三月三十一日的綜合財務狀況表與截至該日止年度的綜合損益表、綜合損益及其他全面收益表、綜合權益變動表和綜合現金流量表，以及綜合財務報表附註，包括主要會計政策概要。

我們認為，該等綜合財務報表已根據香港會計師公會頒布的《香港財務報告準則》真實而中肯地反映了貴集團於二零二一年三月三十一日的綜合財務狀況及貴集團截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港《公司條例》妥為擬備。

意見的基礎

我們已根據香港會計師公會頒布的《香港審計準則》進行審計。我們在該等準則下承擔的責任已在本報告「核數師就審計綜合財務報表承擔的責任」部分中作進一步闡述。根據香港會計師公會頒布的《專業會計師道德守則》（以下簡稱「守則」），我們獨立於貴集團，並已履行守則中的其他專業道德責任。我們相信，我們所獲得的審計憑證能充足及適當地為我們的審計意見提供基礎。

Annual Report 2020/2021 年度報告 99

independent auditor’s report 獨立核數師報告

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

關鍵審計事項

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在我們審計整體綜合財務報表及出具意見時進行處理的。我們不會對這些事項提供單獨的意見。

Revenue recognition from sales to distributors and retailers 確認來自分銷商和零售商銷售的收入

Refer to note 3 and the accounting policies in note 1(u) to the consolidated financial statements. 請參閱綜合財務報表附註 3 及附註 1(u) 的會計政策。

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----- Start of picture text -----

||||
|---|---|---|
|The Key Audit Matter|How the matter was addressed in our audit|
|關鍵審計事項|我們的審計如何處理該事項|
|The Group’s revenue is principally generated from|Our audit procedures to assess the recognition of revenue|
|sales of food and beverages to a large number of|from sales to distributors and retailers included the|
|distributors and retailers.|following:|
|貴集團的收入主要源於向眾多分銷商和零售商銷售|我們就評估有關確認來自分銷商和零售商銷售的收入的審|
|食品及飲品。|計程序包括以下各項：|
|Revenue from sales to distributors and retailers is|·|assessing the design, implementation and operating|
|recognised when the customer takes possession|effectiveness of management’s key internal controls|
|of and accepts the Group’s food and beverage|over revenue recognition;|
|products, which generally occurs when the products|·|評估管理層有關收入確認的關鍵內部控制的設計、實施|
|are delivered to the location designated by the|及運行有效性；|
|customers.|
|來自分銷商和零售商銷售的收入在客戶擁有及接|·|inspecting sales contracts with distributors and retailers,|
|受|貴集團的食品及飲品產品時確認，這一般在產|on a sample basis, to understand the trade terms agreed|
|品送達至客戶指定地點時發生。|with individual customers and assessing the Group’s|
|revenue recognition policies with reference to the|
|There are a large number of individual sales|requirements of the prevailing accounting standards;|
|transactions each year which increase the risk of|·|按樣本基準檢查與分銷商和零售商簽訂的銷售合同，以|
|errors arising in the recognition of revenue.|此了解與個別客戶約定的交易條款，並參考現行會計準|
|貴集團每年發生大量的個別銷售交易，這增加了收|則的規定評估|貴集團的收入確認政策；|
|入確認出現錯誤的風險。|

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100 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

independent auditor’s report 獨立核數師報告

Key audit matters (Continued)

The Key Audit Matter 關鍵審計事項

We identified the recognition of revenue from sales to distributors and retailers as a key audit matter because the revenue generated therefrom accounts for the majority of the Group’s revenue and involves large number of individual sales contracts and because revenue is one of the key performance indicators of the Group which increases the risk of misstatement of the timing and amount of revenue recognised by management to achieve specific performance targets or expectations.

我們把確認來自分銷商和零售商銷售的收入列為關鍵審計事項，因為其產生的收入佔貴集團收入的絕大部分且涉及大量個別銷售合同，同時也因為收入是貴集團的其中一項關鍵績效指標，這增加了管理層為實現特定業績目標或預期而錯誤確認收入時點和金額的風險。

關鍵審計事項（續）

How the matter was addressed in our audit 我們的審計如何處理該事項

· comparing, on a sample basis, sales transactions recorded during the financial reporting period with the corresponding goods delivery notes, which contained evidence of acknowledgement of the customers’ receipt of the goods, and assessing if the related revenue was properly recognised in accordance with the trade terms set out in the respective sales contracts;

按樣本基準比較財務報告期間內記錄的銷售交易與相應的發貨單，後者包含有關客戶確認收到貨物的證明，評估相關收入是否已根據相應的銷售合同中所載的交易條款確認；
assessing, on a sample basis, whether specific revenue transactions recorded around the end of the financial reporting period had been recognised in the appropriate financial period by inspecting the trade terms agreed with the individual customers and the delivery status of the relevant products;
按樣本基準透過檢查與個別客戶所協定之交易條款以及相關產品的交付狀態，評估在財務報告期結束前後記錄的特定收入交易是否已在適當的財務期間內確認；
identifying significant credit notes issued and sales returns from the sales ledger subsequent to the financial reporting period and by making enquiries of management and inspecting relevant underlying documentation to assess if the related revenue had been accounted for in the appropriate financial period in accordance with the requirements of the prevailing accounting standards; and
自財務報告期後的銷售賬識別已出具之重大的貸記單和銷售退回，並透過詢問管理層及檢查相關支持文件以評估相關收入是否已按照現行會計準則的規定於適當的財務期間確認；及
inspecting significant manual adjustments to revenue during the reporting period, enquiring of management about the reasons for such adjustments and comparing details of the adjustments with relevant underlying documentation.
檢查財務報告期內對收入所作的重大手動調整，向管理層查詢有關調整的理由及比較詳情與相關的支持文件。

Annual Report 2020/2021 年度報告 101

independent auditor’s report 獨立核數師報告

Information other than the consolidated financial statements and auditor’s report

綜合財務報表及其核數師報告以外的信息

thereon

The directors are responsible for the other information. The other information comprises all the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the consolidated financial statements

The Directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the Hong Kong Companies Ordinance and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

The Directors are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process.

董事需對其他信息負責。其他信息包括刊載於年報內的全部信息，但不包括綜合財務報表及我們的核數師報告。

我們對綜合財務報表的意見並不涵蓋其他信息，我們亦不對該等其他信息發表任何形式的鑒證結論。

結合我們對綜合財務報表的審計，我們的責任是閱讀其他信息，在此過程中，考慮其他信息是否與綜合財務報表或我們在審計過程中所了解的情況存在重大抵觸或者似乎存在重大錯誤陳述的情況。

基於我們已執行的工作，如果我們認為其他信息存在重大錯誤陳述，我們需要報告該事實。在這方面，我們沒有任何報告。

董事就綜合財務報表須承擔的責任

董事須負責根據香港會計師公會頒布的《香港財務報告準則》及香港《公司條例》擬備真實而中肯的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯誤陳述所需的內部控制負責。

在擬備綜合財務報表時，董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營為會計基礎，除非董事有意將貴集團清盤或停止經營，或別無其他實際的替代方案。

審核委員會協助董事履行監督貴集團的財務報告過程的責任。

102 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

independent auditor’s report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. This report is made solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

核數師就審計綜合財務報表承擔的責任

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並出具包括我們意見的核數師報告。我們是按照香港《公司條例》第 405 條的規定，僅向整體成員報告。除此以外，我們的報告不可用作其他用途。我們概不就本報告的內容，對任何其他人士負責或承擔法律責任。

合理保證是高水平的保證，但不能保證按照《香港審計準則》進行的審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期它們單獨或匯總起來可能影響綜合財務報表使用者依賴財務報表所作出的經濟決定，則有關的錯誤陳述可被視作重大。

在根據《香港審計準則》進行審計的過程中，我們運用了專業判斷，保持了專業懷疑態度。我們亦：

識別和評估由於欺詐或錯誤而導致綜合財務報表存在重大錯誤陳述的風險，設計及執行審計程序以應對這些風險，以及獲取充足和適當的審計憑證，作為我們意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部控制之上，因此未能發現因欺詐而導致的重大錯誤陳述的風險高於未能發現因錯誤而導致的重大錯誤陳述的風險。
了解與審計相關的內部控制，以設計適當的審計程序，但目的並非對貴集團內部控制的有效性發表意見。

Annual Report 2020/2021 年度報告 103

independent auditor’s report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements

核數師就審計綜合財務報表承擔

的責任（續）

(Continued)

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
評價董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。
對董事採用持續經營會計基礎的恰當性作出結論。根據所獲取的審計憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團的持續經營能力產生重大疑慮。如果我們認為存在重大不確定性，則有必要在核數師報告中提請使用者注意綜合財務報中的相關披露。假若有關的披露不足，則我們應當發表非無保留意見。我們的結論是基於核數師報告日止所取得的審計憑證。然而，未來事項或情況可能導致貴集團不能持續經營。
評價綜合財務報表的整體列報方式、結構和內容，包括披露，以及綜合財務報表是否中肯反映交易和事項。
就貴集團內實體或業務活動的財務信息獲取充足、適當的審計憑證，以便對綜合財務報表發表意見。我們負責貴集團審計的方向、監督和執行。我們為審計意見承擔全部責任。

104 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

independent auditor’s report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements

核數師就審計綜合財務報表承擔

的責任（續）

(Continued)

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Lau Tai Cheong.

Kpmg

Certified Public Accountants

8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong 17th June 2021

除其他事項外，我們與審核委員會溝通了計劃的審計範圍、時間安排、重大審計發現等，包括我們在審計中識別出內部控制的任何重大缺陷。

我們還向審核委員會提交聲明，說明我們已符合有關獨立性的相關專業道德要求，並與他們溝通有可能合理地被認為會影響我們獨立性的所有關係和其他事項，以及在適用的情況下，採取行動解除威脅或作出防範。

從與審核委員會溝通的事項中，我們確定哪些事項對本期綜合財務報表的審計最為重要，因而構成關鍵審計事項。我們在核數師報告中描述這些事項，除非法律法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在我們報告中溝通某事項造成的負面後果超過其產生的公眾利益，我們決定不應在報告中溝通該事項。

出具本獨立核數師報告的審計項目合夥人是劉大昌。

畢馬威會計師事務所

執業會計師香港中環遮打道十號太子大廈八樓二零二一年六月十七日

Annual Report 2020/2021 年度報告 105

consolidated statement of profit or loss 綜合損益表

For the year ended 31st March 2021 截至二零二一年三月三十一日止年度 (Expressed in Hong Kong dollars) （以港幣計算）

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元
revenue 3 7,519,817 7,232,641
收入
Cost of sales (3,565,412) (3,381,150)
銷售成本
gross profit 3,954,405 3,851,491
毛利
Other income 4 121,800 43,780
其他收入
Marketing, selling and distribution expenses (2,114,530) (2,112,457)
推廣、銷售及分銷費用
Administrative expenses (723,003) (716,880)
行政費用
Other operating expenses 5(c) (395,201) (358,501)
其他經營費用
profit from operations 843,471 707,433
經營溢利
Finance costs 5(a) (11,770) (10,932)
融資成本
Share of losses of joint venture (22,242) (17,433)
所佔合營公司虧損
–
Impairment loss on interest in joint venture 15(ii) (42,800)
合營公司權益之減值虧損
profit before taxation 5 766,659 679,068
除稅前溢利
Income tax 6(a) (177,151) (109,477)
所得稅
profit for the year 589,508 569,591
本年度溢利
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106 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

consolidated statement of profit or loss 綜合損益表

For the year ended 31st March 2021 截至二零二一年三月三十一日止年度 (Expressed in Hong Kong dollars) （以港幣計算）

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2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元
attributable to:
下列人士應佔：
Equity shareholders of the Company 548,346 535,878
本公司股權持有人
Non-controlling interests 41,162 33,713
非控股權益
profit for the year 589,508 569,591
本年度溢利
earnings per share 10
每股盈利
Basic 51.5 cents 仙 50.4 Cents 仙
基本
Diluted 51.0 cents 仙 49.9 Cents 仙
攤薄
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The notes on pages 116 to 239 form part of these financial statements.

第 116 至 239 頁之附註乃本財務報表之一部份。

Details of dividends payable to equity shareholders of the Company attributable to the profit for the year are set out in note 25(b).

有關本年度溢利中應付予本公司股權持有人之股息詳情載於附註 25 (b) 。

Annual Report 2020/2021 年度報告 107

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 2021 截至二零二一年三月三十一日止年度 (Expressed in Hong Kong dollars) （以港幣計算）

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2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元
profit for the year 589,508 569,591
本年度溢利
other comprehensive income for the year (after tax) 9
本年度其他全面收益（除稅後）
item that will not be reclassified to profit or loss:
其後不會被重新分類至損益之項目：
Remeasurement of employee retirement benefit
liabilities 22,177 (9,651)
僱員退休福利負債之重新計量
items that may be reclassified subsequently
to profit or loss:
其後可能被重新分類至損益之項目：
Exchange differences on translation of financial
statements of subsidiaries and joint venture outside
Hong Kong 246,978 (189,549)
因換算香港以外地區附屬公司及合營公司之財務報表而
產生之匯兌差額
Cash flow hedge: net movement in the hedging reserve 862 (289)
現金流量對沖：對沖儲備淨變動
total comprehensive income for the year 859,525 370,102
本年度全面收益總額
attributable to:
下列人士應佔：
Equity shareholders of the Company 776,967 367,448
本公司股權持有人
Non-controlling interests 82,558 2,654
非控股權益
total comprehensive income for the year 859,525 370,102
本年度全面收益總額
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The notes on pages 116 to 239 form part of these financial 第 116 至 239 頁之附註乃本財務報表之一部份。 statements.

108 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

consolidated statement of financial position 綜合財務狀況表

At 31st March 2021 於二零二一年三月三十一日 (Expressed in Hong Kong dollars) （以港幣計算）

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元
non-current assets
非流動資產
Property, plant and equipment 11(a)
物業、廠房及設備
– Investment properties 3,376 3,502
– 投資物業
– Right-of-use assets 351,797 385,580
– 使用權資產
– Other property, plant and equipment 3,787,545 3,322,923
– 其他物業、廠房及設備
4,142,718 3,712,005
Deposits for the acquisition of
property, plant and equipment 11(f) 2,404 548
購買物業、廠房及設備之訂金
Intangible assets 12 3,697 3,810
無形資產
Goodwill 13 18,352 17,251
商譽
Interest in joint venture 15 – 62,026
合營公司之權益
Deferred tax assets 24(b) 139,489 97,653
遞延稅項資產
4,306,660 3,893,293
current assets
流動資產
Inventories 16 725,526 593,559
存貨
Trade and other receivables 17 1,194,108 1,008,871
應收賬款及其他應收款
Current tax recoverable 24(a) 79,594 66,497
應收現期稅項
Cash and bank deposits 18(a) 970,522 848,275
現金及銀行存款
2,969,750 2,517,202
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Annual Report 2020/2021 年度報告 109

consolidated statement of financial position 綜合財務狀況表

At 31st March 2021 於二零二一年三月三十一日 (Expressed in Hong Kong dollars) （以港幣計算）

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2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元
current liabilities
流動負債
Trade and other payables 19 2,819,336 2,357,839
應付賬款及其他應付款
Bank loans 20 130,306 241,424
銀行貸款
Lease liabilities 21 93,582 89,957
租賃負債
Current tax payable 24(a) 40,750 13,776
應付現期稅項
3,083,974 2,702,996
net current liabilities (114,224) (185,794)
淨流動負債
total assets less current liabilities 4,192,436 3,707,499
總資產減流動負債
non-current liabilities
非流動負債
Lease liabilities 21 111,853 153,617
租賃負債
Employee retirement benefit liabilities 22(b) 7,461 34,313
僱員退休福利負債
Deferred tax liabilities 24(b) 116,248 101,465
遞延稅項負債
235,562 289,395
net assets 3,956,874 3,418,104
淨資產
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110 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

consolidated statement of financial position 綜合財務狀況表

At 31st March 2021 於二零二一年三月三十一日 (Expressed in Hong Kong dollars) （以港幣計算）

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元
capital anD reserVes
資本及儲備
Share capital 25(c) 984,030 939,328
股本
Reserves 2,632,023 2,189,062
儲備
total equity attributable to equity
shareholders of the Company 3,616,053 3,128,390
本公司股權持有人應佔權益總額
non-controlling interests 340,821 289,714
非控股權益
total eQUitY 3,956,874 3,418,104
權益總額
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Approved and authorised for issue by the Board of Directors on 17th June 2021.

於二零二一年六月十七日獲董事會批准並授權發佈。

Winston Yau-lai lo

羅友禮 Director 董事

roberto gUiDetti

陸博濤

Director 董事

The notes on pages 116 to 239 form part of these financial statements.

第 116 至 239 頁之附註乃本財務報表之一部份。

Annual Report 2020/2021 年度報告 111

consolidated statement of changes in equity 綜合權益變動表

For the year ended 31st March 2021 截至二零二一年三月三十一日止年度 (Expressed in Hong Kong dollars) （以港幣計算）

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Attributable to equity shareholders of the Company
本公司股權持有人應佔
Share-based
compensation Non-
Share Capital Surplus Other General Hedging Exchange reserve Retained controlling Total
capital reserve reserve reserve reserve reserve reserve 股份基礎 profits Total interests equity
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 (note (note (note (note (note (note
25(c)(i)) 25(d)(i)) 25(d)(ii)) 25(d)(iii)) 25(d)(iv)) 25(d)(v)) 25(d)(vi))
（附註 25(c) （附註 25(d) （附註 25(d) （附註 25(d) （附註 25(d) （附註 25(d) （附註 25(d)
(i) ） (i) ） (ii) ） (iii) ） (iv) ） (v) ） (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 2019 898,961 35,176 85,910 (48,242) 2,261 492 (62,726) 38,214 2,209,557 3,159,603 304,131 3,463,734
於二零一九年四月一日結餘
Changes in equity for the year:
本年度之權益變動：
– – – – – – – –
Profit for the year 535,878 535,878 33,713 569,591
本年度溢利
Other comprehensive income 9 – – – – – (535) (158,244) – (9,651) (168,430) (31,059) (199,489)
其他全面收益
– – – – – –
Total comprehensive income (535) (158,244) 526,227 367,448 2,654 370,102
全面收益總額
Transfer from retained profits to
– – – – – – – – – –
surplus reserve 29,369 (29,369)
自保留溢利轉撥至盈餘儲備
Transfer from capital reserve to
– – – – – – – – – –
retained profits 25(d)(i) (1,218) 1,218
自資本儲備轉撥至保留溢利
Shares issued on exercise of share
– – – – – – – –
options 25(c)(ii) 40,367 (7,109) 33,258 33,258
就行使購股權而發行股份
Equity settled share-based
transactions – – – – – – – 12,686 – 12,686 – 12,686
以股份為付款基礎之交易
Final dividend approved in respect
– – – – – – – – –
of the previous year 25(b)(ii) (404,181) (404,181) (404,181)
批准屬於上一年度之末期股息
Interim dividend declared in
– – – – – – – – –
respect of the current year 25(b)(i) (40,424) (40,424) (40,424)
宣派本年度之中期股息
Dividends paid to non-controlling
interests – – – – – – – – – – (37,659) (37,659)
向非控股權益派發股息
Capital contribution from a
non-controlling interest 29 – – – – – – – – – – 20,588 20,588
來自非控股權益之注資
Balance at 31st March 2020 939,328 33,958 115,279 (48,242) 2,261 (43) (220,970) 43,791 2,263,028 3,128,390 289,714 3,418,104
於二零二零年三月三十一日結餘
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The notes on pages 116 to 239 form part of these financial statements.

第 116 至 239 頁之附註乃本財務報表之一部份。

112

Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

consolidated statement of changes in equity 綜合權益變動表

For the year ended 31st March 2021 截至二零二一年三月三十一日止年度 (Expressed in Hong Kong dollars) （以港幣計算）

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attributable to equity shareholders of the company
本公司股權持有人應佔
share-based
compensation non-
share capital surplus other general Hedging exchange reserve retained controlling total
capital reserve reserve reserve reserve reserve reserve 股份基礎 profits total interests equity
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 (note (note (note (note (note (note
25(c)(i)) 25(d)(i)) 25(d)(ii)) 25(d)(iii)) 25(d)(iv)) 25(d)(v)) 25(d)(vi))
（附註 25(c) （附註 25(d) （附註 25(d) （附註 25(d) （附註 25(d) （附註 25(d) （附註 25(d)
(i) ） (i) ） (ii) ） (iii) ） (iv) ） (v) ） (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 31st march 2020 and
1st april 2020 939,328 33,958 115,279 (48,242) 2,261 (43) (220,970) 43,791 2,263,028 3,128,390 289,714 3,418,104
於二零二零年三月三十一日及
二零二零年四月一日結餘
changes in equity for the year:
本年度之權益變動：
– – – – – – – –
Profit for the year 548,346 548,346 41,162 589,508
本年度溢利
Other comprehensive income 9 – – – – – 1,107 205,337 – 22,177 228,621 41,396 270,017
其他全面收益
– – – – – –
Total comprehensive income 1,107 205,337 570,523 776,967 82,558 859,525
全面收益總額
Transfer from retained profits to
– – – – – – – – – –
surplus reserve 17,847 (17,847)
自保留溢利轉撥至盈餘儲備
Transfer from capital reserve to
– – – – – – – – – –
retained profits 25(d)(i) (1,218) 1,218
自資本儲備轉撥至保留溢利
Shares issued on exercise of share
– – – – – – – –
options 25(c)(ii) 44,702 (6,671) 38,031 38,031
就行使購股權而發行股份
Transfer from share-based
compensation reserve to
retained profits – – – – – – – (437) 437 – – –
自股份基礎補償儲備轉撥至
保留溢利
Equity settled share-based
transactions – – – – – – – 15,455 – 15,455 – 15,455
以股份為付款基礎之交易
Final dividend approved in respect
– – – – – – – – –
of the previous year 25(b)(ii) (302,325) (302,325) (302,325)
批准屬於上一年度之末期股息
Interim dividend declared in
– – – – – – – – –
respect of the current year 25(b)(i) (40,465) (40,465) (40,465)
宣派本年度之中期股息
Dividends paid to non-controlling
interests – – – – – – – – – – (31,451) (31,451)
向非控股權益派發股息
Balance at 31st march 2021 984,030 32,740 133,126 (48,242) 2,261 1,064 (15,633) 52,138 2,474,569 3,616,053 340,821 3,956,874
於二零二一年三月三十一日結餘
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The notes on pages 116 to 239 form part of these financial statements.

第 116 至 239 頁之附註乃本財務報表之一部份。

Annual Report 2020/2021 年度報告 113

consolidated cash flow statement 綜合現金流量表

For the year ended 31st March 2021 截至二零二一年三月三十一日止年度 (Expressed in Hong Kong dollars) （以港幣計算）

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2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元
operating activities
經營活動
Cash generated from operations 18(b) 1,448,019 1,428,707
經營業務所得現金
Tax paid:
已繳稅項：
– Hong Kong Profits Tax paid (8,795) (38,589)
– 已繳香港利得稅
– Tax paid outside Hong Kong (179,458) (130,340)
– 已繳香港以外地區稅項
net cash generated from operating
activities 1,259,766 1,259,778
經營活動所得現金淨額
investing activities
投資活動
Payment for the purchase of property,
plant and equipment (649,581) (1,078,390)
購買物業、廠房及設備之款項
Proceeds from sale of property, plant
and equipment 1,550 4,333
出售物業、廠房及設備所得款項
Government grants received for
acquisition of plant and equipment 11(a) 6,460 22,071
收購廠房及設備之已收政府補助
–
New loan to joint venture (19,053)
向合營公司借出之新貸款
Interest received 5,160 10,919
已收利息
Payment for the acquisition of
pollution discharge right (286) (1,157)
購買排污權之款項
net cash used in investing activities (636,697) (1,061,277)
投資活動所用現金淨額
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114 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

consolidated cash flow statement 綜合現金流量表

For the year ended 31st March 2021 截至二零二一年三月三十一日止年度 (Expressed in Hong Kong dollars) （以港幣計算）

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元
financing activities
融資活動
Proceeds from new bank loans 18(c) 149,112 279,981
新增銀行貸款所得款項
Repayment of bank loans 18(c) (273,577) (75,134)
償還銀行貸款
Capital element of lease rentals paid 18(c) (80,169) (81,947)
已付租賃租金之資本部份
Interest element of lease rentals paid 18(c) (8,137) (8,599)
已付租賃租金之利息部份
Interest paid 18(c) (3,633) (2,333)
已付利息
Proceeds from shares issued on
exercise of share options 25(c)(ii) 38,031 33,258
就行使購股權發行股份所得款項
Capital contribution from a
non-controlling interest 29 – 20,588
來自非控股權益之注資
Dividends paid to equity shareholders
of the Company (342,585) (444,451)
向本公司股權持有人派發股息
Dividends paid to non-controlling
interests (31,451) (37,659)
向非控股權益派發股息
net cash used in financing activities (552,409) (316,296)
融資活動所用現金淨額
net increase/(decrease) in cash and
cash equivalents 70,660 (117,795)
現金及現金等值項目增加╱（減少）
淨額
cash and cash equivalents at 1st april 847,809 1,004,538
於四月一日之現金及現金等值項目
effect of foreign exchange rate
changes 51,557 (38,934)
匯率變動之影響
cash and cash equivalents at 31st
march 18(a) 970,026 847,809
於三月三十一日之現金及現金等值項目
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The notes on pages 116 to 239 form part of these financial 第 116 至 239 頁之附註乃本財務報表之一部份。 statements.

Annual Report 2020/2021 年度報告 115

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

1 Significant accounting policies

(a) Statement of compliance

These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing rules”). Significant accounting policies adopted by the Group are disclosed 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 2021 comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in a joint venture.

The measurement basis used in the preparation of the financial statements is the historical cost basis except that derivative financial instruments are stated at fair value as explained in the accounting policies set out in note 1(t).

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.

1 主要會計政策 (a) 遵例聲明

本財務報表是按照所有適用之《香港財務報告準則》、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。本財務報表亦符合香港聯合交易所有限公司證券上市規則（「上市規則」）之適用披露規定。本集團採納之主要會計政策於下文披露。

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》，並於本集團及本公司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

截至二零二一年三月三十一日止年度之綜合財務報表包括本公司及其附屬公司（統稱「本集團」）以及本集團於一間合營公司之權益。

除附註 1(t) 所載會計政策闡釋之衍生金融工具按公允值計算外，編製財務報表是以歷史成本作為計量基準。

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。

116 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(b) Basis of preparation of the financial statements

1 主要會計政策（續） (b) 財務報表之編製基準（續）

(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.

(c) Changes in accounting policies

The HKICPA has issued a number of amendments to HKFRSs that are first effective for the current accounting period of the Group.

None of these amendments have had a material effect on how the Group’s results and financial position for the current or prior periods or on how they have been prepared or presented in these financial statements. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period except for the amendment to HKFRS 16, Covid-19-Related Rent Concessions , which provides a practical expedient that allows lessees not to assess whether particular rent concessions occurring as a direct consequence of the COVID-19 pandemic (“COVID-19-related rent concessions”) are lease modifications and, instead, account for those rent concessions as if they were not lease modifications.

The Group has elected for early adoption of the amendments and to apply the practical expedient to all qualifying COVID-19related rent concessions granted to the Group during the year. Consequently, rent concessions received have been accounted for as negative variable lease payments recognised in profit or loss in the period in which the event or condition that triggers those payments occurred. There is no impact on the opening balance of equity at 1st April 2020.

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) 會計政策之變動

香港會計師公會頒佈了多項《香港財務報告準則》修訂，並於本集團當前會計期間首次生效。

概無任何修訂對本集團於該等財務報表所編製或呈列本集團於本期間或過往期間之業績及財務狀況之方式造成重大影響。本集團並無應用尚未於本會計期間生效之任何新訂準則或詮釋，惟《香港財務報告準則》第 16 號「 2019 冠狀病毒病相關租金寬減」之修訂除外，該準則提供可行權宜方法，允許承租人不評估直接因 2019 冠狀病毒病疫情而產生之特定租金寬減（「 2019 冠狀病毒病相關租金寬減」）是否為租賃調整，而是將該等租金寬減視為非租賃調整來考慮。

本集團已選擇提早採納該等修訂，並將可行權宜方法應用於本集團於年內獲取之所有合資格的 2019 冠狀病毒病相關租金寬減。因此，租金寬減已於觸發該等付款之事件或情況發生期間之損益中確認為負值的可變租賃付款。該修訂對二零二零年四月一日之年初權益結餘並無影響。

Annual Report 2020/2021 年度報告 117

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(d) Subsidiaries and non-controlling interests

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered.

An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised 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.

1 主要會計政策（續） (d) 附屬公司及非控股權益

附屬公司為本集團所控制之實體。當本集團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可識別資產淨值之比例計量任何非控股權益。

118 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(d) Subsidiaries and non-controlling interests

1 主要會計政策（續） (d) 附屬公司及非控股權益（續）

(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(n) or (o) depending on the nature of the liability.

Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised.

When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture (see note 1(e)).

In the Company’s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see note 1(k)(ii)).

非控股權益在綜合財務狀況表之權益部份內，與本公司股權持有人應佔權益分開呈列。非控股權益所佔本集團業績之權益在綜合損益表及綜合損益及其他全面收益表呈列，以顯示本年度之總溢利或虧損及全面收益總額於非控股權益與本公司股權持有人之間之分配。非控股權益持有人之貸款及該等持有人之其他合約責任乃按該筆負債之性質根據附註 1(n) 或 (o) 在綜合財務狀況表呈列為金融負債。

本集團不導致喪失控制權之附屬公司權益變動乃以權益交易入賬，即只調整在綜合權益內之控股及非控股權益金額以反映相關權益變動，但不調整商譽及確認盈虧。

當本集團喪失對附屬公司之控制權，將按出售該附屬公司之所有權益入賬，而所產生之盈虧於損益確認。任何於喪失控制權當日仍保留之該前附屬公司之權益乃按公允值確認，而此金額被視為初始確認金融資產之公允值，或（如適用）初始確認於聯營公司或合營公司之投資之成本（見附註 1(e) ）。

本公司之財務狀況表所示於附屬公司之投資，是按成本值減去減值虧損後入賬（見附註 1(k)(ii) ）。

Annual Report 2020/2021 年度報告 119

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(e) Joint venture

A joint venture is an arrangement whereby the Group or Company and other parties contractually agree to share control of the arrangement, and have rights to the net assets of the arrangement.

An investment in a joint venture is accounted for in the consolidated financial statements under the equity method, unless it is classified as held for sale (or included in a disposal group that is classified as held for sale). Under the equity method, the investment is initially recorded at cost, adjusted for any excess of the Group’s share of the acquisition-date fair values of the investee’s identifiable net assets over the cost of the investment (if any). The cost of the investment includes purchase price, other costs directly attributable to the acquisition of the investment, and any direct investment into the joint venture that forms part of the Group’s equity investment. Thereafter, the investment is adjusted for the post acquisition change in the Group’s share of the investee’s net assets and any impairment loss relating to the investment (see notes 1(f) and (k)(ii)). Any acquisition-date excess over cost, the Group’s share of the post-acquisition, post-tax results of the investees and any impairment losses for the year are recognised in the consolidated statement of profit or loss, whereas the Group’s share of the post-acquisition post-tax items of the investees’ other comprehensive income is recognised in the consolidated statement of profit or loss and other comprehensive income.

When the Group’s share of losses exceeds its interest in the joint venture, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method together with the Group’s long-term interests that in substance form part of the Group’s net investment in the joint venture.

Unrealised profits and losses resulting from transactions between the Group and its joint venture are eliminated to the extent of the Group’s interest in the investee, except where unrealised losses provide evidence of an impairment of the asset transferred, in which case they are recognised immediately in profit or loss.

1 主要會計政策（續） (e) 合營公司

合營公司為本集團或本公司及其他人士按合約同意下分配控制權及淨資產擁有權之安排。

除合營公司的投資被分類為持作出售或納入被分類為持作出售的出售組別外，於合營公司的投資是按權益法記入綜合財務報表，並且先以成本入賬，另調整本集團於收購日應佔該投資的可辨別淨資產之公允值所超出成本之任何金額（如有）。投資成本包括購買價格、直接歸屬於收購投資之其他成本及對構成本集團股權投資一部分之合營公司之任何直接投資。往後，需調整在收購後本集團應佔該投資淨資產之變動及在附註 1(f) 及 (k) (ii) 所載有關該投資的減值損失。任何超出收購日之成本、本集團應佔該投資收購後和已除稅的業績及年度內的任何減值損失均在綜合損益表內確認，而本集團應佔該投資收購後和已除稅之其他全面收益項目則在綜合損益及其他全面收益表內確認。

當本集團對合營公司承擔的虧損額超過其所佔權益時，本集團所佔權益便會減少至零，並且不再確認額外虧損；但如本集團須履行法定或推定義務，或代該投資作出付款則除外。就此而言，本集團所佔權益是以按照權益法計算投資的賬面金額，以及實質上構成本集團在合營公司投資淨額一部分的長期權益。

本集團及其合營公司之間交易所產生的未變現損益，均按本集團於該投資所佔的權益比率抵銷；但如有未變現虧損證明已轉讓資產出現減值，則會即時在損益中確認。

120 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(e) Joint venture (Continued)

If an investment in a joint venture becomes an investment in an associate or vice versa, retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method.

In all other cases, when the Group ceases to have joint control over a joint venture, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former investee at the date when joint control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset.

(f) Goodwill

Goodwill represents the excess of:

(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
(ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date.

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(k)(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.

1 主要會計政策（續）

(e) 合營公司（續）

如於一間合營公司之投資轉變為於一間聯營公司之投資或反之亦然，其保留的權益不用重新計量，而該投資將繼續採用權益法入賬。

在其他情況，當本集團喪失對合營公司之共同控制權，將按出售該投資之所有權益入賬，而所產生的盈虧確認於損益內。在喪失共同控制權時，保留於前度投資的任何權益按公允值確認，而此金額被視為首次確認為金融資產的公允值。

(f) 商譽商譽指：

(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) 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。

倘第 (ii) 項高於第 (i) 項，該差額即時於損益確認為議價收購之收益。

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(k)(ii) ）。

年內出售的現金產生單位，計算出售之損益時將計入購入商譽之任何應佔金額。

Annual Report 2020/2021 年度報告 121

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(g) Investment properties

Investment properties are land and/or buildings which are owned or held under a leasehold interest (see note 1(j)) 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 are stated in the statement of financial position at cost less accumulated depreciation and impairment losses (see note 1(k)(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(u)(iii).

(h) Other property, plant and equipment

The following items of property, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation and impairment losses (see note 1(k)(ii)):

Freehold land and buildings;
Interests in leasehold land and building where the Group is the registered owner of the property interest (see note 1(j));
Right-of use assets arising from leases over freehold or leasehold properties where the Group is not the registered owner of the property interest; and
Other items of plant and equipment including right-of-use assets arising from leases of underlying plant and equipment (see note 1(j)).

1 主要會計政策（續）

(g) 投資物業

投資物業是指為賺取租金收入及╱或為資本增值而擁有或以租賃權益持有之土地及╱或樓宇（見附註 1(j) ）。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。

投資物業按成本值減去累計折舊及減值虧損（見附註 1(k)(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(u)(iii) 所述方式入賬。

(h) 其他物業、廠房及設備

下列物業、廠房及設備項目按成本值減去累計折舊及減值虧損（見附註 1(k)(ii) ）後於財務狀況表列賬：

永久業權之土地及樓宇；
當本集團為物業權益之註冊擁有人時，租賃土地及樓宇之權益（見附註 1(j) ）；
當本集團並非物業權益之註冊擁有人時，永久業權物業或租賃物業之租賃所產生之使用權資產；及
廠房及設備之其他項目，包括租賃相關廠房及設備所產生之使用權資產（見附註 1(j) ）。

122 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(h) Other property, plant and equipment (Continued)

The cost of self-constructed items of property, plant and equipment includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads and borrowing costs (see note 1(w)).

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:

Freehold land is not depreciated.
Buildings situated on freehold land are depreciated over their estimated useful lives, being no more than 25 years.
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.
Other plant and equipment:

Factory machinery and equipment Fixtures, furniture and office equipment Motor vehicles

4 – 25 years 3 – 12 years 4 – 10 years

1 主要會計政策（續）

(h) 其他物業、廠房及設備（續）

物業、廠房及設備等自建項目之成本包括材料、直接勞工、初始估計之成本、（如相關）拆除及移除建築物及重置建築物所在土地之成本，以及生產成本及借貸成本之適當部份（見附註 1(w) ）。

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：

永久業權之土地並無折舊。
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。
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。
其他廠房及設備：

工廠機器及設備 4 – 25 年裝置、傢俬及辦公室設備 3 – 12 年汽車 4 – 10 年

Annual Report 2020/2021 年度報告 123

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(h) Other property, plant and equipment (Continued)

No provision for depreciation is made for construction in progress until such time when the assets are substantially completed and ready for use.

1 主要會計政策（續）

(h) 其他物業、廠房及設備（續）

直至有關資產已大致完成及可供使用前，並無就在建工程作出折舊撥備。

Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately.

倘一項物業、廠房及設備中之各部份有不同之可使用年期，該項目之成本將合理地分配至各部份，而各部份則獨立計提折舊。

Both the useful life of an asset and its residual value, if any, are reviewed annually.

資產之可使用年期及其剩餘價值（如有）將於每年檢討。

(i) 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 (see note 1(k)(ii)).

(i) 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）及減值虧損後列賬（見附註 1(k)(ii) ）。

Amortisation of intangible assets with finite useful lives is charged to profit or loss on a straight-line basis over the assets’ estimated useful lives. The following intangible assets with finite useful lives are amortised from the date they are available for use and their estimated useful lives are as follows:

具有有限可使用年期之無形資產攤銷於資產估計可使用年期內以直線法於損益內扣除。下列具有有限可使用年期之無形資產自其可供使用當日起攤銷，其估計可使用年期如下：

–	Brand name	20 years	–	品牌名稱	20年
–	Customer list	7 years	–	客戶名單	7年
–	Pollution discharge right	5 years	–	排污權	5年

Both the period and method of amortisation are reviewed annually.

攤銷之期間及方法均於每年檢討。

Intangible assets are not amortised while their useful lives are assessed to be indefinite. Any conclusion that the useful life of an intangible asset is indefinite is reviewed annually to determine whether events and circumstances continue to support the indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite is accounted for prospectively from the date of change and in accordance with the policy for amortisation of intangible assets with finite lives as set out above.

倘無形資產被評估為具有無限可使用年期，則不會作攤銷。無形資產之可使用年期屬無限之任何結論經每年檢討，以釐定是否存在有關事件及情況繼續支持有關資產具有無限可使用年期之評估。如情況有變，則會自變更日期起就可使用年期從無限轉為有限之評估按未來適用基準並根據上文所載就具有有限可使用年期之無形資產作出攤銷之政策會計入賬。

124 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(j) Leased assets

At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use.

(i) As a lessee

At the lease commencement date, the Group recognises a rightof-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets. When the Group enters into a lease in respect of a lowvalue asset, the Group decides whether to capitalise the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalised are recognised as an expense on a systematic basis over the lease term.

Where the lease is capitalised, the lease liability is initially recognised at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortised cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred.

The right-of-use asset recognised when a lease is capitalised is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see notes 1(h) and 1(k)(ii)).

1 主要會計政策（續） (j) 租賃資產

於合約開始時，本集團會評估合約是否屬租賃或包含租賃。倘合約為換取代價而給予在一段時間內控制已識別資產使用之權利，則該合約屬租賃或包含租賃。倘客戶既有權指示已識別資產之使用，亦有權自該使用中獲得絕大部分經濟利益，則控制權已轉移。

(i) 作為承租人

於租賃開始日期，除租期為十二個月或以下之短期租賃及低價值資產租賃外，本集團確認使用權資產及租賃負債。倘本集團就低價值資產訂立租賃，則本集團決定是否按個別租賃基準將租賃資本化。與該等未資本化租賃相關之租賃付款在租期內有系統地確認為開支。

倘租賃已資本化，租賃負債初步按租期內應付租賃付款現值確認，並按租賃中所隱含之利率折現，或倘該利率不能輕易釐定，則以相關遞增貸款利率折現。於初步確認後，租賃負債按攤銷成本計量，而利息開支則採用實際利率法計算。租賃負債之計量不包括並非依據某一指數或利率之可變租賃付款，因此於其產生之會計期間於損益中扣除。

於資本化租賃時確認之使用權資產初步時按成本計量，當中包括租賃負債之初始金額加上於開始日期或之前已支付之任何租賃付款，以及所產生之任何初始直接成本。於適用情況下，使用權資產之成本亦包括拆卸及移除相關資產或還原相關資產或該資產所在場所而產生之估計成本，按其現值折現並扣除任何已收之租賃優惠。使用權資產其後列入成本減累計折舊及減值虧損（見附註 1(h) 及 1(k)(ii) ）。

Annual Report 2020/2021 年度報告 125

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(j) Leased assets (Continued)

(i) As a lessee (Continued)

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The lease liability is also remeasured when there is a change in the scope of a lease or the consideration for a lease that is not originally provided for in the lease contract (“lease modification”) that is not accounted for as a separate lease. In this case the lease liability is remeasured based on the revised lease payments and lease term using a revised discount rate at the effective date of the modification. The only exceptions are any rent concessions which arose as a direct consequence of the COVID-19 pandemic and which satisfied the conditions set out in paragraph 46B of HKFRS 16 Leases . In such cases, the Group took advantage of the practical expedient set out in paragraph 46A of HKFRS 16 and recognised the change in consideration as if it were not a lease modification.

In the consolidated statement of financial position, the current portion of long-term lease liabilities is determined as the present value of contractual payments that are due to be settled within twelve months after the reporting period.

The Group presents right-of-use assets and lease liabilities separately in the statement of financial position.

1 主要會計政策（續）

(j) 租賃資產（續）

(i) 作為承租人（續）

當未來租賃付款因某一指數或利率變化而出現變動，或本集團預期根據餘值擔保估計應付之金額有變，或因重新評估本集團是否合理確定將行使購買、續租或終止選擇權而產生變化，則會重新計量租賃負債。按此方式重新計量租賃負債時，使用權資產之賬面值將作相應調整，或倘使用權資產之賬面值已調減至零，則於損益內列賬。

當租賃範圍或代價出現未曾在原租賃合約中訂明之變動「租賃修訂」 ( ) 且不作為單獨的租賃合約入賬，亦須重新計量租賃負債。在此情況下，根據經修訂租賃付款額及租賃期限，於修訂生效日期使用經修訂折現率對租賃負債進行重新計量。唯一之例外是因 2019 冠狀病毒病疫情直接產生並因符合《香港財務報告準則》第 16 號「租賃」第 46B 段之條件所產生之租金寬減。在該等情況下，本集團利用《香港財務報告準則》第 16 號第 46A 段所載之可行權宜方法，以假設不曾出現租賃修訂之方式確認代價之變動。

於報告期後十二個月內到期待結算之合約付款之現值於綜合財務狀況表內確定為長期租賃負債之流動部份。

本集團於財務狀況表獨立呈列使用權資產及租賃負債。

126 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(j) Leased assets (Continued)

(ii) As a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to the ownership of an underlying assets to the lessee. If this is not the case, the lease is classified as an operating lease.

When a contract contains lease and non-lease components, the Group allocates the consideration in the contract to each component on a relative stand-alone selling price basis.

The rental income from operating leases is recognised in accordance with note 1(u)(iii).

(k) Credit loss and impairment of assets

(i) Credit loss from financial instruments

The Group recognises a loss allowance for expected credit losses (“ECLs”) on financial assets measured at amortised cost (including cash and cash equivalents, trade and other receivables and loan to joint venture).

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive).

1 主要會計政策（續）

(j) 租賃資產（續）

(ii) 作為出租人

倘本集團作為出租人，其將於租賃開始時釐定各租賃是否屬融資租賃或經營租賃。倘租賃向承租人轉移相關資產擁有權附帶之絕大部分風險及回報，該租賃應分類為融資租賃。否則，該租賃則分類為經營租賃。

倘合約包含租賃及非租賃部分，本集團會按照相對獨立售價基準將合約代價分配至各部分。

來自經營租賃之租金收入根據附註 1(u)(iii) 確認。

(k) 信貸虧損及資產減值

(i) 金融工具之信貸虧損

本集團為按攤銷成本計量之金融資產（包括現金及現金等值項目、應收賬款及其他應收款以及向合營公司借出之貸款）確認預期信貸虧損之虧損撥備。

預期信貸虧損之計量

預期信貸虧損乃信貸虧損之概率加權估計。信貸虧損以所有預期現金差額（即根據合約應付予本集團之現金流量與本集團預期收取之現金流量之間的差額）的現值計量。

Annual Report 2020/2021 年度報告 127

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(k) Credit loss and impairment of assets (Continued)

(i) Credit loss from financial instruments (Continued)

Measurement of ECLs (Continued)

Where the effect of discounting is material, the expected cash shortfalls are discounted using the effective interest rate determined at initial recognition or an approximation thereof for trade and other receivables.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

ECLs are measured on either of the following bases:

12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and
lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowance for trade and other receivables is always measured at an amount equal to lifetime ECL. ECLs are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

1 主要會計政策（續）

(k) 信貸虧損及資產減值（續）

(i) 金融工具之信貸虧損（續） 預期信貸虧損之計量（續）

倘折現之影響屬重大，則預期現金差額將採用應收賬款及其他應收款初始確認時釐定之實際利率或其近似值折現。

估計預期信貸虧損時所考慮之最長期間為本集團面臨信貸風險之最長合約期間。

在計量預期信貸虧損時，本集團考慮合理及有理據而無需付出過多的成本或努力獲得之資料。這包括有關過往事件、當前狀況及未來經濟狀況預測的資料。

預期信貸虧損基於下列其中一個基準計量：

十二個月之預期信貸虧損：預期於報告日期後十二個月內可能發生之違約事件而導致之虧損；及
可使用年期內之預期信貸虧損：預期於採用預期信貸虧損模式之項目在預期可使用年期內所有可能發生之違約事件而導致之虧損。

應收賬款及其他應收款之虧損撥備一般按相等於可使用年期內之預期信貸虧損之金額計量。預期信貸虧損乃使用基於本集團過往信貸虧損經驗之撥備矩陣進行估算，並就於報告日期債務人之特定因素以及對當前及預測整體經濟狀況之評估予以調整。

128 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(k) Credit loss and impairment of assets (Continued)

(i) Credit loss from financial instruments (Continued)

Write-off policy

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

(ii) Impairment of other assets

Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, except in the case of goodwill, an impairment loss previously recognised no longer exists or may have decreased:

property, plant and equipment, including right-of-use assets and investment properties;
intangible assets;
goodwill;
interest in joint venture; 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.

1 主要會計政策（續）

(k) 信貸虧損及資產減值（續）

(i) 金融工具之信貸虧損（續）

撇銷政策

倘金融資產並無實際收回前景，則其賬面總值（部分或全部）將會被撇銷。該情況通常出現在本集團認為債務人並無資產或收入來源可產生足夠現金流量以償還將予撇銷之金額。

(ii) 其他資產之減值 本集團於每個報告期末檢討內部及外間資料來源，以確定下列資產有否出現減值跡象，或過往已確認之減值虧損不再存在或已減少（商譽除外）：

物業、廠房及設備，包括使用權資產及投資物業；
無形資產；
商譽；
合營公司之權益；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。

Annual Report 2020/2021 年度報告 129

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(k) Credit loss and impairment of assets (Continued)
(ii) Impairment of other assets (Continued)
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).

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.

1 主要會計政策（續）
(k) 信貸虧損及資產減值（續）
(ii) 其他資產之減值（續）
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。

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）。

撥回減值虧損

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。

130 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(k) Credit loss and impairment of assets (Continued)

(iii) Interim financial reporting and impairment

Under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, the Group is required to prepare an interim financial report in compliance with HKAS 34, Interim financial reporting , in respect of the first six months of the financial year. At the end of the interim period, the Group applies the same impairment testing, recognition, and reversal criteria as it would at the end of the financial year (see notes 1(k)(i) and (ii)).

Impairment losses recognised in an interim period in respect of goodwill are not reversed in a subsequent period. This is the case even if no loss, or a smaller loss, would have been recognised had the impairment been assessed only at the end of the financial year to which the interim period relates.

(l) 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.

When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

1 主要會計政策（續）

(k) 信貸虧損及資產減值（續）

(iii) 中期財務報告及減值

根據香港聯合交易所有限公司證券上市規則，本集團須按《香港會計準則》第 34 號「中期財務報告」就財政年度首六個月編製中期財務報告。本集團於中期期末應用之減值測試、確認及撥回之準則與於財政年度末所應用之準則相同（見附註 1(k)(i) 及 (ii) ）。

於中期期間就商譽確認之減值虧損不會於隨後期間撥回，即使在減值僅於中期期間之有關財政年度完結時評估之情況下原應確認為零虧損或較少虧損亦然。

(l) 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。

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。

Annual Report 2020/2021 年度報告 131

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(m) Receivables

A receivable is recognised when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due.

Receivables are stated at amortised cost using the effective interest method less allowance for credit losses (see note 1(k)(i)).

(n) Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

(o) Payables and contract liabilities

(i) Payables

Payables are initially recognised at fair value and subsequently stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost.

(ii) Contract liabilities

A contract liability is recognised when the customer pays consideration before the Group recognises the related revenue (see note 1(u)). A contract liability would also be recognised if the Group has an unconditional right to receive consideration before the Group recognises the related revenue. In such cases, a corresponding receivable would also be recognised (see note 1(m)).

1 主要會計政策（續）

(m) 應收款

本集團具有無條件權利收取代價時確認應收款。倘代價到期付款前僅需待時間推移，則收取代價之權利為無條件。

應收款以實際利率法按攤銷成本減去信貸虧損撥備後入賬（見附註 1(k)(i) ）。

(n) 附息借貸

附息借貸之初值按公允值扣除應佔交易成本後確認。首次確認後，附息借貸將按攤銷成本入賬，而最初確認金額與贖回值之間之任何差額則以實際利率法於借貸期內連同任何應付利息及費用於損益內確認。

(o) 應付款及合約負債

(i) 應付款

應付款之初值按公允值確認，且其後按攤銷成本入賬，但如折現影響輕微，則按成本值入賬。

(ii) 合約負債

倘客戶於本集團確認相關收入之前支付代價，則確認合約負債（見附註 1(u) ）。倘本集團擁有無條件權利可於本集團確認相關收入前收取代價，亦將確認合約負債。在此情況下，亦將確認相應之應收款（見附註 1(m) ）。

132 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(p) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. Cash and cash equivalents are assessed for ECL in accordance with the policy set out in note 1(k) (i).

(q) Employee benefits

(i) Short term employee benefits and contributions to defined contribution retirement plans

Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of nonmonetary 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.

(ii) Defined benefit retirement plan obligations

The Group’s net obligation in respect of defined benefit retirement plans is 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.

1 主要會計政策（續） (p) 現金及現金等值項目

現金及現金等值項目包括銀行結存及庫存現金、存於銀行及其他財務機構之活期存款及短期而高流動性之投資，此等投資可隨時兌換為已知金額之現金，且所須承受之價值波動風險不大，而兌換期乃購入日起計三個月內。現金及現金等值項目按附註 1(k)(i) 所載政策評估預期信貸虧損。

(q) 僱員福利

(i) 短期僱員福利及向界定供款退休計劃之供款

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) 界定福利退休計劃承擔

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。

Annual Report 2020/2021 年度報告 133

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(q) Employee benefits (Continued)

(ii) Defined benefit retirement plan obligations (Continued)

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)).

1 主要會計政策（續）

(q) 僱員福利（續）

(ii) 界定福利退休計劃承擔（續）

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）。

134 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(q) 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 sharebased 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 sharebased 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）

(q) 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。

Annual Report 2020/2021 年度報告 135

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(r) Income tax
(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.
(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.
(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.

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.

1 主要會計政策（續）

(r) 所得稅

(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) 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) 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。

除了若干有限之例外情況，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。

136 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(r) Income tax (Continued)

(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.

(iv) Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised.

1 主要會計政策（續）

(r) 所得稅（續）

(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) 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。

Annual Report 2020/2021 年度報告 137

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(r) Income tax (Continued)

(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:
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
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.

(s) Provisions and contingent liabilities

Provisions are recognised when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation.

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.

1 主要會計政策（續）

(r) 所得稅（續）

(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：
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
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。

(s) 撥備及或然負債

倘若本集團須就已發生之事件承擔法律或推定責任，履行該責任而預期會導致經濟利益流出，並可作出可靠之估計，便會確認撥備。如果貨幣時間價值重大，則按預計履行責任所需開支之現值計提撥備。

倘若經濟利益外流之可能性較低，或是無法對有關金額作出可靠之估計，便會將該責任披露為或然負債，但假如經濟利益流出之可能性渺茫則除外。須視乎一宗或多宗未來事件是否發生才能確定存在與否之潛在責任，亦會披露為或然負債，但假如這類經濟利益之流出之可能性渺茫則除外。

138 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(t) Cash flow hedges

Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk of a committed future transaction, the effective portion of any gains or losses on re-measurement of the derivative financial instrument to fair value is recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any gain or loss is recognised immediately in profit or loss.

If the hedging instrument is a non-derivative monetary item, which is permitted only for foreign currency risk, then the effective portion of the foreign currency gains or losses on the hedging instrument also are recognised in other comprehensive income and accumulated separately in equity in the hedging reserve. The ineffective portion of any foreign currency gains or losses are recognised immediately in profit or loss.

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.

1 主要會計政策（續） (t) 現金流量對沖

金融衍生工具被指定用作對沖因已確認之資產或負債或極有可能發生之預期交易而產生之現金流量變動或因已訂約之未來交易而承擔之外匯風險，重計該等金融衍生工具之公允值而產生之任何收益或虧損，其有效部份會於其他全面收益確認，並於對沖儲備之權益中獨立累計。任何收益或虧損之非有效部份即時於損益內確認。

倘若對沖工具為僅可用作對沖外匯風險之非衍生貨幣項目，則該對沖工具之外匯收益或虧損之有效部份亦於其他全面收益確認，並於對沖儲備之權益中獨立累計。任何外匯收益或虧損之非有效部份即時於損益內確認。

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。

Annual Report 2020/2021 年度報告 139

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(u) Revenue recognition

Income is classified by the Group as revenue when it arises from the sale of goods, the provision of services or the use by others of the Group’s assets under leases in the ordinary course of the Group’s business.

Revenue is recognised when control over a product or service is transferred to the customer, or the lessee has the right to use the asset, at the amount of promised consideration to which the Group is expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

Further details of the Group’s revenue and other income recognition policies are as follows:

(i) Sale of goods

Revenue is recognised when the customer takes possession of and accepts the products. If the products are a partial fulfilment of a contract covering other goods and/or services, then the amount of revenue recognised is an appropriate proportion of the total transaction price under the contract, allocated between all the goods and services promised under the contract on a relative stand-alone selling price basis.

(ii) Service fees

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. Lease incentives granted are recognised in profit or loss as an integral part of the aggregate net lease payments receivable. Variable lease payments that do not depend on an index or a rate are recognised as income in the accounting period in which they are earned.

1 主要會計政策（續） (u) 收入確認

本集團於一般業務過程中自銷售貨物、提供服務或其他人士使用本集團租賃資產產生收入時分類收入。

收入於產品或服務之控制權轉移至客戶或承租人有權使用資產時確認，金額為本集團預期將有權收取之承諾代價，且不包括代表第三方收取之有關金額。收入不含增值稅或其他銷售稅並扣除一切貿易折扣。

下列為本集團確認收入及其他收入之政策之進一步詳情：

(i) 貨物之銷售

倘客戶管有並接納產品則確認收入。倘該等產品為履行涵蓋其他貨物及╱或服務之合約一部分，則收入之金額按合約項下交易價格總額之合適比例予以確認，並按照相對獨立售價基準在合約項下之所有承諾貨物及服務之間進行分配。

(ii) 服務費 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。所獲授之租賃獎勵乃於損益中確認為應收淨租賃付款總額之必要部分。並非取決於某一項指數或比率之可變租賃付款將於其賺取時之會計期間確認為收入。

140 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(u) Revenue recognition (Continued)

(iv) Interest income

Interest income is recognised as it accrues using the effective interest method. For financial assets measured at amortised cost that are not credit-impaired, the effective interest rate is applied to the gross carrying amount of the asset. For credit-impaired financial assets, the effective interest rate is applied to the amortised cost (i.e. gross carrying amount net of loss allowance) of the asset (see note 1(k)(i)).

(v) Dividend income

Dividend income from unlisted investments is recognised when the shareholder’s right to receive payment is established.

(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.

(v) Translation of foreign currencies

Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognised in profit or loss, except those non-derivative monetary items used to hedge foreign currency risk which are recognised in other comprehensive income (see note 1(t)).

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The transaction date is the date on which the Group initially recognises such nonmonetary assets or liabilities. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated using the foreign exchange rates ruling at the dates the fair value was measured.

1 主要會計政策（續）

(u) 收入確認（續）

(iv) 利息收入

利息收入按實際利率法累計確認。就按攤銷成本計量且並無出現信貸減值之金融資產而言，實際利率乃應用於資產之賬面總值。就已出現信貸減值之金融資產而言，實際利率乃應用於資產之攤銷成本（即經扣除虧損撥備之賬面總值）（見附註 1(k)(i) ）。

(v) 股息收入

來自非上市投資之股息收入乃於股東收取款項之權利確立時確認。

(vi) 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。

(v) 外幣換算

年內之外幣交易按交易當日之匯率換算。以外幣計值之貨幣資產及負債按匯報日之匯率換算。匯兌盈虧於損益內確認，惟該等於其他全面收益確認並用於對沖外匯風險之非衍生貨幣項目除外（見附註 1(t) ）。

按歷史成本法以外幣計值之非貨幣資產及負債，則按交易當日之匯率換算。交易日期為本集團初始確認有關非貨幣資產及負債之日。以外幣計值並以公允值列賬之非貨幣資產及負債按計量其公允值當日之匯率換算。

Annual Report 2020/2021 年度報告 141

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(v) Translation of foreign currencies (Continued)

The results of subsidiaries outside Hong Kong are translated into Hong Kong dollars at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items, including goodwill arising on consolidation of subsidiaries outside Hong Kong, are translated into Hong Kong dollars at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognised in other comprehensive income and accumulated separately in equity in the exchange reserve.

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.

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.

(w) Borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred.

The capitalisation of borrowing 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.

(x) Repair and maintenance expenditure

Repair and maintenance expenditure, including cost of overhaul, is expensed as incurred.

1 主要會計政策（續）

(v) 外幣換算（續）

香港以外地區之附屬公司之業績以接近交易當日之匯率換算為港幣，而財務狀況表項目（包括香港以外地區之附屬公司綜合入賬時所產生之商譽）則於匯報日按收市匯率換算為港幣，由此而產生之匯兌差額於其他全面收益中確認，並於匯兌儲備之權益中獨立累計。

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。

貨幣項目產生之外匯收益及虧損（實質屬於香港以外地區業務淨投資之一部份）與任何相關稅項乃於綜合入賬時重新分類至權益。

(w) 借貸成本

倘一項資產需較長時間才可準備就緒用作預定用途或出售狀態，則直接歸屬於收購、興建或生產該項資產之借貸成本將被資本化為該項資產之成本之一部份。其他借貸成本在產生當期列作支出。

當資產開支及借貸成本已經產生，且為使資產可用作擬定用途或可出售狀態所必要之活動已經開始，借貸成本即資本化為該合資格資產之成本之一部份。倘為使合資格資產可用作擬定用途或可出售狀態所必需之大部份活動中止或完成，借貸成本之資本化則隨之中止或停止。

(x) 維修及保養支出

維修及保養支出（包括檢修成本）於產生時支銷。

142 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(y) Related parties

(a) A person, or a close member of that person’s family, is related to the Group if that person:
(i) has control or joint control over the Group;
(ii) has significant influence over the Group; or
(iii) is a member of the key management personnel of the Group.
(b) An entity is related to the Group if any of the following conditions applies:
(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).
(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).
(iii) Both entities are joint ventures of the same third party.
(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(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.
(vi) The entity is controlled or jointly controlled by a person identified in (a).
(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.

1 主要會計政策（續）
(y) 關連人士
(a) 倘有關人士出現下列情況，則該人士或該人士之近親家庭成員與本集團有關連：
(i) 控制或共同控制本集團；
(ii) 對本集團有重大影響；或
(iii) 為本集團之主要管理人員之一。
(b) 倘符合下列任何條件，則一間實體與本集團有關連：
(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) 一間實體為另一實體之聯營公司或合營公司（或另一實體為成員公司之集團旗下成員公司之聯營公司或合營公司）。
(iii) 兩間實體均為同一第三方之合營公司。
(iv) 一間實體為第三方實體之合營公司，而另一實體為該第三方實體之聯營公司。
(v) 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) 該實體受 (a) 所識別人士控制或共同控制。
(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。

Annual Report 2020/2021 年度報告 143

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

1 Significant accounting policies (Continued)

(z) Segment reporting

Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations.

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, 15, 22 and 23 contain information about the assumptions and their risk factors relating to goodwill impairment assessment, interest in joint venture impairment assessment, defined benefit retirement liabilities and the fair value of share options granted. Other key sources of estimation uncertainty are as follows:

1 主要會計政策（續） (z) 分部報告

營運分部及本財務報表所呈報之各分部項目金額，乃根據定期向本集團高層管理人員提供之財務報告中識別。高層管理人員依據該等報告分配資源予本集團不同業務及地域以及評估該等業務及地域之表現。

就財務報告而言，個別重大營運分部不會綜合呈報，除非該等分部具有類似經濟特點及在產品及服務性質、生產程序性質、客戶類型或類別、分銷產品或提供服務所採用之方式及監管環境性質方面類似。倘個別而言並非屬重要之營運分部符合上述大部份特點，則可能綜合呈報。

2 會計判斷及估計

附註 13 、 15 、 22 及 23 分別載有關於商譽減值評估、於合營公司權益之減值評估、界定福利退休負債及已授出購股權之公允值之假設及其風險因素之資料。估計不確定因素之其他主要來源如下：

144 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

2 Accounting judgements and estimates

2 會計判斷及估計（續）

(Continued)

(a) Impairment of property, plant and equipment

If circumstances indicate that the carrying values of property, plant and equipment may not be recoverable, the assets may be considered “impaired”, and an impairment loss may be recognised in accordance with HKAS 36, Impairment of assets . Under HKAS 36, these assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to recoverable amount. The recoverable amount is the greater of its fair value less costs of disposal and the value in use. In determining the value in use, expected cash flows generated by the asset are discounted to their present value, which requires significant judgement relating to level of sales volume, selling prices and amount of operating costs. The Group uses all readily available information in determining an amount that is a reasonable approximation of recoverable amount. However, actual sales volumes, selling prices and operating costs may be different from assumptions which may require a material adjustment to the carrying amount of the assets affected. Details of the nature and carrying amounts of property, plant and equipment are disclosed in note 11.

(b) Deferred tax assets

Deferred tax assets are recognised for unused tax losses and temporary deductible differences. As those deferred tax assets can only be recognised to the extent that it is probable that future taxable profit will be available against which the unused tax benefits can be utilised, management’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).

(a) 物業、廠房及設備減值

倘有情況顯示物業、廠房及設備之賬面值可能無法收回，則該等資產可能被視為「已減值」，而減值虧損可能會根據《香港會計準則》第 36 號「資產減值」予以確認。根據《香港會計準則》第 36 號，凡有事件或情況變動顯示該等資產所錄得之賬面值可能無法收回，該等資產將進行減值測試。如減值已出現，賬面值將減至可收回金額。可收回金額為其公允值減去出售成本與使用價值兩者中之較高者。釐定使用價值時，將根據銷量、售價及營運成本金額之水平作出重大判斷，將該資產產生之預期現金流量折現至其現值。本集團運用所有可用之資料以釐定可收回金額之合理概約金額。然而，實際銷量、售價及營運成本金額可能有別於假設，並可能須對受影響資產之賬面值作出重大調整。物業、廠房及設備之性質及賬面值詳情於附註 11 披露。

(b) 遞延稅項資產

遞延稅項資產乃就未動用稅務虧損及可抵扣暫時差額而確認。由於該等遞延稅項資產只限於有可能使用未動用稅收抵免來抵銷日後應課稅溢利時才會確認，因此需要管理層判斷日後獲得應課稅溢利之可能性。本集團不斷審閱管理層之評估，倘未來應課稅溢利能使遞延稅項資產被收回，便會確認額外之遞延稅項資產。遞延稅項資產之性質及賬面值詳情於附註 24(b) 披露。

Annual Report 2020/2021 年度報告 145

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

3 Revenue and segment reporting

(a) Revenue

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.

No disaggregation of revenue from contracts with customers is presented as the entire revenue of the Group is derived from the manufacture and sale of food and beverages, and is recognised at point in time.

(b) Segment reporting

The Group manages its businesses by entities, which are organised geographically. In a manner consistent with the way in which information is reported internally to the Group’s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following four reportable segments. No operating segments have been aggregated to form the following reportable segments.

The Mainland China business mainly represents the manufacture and sale of soya milk, tea, juice, etc. in Mainland China;
The Hong Kong Operation (Hong Kong, Macau and Exports) mainly represents the manufacture and sale of soya milk, 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 soya milk and other plant milk products in Australia and sale of beverages in New Zealand; and
The Singapore business mainly represents the manufacture and sale of soya related products in Singapore and sale of soya related products in overseas.

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 (a) 收入

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。

由於本集團全部收入均來自製造及銷售食品及飲品，並於某一時間點確認，故並無呈列客戶合約收入細分。

(b) 分部報告

本集團透過按地區成立之實體管理其業務。本集團按照與向本集團最高層行政管理人員就資源配置及表現評估之內部匯報資料一致的方式，呈報下列四個須報告分部。本集團並無合併營運分部，以組成以下之須報告分部。

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其他植物奶產品，以及在新西蘭銷售飲料；及
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。

本集團之收入全部來自生產及銷售食品及飲品。

146 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

3 Revenue and segment reporting (Continued)

(b) Segment reporting (Continued)

(i) Segment results, assets and liabilities

For the purposes of assessing segment performance and allocating resources between segments, the Group’s most senior executive management monitors the results, assets and liabilities attributable to each reportable segment on the following bases:

Segment assets include all tangible assets, intangible assets and current assets with the exception of interest in joint venture, deferred tax assets, current tax recoverable, goodwill and unallocated head office and corporate assets. Segment liabilities include trade creditors and bills payable attributable to the manufacture and sales activities of the individual segments, bank loans and lease liabilities managed directly by the segments and current liabilities with the exception of employee retirement benefit liabilities, deferred tax liabilities, current tax payable and unallocated head office and corporate liabilities.

The measure used for reporting segment profit is “profit from operations”. To arrive at “profit from operations”, the Group’s profit is further adjusted for items not specifically attributed to individual segments, such as finance costs, share of losses of joint venture, impairment loss on interest in joint venture 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.

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 就評估分部表現及各分部間之資源配置而言，本集團最高層行政管理人員根據下列基準監控各須報告分部之業績、資產及負債：

分部資產包括全部有形資產、無形資產及流動資產，惟於合營公司之權益、遞延稅項資產、應收現期稅項、商譽及未分配之總公司及企業資產除外。分部負債包括個別分部之生產及銷售活動之應付賬款及應付票據、銀行貸款及由分部直接管理之租賃負債及流動負債，惟僱員退休福利負債、遞延稅項負債、應付現期稅項及未分配之總公司及企業負債除外。

用於報告分部溢利之表示方法為「經營溢利」。為了得出「經營溢利」，本集團之溢利就並無明確歸於個別分部之項目（如融資成本、所佔合營公司虧損、合營公司權益之減值虧損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。

Annual Report 2020/2021 年度報告 147

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

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 2021 and 2020 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） 截至二零二一年及二零二零年三月三十一日止年度，有關向本集團最高層行政管理人員提供之資源配置及分部表現評估之須報告分部資料載列如下：

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mainland china Hong Kong operation australia and new Zealand singapore total
中國內地香港業務澳洲及新西蘭新加坡總計
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年
(Restated) (Restated) (Restated)
（重列）（重列）（重列）
$’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
Revenue from external customers 5,008,000 4,503,502 1,865,452 2,108,176 528,022 502,322 118,343 118,641 7,519,817 7,232,641
來自外間顧客之收入
Inter-segment revenue 58,815 113,411 30,133 73,729 11,749 7,131 4,255 4,160 104,952 198,431
分部間收入
reportable segment revenue 5,066,815 4,616,913 1,895,585 2,181,905 539,771 509,453 122,598 122,801 7,624,769 7,431,072
須報告分部之收入
reportable segment profit from
operations 524,401 475,543 354,792 269,357 67,999 76,857 3,014 4,969 950,206 826,726
須報告分部之經營溢利
Interest income from bank deposits 3,967 5,931 1,190 4,910 3 75 – 3 5,160 10,919
銀行存款之利息收入
Finance costs (3,508) (1,374) (7,000) (7,731) (831) (1,393) (431) (434) (11,770) (10,932)
融資成本
Depreciation and amortisation
for the year (278,911) (209,606) (185,381) (169,160) (18,892) (19,246) (4,664) (4,575) (487,848) (402,587)
本年度之折舊及攤銷
(Recognition)/reversal of impairment
– – – – –
losses on property, plant and equipment (23,176) (12,653) 2,409 (35,829) 2,409
（確認）╱撥回物業、廠房及設備
之減值虧損
reportable segment assets 4,430,545 3,954,641 3,578,124 3,606,351 461,614 385,747 105,208 92,077 8,575,491 8,038,816
須報告分部之資產
reportable segment liabilities 2,750,636 2,377,121 820,889 1,003,173 126,521 134,077 29,611 27,437 3,727,657 3,541,808
須報告分部之負債
Additions to non-current segment assets
during the year 576,070 890,443 113,446 224,439 7,245 13,721 5,285 2,350 702,046 1,130,953
本年度新增之非流動分部資產
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148

Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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----- Start of picture text -----

3 Revenue and segment reporting (Continued) 3 收入及分部報告（續）
(b) Segment reporting (Continued) (b) 分部報告（續）
(ii) Reconciliations of reportable segment revenue, profit or (ii) 須報告分部收入、損益、資產及負債之
loss, assets and liabilities 對賬
2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
revenue
收入
Reportable segment revenue 7,624,769 7,431,072
須報告分部之收入
Elimination of inter-segment revenue (104,952) (198,431)
分部間收入之撇銷
Consolidated revenue 7,519,817 7,232,641
綜合收入
2021 2020
二零二一年二零二零年
(Restated)
（重列）
$’000 千元 $’000 千元
profit or loss
損益
Reportable segment profit from operations 950,206 826,726
須報告分部之經營溢利
Finance costs (note 5(a)) (11,770) (10,932)
融資成本（附註 5(a) ）
Share of losses of joint venture (22,242) (17,433)
所佔合營公司虧損
–
Impairment loss on interest in joint venture (note 15(ii)) (42,800)
合營公司權益之減值虧損（附註 15(ii) ）
Unallocated head office and corporate expenses (106,735) (119,293)
未分配之總公司及企業費用
Consolidated profit before taxation 766,659 679,068
綜合除稅前溢利
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Annual Report 2020/2021 年度報告 149

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

3 Revenue and segment reporting (Continued)

(b) Segment reporting (Continued) (ii) Reconciliations of reportable segment revenue, profit or loss, assets and liabilities (Continued)
3 收入及分部報告（續）
(b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債之對賬（續）

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
assets
資產
Reportable segment assets 8,575,491 8,038,816
須報告分部之資產
Elimination of inter-segment receivables (1,544,815) (1,877,449)
分部間應收款之撇銷
7,030,676 6,161,367
–
Interest in joint venture 62,026
合營公司之權益
Deferred tax assets 139,489 97,653
遞延稅項資產
Current tax recoverable 79,594 66,497
應收現期稅項
Goodwill 18,352 17,251
商譽
Unallocated head office and corporate assets 8,299 5,701
未分配之總公司及企業資產
Consolidated total assets 7,276,410 6,410,495
綜合總資產
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150 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

3 Revenue and segment reporting (Continued) (b) Segment reporting (Continued) (ii) Reconciliations of reportable segment revenue, profit or loss, assets and liabilities (Continued)
3 收入及分部報告（續） (b) 分部報告（續） (ii) 須報告分部收入、損益、資產及負債之對賬（續）

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
liabilities
負債
Reportable segment liabilities 3,727,657 3,541,808
須報告分部之負債
Elimination of inter-segment payables (598,539) (723,869)
分部間應付款之撇銷
3,129,118 2,817,939
Employee retirement benefit liabilities 7,461 34,313
僱員退休福利負債
Deferred tax liabilities 116,248 101,465
遞延稅項負債
Current tax payable 40,750 13,776
應付現期稅項
Unallocated head office and corporate liabilities 25,959 24,898
未分配之總公司及企業負債
Consolidated total liabilities 3,319,536 2,992,391
綜合總負債
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Annual Report 2020/2021 年度報告 151

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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, goodwill and interest in joint venture (“specified noncurrent assets”). The geographic location of the specified noncurrent 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 and the location of operations, in the case of interest in joint venture.

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、廠房及設備之地理位置、購置物業、廠房及設備之訂金、無形資產、商譽及於合營公司之權益（「特定非流動資產」）之資料。就物業、廠房及設備及購置物業、廠房及設備之訂金而言，特定非流動資產之地理位置乃根據該資產之實際地點確定；就無形資產及商譽而言則指其獲配置之業務所在地；就於合營公司之權益而言則指業務所在地。

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specified non-current assets
特定非流動資產
2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Mainland China 3,035,778 2,555,279
中國內地
Hong Kong Operation 830,984 919,497
香港業務
Australia and New Zealand 241,411 203,971
澳洲及新西蘭
Singapore 58,998 54,867
新加坡
–
Other country 62,026
其他國家
4,167,171 3,795,640
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The revenue from external customers and specified non-current assets of the Group attributed to Hong Kong, the Group’s place of domicile, amounted to $1,601,851,000 (2020: $1,804,685,000) and $825,014,000 (2020: $912,586,000) 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 1,601,851,000 元（二零二零年： 1,804,685,000 元）及 825,014,000 元（二零二零年： 912,586,000 元）。

152 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

4 Other income

4 其他收入

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Government grants (Note) 73,912 13,303
政府補助（附註）
COVID-19-related rent concessions 20,902 –
2019 冠狀病毒病相關租金寛減
Interest income from bank deposits 5,160 10,919
銀行存款之利息收入
Interest income from loan to joint venture 2,628 1,644
向合營公司借出貸款之利息收入
Rental income 4,034 3,885
租金收入
Scrap sales 2,893 3,150
廢料銷售
Reversal of long outstanding other payables 1,168 2,534
長期未償還其他應付款撥回
Sundry income 11,103 8,345
雜項收入
121,800 43,780
----- End of picture text -----

Note:

During the year, government grants included COVID-19 financial assistance in Mainland China, Hong Kong and Singapore and amounted to $63,483,000 (2020: $1,406,000).

Government grants also include 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 property, plant and equipment were netted off against the cost of the related assets (note 11(a)).

5 Profit before taxation

Profit before taxation is arrived at after charging/(crediting):

附註：

於年內，政府補助包括 2019 冠狀病毒病而獲得中國內地、香港及新加坡的財務資助共 63,483,000 元（二零二零年： 1,406,000 元）。

政府補助亦包括中華人民共和國（「中國」）政府退回之增值稅及從其收取之其他財務資助。就購置物業、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) ）。

5 除稅前溢利

除稅前溢利已扣除╱（計入）：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
(a) Finance costs:
融資成本：
Interest on bank loans (note 18(c)) 3,633 2,333
銀行貸款之利息（附註 18(c) ）
Interest on lease liabilities (note 18(c)) 8,137 8,599
租賃負債之利息（附註 18(c) ）
11,770 10,932
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Annual Report 2020/2021 年度報告 153

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

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）

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
(b) Staff costs:
員工成本：
Contributions to defined contribution retirement plans 76,809 92,819
界定供款退休計劃之供款
Net expenses recognised in respect of:
以下項目之已確認費用淨額：
– retirement gratuites (note 22(c)(v)) 3,362 3,486
– 退休金（附註 22(c)(v) ）
– long service payments 958 373
–
長期服務金
Total retirement costs 81,129 96,678
總退休成本
Equity settled share-based payment expenses (note 23) 15,455 12,686
以股份為付款基礎之費用（附註 23 ）
Salaries, wages and other benefits 1,534,144 1,548,840
薪金、工資及其他福利
1,630,728 1,658,204
2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
(c) Other operating expenses:
其他經營費用：
Staff costs 136,125 138,723
員工成本
Warehouse expenses 63,635 63,451
倉庫費用
Sundry tax in Mainland China 45,863 39,204
中國內地的其他稅項
Management fee charged by a related party 33,354 31,692
關聯方收取的管理費
Royalty withholding tax 20,800 19,186
特許權使用費預扣稅
Quality assurance and sampling expenses 15,709 13,047
質量保證及樣本費用
Repair and maintenance expenses 6,808 5,916
維修及保養費用
Net loss on disposal of property, plant and equipment (note 18(b)) 5,957 3,689
出售物業、廠房及設備之虧損淨額（附註 18(b) ）
Recognition/(reversal) of impairment losses on property,
plant and equipment 35,829 (2,409)
確認╱（撥回）物業、廠房及設備之減值虧損
Others 31,121 46,002
其他
395,201 358,501
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154 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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）

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
(d) Other items:
其他項目：
Government grants (Note) (235,382) (23,099)
政府補助（附註）
COVID-19-related rent concessions (25,438) –
2019 冠狀病毒病相關租金寛減
Amortisation of intangible assets 658 546
無形資產之攤銷
Depreciation and amortisation
折舊及攤銷
– Investment properties 126 126
–
投資物業
– Right-of-use assets 103,391 90,998
–
使用權資產
– Other assets 383,673 310,917
–
其他資產
Recognition/(reversal) of impairment losses
確認╱（撥回）減值虧損
– Trade and other receivables 248 977
–
應收賬款及其他應收款
– Property, plant and equipment 35,829 (2,409)
–
物業、廠房及設備
–
– Interest in joint venture (note 15(ii)) 42,800
– 合營公司之權益（附註 15(ii) ）
Auditors’ remuneration
核數師酬金
– Audit services 5,935 5,699
–
審核服務
– Tax services 234 540
–
稅務服務
– Other services 177 3,225
–
其他服務
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Annual Report 2020/2021 年度報告 155

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

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）

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
(d) Other items: (Continued)
其他項目：（續）
Variable lease payments not included in the measurement of
lease liabilities 11,778 27,181
不計入租賃負債計量之可變租賃付款
Net foreign exchange (gain)/loss (11,454) 148
外匯（收益）╱虧損淨額
Cost of inventories (note 16(b)) 3,566,484 3,389,578
存貨成本（附註 16(b) ）
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Note: During the current year, government grants related to COVID-19 financial assistance in Mainland China, Hong Kong, and Singapore amounted to $224,953,000 (2020: $11,202,000), of which $63,483,000 (2020: $1,406,000) was included in other income, $151,988,000 (2020: $9,191,000) was netted off against staff costs and $9,482,000 (2020: $605,000) was netted off against cost of sales and operating expenses.

附註：於本年內，政府補助因 2019 冠狀病毒病而獲得中國內地、香港及新加坡的財務資助共 224,953,000 元（二零二零年： 11,202,000 元），當中其他收入為 63,483,000 元（二零二零年： 1,406,000 元）， 151,988,000 元（二零二零年： 9,191,000 元）與員工成本作抵銷，另 9,482,000 元（二零二零年： 605,000 元）與銷售成本及經營費用作抵銷。

156 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

6 Income tax in the consolidated

6 綜合損益表之所得稅

statement of profit or loss

(a) Taxation in the consolidated statement of profit or loss represents:
(a) 綜合損益表之稅項如下：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
current tax – Hong Kong profits tax
現期稅項 – 香港利得稅
Provision for the year 43,329 18,455
年內撥備
(Over)/under-provision in respect of prior years (2,818) 5
以往年度之（高估撥備）╱撥備不足
40,511 18,460
current tax – outside Hong Kong
現期稅項 – 香港以外地區
Provision for the year 165,455 94,310
年內撥備
Under-provision in respect of prior years 1,000 9,607
以往年度之撥備不足
166,455 103,917
Deferred tax (29,815) (12,900)
遞延稅項
177,151 109,477
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Notes:

(i) The provision for Hong Kong Profits Tax for 2021 is calculated at 16.5% (2020: 16.5%) of the estimated assessable profits for the year.
(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, Wuhan, Dongguan and Nansha is 25%.

In addition, the Group is subject to withholding tax at the applicable rate of 5% on distribution of profits generated after 31st December 2007 from the Group’s foreign-invested enterprises in the PRC. 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 2007.

(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.

附註：

(i) 二零二一年之香港利得稅撥備是按年內之估計應課稅溢利以 16.5% （二零二零年： 16.5% ）之稅率計算。
(ii) 根據相關中國企業所得稅法律、法規及實施指引註釋，適用於本公司之深圳、佛山、上海、武漢、東莞及南沙附屬公司之法定所得稅率為 25% 。
此外，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 5% 適用稅率繳納預扣稅。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。
(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。

157

Annual Report 2020/2021 年度報告

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

6 Income tax in the consolidated

6 綜合損益表之所得稅（續）

statement of profit or loss (Continued)

(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：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Profit before taxation 766,659 679,068
除稅前溢利
Notional tax on profit before taxation, calculated at the
rates applicable to profits in the tax jurisdictions concerned 176,624 136,188
按有關稅項司法管轄區適用之利得稅稅率計算除稅前溢利之名義稅項
Tax effect of non-deductible expenses 19,218 6,211
不可扣減支出之稅項影響
Tax effect of non-taxable revenue (29,320) (3,750)
非課稅收入之稅項影響
Withholding tax of the PRC subsidiaries 15,004 7,499
中國附屬公司之預提稅項
–
Tax effect of unused tax losses not recognised 11,477
未確認之未動用稅務虧損之稅務影響
Tax effect of recognition of tax loss and deductible temporary
differences not previously recognised (1,369) (21,443)
確認先前未確認之稅務虧損及可抵扣暫時差異之稅務影響
Net (over)/under-provision in respect of prior years (1,818) 9,612
以往年度之（高估撥備）╱撥備不足淨額
Tax credit on PRC Corporate Income Tax paid (13,339) (13,431)
已繳中國企業所得稅之稅項抵免
Others 674 (11,409)
其他
Actual tax expense 177,151 109,477
實際稅項支出
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158 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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：

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2021
二零二一年
salaries,
allowances share-
and benefits retirement based
Directors’ in kind Discretionary scheme payments
fees 薪金、津貼及 bonuses contributions sub-total 以股份為 total
董事袍金實物福利酌情發放之花紅退休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
執行董事
Mr. Winston Yau-lai LO 308 6,408 3,932 380 11,028 138 11,166
羅友禮先生
Mr. Roberto GUIDETTI 154 7,405 3,860 386 11,805 6,796 18,601
陸博濤先生
Mr. Eugene LYE 154 2,132 1,031 51 3,368 – 3,368
黎中山先生
non-executive Directors
非執行董事
Ms. Yvonne Mo-ling LO 175 – – – 175 – 175
羅慕玲女士
Mr. Peter Tak-shing LO 175 – – – 175 – 175
羅德承先生
Ms. May LO 196 – – – 196 – 196
羅其美女士
independent non-executive Directors
獨立非執行董事
Dr. The Hon. Sir David Kwok-po LI 477 – – – 477 – 477
李國寶爵士
Mr. Jan P.S. ERLUND 463 – – – 463 – 463
Jan P.S. ERLUND 先生
Mr. Anthony John Liddell NIGHTINGALE 527 – – – 527 – 527
黎定基先生
Mr. Paul Jeremy BROUGH 490 – – – 490 – 490
Paul Jeremy BROUGH 先生
Dr. Roy Chi-ping CHUNG 392 – – – 392 – 392
鍾志平博士
3,511 15,945 8,823 817 29,096 6,934 36,030
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Annual Report 2020/2021 年度報告 159

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

7 Emoluments of Directors (Continued)

7 董事之酬金（續）

根據香港《公司條例》第 383(1) 條及《公司（披露董事利益資料）規例》第 2 部披露之董事酬金如下：（續）

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2020
二零二零年
Salaries,
allowances Share-
and benefits Retirement based
Directors’ in kind Discretionary scheme payments
fees 薪金、津貼及 bonuses contributions Sub-total 以股份為 Total
董事袍金實物福利酌情發放之花紅退休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
執行董事
Mr. Winston Yau-lai LO 300 6,301 5,051 369 12,021 607 12,628
羅友禮先生
Mr. Roberto GUIDETTI 150 7,362 4,955 382 12,849 5,618 18,467
陸博濤先生
Mr. Eugene LYE 150 2,075 1,001 30 3,256 – 3,256
黎中山先生
non-executive Directors
非執行董事
Ms. Yvonne Mo-ling LO 171 – – – 171 – 171
羅慕玲女士
Mr. Peter Tak-shing LO 157 – – – 157 – 157
羅德承先生
Ms. May LO 161 – – – 161 – 161
羅其美女士
independent non-executive Directors
獨立非執行董事
Dr. The Hon. Sir David Kwok-po LI 465 – – – 465 – 465
李國寶爵士
Mr. Jan P.S. ERLUND 452 – – – 452 – 452
Jan P.S. ERLUND 先生
Mr. Anthony John Liddell NIGHTINGALE 464 – – – 464 – 464
黎定基先生
Mr. Paul Jeremy BROUGH 479 – – – 479 – 479
Paul Jeremy BROUGH 先生
Dr. Roy Chi-ping CHUNG 354 – – – 354 – 354
鍾志平博士
3,303 15,738 11,007 781 30,829 6,225 37,054
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160

Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

7 Emoluments of Directors (Continued)

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(q) (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.

7 董事之酬金（續）

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(q)(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被沒收之撥回金額所作之調整。

The details of these benefits in kind, including the principal terms and number of options granted, are disclosed under the paragraph “Share option scheme” in the directors’ report and note 23.

此等實物福利之詳情（包括已授出之購股權之主要條款及數目）於董事會報告「購股權計劃」一段及附註 23 中披露。

8 Individuals with highest emoluments

Of the five individuals with the highest emoluments, two (2020: two) are Directors whose emoluments are disclosed in note 7. The aggregate of the emoluments in respect of the other three (2020: three) individuals are as follows:

8 最高酬金人士

在五名最高酬金人士中，兩名（二零二零年：兩名）為董事，彼等之酬金於附註 7 中披露。其餘三名（二零二零年：三名）人士之酬金總額如下：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Salaries and other emoluments 13,463 12,743
薪金及其他酬金
Retirement scheme contributions 374 383
退休計劃供款
Discretionary bonuses 4,343 3,935
酌情發放之花紅
Share-based payments 4,489 3,135
以股份為基礎之付款
22,669 20,196
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Annual Report 2020/2021 年度報告 161

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

8 Individuals with highest emoluments

8 最高酬金人士（續）

(Continued)

The emoluments of the three (2020: three) individuals with the highest emoluments are within the following bands:

三名（二零二零年：三名）最高酬金人士之酬金介乎以下組別：

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2021 2020
二零二一年二零二零年
number of Number of
individuals individuals
人數人數
$5,500,001 to $6,000,000 – 1
5,500,001 元至 6,000,000 元
– –
$6,000,001 to $6,500,000
6,000,001 元至 6,500,000 元
$6,500,001 to $7,000,000 1 1
6,500,001 元至 7,000,000 元
$7,000,001 to $7,500,000 – 1
7,000,001 元至 7,500,000 元
$7,500,001 to $8,000,000 1 –
7,500,001 元至 8,000,000 元
$8,000,001 to $8,500,000 1 –
8,000,001 元至 8,500,000 元
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9 Other comprehensive income

(a) Tax effects relating to each component of other comprehensive income:

9 其他全面收益

(a) 有關其他全面收益各部份之稅務影響：

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2021 2020
二零二一年二零二零年
Before-tax tax net-of–tax Before-tax Tax Net-of–tax
amount expense amount amount credit amount
除稅前金額稅項費用扣除稅項金額除稅前金額稅務抵免扣除稅項金額
$’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
Exchange differences on translation of financial statements of
– –
subsidiaries and joint venture outside Hong Kong 246,978 246,978 (189,549) (189,549)
因換算香港以外地區附屬公司及合營公司之財務報表而產生的匯
兌差額
Cash flow hedge: net movement in the hedging reserve 1,131 (269) 862 (445) 156 (289)
現金流量對沖：對沖儲備淨變動
Remeasurement of employee retirement benefit liabilities 26,436 (4,259) 22,177 (11,523) 1,872 (9,651)
僱員退休福利負債之重新計量
274,545 (4,528) 270,017 (201,517) 2,028 (199,489)
----- End of picture text -----

162 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

9 Other comprehensive income (Continued)

(b) Components of other comprehensive income:

9 其他全面收益（續）

(b) 其他全面收益之部份：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Cash flow hedges:
現金流量對沖：
Effective portion of changes in fair value of hedging instruments
recognised during the year 11,876 (11,706)
年內確認之對沖工具公允值變動之有效部份
Amounts transferred to initial carrying amount of hedged items (10,745) 11,261
轉撥至對沖項目最初賬面值之金額
Net deferred tax (debited)/credited to other comprehensive income (269) 156
於其他全面收益（扣除）╱計入之遞延稅項淨額
Net movement in the hedging reserve during the year recognised
in other comprehensive income 862 (289)
年內於其他全面收益確認之對沖儲備淨變動
----- End of picture text -----

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 $548,346,000 (2020: $535,878,000) and the weighted average number of 1,064,602,000 ordinary shares (2020: 1,063,203,000 ordinary shares) in issue during the year, calculated as follows:

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 548,346,000 元（二零二零年： 535,878,000 元）及年內已發行普通股之加權平均股數 1,064,602,000 股普通股（二零二零年： 1,063,203,000 股普通股）計算，其計算如下：

Weighted average number of ordinary shares

普通股之加權平均股數

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
number of shares Number of shares
股份數目股份數目
’000 千股 ’000 千股
Issued ordinary shares at 1st April 1,063,778 1,061,582
於四月一日之已發行普通股
Effect of share options exercised 824 1,621
已行使購股權之影響
Weighted average number of ordinary shares at 31st March
(note 10(b)) 1,064,602 1,063,203
於三月三十一日之普通股之加權平均股數（附註 10(b) ）
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Annual Report 2020/2021 年度報告 163

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

10 Earnings per share (Continued)

(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 $548,346,000 (2020: $535,878,000) and the weighted average number of 1,074,231,000 ordinary shares (2020: 1,074,530,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares, calculated as follows:

10 每股盈利（續）

(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 548,346,000 元（二零二零年： 535,878,000 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 1,074,231,000 股普通股（二零二零年： 1,074,530,000 股普通股）計算，其計算如下：

Weighted average number of ordinary shares (diluted)

普通股之加權平均股數（攤薄）

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
number of shares Number of shares
股份數目股份數目
’000 千股 ’000 千股
Weighted average number of ordinary shares at 31st March
(note 10(a)) 1,064,602 1,063,203
於三月三十一日之普通股之加權平均股數（附註 10(a) ）
Effect of deemed issue of ordinary shares under the Company’s
share option scheme for nil consideration 9,629 11,327
假設因根據本公司之購股權計劃以無償方式發行普通股之影響
Weighted average number of ordinary shares (diluted) at 31st March 1,074,231 1,074,530
於三月三十一日之普通股之加權平均股數（攤薄）
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164 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

11 Property, plant and equipment

(a)

11 物業、廠房及設備

(a)

==> picture [485 x 574] intentionally omitted <==

----- Start of picture text -----

Other property, plant and equipment
其他物業、廠房及設備
Land and Factory Fixtures,
buildings machinery furniture
held for and and office
own use equipment equipment Motor Construction Right-of-use Investment
持有作自用之工廠機器及裝置、傢俬及 vehicles in progress Sub-total assets properties Total
土地及樓宇設備辦公室設備汽車在建工程小計使用權資產投資物業總計
$’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:
成本：
At 1st April 2019 997,016 3,047,053 394,658 145,886 421,219 5,005,832 437,567 22,698 5,466,097
於二零一九年四月一日
–
Exchange adjustments (57,418) (172,699) (8,933) (2,960) (40,877) (282,887) (15,072) (297,959)
匯兌調整
Additions 1,149 58,270 64,550 4,470 932,415 1,060,854 69,982 – 1,130,836
添置
Transfer 120,755 235,210 97,506 – (453,471) – – – –
轉撥
– – –
Disposals (43,478) (29,238) (8,697) (81,413) (1,620) (83,033)
出售
At 31st March 2020 1,061,502 3,124,356 518,543 138,699 859,286 5,702,386 490,857 22,698 6,215,941
於二零二零年三月三十一日
accumulated depreciation and
impairment losses:
累計折舊及減值虧損：
–
At 1st April 2019 447,423 1,492,563 224,738 81,858 2,246,582 15,966 19,070 2,281,618
於二零一九年四月一日
– –
Exchange adjustments (19,536) (76,487) (4,299) (1,939) (102,261) (1,523) (103,784)
匯兌調整
Charge for the year 31,782 225,243 42,047 11,845 – 310,917 90,998 126 402,041
本年度折舊
– – – – –
Reversal of impairment losses (1,011) (1,398) (2,409) (2,409)
撥回減值虧損
– – –
Written back on disposals (38,713) (27,924) (6,729) (73,366) (164) (73,530)
出售時撥回
At 31st March 2020 459,669 1,601,595 233,164 85,035 – 2,379,463 105,277 19,196 2,503,936
於二零二零年三月三十一日
net book value:
賬面淨值：
At 31st March 2020 601,833 1,522,761 285,379 53,664 859,286 3,322,923 385,580 3,502 3,712,005
於二零二零年三月三十一日
----- End of picture text -----

Annual Report 2020/2021 年度報告 165

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

11 Property, plant and equipment (Continued)

(a) (Continued)

11 物業、廠房及設備（續）

(a) （續）

==> picture [483 x 365] intentionally omitted <==

----- Start of picture text -----

other property, plant and equipment
其他物業、廠房及設備
land and factory fixtures,
buildings machinery furniture
held for and and office
own use equipment equipment motor construction right-of-use investment
持有作自用之工廠機器及裝置、傢俬及 vehicles in progress sub-total assets properties total
土地及樓宇設備辦公室設備汽車在建工程小計使用權資產投資物業總計
$’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:
成本：
At 1st April 2020 1,061,502 3,124,356 518,543 138,699 859,286 5,702,386 490,857 22,698 6,215,941
於二零二零年四月一日
–
Exchange adjustments 96,937 248,134 12,733 3,662 49,598 411,064 20,395 431,459
匯兌調整
Additions 59 42,349 67,269 17,547 495,549 622,773 77,159 – 699,932
添置
Transfer 511,385 833,262 19,814 – (1,364,461) – – – –
轉撥
–
Disposals (1,427) (41,058) (19,996) (2,755) (78) (65,314) (54,421) (119,735)
出售
At 31st March 2021 1,668,456 4,207,043 598,363 157,153 39,894 6,670,909 533,990 22,698 7,227,597
於二零二一年三月三十一日
----- End of picture text -----

166

Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

11 Property, plant and equipment (Continued)

(a) (Continued)

11 物業、廠房及設備（續） (a) （續）

==> picture [485 x 452] intentionally omitted <==

----- Start of picture text -----

other property, plant and equipment
其他物業、廠房及設備
land and factory fixtures,
buildings machinery furniture
held for and and office
own use equipment equipment motor construction right-of-use investment
持有作自用之工廠機器及裝置、傢俬及 vehicles in progress sub-total assets properties total
土地及樓宇設備辦公室設備汽車在建工程小計使用權資產投資物業總計
$’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
accumulated depreciation and
impairment losses:
累計折舊及減值虧損：
–
At 1st April 2020 459,669 1,601,595 233,164 85,035 2,379,463 105,277 19,196 2,503,936
於二零二零年四月一日
– –
Exchange adjustments 27,725 113,175 5,422 2,413 148,735 3,066 151,801
匯兌調整
Charge for the year 49,047 267,617 54,454 12,555 – 383,673 103,391 126 487,190
本年度折舊
– – – –
Impairment losses 25,250 3,715 28,965 6,864 35,829
減值虧損
– –
Written back on disposals (590) (35,646) (18,633) (2,603) (57,472) (36,405) (93,877)
出售時撥回
At 31st March 2021 535,851 1,971,991 278,122 97,400 – 2,883,364 182,193 19,322 3,084,879
於二零二一年三月三十一日
net book value:
賬面淨值：
At 31st March 2021 1,132,605 2,235,052 320,241 59,753 39,894 3,787,545 351,797 3,376 4,142,718
於二零二一年三月三十一日
----- End of picture text -----

Annual Report 2020/2021 年度報告 167

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

11 Property, plant and equipment (Continued)

(a) (Continued)

Government grants of $6,460,000 (2020: $22,071,000) were received from the PRC government in relation to the acquisition of plant and equipment and were netted off against the cost of the related assets during the year.

During the year, the carrying amounts of certain items of property, plant and equipment were written down by $35,829,000 to their recoverable amounts as follows (the recoverable amounts were estimated using the higher of fair value less costs of disposal and value in use):

(i) The impact of COVID-19 led to a number of school closures in Hong Kong which in turn impacted the Group’s Vitaland tuckshop business. While schools began to reopen intermittently since the second calendar quarter of 2020, management has identified certain tuckshops which continued to under-perform. Consequently, following an assessment of future performance of each relevant tuckshop, an impairment charge in respect of right-of-use assets ($6,864,000) and other property, plant and equipment ($4,054,000) was recognised during the year under “other operating expenses”. The aggregate recoverable amounts of the affected tuckshops subject to impairment amounted to $4,281,000, which was determined based on the valuein-use of right-of-use assets and other property, plant and equipment of individual tuckshops using a discount rate of 9%.
(ii) An impairment charge of $24,911,000 was recognised during the year reflecting the cessation of usage and obsolescence of various items of property, plant and equipment in Hong Kong and China.

11 物業、廠房及設備（續）

(a) （續）

年內從中國政府收取有關購置廠房及設備的政府補助 6,460,000 元（二零二零年： 22,071,000 元）已從相關資產之成本扣除。

於年內，若干物業、廠房及設備之賬面值撇減 35,829,000 元至下列之彼等可收回金額（可收回金額按公允值減去出售成本及使用價值兩者中之較高者所估算）：

(i) 2019 冠狀病毒病疫情已導致香港眾多學校停課，進而影響了本集團的維他天地學校小賣部業務。儘管學校自二零二零年第二曆季開始間歇性地重新復課，但管理層已識別出若干小賣部表現持續欠佳。因此，經評估每個相關小賣部的未來表現後，已於「其他經營費用」確認 6,864,000 元有關使用權資產及 4,054,000 元有關其他物業、廠房及設備之減值費用。須予減值之受影響小賣部之可收回總額為 4,281,000 元，該金額乃根據個別小賣部之使用權資產及其他物業、廠房及設備之使用價值按 9% 之折現率釐定。
(ii) 於年內確認 24,911,000 元減值費用反映多個香港及中國之物業、廠房及設備停止營運及已陳舊過時。

168 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

11 Property, plant and equipment (Continued)

(b) Right-of-use assets

The analysis of the net book value of right-of-use assets by class of underlying asset is as follows:

11 物業、廠房及設備（續）

(b) 使用權資產

按相關資產分類之使用權資產之賬面淨值分析如下︰

==> picture [485 x 266] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Interests in leasehold land held for own use, carried at depreciated
cost, with remaining lease term of:
持作自用之租賃土地權益（按折舊成本列賬）之餘下租期︰
– 50 years or more 6,643 6,385
– 50 年或以上
– between 10 and 50 years 171,178 161,190
– 10 至 50 年之間
177,821 167,575
Other properties leased for own use, carried at depreciated cost 171,909 216,096
租賃作自用之其他物業（按折舊成本列賬）
Factory machinery and equipment, carried at depreciated cost 2,067 1,909
工廠機器及設備（按折舊成本列賬）
351,797 385,580
----- End of picture text -----

Annual Report 2020/2021 年度報告 169

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

11 Property, plant and equipment (Continued)

(b) Right-of-use assets (Continued)

The analysis of expense items in relation to leases recognised in profit or loss is as follows:

11 物業、廠房及設備（續）

(b) 使用權資產（續）

與於損益確認之租賃相關之開支項目分析如下︰

==> picture [485 x 412] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Depreciation charge of right-of-use assets by class of underlying asset:
按相關資產分類之使用權資產之折舊費用：
– Ownership interests in leasehold land held for own use 3,966 3,872
– 持有作自用之租賃土地擁有權權益
– Other properties leased for own use 98,827 86,846
– 租賃作自用之其他物業
– Factory machinery and equipment 598 280
– 工廠機器及設備
103,391 90,998
Interest on lease liabilities (note 5(a)) 8,137 8,599
租賃負債之利息（附註 5(a) ）
Expense relating to short-term leases and other leases with
remaining lease term ending on or before 31st March 2020 31,214 59,678
有關短期租賃及其他餘下租期
於二零二零年三月三十一日或之前完結之租賃之開支
Expense relating to leases of low-value assets, excluding
short-term leases of low-value assets 2,792 2,526
有關低價值資產租賃之開支（低價值資產之短期租賃除外）
Variable lease payments not included in the measurement
of lease liabilities 11,778 27,181
不計入租賃負債計量之可變租賃付款
COVID-19-related rent concessions (25,438) –
2019 冠狀病毒病相關租金寛減
----- End of picture text -----

170 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

11 Property, plant and equipment (Continued)

(b) Right-of-use assets (Continued)

The Group leases various warehouses, offices, factory machinery and equipment for use in its operations. The leases included in right-of-use assets typically run for an initial period of more than one year to five years. Some leases include an option to renew the lease for an additional period after the end of the contract term. Where practicable, the Group seeks to include such extension options exercisable by the Group to provide operational flexibility. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. If the Group is not reasonably certain to exercise the extension options, the future lease payments during the extension periods are not included in the measurement of lease liabilities. The potential exposure to these future lease payments is summarised below:

11 物業、廠房及設備（續）

(b) 使用權資產（續）

本集團租用多個倉庫、辦公室、工廠機器及設備供其營運使用。計入使用權資產之租賃一般初步為期超過一年至五年。部分租賃可於合約年期完結時選擇重續額外租期。在切實可行之情況下，本集團力求包括本集團可行使之有關延期選項，以提供運營靈活性。本集團於租賃開始日期評估是否合理肯定行使延期選項。倘本集團未能合理肯定行使延期選項，於延期期間之未來租賃付款不會計入租賃負債之計量。該等未來租賃付款之潛在風險概述如下：

==> picture [483 x 175] intentionally omitted <==

----- Start of picture text -----

potential future lease payments
under extension options not
lease liabilities recognised included in lease liabilities
(discounted) (undiscounted)
已確認之租賃負債（已折現）延期選項下之未計入租賃負債之潛
在未來租賃付款（未折現）
2021 2020 2021 2020
二零二一年二零二零年二零二一年二零二零年
$’000 千元 $’000 千元 $’000 千元 $’000 千元
Warehouse – Hong Kong 96,034 126,966 120,191 120,191
倉庫 – 香港
----- End of picture text -----

In addition, the Group is the registered owner of several plots of leasehold land, in respect of which upfront lump sum payments were made to acquire them.

此外，本集團為數塊租賃土地之註冊持有人，已就此提前作出一次性付款收購該等土地。

During the year, additions to right-of-use assets were $77,159,000 (2020: $69,982,000). This amount primarily related to the capitalised lease payments payable under new tenancy agreements.

年內，添置至使用權資產為 77,159,000 元（二零二零年： 69,982,000 元）。該款項主要與新租賃協議項下資本化租賃付款有關。

Details of total cash outflow for leases and the maturity analysis of lease liabilities are set out in notes 18(d) and 21, respectively.

有關租賃之現金流出總額及租賃負債之到期分析分別載列於附註 18(d) 及 21 。

As disclosed in note 1(c). the Group has early adopted the Amendment to HKFRS 16, Covid-19-Related Rent Concessions , and has applied the practical expedient introduced by the Amendment to all eligible rent concessions received by the Group during the year, with COVID-19-related rent concessions of $20,902,000 was recognised in “Other income” accordingly.

誠如附註 1(c) 所披露，本集團已提早採納《香港財務報告準則》第 16 號（修訂本）「 2019 冠狀病毒病相關租金寬減」，並已將修訂本所引入之可行權宜方法應用於本集團於年內收取之所有合資格租金寬減，而 2019 冠狀病毒病相關租金寬減 20,902,000 元已相應於「其他收入」中確認。

171

Annual Report 2020/2021 年度報告

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

11 Property, plant and equipment (Continued)

(c) 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 two 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.

11 物業、廠房及設備（續）

(c) 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。該等租賃初步為期兩年，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。

The Group’s undiscounted lease payments under non-cancellable operating lease are receivable as follows:

本集團根據不可解除之經營租賃應收之未折現租賃付款如下：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Within one year 1,683 4,038
一年內
–
After one year but within two years 1,683
一年後但兩年內
Total 1,683 5,721
總額
----- End of picture text -----

(d) The fair value of investment properties

The fair value of investment properties at 31st March 2021 is $63,100,000 (2020: $62,500,000) which is estimated at their open market value by reference to recent market transactions in comparable properties (2020: same basis of valuation adopted). The valuation was carried out by an independent firm of surveyors, Roma Appraisals Limited, who have among their staff members of the Hong Kong Institute of Surveyors with recent experience in the location and category of the properties being valued.

(d) 投資物業之公允值

投資物業於二零二一年三月三十一日之公允值為 63,100,000 元（二零二零年： 62,500,000 元），此乃經參考可比較物業之近期市場交易後按公開市場價值進行估計（二零二零年：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。

172 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

11 Property, plant and equipment (Continued)

(d) The fair value of investment properties

11 物業、廠房及設備（續）

(d) 投資物業之公允值（續）

(Continued)

The fair value measurement is categorised as a Level 3 valuation under the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement . The level into which a fair value measurement is classified is determined with reference to observability and significance of the inputs used in the valuation technique as follows:

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.

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 (2020: 0.95 to 1.05). The fair value measurement is positively correlated to the property-specific adjusting rate.

(e) Property, plant and equipment pledged against bank loans

At the end of the reporting period, no property, plant and equipment of the Group are pledged to secure bank loans or bank facilities granted to the Group.

(f) Deposits for the acquisition of property, plant and equipment

As at 31st March 2021, the Group paid deposits totalling $2,404,000 (2020: $548,000) to acquire property, plant and equipment. The remaining amount of the consideration for the acquisition is included in capital commitments (note 27(a)).

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。

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 （二零二零年： 0.95 至 1.05 ）。公允值計量與個別物業調整率之間成正向關係。

(e) 就銀行貸款抵押之物業、廠房及設備

於匯報日，本集團概無抵押任何物業、廠房及設備，以擔保本集團獲授之銀行貸款或銀行信貸。

(f) 購置物業、廠房及設備之訂金

於二零二一年三月三十一日，本集團為購置物業、廠房及設備而支付訂金合共 2,404,000 元（二零二零年： 548,000 元）。購置代價之餘下金額計入資本承擔（附註 27(a) ）。

Annual Report 2020/2021 年度報告 173

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

12 Intangible assets

12 無形資產

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----- Start of picture text -----

Pollution
discharge
Brand name Customer list right Total
品牌名稱客戶名單排污權總計
$’000 千元 $’000 千元 $’000 千元 $’000 千元
cost:
成本：
–
At 1st April 2019 7,593 10,958 18,551
於二零一九年四月一日
Addition – – 1,157 1,157
添置
–
Exchange adjustments (466) (29) (495)
匯兌調整
At 31st March 2020 7,127 10,958 1,128 19,213
於二零二零年三月三十一日
accumulated amortisation:
累計攤銷：
–
At 1st April 2019 4,176 10,958 15,134
於二零一九年四月一日
–
Exchange adjustments (272) (5) (277)
匯兌調整
Charge for the year 372 – 174 546
本年度攤銷
At 31st March 2020 4,276 10,958 169 15,403
於二零二零年三月三十一日
net book value:
賬面淨值：
At 31st March 2020 2,851 – 959 3,810
於二零二零年三月三十一日
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174 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

12 Intangible assets (Continued)

12 無形資產（續）

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----- Start of picture text -----

pollution
discharge
Brand name customer list right total
品牌名稱客戶名單排污權總計
$’000 千元 $’000 千元 $’000 千元 $’000 千元
cost:
成本：
At 1st April 2020 7,127 10,958 1,128 19,213
於二零二零年四月一日
Addition – – 286 286
添置
Exchange adjustments 456 – 107 563
匯兌調整
At 31st March 2021 7,583 10,958 1,521 20,062
於二零二一年三月三十一日
accumulated amortisation:
累計攤銷：
At 1st April 2020 4,276 10,958 169 15,403
於二零二零年四月一日
Exchange adjustments 280 – 24 304
匯兌調整
Charge for the year 373 – 285 658
本年度攤銷
At 31st March 2021 4,929 10,958 478 16,365
於二零二一年三月三十一日
net book value:
賬面淨值：
At 31st March 2021 2,654 – 1,043 3,697
於二零二一年三月三十一日
----- End of picture text -----

The amortisation charges of brand name and pollution discharge right are included in “other operating expenses” and “administrative expenses” in the consolidated statement of profit or loss respectively.

品牌名稱及排污權之攤銷費用已分別計入綜合損益表之「其他經營費用」及「行政費用」內。

Annual Report 2020/2021 年度報告 175

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

13 Goodwill

13 商譽

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
cost:
成本：
At 1st April 34,501 36,751
於四月一日
Exchange adjustments 2,203 (2,250)
匯兌調整
At 31st March 36,704 34,501
於三月三十一日
accumulated impairment losses:
累計減值虧損：
At 1st April 17,250 18,376
於四月一日
Exchange adjustments 1,102 (1,126)
匯兌調整
At 31st March 18,352 17,250
於三月三十一日
carrying amount:
賬面值：
At 31st March 18,352 17,251
於三月三十一日
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176 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

13 Goodwill (Continued)

Impairment testing for cash-generating unit containing goodwill

Goodwill arose from the acquisition of the entire share capital of Vitasoy International Singapore Pte. Ltd. (“VIS”).

13 商譽（續）包含商譽之現金產生單位之減值測試

商譽因收購 Vitasoy International Singapore Pte. Ltd. （「 VIS 」）之全部股本而產生。

The recoverable amount of the VIS 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 five-year period (2020: five-year period). Cash flows beyond the five-year period (2020: five-year period) are extrapolated using an annual growth rate of 3% (2020: 3%). The growth rate does not exceed the long-term average growth rate for the business in which the VIS operation operates.

VIS 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五年期（二零二零年：五年期）財政預算得出之現金流量預測。五年期（二零二零年：五年期）以後之現金流量則使用 3% （二零二零年： 3% ）之年增長率推算。該增長率不超過 VIS 業務所經營業務之長期平均增長率。

Key assumptions used for the value-in-use calculation:

計算使用價值時採用之主要假設如下：

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2021 2020
二零二一年二零二零年
– Gross margin 34.3% 34.0%
– 毛利率
– Average annual sales growth rate for the five-year period 10.6% 9.4%
– 五年期之平均年銷售增長率
– Pre-tax discount rate 8.8% 8.8%
– 除稅前折現率
----- End of picture text -----

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.

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。

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。

Annual Report 2020/2021 年度報告 177

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

14 Subsidiaries

The following list contains the particulars of the subsidiaries of the Group. The class of shares held is ordinary unless otherwise stated.

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。

All of these are controlled subsidiaries as defined under note 1(d) and have been consolidated into the Group’s financial statements.

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。

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----- Start of picture text -----

place of particulars of proportion of ownership interest
incorporation/ issued and 擁有權權益比率
establishment paid-up
and operation capital held by the held by a
name of company 註冊成立╱ 已發行及繳足 company subsidiary principal activities
公司名稱成立及營業地點股本詳情本公司持有附屬公司持有主要業務
% %
Vitasoy USA Inc. United States of 100 shares – 100 Sale of beverages
America 100 股股份銷售飲品
美利堅合眾國
Vitasoy North America Inc. Canada 1,000 shares 100 – Sale of beverages
加拿大 1,000 股股份銷售飲品
Shenzhen Vitasoy (Guang Ming) Foods and The PRC RMB80,000,000 85 – Manufacture and
Beverage Company Limited (note (i)) 中國人民幣 sale of beverages
深圳維他（光明）食品飲料有限公司（附註 (i) ） 80,000,000 元生產及銷售飲品
Vitasoy (Dongguan) Company Limited The PRC RMB335,000,000 – 85 Manufacture and
(note (ii)) 中國人民幣 sale of beverages
維他奶（東莞）有限公司（附註 (ii) ） 335,000,000 元生產及銷售飲品
Vitasoy (Foshan) Company Limited (note (iii)) The PRC RMB200,000,000 – 85 Manufacture and
維他奶（佛山）有限公司（附註 (iii) ）中國人民幣 sale of beverages
200,000,000 元生產及銷售飲品
Vitasoy (Shanghai) Company Limited The PRC HK$219,461,176 – 100 Manufacture and
(note (iv)) 中國港幣 sale of beverages
維他奶（上海）有限公司（附註 (iv) ） 219,461,176 元生產及銷售飲品
Vitasoy (Wuhan) Company Limited (note (v)) The PRC RMB170,000,000 – 100 Manufacture and
維他奶（武漢）有限公司（附註 (v) ）中國人民幣 sale of beverages
170,000,000 元生產及銷售飲品
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178 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

14 Subsidiaries (Continued)

14 附屬公司（續）

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----- Start of picture text -----

place of particulars of proportion of ownership interest
incorporation/ issued and 擁有權權益比率
establishment paid-up
and operation capital held by the held by a
name of company 註冊成立╱ 已發行及繳足 company subsidiary principal activities
公司名稱成立及營業地點股本詳情本公司持有附屬公司持有主要業務
% %
Vitasoy Company Limited (note (vi)) The PRC RMB100,000,000 – 100 Sales/distribution
維他奶有限公司（附註 (vi) ）中國人民幣 of beverages/food
100,000,000 元 and headquarter
management
service
(Mainland China)
銷售╱分銷飲品╱
食品及總部管理
服務（中國內地）
Vitasoy Australia Products Pty. Ltd. (“VAP”) Australia V class shares: – 51 Manufacture and
（「 VAP 」）澳洲 A$8,925,000 sale of beverages
N class shares: 生產及銷售飲品
A$8,575,000
V 類股：
8,925,000 澳元
N 類股：
8,575,000 澳元
Vitasoja (Macau) Limitada Macau MOP100,000 100 – Distribution of
維他奶（澳門）有限公司澳門澳門幣 100,000 元 beverages
分銷飲品
Produtos De Soja Hong Kong (Macau) Macau MOP10,000 – 100 Dormant
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 Products Company, Hong Kong 2 shares 100 – Property
Limited 香港 2 股股份 investment
香港荳品有限公司物業投資
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Annual Report 2020/2021 年度報告 179

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

14 Subsidiaries (Continued)

14 附屬公司（續）

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----- Start of picture text -----

place of particulars of proportion of ownership interest
incorporation/ issued and 擁有權權益比率
establishment paid-up
and operation capital held by the held by a
name of company 註冊成立╱ 已發行及繳足 company subsidiary principal activities
公司名稱成立及營業地點股本詳情本公司持有附屬公司持有主要業務
% %
Vitasoy (China) Holdings Limited Hong Kong 1 share 100 – Investment holding
維他奶（中國）控股有限公司香港 1 股股份投資控股
Vitasoy Investment Holdings Limited Hong Kong 1 share 100 – Investment holding
維他奶投資控股有限公司香港 1 股股份投資控股
Vita International Holdings Limited Hong Kong 2 shares 100 – Investment holding
維他國際集團有限公司香港 2 股股份投資控股
Vitasoy International Investment Limited Hong Kong 1 share 100 – Investment holding
維他奶國際投資有限公司香港 1 股股份投資控股
Vitasoy (China) Investments Company Limited Hong Kong 2 shares 100 – Investment holding
維他奶（中國）投資有限公司香港 2 股股份投資控股
Vitasoy Holdings (Malta) Limited Malta Ordinary shares: – 100 Sales of beverages
馬爾他 HK$20,257 銷售飲品
Deferred share: HK$7
普通股：港幣
20,257 元
遞延股份：港幣 7 元
Vitasoy Investment (Singapore) Pte. Limited Singapore S$10,000 – 100 Investment holding
新加坡 10,000 坡元投資控股
Vitasoy International Singapore Pte. Ltd. (“VIS”) Singapore S$79,800,000 – 100 Manufacture and
（「 VIS 」）新加坡 79,800,000 坡元 sale of soya related
products
生產及銷售
豆製產品
Vitasoy Distributors (Singapore) Pte. Ltd. Singapore S$2,500,000 100 – Dormant
新加坡 2,500,000 坡元暫無營業
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180 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

14 Subsidiaries (Continued)

Notes:

(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 2049.
(ii) Vitasoy (Dongguan) Company Limited (“Vitasoy Dongguan”) is a sino-foreign equity joint venture established in the PRC and is to be operated up to 2067.
(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 2049.
(iv) Vitasoy (Shanghai) Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to 2045.
(v) Vitasoy (Wuhan) Company Limited (“Vitasoy Wuhan”) is a wholly foreign owned subsidiary established in the PRC and is to be operated up to 2064.
(vi) Vitasoy Company Limited is a wholly foreign owned subsidiary established in the PRC and is to be operated up to 2070.

14 附屬公司（續）

附註：

(i) 深圳維他（光明）食品飲料有限公司（「深圳維他奶」）為於中國成立之中外合資合營公司，經營期至二零四九年止。
(ii) 維他奶（東莞）有限公司（「東莞維他奶」）為於中國成立之中外合資合營公司，經營期至二零六七年止。
(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公司，經營期至二零四九年止。
(iv) 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。
(v) 維他奶（武漢）有限公司（「武漢維他奶」）為於中國成立之全外資附屬公司，經營期至二零六四年止。
(vi) 維他奶有限公司為於中國成立之全外資附屬公司，經營期至二零七零年為止。

Annual Report 2020/2021 年度報告 181

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

14 Subsidiaries (Continued)

The following table lists out the information relating to Shenzhen Vitasoy, Vitasoy Dongguan, Vitasoy Foshan and VAP, the subsidiaries of the Group which have material non-controlling interests (“NCI”). The summarised financial information presented below represents the amounts before any inter-company elimination.

14 附屬公司（續）

下表載列有關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、東莞維他奶、佛山維他奶及 VAP 之資料。下文呈列之財務資料概要指作出任何公司間撇銷前之金額。

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----- Start of picture text -----

shenzhen Vitasoy Vitasoy Dongguan Vitasoy foshan Vap
深圳維他奶東莞維他奶佛山維他奶
2021 2020 2021 2020 2021 2020 2021 2020
二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年
$’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
nci percentage 15% 15% 15% 15% 15% 15% 49% 49%
非控股權益百分比
current assets 197,029 131,157 268,993 222,744 279,521 270,429 224,872 186,118
流動資產
non-current assets 96,054 150,739 1,284,367 763,833 491,215 505,854 241,413 203,968
非流動資產
current liabilities (45,339) (46,670) (736,563) (305,036) (169,161) (213,194) (124,862) (132,305)
流動負債
non-current liabilities (3,780) (4,466) (442,267) (329,999) (27,021) (22,721) (10,772) (8,214)
非流動負債
net assets 243,964 230,760 374,530 351,542 574,554 540,368 330,651 249,567
淨資產
carrying amount of nci 36,445 34,376 56,178 52,731 87,006 80,470 161,192 122,137
非控股權益之賬面值
revenue 550,503 526,490 197,746 – 1,175,202 959,895 539,771 509,455
收入
profit/(loss) for the year 52,439 39,463 (7,113) (10,678) 146,065 85,006 23,738 26,295
本年度溢利╱（虧損）
total comprehensive income/(loss) 52,439 39,463 (7,113) (10,678) 146,065 85,006 19,263 28,232
全面收益╱（虧損）總額
profit/(loss) allocated to nci 7,954 6,963 (1,067) (1,602) 23,319 15,589 10,956 12,763
分配至非控股權益之溢利╱（虧損）
– – –
Dividend paid to nci 8,532 11,784 22,919 16,844 9,031
向非控股權益派發股息
cash flows generated from operating
activities 24,694 88,842 457,123 43,491 194,459 147,799 67,531 13,861
經營活動所得現金流量
cash flows generated from/(used in)
investing activities 40,460 (12,300) (490,601) (586,962) (27,818) (52,512) (7,640) (12,251)
投資活動所得╱（所用）現金流量
cash flows (used in)/generated from
financing activities (60,783) (76,176) (17,871) 619,589 (166,310) (95,469) (65,162) (2,176)
融資活動（所用）╱所得現金流量
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182 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

15 Interest in joint venture

Details of the Group’s interest in the joint venture, which is accounted for using the equity method in the consolidated financial statements, are as follows:

15 於合營公司之權益

本集團於合營公司之權益（其採用權益法於綜合財務報表內入賬）詳情如下：

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proportion of ownership interest
擁有權權益比率
place of particular of group’s
form of incorporation issued and effective
name of joint business and business paid-up capital interest Held by the Held by a principal
venture structure 註冊成立及已發行及繳足本集團之 company subsidiary activity
合營公司名稱業務架構形式營業地點股本詳情實際權益本公司持有附屬公司持有主要業務
% % %
Vitasoy – URC, Incorporated The Republic of Registered 50 – 50 Sale of
Inc. (“VUR”) 註冊成立 the Philippines capital of beverages
（「 VUR 」）菲律賓共和國 PHP 842,000,000 (note)
（「菲律賓」）註冊股本銷售飲品
842,000,000 比索（附註）
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Note: VUR was established by the Company in partnership with a major branded consumer food and beverage company in the Philippines, the other investor to this joint venture, for the manufacture and sale of the Group’s plant-based beverages in the Philippines. VUR is mainly engaged in the sale of beverages.

附註： VUR 由本公司與一家菲律賓主要品牌消費飲品食品公司（為該合營公司之另一名投資者）合夥成立，以於菲律賓生產及銷售本集團以植物成分為主之飲品。 VUR 主要從事飲品銷售。

VUR, the only joint venture in which the Group participates, is an unlisted corporate entity whose quoted market price is not available.

VUR （本集團唯一參與之合營公司）為一間非上市企業實體，且並無市場報價。

Annual Report 2020/2021 年度報告 183

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

15 Interest in joint venture (Continued)

Summarised financial information of VUR and a reconciliation to the carrying amount in the consolidated financial statements, is disclosed below:

15 於合營公司之權益（續）

VUR 之財務資料概要及與綜合財務報表之賬面值之對賬披露如下︰

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
gross amounts of VUr’s
VUR 之總額
Current assets 78,334 76,372
流動資產
Non-current assets 114,888 125,057
非流動資產
Current liabilities (103,563) (96,415)
流動負債
Non-current liabilities (116,198) (87,572)
非流動負債
Equity (26,539) 17,442
權益
Included in the above assets and liabilities:
已計入上述資產及負債︰
Cash and cash equivalents 35,556 25,136
現金及現金等值項目
–
Current financial liabilities (excluding trade and other payables) (1,239)
流動金融負債（不包括應付賬款及其他應付款）
Non-current financial liabilities (excluding trade and other payables) (116,198) (87,572)
非流動金融負債（不包括應付賬款及其他應付款）
Revenue 40,480 41,936
收入
Loss from continuing operations (44,484) (34,866)
持續經營虧損
reconciled to the group’s interest in VUr
與本集團於 VUR 之權益對賬
Gross amounts of VUR’s net (liabilities)/assets (26,539) 17,442
VUR 之淨（負債）╱資產總值
Group’s effective interest 50% 50%
本集團之實際權益
Group’s share of VUR’s net (liabilities)/assets (13,270) 8,721
本集團所佔 VUR 淨（負債）╱資產
Group’s share of shareholders’ loan (note (i)) 56,070 53,305
本集團所佔股東貸款（附註 (i) ）
42,800 62,026
–
Recognition of impairment loss (note (ii)) (42,800)
確認減值虧損（附註 (ii) ）
–
Carrying amount in the consolidated financial statements 62,026
綜合財務報表之賬面值
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184 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

15 Interest in joint venture (Continued)

Note:

15 於合營公司之權益（續）

附註：

(i) The loan to the joint venture is unsecured, interest bearing at 4.75% per annum and is expected to be repayable after one year from the end of the respective reporting period. Further details on the loan to joint venture are set out in note 28(a)(iv).
(i) 向合營公司借出之貸款為無抵押，按每年 4.75% 計息，並預期須於各匯報日起計一年後償還。向合營公司借出之貸款之進一步詳情載於附註 28(a)(iv) 。
(ii) The COVID-19 pandemic has resulted in extended periods of lockdown, reduced mobility, negatively impacting product demand in the Philippines. COVID-19 continues to impact the Philippines and adversely affect the joint venture’s prospects. Management is of the view that the impact of COVID-19 will be felt for some time, which is reflected in revised sales projections. The recoverable amount of the investment was determined based on its value-in-use. The calculation used discounted cash flow projections that are based on business plans prepared by management, reflecting the performance to date and the pandemic recovery assumptions for future revenue growth. Cash flows beyond the forecast period are extrapolated using an annual growth rate of 2%.
(ii) 2019 冠狀病毒病疫情已導致封城期延長、人流減少，對菲律賓的產品需求造成負面影響。 2019 冠狀病毒病持續影響菲律賓並對合資公司的前景造成不利影響。管理層認為， 2019 冠狀病毒病的影響將持續一段時間，而這已反映在經修訂的銷售預測中。投資項目的可收回金額根據其使用價值釐定。有關計算使用的現金流量預測是根據管理層所編製的業務計劃作出。該等業務計劃反映迄今為止的最新發展以及對疫情復甦後的未來收益增長的假設。預測期以後的現金流量則使用 2% 之年增長率推算。

Key assumptions used for the value-in-use calculation:

計算使用價值時採用之主要假設如下：

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2021
二零二一年
– Gross margin 17%
– 毛利率
– Average annual sales growth rate 15%
– 平均年銷售增長率
– Pre-tax discount rate 14%
– 除稅前折現率
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Management determined the budgeted gross margin and sales growth rate based on past performance and its expectation for market development taking into account the impact of COVID-19. The discount rate used is pre-tax and reflects specific risks relating to the business of the joint venture.

管理層根據過去的表現及考慮到 2019 冠狀病毒病對市場發展的預期，釐定了預算毛利率及銷售增長率。所使用的折現率為稅前及反映有關合營公司業務特定風險。

An impairment charge of $42,800,000 was recognised during the year after considering the adverse impact of COVID-19 on future sales projections. As at 31st March 2020, management assessed that there was no indication of impairment, having considered that the joint venture was in the early start-up stage and the operation in Philippines was not severely affected by the pandemic.

經考慮 2019 冠狀病毒病對未來銷售預測的不利影響後，年內已確認 42,800,000 元的減值開支。於二零二零年三月三十一日，管理層考慮到合營公司處於起步階段，而菲律賓的業務並未受到疫情嚴重影響，因此評定並無減值跡象。

Annual Report 2020/2021 年度報告 185

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

16 Inventories

(a) Inventories in the consolidated statement of financial position comprise:

16 存貨

(a) 綜合財務狀況表中之存貨包括：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Raw materials 416,951 344,309
原材料
Finished goods 308,575 249,250
製成品
725,526 593,559
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(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：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Carrying amounts of inventories sold 3,559,688 3,380,522
已售存貨之賬面值
Write down of inventories 6,796 9,056
撇減存貨
3,566,484 3,389,578
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186 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

17 Trade and other receivables

17 應收賬款及其他應收款

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Trade debtors and bills receivable, net of loss allowance 819,987 707,687
應收賬款及應收票據，扣除虧損撥備
Other debtors, deposits and prepayments 374,121 300,683
其他應收款、按金及預付款項
Derivative financial instruments – 501
衍生金融工具
1,194,108 1,008,871
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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 $45,680,000 (2020: $34,648,000). 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 45,680,000 元（二零二零年： 34,648,000 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。

(a) Ageing analysis

As of the end of the reporting period, the ageing analysis of trade debtors and bills receivable (which are included in trade and other receivables), based on the invoice date and net of loss allowance, is as follows:

(a) 賬齡分析

於匯報日，應收賬款及應收票據（已包括於應收賬款及其他應收款內）按發票日期及已扣除虧損撥備之賬齡分析如下：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Within three months 803,401 698,888
三個月內
Three to six months 11,163 7,897
三至六個月
Over six months 5,423 902
六個月以上
819,987 707,687
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Trade debtors and bills receivable are generally due within one to three months from the date of billing. The Group does not hold any collateral over these balances. Further details on the Group’s credit policy and credit risk arising from trade debtors and bills receivable are set out in note 26(a).

應收賬款及應收票據一般於發票日期起計一至三個月內到期。本集團並無就此等結餘持有任何抵押品。有關本集團信貸政策及自應收賬款及應收票據而產生之信貸風險之進一步詳情載於附註 26(a) 。

Annual Report 2020/2021 年度報告 187

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

18 Cash and bank deposits

(a) Cash and bank deposits comprise:

18 現金及銀行存款 (a) 現金及銀行存款包括：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Cash at bank and in hand 595,153 776,855
銀行結存及庫存現金
Bank deposits maturing within three months when placed 374,873 70,954
存款期於三個月內之銀行存款
Cash and cash equivalents in the consolidated cash flow statement 970,026 847,809
綜合現金流量表內之現金及現金等值項目
Bank deposits maturing after three months 496 466
存款期超過三個月之銀行存款
Cash and bank deposits in the consolidated statement of
financial position 970,522 848,275
綜合財務狀況表內之現金及銀行存款
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At 31st March 2021, certain Renminbi (2020: Renminbi and United States dollars) bank balances totalling $133,161,000 (2020: $81,729,000) were designated as a hedge against the foreign currency risk on future purchase of raw materials and machineries. The gain 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.

於二零二一年三月三十一日，若干以人民幣計值（二零二零年：以人民幣及美元計值）之銀行結存合共 133,161,000 元（二零二零年： 81,729,000 元）被指定用作對沖日後購買原材料及機器之外匯風險。按匯報日之匯率重新換算該等銀行結存之收益已計入其他全面收益。

188 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

18 Cash and bank deposits (Continued)

(b) Reconciliation of profit before taxation to cash
generated from operations:
18 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：

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2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元
Profit before taxation 766,659 679,068
除稅前溢利
Adjustments for:
調整：
– Share of losses of joint venture 22,242 17,433
– 應佔合營公司虧損
– Depreciation of right-of-use assets 5(d) 103,391 90,998
– 使用權資產之折舊
– Depreciation of investment properties 5(d) 126 126
– 投資物業之折舊
– Depreciation of other property, plant and equipment 5(d) 383,673 310,917
– 其他物業、廠房及設備之折舊
– Amortisation of intangible assets 5(d) 658 546
– 無形資產之攤銷
– Recognition/(reversal) of impairment losses on
property, plant and equipment 5(d) 35,829 (2,409)
–
確認 ╱（撥回）物業、廠房及設備之減值虧損
– Recognition of impairment losses on interest in
–
joint venture 5(d) 42,800
– 確認合營公司權益之減值虧損
– Interest on bank loans 5(a) 3,633 2,333
– 銀行貸款之利息
– Interest on lease liabilities 5(a) 8,137 8,599
– 租賃負債之利息
– Interest income from bank deposits 4 (5,160) (10,919)
– 銀行存款之利息收入
– Interest income from loan to joint venture 4 (2,628) (1,644)
– 向合營公司借出貸款之利息收入
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Annual Report 2020/2021 年度報告 189

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

18 Cash and bank deposits (Continued)

(b) Reconciliation of profit before taxation to cash
generated from operations: (Continued)

18 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： （續）

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2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元
– Net loss on disposal of property, plant and equipment 5(c) 5,957 3,689
– 出售物業、廠房及設備之虧損淨額
– Equity settled share-based payment expenses 5(b) 15,455 12,686
– 以股份為付款基礎之費用
– COVID-19-related rent concessions (20,902) –
– 2019 冠狀病毒病相關租金寬減
– Foreign exchange (gain)/loss (4,748) 722
– 匯兌（收益）╱虧損
Changes in working capital:
營運資金變動：
– (Increase)/decrease in inventories (78,289) 110,844
– 存貨（增加）╱減少
– Increase in trade and other receivables (120,125) (64,653)
– 應收賬款及其他應收款增加
– Increase in trade and other payables 291,728 270,205
– 應付賬款及其他應付款增加
– (Decrease)/increase in employee retirement
benefit liabilities (417) 166
– 僱員退休福利負債（減少）╱增加
Cash generated from operations 1,448,019 1,428,707
經營業務所得現金
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190 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

18 Cash and bank deposits (Continued)

18 現金及銀行存款（續）

(c) 融資活動產生之負債對賬

financing activities

The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated cash flow statement as cash flows from financing activities.

下表詳列本集團融資活動產生之負債變動，當中包括現金及非現金變動。融資活動所產生之負債指其現金流量曾於或未來現金流量將於本集團之綜合現金流量表內分類為融資活動之現金流量。

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Bank loans lease liabilities total
銀行貸款租賃負債總計
(note 20) (note 21)
（附註 20 ）（附註 21 ）
$’000 千元 $’000 千元 $’000 千元
at 1st april 2020 241,424 243,574 484,998
於二零二零年四月一日
changes from financing cash flows:
融資現金流量變動：
Proceeds from new bank loans 149,112 – 149,112
新增銀行貸款所得款項
–
Repayment of bank loans (273,577) (273,577)
償還銀行貸款
–
Capital element of lease rentals paid (80,169) (80,169)
已付租賃租金之資本部份
–
Interest element of lease rentals paid (8,137) (8,137)
已付租賃租金之利息部份
–
Interest paid (3,633) (3,633)
已付利息
Total changes from financing cash flows (128,098) (88,306) (216,404)
融資現金流量變動總額
exchange adjustments 13,347 4,283 17,630
匯兌調整
other changes:
其他變動：
Increase in lease liabilities from entering
–
into new leases during the period 77,159 77,159
期內來自訂立新租賃之租賃負債增加
COVID-19-related rent concessions
–
(note 11(b)) (20,902) (20,902)
2019 冠狀病毒病相關租金寛減（附註 11(b) ）
Decrease in lease liabilities from
lease modification – (18,510) (18,510)
來自租賃修訂之租賃負債減少
Finance costs (note 5(a)) 3,633 8,137 11,770
融資成本（附註 5(a) ）
at 31st march 2021 130,306 205,435 335,741
於二零二一年三月三十一日
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191

Annual Report 2020/2021 年度報告

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

18 Cash and bank deposits (Continued)

18 現金及銀行存款（續）

(c) 融資活動產生之負債對賬（續）
financing activities (Continued)

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Bank loans Lease liabilities Total
銀行貸款租賃負債總計
(Note 20) (Note 21)
（附註 20 ）（附註 21 ）
$’000 千元 $’000 千元 $’000 千元
at 1st april 2019 44,508 259,259 303,767
於二零一九年四月一日
changes from financing cash flows:
融資現金流量變動：
Proceeds from new bank loans 279,981 – 279,981
新增銀行貸款所得款項
–
Repayment of bank loans (75,134) (75,134)
償還銀行貸款
–
Capital element of lease rentals paid (81,947) (81,947)
已付融資租賃租金之資本部份
–
Interest element of lease rentals paid (8,599) (8,599)
已付融資租賃租金之利息部份
–
Interest paid (2,333) (2,333)
已付利息
Total changes from financing cash flows 202,514 (90,546) 111,968
融資現金流量變動總額
exchange adjustments (7,931) (2,239) (10,170)
匯兌調整
other changes:
其他變動：
Increase in lease liabilities from entering into
–
new leases during the period 69,982 69,982
期內來自訂立新租賃之租賃負債增加
Decrease in lease liabilities from lease
modification – (1,481) (1,481)
來自租賃修訂之租賃負債減少
Finance costs (note 5(a)) 2,333 8,599 10,932
融資成本（附註 5(a) ）
at 31st march 2020 241,424 243,574 484,998
於二零二零年三月三十一日
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192 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

18 Cash and bank deposits (Continued)

(d) Total cash outflow for leases

Amounts included in the consolidated cash flow statement for leases comprise the following:

18 現金及銀行存款（續）

(d) 租賃現金流出總額

就租賃計入綜合現金流量表之款項包括以下項目︰

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Within operating cash flows 45,784 89,385
經營現金流量內
Within financing cash flows 88,306 90,546
融資現金流量內
134,090 179,931
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These amounts relate to the following:

該等款項與以下項目相關︰

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Lease rentals paid 134,090 179,931
已付租賃租金
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Annual Report 2020/2021 年度報告 193

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

19 Trade and other payables

19 應付賬款及其他應付款

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Trade creditors and bills payable 976,968 555,000
應付賬款及應付票據
Accrued expenses and other payables 1,627,752 1,299,499
應計費用及其他應付款
Receipts in advance from customers 214,616 503,340
預收客戶款項
2,819,336 2,357,839
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All of the trade and other payables are expected to be settled within one year, except for customer deposits amounting to $16,372,000 (2020: $23,957,000) 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 16,372,000 元（二零二零年： 23,957,000 元）之客戶按金則預期於超過一年後償還。

As of the end of the reporting period, the ageing analysis of trade creditors and bills payable, based on the invoice date, is as follows:

於匯報日，應付賬款及應付票據按發票日期之賬齡分析如下：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Within three months 970,805 553,029
三個月內
Three to six months 5,867 1,628
三至六個月
Over six months 296 343
六個月以上
976,968 555,000
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The Group’s general payment terms are one to two months from the invoice date.

本集團之一般付款期限為自發票日期起計一至兩個月。

194 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

19 Trade and other payables (Continued)

Movements in receipts in advance from customers

19 應付賬款及其他應付款（續）預收客戶款項之變動

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Balance at 1st April 503,340 489,225
於四月一日之結餘
Exchange adjustments 32,549 (33,000)
匯兌調整
Decrease in receipts in advance from customers as a result of
recognising revenue during the year that was included in the
receipts in advance from customers at the beginning of the period (526,922) (468,652)
因年內確認收入（已計入期初之預收客戶款項內）導致預收客戶款項
減少
Increase in receipts in advance from customers as a result of
receiving forward sales deposits during the year 3,533,336 4,133,295
因年內收取遠期銷售按金導致預收客戶款項增加
Decrease in receipts in advance from customers as a result of
recognising revenue during the year that was included in the
forward sales deposits received during the year (3,327,687) (3,617,528)
因年內確認收入（已計入年內收取之遠期銷售按金內）導致預收客戶
款項減少
Balance at 31st March 214,616 503,340
於三月三十一日之結餘
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20 Bank loans

At 31st March 2021, the bank loans were repayable as follows:

20 銀行貸款

於二零二一年三月三十一日，銀行貸款須於下列期限償還：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Within one year or on demand 130,306 241,424
一年內或按要求
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As of the end of the reporting period, no bank loans were secured by charges over property, plant and equipment (note 11(e)).

於匯報日，概無銀行貸款以物業、廠房及設備作為抵押擔保（附註 11(e) ）。

Annual Report 2020/2021 年度報告 195

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

20 Bank loans (Continued)

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 may 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 2021 and 2020, none of the covenants relating to the drawn down facilities had been breached.

20 銀行貸款（續）

本集團若干銀行信貸須符合與若干財務比率有關之契諾，此乃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，則可能須按要求償還已提取之信貸額。本集團定期監察其遵守該等契諾的情況。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) 。於二零二一年及二零二零年三月三十一日，本集團概無違反任何有關提取信貸之契諾。

21 Lease liabilities

The following table shows the remaining contractual maturities of the Group’s lease liabilities:

21 租賃負債

下表呈列本集團之租賃負債之餘下合約期限：

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2021 2020
二零二一年二零二零年
present Present
value of the total value of the Total
minimum minimum minimum minimum
lease lease lease lease
payments payments payments payments
最低租賃最低租賃最低租賃最低租賃
付款之現值付款總額付款之現值付款總額
$’000 千元 $’000 千元 $’000 千元 $’000 千元
Within one year 93,582 94,991 89,957 91,337
一
年內
After 1 year but within 2 years 64,845 68,179 67,620 70,993
一年後但兩年內
After 2 years but within 5 years 40,029 43,941 79,004 87,433
兩年後但五年內
After 5 years 6,979 19,259 6,993 19,052
五年後
111,853 131,379 153,617 177,478
205,435 226,370 243,574 268,815
Less: Total future interest expenses (20,935) (25,241)
減：未來利息費用總額
Present value of lease liabilities 205,435 243,574
租賃負債之現值
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196 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

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.

(a) Defined contribution retirement plans
(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 2000. The plan is funded by contributions from employees and the Group, both of which contribute sums representing 5% – 7.5% of their basic salaries. Forfeited contributions are credited to members’ accounts in accordance with the rules of the 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.

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.

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) 界定供款退休計劃

(i) 本集團為所有於二零零零年八月一日之前在香港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% 。

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。

Annual Report 2020/2021 年度報告 197

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

22 Employee retirement benefits (Continued)

(a) Defined contribution retirement plans

22 僱員退休福利（續）

  - (a) **界定供款退休計劃** （續）

(Continued)
(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) 中國附屬公司之僱員均為中國政府設立之中央退休金計劃之成員。本集團須按僱員酬金之若干百分比向中央退休金計劃供款，為福利提供資金。本集團就中央退休金計劃所須履行之唯一責任為向中央退休金計劃作出所需之相關供款。向計劃支付之供款即時歸屬。
(iii) For employees in Australia, contributions are made by the Group to a registered superannuation fund for its employees, at 9.5% of the employees’ salaries. The assets of the scheme are held separately by an independently administered fund. Contributions to the plan vest immediately.
(iii) 澳洲僱員方面，本集團須按僱員薪金之 9.5% 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。

(b) Defined benefit retirement plans

At 31st March 2021, the Group recognised employee retirement benefit liabilities in respect of the following employee retirement benefits:

(b) 界定福利退休計劃

於二零二一年三月三十一日，本集團就下列僱員退休福利確認僱員退休福利負債：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Employee retirement benefit liabilities
僱員退休福利負債
– retirement gratuities (note 22(c)(i)) 800 27,878
– 退休金（附註 22(c)(i) ）
– long service payments (note 22(d)) 6,661 6,435
– 長期服務金（附註 22(d) ）
7,461 34,313
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198 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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.

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。

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.

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。

The latest actuarial valuation of the Plan was at 31st March 2021 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 99% (2020: 65%) covered by the plan assets held by the trustee.

該計劃之最新精算估值乃於二零二一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 99% （二零二零年： 65% ）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：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Present value of wholly funded obligations 70,496 79,797
全面資助責任之現值
Fair value of plan assets (69,696) (51,919)
計劃資產之公允值
Employee retirement benefit liabilities 800 27,878
僱員退休福利負債
----- End of picture text -----

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 $3,435,000 in contributions to defined benefit retirement plan during the year ending 31st March 2022 (2020: $2,744,000).

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。本集團預期於截至二零二二年三月三十一日止年度向界定福利退休計劃支付供款 3,435,000 元（二零二零年： 2,744,000 元）。

Annual Report 2020/2021 年度報告 199

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

22 Employee retirement benefits (Continued)

(c) Retirement gratuities (Continued)
(ii) Plan assets consist of the following:
22 僱員退休福利（續）
(c) 退休金 （續） (ii) 計劃資產包括下列各項：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
plan assets with quoted price in active market
於活躍市場報價之計劃資產
Equities
股票
– Financial 13,083 9,681
– 財務
– Consumer discretionary 8,407 4,172
– 非必需消費品
– Industrials 5,872 3,687
– 工業
– Consumer staples 2,580 2,665
– 必需消費品
– Other 21,586 16,203
– 其他
51,528 36,408
Bonds
債券
– Corporate bonds 7,719 6,167
– 公司債券
– Government-related bonds 8,236 9,674
– 政府相關債券
15,955 15,841
Cash, current assets and current liabilities 2,213 (330)
現金、流動資產及流動負債
Total quoted plan assets 69,696 51,919
已報價計劃資產總值
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200 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

22 Employee retirement benefits (Continued)

(c) Retirement gratuities (Continued)
(iii) Movements in the present value of the defined benefit obligations are as follows:
22 僱員退休福利（續）
(c) 退休金 （續）
(iii) 界定福利責任之現值變動如下：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
At 1st April 79,797 80,091
於四月一日
Remeasurement:
重新計量：
– Actuarial (gains)/losses arising from changes in
demographic assumptions (2,880) 65
– 由人口統計假設改變所致之精算（收益）╱虧損
– Actuarial (gains)/losses arising from changes in financial and
experience assumptions (5,923) 3,182
– 由財務及經驗假設改變所致之精算（收益）╱虧損
Benefits paid by the Plan (4,130) (7,781)
該計劃已付福利
Current service cost 3,080 3,143
現有服務成本
Interest cost 552 1,097
利息成本
At 31st March 70,496 79,797
於三月三十一日
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The weighted average duration of the defined benefit obligation is 界定福利責任之加權平均期限為七年（二零二零 7 years (2020: 8 years). 年：八年）。

(iv) Movements in fair value of plan assets are as follows: (iv) 計劃資產之公允值變動如下：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
At 1st April 51,919 61,409
於四月一日
Contributions paid to the Plan 3,646 2,843
向該計劃作出之供款
Benefits paid by the Plan (4,130) (7,781)
該計劃已付福利
Administrative expenses paid from plan assets (98) (100)
由計劃資產支付之行政費用
Return on plan assets, excluding interest income 17,991 (5,306)
計劃資產回報，不包括利息收入
Interest income 368 854
利息收入
At 31st March 69,696 51,919
於三月三十一日
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201

Annual Report 2020/2021 年度報告

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

22 Employee retirement benefits (Continued)

(c) Retirement gratuities (Continued)
(v) Net expenses recognised in the consolidated statement of profit or loss and other comprehensive income are as follows:
22 僱員退休福利（續）
(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：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Current service cost 3,080 3,143
現有服務成本
Administrative expenses paid from plan assets 98 100
由計劃資產支付之行政費用
Net interest on net defined benefit liability 184 243
界定福利負債淨額之淨利息
Total amounts recognised in profit or loss 3,362 3,486
於損益確認之總額
Actuarial (gains)/losses (8,803) 3,247
精算（收益）╱虧損
Return on plan assets, excluding interest income (17,991) 5,306
計劃資產回報，不包括利息收入
Total amounts recognised in other comprehensive income (26,794) 8,553
於其他全面收益確認之總額
Total defined benefit (income)/expense (23,432) 12,039
界定福利總（收入）╱開支
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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：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Cost of sales 665 688
銷售成本
Marketing, selling and distribution expenses 815 896
推廣、銷售及分銷費用
Administrative expenses 1,512 1,510
行政費用
Other operating expenses 370 392
其他經營費用
3,362 3,486
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202 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

22 Employee retirement benefits (Continued)

(c) Retirement gratuities (Continued)
(vi) Significant actuarial assumptions and sensitivity analysis are as follows:
22 僱員退休福利（續）
(c) 退休金 （續）
(vi) 重大精算假設及敏感性分析如下：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
Discount rate 1.20% 0.70%
折現率
Future salary increases 3.0% per annum 3.5% per annum
未來薪金增幅每年 3.0% 每年 3.5%
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The below analysis shows how the defined benefit obligations 以下分析顯示界定福利責任因重大精算假設 0.5% would have increased/(decreased) as a result of 0.5% change in 變動而上升╱（下跌）： the significant actuarial assumptions:

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
increase in Decrease in Increase in Decrease in
上升下跌上升下跌
0.5% 0.5% 0.5% 0.5%
$’000 千元 $’000 千元 $’000 千元 $’000 千元
Discount rate (2,313) 2,438 (2,966) 3,140
折現率
Future salary increases 2,489 (2,384) 3,160 (3,016)
未來薪金增幅
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The above sensitivity analysis is based on the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the correlations between the actuarial assumptions.

上述敏感性分析乃以假設精算假設之間之變動並無直接關係為基準，因此並無計入精算假設之間之直接關係。

(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.

(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就履行任何剩餘責任提供所需之資金。

Annual Report 2020/2021 年度報告 203

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

22 Employee retirement benefits (Continued)

(d) Long service payments (Continued)

An actuarial valuation of long service payments was also carried out at 31st March 2021, by independent professionally qualified actuaries at Willis Towers Watson, using the projected unit credit method.

22 僱員退休福利（續）

(d) 長期服務金（續）

長期服務金亦於二零二一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。

The amounts recognised in the consolidated statement of financial position are as follows:

於綜合財務狀況表確認之金額如下：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Present value of unfunded obligations 6,661 6,435
無資助責任之現值
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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.

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 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.

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。

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.

購股權之行使價由本公司董事釐定，為以下之較高者： (i) 股份於授出日期（當日必須為營業日）在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。

204 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

23 Equity settled share-based transactions

23 以股份為付款基礎之交易（續）

(Continued)

The options are exercisable for a period not to exceed 10 years from the date of grant. Each option gives the holder the right to subscribe for one share in the Company.

購股權之行使期不得超過授出日期起計之十年。每項購股權之持有人均有權認購一股本公司股份。

(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:
(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：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
Contractual
life of remaining Remaining
options Exercise contractual number contractual Number
Date of grant Exercise period 購股權之 price life of options life of options
授出日期行使期合約年期行使價尚餘合約年期購股權之數目尚餘合約年期購股權之數目
$ 元 ’000 千股 $’000 千股
8/9/2011 8/9/2012 to 至 7/9/2021 10 years 年 6.358 5 months 月 – 1 year 年 1,740
31/8/2012 31/8/2013 to 至 30/8/2022 10 years 年 6.400 1 year 年 2,822 2 years 年 2,822
28/6/2013 28/6/2014 to 至 27/6/2023 10 years 年 9.370 2 years 年 – 3 years 年 38
9/9/2013 9/9/2014 to 至 8/9/2023 10 years 年 9.370 2 years 年 1,704 3 years 年 1,704
2/7/2014 2/7/2015 to 至 1/7/2024 10 years 年 10.080 3 years 年 – 4 years 年 60
10/9/2014 10/9/2015 to 至 9/9/2024 10 years 年 10.080 3 years 年 1,792 4 years 年 1,792
26/6/2015 26/6/2016 to 至 25/6/2025 10 years 年 13.600 4 years 年 18 5 years 年 328
14/9/2015 14/9/2016 to 至 13/9/2025 10 years 年 13.600 4 years 年 1,588 5 years 年 1,588
24/6/2016 24/6/2017 to 至 23/6/2026 10 years 年 14.792 5 years 年 644 6 years 年 1,392
6/9/2016 6/9/2017 to 至 5/9/2026 10 years 年 14.792 5 years 年 1,420 6 years 年 1,420
26/6/2017 26/6/2018 to 至 25/6/2027 10 years 年 16.296 6 years 年 1,797 7 years 年 2,251
19/6/2018 19/6/2019 to 至 18/6/2028 10 years 年 25.100 7 years 年 1,942 8 years 年 2,527
28/1/2019 28/1/2020 to 至 27/1/2029 10 years 年 30.350 8 years 年 320 9 years 年 320
21/6/2019 21/6/2020 to 至 20/6/2029 10 years 年 44.810 8 years 年 1,467 9 years 年 1,812
22/6/2020 22/6/2021 to 至 21/6/2030 10 years 年 30.200 9 years 年 1,934 – –
17,448 19,794
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Annual Report 2020/2021 年度報告 205

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

23 Equity settled share-based transactions

23 以股份為付款基礎之交易（續）

(Continued)

(a) (Continued)

Except for the options granted on 28th January 2019 which will be 50% vested after the first anniversary from the date of grant and 50% vested after the second anniversary from the date of grant, all the options are exercisable progressively and the maximum percentage of the options which may be exercised is determined in stages as follows:

(a) （續）

除於二零一九年一月二十八日授出之購股權將自授出日期起計首個週年後獲 50% 歸屬及自授出日期起計第二週年後獲 50% 歸屬外，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：

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Percentage of
options granted
佔獲授購股權之百分比
On or after 1st year anniversary of the date of grant 25%
授出日期起計一週年或其後
On or after 2nd year anniversary of the date of grant another 另 25%
授出日期起計兩週年或其後
On or after 3rd year anniversary of the date of grant another 另 25%
授出日期起計三週年或其後
On or after 4th year anniversary of the date of grant another 另 25%
授出日期起計四週年或其後
----- End of picture text -----

During the year, 1,740,000 options (2020: nil) were exercised under the 2002 Share Option Scheme, and 1,670,000 options (2020: 2,196,000 options) were exercised under the 2012 Share Option Scheme.

年內， 1,740,000 份購股權（二零二零年：無）根據二零零二年購股權計劃已獲行使及 1,670,000 份購股權（二零二零年： 2,196,000 份購股權）根據二零一二年購股權計劃已獲行使。

206 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

23 Equity settled share-based transactions

23 以股份為付款基礎之交易（續）

(Continued)

(b) The number and weighted average exercise prices of share (b) 購股權之數目及加權平均行使價如下： options are as follows:

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2021 2020
二零二一年二零二零年
Weighted Weighted
average average
exercise number of exercise Number of
price options price options
加權平均行使價購股權之數目加權平均行使價購股權之數目
$ 元 ’000 千股 $ 元 ’000 千股
Outstanding at 1st April 16.307 19,794 13.811 20,742
於四月一日尚未行使
Exercised during the year 11.153 (3,410) 15.145 (2,196)
於年內行使
Granted during the year 30.200 2,310 44.810 1,964
於年內授出
Forfeited on termination of employment of
eligible participants or lapsed during the year 30.639 (1,246) 25.731 (716)
因合資格參與者離職而於年內沒收或失效
Outstanding at 31st March 18.130 17,448 16.307 19,794
於三月三十一日尚未行使
Exercisable at 31st March 12,969 13,597
於三月三十一日可行使
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The weighted average share price at the date of exercise for share options exercised during the year was $30.431 (2020: $37.243).

已行使之購股權於年內之行使日期之加權平均股價為 30.431 元（二零二零年： 37.243 元）。

(c) Fair value of share options and assumptions

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.

(c) 購股權之公允值及假設

本集團以授出購股權來獲得之服務之公允值，乃參考已授出購股權之公允值計量。已授出購股權之估計公允值以二項式點陣模式計量。購股權之合約年期用作該模式之一項輸入參數。有關提早行使之預期已計入二項式點陣模式之內。

Annual Report 2020/2021 年度報告 207

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

23 Equity settled share-based transactions

23 以股份為付款基礎之交易（續）

(Continued)

(Continued)

Fair values of share options and assumptions:

購股權之公允值及假設：

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----- Start of picture text -----

Date of grant
授出日期
8/9/2011 31/8/2012 28/6/2013 9/9/2013 2/7/2014 10/9/2014 26/6/2015 14/9/2015 24/6/2016 6/9/2016 26/6/2017 19/6/2018 28/1/2019 21/6/2019 22/6/2020
Fair value at measurement date $0.605 元 $1.043 元 $1.827 元 $2.244 元 $2.150 元 $2.082 元 $3.038 元 $2.248 元 $2.795 元 $3.639 元 $3.323 元 $5.914 元 $7.339 元 $7.607 元 $7.651 元
於計量日期之公允值
Share price $5.490 元 $6.620 元 $9.370 元 $9.950 元 $10.080 元 $9.920 元 $13.600 元 $11.840 元 $13.700 元 $15.220 元 $16.080 元 $25.100 元 $30.350 元 $38.750 元 $30.200 元
股價
Exercise price $6.358 元 $6.400 元 $9.370 元 $9.370 元 $10.080 元 $10.080 元 $13.600 元 $13.600 元 $14.792 元 $14.792 元 $16.296 元 $25.100 元 $30.350 元 $44.810 元 $30.200 元
行使價
Expected volatility 25% 26% 26% 26% 26% 26% 26% 26% 26% 26% 24% 23% 25% 25% 28%
預期波幅
Expected option life 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
預期購股權之有效期
Expected dividends 5.5% 5.0% 4.0% 4.0% 3.5% 3.5% 3.0% 3.0% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0%
預期股息
Risk-free interest rate 1.750% 0.620% 1.720% 2.400% 1.870% 1.940% 1.750% 1.730% 1.050% 0.950% 1.240% 2.230% 1.850% 1.490% 0.570%
無風險利率
----- End of picture text -----

The expected volatility is based on the historic volatility, adjusted for any expected changes to future volatility based on publicly available information. Expected dividends are based on historical dividends. Changes in the subjective input assumptions could materially affect the fair value estimate.

預期波幅按歷史波幅釐定，並根據公開可得資料就未來波幅之任何預期變化予以調整。預期股息按歷史股息釐定。主觀輸入假設之變動可對公允值之估計產生重大影響。

Share options were granted under a service condition. This condition has not been taken into account in the grant date fair value measurement of the services received. There was no market conditions associated with the share option grants.

購股權是根據服務條件而授出。此項條件在計量所得服務之公允值（於授出日期）時不在考慮之列。授出購股權並無附有市場條件。

208

Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

24 Income tax in the consolidated

24 綜合財務狀況表之所得稅

statement of financial position

(a) Current tax recoverable/(payable) in the consolidated statement of financial position represents:
(a) 綜合財務狀況表之應收╱（應付）現期稅項如下：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Provision for Hong Kong Profits Tax for the year (43,329) (18,455)
本年度香港利得稅撥備
Provisional Profits Tax paid 31,002 37,844
已繳付之預繳利得稅
(12,327) 19,389
Taxation outside Hong Kong 51,171 33,332
香港以外地區稅項
38,844 52,721
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Summary

概要

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Current tax recoverable 79,594 66,497
應收現期稅項
Current tax payable (40,750) (13,776)
應付現期稅項
38,844 52,721
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Annual Report 2020/2021 年度報告 209

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

24 Income tax in the consolidated

24 綜合財務狀況表之所得稅（續）

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:

(b) 已確認遞延稅項資產╱（負債）： 於綜合財務狀況表確認之遞延稅項資產╱（負債）之組成部份及年內之變動如下：

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----- Start of picture text -----

Depreciation fair value
allowances adjustment on
in excess tangible and
of the related future intangible
depreciation benefit of employee Withholding assets
超出有關 tax losses retirement tax on 有形及無形 cash flow
折舊之折舊稅務虧損之 benefits provisions dividends 資產之公允值 hedges total
免稅額未來利益僱員退休福利撥備股息預扣稅調整現金流量對沖總計
$’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
Deferred tax arising from:
來自以下各項之遞延稅項：
At 1st April 2019 (118,402) 29,307 3,515 87,287 (19,452) 30 (97) (17,812)
於二零一九年四月一日
– – – –
Exchange adjustments 4,619 (536) (5,011) (928)
匯兌調整
Credited/(charged) to
profit or loss 11,192 3,948 (11) (3,192) 993 (30) – 12,900
於損益計入╱（扣除）
Credited to reserves – – 1,872 – – – 156 2,028
於儲備計入
At 31st March 2020 (102,591) 32,719 5,376 79,084 (18,459) – 59 (3,812)
於二零二零年三月三十一日
Deferred tax arising from:
來自以下各項之遞延稅項：
at 1st april 2020 (102,591) 32,719 5,376 79,084 (18,459) – 59 (3,812)
於二零二零年四月一日
exchange adjustments (6,421) 588 – 7,599 – – – 1,766
匯兌調整
credited/(charged) to
– –
profit or loss (5,690) (3,440) (100) 39,804 (759) 29,815
於損益計入╱（扣除）
– – – – –
charged to reserves (4,259) (269) (4,528)
於儲備扣除
at 31st march 2021 (114,702) 29,867 1,017 126,487 (19,218) – (210) 23,241
於二零二一年三月三十一日
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210 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

24 Income tax in the consolidated

24 綜合財務狀況表之所得稅（續）

statement of financial position (Continued)

(b) Deferred tax assets/(liabilities) recognised:

(Continued)

Reconciliation to the consolidated statement of financial position

(b) 已確認遞延稅項資產╱（負債）：（續）

綜合財務狀況表對賬

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Net deferred tax assets recognised in the consolidated statement of
financial position 139,489 97,653
於綜合財務狀況表確認之遞延稅項資產淨額
Net deferred tax liabilities recognised in the consolidated statement of
financial position (116,248) (101,465)
於綜合財務狀況表確認之遞延稅項負債淨額
23,241 (3,812)
----- End of picture text -----

(c) Deferred tax assets not recognised

In accordance with the accounting policy set out in note 1(r), the Group has not recognised deferred tax assets in respect of tax losses and other temporary differences of $397,936,000 (2020: $337,741,000) as it is not probable that future taxable profits against which the losses and other temporary differences can be utilised will be available in the relevant tax jurisdictions and entities.

(c) 未確認之遞延稅項資產

根據附註 1(r) 所載之會計政策，本集團並無確認有關稅務虧損及其他暫時差異 397,936,000 元（二零二零年： 337,741,000 元）之遞延稅項資產，原因在於有關稅項司法管轄區及實體不大可能產生未來應課稅溢利以抵銷可動用之有關虧損及其他暫時差異。

Included in unrecognised tax losses is an amount of $85,027,000 (2020: $77,995,000) which can be carried forward up to twenty years from the year in which the loss originated. The remaining balance of $312,909,000 (2020: $259,746,000) does not expire under current tax legislation.

未確認稅務虧損中有 85,027,000 元（二零二零年： 77,995,000 元）將可自虧損產生之年度起結轉最多二十年。其餘 312,909,000 元（二零二零年： 259,746,000 元）結餘不會根據現行稅法屆滿。

Annual Report 2020/2021 年度報告 211

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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:

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載列如下：

The Company

本公司

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----- Start of picture text -----

Share-based
compensation
Share Capital General reserve Hedging Retained Total
capital reserve reserve 股份基礎 reserve profits equity
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 2019 898,961 35,176 2,261 38,214 492 1,706,980 2,682,084
於二零一九年四月一日結餘
changes in equity for the year:
本年度之權益變動：
Transfer from capital reserve to
– – – – –
retained profits 25(d)(i) (1,218) 1,218
自資本儲備轉撥至保留溢利
– – – –
Shares issued on exercise of share options 25(c)(ii) 40,367 (7,109) 33,258
就行使購股權而發行股份
– – – – –
Equity settled share-based transactions 12,686 12,686
以股份為付款基礎之交易
Final dividend approved in respect
– – – – –
of the previous year 25(b)(ii) (404,181) (404,181)
批准屬於上一年度之末期股息
Interim dividend declared in respect
– – – – –
of the current year 25(b)(i) (40,424) (40,424)
宣派本年度之中期股息
– – – –
Total comprehensive income for the year (790) 302,512 301,722
本年度全面收益總額
Balance at 31st march 2020 939,328 33,958 2,261 43,791 (298) 1,566,105 2,585,145
於二零二零年三月三十一日結餘
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212 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

25 Capital, reserves and dividends (Continued)

(a) Movements in components of equity (Continued) The Company (Continued)

25 資本、儲備及股息（續）

(a) 權益組成部份之變動（續）

本公司（續）

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Share-based
compensation
Share Capital General reserve Hedging Retained Total
capital reserve reserve 股份基礎 reserve profits equity
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 2020 939,328 33,958 2,261 43,791 (298) 1,566,105 2,585,145
於二零二零年四月一日結餘
changes in equity for the year:
本年度之權益變動：
Transfer from capital reserve to
– – – – –
retained profits 25(d)(i) (1,218) 1,218
自資本儲備轉撥至保留溢利
– – – –
Shares issued on exercise of share options 25(c)(ii) 44,702 (6,671) 38,031
就行使購股權而發行股份
– – – – –
Equity settled share-based transactions 15,455 15,455
以股份為付款基礎之交易
Transfer from share-based compensation
reserve to retained profits – – – (437) – 437 –
自股份基礎補償儲備轉撥至保留溢利
Final dividend approved in respect
– – – – –
of the previous year 25(b)(ii) (302,325) (302,325)
批准屬於上一年度之末期股息
Interim dividend declared in respect
– – – – –
of the current year 25(b)(i) (40,465) (40,465)
宣派本年度之中期股息
– – – –
Total comprehensive income for the year 1,362 478,604 479,966
本年度全面收益總額
Balance at 31st march 2021 984,030 32,740 2,261 52,138 1,064 1,703,574 2,775,807
於二零二一年三月三十一日結餘
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Annual Report 2020/2021 年度報告 213

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

25 Capital, reserves and dividends (Continued)

(b) Dividends

(i) Dividends payable to equity shareholders of the Company attributable to the year
25 資本、儲備及股息（續）
(b) 股息
(i) 應付予本公司股權持有人之本年度股息

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Interim dividend declared and paid of 3.8 cents per ordinary share
(2020: 3.8 cents per ordinary share) 40,465 40,424
已宣派及已支付之中期股息 – 每股普通股 3.8 仙
（二零二零年：每股普通股 3.8 仙）
Final dividend proposed after the end of the reporting period of
29.0 cents per ordinary share (2020: 28.4 cents per ordinary share)
(note 25(e)) 309,552 302,132
於匯報日後擬派之末期股息 – 每股普通股 29.0 仙
（二零二零年：每股普通股 28.4 仙）（附註 25(e) ）
350,017 342,556
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The final dividends proposed after the end of the reporting period are based on 1,067,421,500 ordinary shares (2020: 1,063,843,500 ordinary shares), being the total number of issued shares at the date of approval of the financial statements.

於匯報日後擬派之末期股息乃按批准財務報表當日已發行股份總數 1,067,421,500 股普通股（二零二零年： 1,063,843,500 股普通股）計算。

The final dividends proposed after the end of the reporting period have not been recognised as liabilities at the end of the reporting period.

於匯報日後擬派之末期股息於匯報日並未確認為負債。

(ii) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year
(ii) 屬於上一財政年度，並於年內批准及支付予本公司股權持有人之應付股息

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Final dividend in respect of the previous financial year, approved and
paid during the year of 28.4 cents per ordinary share
(2020: 38.0 cents per ordinary share) 302,325 404,181
屬於上一財政年度，並於年內批准及支付之
末期股息 - 每股普通股 28.4 仙（二零二零年：每股普通股 38.0 仙）
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214 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

25 Capital, reserves and dividends (Continued)

(c) Share capital
(i) Issued share capital
25 資本、儲備及股息（續）
(c) 股本
(i) 已發行股本

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
number of Number of
shares amount shares Amount
股份數目金額股份數目金額
’000 千股 $’000 千元 ’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 1,063,778 939,328 1,061,582 898,961
於四月一日
Shares issued on exercise of share options 3,410 44,702 2,196 40,367
就行使購股權而發行股份
At 31st March 1,067,188 984,030 1,063,778 939,328
於三月三十一日
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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

During the year, options were exercised to subscribe for 3,410,000 (2020: 2,196,000) ordinary shares in the Company. The net consideration of $38,031,000 (2020: $33,258,000) was credited to share capital. $6,671,000 (2020: $7,109,000) was transferred from the share-based compensation reserve to the share capital account in accordance with the policy set out in note 1(q)(iv).

(ii) 根據購股權計劃發行之股份

年內，可認購 3,410,000 股（二零二零年： 2,196,000 股）本公司普通股之購股權獲行使。代價淨額為 38,031,000 元（二零二零年： 33,258,000 元）並已撥入股本。 6,671,000 元（二零二零年： 7,109,000 元）已根據附註 1(q)(iv) 所載之政策自股份基礎補償儲備撥入股本賬。

Annual Report 2020/2021 年度報告 215

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

25 Capital, reserves and dividends (Continued)

(d) Nature and purpose of reserves

(i) Capital reserve

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, $1,218,000 (2020: $1,218,000) was transferred from capital reserve to retained profits.

(ii) Surplus reserve

The surplus reserve has been set up by Shenzhen Vitasoy, Vitasoy Foshan, Vitasoy Wuhan, Vitasoy Shanghai and Vitasoja (Macau) Limitada, in accordance with regulations in the PRC and Macau respectively.

(iii) Other reserve

The other reserve arose from the equity transactions with noncontrolling interests of Shenzhen Vitasoy in 2011 and Vitasoy Dongguan in 2019.

(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(t).

(v) Exchange reserve

The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of subsidiaries and joint venture 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(v).

25 資本、儲備及股息（續）

(d) 儲備之性質及用途

(i) 資本儲備

作為本集團於一九九四年二月進行之重組之一部份，本公司向一間前附屬公司出售一項物業，代價以現金及另一項物業支付，故自該交易產生總收益，即所出售物業之歷史賬面值與已收代價公允值之差額。

該項交易之收益按已收現金及物業（「物業」）公允值之比例分為已變現及未變現部份。未變現收益已計入資本儲備，並於計算物業折舊時變現。於年內， 1,218,000 元（二零二零年： 1,218,000 元）自資本儲備轉撥至保留溢利。

(ii) 盈餘儲備

盈餘儲備由深圳維他奶、佛山維他奶、武漢維他奶、上海維他奶及維他奶（澳門）有限公司分別根據中國及澳門之法規設立。

(iii) 其他儲備

其他儲備產生自深圳維他奶及東莞維他奶分別於二零一一年及二零一九年與非控股權益之權益交易。

(iv) 對沖儲備

對沖儲備包括用作有待其後根據附註 1(t) 所載就現金流量對沖採納之會計政策確認對沖現金流量之現金流量對沖之對沖工具的公允值累計淨變動之實際部份。

(v) 匯兌儲備

匯兌儲備包含換算香港以外地區之附屬公司及合營公司之財務報表產生之所有外匯匯兌差額及換算香港以外地區之附屬公司實質構成投資淨額一部份之貨幣項目產生之外匯匯兌差額。該儲備將根據附註 1(v) 所載之會計政策處理。

216 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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 recognised in accordance with the accounting policy adopted for share-based payments in note 1(q) (iv).

(e) Distributability of reserves

At 31st March 2021, 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 $1,705,835,000 (2020: $1,568,366,000).

After the end of the reporting period the directors proposed a final dividend of 29.0 cents per ordinary share (2020: 28.4 cents per ordinary share), amounting to $309,552,000 (2020: $302,132,000) (note 25(b)(i)). These dividends have not been recognised as liabilities at the end of reporting period.

(f) Capital management

The Group’s primary objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost.

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 bills payable, bank loans and lease liabilities, and adjusted capital as all components of equity less unaccrued proposed dividends.

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僱員之實際或估計數目之尚未行使購股權之公允值，有關購股權乃根據附註 1(q)(iv) 所載就以股份為基礎之付款採納之會計政策而確認。

(e) 可供分派儲備

於二零二一年三月三十一日，根據香港《公司條例》第 6 部之條文計算之可供分派予本公司股權持有人之儲備總額為 1,705,835,000 元（二零二零年： 1,568,366,000 元）。

於匯報日後，董事建議派發末期股息每股普通股 29.0 仙（二零二零年：每股普通股 28.4 仙），總數為 309,552,000 元（二零二零年： 302,132,000 元）（附註 25(b)(i) ）。該等股息於匯報日並未確認為負債。

(f) 資本管理

本集團在管理資本時之首要目標為保障本集團能持續經營的能力，透過將產品及服務的價格訂於與風險相稱的水平及按合理成本籌措融資，使其能繼續為股東提供回報及為其他利益相關人士提供利益。

本集團積極及定期對資本架構進行檢討及管理，以在較高股東回報可能附帶較高借貸水平與雄厚資本狀況帶來之優勢及保障間取得平衡，並因應經濟環境之變化對資本架構作出調整。

本著業內慣例，本集團以負債對經調整資本比率作為監控其資本架構之基準。就此目的，本集團將負債界定為應付票據、銀行貸款及租賃負債之總額，經調整資本為權益之所有組成部份減非累計擬派股息。

Annual Report 2020/2021 年度報告 217

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

25 Capital, reserves and dividends (Continued)

(f) Capital management (Continued)

The Group’s strategy, which was unchanged from the year ended 31st March 2020, 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.

25 資本、儲備及股息（續）

(f) 資本管理（續）

本集團之策略與截至二零二零年三月三十一日止年度保持不變，將負債對經調整資本比率維持於 30% 以下。為保持或調整有關比率，本集團或會調整向股東派付之股息金額、發行新股份、向股東退回資本、籌集新債項融資或出售資產以減低負債。

The Group’s debt-to-adjusted capital ratio at 31st March 2021 and 2020 was as follows:

本集團於二零二一年及二零二零年三月三十一日之負債對經調整資本比率如下：

==> picture [485 x 371] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Current liabilities:
流動負債：
Bills payable 182,458 56
應付票據
Bank loans (note 20) 130,306 241,424
銀行貸款（附註 20 ）
Lease liabilities (note 21) 93,582 89,957
租賃負債（附註 21 ）
406,346 331,437
Non-current liabilities:
非流動負債：
Lease liabilities (note 21) 111,853 153,617
租賃負債（附註 21 ）
total debt 518,199 485,054
負債總額
Total equity 3,956,874 3,418,104
權益總額
Less: Proposed dividends (note 25(b)(i)) (309,552) (302,132)
減：擬派股息（附註 25(b)(i) ）
adjusted capital 3,647,322 3,115,972
經調整資本
Debt-to-adjusted capital ratio 14% 16%
負債對經調整資本比率
----- End of picture text -----

218 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

25 Capital, reserves and dividends (Continued)

(f) Capital management (Continued)

Certain of the Group’s banking facilities are subject to fulfilment of covenants which include maintaining the Group’s debt-toadjusted 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.

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

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group.

The Group’s credit risk is primarily attributable to trade and other receivables. Management has a credit policy in place and exposure to credit risk is monitored on an ongoing basis.

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 does not provide any guarantees which would expose the Group to credit risk.

25 資本、儲備及股息（續）

(f) 資本管理（續）

本集團若干銀行信貸須符合契諾，包括將本集團之負債對經調整資本比率維持於若干數值以下及將本集團之淨資產比率維持於若干數值以上。除以上所述外，本公司及其任何附屬公司概毋須遵守外部施加之資本規定。

26 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。本集團面臨之有關風險及本集團就管理該等風險所採用之財務風險管理政策與慣例載述如下。

(a) 信貸風險

信貸風險指交易方違反其合約責任而導致本集團財務虧損之風險。

本集團之信貸風險主要來自應收賬款及其他應收款。管理層備有信貸政策，而所面臨之有關信貸風險持續受到監控。

本集團之現金及銀行存款乃存放於有良好信貸評級之金融機構，管理層認為本集團面臨之信貸風險為低。

本集團並無提供任何將令本集團面臨信貸風險之擔保。

Annual Report 2020/2021 年度報告 219

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(a) Credit risk (Continued)

Trade debtors and bills receivable (which are included in trade and other receivables)

Individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer’s past history of making payments, when due, and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Trade debtors and bills receivables are generally due within one to three months from the date of billing. Normally, the Group does not obtain collateral from customers.

The Group has no significant concentration of credit risk in industries or countries in which the customers operate. Significant concentrations of credit risk primarily arise when the Group has significant exposure to individual customers. At the end of reporting period, 14.8% (2020: 15.4%) and 33.4% (2020: 35.5%) of the total trade and other receivables was due from the Group’s largest customer and the five largest customers respectively.

The Group measures loss allowances for trade debtors and bills receivable at an amount equal to lifetime ECLs, which is calculated using a provision matrix. As the Group’s historical credit loss experience does not indicate significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Group’s different customer bases.

26 財務風險管理及金融工具之公允值（續）

(a) 信貸風險（續）

應收賬款及應收票據（已包括於應收賬款及其他應收款內）

所有要求超過特定信貸金額之客戶均須進行個別信貸評估。該等評估集中於客戶過往之到期還款記錄及現時還款能力，並會考慮客戶之特定資料以及有關客戶營運所在之經濟環境。應收賬款及應收票據一般於發單日起計一至三個月內到期。一般而言，本集團不會從客戶取得抵押品。

本集團於客戶經營業務所在之行業或國家並無重大集中信貸風險。重大集中信貸風險主要於本集團面臨個別客戶之重大風險時出現。於匯報日，本集團最大客戶及五大客戶之欠款分別佔應收賬款及其他應收款總額之 14.8% （二零二零年： 15.4% ）及 33.4% （二零二零年： 35.5% ）。

本集團應收賬款及應收票據之虧損撥備一般按相等於可使用年期內之預期信貸虧損（採用撥備矩陣計算）之金額計量。由於本集團過往信貸虧損經驗並無顯示不同客戶分部之虧損模式存在巨大差異，故根據逾期狀況計算虧損撥備時並無對本集團不同客戶群體作進一步區分。

220 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(a) Credit risk (Continued)

The following table provides information about the Group’s exposure to credit risk and ECLs for trade debtors and bills receivable:

26 財務風險管理及金融工具之公

允值（續）

(a) 信貸風險（續）

下表提供有關本集團就應收賬款及應收票據所面臨之信貸風險及預期信貸虧損之資料：

==> picture [485 x 280] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
gross carrying Gross carrying
amount loss allowance amount Loss allowance
賬面總值虧損撥備賬面總值虧損撥備
’000 千元 $’000 千元 ’000 千元 $’000 千元
– –
Current (not past due) 743,702 624,247
即期（未逾期）
Less than one month past due 46,967 (814) 56,124 (889)
逾期少於一個月
One to three months past due 23,533 (850) 21,157 (518)
逾期一至三個月
More than three months but less than twelve
months past due 6,382 (178) 7,462 (356)
逾期超過三個月但少於十二個月
More than twelve months past due 1,641 (396) 808 (348)
逾期超過十二個月
822,225 (2,238) 709,798 (2,111)
----- End of picture text -----

Annual Report 2020/2021 年度報告 221

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(a) Credit risk (Continued)

Movement in the loss allowance account in respect of trade debtors and bills receivable during the year is as follows:

26 財務風險管理及金融工具之公

允值（續）

(a) 信貸風險（續）

應收賬款及應收票據之虧損撥備賬於年內之變動如下：

==> picture [485 x 208] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Balance at 1st April 2,111 1,277
於四月一日結餘
Exchange adjustments 173 (98)
匯兌調整
Impairment losses recognised 255 977
確認減值虧損
Uncollectible amounts written off (301) (45)
不可收回金額之撇銷
Balance at 31st March 2,238 2,111
於三月三十一日結餘
----- End of picture text -----

(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 2020.

(b) 流動資金風險

本集團個別經營實體負責其日常運作之現金管理，包括存放短期現金存款及借入貸款以滿足預期現金需求，惟倘借貸超過若干預先釐定之授權水平，則須獲母公司董事會批准。超過營運所需之現金盈餘由本集團中央現金及財政管理制度密切監控及管理。本集團之政策乃定期監控其流動資金需要及其遵守貸款契諾之情況，以確保本集團維持充足現金儲備及獲主要金融機構承諾提供足夠之資金，以應付其短期及長期之流動資金需要。自截至二零二零年三月三十一日止年度起，本集團面臨之流動資金風險及其管理有關風險之政策概無變動。

222 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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）

下表呈列本集團之金融負債於匯報日之餘下合約期限，此乃根據合約未折現現金流量（包括按合約利率，或如屬浮息按匯報日通行之利率計算之利息付款）以及本集團須償還有關款項之最早日期作分析：

==> picture [485 x 307] intentionally omitted <==

----- Start of picture text -----

2021
二零二一年
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 after 5 years total amount
一年內或多於一年但多於兩年但
按要求少於兩年少於五年五年後總計賬面值
$’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
Trade and other payables (excluding receipts
– – –
in advance and customer deposits) 2,392,098 2,392,098 2,392,098
應付賬款及其他應付款
（不包括預收款項及客戶按金）
Bank loans 130,887 – – – 130,887 130,306
銀行貸款
Lease liabilities 94,991 68,179 43,941 19,259 226,370 205,435
租賃負債
2,617,976 68,179 43,941 19,259 2,749,355 2,727,839
----- End of picture text -----

Annual Report 2020/2021 年度報告 223

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(b) Liquidity risk (Continued)

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）

==> picture [485 x 307] intentionally omitted <==

----- Start of picture text -----

2020
二零二零年
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 After 5 years Total Amount
一年內或多於一年但多於兩年但
按要求少於兩年少於五年五年後總計賬面值
$’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
Trade and other payables (excluding receipts
– – –
in advance and customer deposits) 1,635,803 1,635,803 1,635,803
應付賬款及其他應付款
（不包括預收款項及客戶按金）
Bank loans 242,191 – – – 242,191 241,424
銀行貸款
Lease liabilities 91,337 70,993 87,433 19,052 268,815 243,574
租賃負債
1,969,331 70,993 87,433 19,052 2,146,809 2,120,801
----- End of picture text -----

224 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(b) Liquidity risk (Continued)

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）

==> picture [485 x 307] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
contractual undiscounted cash Contractual undiscounted cash
(outflow)/inflow (outflow)/inflow
合約未折現現金（流出）╱流入合約未折現現金（流出）╱流入
Within 1 year Within 1 year
or on demand total or on demand Total
一年內或一年內或
按要求總計按要求總計
$’000 千元 $’000 千元 $’000 千元 $’000 千元
Derivatives settled gross:
已結算衍生工具總額：
Forward foreign exchange contracts
(note 26(d))
遠期外匯合約（附註 26(d) ）
– Outflow – – (45,371) (45,371)
– 流出
– Inflow – – 46,235 46,235
– 流入
----- End of picture text -----

(c) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

(c) 利率風險

利率風險指金融工具之公允值或未來現金流量因應市場利率變動而波動之風險。

The Group’s interest rate risk arises primarily from 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.

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第 (i) 項。

Annual Report 2020/2021 年度報告 225

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(i) Interest rate profile

The following table details the interest rate profile of the Group’s

interest-bearing borrowings at the end of the reporting period:

26 財務風險管理及金融工具之公

允值（續）

(c) 利率風險（續）
(i) 利率資料

下表詳列本集團的附息借貸於匯報日之利率資料：

==> picture [484 x 266] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
effective Effective
interest rate amount interest rate Amount
實際利率金額實際利率金額
% $’000 千元 % $’000 千元
Fixed rate borrowings:
定息借貸：
Lease liabilities 3.55 205,435 3.48 243,574
租賃負債
Variable rate borrowings:
浮息借貸：
Bank loans 3.95 130,306 2.42 241,424
銀行貸款
Total borrowings 335,741 484,998
借貸總額
----- End of picture text -----

226 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(c) Interest rate risk (Continued)
(ii) Sensitivity analysis

At 31st March 2021, 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 $977,000 (2020: $1,946,000).

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 interest-bearing 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 2020.

(d) Currency risk

The Group is exposed to currency risk primarily through sales, purchases and borrowings which give rise to receivables, payables, cash balances and lease liabilities that are denominated in a foreign currency, i.e. a currency other than the functional currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily United States dollars (“USD”), Australian dollars (“AUD”), Singapore dollars (“SGD”), Philippines Peso (“PHP”), Renminbi (“RMB”), European dollars (“EUR”) and New Zealand dollars (“NZD”).

26 財務風險管理及金融工具之公允值（續）

於二零二一年三月三十一日，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 977,000 元（二零二零年： 1,946,000 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之除稅後溢利及保留溢利之即時變動。本集團除稅後溢利及保留溢利所受影響，乃按利率變動對利息支出之年度化影響估計。管理層假設於下一個報告期間到期之若干附息借貸於到期後將續借以作日常營運之用。

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。

截至二零二零年三月三十一日止年度之分析乃按照相同基準進行。

(d) 貨幣風險

本集團面臨之貨幣風險主要來自因買賣及借貸而產生之應收款、應付款、現金結餘及租賃負債，該等項目乃按外幣（即交易所涉業務之功能貨幣以外之貨幣）計值。產生有關風險之貨幣主要為美元（「美元」）、澳元（「澳元」）、坡元（「坡元」）、菲律賓比索（「比索」）、人民幣（「人民幣」）、歐元（「歐元」）及新西蘭元（「新西蘭元」）。

Annual Report 2020/2021 年度報告 227

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(d) Currency risk (Continued)

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, PHP, RMB, EUR and NZD. 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 2020. During the year ended 31st March 2021, the Group uses bank balances to hedge its currency risk arising from the purchase of raw materials and machineries that are denominated in foreign currency and classifies these as cash flow hedges as set out in note 18(a).

The Group has also used 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 other comprehensive income. There was no assets (2020: assets of $501,000) recognised as derivative financial instruments for 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 2021.

In respect of other trade receivables and payables denominated in foreign currencies, the Group ensures that the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address short-term imbalances.

26 財務風險管理及金融工具之公允值（續）

(d) 貨幣風險（續）

就功能貨幣為港幣（「港幣」）之集團實體而言，除若干與集團實體進行之交易及採購以澳元、坡元、比索、人民幣、歐元及新西蘭元計值外，所有買賣均按港幣或美元計值。由於港幣與美元掛鈎，管理層預期有關該等以美元計值之交易並無任何重大貨幣風險。

就功能貨幣為港幣以外之貨幣之集團實體而言，除若干出售及與集團實體進行之交易以及與集團實體之若干借貸按港幣計值外，其他大部份交易均按其功能貨幣計值。

自截至二零二零年三月三十一日止年度起，本集團管理有關風險之政策並無變動。於截至二零二一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及機器時所產生之貨幣風險，並如附註 18(a) 所載將該等銀行結存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其他全面收益內確認。於二零二一年三月三十一日，本集團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淨公允值未產生確認為衍生金融工具之資產（二零二零年：資產 501,000 元）。

就以外幣計值之其他應收賬款及應付賬款而言，本集團在有需要時按即期匯率買賣外幣，以處理短期失衡情況，確保淨風險乃維持於可接納水平。

228 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(d) Currency risk (Continued)

(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 and joint venture outside Hong Kong into the Group’s presentation currency, the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries and the bank balances that are designated as a hedge of the Group’s foreign currency risk of highly probable forecast transactions or committed future transactions are excluded.

26 財務風險管理及金融工具之公

允值（續）

(d) 貨幣風險（續）
(i) 承受之貨幣風險

下表詳列本集團於匯報日以有關實體之功能貨幣以外之貨幣計值之已確認資產或負債所產生之重大貨幣風險。有關風險承擔之金額乃按年結日之即期匯率換算為港幣作呈列之用。換算香港以外地區附屬公司及合營公司之財務報表為本集團之呈列貨幣而產生之差額、來自集團實體之借貸（實質構成於附屬公司之投資淨額之一部份）之風險，以及指定用作對沖本集團預期很可能進行之交易或已承諾進行之未來交易之外幣風險之銀行結存並不包括在內。

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----- Start of picture text -----

exposure to foreign currencies (expressed in HKD)
外匯風險承擔（以港幣計算）
2021 2020
二零二一年二零二零年
UsD eUr SGD HKD RMB PHP AUD NZD USD EUR SGD HKD RMB PHP AUD NZD
美元歐元坡元港幣人民幣比索澳元新西蘭元美元歐元坡元港幣人民幣比索澳元新西蘭元
$’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 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
Cash and bank deposits 8,305 1 – 51,502 133,161 – 345 – 37,303 1 – 104,879 50,717 – 190 –
現金及銀行存款
Amount due from/(to) group
companies 7,983 – 2,475 (19,554) (1,987) – 10,648 – 4,349 – 2,159 (18,019) 5,770 – 8,018 –
應收╱（應付）集團成員
公司款項
Loan to joint venture – – – – – – – – – – – – – 53,305 – –
向合營公司借出之貸款
Trade and other receivables – – – – – 4,895 – – – – – – – 2,122 – –
應收賬款及其他應收款
– – – – – –
Trade and other payables (18,477) (4,323) (433) (2,171) (1,492) (18,854) (13,257) (314) (4,190) (608)
應付賬款及其他應付款
Gross exposure arising from
recognised assets and
liabilities (2,189) (4,322) 2,042 31,948 129,003 4,895 9,501 – 22,798 (13,256) 1,845 86,860 52,297 55,427 7,600 –
已確認資產及負債產生之
風險承擔總額
Notional amount of forward
exchange contracts used as
economic hedges – – – – – – – – – 4,022 – – – – – (41,684)
用作經濟對沖之遠期
外匯合約名義金額
Net exposure arising from
recognised assets and
liabilities (2,189) (4,322) 2,042 31,948 129,003 4,895 9,501 – 22,798 (9,234) 1,845 86,860 52,297 55,427 7,600 (41,684)
已確認資產及負債產生之
風險承擔淨額
----- End of picture text -----

229

Annual Report 2020/2021 年度報告

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

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於該日出現變動可能導致本集團除稅後溢利及保留溢利之即時變動（假設所有其他風險可變動因素維持不變）。就此而言，乃假設港幣與美元之聯繫匯率不會因美元兌其他貨幣之任何匯價走勢變動而受到重大影響。

==> picture [485 x 380] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
increase/ Increase/
increase/ (decrease) Increase/ (decrease)
(decrease) in profit after (decrease) in profit after
in foreign taxation and in foreign taxation and
exchange rates retained profits exchange rates retained profits
除稅後溢利除稅後溢利
匯率上升╱ 及保留溢利匯率上升╱ 及保留溢利
（下跌）上升╱（下跌）（下跌）上升╱（下跌）
$’000 千元 $’000 千元
USD 5% (129) 5% (290)
美元 (5)% 129 (5)% 290
EUR 5% (166) 5% (357)
歐元 (5)% 166 (5)% 357
SGD 5% 85 5% 77
坡元 (5)% (85) (5)% (77)
HKD 5% 974 5% 3,134
港幣 (5)% (974) (5)% (3,134)
RMB 5% 5,304 5% 2,108
人民幣 (5)% (5,304) (5)% (2,108)
----- End of picture text -----

230 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(d) Currency risk (Continued)
(ii) Sensitivity analysis (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) 敏感性分析（續）

==> picture [485 x 291] intentionally omitted <==

----- Start of picture text -----

2021 2020
二零二一年二零二零年
increase/ Increase/
increase/ (decrease) Increase/ (decrease)
(decrease) in profit after (decrease) in profit after
in foreign taxation and in foreign taxation and
exchange rates retained profits exchange rates retained profits
除稅後溢利除稅後溢利
匯率上升╱ 及保留溢利匯率上升╱ 及保留溢利
（下跌）上升╱（下跌）（下跌）上升╱（下跌）
$’000 千元 $’000 千元
PHP 5% 204 5% 2,754
比索 (5)% (204) (5)% (2,754)
AUD 5% 472 5% 366
澳元 (5)% (472) (5)% (366)
NZD 5% – 5% (1,459)
新西蘭元 (5)% – (5)% 1,459
----- End of picture text -----

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。

Annual Report 2020/2021 年度報告 231

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(d) Currency risk (Continued)
(ii) Sensitivity analysis (Continued)

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 intercompany payables and receivables within the Group which are denominated in a currency other than the functional currencies of the lender or the borrower. The analysis excludes differences that would result from the translation of the financial statements of subsidiaries and joint venture outside Hong Kong into the Group’s presentation currency, the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries and the bank balances that are designated as a hedge of the Group’s foreign currency risk of highly probable forecast transactions or committed future transactions. The analysis has been performed on the same basis for the year ended 31st March 2020.

(e) Fair value measurement

(i) Financial assets and liabilities measured at fair value 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 threelevel 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.

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（續）

敏感性分析乃假設匯率變動應用於重新計量本集團於匯報日持有令本集團面對外匯風險之該等金融工具，包括本集團公司間以貸款人或借款人之功能貨幣以外之貨幣計值之應付款及應收款。分析不包括因換算香港以外地區附屬公司及合營公司之財務報表為本集團之呈列貨幣而產生之差額、來自集團實體之借貸（實質構成於附屬公司之投資淨額之一部份）而產生之風險，以及指定用作對沖本集團預期很可能進行之交易或已承諾進行之未來交易之外幣風險之銀行結存。截至二零二零年三月三十一日止年度之分析乃按照相同基準進行。

(e) 公允值計量

(i) 按公允值計量之金融資產及負債公允值架構

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，按照《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進行分類。將公允值計量分類之等級乃經參考如下估值方法所用輸入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。

232 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

26 Financial risk management and fair

values of financial instruments (Continued)

(e) Fair value measurement (Continued)
(i) Financial assets and liabilities measured at fair value (Continued)

Fair value hierarchy (Continued)

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.

26 財務風險管理及金融工具之公

允值（續）

(e) 公允值計量（續）
(i) 按公允值計量之金融資產及負債（續）

公允值架構（續）

第二級估值：使用第二級輸入數據（即未能達到第一級之可觀察輸入數據）且並未使用重大不可觀察輸入數據計量之公允值。不可觀察輸入數據為無市場數據之輸入數據。
Level 3 valuations: Fair value measured using significant unobservable inputs.
第三級估值：使用重大不可觀察輸入數據計量之公允值。

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.

遠期外匯合約之公允值乃採用第二級輸入數據計量，並透過折現合約遠期價格及扣減現有即期匯率釐定。所採用之折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

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 2021 and 2020.

(ii) 並非按公允值列賬之金融工具之公允值

於二零二一年及二零二零年三月三十一日，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。

27 Commitments

(a) Capital commitments outstanding at 31st March 2021 not provided for in the financial statements were as follows:

27 承擔

(a) 於二零二一年三月三十一日，未在財務報表中撥備之未付資本承擔如下：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Contracted for 62,536 347,950
已訂約
Authorised but not contracted for 365,044 806,580
已授權但未訂約
427,580 1,154,530
----- End of picture text -----

As at 31st March 2021, the Group is committed to certain contracts for the acquisition and construction of plant and machinery and buildings.

於二零二一年三月三十一日，本集團承諾履行若干購買及建造廠房及機器以及樓宇之合約。

Annual Report 2020/2021 年度報告 233

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

27 Commitments (Continued)

(b) The Group’s share of capital commitments of the joint venture not included above are as follows:
27 承擔（續）
(b) 未有計入上文本集團應佔合營公司之資本承擔如下：

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----- Start of picture text -----

2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Contracted for – 2,271
已訂約
Authorised but not contracted for 323 237
已授權但未訂約
323 2,508
----- End of picture text -----

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

除該等財務報表另有披露之交易及結餘外，本集團已訂立以下重大關連人士交易。

(a) Transactions with related parties

(i) 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 net sales of products distributed by the related party. Total management fees charged by the related party for the year amounted to $26,639,000 (2020: $24,632,000). The amount due to the related party as at 31st March 2021 amounted to $7,381,000 (2020: $6,066,000).
(a) 與關連人士之交易
(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銷售淨額之百分比計算。年內，該關連人士收取之管理費用合共 26,639,000 元（二零二零年： 24,632,000 元）。於二零二一年三月三十一日應付予該關連人士之款項為 7,381,000 元
（二零二零年： 6,066,000 元）。
(ii) On 29th July 2013, the Group entered into a distribution agreement with a related party (non-controlling 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 net sales of products distributed by the related party. Total management fee charged by the related party for the year amounted to $6,715,000 (2020: $7,060,000). The amount due to the related party as at 31st March 2021 amounted to $2,143,000 (2020: $1,739,000).
(ii) 於二零一三年七月二十九日，本集團與一名關連人士（本公司附屬公司之非控股權益）於新西蘭訂立一項分銷協議，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銷售淨額之百分比計算。年內，該關連人士收取之管理費用合共 6,715,000 元
（二零二零年： 7,060,000 元）。於二零二一年三月三十一日應付予該關連人士之款項為 2,143,000 元（二零二零年： 1,739,000 元）。

234 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

28 Material related party transactions

28 重大關連人士交易（續）

(Continued)

(a) Transactions with related parties (Continued)
(iii) The Group has entered into a distribution agreement with a joint venture in the Philippines pursuant to which the Group agreed to supply soya related beverages and raw materials to the joint venture. Total sales to the joint venture for the year amounted to $14,233,000 (2020: $31,607,000). The amount due from the joint venture as at 31st March 2021 amounted to $5,771,000 (2020: $4,356,000).
(iv) The Group has entered into a loan agreement with the joint venture pursuant to which the Group agreed to provide a loan to finance the business activities of the joint venture. The loan bears interest at 4.75% per annum, is unsecured and is repayable after one year from the end of the respective reporting period. Total interest income from the joint venture for the year amounted to $2,628,000 (2020: $1,644,000). The loan to joint venture as at 31st March 2021 amounted to $56,070,000 (2020: $53,305,000) and has been fully impaired as at 31st March 2021.

The related party transactions in respect of (i) and (ii) 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).

(a) 與關連人士之交易（續）
(iii) 本集團已與一間菲律賓合營公司訂立一項分銷協議，據此，本集團同意向該合營公司供應大豆相關飲品及原材料。年內，向該合營公司作出之銷售總額為 14,233,000 元（二零二零年： 31,607,000 元）。於二零二一年三月三十一日應收該合營公司之款項為 5,771,000 元（二零二零年： 4,356,000 元）。
(iv) 本集團已與合營公司訂立一項貸款協議，據此，本集團同意提供一筆貸款，為該合營公司之業務活動融資。該貸款按年息 4.75% 計息，並無抵押，且須於各自匯報日之一年後償還。年內，來自該合營公司之利息收入總額為 2,628,000 元（二零二零年： 1,644,000 元）。於二零二一年三月三十一日，向合營公司借出之貸款為 56,070,000 元（二零二零年： 53,305,000 元），並於二零二一年三月三十一日已全數減值。

上述有關第 (i) 及 (ii) 項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。

Annual Report 2020/2021 年度報告 235

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

28 Material related party transactions

28 重大關連人士交易（續）

(Continued)

(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:

(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：

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2021 2020
二零二一年二零二零年
$’000 千元 $’000 千元
Short-term employee benefits 47,035 47,245
短期僱員福利
Post-employment benefits 1,352 1,248
離職後福利
Equity compensation benefits 10,962 8,998
股本補償福利
59,349 57,491
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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) ）。

29 Equity transaction with non-controlling interests

During the year ended 31st March 2020, the Group and Shenzhen GuangMing Group Co., Ltd (“Guangming”) contributed additional capital totalling RMB119,000,000 (equivalent to approximately $137,254,000) to Vitasoy Dongguan in proportion to their shareholding of 85% and 15% in Vitasoy Dongguan respectively, of which RMB17,850,000 (equivalent to approximately $20,588,000) was contributed by Guangming and was presented as capital contribution from a non-controlling interest in the consolidated cash flow statement.

29 與非控股權益之權益交易

截至二零二零年三月三十一日止年度，本集團及深圳市光明集團有限公司（「光明」）已分別按其於東莞維他奶之持股比例 85% 及 15% 額外向東莞維他奶注資合共人民幣 119,000,000 元（相當於約 137,254,000 元），其中人民幣 17,850,000 元（相當於約 20,588,000 元）由光明注資並於綜合現金流量表中以來自非控股權益之注資呈列。

236 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

30 Company-level statement of financial position

30 公司層面之財務狀況表

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2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元
non-current assets
非流動資產
Property, plant and equipment
物業、廠房及設備
– Investment properties 3,375 3,502
–
投資物業
– Right-of-use assets 118,092 154,431
–
使用權資產
– Other property, plant and equipment 578,655 606,334
–
其他物業、廠房及設備
700,122 764,267
Interest in subsidiaries 1,638,386 1,721,300
於附屬公司之權益
Deposits for the acquisition of property,
plant and equipment 1,096 51
購買物業、廠房及設備之訂金
2,339,604 2,485,618
current assets
流動資產
Inventories 150,276 166,949
存貨
Trade and other receivables 477,059 455,446
應收賬款及其他應收款
Amounts due from subsidiaries 189,730 402,704
應收附屬公司款項
Current tax recoverable – 17,496
應收現期稅項
Cash and bank deposits 520,109 124,249
現金及銀行存款
1,337,174 1,166,844
current liabilities
流動負債
Trade and other payables 598,218 550,689
應付賬款及其他應付款
Bank loan – 190,000
銀行貸款
Amounts due to subsidiaries 89,872 67,644
應付附屬公司款項
Lease liabilities 58,734 55,600
租賃負債
–
Current tax payable 14,223
應付現期稅項
761,047 863,933
net current assets 576,127 302,911
淨流動資產
total assets less current liabilities 2,915,731 2,788,529
總資產減流動負債
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237

Annual Report 2020/2021 年度報告

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有說明外，以港幣計算）

30 Company-level statement of financial

30 公司層面之財務狀況表（續）

position (Continued)

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2021 2020
二零二一年二零二零年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元
non-current liabilities
非流動負債
Lease liabilities 74,531 115,469
租賃負債
Employee retirement benefit liabilities 898 27,956
僱員退休福利負債
Deferred tax liabilities 64,495 59,959
遞延稅項負債
139,924 203,384
net assets 2,775,807 2,585,145
淨資產
capital anD reserVes
資本及儲備
Share capital 25(a) 984,030 939,328
股本
Reserves 1,791,777 1,645,817
儲備
total eQUitY 2,775,807 2,585,145
權益總額
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Approved and authorised for issue by the Board of Directors on 17th June 2021.

於二零二一年六月十七日獲董事會批准並授權發佈。

Winston Yau-lai lo

roberto gUiDetti

羅友禮陸博濤 Director Director 董事董事

238 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

notes to the financial statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有說明外，以港幣計算）

31 Non-adjusting events after the

31 毋須作出調整之匯報日後事項

reporting period

Subsequent to the end of the reporting period, the Directors proposed a final dividend. Further details are disclosed in note 25(b)(i).

32 Comparative figures

Certain expenses of Mainland China and Hong Kong Operation segments as disclosed in note 3 have been reallocated to conform with the current year’s presentation to reflect more appropriately the performance of the reportable segments. As a result, head office and corporate administrative costs decreased by $68,467,000 and reportable segment profit from operations of Mainland China and Hong Kong Operation decreased by $47,847,000 and $20,620,000 respectively.

33 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31st March 2021

Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and a new standard, HKFRS 17, Insurance contracts , which are not yet effective for the year ended 31st March 2021 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group.

董事於匯報日後建議派發末期股息。進一步詳情於附註 25(b)(i) 中披露。

32 比較數字

如附註 3 所披露，中國內地及香港業務分部之若干費用已重新分配，使其符合本年度之呈列，以便更適當地反映須報告分部之表現。因此，總公司及企業行政成本減少 68,467,000 元，中國內地及香港業務須報告分部之經營溢利亦分別減少 47,847,000 元及 20,620,000 元。

33 已頒佈但尚未於截至二零二一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

截至該等財務報表刊發之日，香港會計師公會已頒佈截至二零二一年三月三十一日止年度尚未生效，亦無在該等財務報表採用之數項修訂及一項新訂準則，《香港財務報告準則》第 17 號「保險合同」，當中包括下列可能與本集團相關之修訂。

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effective for
accounting periods
beginning on or after
於下列日期
或之後開始之
會計期間生效
Amendments to HKFRS 3, Reference to the Conceptual Framework 1st January 2022
《香港財務報告準則》第 3 號「概念框架之引用」之修訂二零二二年一月一日
Amendments to HKAS 16, Property, Plant and Equipment: Proceeds before Intended Use 1st January 2022
《香港會計準則》第 16 號「物業、廠房及設備：用作擬定用途前之所得款項」之修訂二零二二年一月一日
Amendments to HKAS 37, Onerous Contracts – Costs of Fulfilling a Contract 1st January 2022
《香港會計準則》第 37 號「虧損性合約—履約成本」之修訂二零二二年一月一日
Annual Improvements to HKFRSs 2018 – 2020 Cycle 1st January 2022
《香港財務報告準則》二零一八年至二零二零年週期之年度改進二零二二年一月一日
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The Group is in the process of making an assessment of what the impact of these developments is expected to be in the period of initial application. So far the Group concluded that the adoption of any of the above amendments is unlikely to have a significant impact on the consolidated financial statements.

本集團正評估該等修訂於首次應用期間之預期影響。直到目前為止，採納上述任何修訂預期不會對本集團綜合財務報表產生重大影響。

Annual Report 2020/2021 年度報告 239

fiVe Year sUmmarY 五年財務摘要

(Expressed in Hong Kong dollars) （以港幣計算）

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----- Start of picture text -----

2021 2020 2019 2018 2017
二零二一年二零二零年二零一九年二零一八年二零一七年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
results
業績
Revenue 2 7,519,817 7,232,641 7,526,495 6,464,525 5,406,090
收入
Profit from operations 1, 2 843,471 707,433 977,160 822,248 848,034
經營溢利
Finance costs 1, 3 (11,770) (10,932) (2,086) (1,700) (3,730)
融資成本
Share of losses of joint venture (22,242) (17,433) (19,236) (17,814) (627)
所佔合營公司虧損
Impairment loss on interest in
– – – –
joint venture (42,800)
合營公司權益之減值虧損
Profit before taxation 766,659 679,068 955,838 802,734 843,677
除稅前溢利
Income tax 1, 2, 3 (177,151) (109,477) (208,143) (160,679) (190,383)
所得稅
Profit for the year 589,508 569,591 747,695 642,055 653,294
本年度溢利
Attributable to:
下列人士應佔：
– Equity shareholders
of the Company 548,346 535,878 695,907 585,774 618,372
– 本公司股權持有人
– Non-controlling interests 41,162 33,713 51,788 56,281 34,922
– 非控股權益
Profit for the year 589,508 569,591 747,695 642,055 653,294
本年度溢利
assets and liabilities
資產及負債
Property, plant and equipment 1 4,142,718 3,712,005 2,939,306 2,348,875 2,053,276
物業、廠房及設備
Other non-current assets 163,942 181,288 163,852 173,144 97,027
其他非流動資產
Net current (liabilities)/
assets 1 (114,224) (185,794) 488,007 737,116 823,069
淨流動（負債）╱資產
Total assets less current
liabilities 1 4,192,436 3,707,499 3,591,165 3,259,135 2,973,372
總資產減流動負債
Non-current liabilities 1 (235,562) (289,395) (121,605) (89,989) (283,666)
非流動負債
net assets 3,956,874 3,418,104 3,469,560 3,169,146 2,689,706
淨資產
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240 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

five year summary 五年財務摘要

(Expressed in Hong Kong dollars) （以港幣計算）

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----- Start of picture text -----

2021 2020 2019 2018 2017
二零二一年二零二零年二零一九年二零一八年二零一七年
Note 附註 $’000 千元 $’000 千元 $’000 千元 $’000 千元 $’000 千元
capital and reserves
資本及儲備
Share capital 984,030 939,328 898,961 857,335 774,246
股本
Reserves 2, 3 2,632,023 2,189,062 2,266,451 2,052,422 1,697,123
儲備
Total equity attributable to
equity shareholders of
the Company 3,616,053 3,128,390 3,165,412 2,909,757 2,471,369
本公司股權持有人
應佔權益總額
Non-controlling interests 340,821 289,714 304,148 259,389 218,337
非控股權益
total eQUitY 3,956,874 3,418,104 3,469,560 3,169,146 2,689,706
權益總額
Earnings per share
每股盈利
– Basic 51.5 cents 仙 50.4 cents 仙 65.6 cents 仙 55.5 cents 仙 58.9 cents 仙
–
基本
– Diluted 51.0 cents 仙 49.9 cents 仙 65.0 cents 仙 55.0 cents 仙 58.4 cents 仙
–
攤薄
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notes to the five year summary

五年財務摘要附註

1 As a result of the adoption of HKFRS 16, Leases , with effect from 1st April 2019, the Group has changed its accounting policies in respect of the lessee accounting model. In accordance with the transitional provisions of the standard, the changes in accounting policies were adopted by way of opening balance adjustments to recognise rightof-use assets and lease liabilities as at 1st April 2019. After initial recognition of these assets and liabilities, the Group as a lessee is required to recognise interest expense accrued on the outstanding balance of the lease liability, and the depreciation of the right-of-use asset, instead of the previous policy of recognising rental expenses incurred under operating leases on a straight-line basis over the lease term. Figures in years earlier than 2020 are stated in accordance with the policies applicable in those years.
1 由於採納自二零一九年四月一日起生效之《香港財務報告準則》第 16 號「租賃」，本集團變更有關承租人會計模式之會計政策。根據該準則之過渡性條文，會計政策之變動獲採納之方式為透過期初結餘調整之方式以確認於二零一九年四月一日之使用權資產及租賃負債。於初步確認該等資產及負債後，本集團（作為承租人）須確認租賃負債未償還結餘產生之利息費用及使用權資產折舊，而非根據過往之政策以直線法基準確認租期內經營租賃產生之租金費用。二零二零年以前的數字根據相關年度的適用政策呈列。
2 As a result of the adoption of HKFRS 15, Revenue from contracts with customers , with effect from 1st April 2018, the Group changed its accounting policies in respect of revenue recognition. Figures in years earlier than 2019 are stated in accordance with the policies applicable in those years.
2 由於採納自二零一八年四月一日起生效之《香港財務報告準則》第 15 號「客戶合約收入」，本集團變更有關收入確認之會計政策。二零一九年以前的數字根據相關年度的適用政策呈列。

Annual Report 2020/2021 年度報告 241

five year summary 五年財務摘要

(Expressed in Hong Kong dollars) （以港幣計算）

notes to the five year summary (continued)

3 The Group adopted HKFRS 9, Financial instruments , including the amendments to HKFRS 9, Prepayment features with negative compensation , from 1st April 2018. As a result, the Group changed its accounting policies in relation to financial instruments. As allowed by HKFRS 9, the Group did not restate information relating to prior years. There was no difference in the carrying amounts of the financial assets and financial liabilities resulting from the adoption of HKFRS 9. Figures in years earlier than 2019 are stated in accordance with the policies applicable in those years.

五年財務摘要附註（續）

3 本集團自二零一八年四月一日起採納《香港財務報告準則》第 9 號「金融工具」，包括《香港財務報告準則》第 9 號「具有負補償特性之預付款項」之修訂。因此，本集團已變更有關金融工具的會計政策。根據《香港財務報告準則》第 9 號，本集團並無重列先前年度之資料。採納《香港財務報告準則》第 9 號並無導致金融資產及金融負債之賬面值出現差異。二零一九年以前的數字根據相關年度的適用政策呈列。

242 Vitasoy International Holdings Ltd. 維他奶國際集團有限公司

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www.vitasoy.com

Vitasoy International Holdings Limited 1 Kin Wong Street, Tuen Mun The New Territories, Hong Kong

維他奶國際集團有限公司香港新界屯門建旺街一號 Tel 電話：（852） 2466 0333 Fax 傳真：（852） 2456 3441

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AI assistant

KLN Logistics Group Limited — Annual Report 2021

49356_rns_2021-07-14_e2a99fdd-5533-4ded-9d74-3246a9d552ac.pdf

BROADENING Our Impact

Contents 目錄

Directors anD corporate information 董事及集團資料

Board of Directors

非執行董事

Executive Director

Group Chief Financial Officer

Company Secretary

Registered Office

Auditors

核數師

Principal Bankers

主要來往銀行

Share Registrar

股份過戶登記處

Investor Relations Contact

投資者關係聯絡

Key Dates 重要日期

financial HigHligHts 財務摘要

Results 業績

Revenue

收入

Gross Profit 毛利

EBITDA 未計利息收入、融資成本、所得稅、折 舊、攤銷費用及所佔合營公司虧損前盈利

Profit Attributable to Equity Shareholders of the Company 本公司股權持有人應佔溢利

financial Highlights 財務摘要

Financial Position 財務狀況

Sales Analysis by Location 銷售額分析（按地區）

Discipline in delivering sustainable growth

嚴格執行，達致持續增長

Resilience

迎難向前

Invaluable contribution

寶貴貢獻

groUp cHief eXecUtiVe officer’s report/BUsiness reVieW

Financial Highlights

財務摘要

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Revenue

收入

Mainland China: +8% in local currency (+11% in HKD)

Australia and New Zealand: – 1% in local currency (+5% in HKD)

Singapore: Flat in local currency (Flat in HKD)

新加坡：以當地貨幣計算持平（以港幣計算 持平）

Gross Profit and Gross Profit Margin

毛利及毛利率

Operating Expenses

經營費用

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

COVID-19-related Government Grants in FY2020/2021

二零二零╱二零二一財政年度的 2019 冠狀病毒病相關政府資助

EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation and Amortisation and Share of Losses of Joint Venture)

未計利息收入、融資成本、所得稅、 折舊、攤銷費用及所佔合營公司虧損 前盈利（「 EBITDA 」）

Profit from Operations

經營溢利

Impairment Loss on Interest in Joint Venture

Profit before Taxation

Taxation

Profit Attributable to Equity Shareholders of the Company

Financial Position

合營公司權益之減值虧損

除稅前溢利

稅項

本公司股權持有人應佔溢利

財務狀況

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

Non-financial Key Performance Indicators

非財務關鍵表現指標

Financial Risk Management

財務風險管理

Potential Risk and Uncertainties

潛在風險及不明朗因素

Review of Operations

Mainland China

業務回顧

中國內地

group chief executive officer’s report/Business review 集團行政總裁報告╱業務回顧

KLN Logistics Group Limited Annual Report 2021

EBITDA 未計利息收入、融資成本、所得稅、折舊、攤銷費用及所佔合營公司虧損前盈利

新加坡：以當地貨幣計算持平（以港幣計算持平）

未計利息收入、融資成本、所得稅、折舊、攤銷費用及所佔合營公司虧損前盈利（「 EBITDA 」）