维他奶国际(00345) - 2019 - 年度财报

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]