Financial Performance - Revenue for the year ended March 31, 2021, was HK$7,520 million, representing a 4% increase from HK$7,233 million in 2020[8] - Gross profit increased by 3% to HK$3,954 million in 2021, compared to HK$3,851 million in the previous year[8] - EBITDA for the year was HK$1,281 million, a significant increase of 17% from HK$1,097 million in 2020[8] - Profit attributable to equity shareholders rose by 2% to HK$548 million, up from HK$536 million in 2020[8] - Basic earnings per share increased to 51.5 HK cents, a 2% rise from 50.4 HK cents in the previous year[8] - Total dividends per ordinary share were 32.8 HK cents, slightly up from 32.2 HK cents in 2020, marking a 2% increase[8] - For FY2020/2021, Vitasoy Group's revenue grew by 4% to HK$7,520 million, while profit attributable to equity shareholders increased by 2% to HK$548 million[20] - Total assets as of March 31, 2021, were HK$7,276 million, representing a 14% increase from HK$6,410 million in 2020[16] - The net cash balance increased by 25% to HK$453 million, up from HK$363 million in the previous year[16] - Total equity attributable to shareholders rose by 16% to HK$3,616 million, compared to HK$3,128 million in 2020[16] - Operating profit rose by 19% compared to FY2019/2020, but would have declined by 11% without COVID-19-related government subsidies of HK$225 million[26] - Profit before taxation increased by 13% to HK$767 million compared to HK$679 million in the previous fiscal year[41] - Profit attributable to equity shareholders of the Company was HK$548 million, representing a 2% increase from HK$536 million, but a 35% decrease when excluding COVID-19-related government subsidies[41] Market and Product Development - The company plans to continue expanding its market presence and product offerings in the upcoming fiscal year[3] - New product development initiatives are underway to enhance the product portfolio and meet consumer demand[3] - The company is exploring potential acquisitions to strengthen its market position and drive growth[3] - Future guidance indicates a focus on sustainable growth and innovation in product development[3] - Vitasoy Group plans to continue investing in infrastructure and brand equity to secure long-term growth as plant-based food becomes more mainstream[21] - A new high-calcium low-sugar oat milk product was introduced to enhance the plant milk offering[52] - The company plans to relaunch its domestic tofu business in Singapore and expand its imported beverage portfolio[67] - In the Philippines, the joint venture with Universal Robina Corporation will focus on establishing the VITASOY brand while launching a new campaign for single-serve products[68] Regional Performance - Revenue from the Hong Kong operation fell by 12% due to COVID-19 restrictions impacting on-the-go and on-premise channels[21] - Revenue in Mainland China grew by 8% in local currency terms, leading the Group's overall recovery[21] - Australia and New Zealand revenue decreased by 1% in local currency, with recovery noted in the second half of the year[21] - Singapore revenue remained flat, affected by declines in beverage and export businesses[21] - Mainland China revenue grew by 8% in local currency and 11% in HKD, while Hong Kong operations saw a decline of 12%[33] - In Australia and New Zealand, revenue fell by 1% in local currency, with profit from operations dropping 16% due to high raw material prices and increased investments[55] - Singapore's revenue remained flat in local currency, but profit from operations dropped by 39% due to increased staff costs and delayed innovations[57] Governance and Corporate Structure - The Board of Directors consists of 11 members, with 5 independent non-executive directors and 2 female directors, ensuring a diverse mix of knowledge and expertise[88] - The average attendance rate for Board meetings was 97% during FY2020/2021, reflecting strong governance practices[88] - The Company has established various committees to carry out specialized functions assigned by the Board of Directors[92] - The Board is responsible for developing strategic directions and continuous monitoring of the Company's performance[94] - The Board has approved a Five Year Strategic Plan for the fiscal years up to 2025/2026, focusing on proactive reviews in response to macroeconomic changes[95] - The number of Independent Non-executive Directors is nearly half of the total Board members, exceeding the Listing Rules requirement of at least one third[98] - Female representation on the Board during the year 2020/2021 was 18.2%, achieving the target of "not less than 18%" set for the years up to 2024/2025[110] - The average age of Board members during the year 2020/2021 was 66, meeting the target of "average 67-70" set for the years up to 2024/2025[112] - The Company has established measurable objectives for achieving gender and age diversity up to the year of 2024/2025[107] - The Board Diversity Policy was adopted in June 2013 to enhance the quality of performance through diverse Board composition[106] Sustainability and ESG Initiatives - Vitasoy's ESG rating was upgraded from "BBB" to "A" by Morgan Stanley Capital International, reflecting improvements in sustainability practices[29] - The company ranked 62nd in the 2021 Corporate Knights Global 100 Most Sustainable Corporations, improving from 90th the previous year[74] - The company has been awarded the "Outstanding Energy-saving Enterprise in China Beverage Industry 2020" by the China Beverage Industry Association[78] - The Board approved several key policies including the Diversity and Inclusion Policy and the Zero Deforestation Policy to enhance sustainability efforts[154] - The ESG Committee was established to oversee sustainability issues and provide strategic guidance on ESG performance and goals[155] - The Company reviewed public policies and peer approaches on packaging waste, aiming to mitigate environmental impact[154] - The Company has committed to reducing resource usage through the Waste Management Policy and Water Stewardship Policy[155] - The Company’s commitment to anti-discrimination and anti-harassment is reinforced through its policies aimed at fostering a diverse workforce[155] Risk Management and Internal Controls - The internal control system is based on COSO components and aims to manage and mitigate business risks rather than eliminate them[194] - The internal control system is designed to ensure assets are safeguarded, business activities are efficient, financial reporting is accurate, and compliance with laws is maintained[197] - The Board is responsible for overseeing the effectiveness of the internal control system, while management is tasked with its design and implementation[197] - The Group Internal Audit plays a critical role in monitoring the internal governance of the Company, ensuring effective risk management functions and controls in business operations[198] - The annual audit plan is prepared using risk assessment methodology, focusing on areas with higher risk, and is reviewed and approved by the Audit Committee[199] - The effectiveness of internal control over operational, compliance, and financial reporting is regularly reviewed to mitigate risks[198]

Financial Performance - Revenue for the first six months of Fiscal Year 2020/2021 decreased by 6% to HK$4,410 million compared to HK$4,684 million in the same period last year[12] - Profit attributable to equity shareholders increased by 26% to HK$672 million, up from HK$533 million in the previous year[12] - Basic earnings per share rose by 26% to 63.1 HK cents, compared to 50.2 HK cents in the prior year[12] - EBITDA increased by 27% to HK$1,152 million, compared to HK$909 million in the previous year[12] - Profit from operations increased by 29% from the FY2019/2020 interim period, with a 10% growth excluding government subsidies[15] - Profit before taxation increased by 28% to HK$916 million compared to HK$713 million in the same period last year[18] - Gross profit for the interim period was HK$2,410 million, down 6% from HK$2,556 million in the previous year, maintaining a gross profit margin of 55%[16] - Operating profit increased by 25% to HK$774 million, compared to HK$620 million in the previous year[24] - Total comprehensive income for the period reached HK$845,324,000, compared to HK$414,919,000 in the same period last year, indicating a significant increase of 103%[72] Assets and Equity - Total assets increased by 7% to HK$6,866 million, up from HK$6,410 million[13] - Total equity attributable to equity shareholders rose by 17% to HK$3,645 million, compared to HK$3,128 million last year[13] - Cash and bank deposits as of September 30, 2020, amounted to HK$648 million, down from HK$848 million as of March 31, 2020[20] - The Group's borrowings decreased to HK$283 million from HK$485 million as of March 31, 2020[20] - The gearing ratio decreased to 8% from 16% as of March 31, 2020[20] - Total equity increased to HK$3,955,240,000 from HK$3,418,104,000, reflecting a growth of 16%[76] Operating Expenses - Total operating expenses decreased by 17% to HK$1,534 million, with marketing, selling, and distribution expenses down 22% to HK$1,006 million[17] - Marketing, sales, and distribution expenses reduced by 22% to HK$1,006 million, compared to HK$1,298 million in the previous interim period[19] - Staff costs decreased slightly to HK$69,824,000 in 2020 from HK$71,414,000 in 2019, indicating cost management efforts[118] Market Performance - Mainland China revenue decreased by 2% in local currency, while Hong Kong operations saw a decline of 14% in HKD[16] - Singapore revenue grew by 10% in local currency, reflecting a recovery in the domestic tofu business[16] - Revenue in Hong Kong fell by 14% to HK$977 million compared to HK$1,137 million in 2019, primarily due to the impact of social unrest and COVID-19[28] - Revenue in Australia and New Zealand decreased by 4% to HK$237 million, affected by a three-month lockdown in Victoria State[31] Government Support and Future Outlook - The company received government support in the form of pandemic subsidies, contributing to profit growth[2] - The second half of the fiscal year will require high vigilance due to volatile pandemic conditions[3] - The Group expects solid business rebound in Mainland China in the second half of FY2020/2021, assuming no return of COVID-19[37] - The recovery of the Hong Kong operation is contingent on sustained pandemic control and the resumption of tourism and school schedules[38] - The group anticipates a strong rebound in business for the second half of the 2020/2021 fiscal year, assuming no further outbreaks of COVID-19[43] Corporate Social Responsibility - The company donated over RMB 3 million in cash and nutritious products to welfare institutions for the disabled in 13 provinces and cities in Mainland China[57] - The clean recycling program for beverage cartons has collected 114 tonnes of used cartons since its launch in October 2019[58] - The company has established 171 recycling points for clean paper packaging across 81 schools in Hong Kong, collecting 114 tons of beverage cartons since the program's launch[60] Employee Engagement and Training - The total number of full-time employees as of September 30, 2020, was 6,826 worldwide[49] - Approximately 34,886 training hours were provided to employees globally during the first six months of FY2020/2021[53] Dividends - The interim dividend per ordinary share remained stable at 3.8 HK cents[12] - The final dividend for the previous financial year was 28.4 cents per ordinary share, amounting to $302,325,000, down from $404,181,000, a decrease of 25.2%[158] - The company declared an interim dividend of HK3.8 cents per ordinary share for the six months ended September 30, 2020, consistent with the previous year[196]

Financial Performance - Vitasoy Group's revenue for the first half of Fiscal Year 2019/2020 increased by 5% to HK$4,684 million, while profit from operations grew by 1%[9] - Excluding currency impacts, revenue rose by 9% and profit from operations increased by 5%[10] - Profit attributable to equity shareholders increased by 3% to HK$533 million, with a 7% increase when excluding currency effects[12] - EBITDA increased by 9% to HK$909 million, reflecting improved operational efficiency[9] - For the six months ended September 30, 2019, the Group's revenue increased by 5% to HK$4,684 million, with a 9% increase when excluding currency effects[14] - Profit attributable to equity shareholders increased by 3% to HK$533 million, compared to HK$518 million in the previous interim period[15] - Gross profit for the interim period was HK$2,556 million, up 6% from HK$2,408 million in the previous year, driven by increased sales volume[14] - The gross profit margin increased to 55% from 54% in the previous interim period, attributed to improved manufacturing efficiency and favorable commodity price trends[14] - Total operating expenses rose by 8% to HK$1,855 million, reflecting increased investment in marketing and sales initiatives[15] - Revenue from external customers reached HK$3,244 million in 2019, representing an 8% increase from the previous year[20] - Profit from operations was HK$612 million, also an 8% increase compared to the previous year[20] Market Performance - Mainland China experienced moderate growth due to intensified market competition, while Hong Kong and Australia revenues remained comparable to the last interim period[11] - Mainland China revenue grew by 8% (14% in local currency), indicating broad-based growth across all categories and regions[14] - Hong Kong operations remained unchanged, with growth affected by delays in the execution of innovation programs[14] - Australia and New Zealand revenue decreased by 6% (1% increase in local currency) due to drought conditions impacting supply[14] - Singapore revenue increased by 2% (4% in local currency), with growth in the tofu business and expansion of beverage operations[14] Investments and Dividends - The Group declared an interim dividend of HK3.8 cents per ordinary share, consistent with the previous year[12] - Capital expenditure during the period was HK$413 million, aimed at acquiring production equipment for the new Changping plant[16] - The construction of the Changping plant is progressing well, with production expected to commence ahead of schedule in 2020[22] - The company plans to continue improving execution in current markets while expanding distribution, supported by strong brand equity[32] - A two-year investment program is expected to lay a solid foundation for long-term growth in Hong Kong operations[32] Financial Position - Total assets grew by 4% to HK$6,114 million, while net cash balance decreased by 44% to HK$542 million[9] - As of September 30, 2019, the Group's cash and bank deposits amounted to HK$849 million, down from HK$1,005 million as of March 31, 2019, with a net cash balance of HK$542 million[16] - The Group's borrowings increased to HK$307 million, with a gearing ratio of 10%, up from 1% as of March 31, 2019[16] - The Group's return on capital employed (ROCE) for the first half of FY2019/2020 was 25%, slightly down from 26% in the previous interim period[16] Employee and Community Engagement - As of September 30, 2019, the total number of full-time employees was 6,755 worldwide[34] - During the first six months of FY2019/2020, the Group offered approximately 37,923 training hours to its employees globally[35] - Vitasoy was recognized as one of the Top Graduate Employers out of over 200 well-known companies rated by university students across mainland China in May 2019[38] - Vitasoy was included in the Hang Seng Corporate Sustainability Index in September 2019, ranking among the top 30 listed companies for sustainability performance[41] - The volunteer team from Shenzhen Vitasoy visited the Guangming Disabled Centre, demonstrating community support and engagement[38] - Vitasoy sponsored the Hong Kong Amateur Swimming Association, promoting healthy lifestyles through community engagement[39] Sustainability and Corporate Governance - The Group's remuneration framework is managed to ensure competitiveness and rewards staff based on individual and company performance[36] - The company emphasizes equal opportunity principles in recruitment, employee development, and advancement across all subsidiaries[36] - Vitasoy continues to develop organizational capabilities through targeted training programs and the reinforcement of its competency model, Vitasoy Success Drivers (VSD)[35] Accounting and Financial Reporting - The company has adopted HKFRS 16 starting April 1, 2019, which may impact future financial reporting[47] - The Group has adopted the new HKFRS 16, Leases, effective from 1st April 2019, which requires recognition of a right-of-use asset and a lease liability for all leases[70] - The cumulative effect of the initial application of HKFRS 16 has been recognized as an adjustment to the opening balance of equity at 1st April 2019[75] - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements[66] - The Group's financial results were negatively impacted compared to the previous HKAS 17 accounting standard[106] Segment Information - The Group's revenue is entirely generated from the manufacture and sale of food and beverages[109] - The Group has four reportable segments: Mainland China, Hong Kong Operations, Australia and New Zealand, and Singapore[111] - Reportable segment revenue for the six months ended September 30, 2019, was HKD 4,801,583, an increase from HKD 4,531,575 in 2018, representing a growth of 5.9%[121] - Reportable segment profit from operations for the same period was HKD 821,629, compared to HKD 805,120 in 2018, reflecting an increase of 2.0%[122] Shareholder Information - The interim dividend declared is 3.8 cents per ordinary share, based on 1,063,777,500 ordinary shares, compared to 3.8 cents per share for the same period last year[170][171] - The final dividend for the previous financial year was 38.0 cents per ordinary share, an increase from 31.4 cents per share in the prior year, totaling $404,181,000 compared to $333,191,000[174] - The Group's total issued shares at the date of approval of the interim financial report was 1,063,777,500 ordinary shares[171]

Financial Performance - Revenue for FY2018/2019 increased by 16% to HK$7,526 million compared to HK$6,465 million in FY2017/2018[22] - Profit attributable to equity shareholders grew by 19% to HK$696 million from HK$586 million in the previous year[22] - Basic earnings per share rose by 18% to 65.6 HK cents from 55.5 HK cents[9] - Total assets increased by 13% to HK$5,878 million from HK$5,182 million[18] - Net cash balance remained stable at HK$960 million, a slight increase of 0.2% from HK$958 million[18] - Total equity attributable to equity shareholders rose by 9% to HK$3,165 million from HK$2,910 million[18] - The company plans to recommend a final dividend of HK38.0 cents per ordinary share, bringing the total dividend for FY2018/2019 to HK41.8 cents per ordinary share, up from HK35.2 cents in FY2017/2018[23] - On a constant currency basis, revenue and profit attributable to equity shareholders increased by 18% and 20% respectively[22] - Gross profit rose by 18% to HK$4,042 million, with a gross profit margin increasing to 54% from 53%[40] - EBITDA for the year was HK$1,228 million, representing a 16% year-on-year increase, with an EBITDA to revenue margin of 16%[42] - Profit from operations grew by 19%, with a favorable product and geographical mix[32] - The effective tax rate increased to 22%, up from 20% in the previous year, with income tax charged for the year at HK$208 million[42] - The return on capital employed (ROCE) improved to 37%, an increase of 2 percentage points from the previous year[37] Revenue Growth by Region - Strong growth in Mainland China was a key driver for the revenue and profit increase, supported by improved operating efficiency[22] - Revenue from Mainland China reached HK$4,628 million, reflecting a 25% growth[27] - Hong Kong operations saw a revenue increase of 5% to HK$2,264 million, despite a slight decline in profit before taxation[27] - Australia and New Zealand reported a 4% revenue growth (10% in local currency) to HK$522 million[27] - Singapore's revenue increased by 7% in Hong Kong dollar terms, maintaining its market leadership in tofu[27] - Mainland China market revenue grew by 25% (+27% in local currency), becoming the largest and fastest-growing market for the company[39] - Hong Kong operations achieved a revenue growth of 5% to HK$2,264 million, while profit from operations decreased by 4% to HK$339 million due to infrastructure upgrades[53] - Australia and New Zealand reported a revenue increase of 4% to HK$522 million, with profit from operations declining by 2% to HK$93 million[56] - Singapore's revenue grew by 7% to HK$111.52 million, but operating profit dropped by 88% to HK$0.9 million due to investments in brand equity[58] Sustainability and Corporate Responsibility - The company has achieved most of its key sustainability targets ahead of schedule and has reset and broadened them for future growth[24] - The Group has reset and broadened its sustainability targets after achieving most of the original KPIs for FY2020/2021[33] - The operating model is increasingly integrating sustainability at its core, which enhances confidence in future development[70] - The company received multiple awards, including the "Diamond Enterprise Winner" in the "Quality Food Traceability Scheme 2018" from GS1 Hong Kong, highlighting its commitment to quality and traceability[74] - The company was recognized as an "Outstanding Enterprise on Water Saving in China Beverage Industry 2018" by the China Beverage Industry Association, reflecting its focus on sustainability[75] - The company has established a strong corporate social responsibility presence, receiving the "Caring Company" logo from the Hong Kong Council of Social Services, indicating its commitment to social welfare[74] Corporate Governance - The Board of Directors emphasizes high standards of corporate governance as essential for sustaining long-term performance and value creation[79] - The Company complied with the Corporate Governance Code throughout the year ended 31st March 2019[80] - Independent Non-executive Directors represent nearly 50% of the Board, exceeding the Listing Rules requirement of one-third[91] - Female representation on the Board during the year 2018/2019 was 18.2%, achieving the target of "not less than 18%" set for 2019/2020[100] - The average age of board members during 2018/2019 was 64, meeting the target of "60-65" set for 2019/2020[100] - The Board has adopted a Board Diversity Policy to enhance performance quality and has revised its Director Nomination Policy to include independence and gender diversity considerations[97][98] - The Company has established procedures for Directors to seek independent professional advice at the Company's expense[118] - The Company acknowledges the importance of the Annual General Meeting as a forum to engage shareholders[144] Risk Management - The Board is responsible for risk management and internal control systems, ensuring they provide reasonable assurance against material misstatement or loss[181] - The internal control system is based on COSO components, designed to manage and mitigate business risks rather than eliminate them[183] - The risk management framework enables the Company to adopt a proactive approach to identify and manage risks with ongoing monitoring[189] - The Company has established a structured risk governance framework to ensure effective oversight and management of risks[190] - The risk management process is integrated into daily operations, financial activities, compliance, strategy development, and business planning[195] - Risks are categorized into six clusters: reputation, strategy, market, liquidity, credit, and operation for effective assessment[197] - The Company has implemented a Governance, Risk and Compliance System (GRC System) since mid-2018 for real-time risk status monitoring[199] Future Outlook - The Group anticipates continued solid growth in FY2019/2020, with significant investments planned in brand equity, infrastructure, and organizational capabilities[60] - Mainland China is expected to leverage execution, expansion, and innovation for further growth, with a focus on brand equity and infrastructure readiness[61] - Hong Kong operations will continue to drive growth through innovation and a multi-year infrastructure investment program[62] - The company is committed to long-term investments in brand equity, infrastructure, and organizational capabilities to secure future success, supported by favorable market conditions and consumer preferences[70]