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Stock Code 股份代號: 0345 where healthy life begins ANNUAL REPORT 年 08/09 報 HONG KONG ࠗಋ پAND MACAU ʥዌ ಶࠎณۂכᙩҙ༅ܛ Continuous investment in brand rejuvenation and distribution channel expansion ʥᒷɣʗሻಒ༞ MAINLAND CHINA ɻਝʑΔ Growing net sales revenue by 56% ሻਕνɃ૱ᔾᄈ˱56%c and expanding market presence ొঢ়̟Ќτଅ AUSTRALIA ዌݘ AND NEW ZEALAND ʥณϹᙬ Achieving No.1 market position and ࣃӸ̟ეኒΔϽc ଊᖇ৪ٲdelivering healthy business performance พ৻ NORTH AMERICA ˵ݘ Improving operating results ༦ࠇኬพ৻ୂc cۂby readjusting business make-up ਿ؇ঢ়Сᅼଐ and focusing on more profitable areas ҝഁᏪ༜พᐜ SINGAPORE ณ˱գ Integrating successfully with ι˲ጪɃၐˢ̘එ྆c ଊଉٲVitasoy family and recording พᐜ satisfactory financial performance CONTENTS ͌፣ Directors and Corporate Information 2 ໎ԑʥඑ྆༅ࢿ Financial Highlights 4 ল৻࿂߬ Chairman’s Statement 6 ˚ంй࣊ Management Report 16 ဳଉᄙంй࣊ Corporate Governance Report 36 พဳ؝ంй࣊ͬ Directors and Senior Management 48 ໎ԑʥঢ়ᄙဳଉɁࡗ Report of the Directors 54 ໎ԑผంй࣊ Independent Auditor’s Report 67 ዟ͓࣏ᅕంй࣊ Consolidated Income Statement 69 ٲ၃ฌऩం Consolidated Balance Sheet 70 ٲ၃༅ଐ߲ඦ Balance Sheet 72 ٲ༅ଐ߲ඦ Consolidated Statement of Changes in Equity 74 ٲ၃ᚬऩᛰ৽ Consolidated Cash Flow Statement 75 ٲݚ൴ټ၃ଊ Notes to the Financial Statements 78 ഽڃٲল৻ం Five Year Summary 183 ʄαল৻࿂߬ Vitasoy International Holdings Ltd. ၐˢ̘ਝඑ྆τࠉʔ̇ DIRECTORS AND CORPORATE INFORMATION ໎ԑʥඑ྆༅ࢿ BOARD OF DIRECTORS ໎ԑผ EXECUTIVE CHAIRMAN ਨϷ˚ Mr. Winston Yau-lai LO ᖓʤᓤͱ́ ਨϷ໎ԑڈINDEPENDENT NON-EXECUTIVE DIRECTORS ዟ͓ Dr. The Hon. Sir David Kwok-po LI ңਝᗸᏲɡ Mr. Iain F. BRUCE ̠ቧɡͱ́ Mr. Jan P. S. ERLUND Jan P. S. ERLUNDͱ́ ਨϷ໎ԑڈ NON-EXECUTIVE DIRECTORS Ms. Myrna Mo-ching LO ᖓᄮ߱ɤɡ Ms. Yvonne Mo-ling LO ᖓᄮށɤɡ EXECUTIVE DIRECTORS ਨϷ໎ԑ ͱ́۽ڌMr. Laurence P. EISENTRAGER ቭ Mr. Eric Fat YU Еೕͱ́ COMPANY SECRETARY ʔ̇ो࣊ Ms. Paggie Ah-hing TONG ಝԓࡇɩմ QUALIFIED ACCOUNTANT ༅ࣟผ߮ Mr. William Chi-chung LO ᖓҁᐱͱ́ REGISTERED & HEAD OFFICE ഽ˫ፒԑᐢ୮ No. 1 Kin Wong Street, Tuen Mun, ࠗಋณވ ഷȹ໔לۺپNew Territories, Hong Kong ʰ AUDITORS ࣏ᅕ KPMG ଓۤผ߮ԑ৻ֺ PRINCIPAL BANKERS ˚߬Ԟ֡ႺϷ The Bank of East Asia, Limited ԓႺϷτࠉʔ̇ ٦࿏ႺϷ .Citibank, N.A The Bank of Tokyo-Mitsubishi, Limited ԕɍഝႺϷ Australia and New Zealand Banking Group Limited Australia and New Zealand Banking Group Limited Rabobank ୩ᙬАႺϷ BNP Paribas ؒਝʱቭႺϷ Bank of China (Hong Kong) Limited ɻਝႺϷࠗಋτࠉʔ̇ 02 Annual Report 2008/2009 αం DIRECTORS AND CORPORATE INFORMATION ໎ԑʥඑ྆༅ࢿ ᚋਐ܁PRINCIPAL LAWYER ˚߬ؒ ԑ৻ֺ܁ڌStephenson Harwood & Lo ᖓࡧ SHARE REGISTRAR ٖͫ༦ʸত୮ Computershare Hong Kong Investor Services Limited ࠗಋɻ̕ᖬԴতτࠉʔ̇ ɣ༞183໔ޒF., Hopewell Centre, 183 Queen’s Road East, ࠗಋᜪˠ/46 Wanchai, Hong Kong ɻʶ46ᅢ WEBSITE ADDRESSES ၉э Vitasoy International Holdings Limited ၐˢ̘ਝඑ྆τࠉʔ̇ – www.vitasoy.com (English and Chinese) – www.vitasoy.comɻߜʼ – www.vitasoy.com.hk (English and Chinese) – www.vitasoy.com.hkɻߜʼ ৻τࠉʔ̇רVitaland Services Limited ၐˢʨΔ – www.vitaland.com.hk (Chinese only) – www.vitaland.com.hkɻʼ Hong Kong Gourmet Limited ࠗಋࠕτࠉʔ̇ – www.hkgourmet.com.hk (Chinese only) – www.hkgourmet.com.hkɻʼ ඝࢿτࠉʔ̇ۂࠕעShenzhen Vitasoy (Guang Ming) Foods and Beverage ૯Γၐˢͮ Company Limited ၐˢ̘ɐࣵτࠉʔ̇ Vitasoy (Shanghai) Company Limited – www.vitasoy-chn.comɻʼ – www.vitasoy-chn.com (Chinese only) Vitasoy Australia Products Pty. Ltd. Vitasoy Australia Products Pty. Ltd. – www.vitasoy.com.au (English only) – www.vitasoy.com.auߜʼ Vitasoy USA Inc. Vitasoy USA Inc. – www.vitasoy-usa.com (English only) – www.vitasoy-usa.comߜʼ ӝɁτࠉʔ̇ۂUnicurd Food Co. (Private) Limited ȹࠕ – www.unicurd.com.sg (English only) – www.unicurd.com.sgߜʼ KEY DATES ࠇ߬ˀ౨ Closure of Register: 31st August, 2009 (Monday) to ᅗፒଉٖͫ ɀཌྷཌྷȾαɄ˂ɍɊȹˀ 3rd September, 2009 (Thursday) ༦ʸতi ܱ౨ȹϭ ɀཌྷཌྷȾαȾ˂ɍˀ ܱ౨̒ ɀཌྷཌྷȾαȾ˂ɍˀכ Annual General Meeting: at 4:00 p.m., ٖ൪αɣผi 3rd September, 2009 (Thursday), ܱ౨̒Ɏʟ̒ࣂ̳ ᘸ༞88໔ټSalon 1-3, Level 3, ࠗಋ JW Marriott Hotel Hong Kong, ʪ̀ᄤ Pacific Place, 88 Queensway, ࠗಋJWຒႚৈ֙ Hong Kong ɍᅢຒႚࡽผᜨ1-3 Final and Special 17th September, 2009 ݢೕ̱౨ ɀཌྷཌྷȾαȾ˂Ɋȼˀ Dividends Payable: (Thursday) ʥऋПٖࢠi ܱ౨̒ 03 Vitasoy International Holdings Ltd. ၐˢ̘ਝඑ྆τࠉʔ̇ FINANCIAL HIGHLIGHTS ল৻࿂߬ Year Ended 31st March ࿀ϭɍ˂ɍɊȹˀ˅α۹ 2009 2008 % Results พᐜ HK$ million HK$ million Change ಋྫྷϛຒʏ ಋྫྷϛຒʏ ᛰ৽ Turnover Ꮺพᔾ 2,783 2,416 15 Gross Profit ˉС 1,279 1,131 13 EBITDA ̰߮Сࢠdೢඖdҗᓿ С 406 391 4ޔکʥᚫሻ͂ τɁܛProfit Attributable to Equity ̯ʔٖ̇ᚬ Shareholders of the Company ᎶЌึС 217 211 3 Сಋ˦ 21.4 20.9 2ޔBasic Earnings per Share (HK cents) Ұٖਥ̯ Dividends per Ordinary Share (HK cents) # Ұٖౝٖٖࢠಋ˦# 21.8 21.5 1 ऋПٖࢠܢ˳ # Including special dividend # ɍ˂ɍɊȹˀכ At 31st March 2009 2008 % ؗ HK$ million HK$ million ChangeرFinancial Position ল৻ ಋྫྷϛຒʏ ಋྫྷϛຒʏ ᛰ৽ Total Assets ᐢ༅ଐ 2,112 2,021 4 (ᔾ 406 444 (9૱ټNet Cash Balance ଊ τɁܛTotal Equity Attributable to Equity ̯ʔٖ̇ᚬ Shareholders of the Company ᎶЌᚬऩᐢᔾ 1,287 1,305 (1) Year Ended 31st March ࿀ϭɍ˂ɍɊȹˀ˅α۹ HK$ million ಋྫྷϛຒʏ TURNOVER Ꮺพᔾ GROSS PROFIT ˉС 2005 1,849 2005 837 2006 1,962 2006 922 2007 2,109 2007 979 2008 2,416 2008 1,131 2009 2,783 2009 1,279 0 5001,000 1,500 2,0002,500 3,000 3,500 0 300 600 900 1,200 1,500 EBITDA ̰߮Сࢠdೢඖd PROFIT ATTRIBUTABLE TO EQUITY С SHAREHOLDERS OF THE COMPANYޔکҗᓿʥᚫሻ͂ τɁᎶЌึСܛʔٖ̇ᚬ̯ 2005 281 2005 121 2006 333 2006 172 2007 344 2007 174 2008 391 2008 211 2009 406 2009 217 0 100 200 300 400 500 050100 150 200 250 04 Annual Report 2008/2009 αం FINANCIAL HIGHLIGHTS ল৻࿂߬ SALES ANALYSIS BY CATEGORIES ᗘိۂଐܘሻਕᔾʗ Year Ended 31st March, 2009 ࿀ϭɀཌྷཌྷȾαɍ˂ɍɊȹˀ˅α۹ 5% 4% 4% 5% Soymilk Ӳ̘ Tea এ Tofu Ӳၛ 8% 44% Lunch Boxes and Snacks ʟጕᎁଝʥɩࠕ Dairy Milk ˒̘ Distilled Water ၱᕄˋ ۂJuice Drinks ̸ඝ 10% Others ԯˢ 20% SALES ANALYSIS BY LOCATIONS Δਂܘሻਕᔾʗ Year Ended 31st March, 2009 ࿀ϭɀཌྷཌྷȾαɍ˂ɍɊȹˀ˅α۹ 2% پHong Kong and Macau ࠗಋʥዌ 10% Mainland China ɻਝʑΔ Australia and New Zealand ዌݘʥณϹᙬ North America ˵ݘ Singapore ณ˱գ 15% 53% 20% 05 Vitasoy International Holdings Ltd. ၐˢ̘ਝඑ྆τࠉʔ̇ CHAIRMAN’S STATEMENT ˚ంй࣊ 06 Annual Report 2008/2009 αం I am pleased to report that, despite a highly volatile market environment, the Group continued to grow its net sales revenue and pre-provision net profit in the year of 31st March, 2009. Total net sales revenue increased by 15% to HK$2,783 million, versus HK$2,416 million for fiscal year of 2007/2008. Gross profit was HK$1,279 million, up 13% from HK$1,131 million for the preceding year. Before the one-off provision for leave pay entitlements of Hong Kong employees of HK$25 million for previous five-and-a-half years up to March 2008, profit attributable to shareholders of the Company increased by 13% to HK$238 million year-on-year. After taking into account this provision, profit attributable to equity shareholders of the Company increased by 3% to HK$217 million. Earnings per share were HK21.4 cents. The Group’s EBITDA was HK$406 million, up 4%, while EBITDA margin to net sales was 15%. ࿀ϭɀཌྷཌྷȾαɍ˂ɍכಳමంcቱဳ̟ྊรݯؐ৽cЎ̯එ྆Ɂ̯ ૱eᐢሻਕνɃٽᙩτֺᄈܛС૱ᔾึکɊȹˀ˅α۹ሻਕνɃ૱ᔾʥᅆௐ α۹ɾಋྫྷ2,416,000,000ʏᄈ˱15%ϭಋྫྷܧᔾ༖ɀཌྷཌྷȼþɀཌྷཌྷɄল 2,783,000,000ʏeˉСݯಋྫྷ1,279,000,000ʏc༖˾αಋྫྷ1,131,000,000 ʏɐʠ13%eߗ̰κݯࠗಋࡗ࿀ϭɀཌྷཌྷɄαɍ˂ɾ༦֡ʄα˸౨ංɾ ܘ౨ᑀ༭ᚬऩֺАɾȹωֲᅆௐಋྫྷ25,000,000ʏc̯ʔٖ̇ᎶЌึС τɁᎶܛc̯ʔٖ̇ᚬ܃αᄈ˱13%ϭಋྫྷ238,000,000ʏe့߮ඖᅆௐ Сݯ21.4ಋ˦e̯එ྆ɾ̰߮ޔЌึСᄈ˱3%ϭಋྫྷ217,000,000ʏeҰٖ СEBITDAݯಋྫྷ406,000,000ʏcᄈޔکСࢠdೢඖdҗᓿʥᚫሻ͂ Ќሻਕ૱ᔾɾ15%eڬcϤEBITDA%4ٽ 07 Vitasoy International Holdings Ltd. ၐˢ̘ਝඑ྆τࠉʔ̇ CHAIRMAN’S STATEMENT ˚ంй࣊ ɀཌྷཌྷȾαȾ˂ɍˀᐾϷɾכThe Board of Directors of the Company is recommending a final ̯ʔ̇໎ԑผੀ ᘪݢೕ̱౨ٖࢠҰٖౝٖۺdividend of HK9.0 cents per ordinary share at the Annual General ٖ൪αɣผɐ Meeting on 3rd September, 2009. This, together with the interim 9.0ಋ˦eடɰݢೕɾɻ౨ٖࢠҰٖౝٖ αܧɀཌྷཌྷɄþɀཌྷཌྷȾলכdividend of HK2.8 cents per ordinary share, will mean that the 2.8ಋ˦c̯එ྆ Group’s total dividend for fiscal year of 2008/2009 will be HK11.8 ۹ɾͲαٖࢠᐢᔾ༠Ұٖౝٖ11.8ಋ˦ɀཌྷ cents per ordinary share (2007/2008 total dividend: HK11.5 cents ཌྷȼþɀཌྷཌྷɄα۹ٖࢠᐢᔾiҰٖౝٖ per ordinary share). 11.5ಋ˦e ᘪݢೕऋПٖࢠҰٖౝٖۺIn addition, the Board is recommending a special dividend of HK10.0 ϊ̔c໎ԑผ cents per ordinary share (2007/2008 special dividend: HK10.0 cents 10.0ಋ˦ɀཌྷཌྷȼþɀཌྷཌྷɄα۹ऋПٖࢠi per ordinary share). This is the seventh consecutive year that a Ұٖౝٖ10.0ಋ˦eܰடᙩȼαݢೕऋ special dividend is paid. Пٖࢠe GENERAL REVIEW ลᙴ ძࣟۂኝeቱဳਆܥα˨˾כThe operating environment for the business sector was extremely ͲଈᏪਆྊ cಳϤڰੜྦྷޚଊʋٲchallenging in the past year. After a relatively strong first half despite ร۹ঢ়ͬcЎɐ˸αɾ ܈Ɏ˸αכጪዀᕶೕc̟ྊټextraordinarily high commodity prices, conditions deteriorated ፭ടͲଈ rapidly in the second half after the eruption of the global financial ᑸᔝᕝcֺιɾᗲࠇᄧᚊ˥ͲଈᏜɺΛ crisis, the devastating effects of which extended to nearly all quarters ΈᄙࠍяՇԷᇰᎾe፭܃ೕ́ɾᏜঞঽࠇ ʶcʮԯྦྷཌྷਕพιɺСᄧᚊeڌof the world’s economy. Because of the ensuing economic slump, ࢹࣱّ consumers’ confidence plummeted, which in turn had a particularly ɐ˸αшᒹɺΛֺτϷพɾഌʥࡈҥࢿι Ɏ˸α፭ടᏜɎไΕܺכadverse impact on the retail sector. The acute problems of inflation ̯ɐʠɾᗲ࢈ਐᕀ ʋಳجand rising raw material costs that harassed nearly all businesses in ೡ۹ɐԷἢᇅeಳϤcֺτ̟ɾᘏ the first half of the year subsided to some extent in the latter half ውईe alongside the economic downturn. Competition in all markets, however, remained intense. 08 Annual Report 2008/2009 αం CHAIRMAN’S STATEMENT ˚ంй࣊ Despite these challenges, the Group recorded positive sales growth ቱဳΦΕɐ߸ܥኝcЎ̯එ྆༦৻ྡྷɾพ৻ e̯එٽin all its major markets by pursuing pragmatic business strategies. ೪cԯֺτ˚̟߬я፣ሻਕᄈ ೕॶɈcઐˮɣғԮௐ৪ۂWe succeeded in leveraging our product development capabilities ྆ι˲༜͂ଐ cԎ༦τࢽׅࢄʗሻಒ༞cۂto roll out a host of new products with healthy features.