维他奶国际(00345) - 2021 - 年度财报

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]