ANNUAL REPORT 年 報 China Foods Limited 中國食品有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） Stock Code 股份代號 : 506 Corporate Profi le 公司概況 China Foods Limited (“China Foods” or the “Company”) is a 中國食品有限公司（「中國食品」或「本公司」）為 subsidiary of COFCO Corporation (“COFCO”) and listed on the 中糧集團有限公司（「中糧集團」）的附屬公司，並 main board of The Stock Exchange of Hong Kong Limited (Stock 在香港聯合交易所有限公司主板上市（股票代碼： Code: 506). The primary business of the Company includes 506）。本公司主要業務包括飲料、酒類、廚房食品廚房食品 beverage, wine, kitchen food and confectionery. The Company 及休閒食品。本公司致力於為消費者提供營養、健消費者提供營養、健 is committed to providing consumers with nutritious, healthy, 康、美味的優質食品。本公司現時的產品組合包括品 本公司現時的產品組合包括 delicious and quality food. Currently, the Company’s product 眾多知名品牌，例如「長城」葡萄酒、「福臨門」包名品牌，例 如「長城」葡萄酒、「福臨門」包 portfolio includes a number of well-known brands, such as 裝食裝食用油、「金帝」巧克力及「黃中皇」紹興酒等。用油、「金帝」巧克力及「黃中皇」紹興酒等。 “Greatwall” wine, “福臨門” consumer-pack edible oil, “LLee coconténté” 作為作為可口可樂公司在中國的戰略夥伴，本公司也可口可樂公司在中國的戰略夥伴，本公司也 chocolate and “黃中皇” Shaoxing rice wiwine.ne. As a strategic 有裝有裝瓶和銷售可口可樂系列飲料。瓶和銷售可口可樂系列飲料。 partner of The Coca-Cola Companypany iinn China, the Company also bottles and distributeses CoCoca-Colaca-Cola beverages. Contents 目錄 Contents 目錄 2 Financial Highlights 101 Independent Auditors’ Report 財務摘要 獨立核數師報告 3 Major Events of China Foods in 2014 103 Consolidated Statement of 中國食品2014年大事記 Profit or Loss 綜合損益報表 6 Chairman’s Statement 主席函件 104 Consolidated Statement of Comprehensive Income 8 Statement from Managing Director 綜合全面收入報表 董事總經理函件 105 Consolidated Statement of 12 Management Discussion and Analysis Financial Position 管理層論析 綜合財務狀況表 30 Directors and Senior Management Profile 107 Consolidated Statement of 董事及高級管理人員簡介 Changes in Equity 綜合股本變動報表 40 Corporate Social Responsibility Report 企業社會責任報告 108 Consolidated Statement of 57 Corporate Governance Report Cash Flows 企業管治報告 綜合現金流量表 77 Report of the Directors 112 Statement of Financial Position 董事會報告 財務狀況表 113 Notes to Financial Statements 財務報表附註 253 Five-Year Financial Summary 五年財務概要 254 Corporate Information 公司資料 256 Financial Calendar 財務日誌 中國食品有限公司 二零一四年報 1 Financial Highlights 財務摘要 Financial Highlights 財務摘要 REVENUE 收入 TOTAL ASSETS 總資產 (HK$’ million)（百萬港元） (HK$’ million)（百萬港元） +4% -13% -15% +2% 36% 60% 60% 43% Beverage 47% 飲 料 54% Kitchen Food 廚 房 食 品 30,878 48% 20,974 26,218 26,742 20,212 Wine 18,247 酒 品 類 42% 47% 40% 40% Confectionery 46% Current 休 閒 食 品 流動 13% 7% 8% Other Non-Current 2% 2% 2% 其 他 1% 1% 1% 非流動 2012 2013 2014 2012 2013 2014 EBITDA ASSET TO LIABILITY RATIO (HK$’ million)（百萬港元） 資產負債比率 -79% +3.9ppt -5.4ppt +227% 1,282 60.9% 57.0% 55.5% 883 270 2012 2013 2014 2012202 12 201320201313 20142020144 EARNINGS 盈利 NET ASSETS PER SHARE (Owners of the parents) (HK$’ million)（百萬港元） 每股資產淨（母公司擁有人） (HK$/share)（港元╱每股） 382 -10% -4% -890 -225 2.20 2.43 2.10 2012 2013 2014 2012 2013 2014 China Foods Limited 2 Annual Report 2014 Major Events of China Foods in 2014 中國食品2014年大事記 Major Events of China Foods in 2014 中國食品2014年大事記 Chateau Sungod Greatwall wines were posed on “China House” of Sochi Winter Olympics, once again showing China’s self- confidence and competence in brewing to the world; FEBRUARY 長城桑干酒莊酒亮相索契冬奧 會「中國之家」，再次向世界展 月 示了中國釀造的自信與實力。 On 8 April, The Boao Forum for Asia Annual Conference 2014 was grandly opened. As the sole official designated wine brand, Greatwall wine served APRIL guests and participants of Boao Forum from all over 月 the world for the sixth time, and once again being underpinned as the “National Wine” of China. 於4月8日，博鰲亞洲論壇2014年年會隆重開幕，長城 葡萄酒作為官方唯一指定用酒，六度亮相博鰲論壇款 待各國賓朋，再次成為中國「國酒」名片。 In April, New products such as “Schweppes+C” and “Shui Dong Le”, were launched by COFCO Coca-Cola Beverages Limited in its franchised territories, and received wide market recognition with tremendous feedback. 於4月，中糧可口可樂有限公司轄區「怡泉＋ C」、「水動樂」等新品上市，迅速獲得市場認 同，表現出彩。 In May, At the 20th “Concours Mondial de Bruxelles”, Greatwall MAY Terrior Special Selection Chardonnay Dry White 月 Wine was awarded Gold Medal; Mr. Baudoun Havaux, Chairman of the Selection Committee, and his delegation visited China and presented the Gold Medal and certificate to China Foods on 14 July. 於5月，在第二十屆「布魯塞爾世界葡萄酒評比大賽」中，長城天賦葡園特級精選霞 多麗干白一舉奪得金獎；於7月14日，布魯塞爾國際葡萄酒大賽評委會主席樸度安‧ 哈佛先生一行親臨中國，向中國食品頒發金獎獎牌和證書。 中國食品有限公司 二零一四年報 3 Major Events of China Foods in 2014 中國食品2014年大事記 On 4 August, signing the sponsor agreement with the Beijing AUGUST Preparation Leading Team of APEC at Beijing International 月 Hotel, COFCO became the special sponsor of the 2014 APEC Economic Leaders’ Meeting. China Foods provided Greatwall wine, Chateau Lavagnac Bordeaux and other beverages for the event. 於8月4日，中糧集團與亞太經合組織會議(APEC)的北京市籌備工作領導小 組在國際飯店簽署贊助協議，正式成為2014年APEC會議特別贊助商；中國 食品為該會議提供長城葡萄酒、雷沃堡干紅等多款飲品。 In August, On behalf of COFCO, China Foods donated RMB5 million worth of foods and goods for helping relief to LuDian earthquake victims in Yunnan Province. 於8月，中國食品代表中糧集團，向雲南 魯甸地震災區捐贈價值500萬元的食品 物資，幫助災民度過困難時期。 On 27 September, Greatwall wine won “No. 1 Brand Value in the Grape Wine Category” in the Top 200 Chinese Liquor Brand Value of the 6th “Hua Zun Cup” for six consecutive years. SEPTEMBER 於9月27日，華樽杯第六屆中國酒類品牌價值200 月 強名單出爐，長城葡萄酒六度蟬聯「中國葡萄酒品 牌價值第一」的榮譽。 On 22 December, DECEMBER Fortune’s Golden Origin Maize Oil 月 was awarded Gold Medal in The 5th IEOE China (Beijing) International Edible Oil Industry Expo 2014. 於12月22日，福臨門黃金產地玉米油在「第五屆 IEOE中國國際食用油產業博覽會」上獲得金獎。 China Foods Limited 4 Annual Report 2014 Major Events of China Foods in 2014 中國食品2014年大事記 In 2014, COFCO Coca-Cola Beverages Limited ranked No. 1 in terms of sales growth, sales contribution and quality rating in China, and also delivered approximately 24.4% segment profit growth. Once again, COFCO Coca-Cola Beverages Limited became the key growth driver for The Coca-Cola Company’s results in China. 於2014年，中糧可口可樂有限公司的銷量增長率為中國區第一， 銷量貢獻為中國區第一，質量分亦重返中國區第一，同時達成近 24.4%的分部利潤增長，再次成為可口可樂公司在中國區業績增 長最強引擎。 In 2014, Fortune initiated “Zero-Distance with Happiness” activities, which comprised 10,190 community activities and 141 joint promotion activities of Business Partners (Retailers, Dealer, Producer), for direct communication with consumers. The marketing campaign of Fortune’s “Golden Origin Maize Oil Pyramid Storm” has been awarded “Marketing Communications Award” and “Advertisers Brand Achievement Award” in China Advertising Great-wall Awards • 2014 Advertisers Brand Award. 於2014年，福臨門開展「幸福零距離」活 動，舉辦10,190場社區活動和141場大型三 商聯盟活動，與消費者進行零距離溝通。福 臨門「黃金產地玉米油金字塔風暴」營銷案 例斬獲「中國廣告長城獎‧2014廣告主獎」 之營銷傳播金及廣告主成就獎。 中國食品有限公司 二零一四年報 5 Chairman’s Statement 主席函件 CHAIRMAN’S STATEMENT 主席函件 Chairman’s Statement 主席函件 Dear Shareholders, 致親愛的股東： In 2014, China Foods overcame a number of external 2014年，中國食品管理團隊克服外部不利因素，發 disadvantageous factors by promoting entrepreneurial 揚創業精神，改善內部管理，優化業務流程，提升 dynamism, improving internal management, rationalising 經營效率，使公司經營業績得到大幅改善。在此， business processes, and enhancing operational efficiency. As a 我本人，並代表本公司董事會，對各位股東給予的 result, the Company recorded a significant improvement in its 信任和支持謹表示衷心感謝。 operating results. On behalf of the board of directors, I wish to extend my whole-hearted thanks to our shareholders for their unshakable faith and support. In 2015, in order to cope with the new business environment, 2015年，我本人及董事會各位成員將與管理團隊 our board of directors and management team will further 一起，針對新形勢，進一步明晰公司戰略定位，使 optimise the Company’s strategic positioning and continue to 戰略更加聚焦。與此同時，繼續加強管理，提升業 initiate a focused strategy. Meanwhile, we will strengthen our 務運營效率；加強研發創新，提升產品競爭力；優 internal management, improve operational efficiency, reinforce 化市場營銷策略，提升品牌美譽度；鞏固與經銷商 product development and innovation, enhance product 建立的戰略聯盟關係，繼續深入推進渠道下沉，加 competiveness, optimise marketing and sales strategies, 強終端動銷；從而助推公司經營業績持續改善。 enhance the reputation of our brands, strengthen strategic partnerships with our distributors, increase channel penetration and improve sales execution at the point-of-sale, in order to strive for a continuous improvement in our operating results. As the largest shareholder of China Foods, COFCO will continue 中糧集團作為中國食品的大股東，將一如既往地 to support China Foods in enhancing their core competiveness, 支持中國食品打造自身核心競爭力，加快業務發 expanding business growth and development of a large-scale 展，建設「全產業鏈」終端銷售大通路。另外，在國 sales and distribution platform under the Whole Value Chain 有企業深化混合所有制改革的背景下, 中糧集團 strategy. In addition, under the deepening mixed-ownership 將積極支持中國食品探索戰略性改革措施，通過 reform of state-owned enterprises, COFCO will actively support 機制創新為公司發展注入新的活力。 China Foods in exploring strategic reform initiatives. We hope that through this innovative mechanism, new vitality will be injected into the Company for its development. I believe that by leveraging the combined efforts of the Board 我相信，在董事會和管理團隊的共同努力下，中 and our management, China Foods will build upon the 國食品一定能夠延續2014年的業績改善勢頭，在 improvements in 2014 results and deliver even better results in 2015年取得更大成績，實現企業經營的全面好轉， 2015 as we strive to achieve a turnaround in our businesses and 為股東創造更大價值！ create greater values for our shareholders. Yu Xubo 主席 Chairman 于旭波 Hong Kong, 24 March 2015 香港，2015年3月24日 中國食品有限公司 二零一四年報 7 STATEMENT FROM MANAGING DIRECTOR 董事總經理函件 Statement from Managing Director 董事總經理函件 Dear Shareholders, 致親愛的股東： 2014 REVIEW 2014回顧 In 2014, China Foods faced strong internal and external 2014年，中國食品面臨嚴峻的內外部經營環境，國 operational headwinds such as a slowing domestic 內宏觀經濟降溫，反腐高壓持續，行業競爭加劇， macroeconomic environment, continuing anti-corruption 公司和部分客戶庫存較高，運營效率低等。 campaigns, fierce industry competition, and excessive inventory levels of the Company and at certain distributors,