香港生力啤酒厂有限公司 Annual Report 2016 二零一六年年报 香港生力啤酒厂有限公司 2016 ANNUAL REPORT 年报 Stock Code 股份代号 : 00236 香港新界沙田小沥源源顺围 28 号都会广场 9 楼 9th Floor, Citimark Building 28 Yuen Shun Circuit, Siu Lek Yuen, Shatin New Territories, Hong Kong info.sanmiguel.com.hk www.sanmiguel.com.hk 1 CONTENTS 目录 香港生力啤酒厂有限公司 二零一六年年报 Corporate Information The Year’s Highlights Chairman’s Statement Directors’ Report Corporate Governance Report Directors And Management Executives Statistical Analysis of Operations Financial Statements Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement Notes to the Financial Statements Independent Auditor’s Report Group Properties Five Year Summary Page 页次 公司资料 2 本年度摘要 6 主席报告 7 董事会报告 14 企业管治报告 37 董事及行政管理人员 54 经营统计分析 62 财务报表 综合收益表 64 综合全面收益表 65 综合财务状况表 66 综合权益变动表 68 综合现金流量表 69 财务报表附注 70 独立核数师报告 128 集团物业 138 五年账目摘要 140 In this report, all monetary values are expressed in Hong Kong dollars unless stated otherwise. 本年报内所有币值，除另有注明外，均以港币计算。 C 2 ORPORATE INFORMATION 公司资料 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 board of dIrECTorS CHAIRMAN Ramon S. Ang (non-executive Director) Deputy CHAIRMAN Carlos Antonio M. Berba (non-executive Director) eXeCutIVe DIReCtOR Ramon G. Torralba NON-eXeCutIVe DIReCtORS May (Michelle) W.M. Chan Teruyuki Daino (resigned on 30 March 2016) Takashi Hayashi Roberto N. Huang Katsuhiko Matsumoto (appointed on 29 April 2016) Takeshi Wada INDepeNDeNt NON-eXeCutIVe DIReCtORS Alonzo Q. Ancheta (appointed on 24 February 2017) David K.P. Li, GBM, JP Ng Wai Sun (resigned on 24 February 2017) Reynato S. Puno Carmelo L. Santiago William C.M. Cheng, Alternate to David K.P. Li, GBM, JP aUdIT CoMMITTEE David K.P. Li, GBM, JP, Chairman Alonzo Q. Ancheta (appointed on 24 February 2017) Ng Wai Sun (resigned on 24 February 2017) Carmelo L. Santiago rEMUNEraTIoN CoMMITTEE Ng Wai Sun, Chairman (resigned on 24 February 2017) Reynato S. Puno, Chairman (appointed on 24 February 2017) Carlos Antonio M. Berba Roberto N. Huang David K.P. Li, GBM, JP Carmelo L. Santiago NoMINaTIoN CoMMITTEE Carmelo L. Santiago, Chairman Alonzo Q. Ancheta (appointed on 24 February 2017) Teruyuki Daino (resigned on 30 March 2016) Takashi Hayashi (appointed on 29 April 2016) David K.P. Li, GBM, JP Ng Wai Sun (resigned on 24 February 2017) Reynato S. Puno 董事会 主席 蔡��文 （ 非执行董事） 副主席 凯顾思 （ 非执行董事） 执行董事 杜华博 非执行董事 陈云美 代野照幸（ 於二零一六年三月三十日辞任） 林隆史 黄思民 松本克彦 （ 於二零一六年四月二十九日获委任） 和田猛 独立非执行董事 Alonzo Q. Ancheta （ 於二零一七年二月二十四日获委任） 李国宝，GBM, JP 吴维新（ 於二零一七年二月二十四日辞任） Reynato S. Puno 施雅高 郑则民，李国宝，GBM, JP之替任董事 审核委员会 李国宝，GBM, JP 主席 Alonzo Q. Ancheta （ 於二零一七年二月二十四日获委任） 吴维新（ 於二零一七年二月二十四日辞任） 施雅高 薪酬委员会 吴维新，主席（ 於二零一七年二月二十四日辞任） Reynato S. Puno 主席 （ 於二零一七年二月二十四日获委任） 凯顾思 黄思民 李国宝，GBM, JP 施雅高 提名委员会 施雅高 主席 Alonzo Q. Ancheta （ 於二零一七年二月二十四日获委任） 代野照幸（ 於二零一六年三月三十日辞任） 林隆史（ 於二零一六年四月二十九日获委任） 李国宝，GBM, JP 吴维新（ 於二零一七年二月二十四日辞任） Reynato S. Puno 3 CORPORATE INFORMATION 公司资料 香港生力啤酒厂有限公司 二零一六年年报 CoMPaNY SECrETarY John K.L. Cheung aUdITorS KPMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central Hong Kong SoLICITorS Mayer Brown JSM 16-19th Floor, Prince’s Building 10 Chater Road Central Hong Kong Gallant, Solicitors & Notaries 5th Floor, Jardine House 1 Connaught Place Hong Kong rEGISTErEd offICE 9th Floor Citimark Building 28 Yuen Shun Circuit Siu Lek Yuen Shatin, New Territories Hong Kong SHarE rEGISTrar Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai, Hong Kong PrINCIPaL baNKErS Agricultural Bank of China Limited Australia and New Zealand Banking Group Limited Bank of China Limited Guangdong Shunde Rural Commercial Bank Company Limited Industrial and Commercial Bank of China Limited The Bank of East Asia (China) Limited The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited 公司秘书 张嘉麟 核数师 毕马威会计师事务所 执业会计师 香港 中环 遮打道十号 太子大厦八楼 律师 �I士打律师行 香港 中环 遮打道十号 太子大厦十六至十九楼 何耀棣律师事务所 香港 中环 康乐广场一号 怡和大厦五楼 注册办事处 香港 新界 沙田 小沥源 源顺围二十八号 都会广场九楼 股份过户登记处 香港中央证券登记有限公司 香港湾仔 皇后大道东一八三号 合和中心 十七楼一七一二至一七一六号�m 主要往来银行 中国农业银行股份有限公司 澳新银行集团有限公司 中国银行股份有限公司 广东顺德农村商业银行股份有限公司 中国工商银行股份有限公司 东亚银行（ 中国） 有限公司 东亚银行有限公司 香港上海�蠓嵋�行有限公司 the Company also continued to support the Hong Kong Dragon Boat Carnival organized by the Hong Kong tourism Board through an exclusive sponsorship. (Expressed in Hong Kong dollars except number of shares issued, shareholders and personnel) （ 除发行股数，股东数目及员工人数 外均以港币列示） T 6 HE YEAR’S HIGHLIGHTS 本年度摘要 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 2016 2015 二零一六年 二零一五年 Revenue ($’000) 收入（ 千元） 541,427 569,502 Profit/(loss) for the year ($’000) 年度盈利�u（ 亏损） （ 千元） 6,705 (16,909) Earnings/(loss) per share - Basic (cents) 每股盈利�u（ 亏损） ― 基本（ 仙） 2 (4) Taxes paid, including beer tax ($’000) 税项连啤酒税（ 千元） 10,494 15,984 Taxes paid per share (cents) 每股税项（ 仙） 3 4 Non-current tangible assets ($’000) 非流动有形资产（ 千元） 584,806 597,381 Net worth ($’000) 净值（ 千元） 558,084 544,986 Salaries, wages and other benefits ($’000) 薪金、工资及其他福利（ 千元） 116,014 118,421 Number of shares issued 发行股数 373,570,560 373,570,560 Number of shareholders 股东数目 2,053 2,067 Number of personnel 员工人数 539 549 Ramon S. Ang 蔡��文 Chairman 主席 7 CHAIRMAN’S STATEMENT 主席报告 香港生力啤酒厂有限公司 二零一六年年报 To our shareholders, fINaNCIaL rESULTS San Miguel Brewery Hong Kong Limited and its subsidiaries (the “Group”) registered a consolidated profit of HK$6.7 million in 2016, compared to a consolidated loss of HK$16.9 million in 2015. As a result, net profit attributable to equity shareholders for 2016 was HK$8.7 million, compared to a loss of HK$16.1 million the previous year. The Group’s consolidated revenue was HK$541.4 million, 4.9% lower than the same period in 2015. Gross profit reached HK$238.3 million, slightly higher than 2015, with a gross profit margin of 44.0%. As of 31 December 2016, cash and cash equivalents and bank deposits amounted to HK$157.7 million (HK$148.6 million as of 31 December 2015). Total loan as of 31 December 2016 was at HK$190.9 million, 0.1% higher than the HK$190.7 million debt reported the prior year. Total net assets stood at HK$558.1 million (HK$545.0 million as of 31 December 2015), with a loan-toequity ratio of 0.34 (31 December 2015: 0.35). 致各股东： 财务业绩 香港生力啤酒厂有限公司及其附属公司（ 「 本集 团」） 录得二零一六年之综合盈利为670万港元， 对比二零一五年之综合亏损1,690万港元。因此， 二零一六年本公司权益持有人应占盈利为870万 港元，对比前一年之亏损1,610万港元。 本集团之综合收入为5.41亿港元，较二零一五年 同期少4.9%。毛利达2.38亿港元，轻微高於二零 一五年，而毛利率为44.0%。 於二零一六年十二月三十一日，现金及等同现金 项目和银行存款为1.58亿港元（ 二零一五年十二 月三十一日 �U1.49亿港元）。 同时，二零一六年十二月三十一日之总贷款为 1.909亿港元，较去年同期录得之1.907亿港元高 0.1%。总资产净值维持5.58亿港元(二零一五年 十二月三十一日 �U5.45亿港元)，而贷款比率为 0.34(二零一五年十二月三十一日 �U0.35)。 C 8 HAIRMAN’S STATEMENT 主席报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 dIVIdENdS No final dividends will be declared for the year ended 31 December 2016. bUSINESS rEVIEW HONG KONG OpeRAtIONS Operating losses were reduced by 90%, a significant achievement given Hong Kong’s slowing economy which resulted to a decline in tourist arrivals and weaker consumption. As disclosed in a positive profit alert announcement last 14 February 2017, San Miguel Brewery Hong Kong Limited (the “Company”) achieved these improvements largely through the reduction in certain material cost and the rationalization, re-evaluation and re-allocation of advertising expenses. Higher rental income, as an offshoot of the restructuring of the distribution and warehousing system, and the depreciation of the renminbi, also contributed to this result. Our portfolio of premium, specialty and craft beers all did well in 2016, growing by double-digits compared to the previous year. Kirin beer brands, which we distribute exclusively within the territory, registered an 18% volume improvement in 2016. San Miguel Cerveza Negra and Red Horse Beer gained a stronger foothold in the market. San Miguel Cerveza Negra registered a 53% volume growth over 2015, with growth equally distributed in on- and off-premise outlets. Red Horse Beer grew 76%, helped by strong off-take at night outlets. San Mig Light is one of the fastest growing brands in our portfolio, registering consistent double-digit growth. Our popular “Life. Best Served Light” campaign shifted away from product attributes to defining the brand’s image. In the middle of the year, we launched the San Mig Light “Life. Best Served Light” campaign. Meanwhile, we supported the world-renowned DJ Duo, Dimitri Vegas and Like Mike, at the AsiaWorld-Expo in May 2016 and launched a new campaign featuring Japanese model-actor Ren Ishikawa in July 2016. Finally, for flagship San Miguel Pale Pilsen, we launched the “This Time, This Place, Belong to Us!” thematic campaign, which extended to above-the-line, print, outdoor and social media, as well as below-the-line merchandising and market-wide promotions. The Company also continued to support the Hong Kong Dragon Boat Carnival organized by the Hong Kong Tourism Board through an exclusive sponsorship. The Company also saw growth in sales and revenue in Macau at 4% and 5%, respectively, as well as in other export markets. 股息 董事会通过不派发截至二零一六年十二月三十一 日止年度之末期股息。 业务回顾 香港业务 在香港经济放缓以致访港旅客人数下降及消费疲 弱下，香港的业务仍能达到重大改善，经营亏损 减少90%。 在二零一七年二月十四日发出之正面盈利预告 中，香港生力啤酒厂有限公司（ 「 本公司」） 能够 达到明显改善，大部份是透过降低一定材料的成 本，以及合理化、重新评估和调配广告开支。而 分销及仓库系统重组而获得较高的租金收入，以 及人民币贬值也带来帮助。 我们所有的高档、特色和手工啤酒品牌在二零 一六年表现良好，较去年录得双位数字的增长。 而在区内独家分销的麒麟啤酒，於二零一六年的 销量较前一年录得18%增长。 生力黑啤和红马啤酒在市场获得显着据点。生力 黑啤的销量较二零一五年录得53%增长，在现饮 和非现饮场所皆同样录得升幅。而红马啤酒凭夜 场强劲需求，亦录得76%增长。 生力清啤是我们的啤酒组合中其中一个快速增长 的品牌，保持双位数字增长。我们以「 生活就要 Light」 为主题的活动亦从产品属性转为推广品牌 形象。 年中，生力清啤推出了「 生活就要 Light」 的主题 推广活动。同时，在二零一六年五月，我们支持 全球着名的双人DJ组合Dimitri Vegas & Like Mike 在亚洲国际博览馆的表演。我们亦在二零一六年 七月推出以日本模特儿演员石川恋为主角的全新 推广活动。 最後，我们的旗舰品牌生力啤酒亦推出「 此时此 地 属於我�O！」 的主题推广活动，当中包括上 线推广如平面和户外广告、社交媒体宣传，以及 下线推广如销售品推广及全市场的推销活动。本 公司亦继续独家赞助由香港旅发局主办的香港龙 舟嘉年华。 本公司在澳门的销售及收入分别录得4%及5%增 长，而其他出口市场亦同样录得增长。 9 CHAIRMAN’S STATEMENT 主席报告 香港生力啤酒厂有限公司 二零一六年年报 bUSINESS rEVIEW (Continued) SOutH CHINA OpeRAtIONS Our South China operations improved in 2016, as operating losses were significantly reduced. Much of this improvement can be attributed to San Miguel (Guangdong) Brewery Company Limited (“SMGB”), which was able to lower costs and grow its exports. As a result, SMGB registered a 72% improvement in operating profit. Meanwhile, sales volumes of Guangzhou San Miguel Brewery Company Limited (“GSMB”) declined as the total South China beer industry contracted and competition became tougher. This is particularly evident at night outlets, where most of our brands compete. Sales in supermarkets also slowed as a preference for online shopping gained ground. To this end, we began developing our own online business channel towards the end of 2016. To sustain visibility for San Miguel Pale Pilsen, we launched an integrated “Heritage and Quality” campaign, which included a market-wide merchandising blitz, social media advertising, consumer promotions, and an updated version of the product-focused “Meta” television commercial. For San Mig Light, we launched “SML Party Nights” in popular bars, adopting the “Life. Best Served Light” campaign initiated in Hong Kong. A retail chainwide consumer promotion was also launched to help push both brands. Last year, GSMB also started importing San Miguel Cerveza Negra and Red Horse Beer to compete in the premium specialty beer segment. Both brands have been performing well. At the other end of the price spectrum, in May 2016 we launched Dragon Qingchun to strengthen the equity of the Dragon brand and create excitement in the Foshan beer market. CoMMUNITY rELaTIoNS aNd SoCIaL rESPoNSIbILITY The Company has always recognized its responsibilities to its stakeholders. These include the welfare of employees and their families; its business relationships with partners, customers, suppliers and others, and the impact of our operations on local communities and the environment. Since 2015, we have been publishing an Environmental, Social and Governance (“ESG”) Report to provide the public with a better understanding of how we respond to different ESG issues. The latest updates on the Company’s ESG Report will be available on our website within three months from the publication of the Company’s annual report. 业务回顾（ 续） 华南业务 我们的华南业务於二零一六年录得改善，经营亏 损显着减少。这些改善大部份是由於生力(广东) 啤酒有限公司「 ( 生力广东」 )能够减低其成本，以 及其出口业务之增长。因此生力广东的经营盈利 录得72%增长。 同时，广州生力啤酒有限公司「 ( 广州生力」 )销量 下降乃由於华南整体啤酒市场收缩，以及更激烈 的竞争所致。此情况在我们大部份品牌均有竞争 的夜场更为明显。超级市场的销量下跌亦是受到 渐受喜爱的网上购物模式而影响。有见及此，我 们已於二零一六年底开始发展我们自有的网上生 意渠道。 为维持生力啤酒的曝光率，我们推出以「 历史和 品质」 为主题的综合宣传活动，包括全市场的商 品推销、社交媒体广告、消费者推广，以及推出 新一版本的电视广告「 Meta」。 生 力 清 啤 方 面， 我 们 采 用 了 香 港「 Life. Best Served Light」 的主题，在受欢迎的酒吧启动了 「 生力清啤“ 随手沙滩” 夜场派对」 活动。我们亦 在零售连锁渠道推出消费者推广活动，协助推广 两个生力品牌。 去年，广州生力亦引入生力黑啤和红马啤酒，开 始涉足高档特色啤酒市场，而两个品牌均表现强 劲。而价格市场的另一端，我们在二零一六年五 月推出了龙啤清醇，以巩固龙啤的品牌价值并为 佛山的啤酒市场带来新刺激。 社区关系及社会责任 本公司一直十分认同应向所有持份者负责。这包 括本公司员工及其家属的福利；与合作夥伴、客 户、供应商及其他有关人士的业务关系，以及本 公司的运作对本地社区和环境所带来的影响。 我们自二零一五年刊发首份《 环境、社会及管治 （ 「 环境、社会及管治」） 报告》，让公众更清楚了 解我们对社会上不同的环境、社会及管治议题的 回应。最新的版本将於本公司年报刊发後三个月 内於本公司网站刊载。 10 CHAIRMAN’S STATEMENT 主席报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 CoMMUNITY rELaTIoNS aNd SoCIaL rESPoNSIbILITY (Continued) We are especially committed to actively promoting responsible drinking. We also continue to support charitable organizations and suitable NGOs through financial and product support, as well as by sharing with them our time, experience and expertise. We are committed to protecting the environment and ensuring that environmental standards set by government are met or exceeded. HUMaN rESoUrCES The Company takes pride in its ability to recruit, develop, motivate, and attract employees with the right skills and experience, to help it attain its overall goals. We invest in training, seminars, mentorship and team-building workshops to ensure that our employees are equipped with the necessary knowledge, skills and attitude that will help them perform well. We continue to offer competitive remuneration packages commensurate with industry standards and to provide attractive fringe benefits, including medical and insurance coverage and numerous paid leaves on top of legal requirements. CorPoraTE GoVErNaNCE The Company continued to apply the principles of the Corporate Governance Code and Corporate Governance Report contained in Appendix 14 of the Listing Rules throughout the year, with the exception of Code Provision A.4.1, which states that non-executive directors should be appointed for a specific term, subject to re-election. At present, all of the non-executive directors of the Company are not appointed for a specific term but are subject to retirement by rotation at least once every three years, and re-election at the Annual General Meeting under the Company’s Articles of Association. dIrECTorS Since we published our interim report on 6 September 2016, Mr. Ng Wai Sun has resigned as an independent non-executive director of the Company, effective 24 February 2017. Mr. Alonzo Q. Ancheta has been appointed as an independent non-executive director of the Company, effective 24 February 2017. 社区关系及社会责任（ 续） 我们积极推广畅饮有责。我们亦透过提供财政和 产品支持，以及与他们分享我们的时间、经验及 专业知识，持续为慈善团体及合适的非政府组织 提供支持。 我们亦致力保护环境，并确保符合或超过政府所 制定的各种环保标准。 人力资源 本公司透过招聘、发展、激励，吸引具有合适技 能和经验的员工，以协助实现总体目标而感到自 豪。我们投放资源在培训、研讨会、良师指导和 团队合作的工作坊，以确保我们的员工具备应有 的知识、技能和态度，从而帮助他们拥有良好的 表现。 我们继续为所有员工制定符合市场标准的薪酬及 提供吸引的福利，包括全面的医疗和保险，以及 给予较法律要求更多之有薪假期。 企业管治 本公司一直遵守上市规则附录14所载之《 企业管 治守则》 及《 企业管治报告》 中之守则条文，惟守 则条文第A.4.1条除外。守则条文第A.4.1条规定， 非执行董事均须按可重选的基础上，按特定年期 被委任。现时，根据本公司章程，本公司所有非 执行董事均非按特定年期委任，但最少每三年须 在股东周年大会上轮值退任及接受重选。 董事 於二零一六年九月六日本公司之中期报告出版 後，吴维新先生已辞任本公司之独立非执行董 事，由二零一七年二月二十四日起生效。Alonzo Q. Ancheta先生获委任为本公司之独立非执行董 事，由二零一七年二月二十四日起生效。 11 CHAIRMAN’S STATEMENT 主席报告 香港生力啤酒厂有限公司 二零一六年年报 fUTUrE dIrECTIoN aNd CHaLLENGES For 2017, the Company has outlined the following objectives: In Hong Kong, we will continue the profit improvement trend by investing in the San Miguel brand to gain volume, revenue and market share. We will expand outlet availability and penetration using both the direct sales and the wholesaler channel. In South China, we intend to turn around the business by expanding the dealership coverage while building the yield of each dealer with market-specific programs in all the markets. We will strengthen the brand equity of San Miguel and Dragon brands and enhance our participation in the premium specialty segment in key cities. We will actively promote our export business and work towards margin improvement and cost containment. In pursuit of the abovementioned objectives for 2017, we shall be responsive to the following risks that we have identified: Some of the factors affecting Hong Kong’s economy continue to linger. The strengthening of the U.S. dollar may result to a further decline in tourists, which may affect industry consumption. The cost of aluminum and cartons are rising, and this will have an effect on our overall production costs. Furthermore, the Hong Kong government will be imposing a recycling levy on glass beverage containers. When this measure is put in place, prices for our products in glass bottles may be affected, which will in turn impact consumption. The Hong Kong government is also proposing a ban on the commercial sale of alcohol to people aged below 18. While the Company supports the legislation, how the actual legislation will be implemented and how it might inadvertently restrict trading to consumers 18 years of age and above will still need to be studied. 未来方向及挑战 本公司於二零一七年的目标包括： 在香港，我们会透过投放资源於生力品 牌，以增加销量、收入和市场份额，从而 继续改善盈利。我们将透过利用直销及批 发商渠道扩展客户层及渗透率。 在华南，我们透过扩展经销商覆盖范围， 并以针对特定市场的计划加强各个市场的 经销商的产能，从而扭转业绩。 我们将致力提升生力和龙啤的品牌价值， 同时在重点城市巩固高档和特色啤酒市场 的参与度。我们会积极推动出口业务并致 力於提升边际利润和控制成本。 为达到本公司於二零一七年之目标，我们需积极 应对下述已识别风险 �U 部份影响香港经济的因素持续。美元的强 势可能进一步令旅客减少，从而影响行业 消费。 铝材及纸盒价格继续上涨，对我们整体的 生产成本带来影响。 此外，香港政府将向玻璃樽饮料徵收回收 费用。当有关法例生效时，我们的玻璃樽 产品的价格可能有所影响，因而影响消 费。 香港政府亦建议禁止在商业活动中向18岁 以下人士销售酒精饮品。本公司支持有关 立法，但有关法例如何实际推行及此举有 机会无意地限制对18岁或以上之消费者之 交易仍需有待研究。 12 CHAIRMAN’S STATEMENT 主席报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 fUTUrE dIrECTIoN aNd CHaLLENGES (Continued) As the largest provincial economy in China, Guangdong is likely to be the most affected when it comes to changes in economic policies. China’s economy is expected to continue its slowdown due to falling private sector investments and decelerated growth of its manufacturing sector. Furthermore, China’s continued reliance on policy stimulus measures, with rapid credit growth and still-elevated corporate debts, raises the risk of a sharper slowdown. Other potential risks include the depreciation of the renminbi as well as uncertainties related to the new US administration’s trade and foreign policies. Finally, as in Hong Kong, the cost of aluminum and carton is showing an increasing trend; and may put pressure on our production cost. Moving forward, the Company reiterates its commitment to maximizing shareholder value and enhancing and consolidating our sales and marketing strength. We are confident that we have put in place well thought-out strategies and plans that will address the challenges the Company is facing, as well as allow us to maximize the value of every opportunity. Apart from the sales and marketing strategies, we also have various new policies, guidelines, systems and procedures to facilitate efficient and effective cost management, sustainable environmental management and responsible social engagement. In closing, we wish to express our sincere gratitude to our Board of Directors for their guidance and support. We also wish to thank our employees for their dedication and hard work, and most of all, our shareholders, customers and consumers for their continued support. Ramon S. Ang Chairman 24 February 2017 未来方向及挑战（ 续） 广东作为中国最大的经济省份，当经济政 策出现变动时，广东将可能是受影响最大 的地区。由於私人投资的下跌，以及制造 业增长放缓的影响，中国的经济预期继续 放缓。 此外，中国继续依赖政策刺激措施，迅速 的信贷增长和持续上升的企业债务，增加 了更大幅度放缓的风险。 其他潜在的风险包括人民币贬值以及美国 新政府的贸易及外交政策所带来的不确定 因素。最後，如同在香港一样，铝材及纸 盒价格有上涨的趋势，以致可能为我们的 生产成本带来压力。 展望将来，本公司谨此重申我们致力实现股东价 值最大化，并加强及巩固我们的销售及营销能 力。我们相信，我们已制定深思熟虑的策略及计 划，以针对公司所面对的挑战，以及让我们将每 一机遇的价值达致最大化。 除销售及市场策略，我们亦设有不同的新政策、 指引、系统及程序以有效率及有效地促成成本管 理、可持续的环境管理并肩负企业社会责任。 最後，我们谨此对董事会的领导及支持表示衷心 谢意。我们亦真诚感激各股东、客户及消费者的 忠诚支持，以及员工一直以来的努力及贡献。 主席 蔡��文 二零一七年二月二十四日 13 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 本公司谨此重申 我们致力实现股东价值 最大化，并加强及巩固 我们的销售及营销能力。 14 DIRECTORS’ REPORT 董事会报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 To be presented at the Fifty-fourth Annual General Meeting of shareholders to be held at Island Ballroom, Level 5, Island Shangri-La Hong Kong, Two Pacific Place, Supreme Court Road, Central, Hong Kong on 28 April 2017 at 3:00 p.m. The directors submit their Annual Report together with the audited financial statements for the year ended 31 December 2016. PrINCIPaL PLaCE of bUSINESS San Miguel Brewery Hong Kong Limited (the “Company”) is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business at 9/F, Citimark Building, 28 Yuen Shun Circuit, Siu Lek Yuen, Shatin, New Territories, Hong Kong. PrINCIPaL aCTIVITIES The principal activities of the Company are the manufacture and distribution of bottled, canned and draught beers. The principal activities and other particulars of the Company’s subsidiaries are set out in note 13 to the financial statements. The segment analysis of the Company and its subsidiaries (the “Group”) for the financial year is set out in note 3 to the financial statements. MaJor CUSToMErS aNd SUPPLIErS The information in respect of the Group’s sales and purchases attributable to the major customers and suppliers, respectively, during the year is as follows: percentage of the Group’s total 占本集团 Sales purchases 销售总额百分比 采购总额百分比 The largest customer 最大客户 35.14% Five largest customers in aggregate 首五大客户合计 60.93% The largest supplier 最大供应商 8.59% Five largest suppliers in aggregate 首五大供应商合计 28.65% One of the five largest suppliers and one of the five largest customers was San Miguel Corporation (“SMC”) and its associates (collectively the “San Miguel Group”) in which Mr. Ramon S. Ang, Mr. Carlos Antonio M. Berba, Mr. Ramon G. Torralba, Mr. Teruyuki Daino, Mr. Takashi Hayashi, Mr. Roberto N. Huang, Mr. Katsuhiko Matsumoto******, Mr. Takeshi Wada, Mr. Reynato S. Puno and Mr. Carmelo L. Santiago have beneficial interests to the extent that they have equity interests in and/or are/were directors and/or officers of the San Miguel Group. 此报告将於二零一七年四月二十八日下午三时正 假座香港中区法院道太古广场二期港岛香格里拉 大酒店五楼香岛殿举行之第五十四届股东周年大 会上提交。 董事会仝人向各股东提呈截至二零一六年十二月 三十一日止年度之年报及经审核财务报表。 主要营业地点 香港生力啤酒厂有限公司（ 「 本公司」） 是一间於香 港注册成立的公司，注册办事处及主要营业地点 为香港新界沙田小沥源源顺围二十八号都会广场 九楼。 主要业务 本公司之主要业务为制造及分销樽装、罐装及桶 装啤酒。各附属公司之主要业务及其他细节载於 财务报表附注13。 有关本财政年度本公司及各附属公司（ 「 本集团」） 之类别分析，载於财务报表附注3。 主要客户及供应商 以下所载为本年度主要客户及供应商分别占本集 团销售及采购数额之资料： 生力总公司（ 「 生力总公司」） 及其关联公司（ 统 称「 生力集团」） 为首五大供应商及首五大客户 其中之一。其中，蔡��文先生、凯顾思先生、 杜华博先生、代野照幸先生、林隆史先生、黄思 民先生、松本克彦先生******、和田猛先生、 Reynato S. Puno先生及施雅高先生因拥有生力集 团之股权及�u或为�u曾任其董事及�u或高级人员 而获得利益。 15 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 MaJor CUSToMErS aNd SUPPLIErS (Continued) Save as disclosed above, at no time during the year have the directors, their associates, or any shareholder of the Company (which to the knowledge of the directors owns more than 5% of the Company’s share capital) had any interest in these major customers or suppliers. rECoMMENdEd dIVIdENdS The directors have resolved that no final dividend be declared for the year ended 31 December 2016. bUSINESS rEVIEW aNd PErforMaNCE A fair review of the Group’s business during the year, including the analysis using financial key performance indicators, and the outlook of the Group’s business are provided in the Chairman’s Statement section from pages 7 to 12 of this Annual Report. Description of the principal risks and uncertainties which faced the Group in 2016 can be found in the Chairman’s Statement, including the financial risks mentioned in note 23 to the financial statements. There were no important events affecting the Group that have occurred since the end of the financial year 2016. The Company defines stakeholders as all those who affect, and/or are affected by, its business. It embraces both internal and external stakeholders, ranging from employees, trade partners, shareholders, suppliers, government and local communities. The Company believes that engaging stakeholders is crucial for the sustainability of its business, as this does not just help the Company understand the possible risks and opportunities to its business, but also makes possible the actual mitigation of the risks and the full comprehension of the opportunities to its business. The Company also communicates with them through various channels to ensure that its stakeholders are made aware of and understand its business and/or products. The Company endeavors to protect the environment in which it operates its business. During the year ended 31 December 2016 (“the year under review”), there was no material non-compliance in relation to air and greenhouse gas emission, discharges into water and land; and generation of hazardous and non-hazardous wastes. The Company endeavors to continually improve the management of its operations to prevent pollution and minimize waste. The Company also endeavors to continually improve the proper management and usage of the different Company resources, and the management of its operations to prevent pollution and minimize waste, and is committed to continuously train and encourage all its employees to be more environmentally conscious. 主要客户及供应商（ 续） 除上文所披露者外，各董事、彼等之联系人士或 任何据董事所知拥有本公司股本超过百份之五之 本公司股东於本年度内概无拥有该等主要客户或 供应商之任何权益。 建议股息 董事会通过不派发截至二零一六年十二月三十一 日止年度之末期股息。 业务审视及业绩 有关本集团年内表现的中肯审视，包括运用财务 关键表现指标进行的分析，以及本集团的业务展 望在本年报第7至12页的「 主席报告」 中阐述。关 於本集团面对的主要风险及不明朗因素的叙述在 「 主席报告」 中阐述，包括於财务报表附注23中披 露的金融风险。在二零一六年财政年度终结後并 无发生对本集团有影响的重大事件。 本公司将持份者定义为所有那些影响和�u或受本 公司业务影响的人员。这包括内部和外部持份 者，涉及雇员、业务夥伴、股东、供应商、政府 和本地社区。本公司相信持份者的参与对其业务 的持续发展非常重要，他们的参与不仅有助於本 公司理解可能存在的风险和机遇，也帮助本公司 实际减轻风险和充分理解种种机遇。本公司亦通 过各种渠道与持份者进行沟通以确保他们充分意 识并理解其业务和�u或产品。 本公司致力保护其营运的环境，於二零一六年 十二月三十一日止年度（ 「 回顾年度」） 内，在废气 和温室气体排放、向水和土地的排污、以及有害 及无害废弃物的产生方面不存在任何重大违规情 况。本公司致力持续改善其操作管理以避免污染 并将废弃物减到最低。本公司亦致力持续改善其 管理以及不同资源的使用及其操作管理以避免污 染并将废弃物减到最低、并致力於持续培训和鼓 励所有员工以便提高雇员的环保意识。 16 DIRECTORS’ REPORT 董事会报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 bUSINESS rEVIEW aNd PErforMaNCE (Continued) During the year under review, no material non-compliance of the laws and regulations that have a significant impact on the Company was noted. In addition, discussion on the Company’s compliance with the Corporate Governance Code (“CG Code”) is included in the Corporate Governance Report and discussion on the Company’s financial statements’ compliance with the Hong Kong Financial Reporting Standards, Hong Kong Companies Ordinance and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”) are included in note 1 to the financial statements. CHarITabLE aNd oTHEr doNaTIoNS Charitable and other donations made by the Group during the year amounted to HK$53,938 (2015: HK$10,000). SHarE CaPITaL Details of the share capital of the Company are set out in note 22(c) to the financial statements. dIrECTorS The directors of the Company as at the date of this Annual Report are set out on page 2 of the Annual Report. With the exception of Mr. Katsuhiko Matsumoto****** who was appointed as non-executive director on 29 April 2016 and Mr. Alonzo Q. Ancheta who was appointed as independent non-executive director on 24 February 2017, all of the directors served as such for the full year. Mr. Teruyuki Daino resigned as non-executive director on 30 March 2016 due to his new assignment in the Kirin group of companies which will require more of his time. Mr. Ng Wai Sun resigned as independent non-executive director on 24 February 2017 due to the needs of his family and his other business engagements which require more of his time and attention. Mr. Ramon S. Ang, Dr. the Hon. Sir David K. P. Li, Mr. Reynato S. Puno and Mr. Carmelo L. Santiago, retire by rotation in accordance with Article 105 of the Company’s Articles of Association at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. Mr. Alonzo Q. Ancheta who was appointed as director after the last Annual General Meeting, retires from the office of director in accordance with Article 96 of the Company’s Articles of Association, and offer himself for re-election at the forthcoming Annual General Meeting. None of the directors proposed for re-election at the forthcoming Annual General Meeting has an unexpired service contract which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than normal statutory obligations. 业务审视及业绩（ 续） 於回顾年度内，对本公司有重大影响的有关法律 及规例不存在任何重大违规情况。并且，本公司 遵守企业管治守则（ 「 企业管治守则」） 的情况已包 括在《 企业管治报告》 及本公司的财务报表遵守香 港财务报告准则、香港《 公司条例》 之规定及香港 联合交易所有限公司证券上市规则（ 「 上市规则」） 的情况已包括在财务报表附注1。 慈善及其他捐款 本集团於本年度内之慈善及其他捐款合共53,938 港元（ 二零一五年：10,000港元）。 股本 有关本公司股本之详情载列於财务报表附注22(c)。 董事 於本年报之日期各董事之名单载於第2页。 除松本克彦先生******於二零一六年四月二十九 日获委任为非执行董事及Alonzo Q. Ancheta先生 於二零一七年二月二十四日获委任为独立非执行 董事外，全部董事均於全年担任董事职务。 代野照幸先生因需要投放更多时间於麒麟集团公 司之新委任上，於二零一六年三月三十日辞去非 执行董事职务。吴维新先生因需要投放更多时间 及精神於其家庭需要及其他业务承担上，於二零 一七年二月二十四日辞去独立非执行董事职务。 蔡��文先生、李国宝爵士、Reynato S. Puno先生 及施雅高先生均依据本公司组织章程第105条规 定，於即将举行之股东周年大会上轮流告退及重 选连任。 Alonzo Q. Ancheta先生於上一次股东周年大会後 获委任为董事，依据本公司组织章程第96条规 定，於即将举行之股东周年大会上告退及重选连 任。 拟於应届股东周年大会上膺选连任之董事并无与 本公司或其任何附属公司签订本公司或其任何附 属公司不得於一年内终止而不作出赔偿（ 一般法 定赔偿除外） 之服务合约。 17 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 dIrECTorS of SUbSIdIarIES The names of all directors who have served on the boards of the subsidiaries of the Company during the year ended 31 December 2016 or during the period from 1 January 2017 to the date of this report are available on the Company’s website, info.sanmiguel.com.hk. dIrECTorS’ INTErESTS The directors of the Company as of 31 December 2016 had the following personal interests in the shares of the Company, its holding companies, subsidiaries and other associated corporations (within the meaning of the Securities and Futures Ordinance (“SFO”)) at that date as recorded in the register of directors’ interests required to be kept under Section 352 of the SFO: (1) INteReStS IN ISSueD SHAReS Number of ordinary shares in the Company 本公司之普通股之股份数目 Number of % of total Name shares held issued shares 占已发行股份 姓名 持股数目 总数之百分比 David K. P. Li 12,000,000 3.21% Number of common shares of 1 philippine peso each in top Frontier Investment Holdings, Inc. top Frontier Investment Holdings, Inc. 每股面值1菲律宾 披索之普通股之股份数目 total Direct Indirect number of % of total Name ownership ownership share held issued shares 占已发行股份 姓名 直接持有 间接持有 持股数目总数 总数之百分比 Ramon S. Ang 蔡��文 75,887 86,658,351 86,734,238 25.907003% Carlos Antonio M. Berba 凯顾思 ― 364 364 0.000109% Alonzo Q. Ancheta Alonzo Q. Ancheta 492 850 1,342 0.000401% Roberto N. Huang 黄思民 ― 3,039 3,039 0.000908% Reynato S. Puno Reynato S. Puno ― 500 500 0.000149% Carmelo L. Santiago 施雅高 500 ― 500 0.000149% Ramon G. Torralba 杜华博 ― 260 260 0.000078% 附属公司董事 於截至二零一六年十二月三十一日止年度或由二 零一七年一月一日至本报告日期止期间，所有服 务本公司附属公司董事会的董事姓名载於本公司 网站，网址为info.sanmiguel.com.hk。 董事之权益 按《 证券及期货条例》 第352条规定备存之董事权 益登记册记录所载，於二零一六年十二月三十一 日之本公司董事於当日持有本公司、其控股公 司、附属公司及其他联系公司（ 定义见《 证券及期 货条例》） 已发行股本之实际权益如下： (1) 已发行股本之权益 18 DIRECTORS’ REPORT 董事会报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 dIrECTorS’ INTErESTS (Continued) (1) INteReStS IN ISSueD SHAReS (Continued) Number of shares in San Miguel Corporation 生力总公司之股份数目 par Value types of (philippine Number of % of total Name Shares pesos) shares held issued shares 面值 占已发行股份 姓名 股本类别 （ 菲律宾披索） 持股数目 总数之百分比 Ramon S. Ang 蔡��文 Common 5.00 374,381,669* 9.718470% 普通 Carlos Antonio M. Berba 凯顾思 Common 5.00 3,645** 0.000095% 普通 Preferred 5.00 10,000** 0.000260% 优先 Alonzo Q. Ancheta Alonzo Q. Ancheta Common 5.00 224*** 0.000006% 普通 Roberto N. Huang 黄思民 Common 5.00 42,397** 0.001101% 普通 Reynato S. Puno Reynato S. Puno Common 5.00 5,000** 0.000130% 普通 Carmelo L. Santiago 施雅高 Common 5.00 5,000** 0.000130% 普通 Ramon G. Torralba 杜华博 Common 5.00 2,600** 0.000067% 普通 * No. of shares in SMC held as direct ownership: 757,873 shares 於生力总公司直接持有之股份数目：757,873股 No. of shares in SMC held as indirect ownership: 373,623,796 shares 於生力总公司间接持有之股份数目：373,623,796股 ** Held directly 直接持有 *** No. of shares in SMC held as direct ownership: 220 shares 於生力总公司直接持有之股份数目：220股 No. of shares in SMC held as indirect ownership: 4 shares 於生力总公司间接持有之股份数目：4股 Number of common shares of 1 philippine peso each in San Miguel Brewery Inc. 生力啤酒厂公司每股面值1菲律宾披索 之普通股之股份数目 Number of % of total Name shares held issued shares 占已发行股份 姓名 持股数目 总数之百分比 Ramon S. Ang 蔡��文 5,000**** 0.000033% Carlos Antonio M. Berba 凯顾思 5,000**** 0.000033% Alonzo Q. Ancheta Alonzo Q. Ancheta 10,000***** 0.000065% Ta kashi Hayashi 林隆史 5,000**** 0.000033% Roberto N. Huang 黄思民 5,000**** 0.000033% Katsuhiko Matsumoto 松本克彦 5,000**** 0.000033% Carmelo L. Santiago 施雅高 5,000***** 0.000033% **** corporate interest 公司权益 ***** held directly 直接持有 董事之权益（ 续） (1) 已发行股本之权益（ 续） 19 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 dIrECTorS’ INTErESTS (Continued) (2) INteReStS IN uNDeRLyING SHAReS Certain directors of the Company have been granted stock options to subscribe for common shares in SMC under SMC’s stock option scheme. Particulars of stock options in SMC held by directors during the year and as at 31 December 2016 are as follows: Stock options in San Miguel Corporation 生力总公司之购股权 Number Number of options of options Number Number outstanding granted/ of options of options exercise at the (exercised) (lapsed) outstanding Date exercise price per beginning during during at the end Name granted period up to option of the year the year the year of the year (Philippine pesos) 年内授出�u 年初时尚未行使 （ 已行使） 年内（ 已失效） 年结时尚未行使 姓名 授出日期 截止行使限期 每股行使价 之购股权数目 之购股权数目 之购股权数目 之购股权数目 （ 菲律宾披索） Common (par value 普通 of 5 philippine （ 每股面值5 pesos each): 菲律宾披索）： Ramon S. Ang 蔡��文 26/06/2008 26/06/2016 40.50 765,603 ― (765,603) ― 25/06/2009 25/06/2017 58.05 587,556 ― ― 587,556 Carlos Antonio 凯顾思 16/12/2010 16/12/2018 120.33 41,556 ― ― 41,556 M. Berba Ramon G. Torralba 杜华博 16/12/2010 16/12/2018 120.33 8,991 ― ― 8,991 董事之权益（ 续） (2) 於相关股份之权益 本公司若干董事根据生力总公司之购股权 计划获授购股权以认购生力总公司之普通 股股份。於年内及於二零一六年十二月 三十一日各董事拥有生力总公司之购股权 详情如下： 20 DIRECTORS’ REPORT 董事会报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 dIrECTorS’ INTErESTS (Continued) (2) INteReStS IN uNDeRLyING SHAReS (Continued) All interests in the shares and underlying shares of the Company, its holding companies, subsidiaries and other associated corporations are long positions. Apart from the foregoing, at no time during the year was the Company or any of its holding companies, subsidiaries or associated corporations a party to any arrangement to enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. Apart from the foregoing, none of the directors of the Company or any of their spouses or children under eighteen years of age has interests or short positions in the shares, underlying shares or debentures of the Company or any of its holding companies, subsidiaries or other associated corporations, as recorded in the register required to be kept under section 352 of the SFO or as otherwise notified to the Company pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers as adopted by the Company. PErMITTEd INdEMNITY ProVISIoNS Pursuant to the Company’s Articles of Association, directors shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities which he may sustain or incur in or about the execution of the duties of his office or elsewhere in relation thereto, provided that its provisions are not avoided by the Hong Kong Companies Ordinance. Such provisions were in force during the year ended 31 December 2016 and remained in force as of the date of this report. 董事之权益（ 续） (2) 於相关股份之权益（ 续） 本公司、其控股公司、附属公司及其他联 系公司之所有股份及相关股份权益均属好 仓。 除上文所述外，本公司、其控股公司、附 属公司或其他联系公司在本年度任何时间 内并无安排本公司董事购买本公司或其他 公司之股份权益或债权证。 根据本公司按《 证券及期货条例》 第352条 而保存之登记册，或根据上市公司董事进 行证券交易的标准守则所知会本公司之记 录，除上文所提及外，各董事，其配偶或 其18岁以下之子女均无拥有本公司或其任 何控股公司、附属公司或其他联系公司之 股份、相关股份及债权证之权益及淡仓。 获准许的弥偿条文 根据本公司的章程，董事因执行职务或相关职责 而可能承担或蒙受之亏损及责任应获得以本公司 之资产作出之弥偿保证，惟本弥偿保证不违反香 港《 公司条例》 之规定。该等条文於截至二零一六 年十二月三十一日止年度期间生效，并於本报告 日期继续生效。 我们的旗舰品牌 生力啤酒推出 「 此时此地 属於我�O!」 的主题推广活动。 22 DIRECTORS’ REPORT 董事会报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 SUbSTaNTIaL SHarEHoLdErS’ INTErESTS IN SHarES aNd UNdErLYING SHarES The Company has been notified of the following interests in the Company’s issued shares at 31 December 2016 amounting to 5% or more of the ordinary shares in issue: Ordinary shares 普通股股份 Number of ordinary % of total Substantial shareholders shares held issued shares 占已发行股份 主要股东 所持普通股数目 总数之百分比 To p Frontier Investment Holdings, Inc. Top Frontier Investment Holdings, Inc. 245,720,800 65.78% San Miguel Corporation (note 1) 生力总公司（ 附注1） 245,720,800 65.78% Kirin Holdings Company, Limited (note 1) 麒麟控股株式会社（ 附注1） 245,720,800 65.78% San Miguel Brewery Inc. (note 1) 生力啤酒厂公司（ 附注1） 245,720,800 65.78% San Miguel Brewing International Limited 生力啤酒国际有限公司（ 附注1） (note 1) 245,720,800 65.78% Neptunia Corporation Limited (note 1) 立端利有限公司（ 附注1） 245,720,800 65.78% Cheung Kong (Holdings) Limited (note 2) 长江实业（ 集团） 有限公司（ 附注2） 23,703,000 6.34% CK Hutchison Holdings Limited (note 2) 长江和记实业有限公司（ 附注2） 23,703,000 6.34% Notes: (1) Top Frontier, the ultimate holding company, SMC, Kirin Holdings Company, Limited (“Kirin”) (a principal shareholder of San Miguel Brewery Inc. (“SMB”)), SMB, and San Miguel Brewing International Limited (“SMBIL”) are all deemed to hold the above disclosed interest indirectly through Neptunia Corporation Limited (“Neptunia”) in the Company because each of Top Frontier, SMC and Kirin holds more than one third of the voting power of SMB. SMB has a controlling interest in SMBIL and SMBIL has a controlling interest in Neptunia. (2) Conroy Assets Limited, which holds 13,624,600 shares of the Company, and Hamstar Profits Limited, which holds 10,078,400 shares of the Company, are indirect wholly owned subsidiaries of Cheung Kong (Holdings) Limited (“CKH”) and CK Hutchison Holdings Limited (“CK Hutchison”). By virtue of the SFO, CKH and CK Hutchison are deemed to be interested in the shares of the Company held by Conroy Assets Limited and Hamstar Profits Limited. 主要股东於股份及相关股份之权益 於二零一六年十二月三十一日，本公司获悉下列 占本公司已发行普通股之5%或以上的本公司已发 行股份权益： 附注： (1) 由於Top Frontier，为最终控股公司，生力总 公司及麒麟控股株式会社（ 「 麒麟」）（ 为生力啤 酒厂公司（ 「 生力啤酒厂」） 之主要股东） 各自 持有生力啤酒厂三分之一以上之投票权，生力 啤酒厂持有生力啤酒国际有限公司（ 「 生力啤 酒国际」） 之控股权益及生力啤酒国际持有立端 利有限公司（ 「 立端利」） 之控股权益，故此Top Frontier、生力总公司、麒麟、生力啤酒厂及生 力啤酒国际均被视为间接透过立端利持有於本 公司之权益而有上述所披露之权益。 (2) Conroy Assets Limited持 有 本 公 司13,624,600 股股份及 Hamstar Profits Limited持有本公司 10,078,400 股股份，彼等为长江实业（ 集团） 有限公司（ 「 长实」） 及长江和记实业有限公司 （ 「 长和」） 之间接全权拥有附属公司。 根据《 证券及期货条例》，长实及长和均被视为 拥有由Conroy Assets Limited及Hamstar Profits Limited持有之本公司股份之权益。 23 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 SUbSTaNTIaL SHarEHoLdErS’ INTErESTS IN SHarES aNd UNdErLYING SHarES (Continued) All the above interests in the shares and underlying shares of the Company are long positions. Apart from the foregoing, no other interests required to be recorded in the register kept under Section 336 of the SFO have been notified to the Company. SUffICIENCY of PUbLIC fLoaT Based on the information that is publicly available to the Company and within the knowledge of the directors of the Company as at the date of this Annual Report, the Company has maintained the prescribed public float under the Listing Rules. dIrECTorS’ INTErESTS IN CoNTraCTS Pursuant to an agreement dated 12 June 1963, Neptunia provides technical and advisory services to the Company and may be paid a General Managers’ commission. General Managers’ commission has not been paid by the Company or charged by Neptunia since the 1995 financial year. Mr. Ramon S. Ang, Mr. Carlos Antonio M. Berba, Mr. Ramon G. Torralba, Mr. Teruyuki Daino, Mr. Takashi Hayashi, Mr. Roberto N. Huang, Mr. Katsuhiko Matsumoto******, Mr. Takeshi Wada, Mr. Reynato S. Puno and Mr. Carmelo L. Santiago are interested parties to the above contract and to the connected transactions and continuing connected transactions below to the extent that they have equity interests in and/or are/were directors and/or officers of SMB, SMBIL, SMC and Top Frontier, the ultimate holding company of Neptunia. No contract of significance to which the Company or any of its holding companies, subsidiaries or associated corporations was a party, and in which a director of the Company had a material interest (other than Mr. Ramon S. Ang who has a substantial interest in the shares of Top Frontier and SMC as disclosed in the section “Directors Interests” in this report, and who accordingly abstained from the voting on the entering into of these transactions), subsisted at the end of the year or at any time during the year. 主要股东於股份及相关股份之权益（ 续） 上述所有本公司之股份权益均为好仓。 除上述外，并无其他权益须按《 证券及期货条例》 第336条规定备存之登记册通知本公司。 公众持股量 本公司所掌握之公开资料以及就本公司董事所 知，於本年报日期，本公司一直保持上市规则指 定之公众持股量。 董事於合约之权益 根据一九六三年六月十二日订立之协议，立端利 向本公司提供技术及顾问服务，并可收取总经理 酬金。自一九九五年财政年度起，本公司并无支 付总经理酬金，而立端利亦无向本公司收取总经 理酬金。 蔡��文先生、凯顾思先生、杜华博先生、代野照 幸先生、林隆史先生、黄思民先生、松本克彦先 生******、和田猛先生、Reynato S. Puno先生及 施雅高先生因拥有生力啤酒厂、生力啤酒国际， 生力总公司及立端利之最终控股公司Top Frontier 之股权及�u或为该等公司之董事及�u或高级人 员，均可从此合约及以下关连交易及持续关连交 易中获取利益。 本公司、或其任何控股公司、附属公司或关连公 司概无於本年度终结时或年内任何时间订立与本 公司董事拥有重大权益之重要合约（ 除蔡��文先 生因其於Top Frontier及生力总公司持有重大股份 权益（ 如本年报「 董事之权益」 中所披露） 就进行 该等交易之决议案放弃投票外）。 San Mig Light is one of the fastest growing brands in our portfolio, registering consistent double-digit growth. 25 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 CoNNECTEd TraNSaCTIoNS aNd CoNTINUING CoNNECTEd TraNSaCTIoNS (1) tRADe-ReLAteD CONtINuING CONNeCteD tRANSACtIONS MADe WItH tHe SAN MIGueL GROup purchases from/sales to the San Miguel Group In order to comply with the Listing Rules, the Company entered into an agreement with SMC on 7 March 2013 (the “Agreement”) with a view to renewing the agreement to carry out the trade-related continuing connected transactions from 1 January 2014 to 31 December 2016 under the same terms and conditions as those under the agreements entered into by SMC and the Company dated 6 December 2007, 11 May 2009 and 15 October 2010 in respect of such trade-related continuing connected transactions. The Agreement, including the trade-related continuing connected transactions and the caps set for such transactions, was approved by independent shareholders at the Extraordinary General Meeting of the Company held on 19 April 2013. Pursuant to the Agreement, the Group entered into the following trade-related continuing connected transactions during the year. 2016 2016 二零一六年 二零一六年 Actual Cap 实额 上限 Continuing connected transactions 持续关连交易 HK$’000 HK$’000 港币千元 港币千元 Purchase of packaging materials by the Group 本集团向生力集团 from the San Miguel Group 购买包装材料 237 97,000 Purchase of packaged beer by the Group 本集团向生力集团购买 from the San Miguel Group 已包装啤酒 2,283 7,200 Sales of packaged beer and non-alcoholic 本集团向生力集团销售 beverage products by the Group 已包装啤酒及非酒精类饮品 to the San Miguel Group, provided 产品，该产品不能於菲律宾销售 that such sales or distribution of （ 经生力啤酒厂公司销售除外） packaged beer shall not be carried out in the Philippines, unless through SMB 190,278 303,000 关连交易及持续关连交易 (1) 与生力集团贸易有关的持续关连交易 采购自�u销售予生力集团 为符合上市规则，本公司与生力总公司於 二零一三年三月七日订立一份协议书（ 「 协 议书」） 从而更新协议於二零一四年一月一 日至二零一六年十二月三十一日进行与贸 易有关的持续关连交易，该协议之条款及 条件与於二零零七年十二月六日、二零零 九年五月十一日及二零一零年十月十五日 由本公司与生力总公司订立之与贸易有关 的持续关连交易的协议相同。 协议书（ 包括与贸易有关的持续关连交易 及此等交易上限） 已於二零一三年四月 十九日於本公司的股东特别大会内经独立 股东批准。 於本年度内，本集团根据协议书进行以下 与贸易有关的持续关连交易。 26 DIRECTORS’ REPORT 董事会报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 CoNNECTEd TraNSaCTIoNS aNd CoNTINUING CoNNECTEd TraNSaCTIoNS (Continued) (1) tRADe-ReLAteD CONtINuING CONNeCteD tRANSACtIONS MADe WItH tHe SAN MIGueL GROup (Continued) purchases from/sales to the San Miguel Group (Continued) The independent non-executive directors of the Company have reviewed these continuing connected transactions and confirmed that such transactions were: ― entered into in the ordinary and usual course of business of the Group; ― conducted either on normal commercial terms or, if there are not sufficient comparable transactions to judge whether they are on normal commercial terms, on terms no less favourable to the Group than terms available to or from independent third parties; and ― in accordance with the relevant agreements governing them on terms that are fair and reasonable and in the interests of the Company and its shareholders as a whole. The auditors of the Company, KPMG, have confirmed in a letter to the Board that nothing has come to their attention that caused them to believe that the foregoing trade-related continuing connected transactions as set out in the Agreement during the 2016 financial year (i) had not been approved by the Board of the Company, (ii) were not entered into in all material respects in accordance with the relevant agreements governing such transactions, (iii) had exceeded the caps disclosed in the announcement of the Company dated 8 March 2013 and in the circular to shareholders dated 28 March 2013, and (iv) were not, in all material respects, in accordance with the pricing policies of the Group. In anticipation of the expiration of the Agreement on 1 January 2017, the Company entered into an agreement with SMC on 4 February 2016 with a view to further renewing the agreement to carry out the trade-related continuing connected transactions from 1 January 2017 to 31 December 2019 under the same terms and conditions as those under the agreements entered into by SMC and the Company dated 6 December 2007, 11 May 2009, 15 October 2010 and 7 March 2013 in respect of such trade-related continuing connected transactions. 关连交易及持续关连交易（ 续） (1) 与生力集团贸易有关的持续关连交易 （ 续） 采购自�u销售予生力集团（ 续） 本公司独立非执行董事审阅并确认该等持 续关连交易乃： ― 於一般日常业务过程中进行； ― 按正常商业条款或，如果没有足够 的交易比较判断他们是否按正常商 业条款，按不逊於本集团给予独立 第三方或从独立第三方接受的条款 订立；及 ― 按照有关协议的条款规管该等交易 是公平和合理，并符合本公司及其 股东之整体利益。 本公司之核数师毕马威会计师事务所已致 函董事会确认，彼等并无发现任何事项致 使彼等认为二零一五年财政年度之该等如 协议所载与贸易有关的持续关连交易（ i） 尚未经本公司董事会批准、 （ ii） 在所有重 大方面并未有根据规管该等交易之有关协 议进行、(iii)已超逾本公司日期为二零一三 年三月八日之公告及日期为二零一三年三 月二十八日之致股东通函所披露之上限、 以及(iv)在所有重大方面未有根据本集团 之定价政策进行。 鉴於协议书於二零一七年一月一日失效， 本公司与生力总公司於二零一六年二月 四日订立一份协议书从而再更新协议於 二零一七年一月一日至二零一九年十二月 三十一日进行与贸易有关的持续关连交 易，该协议之条款及条件与於二零零七年 十二月六日、二零零九年五月十一日、二 零一零年十月十五日及二零一三年三月七 日由本公司与生力总公司订立之与贸易有 关的持续关连交易的协议相同。 27 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 CoNNECTEd TraNSaCTIoNS aNd CoNTINUING CoNNECTEd TraNSaCTIoNS (Continued) (2) CONtINuING CONNeCteD tRANSACtIONS MADe WItH GuANGZHOu BReWeRy AND tHe SAN MIGueL GROup ReLAtING tO LICeNSING AGReeMeNtS Guangzhou San Miguel Brewery Company Limited (“GSMB”) is an equity joint venture formed between San Miguel (Guangdong) Limited (“SMG”) and Guangzhou Brewery (“GB”) and is held as to 70% by SMG and as to 30% by GB. SMG is a 92.989%-owned subsidiary of the Company and GB is a connected person of the Company by virtue of its substantial shareholding in GSMB. To facilitate the business operations of GSMB, San Miguel International Limited (“SMIL”) (a member of the San Miguel Group) and GB have each granted GSMB a licence to use their respective trademarks upon establishment of GSMB (the “SMIL Trademark Licensing Agreement” and the “GB Trademark Licensing Agreement”, respectively). Apart from the SMIL Trademark Licensing Agreement, the Group has also entered into other licence agreements with certain other members of the San Miguel Group: (i) the Neptunia Sub-licence Agreement entered into between the Company and Neptunia (an indirect subsidiary of SMC) and (ii) the SMBIL Sub-licence Agreement entered into between SMGB and SMBIL (an indirect subsidiary of SMC). The directors (including the non-executive directors) consider that the terms of the SMIL Trademark Licensing Agreement, the Neptunia Sublicense Agreement, the SMBIL Sub-license Agreement (collectively, the “San Miguel Group Licensing Agreements”) and the GB Trademark Licensing Agreement, including their respective tenures which are for more than three years, are on normal commercial terms, fair and reasonable, and that the transactions contemplated under such agreements are in the interests of the Company and the shareholders as a whole. 关连交易及持续关连交易（ 续） (2) 与广州啤酒厂及生力集团有关特许协 议之持续关连交易 广州生力啤酒有限公司（ 「 广州生力」） 为 生力啤（ 广东） 有限公司（ 「 生力啤广东」） 与广州啤酒厂（ 「 广州啤酒厂」） 成立之合 资合营公司，并由生力啤广东及广州啤酒 厂分别持有70%及30%。生力啤广东为本 公司拥有92.989%权益之附属公司，而广 州啤酒厂则由於其於广州生力之重大股权 而为本公司之关连人士。为方便进行广州 生力之业务，生力国际有限公司（ 「 生力 国际」） （ 生力集团之成员公司） 与广州啤酒 厂分别授予广州生力一项特许权，於广州 生力成立後让广州生力使用其各自之商标 （ 「 分别为生力国际商标特许协议及广州啤 酒厂商标特许协议」）。 除生力国际商标特许协议外，本集团亦与 生力集团之若干其他成员公司订立其他特 许协议：(i)本公司与立端利（ 生力总公司 之间接全资附属公司） 订立之立端利再特 许协议及(ii)生力广东与生力啤酒国际（ 生 力总公司之间接全资附属公司） 订立之生 力啤酒国际再特许协议。 董事（ 包括非执行董事） 认为生力国际商 标特许协议、立端利再特许协议、生力啤 酒国际再特许协议（ 统称「 生力集团特许 协议」） 及广州啤酒厂商标特许协议（ 包括 个别多於三年之保用权） 之条款属一般商 业条款，属公平合理，而据此进行之特许 交易符合本公司及股东整体利益。 28 DIRECTORS’ REPORT 董事会报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 CoNNECTEd TraNSaCTIoNS aNd CoNTINUING CoNNECTEd TraNSaCTIoNS (Continued) (2) CONtINuING CONNeCteD tRANSACtIONS MADe WItH GuANGZHOu BReWeRy AND tHe SAN MIGueL GROup ReLAtING tO LICeNSING AGReeMeNtS (Continued) The transactions under the San Miguel Group Licensing Agreements (which have been aggregated as a single transaction for purposes of the Listing Rules) and the GB Trademark Licensing Agreement constituted continuing connected transactions under Rule 14A.34(1) of the Listing Rules. The annual royalties payable by the Group under each of (i) the San Miguel Group Licensing Agreements and (ii) the GB Trademark Licensing Agreement shall be less than HK$10 million for the year ended 31 December 2007 and each of the financial years during the remaining term of the relevant licence/sub-licence agreements. Based on this proposed cap, the transactions under each of the (i) San Miguel Group Licensing Agreements and (ii) the GB Trademark Licensing Agreement are only subject to the reporting and announcement requirements and are exempt from the independent shareholders’ approval requirement. An announcement was made by the Company on 19 September 2007 in this respect. In relation to the SMIL Trademark Licensing Agreement and the Neptunia Sub-licence Agreement, as per the payment instructions of SMC dated 18 December 2000, all royalties receivable from GSMB and the Company have been assigned and transferred to SMBIL effective 1 January 2000 until further notice. On 1 April 2010, a Deed of Assignment was entered into between SMIL, SMBIL and GSMB pursuant to which SMIL agreed to assign, transfer and convey in favour of SMBIL all of SMIL’s rights, title and interest over the SMIL Trademark Licensing Agreement. Both SMBIL and GSMB consented to such assignment pursuant to the Deed of Assignment. After the assignment, SMBIL became the licensor of the trademarks licensed to GSMB under the SMIL Trademark Licensing Agreement. All other terms of the SMIL Trademark Licensing Agreement as assigned to SMBIL remain unchanged. The transaction contemplated under the SMIL Trademark Licensing Agreement as assigned to SMBIL continues to constitute a continuing connected transaction for the Company under the Listing Rules. An announcement was made by the Company on 1 April 2010 in this respect. 关连交易及持续关连交易（ 续） (2) 与广州啤酒厂及生力集团有关特许协 议之持续关连交易（ 续） 就上市规则第14A.34(1)条而言，生力集团 特许协议（ 累计为一项单一交易） 及广州 啤酒厂商标特许协议项下之交易构成本公 司之持续关连交易。本集团根据各(i)生力 集团特许协议及(ii)广州啤酒厂商标特许协 议，於截至二零零七年十二月三十一日止 年度及相关特许�u再特许协议余下年期各 财政年度各自应付之全年专利权费将少於 10,000,000港元。根据建议上限，各(i)生 力集团特许协议以及(ii)广州啤酒厂商标特 许协议与生力集团进行之交易将仅须申报 及公布规定，并获豁免有关独立股东批准 之规定。 於二零零七年九月十九日，本公司已就此 作出披露。 根据於二零零零年十二月十八日生力总公 司之付款指示，就有关生力国际商标特许 协议及立端利再特许协议，由二零零零年 一月一日起，所有由广州生力及本公司之 专利权费将授予及转予生力啤酒国际，直 至另行通告为止。 於二零一零年四月一日，生力国际、生力 啤酒国际及广州生力订立转让契据，据 此，生力国际同意将生力国际拥有之商 标特许协议之所有权利、所有权及权益转 让、转移及转易予生力啤酒国际。生力啤 酒国际及广州生力同意根据转让契据进行 该项转让。 於转让後，根据商标特许协议，生力啤酒 国际成为授予广州生力商标特许权之特许 持有人。商标特许协议之所有其他条款均 维持不变。按照上市规则，根据商标特许 协议拟进行之交易继续构成本公司之持续 关连交易。 於二零一零年四月一日，本公司已就此作 出披露。 29 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 CoNNECTEd TraNSaCTIoNS aNd CoNTINUING CoNNECTEd TraNSaCTIoNS (Continued) (2) CONtINuING CONNeCteD tRANSACtIONS MADe WItH GuANGZHOu BReWeRy AND tHe SAN MIGueL GROup ReLAtING tO LICeNSING AGReeMeNtS (Continued) The amount of royalties paid to GB and the San Miguel Group for the year ended 31 December 2016 were HK$1,702,000 and HK$157,000 respectively (2015: HK$2,116,000 and HK$151,000). The independent non-executive directors of the Company have reviewed these continuing connected transactions and confirmed that such transactions were: ― entered into in the ordinary and usual course of business of the Group; ― conducted either on normal commercial terms or, if there are not sufficient comparable transactions to judge whether they are on normal commercial terms, on terms no less favourable to the Group than terms available to or from independent third parties; and ― in accordance with the relevant agreement governing them on terms that are fair and reasonable and in the interests of the Company and its shareholders and as a whole. The auditors of the Company, KPMG, have confirmed in a letter to the Board that nothing has come to their attention that caused them to believe that the continuing connected transactions in respect of the San Miguel Group Licensing Agreements and the GB Trademark Licensing Agreement during the 2016 financial year (i) had not been approved by the Board of the Company, (ii) were not entered into in all material respects in accordance with the relevant agreement governing such transactions, and (iii) had exceeded the cap disclosed in the announcement of the Company dated 19 September 2007. In anticipation of the expiration of the Neptunia Sub-licence Agreement on 1 January 2017, an Extension Letter was signed by Neptunia and by the Company on 28 October 2016 to extend the term of the Neptunia Sub-licence Agreement for one year from 1 January 2017 to 31 December 2017 at nil consideration. Save for such extension, all other terms of the Neptunia Sub-license Agreement remain unchanged. An announcement was made by the Company on 28 October 2016 in this respect. 关连交易及持续关连交易（ 续） (2) 与广州啤酒厂及生力集团有关特许协 议之持续关连交易（ 续） 於截至二零一六年十二月三十一日止年度， 支付予广州啤酒厂及生力集团之专利权费 分别为1,702,000港元及157,000港元 （ 二零 一五年：2,116,000港元及151,000港元）。 本公司独立非执行董事审阅并确认该等持 续关连交易乃： ― 於一般日常业务过程中进行； ― 按正常商业条款或，如果没有足够 的交易比较判断他们是否按正常商 业条款，按不逊於本集团给予独立 第三方或从独立第三方接受的条款 订立；及 ― 按照有关协议的条款规管该等交易 是公平和合理，并符合本公司及其 股东之整体利益。 本公司之核数师毕马威会计师事务所已致 函董事会确认，彼等并无发现任何事项致 使彼等认为二零一六年财政年度之生力集 团特许协议及广州啤酒厂商标特许协议之 持续关连交易（ i） 尚未经本公司董事会批 准、 （ ii） 在所有重大方面并未有根据规管 该等交易之有关协议进行、以及（ iii） 已超 逾本公司日期为二零零七年九月十九日之 公告所披露之上限。 鉴於立端利再特许协议将於二零一七年一 月一日失效，立端利与本公司於二零一六 年十月二十八日签署延长函件，以将立端 利再特许协议之年期无偿进一步延长一 年，由二零一七年一月一日起至二零一七 年十二月三十一日止。除该延长外，立端 利再特许协议之所有其他条款均维持不 变。於二零一六年十月二十八日本公司已 就此作出披露。 San Miguel Cerveza Negra gained a stronger foothold in the market, registering a 53% volume growth over 2015. 31 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 CoNNECTEd TraNSaCTIoNS aNd CoNTINUING CoNNECTEd TraNSaCTIoNS (Continued) (3) OtHeR CONNeCteD tRANSACtIONS MADe WItH tHe SAN MIGueL GROup The Group purchased brewing materials and other materials from the San Miguel Group during the year, which amounted to HK$193,000 (2015: HK$79,000). The Group also sold raw materials and packaging materials to subsidiaries of SMC during the year, which amounted to HK$13,000 (2015: HK$380,000). These transactions are exempt from all the reporting, announcement and independent shareholders’ approval requirements according to Chapter 14A.76(1) of the Listing Rules (De minimis transactions). Also, as set out in note 25(a) to the financial statements, interest expense of HK$5,454,000 (2015: HK$4,373,000) was paid for the loan from an intermediate holding company and advertising and promotion subsidy of HK$21,038,000 (2015: HK$24,895,000) was received from an intermediate holding company for promotion of certain brands in the People’s Republic of China (“PRC”). These transactions are also exempt from the reporting, announcement and independent shareholders’ approval requirement according to the Chapter 14A.90 of the Listing Rules. The Group has complied with the requirements set out in Chapter 14A of the Listing Rules in respect of the continuing connected transactions and connected transactions stated above. 关连交易及持续关连交易（ 续） (3) 与生力集团之其他关连交易 於本年度内，本集团向生力集团采购酿制 材料及其他材料193,000港元（ 二零一五 年：79,000港元）。於本年度内，本集团 亦向生力总公司之附属公司出售原料及包 装材料13,000港元（ 二零一五年：380,000 港元）。根据上市规则第14A.76(1)章「 最 低豁免水平交易」，该等交易获豁免遵守 有关申报、公告及独立股东批准的规定。 并如财务报表附注25(a)中披露，利息支 出5,454,000港元(二零一五年：4,373,000 港元） 乃自中介控股公司的贷款及从中 介控股公司收取的广告及市场推广补贴 21,038,000港元（ 二零一五年：24,895,000 港元） 乃补贴若干品牌在中国的推广。彼 等交易根据上市规则第14A.90章获豁免 遵守有关申报、公告及独立股东批准的规 定。 就有关上述的持续关连交易及关连交易，本集团 已遵守上市规则第14A章的规定。 我们已制定深思熟虑 的策略及计划，以针对 公司所面对的挑战， 以及让我们将每一机遇 的价值达致最大化。 33 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 EMPLoYEE rETIrEMENT PLaNS The Company and its subsidiaries in Hong Kong have sponsored a non-contributory defined benefit scheme, The San Miguel Brewery Hong Kong Limited Retirement Fund (the “Fund”), which covers local permanent employees, and was registered in September 1995 under the Occupational Retirement Schemes Ordinance. The Fund’s assets are held in trust and administered by a trustee. The members’ benefits are determined based on the employees’ final remuneration and length of service. Contributions to the Fund are made in accordance with the recommendations of independent actuaries who value the retirement scheme at regular intervals, usually triennially. The Fund was granted exemption from the Mandatory Provident Fund (“MPF”) regulations by the MPF Scheme Authority on 24 July 2000, following modifications to the Fund benefits which comply with MPF regulations. The latest actuarial assessment of the Fund was carried out as at 1 January 2017 and the results were as follows: (1) the latest actuarial assessment of the Fund was prepared by independent qualified staff of Willis Towers Watson. In the actuarial valuation, the attained age method was used. Other major assumptions used in the valuation were: investment return of 4% per annum; long-term salary escalation of 5% per annum; mortality rates under the 2015 Hong Kong Life Tables; normal retirement age of 60 years; and early retirement rates allowed between the ages 55 to 60 years. (2) the unaudited market value of the Fund assets was HK$78,136,000 as at 1 January 2017. (3) the minimum level of funding as recommended by the actuary of the Fund was 18.0% of salaries for 2017, 2018 and 2019. (4) the solvency deficit was HK$1,032,000, i.e. the obligation under the Fund was 99% covered by the Fund’s assets, as at 1 January 2017. Particulars of the employee retirement plans of the Company and the Group are set out in note 20 to the financial statements. 雇员退休金计划 本公司及其香港附属公司均为雇员提供非供款的 界定福利退休金计划，名为香港生力啤酒厂有限 公司退休基金（ 「 基金」）。本基金包含本地全职雇 员，并於一九九五年九月根据职业退休计划条例 注册。基金资产被托管及由信托人管理。基金的 福利乃根据雇员之最後薪金及其服务年期计算。 基金之供款乃根据独立精算师之建议而厘定。精 算师定期为此计划作出评估，一般为每三年评估 一次。 基金福利经修订後已符合强积金条例，并已於二 零零零年七月二十四日获得强制公积金计划管理 局的豁免。 最近一次基金精算评估於二零一七年一月一日进 行，结果如下： (1) 最近一次基金精算评估由韦莱�之独立专 业合资格精算师进行。精算评估采用到达 年龄正常成本法。估值时所采用之其他主 要假设为：投资回报每年4%；长期薪金每 年增长5%；二零一五年香港人之死亡率； 正常退休年龄为60岁；以及由55至60岁 的提前退休比率。 (2) 基金之资产於二零一七年一月一日之未审 核市值为78,136,000港元。 (3) 基金的精算师建议在二零一七年、二零 一八年和二零一九年之最低供款比率为薪 金之18.0%。 (4) 基金的偿债赤字为1,032,000港元。即此 基金於二零一七年一月一日之偿债责任的 99%获其资产保障。 本公司及本集团之雇员退休金计划详情载於财务 报表附注20。 34 DIRECTORS’ REPORT 董事会报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 LIQUIdITY aNd fINaNCIaL rESoUrCES The Group’s working capital at 31 December 2016 was net current assets of HK$154,362,000 compared with HK$162,371,000 as at 31 December 2015. The Group’s cash and bank deposits (excluding pledged deposits) as at 31 December 2016 were HK$157,719,000 (2015: HK$148,600,000) and are sufficient to fund working capital requirements and capital expenditure in 2017. LoaNS The Group has a loan from an intermediate holding company. Total borrowings at 31 December 2016 for the Group were HK$190,858,000 (2015: HK$190,747,000). Particulars of the loan from an intermediate holding company of the Company and the Group as at 31 December 2016 are set out in note 19 to the financial statements. fIVE YEar SUMMarY A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out on page 140 of the Annual Report. PUrCHaSE, SaLE or rEdEMPTIoN of THE CoMPaNY’S LISTEd SECUrITIES Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the year. CodE of bEST PraCTICE Principal corporate governance practices adopted by the Company are set out in the Corporate Governance section on pages 37 to 52 of the Annual Report. 流动资金及财务资源 於二零一六年十二月三十一日本集团之营运资金 为流动资产净值154,362,000港元，而於二零一五 年十二月三十一日则为流动资产净值162,371,000 港元。 於二零一六年十二月三十一日本集团之现金及银 行存款（ 不包括抵押存款） 为157,719,000港元（ 二 零一五年：148,600,000港元），足以为二零一七 年提供营运资金及资本开支。 贷款 本集团与一间中介控股公司有贷款。於二零一六 年 十 二 月 三 十 一 日 本 集 团 之 借 款 总 额 分 别 为 190,858,000港 元（ 二 零 一 五 年：190,747,000港 元）。 有关本公司及本集团於二零一六年十二月三十一 日之中介控股公司之贷款详情载於财务报表附注 19。 五年账目摘要 本集团过去五年之业绩、资产及负债摘要，载於 本年报第140页。 买卖或赎回本公司之上市证券 年内本公司或其任何附属公司概无购回、出售或 赎回任何上市证券。 最佳应用守则 有关本公司遵守公司管治常规的重点载於本年报 第37至52页中之企业管治部分。 35 DIRECTORS’ REPORT 董事会报告 香港生力啤酒厂有限公司 二零一六年年报 CoNfIrMaTIoN of INdEPENdENCE The Company has received from each of the independent non-executive directors an annual confirmation of independence pursuant to Rule 3.13 of the Listing Rules and considers all the independent non-executive directors to be independent. aUdITorS KPMG retire and, being eligible, offer themselves for re-appointment. A resolution for the re-appointment of KPMG as auditors of the Company is to be proposed at the forthcoming Annual General Meeting. By order of the board Ramon S. Ang Chairman Hong Kong, 24 February 2017 ****** Mr. Katsuhiko Matsumoto has tendered his resignation as director of the Company effective 1 April 2017. Mr. Fumiaki Ozawa was nominated to fill in the vacated office of Mr. Katsuhiko Matsumoto at the forthcoming Annual General Meeting. 确认独立性 根据上市规则第3.13条所载的指引，每名独立非 执行董事已向本公司确认於本年度之独立性，本 公司认为所有独立非执行董事确属独立人士。 核数师 毕马威会计师事务所任满告退并愿受聘连任。有 关续聘毕马威会计师事务所担任本公司核数师之 决议案将於应届股东周年大会上提呈。 承董事会命 主席 蔡��文 香港，二零一七年二月二十四日 ****** 松本克彦先生已就辞去本公司董事一职提交辞 呈并於二零一七年四月一日生效。小泽史晃先 生被提名以填补松本克彦先生空缺，并在即将 举行之股东周年大会中提出。 For flagship San Miguel pale pilsen, we launched the “this time, this place, Belong to us!” thematic campaign. 37 CORPORATE GOVERNANCE REPORT 企业管治报告 香港生力啤酒厂有限公司 二零一六年年报 CoMMITMENT To CorPoraTE GoVErNaNCE The Company is committed to maintaining compliance with statutory and regulatory standards and adherence to the principles of corporate governance emphasizing transparency, independence, accountability, responsibility and fairness. The board and the senior management of the Company ensure that effective self-regulatory practices exist to protect the interests of the shareholders of the Company. These include a board comprised of high calibre members, board committees and effective internal systems and controls. The Company has applied the principles set out in the CG Code throughout year under review as contained in Appendix 14 of the Listing Rules, save for the deviation discussed below: All of the non-executive directors are not appointed for a specific term (Code Provision A.4.1 of the CG Code) but are subject to retirement by rotation once every three years and re-election at the annual general meeting under the Company’s Articles of Association. The following sections set out the principles in the CG Code as they have been applied by the Company, including any deviation therefrom, for the year under review. THE board As at 31 December 2016, the board comprised twelve Directors (one executive director, who is the managing director, seven non-executive directors and four independent non-executive directors) who possess the skills, experience and expertise either in the same industry or relevant to the management of the business of the Group. The biographies of the directors are set out from pages 54 to 61 of this report under the “Directors and Management Executives” section. There is no financial, business, family or other material or relevant relationship among the members of the board. The management and control of the business of the Company is vested in its board. It is the duty of the board to create value for the shareholders of the Company, establish the Company’s strategic direction, set the Company’s objectives and plan in accordance therewith, and provide leadership and ensure availability of resources in the attainment of such objectives. The board is bound to manage the Company in a responsible and effective manner, and therefore every director ensures that he carries out his duty in good faith and in compliance with the standards of applicable laws and regulations, and acts in the best interests of the Company and its shareholders at all times. 致力维持企业管治水平 本公司致力维持有关法定及监管标准，并紧守企 业管治之原则，强调透明度、独立、问责、责任 及公平。本公司的董事会及高级管理人员确保订 有有效的自我监管常规，以保障本公司股东的利 益，当中包括由极出色之成员组成的董事会、董 事委员会及有效的内部制度及监控。 於回顾年度，本公司一直采用载於上市规则附录 十四的企业管治守则所载的原则，惟下文所述的 偏离行为除外： 根据本公司章程，所有非执行董事每三年 须在股东周年大会轮值退任及接受重新选 举，故并无特定任期（ 企业管治守则条文 A.4.1项）。 以下各节载述本公司於回顾年度内应用该企业管 治守则的标准，包括任何偏离行为。 董事会 於二零一六年十二月三十一日，董事会包括十二 位董事（ 一位执行董事兼董事总经理，七位非执 行董事及四位独立非执行董事），彼等具有在相同 行业或与本集团之业务管理有关之技能、经验及 专长。董事之履历载於本报告第54页至第61页之 「 董事及行政管理人员」 一节内。董事与董事会成 员概无任何财务、业务、亲属或其他重大或相关 之关系。 本公司业务的管理及监控归属於董事会。董事会 的职责在於为本公司股东创造价值，订下本公司 的策略方向，以此设定本公司的目标及计划，领 导员工并确保本公司具备所需资源以达成该等目 标。董事会须尽责兼有效地管理本公司，因此， 每位董事均须确保其本着真诚履行职责，符合适 用法律及规例的标准，并时刻为本公司及其股东 的最佳利益行事。 38 CORPORATE GOVERNANCE REPORT 企业管治报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 THE board (Continued) The board and the executive management have clearly defined responsibilities under various internal control and checks-and-balance mechanisms. The board has delegated a schedule of responsibilities to the executive management of the Company. These responsibilities include: implementation of the decisions of the board and organisation and direction of the day-to-day operation and management of the Company in accordance with the management strategies and plans approved by the board; preparation and monitoring of annual production plans and operating budget; and control, supervision and monitoring of capital, technical and human resources. The board held four meetings during the year under review. The chief finance officer and company secretary attended all the scheduled board meetings to report matters arising from corporate governance, risk management, statutory compliance, accounting and finance, and kept detailed minutes of each meeting, which are available for all directors. At the meetings, the directors discussed and formulated overall strategies for the Company, monitored financial performance and discussed the annual and interim results, as well as other significant matters. Daily operational matters are delegated to management. At least 14 days of notice of all board meetings was given to all directors, and all directors were given the opportunity to include matters for discussion in the agenda. An agenda and accompanying board papers are sent in full to all directors at least three days before every board meeting. The number of board meetings and committee meetings attended by each director during the year under review is set out in the following table. Figure in brackets indicates the maximum number of meetings in the period in which the individual was a board member or board committee member (as the case may be). 董事会（ 续） 在各项内部监控及权力制衡机制下，董事会与执 行管理层的职责均有清晰的界定。董事会已将一 部分责任转授予本公司执行管理层。该等责任包 括：执行董事会的决定，根据董事会所批准的管 理策略及计划，组织及指示本公司的日常运作和 管理；编撰及监察每年生产计划及营运预算；以 及控制、督导及监察资本、技术及人力资源。 於回顾年度内，董事会曾举行四次会议。财务总 裁兼公司秘书出席了所有预定董事会会议，以报 告有关企业管治、风险管理、法例遵守、会计及 财务方面的事宜，并保存每个会议的详细记录以 供所有董事参阅。会议中，董事为本公司研究及 制定一切策略，监督财政表现，讨论中期及年度 业绩，以至其他重要事项。日常营运业务则委托 管理层。 所有董事会会议通告皆不少於14天前送达全体 董事，而董事们均可提出商讨事项并列入会议议 程。每个董事会会议前，全部议程及相关文件不 少於三天前送交全体董事。 於回顾年度内，各董事出席董事会会议及委员会 会议的次数载於下表。括号内的数字指有关人士 为董事会成员或董事委员会成员（ 视属何情况而 定） 期间内的最多会议次数。 39 CORPORATE GOVERNANCE REPORT 企业管治报告 香港生力啤酒厂有限公司 二零一六年年报 Scheduled Audit Remuneration Nomination Annual extraordinary board committee committee committee General General Note meetings meetings meetings meetings Meeting Meeting 预定董事会 审核委员会 薪酬委员会 提名委员会 股东 股东 附注 会议 会议 会议 会议 周年大会 特别大会 Independent 独立非执行董事 non-executive directors David K.P. Li 李国宝 0/(4) 0/(2) 0/(2) 0/(1) 0/(1) 0/(1) Ng Wai Sun 吴维新 (3) 2/(4) 1/(2) 1/(2) 1/(1) 1/(1) 1/(1) Carmelo L. Santiago 施雅高 3/(4) 2/(2) 1/(2) 1/(1) 1/(1) 1/(1) Reynato S. Puno Reynato S. Puno 3/(4) N/A N/A 1/(1) 1/(1) 1/(1) Cheng C.Man William 郑则民 (Alternate to David K.P. Li) （ 李国宝之替任董事） 4/(4) 2/(2) 2/(2) 1/(1) 1/(1) 1/(1) executive director 执行董事 Ramon G. Torralba 杜华博 (Managing Director) （ 执行董事） 4/(4) N/A N/A N/A 1/(1) 1/(1) Non-executive directors 非执行董事 Ramon S. Ang (Chairman) 蔡��文 （ 主席） 3/(4) N/A N/A N/A 1/(1) 1/(1) Carlos Antonio M. Berba 凯顾思 (Deputy Chairman) （ 副主席） 4/(4) N/A 2/(2) N/A 1/(1) 1/(1) May (Michelle) W.M. Chan 陈云美 2/(4) N/A N/A N/A 0/(1) 0/(1) Te ruyuki Daino 代野照幸 (1) 1/(1) N/A N/A N/A N/A N/A Ta kashi Hayashi 林隆史 4/(4) N/A N/A 1/(1) 1/(1) 1/(1) Roberto N. Huang 黄思民 3/(4) N/A 2/(2) N/A 1/(1) 1/(1) Katsuhiko Matsumoto 松本克彦 (2) 3/(3) N/A N/A N/A 1/(1) 1/(1) Ta keshi Wada 和田猛 4/(4) N/A N/A N/A 1/(1) 1/(1) Notes: (1) Resigned as non-executive director on 30 March 2016. (2) Appointed as non-executive director on 29 April 2016. (3) Resigned as independent non-executive director on 24 February 2017. 附注： (1) 於二零一六年三月三十日辞去非执行董事职务。 (2) 於二零一六年四月二十九日获委任为非执行董 事。 (3) 於二零一七年二月二十四日辞去独立非执行董 事职务。 40 CORPORATE GOVERNANCE REPORT 企业管治报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 THE CHaIrMaN aNd THE CHIEf EXECUTIVE offICEr The chairman of the board is Mr. Ramon S. Ang. The chief executive officer (or managing director, in the case of the Company) is Mr. Ramon G. Torralba. The chairman’s and the managing director’s roles are clearly defined to ensure their independence, accountability and responsibility. The chairman takes the lead in formulating overall strategies and policies of the Company; ensures the effective performance by the board of its functions, including compliance with good corporate governance practices; and encourages and facilitates active contribution of directors in board activities and constructive relations between executive and non-executive directors. The chairman also ensures effective communication with shareholders of the Company and receipt by the directors of adequate and complete information. The role of deputy chairman is carried out by Mr. Carlos Antonio M. Berba. The managing director, supported by other board members and the senior management, is responsible for managing the day-to-day business of the Company. He is also accountable to the board for the implementation of the Company’s overall strategies, and coordination of overall business operations. dIrECTorS aNd dIrECTorS’ INdEPENdENCE As at the date of this report, the board consists of eleven non-executive directors and one executive director. Four of the non-executive directors are independent. Further details of the composition of the board can be found in the section entitled “The Board” of this report. All of the non-executive directors are not appointed for a specific term, but are subject to retirement by rotation and re-election at the annual general meetings. Under the Company’s Articles of Association, one-third of the directors, including the non-executive directors, are subject to retirement, rotation and re-election at each annual general meeting. NON-eXeCutIVe DIReCtORS Non-executive directors are expected to participate in the activities of the board, particularly in the establishment of a selection process to ensure a mix of competent directors and officers; adoption of a system of internal checks and balances; scrutiny of the Company’s performance in achieving agreed corporate goals and objectives; and ensuring that the exercise of board authority is within the powers conferred to the board under its Articles of Association, by-laws and applicable laws, rules and regulations. 主席与行政总裁 董事会主席为蔡��文先生，而行政总裁（ 在本公 司为执行董事） 为杜华博先生。主席与执行董事 的角色均有清晰界定，以确保其独立、问责及责 任性。 主席带领制订本公司的整体策略及政策；确保董 事会有效发挥其功能，包括遵守良好企业管治常 规；以及鼓励董事积极参与董事会活动及建立执 行董事与非执行董事之间的良好关系。主席亦确 保与本公司股东有效沟通，而董事亦收到足够及 齐备的资料。副主席的角色由凯顾思先生担任。 执行董事在其他董事会成员及高级管理人员的支 持下负责管理本公司的日常业务。彼亦须向董事 会承担本公司的整体策略的实行以及在整体业务 运作上的协调工作。 董事及董事的独立性 截至此报告日期，董事会包括十一位非执行董事 及一位执行董事。其中四位非执行董事为独立非 执行董事。详细的董事会组织可以参阅上文「 董 事会」 部份。 所有非执行董事的委任并无指定任期，但须在股 东周年大会上轮值退任及接受重新选举。根据本 公司的组织章程细则，在每年的股东周年大会 上，董事中的三分之一（ 包括非执行董事） 须卸 任、轮换及接受重新选举。 非执行董事 非执行董事须参与董事会活动，尤其是在设立遴 选程序以确保董事及高级人员由能干的人士组 成；采纳内部权力制衡制度；检查本公司在达到 协定的企业指标及目标方面的表现；以及确保董 事会在根据其组织章程细则、附例及适用法律、 规则及规例赋予董事会的权力范围内行使其权力。 41 CORPORATE GOVERNANCE REPORT 企业管治报告 香港生力啤酒厂有限公司 二零一六年年报 dIrECTorS aNd dIrECTorS’ INdEPENdENCE (Continued) INDepeNDeNt NON-eXeCutIVe DIReCtORS The independent non-executive directors of the Company are highly skilled professionals with a broad range of expertise and experience in the fields of accounting, finance and business. Their skills, expertise and number in the board ensure that strong independent views and judgment are brought in the board’s deliberations and that such views and judgment carry weight in the board’s decision-making process. Their presence and participation also enable the board to maintain high standards of compliance in financial and other mandatory reporting requirements, and provide adequate checks and balances to safeguard the interests of shareholders of the Company and the Company. Each independent non-executive director gives the Company an annual confirmation of his independence. The Company considers such directors to be independent under the guidelines set out in Rule 3.13 of the Listing Rules. Each director, upon reasonable request, is given access to independent professional advice in circumstances he may deem appropriate and necessary for the discharge of his duties to the Company, at the expense of the Company. dIrECTorS’ rESPoNSIbILITY for THE fINaNCIaL STaTEMENTS The directors acknowledge their responsibility for preparing all information and representations contained in the financial statements of the Company for the year under review. The directors consider that the financial statements have been prepared in conformity with the generally accepted accounting standards in Hong Kong, and reflect amounts that are based on the best estimates and reasonable, informed and prudent judgment of the board and management with an appropriate consideration to materiality. As at 31 December 2016, the directors, having made appropriate enquiries, are not aware of any material uncertainties relating to events or conditions which may cast significant doubt upon the Company’s ability to continue as a going concern. Accordingly, the directors have prepared the financial statements of the Company on a going concern basis. The responsibilities of the external auditors with respect to financial reporting are set out in the section of “Independent Auditor’s Report” on pages 128 to 136. 董事及董事的独立性（ 续） 独立非执行董事 本公司独立非执行董事均为在会计、财务及商界 等广具专业知识及经验的高技巧专业人员。彼等 的技能、专业知识及在董事会的数目，确保具高 独立性的意见及判断以供董事会商讨，而有关意 见及判断在董事会的决策过程中亦具有影响力。 彼等的出席及参与亦使董事会能严格遵守财务及 其他强制报告规定，并提供足够权力制衡，保障 本公司股东及本公司的利益。 每名独立非执行董事，每年均向本公司确认其独 立性。根据上市规则第3.13条所载的指引，本公 司认为有关董事确属独立人士。 每位董事按合理要求，可在其可能认为适当或有 需要的情况下寻求独立专业意见，以履行其对本 公司的责任，费用由本公司支付。 董事对财务报表的责任 董事承认彼等有编制本公司回顾年度内的财务报 表所载的一切资料及陈述的责任。董事认为，财 务报表已遵照香港公认会计守则编制，并反映根 据董事会及管理层的最佳估计，合理、知情及审 慎地判断，已适当考虑到重要事项後所得的数 额。於二零一六年十二月三十一日，据董事经适 当查询後所知，并无任何重要事件或情况可能质 疑本公司持续经营的能力。因此，董事已按持续 经营基准编制本公司的财务报表。 外聘核数师就有关财务报告的责任载於第128页 至第136页的「 独立核数师报告」 部份。 42 CORPORATE GOVERNANCE REPORT 企业管治报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 INTErNaL CoNTroL, rISK MaNaGEMENT aNd INTErNaL aUdIT fUNCTIoN The Company engaged an external professional firm to perform a High Level Risk Assessment for the Group and enhance the Group’s framework for its risk management and internal control system. Key business objectives and risk parameters were updated and determined to assess the level of inherent risk. Based on these business objectives and risk parameters, the key risks of the Group and improvement opportunities to address these risks were identified. The Group’s internal controls in place were also tested and evaluated so as to determine its effectiveness and the level of residual risk. The Group’s risk management framework is based on the “Three Lines of Defense” model. 1. The Management team is responsible for the ongoing identification, assessment, monitoring and reporting of risks and opportunities in their respective areas; the planning and implementation of actions to manage these risks; and escalation of these risks to the Managing Director and Business Control team that exceed the tolerance limits. 2. The Business Control team conducts periodic review and challenge of top risks impacting the Group’s strategic objectives; escalates the top risks to senior management and through them, to the Audit Committee and the board for their review; and facilitates the risk process. 3. The Group Internal Audit Function provides assurance over the effectiveness of controls in place to manage risk. For 2016, the board has conducted a review of the Company’s internal control systems, including financial, operational and compliance control and risk management functions and assessed the effectiveness of internal control by considering reviews performed by the audit committee, executive management, external advisor and internal auditors. It considered that the Group’s risk management and internal control system was effective and adequate. 内部监控、风险管理及内部审核功能 本公司聘用一间外聘专业公司为本集团进行高程 度风险评估及加强本集团风险管理及内部监控制 度的架构。内在风险程度已透过更新及确定重要 的业务目标及风险来源作评估。而根据该等业务 目标及风险来源，本集团已识别重要风险及针对 该等重要风险的改进空间。为确定本集团的内部 监控效能及剩余风险的程度，已对本集团的内部 监控作测试及评估。 本集团风险管理架构采用「 三道防线」 模式。 1. 管理层负责持续鉴定、评估、监察及呈报 在他们所属范围的风险；计划及执行管理 风险的行动；及向执行董事及业务监控团 队上报超过可容忍限度的风险。 2. 业务监控进行定期评审及测试对本集团策 略目标有影响的主要风险；向高级管理层 上报主要风险，并经他们上报至审核委员 会及董事会作评审；及促进风险处理。 3. 集团内部审核功能为管理风险的监控效能 提供保证。 於二零一六年，董事会已经执行对本公司有关财 务、营运及合规监控和风险管理的内部监控制度 评审，亦已检讨了由审核委员会、管理层和内部 审核执行有关内部监控效能的评审。董事会认为 本集团的风险管理及内部监控制度有效及足够。 43 CORPORATE GOVERNANCE REPORT 企业管治报告 香港生力啤酒厂有限公司 二零一六年年报 INTErNaL CoNTroL, rISK MaNaGEMENT aNd INTErNaL aUdIT fUNCTIoN (Continued) The board acknowledges that it has the overall responsibility for maintaining sound and effective risk management and internal control systems to safeguard the Group’s assets and shareholders’ interests, as well as for reviewing their effectiveness. However, the Group’s risk management and internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives, and only provide reasonable and not absolute assurance against material misstatement or loss. As a member of a group with multiple listed issuers, the Group shares with the San Miguel group’s resources in carrying out its internal audit function. Its internal audit is performed by the internal audit function of its parent company, San Miguel Brewery Inc. The internal audit function directly reports to the audit committee. CorPoraTE GoVErNaNCE PoLICY aNd dUTIES The board is responsible for performing the duties on corporate governance functions set out below: (1) developing and reviewing the Company’s policies and practices on corporate governance and making recommendations to the board; (2) reviewing and monitoring the training and continuous professional development of directors and senior management; (3) reviewing and monitoring the Company’s policies and practices on compliance with legal and regulatory requirements; (4) developing, reviewing and monitoring the code of conduct and compliance manual (if any) applicable to employees and directors; and (5) reviewing the Company’s compliance with the CG Code and disclosure in the Corporate Governance Report. INSIdE INforMaTIoN The Company is fully cognizant of its disclosure obligations under the Securities and Futures Ordinance and the Listing Rules. The Company has also included in its Code of Conduct for Securities Transactions and Dealings (“Code of Conduct”) and staff handbook a strict prohibition on the unauthorised use of confidential or inside information. The Company’s Code of Conduct is further discussed in the “Code Of Conduct On Directors’ Securities Transactions” section of this report. 内部监控、风险管理及内部审核功能 （ 续） 董事会承认有责任维持稳健而有效的风险管理及 内部监控制度以保障本集团的资产及股东的权 益，并检讨有关制度是否有效。不过，本集团风 险管理及内部监控系统旨在管理而非消除未能达 成业务目标的风险，而且只能就不会有重大的失 实陈述或损失作出合理而非绝对的保证。 作为多间上市发行人的集团之其中一员，本公司 分享生力集团的资源以进行其内部审核功能。内 部审核由母公司生力啤酒厂公司的内部审核功能 进行。内部审核功能直接向审核委员会报告。 企业管治职责 董事会负责履行下列企业管治职能责任： (1) 制定及检讨本公司的企业管治政策及常 规，并向董事会提出建议； (2) 检讨及监察董事及高级管理人员的培训及 持续专业发展； (3) 检讨及监察本公司在遵守法律及监管规定 方面的政策及常规； (4) 制定、检讨及监察雇员及董事的操守准则 及合规手册（ 如有）；及 (5) 检讨本公司遵守企业管治守则的情况及在 《 企业管治报告》 内的披露。 内幕资料 本公司充分了解其根据《 证券及期货条例》 及上市 规则所须履行的披露责任，本公司亦在进行证券 交易的守则（ 「 标准守则」） 及员工手册内明确订明 严禁未经授权使用机密或内幕资料。本公司之标 准守则於本年报「 董事进行证券交易的守则」 中详 述。 44 CORPORATE GOVERNANCE REPORT 企业管治报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 SUPPorT for dIrECTorS To assist the directors in the discharge of their duties, the Company provides every newly appointed director with a comprehensive induction program on the first occasion of his appointment, where such directors are provided with information on the Company’s organization and business; the membership, duties and responsibilities of the board, board committees and senior management; corporate governance practices and procedures; and latest financial information on the operations of the Company. Such information shall be supplemented with visits to the Company’s key plant sites and meetings with key senior executives. Throughout their tenure, the directors shall be provided with updates on the business of the Company, latest developments of the Listing Rules and other applicable legal and regulatory requirements, corporate social responsibility matters and other changes affecting the Company. dIrECTorS’ TraINING According to the CG Code A.6.5, all directors should participate in continuous professional development to develop and refresh their knowledge and skills to ensure that their contribution to the board remains informed and relevant. The Company should be responsible for arranging and funding suitable training, placing an appropriate emphasis on the roles, functions and duties of the directors. The directors confirm that they have complied with the CG Code on directors’ training. The Company had received from each of the directors their confirmations on taking continuous professional training. THE board CoMMITTEES AuDIt COMMIttee For the year under review, the audit committee comprised three independent non-executive directors: Mr. Ng Wai Sun, Mr. Carmelo L. Santiago and Dr. the Hon. Sir David K. P. Li, who acts as chairman of the committee. The audit committee met two times in 2016 with full minutes kept by the company secretary. Individual attendance of each committee member at these meetings is shown in the table presented above. Mr. Ng Wai Sun resigned as audit committee member on 24 February 2017, and Mr. Alonzo Q. Ancheta was appointed as audit committee member on 24 February 2017. 董事的支援 为协助董事履行其职责，本公司为每位新委任的 董事在其首次获委任时提供全面的公司介绍计 划，有关董事在计划内获提供有关本公司组织及 业务的资料；董事会、董事委员会及高级管理层 的成员、职责及责任；企业管治守则及程序；以 及本公司业务的最新财务资料。除有关资料外， 彼等亦会参观本公司的主要厂房，并与主要高级 行政人员会面。 在彼等的任期内，董事将获提供本公司业务资料 的更新、上市规则及其他适用法律及监管规定的 最新发展、企业社会责任事宜，以及影响本公司 的其他变动。 董事培训 根据企业管治守则条文A.6.5项，所有董事应参与 持续专业发展，发展并更新其知识及技能，以确 保其继续在具备全面资讯及切合所需的情况下对 董事会作出贡献。本公司应负责安排合适的培训 并提供有关经费，以及适切着重上市公司董事的 角色、职能及责任。 董事确认，彼等已遵守有关董事培训之企业管治 守则条文。本公司已接获各董事有关参加持续专 业培训之确认书。 董事委员会 审核委员会 於回顾年度内，审核委员会由三位独立非执行董 事组成；吴维新先生、施雅高先生及审核委员会 主席李国宝爵士。於二零一六年，审核委员会曾 开会二次，整套会议纪录由公司秘书保存。个别 委员会成员出席该等会议的情况载於上文的列 表。吴维新先生於二零一七年二月二十四日辞去 审核委员会成员职务，及Alonzo Q. Ancheta先生 於二零一七年二月二十四日获委任为审核委员会 成员。 45 CORPORATE GOVERNANCE REPORT 企业管治报告 香港生力啤酒厂有限公司 二零一六年年报 THE board CoMMITTEES (Continued) AuDIt COMMIttee (Continued) Under its terms of reference, the audit committee shall assist the board in fulfilling its corporate governance and oversight responsibilities in relation to financial reporting, internal control structure, risk management systems and internal and external audit functions. The audit committee is further authorised by the board to investigate any activity within its terms of reference, and is tasked with recommending to the board appropriate actions emanating from such investigations. The audit committee has unrestricted access to personnel, records, internal and external auditors, risk assessment and assurance and senior management, as may be appropriate in the discharge of its functions. In 2016, the audit committee’s oversight function with respect to risk management systems was enhanced by including, as part of the specific responsibilities of the audit committee in its terms of reference, the responsibility to discuss risk management systems with management to ensure effectiveness of the system and to consider major investigation findings on risk management and management’s response to such findings. In 2016, the audit committee discharged its responsibilities by: (1) making recommendations to the board on the reappointment of the external auditor and approval of the remuneration and terms of engagement of the external auditor; (2) monitoring the external auditor’s independence and objectivity and the effectiveness of the audit process in accordance with applicable standards, and discussing with the external auditor the nature and scope of the audit and reporting obligations; (3) implementing the Company’s policy on the engagement of an external auditor to supply non-audit services; (4) reviewing, and monitoring the integrity of the financial statements of the Company and the Company’s annual and interim reports and the auditors’ report to ensure that the information presents a true and balanced assessment of the Company’s financial position; (5) reviewing the Company’s financial controls, risk management and internal control systems to ensure that management has discharged its duty to have effective systems; 董事委员会（ 续） 审核委员会（ 续） 根据其职权范围，审核委员会协助董事会履行其 有关财务汇报、内部监控架构、风险管理制度， 以及内部及外聘审核功能的企业管治及监察责 任。审核委员会亦获董事会授权调查其职权范围 内的任何活动，并须根据有关调查向董事会建议 合适的行动。审核委员会在履行其职能时可无限 制地接触合适人士、纪录、内部及外聘核数师、 风险评估和承诺及高级管理人员。 於二零一六年，为加强审核委员会有关风险管理 系统的监管功能，已於审核委员会的职权范围加 入与管理层讨论风险管理系统以确保已建立有效 的系统、并就有关风险管理事宜的重要调查结果 及管理层对调查结果的回应进行研究的特定责任。 於二零一六年，审核委员会履行其责任如下： (1) 就外聘核数师的重新委任向董事会提供建 议，以及批准外聘核数师的薪酬及聘用条 款； (2) 按适用的标准监察外聘核数师是否独立客 观及核数程序是否有效；与外聘核数师讨 论核数性质、范畴及有关申报责任； (3) 执行本公司有关外聘核数师提供非核数服 务的政策； (4) 审阅本公司的财务报表、年度及中期报告 及独立核数师报告，并监察其完整性，以 确保有关资料真实而平衡地评估本公司的 财务状况； (5) 检讨本公司的财务监控、风险管理及部监 控制度，以确保管理层已履行职责建立有 效的系统； 46 CORPORATE GOVERNANCE REPORT 企业管治报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 THE board CoMMITTEES (Continued) AuDIt COMMIttee (Continued) In 2016, the audit committee discharged its responsibilities by: (Continued) (6) ensuring the coordination between the internal and external auditors and that the internal audit function is adequately resourced and has appropriate standing within the Company, and reviewing and monitoring the effectiveness of the audit function; (7) reviewing the Company’s financial and accounting policies and practices; (8) reviewing the external auditor’s management letter, material queries raised by the external auditor to the management in respect of the accounting records, financial accounts or systems of control and the management’s response to such queries; and (9) reporting to the board on the matters set out in the CG Code on the audit committee. The audit committee is authorised by the board to obtain external legal or other independent professional advice and to secure the attendance of outsiders with relevant experience and expertise if it considers necessary in the performance of its functions. The audit committee is provided with sufficient resources by the Company to discharge its duties. The audit committee’s specific terms of reference are available on request to any shareholders of the Company and are posted on the Company’s website, info.sanmiguel.com.hk. During the year under review, the total fees in respect of audit and non-audit services (mainly tax advisory work and risk management advisory work) provided to the Company and its subsidiaries by external auditors amounted to HK$3,779,000 (2015: HK$3,744,000) and HK$500,000 (2015: HK$Nil), respectively. 董事委员会（ 续） 审核委员会（ 续） 於二零一六年，审核委员会履行其责任如下： （ 续） (6) 确保内部核数师与外聘核数师的协调而让 内部核数功能在本公司内部有足够资源运 作及有适当的地位，并且检讨及监察审核 功能的有效性； (7) 检讨本公司的财务、会计政策及实务； (8) 检查外聘核数师给予管理层的函件、外聘 核数师就会计纪录、财务账目或监控系统 向管理层提出的任何重大疑问及管理层作 出的回应；及 (9) 就企业管治守则所载有关审核委员会的事 宜向董事会�蟊ā� 审核委员会获董事会授权，若其认为在履行其职 能时有需要，可徵询外部法律或其他独立专业意 见，及邀请具有相关经验及专业知识的外部人士 出席。审核委员会获本公司供给充足资源以履行 其职责。本公司任何股东均可要求查阅审核委员 会的职权范围，而职权范围亦登载於本公司的网 站上，网址为info.sanmiguel.com.hk。 於回顾年度内，由外聘核数师对本公司和附属公 司所提供有关核数或非核数（ 主要税务谘询工作 和风险管理谘询工作） 的服务费用总计，分别为 3,779,000港元（ 二零一五年：3,744,000港元） 及 500,000港元（ 二零一五年：零港元）。 47 CORPORATE GOVERNANCE REPORT 企业管治报告 香港生力啤酒厂有限公司 二零一六年年报 THE board CoMMITTEES (Continued) ReMuNeRAtION COMMIttee For the year under review, the remuneration committee comprised three independent non-executive directors, namely, Dr. the Hon. Sir David K.P. Li, Mr. Ng Wai Sun and Mr. Carmelo L. Santiago, and two non-executive directors, namely, Mr. Carlos Antonio M. Berba and Mr. Roberto N. Huang. The remuneration committee was chaired by an independent non-executive director, Mr. Ng Wai Sun. The remuneration committee met twice in 2016 with full minutes kept by the company secretary. Individual attendance of each committee member at these meetings is shown in the table presented above. Mr. Ng Wai Sun resigned as the chairman of the remuneration committee on 24 February 2017, and Mr. Reynato S. Puno was appointed as the chairman of the remuneration committee on 24 February 2017. The primary role of the remuneration committee under its terms of reference is to support and advise the board in fulfilling the board’s responsibility to the shareholders of the Company to: (1) establish coherent remuneration policies and practices that will be observed and enable the Company to attract and retain top caliber executives and directors; (2) fairly and responsibly reward executives based on their performance and the performance of the Company, and the general pay environment; and (3) comply with the CG Code Provisions on remuneration of directors, mainly by: determining executive and director remuneration policy; determining the remuneration of executive directors upon consultation with the chairman or managing director regarding their proposals for such remuneration; reviewing and approving the remuneration of the executives who directly report to the managing director, and as appropriate, other senior management; and reviewing and approving all equity based plans. 董事委员会（ 续） 薪酬委员会 於回顾年度内，薪酬委员会成员包括三位独立非 执行董事， （ 即：李国宝爵士、吴维新先生及施雅 高先生），及两位非执行董事， （ 即：凯顾思先生 及黄思民先生）。薪酬委员会由一位独立非执行 董事吴维新先生担任主席。於二零一六年，薪酬 委员会曾开会两次，整套会议纪录由公司秘书保 存。个别委员会成员出席该等会议的情况载於上 文的列表。吴维新先生於二零一七年二月二十四 日辞去薪酬委员会主席职务，及Reynato S. Puno 先生於二零一七年二月二十四日获委任为薪酬委 员会主席。 薪酬委员会根据其职权范围主要为支援及建议董 事会履行对本公司股东有关如下责任： (1) 制定使本公司能吸引及挽留优秀行政人员 及董事一致的薪酬政策及常规； (2) 根据行政人员的表现及本公司的业绩，以 及宏观支薪环境，公平及尽责地酬赏行政 人员；及 (3) 符合有关董事酬金企业管治守则条文的责 任，方式如下： 厘定行政人员及董事的薪酬政策； 在与主席或执行董事就彼等有关酬 金的建议进行谘询後，厘定执行董 事的酬金； 检讨及批准直接向执行董事汇报的 行政人员及（ 倘适用） 其他高级管 理人员的酬金；及 检讨及批准所有权益为本的计划。 48 CORPORATE GOVERNANCE REPORT 企业管治报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 THE board CoMMITTEES (Continued) ReMuNeRAtION COMMIttee (Continued) The remuneration committee has the right to seek any information it considers necessary to fulfil its duties, which includes the right to obtain appropriate external advice at the Company’s expense, and is provided with sufficient resources by the Company to discharge its duties. The remuneration committee’s specific terms of reference are available on request to any shareholders of the Company and are posted on the Company’s website, info.sanmiguel.com.hk. During the year under review, the remuneration committee reviewed the remuneration package of the managing director and key senior executives. As recommended, no directors’ fees will be paid for the year 2016. Details of the remuneration of directors for the year ended 31 December 2016 are set out in note 7 to the financial statements. NOMINAtION COMMIttee During the year under review, the nomination committee comprised one nonexecutive director, namely Mr. Takashi Hayashi and four independent nonexecutive directors: Dr. the Hon. Sir David K. P. Li, Mr. Ng Wai Sun, Mr. Reynato S. Puno and Mr. Carmelo L. Santiago. The nomination committee is chaired by an independent non-executive director, Mr. Carmelo L. Santiago. The nomination committee met once in 2016 with full minutes kept by the company secretary. Individual attendance of each committee member at the meeting is shown in the table presented above. Mr. Ng Wai Sun resigned as nomination committee member on 24 February 2017, and Mr. Alonzo Q. Ancheta was appointed as nomination committee member on 24 February 2017. Under its terms of reference, proceedings and meetings of the committee will be governed by the provisions of the Company’s Articles of Association for regulating the proceedings and meetings of the board of the Company in so far as they are applicable and not inconsistent with the nomination committee’s terms of reference. The primary purpose of the committee is to support and advise the board in fulfilling their responsibilities to shareholders in ensuring that the board comprises individuals who are best able to discharge the responsibilities of directors having regard to the law and the highest standards of governance by: (1) assessing the skills required on the board; (2) from time to time assessing the extent to which the required skills are represented on the board; (3) establishing the process for the review of the performance of individual directors and the board as a whole; (4) establishing the process for the identification of suitable candidates for appointment to the board; and (5) having oversight of matters relating to corporate governance by bringing any issues to the attention of the board. 董事委员会（ 续） 薪酬委员会（ 续） 薪酬委员会有权索取认为在履行其职责时有需要 的任何资料，包括取得合适的外部意见而费用由 本公司支付的权利。薪酬委员会获本公司供给充 足资源以履行其职责。本公司任何股东均可要求 查阅薪酬委员会的职权范围，而职权范围亦登载 於本公司网站上，网址为info.sanmiguel.com.hk。 於回顾年度内，委员会於预定会议内检讨执行董 事及主要高级行政人员之薪酬。建议不支付二零 一六年各董事袍金。 董事截至二零一六年十二月三十一日止年度的酬 金详情载於财务报表附注7。 提名委员会 於回顾年度内，提名委员会包括一位非执行董 事， （ 即：林隆史先生） 及四位独立非执行董事， （ 即：李国宝爵士、吴维新先生、Reynato S. Puno 先生及施雅高先生）。提名委员会由一名独立非 执行董事施雅高先生担任主席。於二零一六年， 提名委员会曾开会一次，整套会议纪录由公司秘 书保存。个别委员会成员出席该等会议的情况载 於上文的列表。吴维新先生於二零一七年二月 二十四日辞去提名委员会成员职务，及Alonzo Q. Ancheta先生於二零一七年二月二十四日获委任 为提名委员会成员。 根据其职权范围，委员会之议事程序及会议须由 截至目前规管本公司董事会议事程序及会议的本 公司章程所规管，只要彼等适用且不违背提名委 员会之职权范围。委员会之主要目的乃支持董事 会履行彼等对股东之责任并就此向董事会提供意 见，通过下列方式确保组成董事会之人士在法例 及管治之最高标准之规限下最能够履行董事之责 任： (1) 评估董事会要求之技能； (2) 不时评估董事会所需技能所代表之程度； (3) 就检讨个别董事及董事会整体表现制定程 序； (4) 就物色适合候选人以委任为董事会成员而 制定程序；及 (5) 监督有关企业管治之任何事宜产生任何问 题引起董事会注意。 49 CORPORATE GOVERNANCE REPORT 企业管治报告 香港生力啤酒厂有限公司 二零一六年年报 THE board CoMMITTEES (Continued) NOMINAtION COMMIttee (Continued) The nomination committee has the following responsibilities: (1) review the structure, size and composition (including the skills, knowledge and experience) of the board on a regular basis and make recommendations to the board regarding any proposed changes; (2) identify individuals suitably qualified to become board members and select or make recommendations to the board on the selection of individuals nominated for directorships; (3) assess the independence of independent non-executive directors; (4) make recommendations to the board on relevant matters relating to the appointment or re-appointment of directors and succession planning for directors, in particular the chairman and the chief executive officer; (5) have oversight of all matters relating to corporate governance; and (6) being entitled to employ, at the Company’s expense, the services of such advisers as it deems necessary to fulfil its responsibilities. The nomination committee has the right to seek any information it considers necessary to fulfil its duties, which includes the right to obtain appropriate external advice at the Company’s expense, and is provided with sufficient resources by the Company to discharge its duties. The nomination committee’s specific terms of reference are available on request to any shareholders of the Company and are posted on the Company’s website, info.sanmiguel.com.hk. CodE of CoNdUCT oN dIrECTorS’ SECUrITIES TraNSaCTIoNS The Company has adopted the Code of Conduct based on the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 of the Listing Rules (the “Model Code”). The terms of the Code of Conduct are no less exacting than the standards in the Model Code, and the Code of Conduct applies to all the relevant persons as defined in the Code, including the directors of the Company, any employee of the Company, or a director or employee of a subsidiary or holding company of the Company who, because of such office or employment, are likely to be in possession of unpublished price sensitive information in relation to the Company or its securities. Specific enquiry has been made of all the directors of the Company who have confirmed in writing their compliance with the required standards set out in the Code of Conduct during the year under review. 董事委员会（ 续） 提名委员会（ 续） 提名委员会之责任如下： (1) 定期检讨董事会之架构、人数及组成（ 包 括技能、知识及经验方面），并就任何建 议变动向董事会提供推荐建议； (2) 物色具备合适资格可成为董事会成员之人 士，并挑选提名有关人士出任董事或就此 向董事会提供意见； (3) 评估独立非执行董事之独立性； (4) 就董事委任或重新委任董事以及董事（ 尤 其是主席及行政总裁） 之继任计划向董事 会提供推荐建议； (5) 监督有关企业管治之所有事宜；及 (6) 有权在其认为就履行责任属必要时聘请有 关顾问之服务，费用由本公司承担。 提名委员会有权索取认为在履行其职责时有需要 的任何资料，包括取得合适的外部意见而费用由 本公司支付的权利。提名委员会获本公司供给充 足资源以履行其职责。本公司任何股东均可要求 查阅提名委员会的职权范围，而职权范围亦登载 於本公司网站上，网址为info.sanmiguel.com.hk。 董事进行证券交易的守则 本公司已根据上市规则附录10所载的《 上市公司 董事进行证券交易的标准守则》（ 「 标准守则」） 采 纳操守守则。操守守则条款比标准守则所订标准 更高，而操守守则亦适用於该守则所界定的所有 有关人士，包括本公司董事、本公司任何雇员、 或本公司的附属公司或控股公司的董事或雇员， 而彼等因有关职位或受雇工作而可能拥有关於本 公司或其证券的未公布股价敏感资料。 在向本公司所有董事作出特定查询後，彼等已书 面确认於回顾年度内有遵守操守守则所订的标准。 50 CORPORATE GOVERNANCE REPORT 企业管治报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 CoMMUNICaTIoN WITH SHarEHoLdErS The Company attaches great priority to establishing effective communications with its shareholders and investors. In an effort to enhance such communications, the Company provides information relating to the Company and its business in its annual report and also disseminates such information electronically through its website, info.sanmiguel.com.hk. The Company also published its ESG Report on its website, info.sanmiguel.com.hk. It is the initial effort of the Company to communicate to our stakeholders in a broad manner the relevant environmental, social and governance initiatives that the Company has made in reference to Appendix 27 of the Listing Rules. The 2016 ESG Report will be published in the Company’s website no later than three months after the publication of the Company’s annual report. The Company regards the annual general meeting as an important event as it provides an opportunity for direct communications between the board and its shareholders. All directors and senior management make an effort to attend the annual general meeting of the Company to address shareholders’ queries. All the shareholders of the Company are given a minimum of twenty business days’ notice of the date and venue of the annual general meeting of the Company. The Company supports the CG Code’s principle to encourage shareholders’ participation. WHISTLEbLoWING PoLICY To ensure that the business of the Group is conducted in the highest standards of fairness, transparency and accountability, the Group has its Whistleblowing Policy, which establishes procedures and channels through which the directors, employees and other interested parties may communicate concerns, in confidence, about any misconduct or improprieties affecting the Group. The complete text of the Whistleblowing Policy has been posted on the Company website, info.sanmiguel.com.hk. 与股东的沟通 本公司相当重视与其股东及投资者建立有效沟 通。为达到有效沟通，本公司在其年报内提供有 关本公司及其业务的资料，亦以电子方式透过其 网站info.sanmiguel.com.hk 发布有关资料。 本公司亦於其网站info.sanmiguel.com.hk 刊登其 《 环境、社会及管治报告》。此为向本公司持份者 广泛传达本公司根据上市规则附录二十七提出有 关环境、社会及管治倡议而做出的初步努力。二 零一六年的《 环境、社会及管治报告》 将於本公司 年报刊发後三个月内於本公司网站刊登。 本公司视股东周年大会为重要事项，因其提供董 事会与股东直接沟通的机会。全体董事及高级管 理人员务必出席本公司股东周年大会，以回应股 东提问。本公司各股东均获有关本公司股东周年 大会举行时间及地点最少二十个工作天的通知。 本公司支持该企业管治守则以鼓励股东参与。 举报政策 为 确 保 业 务 运 作 上 保 持 最 高 标 准 的 公 正 性、 透明度和问责性，本集团有其举报政策，建立 既定程序和渠道，让本公司董事、雇员及其他 相 关 人 士 可 以 在 完 全 放 心 的 情 况 下 传 达 他 们 对 本 集 团 内 的 任 何 怀 疑 不 当 行 为 或 不 良 行 为 的 关 注。 举 报 政 策 全 部 内 容 已 於 本 公 司 网 站 info.sanmiguel.com.hk 刊登。 51 CORPORATE GOVERNANCE REPORT 企业管治报告 香港生力啤酒厂有限公司 二零一六年年报 SHarEHoLdErS’ rIGHTS CALLING AN eXtRAORDINARy GeNeRAL MeetING Pursuant to article 68 of the Articles of Association of the Company, extraordinary general meetings may also be convened on requisition as provided by Sections 566, 567 and 568 of the Hong Kong Companies Ordinance. The directors are required to call a general meeting if the Company has received requests to do so from shareholders of the Company representing at least 5% of the total voting rights of all the shareholders having a right to vote at general meetings. The request must state the general nature of the business to be dealt with at the meeting; and may include the text of a resolution that may properly be moved and is intended to be moved at the meeting. Requests may consist of several documents in like form. The request may be sent to the Company in hard copy form or in electronic form; and must be authenticated by the person or persons making it. The directors must, within twenty-one days after the date on which they become subject to the requirement, call an extraordinary general meeting which must be held on a date not more than twenty-eight days after the date on which the notice convening the meeting is given. If the directors fail to convene the general meeting, the shareholders who requested the meeting, or any of them representing more than one half of the total voting rights of all of them, may themselves call an extraordinary general meeting. The meeting must be called for a date not more than three months after the date on which the directors become subject to the requirement to call a meeting. pROCeDuReS FOR puttING FORWARD pROpOSALS At SHAReHOLDeRS’ MeetING Shareholders holding not less than 2.5% of the total voting rights of all the members who have a relevant right to vote; or not less than fifty shareholders who have a relevant right to vote may: ― circulate to shareholders of the Company entitled to receive notice of a general meeting, a statement of not more than 1000 words with respect to (a) a matter mentioned in a proposed resolution to be dealt with at that meeting; or (b) other business to be dealt with at that meeting; or ― request the Company to give, to members of the Company entitled to receive notice of the annual general meeting, notice of a resolution that may properly be moved and is intended to be moved at that meeting. For further details on the shareholder qualifications, and the procedures and timeline, in connection with the above, shareholders are kindly requested to refer to Sections 580 and 615 of the Hong Kong Companies Ordinance. 股东权利 召开股东特别大会 根据本公司组织章程细则第68条，本公司之股东 特别大会亦会应递呈要求下召开。根据香港《 公 司条例》 第566条、567条及568条，如公司收到 占全体有权在股东大会上表决的股东的总表决权 最少5%的公司股东的要求，要求召开股东大会， 则董事须召开股东大会。要求必须述明有待在有 关股东大会上处理的事务的一般性质；及可包含 可在该股东大会上恰当地动议并拟在该股东大 会上动议的决议的文本。要求可包含若干份格式 相近的文件。要求可采用印本形式或电子形式送 交本公司；及须经提出该要求的人认证。董事须 於他们受到该规定所规限的日期後的二十一日内 召开须在召开该股东大会的通知的发出日期後的 二十八日内举行的股东特别大会。如董事未能召 开股东大会，则要求召开该股东大会的股东，或 占全体该等股东的总表决权过半数的股东，可自 行召开股东特别大会。在有关董事受到召开股东 大会的规定所规限的日期後的三个月内，有关股 东大会须予召开。 於股东大会提出建议之程序 占全体有相关表决权利的股东的总表决权最少 2.5%的股东；或最少50名有相关表决权利的股东 可： ― 向有权收到股东大会的通告的本公司股 东，传阅关於(a)有待在股东大会上处理 的、某被提出的决议所述的事宜；或(b)其 他有待在股东大会上处理的事务，而字数 不多於1000字的陈述书；或 ― 要求本公司向有权收到股东周年大会的通 告的本公司股东，发出关於可在股东大会 上恰当地动议并拟在该大会上动议的决议 的通知。 有关上述事项的股东资格、程序及时序的进一步 详情，务请股东参考香港《 公司条例》 第580条及 615条。 52 CORPORATE GOVERNANCE REPORT 企业管治报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 SHarEHoLdErS’ rIGHTS (Continued) pROCeDuReS FOR puttING FORWARD pROpOSALS At SHAReHOLDeRS’ MeetING (Continued) Further, a shareholder may propose a person other than a retiring director of the Company for election as a director at a general meeting at which elections to the office of directors are to be considered. The following documents must be submitted, no later than seven days before the date of the general meeting, to the Company at its principal office at 9/F, Citimark Building, 28 Yuen Shun Circuit, Siu Lek Yuen, Shatin, New Territories, Hong Kong, for the attention of the Company Secretary: (a) the Director Nomination Form with the required supporting documents; (b) the candidate’s resume; and (c) a written statement signed by the candidate of his/her willingness to be elected together with (i) that candidate’s information as required to be disclosed under Rule 13.51(2) of the Listing Rules; (ii) the candidate’s written consent to the publication of his/her personal data; and (iii) confirmation that there are no grounds for his/her ineligibility and incompatibility to act as a director and that he/she satisfies the integrity and, if applicable, independence requirements under the applicable Listing Rules. SENdING ENQUIrES To THE board Shareholders should direct their questions about their shareholdings to the Company’s Registrar. Shareholders and the investment community may at any time make a request for the Company’s information to the extent that such information is publicly available. Shareholders may also make enquiries to the board by writing to the Company Secretary at the Company’s office in Hong Kong at 9/F, Citimark Building, 28 Yuen Shun Circuit, Siu Lek Yuen, Shatin, New Territories, Hong Kong. 股东权利（ 续） 於股东大会提出建议之程序（ 续） 此外，股东可推举一名本公司退任董事以外之董 事於审议选举董事之股东大会上参选董事。下列 文件须不迟於股东大会日期前七天送交本公司之 主要办事处予公司秘书，地址为香港新界沙田小 沥源源顺围二十八号都会广场九楼：(a) 董事提 名表格及所需证明文件；(b) 候选人之个人履历 (c)候选人已签署表明彼愿意参选之书面声明，以 及(i) 根据上市规则第13.51(2)条该候选人须予披 露之资料；及(ii) 候选人就刊登其个人资料之同意 书；及(iii) 确认概无不符合资格及无法履行董事职 责之理由且彼有诚信及，倘适用，符合适用上市 规则规定之独立要求。 向董事会查询 股东应就其股权直接向本公司之股份过户登记处 查询。股东及投资界可随时要求本公司提供可公 开索阅之资料。股东亦可邮寄予本公司位於香港 办事处之公司秘书向董事会作书面查询，地址为 香港新界沙田小沥源源顺围二十八号都会广场九 楼。 We continue to support charitable organizations and suitable NGOs through financial and product support, as well as by sharing with them our time, experience and expertise. 54 DIRECTORS AND MANAGEMENT EXECUTIVES 董事及行政管理人员 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 dIrECTorS Ramon S. ANG Chairman Carlos Antonio M. BERBA Deputy Chairman Ramon G. TORRALBA Managing Director NoN-EXECUTIVE dIrECTorS May (Michelle) CHAN Wen Mee Takashi HAYASHI Roberto N. HUANG Katsuhiko MATSUMOTO Takeshi WADA INdEPENdENT NoN-EXECUTIVE dIrECTorS Alonzo Q. ANCHETA David LI Kwok-po, GBM, JP Reynato S. PUNO Carmelo L. SANTIAGO William CHENG Chuk Man, Alternate to David LI Kwok-po, GBM, JP Mr. Ramon S. ANG, aged 63, is the Chairman and a non-executive Director of the Company. He has been appointed as the Chairman since 10 June 2005 and a non-executive Director of the Company since 27 November 1998. He is the Director, President and Chief Executive Officer of Top Frontier Investment Holdings, Inc., the ultimate parent company of the Company (the shares of which are listed on the Philippine Stock Exchange) and Petron Corporation (the shares of which are listed on the Philippine Stock Exchange), Vice Chairman, President and Chief Operating Officer of San Miguel Corporation (“SMC”) (the shares of which are listed on the Philippine Stock Exchange), Chairman and Chief Executive Officer of SMC Global Power Holdings Corp. (a company listed on the Philippine Dealing & Exchange Corp.) and the Chairman of San Miguel Brewery Inc. (a company listed on the Philippine Dealing & Exchange Corp.). Mr. Ang also holds the following positions: the Vice Chairman of Ginebra San Miguel Inc. (the shares of which are listed on the Philippine Stock Exchange) and San Miguel Pure Foods Company Inc. (the shares of which are listed on the Philippine Stock Exchange), and Chairman of Petron Malaysia Refining & Marketing Berhad (the shares of which are listed on the Kuala Lumpur Stock Exchange). Mr. Ang is also the Chairman, President and/ or Director of various subsidiaries of SMC. He holds a Bachelor of Science degree in Mechanical Engineering from Far Eastern University. 董事 蔡��文 主席 凯顾思 副主席 杜华博 执行董事 非执行董事 陈云美 林隆史 黄思民 松本克彦 和田猛 独立非执行董事 Alonzo Q. ANCHETA 李国宝，GBM, JP Reynato S. PUNO 施雅高 郑则民，李国宝 GBM, JP之替任董事 蔡��文先生，六十三岁，为本公司主席及非执行 董事。蔡先生自二零零五年六月十日起获委任 为本公司主席及自一九九八年十一月二十七日 起获委任为非执行董事。蔡先生为Top Frontier Investment Holdings, Inc.， 本 公 司 之 最 终 母 公 司（ 其股份於菲律宾证券交易所上市） 及Petron Corporation （ 其股份於菲律宾证券交易所上市） 之董事、总裁及行政总裁、生力总公司（ 「 生力 总公司」）（ 其股份於菲律宾证券交易所上市） 之 副 主 席、 总 裁 及 营 运 总 裁、SMC Global Power Holdings Corp.（该 公 司 於Philippine Dealing & Exchange Corp.上 市） 之 主 席 及 行 政 总 裁 和 生 力 啤 酒 厂 公 司（ 该 公 司 於Philippine Dealing & Exchange Corp.上市） 之主席。蔡先生亦出任以 下职位：Ginebra San Miguel Inc（ . 其股份於菲律 宾 证 券 交 易 所 上 市） 及San Miguel Pure Foods Company Inc（ . 其股份於菲律宾证券交易所上市） 之副主席及Petron Malaysia Refining & Marketing Berhad （ 其股份於吉隆坡证券交易所上市） 之 主席。蔡先生亦为生力总公司多间附属公司之 主席、总裁及�u或董事。蔡先生於Far Eastern University取得机械工程学士学位。 55 DIRECTORS AND MANAGEMENT EXECUTIVES 董事及行政管理人员 香港生力啤酒厂有限公司 二零一六年年报 Mr. Carlos Antonio M. BeRBA, aged 52, was appointed as Deputy Chairman and Remuneration Committee member of the Company on 27 August 2010. Mr. Berba has been a Director of the Company since 16 April 2007. He is the Managing Director of San Miguel Brewing International Limited, a Director of Neptunia Corporation Limited (a controlling shareholder of the Company), and a Director of San Miguel Brewery Inc. (a company listed on the Philippine Dealing & Exchange Corp.). He is also a Commissioner of PT Delta Djakarta Tbk (the shares of which are listed on the Indonesia Stock Exchange), a Director of San Miguel Beer (Thailand) Limited, San Miguel Holdings (Thailand) Ltd., San Miguel Marketing (Thailand) Limited, and various other subsidiaries of the Company. Mr. Berba has over 30 years of experience in general management, finance, strategic planning, and corporate structuring initiatives. Mr. Berba graduated from the University of the Philippines with a Bachelor of Science degree in Electrical Engineering. He later obtained a Master’s degree in Business Administration (with distinction) from the Wharton School of Business, University of Pennsylvania and a Master’s degree in Japanese Business Studies from Japan America Institute of Management Science & Chaminade University of Honolulu. Mr. Ramon G. tORRALBA, aged 60, was appointed as an executive Director and Managing Director of the Company with effect from 15 January 2013. Mr. Torralba was the Vice President and Manager for Export Development of San Miguel Brewing International Limited (a subsidiary of San Miguel Brewery Inc.) since 2007. He was also a Director of San Miguel (Thailand) Company, Ltd. from 2006 to 2007 and Vice President and Commercial Director of San Miguel Marketing (Thailand) Ltd. from 2004 to 2007. He was also Assistant Vice President-Consultant for Guangzhou San Miguel Brewery Co. Ltd., San Miguel (Guangdong) Brewery Co. Ltd. and San Miguel (Baoding) Brewery Co. Ltd. of the Beer Division of San Miguel Corporation from 2002-2004. Mr. Torralba graduated from Zamboanga A.E. Colleges with a degree of Bachelor of Science in Commerce, major in Accounting. He also attended the Management Development Program at the Asian Institute of Management (International School of Business and Management) in the Philippines in 1991. Mr. Torralba is a Certified Public Accountant and a member of the Philippine Institute of Certified Public Accountants. 凯顾思先生， 五 十 二 岁， 於 二 零 一 零 年 八 月 二十七日获委任为本公司副主席及薪酬委员会成 员。凯先生自二零零七年四月十六日起获委任 为本公司之董事。凯先生为生力啤酒国际有限 公司之董事总经理、立端利有限公司（ 本公司之 控股股东） 之董事及生力啤酒厂公司（ 该公司於 Philippine Dealing & Exchange Corp.上 市） 之 董 事。凯先生亦是PT Delta Djakarta Tbk （ 其股份於 印尼证券交易所上市） 之专员、生力啤酒（ 泰国） 有限公司、生力控股（ 泰国） 有限公司、生力市务 （ 泰国） 有限公司及本公司多间其他附属公司之董 事。凯先生拥有超过三十年综合管理、财务、策 略规划及企业架构组建之经验。凯先生毕业於菲 律宾大学，取得电机工程学士学位。他其後取得 美国宾夕法尼亚州大学Wharton School工商管理 学硕士（ 荣誉） 学位及 Japan America Institute of Management Science & Chaminade University of Honolulu日本商业研究硕士学位。 杜华博先生，六十岁，於二零一三年一月十五 日起获委任为本公司之执行董事。杜先生自二 零零七年出任生力啤酒国际有限公司（ 生力啤酒 厂公司之附属公司） 之副总裁兼出口发展经理。 他亦於二零零六年至二零零七年担任San Miguel (Thailand) Company, Ltd.之董事并由二零零四年 至二零零七年担任生力市务（ 泰国） 有限公司之副 总裁兼商务总监。他於二零零二年至二零零四年 曾任生力总公司啤酒业务部之广州生力啤酒有限 公司、生力（ 广东） 啤酒有限公司和生力（ 保定） 啤酒有限公司之副总裁助理顾问。杜先生毕业於 Zamboanga A.E. Colleges，取得商学会计理学士 学位。他亦於一九九一年参加菲律宾亚洲管理学 院国际工商管理系之管理发展课程。杜先生为认 可会计师，并为菲律宾会计师公会之会员。 56 DIRECTORS AND MANAGEMENT EXECUTIVES 董事及行政管理人员 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 Mr. Alonzo Q. ANCHetA, aged 84, was appointed as an independent non-executive Director and a member of the Audit Committee and the Nomination Committee of the Company on 24 February 2017. He is currently an independent director of San Miguel Brewery Inc. (a company listed on the Philippine Dealing & Exchange Corp.). He is the President of Zobella & Co. (A.Q. Ancheta & Partners): Trademark & Patent Attorneys and the Co-Founding Partner/ Senior Adviser of Quasha Ancheta Pea & Nolasco Law Offices. He is also the Chairman and President of Oglivy & Mather Philippines, Inc., the President of Growe Investments Ltd., a Member of the Board of Trustees and Corporate Secretary of St. Luke’s Medical Center, and the Director of PTFC Redevelopment Corporation (the shares of which are listed on the Philippine Stock Exchange). Mr. Ancheta also provided service for the Philippine Government as the Administrator of National Tobacco Administration (1987 - 1990). Mr. Ancheta graduated from the University of Manila with a Bachelor’s degree in Arts (Magna cum Laude) in 1953 and a Bachelor’s degree in Laws (Cum laude) in 1957. He is a lawyer (A.B., LL.B) by profession, with practice areas in intellectual property law and commercial/corporate law. He is also a member of various organizations, including Intellectual Property Association of the Philippines (Council Adviser, 1998- present), International Trademark Association, International Association for the Protection of Intellectual Property, LAWASIA, Inter-Pacific Bar Association, ASEAN Law Association (Philippine National Committee, 1986-present; Vice Chair, 2001- present), ASEAN Intellectual Property Association, U.K. Anti-Counterfeiting Group, American Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, Philippines-Japan Society, Inc., Jaycees International (Senator) and For Love of Mother Earth, Inc.. Ms. May (Michelle) CHAN Wen Mee, aged 52, was appointed as a nonexecutive Director on 11 March 2011. Ms. Chan serves as Managing Director of A.S. Watson Industries Limited. She served as Managing Director of Hutchison Harbour Ring Limited from 1 February 2006 to 31 October 2010 and served as Executive Deputy Managing Director of Hutchison Harbour Ring Limited from 18 May 2005 to 31 January 2006. Ms. Chan has extensive experience in managing property development and investment businesses in mainland China. She also holds directorships in certain companies controlled by Hutchison Whampoa Limited. Ms. Chan holds a Bachelor’s degree in Business Administration. Alonzo Q. ANCHetA先生，八十四岁，於二零 一七年二月二十四日获委任为本公司独立非执行 董事以及审核委员会及提名委员会成员。彼现为 生力啤酒厂公司独立董事（ 该公司於Philippine Dealing & Exchange Corp.上市）。彼为 Zobella & Co. (A.Q. Ancheta & Partners): Trademark & Patent Attorneys总 裁 及Quasha Ancheta Pea & Nolasco Law Offices共同创办合夥人�u高级顾 问。彼亦为Oglivy & Mather Philippines, Inc.主席 及总裁、Growe Investments Ltd.总裁、Trustees and Corporate Secretary of St. Luke's Medical Center 董事会成员，以及PTFC Redevelopment Corporation （ 其股份於菲律宾证券交易所上市） 之 董 事。Ancheta先 生 亦 曾 为National Tobacco Administration行政官员为菲律宾政府提供服务 （ 一 九 八 七 年 至 一 九 九 零 年）。Ancheta先 生 毕 业於马尼拉大学，於一九五三年取得文学士学 位（ Magna cum Laude） 及於一九五七年取得法 律学士学位（ Cum laude），彼专业为律师（ A.B., LL.B），从事知识产权法及商业�u公司法。彼亦 为 多 间 机 构 之 会 员， 包 括Intellectual Property Association of the Philippines （理 事 会 顾 问， 一 九 九 八 年 至 现 在）、International Trademark Association、International Association for the Protection of Intellectual Property、LAWASIA、 Inter-Pacific Bar Association、ASEAN Law Association (Philippine National Committee， 一九八六年至现在；副主席，二零零一年至现 在）、ASEAN Intellectual Property Association、 U.K. Anti-Counterfeiting Group、American Chamber of Commerce of the Philippines、 Canadian Chamber of Commerce of the Philippines、Philippines-Japan Society, Inc.、 Jaycees International (Senator) 及 For Love of Mother Earth, Inc.。 陈云美女士，五十二岁，於二零一一年三月十一 日获委任为非执行董事。陈女士现任A.S. Watson Industries Limited之董事总经理。她於二零零六 年二月一日至二零一零年十月三十一日出任和记 港陆有限公司董事总经理及於二零零五年五月 十八日至二零零六年一月三十一日出任和记港陆 有限公司常务副董事总经理。陈女士拥有管理中 国内地地产发展及投资项目的丰富经验。她亦为 和记黄埔有限公司所控制之若干公司之董事。陈 女士持有商业管理学士学位。 57 DIRECTORS AND MANAGEMENT EXECUTIVES 董事及行政管理人员 香港生力啤酒厂有限公司 二零一六年年报 Mr. takashi HAyASHI, aged 50, was appointed as a non-executive Director of the Company on 25 April 2014. Mr. Hayashi is the Executive Financial Advisor and a Director of San Miguel Brewery Inc. (a company listed on the Philippine Dealing & Exchange Corp.). He is also a Director of San Miguel Brewing International Limited, San Miguel Holdings (Thailand) Limited, San Miguel Beer (Thailand) Limited, Iconic Beverages, Inc., Brewery Properties Inc. and Brewery Landholdings, Inc.. Mr. Hayashi served in the Kirin group of companies in various capacities. Mr. Hayashi graduated from Keio University with a Bachelor’s degree in Economics in 1989. He is a Chartered Member of the Securities Analysts Association of Japan. Mr. Roberto N. HuANG, aged 68, has been appointed as a non-executive Director and a member of Remuneration Committee of the Company with effect from 8 November 2012. Mr. Huang is a Director and President of San Miguel Brewery Inc. (a company listed on the Philippine Dealing & Exchange Corp.). He is also a Director of San Miguel Brewing International Limited, and the Chairman and President of Iconic Beverages, Inc., Brewery Properties Inc., and Brewery Landholdings, Inc.. Mr. Huang graduated from Mapua Institute of Technology with a Bachelor of Science degree in Mechanical Engineering and completed academic requirements for a Master’s degree in Business Administration from De La Salle University. He also attended the Nagoya International Training Center, Japan International Cooperation Agency Grant for Metal Works Engineering and Numerical Control Machines course. Dr. the Hon. Sir David LI Kwok-po, GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum.Litt. (Trinity, USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, FCIArb, Officier de l’Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l’Ordre National de la Légion d’Honneur, aged 77, was appointed on 22 March 1991. Sir David is an independent nonexecutive Director, Chairman of the Audit Committee and a member of the Nomination Committee and the Remuneration Committee of the Company. He is the Chairman and Chief Executive of The Bank of East Asia, Limited (listed in Hong Kong), and is an independent non-executive Director of Guangdong Investment Limited, The Hong Kong and China Gas Company Limited, The Hongkong and Shanghai Hotels, Limited, PCCW Limited and Vitasoy International Holdings Limited (all listed in Hong Kong). He is also a Director of Hong Kong Interbank Clearing Limited. He was a Director of CaixaBank, S.A. (listed in Spain), and an independent non-executive Director of SCMP Group Limited (now known as Great Wall Pan Asia Holdings Limited). Sir David is a member of the Council of the Treasury Markets Association. He is Founding Chairman of The Friends of Cambridge University in Hong Kong Limited, Chairman of the Advisory Board of The Salvation Army, Hong Kong and Macau Command and Chairman of the Executive Committee of St. James’ Settlement. He was a member of the Legislative Council of Hong Kong from 1985 to 2012. 林隆史先生，五十岁，於二零一四年四月二十五 日 获 委 任 为 本 公 司 非 执 行 董 事。 林 先 生 是 生 力 啤 酒 厂 公 司（ 该 公 司 於Philippine Dealing & Exchange Corp.上市） 之执行财务顾问及董事。 他亦是生力啤酒国际有限公司，生力控股（ 泰 国） 有 限 公 司， 生 力 啤 酒（ 泰 国） 有 限 公 司， Iconic Beverages, Inc., Brewery Properties Inc.和 Brewery Landholdings, Inc.之董事。林先生曾出 任麒麟公司集团之不同职位。林先生於一九八九 年毕业於庆应义塾大学并取得经济学士学位。他 是日本证券分析师协会之检定会员。 黄思民先生，六十八岁，於二零一二年十一月 八日起获委任为本公司非执行董事及薪酬委员 会成员。黄先生为生力啤酒厂公司（ 该公司於 Philippine Dealing & Exchange Corp.上市） 之董事 及总裁。他亦为生力啤酒国际有限公司之董事、 Iconic Beverages, Inc.、Brewery Properties Inc. 和Brewery Landholdings, Inc.之主席及总裁。黄 先生毕业於Mapua Institute of Technology取得机 械工程理学士学位，并於其後完成了De La Salle University工商管理硕士的学历要求。他亦曾参与 名古屋国际训练中心日本国际协力机构资助的金 属结构工程和数控机床课程。 李国宝爵士，GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum.Litt.(Trinity, USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, FCIArb, Officier de l'Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l'Ordre National de la Légion d'Honneur， 七 十 七 岁， 於 一九九一年三月二十二日获委任。李爵士为本公 司之独立非执行董事、审核委员会主席、提名委 员会及薪酬委员会成员。他现为东亚银行有限公 司（ 於香港上市） 之主席兼行政总裁，以及粤海投 资有限公司、香港中华煤气有限公司、香港上海 大酒店有限公司、电讯盈科有限公司及维他奶国 际集团有限公司（ 所有上述公司均於香港上市） 之 独立非执行董事。他亦是香港银行同业结算有限 公司之董事。他曾担任CaixaBank, S.A（ . 在西班牙 上市） 之董事及南华早报集团有限公司（ 现称为长 城环亚控股有限公司） 之独立非执行董事。李爵 士是财资市场公会之议会成员。他是剑桥之友香 港有限公司之创立主席、救世军港澳军区顾问委 员会主席及圣雅各福群会执行委员会主席。他於 一九八五年至二零一二年曾出任香港立法会议员。 58 DIRECTORS AND MANAGEMENT EXECUTIVES 董事及行政管理人员 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 Mr. Katsuhiko MAtSuMOtO, aged 53, has been appointed as a nonexecutive Director of the Company with effect from 29 April 2016. Mr. Matsumoto is the Executive Financial Advisor and Director of San Miguel Brewery Inc. (a company listed on the Philippine Dealing & Exchange Corp.). He is also a Director of San Miguel Brewing International Limited and San Miguel Beer (Thailand) Limited. Mr. Matsumoto served in the Kirin group of companies in various capacities. Mr. Matsumoto graduated from Waseda University with a Bachelor’s degree in Economics in 1987. Mr. Reynato S. puNO, aged 76, has been appointed as an independent non-executive Director and Nomination Committee member of the Company from 8 November 2012 and as Chairman of the Remuneration Committee from February 24, 2017. Mr. Puno is an independent Director of San Miguel Corporation (the shares of which are listed on the Philippine Stock Exchange) since 2011, Union Bank of the Philippines, Inc. (the shares of which are listed on the Philippine Stock Exchange), and Marcventure Holdings, Inc. (the shares of which are listed on the Philippine Stock Exchange), and an Independent Commissioner of PT Delta Djakarta Tbk (the shares of which are listed on the Indonesia Stock Exchange). He is also the President of the Philippine Bible Society, Chairman of the Gerry Roxas Foundation, Chairman of the Environmental Heroes Foundation, Vice Chairman of World Vision and GMA Kapuso Foundation, and a Director of The New Standard newspaper. Mr. Puno served as the Chief Justice of the Philippine Supreme Court from 6 December 2006 until his retirement on 17 May 2010. He also served previously as an Associate Justice of the Supreme Court, Associate Justice of the Court of Appeals and Appellate Justice of the Intermediate Appellate Court. Mr. Puno completed his Bachelor of Laws from the University of the Philippines in 1962, and has a Master of Laws degree from the University of California in Berkeley (1968) and a Master in Comparative Law degree from the Southern Methodist University, Dallas, Texas (1967). Mr. Carmelo L. SANtIAGO, aged 74, is an independent non-executive Director, Chairman of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee of the Company. He is an independent Director of the following companies: San Miguel Brewery Inc. (a company listed on the Philippine Dealing & Exchange Corp.), and San Miguel Pure Foods Company, Inc. (the shares of which are listed on the Philippine Stock Exchange). Mr. Santiago is the founder and owner of several branches of Melo’s restaurant in the Philippines and a Director of Terbo Concept, Inc., a Philippine company engaged in retail and food business. He was a Director of the Company from 27 February 2003 to 23 February 2005 and was a former independent director of Liberty Telecoms Holdings Inc. (a company listed in the Philippine Stock Exchange until its voluntary delisting in November 2016). Having over 40 years of directorate positions in various companies in the Philippines and Hong Kong, Mr. Santiago has extensive experience in foods, beverages, publication, properties, power and banking industries. 松本克彦先生，五十三岁，於二零一六年四月 二十九日起获委任为本公司非执行董事。松本先 生为生力啤酒厂公司（ 该公司於Philippine Dealing & Exchange Corp.上市） 之执行财务顾问及董事。 他亦为生力啤酒国际有限公司和生力啤酒（ 泰国） 有限公司之董事。松本先生亦出任麒麟公司集团 之不同职位。松本先生於一九八七年毕业於早稻 田大学并取得经济学士学位。 Reynato S. puNO先 生， 七 十 六 岁， 於 二 零 一二年十一月八日获委任为本公司之独立非执 行董事及提名委员会成员，亦於二零一七年二 月 二 十 四 获 委 任 为 薪 酬 委 员 会 主 席。Puno先 生 自 二 零 一 一 年 起 为 生 力 总 公 司（ 其 股 份 於 菲 律 宾 证 券 交 易 所 上 市）、Union Bank of the Philippines, Inc（ . 其 股 份 於 菲 律 宾 证 券 交 易 所 上 市） 和 Marcventure Holdings, Inc（ . 其 股 份 於 菲律宾证券交易所上市） 之独立董事，以及PT Delta Djakarta Tbk （ 其股份於印尼证券交易所上 市） 之独立专员。他亦是Philippine Bible Society 之 总 裁 、 G e r r y R o x a s F o u n d a t i o n 和 Environmental Heroes Foundation 之主席、世界 宣明会和GMA Kapuso Foundation之副主席，以 及The New Standard newspaper之董事。Puno先 生自二零零六年十二月六日起至二零一零年五月 十七日退休止为菲律宾最高法院之首席法官。他 於之前曾出任最高法院之大法官、上诉法庭之法 官以及中级上诉法院之上诉庭法官。Puno先生於 一九六二年在菲律宾大学完成法律学士学位，并 於加州柏克莱大学取得法律硕士学位（ 一九六八 年） 和於德克萨斯州达拉斯的南方卫理公会大学 取得比较法律硕士学位（ 一九六七年）。 施雅高先生，七十四岁，为本公司之独立非执行 董事、提名委员会主席、审核委员会及薪酬委员 会成员。彼现任以下公司之独立董事：生力啤酒 厂公司（ 该公司於Philippine Dealing & Exchange Corp.上市） 及San Miguel Pure Foods Company, Inc. （ 其股份於菲律宾证券交易所上市）。施先生为菲 律宾Melo's 餐厅之创办人并拥有多间分店及担任 菲律宾一家零售及食品业务公司Terbo Concept, Inc. 之董事。施先生於二零零三年二月二十七日 至二零零五年二月二十三日曾任为本公司董事。 彼亦曾为Liberty Telecoms Holdings Inc（ . 该公司 於菲律宾证券交易所上市直至该公司於二零一六 年十一月自愿解除上市资格） 之独立董事。施先 生在菲律宾及香港两地之多间公司担任董事，超 过四十年。施先生於食品、饮料、出版、地产、 能源及银行业务皆拥有丰富经验。 59 DIRECTORS AND MANAGEMENT EXECUTIVES 董事及行政管理人员 香港生力啤酒厂有限公司 二零一六年年报 Mr. takeshi WADA, aged 56, has been appointed as a non-executive Director of the Company with effect from 19 April 2013. Mr. Wada is a Director and the Executive Vice President of San Miguel Brewing International Limited. He is also a Director of San Miguel Beer (Thailand) Limited, San Miguel Holdings (Thailand) Limited and San Miguel Marketing (Thailand) Limited, and a Commissioner of PT Delta Djakarta Tbk (the shares of which are listed on the Jakarta and Surabaya Stock Exchanges). He also served in the Kirin group of companies in various capacities. Mr. Wada graduated from University of Tokyo (Faculty of Law) in 1984. Mr. William CHeNG Chuk Man, aged 57, is Group Chief Financial Officer of The Bank of East Asia, Limited. He is currently a Director of The Hong Kong Settlers Housing Corporation Limited. He was previously a member of the Board of Review (Inland Revenue Ordinance) during the period from 1998 to 2007. Mr. Cheng holds a Master of Business Administration degree from the University of Sydney in Australia, and a Bachelor of Commerce (Accounting) degree from the University of Birmingham in Britain. He is a fellow member of The Institute of Chartered Accountants in England and Wales, Association of Chartered Certified Accountants and The Hong Kong Institute of Certified Public Accountants. 和田猛先生，五十六岁，於二零一三年四月十九 日起获委任为本公司非执行董事。和田先生为生 力啤酒国际有限公司之董事及行政副总裁。他亦 是生力啤酒（ 泰国） 有限公司、生力控股（ 泰国） 有限公司和生力市务（ 泰国） 有限公司之董事及 PT Delta Djakarta Tbk （ 其股份於印尼证券交易所 上市） 之独立专员。他亦曾出任麒麟公司集团之 不同职位。和田先生於一九八四年毕业於东京大 学法学院。 郑则民先生，五十七岁，现任东亚银行有限公司 集团财务总监。他现为香港平民屋宇有限公司董 事。他在一九九八年至二零零七年期间曾出任香 港税务上诉委员会成员。郑先生持有澳洲雪梨大 学工商管理硕士学位及英国伯明翰大学商学士 （ 会计） 学位。他是英格兰及威尔斯特许会计师公 会、英国特许公认会计师公会及香港会计师公会 资深会员。 60 DIRECTORS AND MANAGEMENT EXECUTIVES 董事及行政管理人员 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 MANAGeMeNt eXeCutIVeS Ramon G. TORRALBA Managing Director John K.L. CHEUNG Chief Finance Officer & Company Secretary Richard W.K. CHAN General Sales Manager (appointed on 18 April 2016) Eric P.K. LAM Marketing Director Ric W.T. YEUNG Senior Manager ― Logistics C.K. HO Senior Manager ― Operations Steven CO Senior Manager ― Corporate Development Edith Y.M. NG Senior Manager ― Human Resources & Administration Eric W.M. CHEUNG Senior Manager ― Information Technology Vincent K.M. KWOK Managing Director of Guangzhou San Miguel Brewery Company Limited William B. MONTALBO Plant Manager/Brewmaster of San Miguel (Guangdong) Brewery Company Limited Mr. Ramon G. tORRALBA, Managing Director. Please refer to the Directors section on page 55 for details. Mr. John K.L. CHeuNG, MBA, BBA, aged 53, Chief Finance Officer & Company Secretary, joined the Company in 1997. Mr. Cheung is a member of the Institute of Management Accountants. He has over 30-year solid experience in finance and accounting in various industries. Mr. Cheung received a Master’s degree and a Bachelor’s degree, both in Business Administration, from Georgia State University, USA. Mr Richard W.K. CHAN, MSc, aged 49, General Sales Manager, joined the Company in 2016. Mr. Chan has over 30 years of experience in the field of sales in various industries. 行政管理人员 杜华博 执行董事 张嘉麟 财务总裁及公司秘书 陈永强 营业总经理（ 於二零一六年四月十八日获委任） 林培光 市务总监 杨伟东 物流高级经理 何自强 生产高级经理 许敏志 企业发展高级经理 伍月薇 人力资源及行政高级经理 张维敏 资讯科技高级经理 郭敬文 广州生力啤酒有限公司董事总经理 莫伟利先生 生力（ 广东） 啤酒有限公司之酒厂经理�u酿酒师 杜华博先生，执行董事；详情请参阅第55页之董 事部份。 张嘉麟先生，MBA, BBA，五十三岁，财务总裁及公 司秘书，於一九九七年加入本公司。张先生为管 理会计师公会会员并於不同行业累积了超过三十 年之财务及会计经验。张先生毕业於美国Georgia State University，并取得工商管理硕士及学士学 位。 陈永强先生，MSc，四十九岁，营业总经理，於二 零一六年加入本公司。陈先生於不同行业具有超 过三十年销售之丰富经验。 61 DIRECTORS AND MANAGEMENT EXECUTIVES 董事及行政管理人员 香港生力啤酒厂有限公司 二零一六年年报 Mr. eric p.K. LAM, MBA, BA, aged 52, Marketing Director, joined the Company in 2008. Mr. Lam has over 23 years of solid experience in marketing in various industries. Mr. Ric W.t. yeuNG, BBA, aged 53, Senior Manager ― Logistics, joined the Company in 1983. Mr. Yeung has more than 33 years of extensive experience in supply planning, procurement and physical distribution. Mr. C.K. HO, MSc, DIP, aged 58, Senior Manager ― Operations, joined the Company in 1988. Mr. Ho has over 28 years of service with the Company. He has extensive experience in the operations of beer production. Mr. Steven CO, BA, aged 47, Senior Manager ― Corporate Development, joined San Miguel Brewing Group of San Miguel Corporation in 1994. Mr. Co has more than 22 years of experience in business planning, business research, corporate affairs and quality management in the Company. Ms. edith y.M. NG, MBA, DIP, aged 54, Senior Manager ― Human Resources & Administration, joined the Company in 1989. Ms. Ng has gained 30 years of experience in the fields of marketing, sales and human resources. Mr. eric W.M. CHeuNG, DBA, MBA, MSc, BSc, aged 54, Senior Manager ― Information Technology, joined the Company in 1993. Mr. Cheung has gained 30 years of solid experience in the operations and management of the Information Technology functions. Mr. Vincent K.M. KWOK, MBA, BBA, aged 48, was appointed as the Managing Director of Guangzhou San Miguel Brewery Company Limited on 1 January 2011. Mr. Kwok joined the Company in 2003. He has more than 25 years of solid experience in marketing in various industries. Mr. William B. MONtALBO, BSChe, aged 53, Plant Manager/Brewmaster of San Miguel (Guangdong) Brewery Company Limited. Mr. Montalbo joined San Miguel Brewery Inc. in 1988. He has extensive working experience in both Domestic and International Operations. Mr. Montalbo graduated from De La Salle University with a Bachelor of Science degree in Chemical Engineering. 林培光先生，MBA, BA，五十二岁，市务总监，於 二零零八年加入本公司。林先生於不同行业累积 了超过二十三年之市务经验。 杨伟东先生，BBA，五十三岁，物流高级经理，於 一九八三年加入本公司。杨先生拥有超过三十三 年之供应策划、采购及储运之丰富经验。 何自强先生，MSc, DIP，五十八岁，生产高级经 理，於一九八八年加入本公司。何先生於本公司 服务超过二十八年。他於啤酒生产业务拥有丰富 经验。 许敏志先生，BA，四十七岁，企业发展高级经 理，於一九九四年加入生力总公司啤酒业务部。 许先生拥有超过二十二年业务策划、业务研究、 企业事务及品质管理之经验。 伍月薇女士，MBA, DIP，五十四岁，人力资源及行 政高级经理，於一九八九年加入本公司。伍女士 拥有三十年市务、销售及人力资源之经验。 张维敏先生，DBA, MBA, MSc, BSc，五十四岁，资讯 科技高级经理，於一九九三年加入本公司。张先 生拥有三十年有关资讯科技方面的整体运作及管 理之经验。 郭敬文先生，MBA, BBA，四十八岁，於二零一一年 一月一日获委任为广州生力啤酒有限公司董事总 经理。郭先生於二零零三年加入本公司。他於不 同行业累积了超过二十五年之市务经验。 莫伟利先生，BSChe，五十三岁，为生力（ 广东） 啤酒有限公司之酒厂经理�u酿酒师。莫先生於 一九八八年加入生力啤酒厂公司。他曾担任国内 及海外运作的不同职位，累积了丰富经验。莫先 生毕业於De La Salle University，取得化学工程理 学士学位。 Ye ars ended 31 December, in Hong Kong dollar thousands except per share data and number of personnel 截至十二月三十一日止年度，除每股 股份数据及员工人数外均以港币千元计算 62 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 STATISTICAL ANALYSIS OF OPERATIONS 经营统计分析 (1) Restructuring costs in 2007 represented restructuring activities of the Company. (2) Net worth for the 2007 to 2008 have been restated for a change in accounting policy for intangible assets. (3) Profit from operations, profit before restructuring costs and profit for 2012 have been restated for the change in accounting policy for employee benefits. (4) Number of personnel represents actual headcount as of the last working day of the year. Ten Year review 十年回顾 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 二零一六年 二零一五年 二零一四年 二零一三年 二零一二年 二零一一年 二零一零年 二零零九年 二零零八年 二零零七年 (restated) (restated) (restated) （ 已重列） （ 已重列） （ 已重列） Revenue 收入 541,427 569,502 728,640 687,093 686,362 683,879 589,322 696,824 753,375 754,833 Profit/(loss) from operations (3) 经营盈利�u（ 亏损） (3) 11,505 (11,555) 41,635 28,674 243,428 (48,365) (770,605) (331,879) (301,033) 4,962 Profit/(loss) for the year before 未计重组开支之 restructuring costs (3) 盈利�u（ 亏损） (3) 6,705 (16,909) 36,994 25,824 226,976 (68,638) (773,987) (343,052) (258,155) 50,397 Restructuring costs (1) 重组开支 (1) ― ― ― ― ― ― ― ― ― (310,220) Profit/(loss) for the year (3) 年度盈利�u（ 亏损） (3) 6,705 (16,909) 36,994 25,824 226,976 (68,638) (773,987) (343,052) (258,155) (259,823) Ta xes paid, including beer tax 税项连啤酒税 10,494 15,984 20,670 19,614 26,683 36,009 42,020 68,877 102,485 140,831 Cash dividends attributable to the year 年度应占现金股息 ― ― 7,472 3,736 ― ― ― ― ― ― Cash dividends per share (cents) 每股现金股息（ 仙） ― ― 2 1 ― ― ― ― ― ― Non-current tangible assets and projects 非流动有形资产及发展中项目 under development 584,806 597,381 621,309 635,893 654,678 389,671 398,011 1,087,198 1,379,561 1,496,910 Net worth (2) 净值 (2) 558,084 544,986 571,949 543,678 511,836 297,223 391,474 1,169,484 1,490,925 1,751,565 Salaries, wages and other benefits 薪金、工资及其他福利 116,014 118,421 116,888 106,631 104,724 101,023 96,719 99,341 91,656 105,510 Number of personnel (4) 员工人数 (4) 539 549 566 587 606 635 732 766 766 838 63 香港生力啤酒厂有限公司 二零一六年年报 STATISTICAL ANALYSIS OF OPERATIONS 经营统计分析 Ye ars ended 31 December, in Hong Kong dollar thousands except per share data and number of personnel 截至十二月三十一日止年度，除每股 股份数据及员工人数外均以港币千元计算 (1) 二零零七年之重组开支乃指本公司之重组活动。 (2) 二零零七年至二零零八年之净值已就无形资产之会计政策改变重列。 (3) 经营盈利未计重组开支之盈利及二零一二年之盈利已就雇员福利之会计政策改变重列。 (4) 员工人数指於年度最後一个工作日之实际员工数目。 Ten Year review 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 二零一六年 二零一五年 二零一四年 二零一三年 二零一二年 二零一一年 二零一零年 二零零九年 二零零八年 二零零七年 (restated) (restated) (restated) （ 已重列） （ 已重列） （ 已重列） Revenue 收入 541,427 569,502 728,640 687,093 686,362 683,879 589,322 696,824 753,375 754,833 Profit/(loss) from operations (3) 经营盈利�u（ 亏损） (3) 11,505 (11,555) 41,635 28,674 243,428 (48,365) (770,605) (331,879) (301,033) 4,962 Profit/(loss) for the year before 未计重组开支之 restructuring costs (3) 盈利�u（ 亏损） (3) 6,705 (16,909) 36,994 25,824 226,976 (68,638) (773,987) (343,052) (258,155) 50,397 Restructuring costs (1) 重组开支 (1) ― ― ― ― ― ― ― ― ― (310,220) Profit/(loss) for the year (3) 年度盈利�u（ 亏损） (3) 6,705 (16,909) 36,994 25,824 226,976 (68,638) (773,987) (343,052) (258,155) (259,823) Ta xes paid, including beer tax 税项连啤酒税 10,494 15,984 20,670 19,614 26,683 36,009 42,020 68,877 102,485 140,831 Cash dividends attributable to the year 年度应占现金股息 ― ― 7,472 3,736 ― ― ― ― ― ― Cash dividends per share (cents) 每股现金股息（ 仙） ― ― 2 1 ― ― ― ― ― ― Non-current tangible assets and projects 非流动有形资产及发展中项目 under development 584,806 597,381 621,309 635,893 654,678 389,671 398,011 1,087,198 1,379,561 1,496,910 Net worth (2) 净值 (2) 558,084 544,986 571,949 543,678 511,836 297,223 391,474 1,169,484 1,490,925 1,751,565 Salaries, wages and other benefits 薪金、工资及其他福利 116,014 118,421 116,888 106,631 104,724 101,023 96,719 99,341 91,656 105,510 Number of personnel (4) 员工人数 (4) 539 549 566 587 606 635 732 766 766 838 For the year ended 31 December 2016 (Expressed in Hong Kong dollars) 截至二零一六年十二月三十一日止年度 （ 以港币计算） 64 CONSOLIDATED INCOME STATEMENT 综合收益表 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 The notes on pages 70 to 127 form part of these financial statements. 2016 2015 二零一六年 二零一五年 Note $’000 $’000 附注 千元 千元 Revenue 收入 3 541,427 569,502 Cost of sales 销售成本 (303,111) (331,846) Gross profit 毛利 238,316 237,656 Other net income 其他收益净额 4 42,443 39,837 Selling and distribution expenses 销售及分销开支 (178,366) (197,195) Administrative expenses 行政开支 (82,849) (83,784) Other operating expenses 其他经营开支 (8,039) (8,069) profit/(loss) from operations 经营盈利�u（ 亏损） 11,505 (11,555) Finance costs 财务费用 5(a) (5,578) (4,498) profit/(loss) before taxation 除税前盈利�u（ 亏损） 5 5,927 (16,053) Income tax credit/(charge) 所得税计入�u（ 支出） 6 778 (856) profit/(loss) for the year 年度盈利�u（ 亏损） 6,705 (16,909) Attributable to: 应占如下： Equity shareholders of the Company 本公司权益持有人 8,654 (16,074) Non-controlling interests 非控股权益 (1,949) (835) profit/(loss) for the year 年度盈利�u（ 亏损） 6,705 (16,909) earnings/(loss) per share 每股盈利�u（ 亏损） Basic (cents) 基本（ 仙） 10(a) 2 (4) Diluted (cents) 摊薄（ 仙） 10(b) N/A 不适用 N/A 不适用 列於第70至127页之各项附注为本财务报表之一部 份。 65 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 综合全面收益表 For the year ended 31 December 2016 (Expressed in Hong Kong dollars) 截至二零一六年十二月三十一日止年度 （ 以港币计算） 香港生力啤酒厂有限公司 二零一六年年报 The notes on pages 70 to 127 form part of these financial statements. 2016 2015 二零一六年 二零一五年 Note $’000 $’000 附注 千元 千元 profit/(loss) for the year 年度盈利�u（ 亏损） 6,705 (16,909) Other comprehensive income 年度其他全面收益（ 除税後） for the year (after tax) 9 Items that may be reclassified subsequently 将来或会重新列入损益的项目 to profit or loss Exchange differences on translation of: 汇兑差额 ― financial statements of subsidiaries ― 换算海外附属公司财务报表 outside Hong Kong 所产生之汇兑差额 23,329 22,077 ― monetary items that form part of the net ― 换算组成集团於附属公司 investment in subsidiaries outside 之投资的货币项目所产生 Hong Kong 之汇兑差额 (24,490) (22,499) (1,161) (422) Items that will not be reclassified to profit or loss 将来不会重新列入损益的项目 Actuarial gains and losses of defined 定额福利退休计划之精算盈利及亏损 benefit retirement plan 7,554 (5,896) 6,393 (6,318) total comprehensive income for the year 年度全面收益总额 13,098 (23,227) Attributable to: 应占如下： Equity shareholders of the Company 本公司权益持有人 13,171 (24,134) Non-controlling interests 非控股权益 (73) 907 total comprehensive income for the year 年度全面收益总额 13,098 (23,227) 列於第70至127页之各项附注为本财务报表之一部 份。 At 31 December 2016 (Expressed in Hong Kong dollars) 於二零一六年十二月三十一日 （ 以港币计算） 66 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 综合财务状况表 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 2016 2015 二零一六年 二零一五年 Note $’000 $’000 附注 千元 千元 Non-current assets 非流动资产 Property, plant and equipment 物业，机器及设备 11(a) 372,125 416,822 Investment properties 投资物业 11(a) 134,923 98,457 Interests in leasehold land held for 在经营租赁下自用而持有 own use under operating leases 的租赁土地权益 11(a) 77,758 82,102 584,806 597,381 Intangible assets 无形资产 12 5,139 5,163 589,945 602,544 Current assets 流动资产 Inventories 存货 14 49,247 52,431 Trade and other receivables 应收贸易及其他账项 15 57,843 68,772 Amounts due from holding companies 应收控股公司 and fellow subsidiaries 及同系附属公司账项 16 15,167 7,157 Amounts due from related companies 应收关连公司账项 16 1,532 262 Bank deposits 银行存款 17 46,602 50,882 Cash and cash equivalents 现金及等同现金项目 17 111,117 97,718 281,508 277,222 Current liabilities 流动负债 Trade and other payables 应付贸易及其他账项 18 (88,578) (104,460) Loan from an intermediate holding company 中介控股公司之贷款 19 (25,448) ― Amounts due to holding companies 应付控股公司 and fellow subsidiaries 及同系附属公司账项 16 (6,990) (5,375) Amounts due to related companies 应付关连公司账项 16 (6,130) (5,016) (127,146) (114,851) Net current assets 流动资产净值 154,362 162,371 67 At 31 December 2016 (Expressed in Hong Kong dollars) 於二零一六年十二月三十一日 （ 以港币计算） CONSOLIDATED STATEMENT OF FINANCIAL POSITION 综合财务状况表 香港生力啤酒厂有限公司 二零一六年年报 The notes on pages 70 to 127 form part of these financial statements. 2016 2015 二零一六年 二零一五年 Note $’000 $’000 附注 千元 千元 total assets less current liabilities 总资产减流动负债 744,307 764,915 Non-current liabilities 非流动负债 Loan from an intermediate holding company 中介控股公司之贷款 19 (165,410) (190,747) Retirement benefit liabilities 退休福利负债 20(a) (17,844) (26,939) Deferred tax liabilities 递延税项负债 21(a) (2,969) (2,243) (186,223) (219,929) Net ASSetS 资产净值 558,084 544,986 CApItAL AND ReSeRVeS 股本及储备 Share capital 股本 22(c) 252,524 252,524 Other reserves 其他储备 332,687 319,516 total equity attributable to equity 本公司权益持有人应占权益 shareholders of the Company 585,211 572,040 Non-controlling interests 非控股权益 (27,127) (27,054) tOtAL eQuIty 权益总额 558,084 544,986 Approved and authorised for issue by the board of directors on 24 February 2017. Ramon S. Ang 蔡��文 Ramon G. torralba 杜华博 Director 董事 Director 董事 列於第70至127页之各项附注为本财务报表之一部 份。 经由董事会於二零一七年二月二十四日批准及授权 刊发。 For the year ended 31 December 2016 (Expressed in Hong Kong dollars) 截至二零一六年十二月三十一日止年度 （ 以港币计算） 68 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 综合权益变动表 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 Attributable to equity shareholders of the Company 本公司权益持有人应占部份 exchange NonShare Capital fluctuation Retained controlling total capital reserve reserve profits Sub-total interests equity 汇兑波动 股本 资本储备 储备 收益储备 合计 非控股权益 权益总额 Note $’000 $’000 $’000 $’000 $’000 $’000 $’000 附注 千元 千元 千元 千元 千元 千元 千元 Balance at 1 January 2015 於二零一五年 一月一日结余 252,524 112,970 81,071 153,345 599,910 (27,961) 571,949 Changes in equity for 2015: 二零一五年权益变动： Loss for the year 年度亏损 ― ― ― (16,074) (16,074) (835) (16,909) Other comprehensive income 其他全面收益 9 ― ― (2,164) (5,896) (8,060) 1,742 (6,318) To tal comprehensive income 年度全面收益总额 for the year ― ― (2,164) (21,970) (24,134) 907 (23,227) Dividends approved in respect of 上一财政年度批准 the previous year 之股息 22(b) ― ― ― (3,736) (3,736) ― (3,736) Balance at 31 December 2015 於二零一五年 and 1 January 2016 十二月三十一日 及二零一六年 一月一日结余 252,524 112,970 78,907 127,639 572,040 (27,054) 544,986 Changes in equity for 2016: 二零一六年权益变动： Profit/(loss) for the year 年度盈利�u（ 亏损） ― ― ― 8,654 8,654 (1,949) 6,705 Other comprehensive income 其他全面收益 9 ― ― (3,037) 7,554 4,517 1,876 6,393 To tal comprehensive income 年度全面收益总额 for the year ― ― (3,037) 16,208 13,171 (73) 13,098 Balance at 31 December 2016 於二零一六年 十二月三十一日结余 252,524 112,970 75,870 143,847 585,211 (27,127) 558,084 列於第70至127页之各项附注为本财务报表之一部 份。 The notes on pages 70 to 127 form part of these financial statements. 69 CONSOLIDATED CASH FLOW STATEMENT 综合现金流量表 for the year ended 31 December 2016 (Expressed in Hong Kong dollars) 截至二零一六年十二月三十一日止年度 （ 以港币计算） 香港生力啤酒厂有限公司 二零一六年年报 The notes on pages 70 to 127 form part of these financial statements. 2016 2015 二零一六年 二零一五年 Note $’000 $’000 附注 千元 千元 Operating activities 经营业务 Cash generated from operations 经营业务之现金流入 17(b) 27,219 22,927 Net cash generated from 经营业务之现金流入 operating activities 净额 27,219 22,927 Investing activities 投资业务 Payment for the purchase of non-current assets 添置非流动资产所付款项 (13,813) (5,017) Proceeds from disposal of non-current assets 出售非流动资产所得款项 2,036 2,961 Decrease/(increase) in bank deposits 银行存款减少�u（ 增加） 4,280 (23,828) Interest received 已收利息 829 930 Net cash used in investing activities 投资业务之现金流出净额 (6,668) (24,954) Financing activities 融资活动 Interest paid 已付利息 (5,454) (4,373) Dividends paid 已付股息 ― (3,736) Net cash used in financing activities 融资活动之现金流出净额 (5,454) (8,109) Net increase/(decrease) in cash 现金及等同现金项目 and cash equivalents 之净额增加�u（ 减少） 15,097 (10,136) Cash and cash equivalents 於一月一日之现金 at 1 January 及等同现金项目结存 17(a) 97,718 108,574 effect of foreign exchange rates changes 汇率变动之影响 (1,698) (720) Cash and cash equivalents 於十二月三十一日之现金 at 31 December 及等同现金项目结存 17(a) 111,117 97,718 列於第70至127页之各项附注为本财务报表之一部 份。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 70 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 1 Significant accounting policies (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). Significant accounting policies adopted by the Group are disclosed below. The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 1(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements. (b) Basis of preparation of the financial statements The consolidated financial statements for the year ended 31 December 2016 comprise the Company and its subsidiaries (together referred to as the “Group”). The measurement basis used in the preparation of the financial statements is the historical cost basis. The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of HKFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 2. 1 主要会计政策 (a) 遵守声明 本财务报表乃根据所有适用之香港财务报告 准则（ 「 香港财务报告准则」） 而编撰。 「 香港 财务报告准则」 一词包括香港会计师公会颁 布之所有适用的个别香港财务报告准则、香 港会计准则（ 「 香港会计准则」） 及诠释、香港 公认会计原则及香港《 公司条例》 之规定。该 等财务报表亦遵守香港联合交易所有限公司 证券上市规则（ 「 上市规则」） 之适用披露规 定。本集团采用之主要会计政策概要如下。 香港会计师公会已颁布若干全新及经修订之 香港财务报告准则，并於本集团之本期会计 期间首次生效或可供提早采纳。首次应用此 等适用於本集团之新订准则所引致於当期及 以往会计期间之任何会计政策变动已於本财 务报表内反映，有关资料载於附注1(c)。 (b) 编撰财务报表之准则 截至二零一六年十二月三十一日止年度之综 合财务报表包括本公司及其附属公司（ 统称 为「 本集团」）。 财务报表乃以历史成本为编撰基准。 编撰符合香港财务报告准则的财务报表要求 管理层作出会影响政策应用及资产、负债、 收入与开支的报告数额的判断、估计及假设 的规定。估计及有关假设乃根据过往经验及 多个相信在有关情况下属合理的其他因素而 作出，其结果成为对在其他来源并不显然易 见的资产与负债账面值作出判决的基础。实 际结果可能有异於该等估计。 估计及相关假设会持续检讨。对会计估计进 行修订时，若修订只影响该期间，则修订会 在修订估计的期间内确认；若修订影响到当 期及未来期间，则在修订及未来期间确认。 就采用香港财务报告准则时所作出的判断， 以及作出对下一年度之财务报表构成重大调 整风险之估计的讨论内容载列於附注2。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 71 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 1 Significant accounting policies (Continued) (c) Changes in accounting policies The HKICPA has issued a number of the following amendments to HKFRSs that are first effective for the current accounting period of the Group. Of these, the following amendments are relevant to the Group: ― Amendments to HKAS 1, Presentation of financial statements: Disclose initiative ― Annual Improvements to HKFRSs 2012-2014 Cycle None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. (d) Subsidiaries and non-controlling interests Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised profits but only to the extent that there is no evidence of impairment. Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net identifiable assets. Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to the equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated income statement and the consolidated statement of comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. Loans from holders of non-controlling interests and other contractual obligations towards these holders are presented as financial liabilities in the consolidated statement of financial position in accordance with notes 1(l) or 1(m) depending on the nature of the liability. 1. 主要会计政策（ 续） (c) 会计政策的变动 香港会计师公会已颁布以下经修订之香港财 务报告准则，该修订首次於本集团之本期会 计期间生效。当中，下列的修订与本集团有 关： ― 香港会计准则第1号（ 修订） 「 披露计 划」 ― 香港财务报告准则二零一二年至二零 一四年周期之年度改进 采纳该等修订未有对本集团在本期及过往的 业绩及财务状况构成重大财务影响。 本集团并未采用任何於本期会计期间尚未生 效的新准则或诠释。 (d) 附属公司及非控股权益 附属公司为本集团所控制之实体。当本集团 可通过参与实体之业务从而承担或享有变动 之回报及运用其控制权以影响回报金额的能 力，则本集团控制该实体。当评定本集团是 否有该等权利时，仅考虑（ 本集团和其他方 所持有的） 实质权利。 於附属公司之投资由持有控制权开始并入综 合财务报表内，直至控制权终止为止。本集 团内公司之间之结余、交易及现金流量，以 及交易所产生之任何未变现盈利，乃於编制 综合财务报表时悉数抵销。如无减值证据， 本集团内公司之间之交易而产生之未变现亏 损，乃以未变现盈利相同之形式抵销。 非控股权益是指非直接或间接归属於本公司 的附属公司权益，而本集团未与该权益持有 者达成任何附加协议，致令集团整体上对该 等权益产生符合财务负债定义的法定义务。 对於每项企业合并，集团可选择以公允价值 或以其在附属公司可辨认资产净值的所占比 例确认非控股权益。 非控股权益在综合财务状况表内的股东权益 列示，但与可归属於集团股东权益分开。非 控股权益占本集团年度内总盈利或亏损在综 合收益表以分配为非控股权益及可归属於本 公司股东权益形式呈报。由非控股权益持有 人借出的贷款以及其他合约责任将根据附注 1(l)或1(m（ ) 视负债的性质而定） 於综合财务 状况表呈列为财务负债。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 72 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 1 Significant accounting policies (Continued) (d) Subsidiaries and non-controlling interests (Continued) Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no gain or loss is recognised. When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. In the Company’s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see note 1(i)). (e) property, plant and equipment The following items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses (see note 1(i)), with the exception of construction in progress which is stated at cost less any impairment losses (see note 1(i)). ― land classified as being held under finance leases and buildings thereon (see note 1(g)); ― buildings held for own use which are situated on leasehold land classified as held under operating leases (see note 1(g)); and ― other items of plant and equipment. Gains or losses arising from the retirement or disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognised in profit or loss on the date of retirement or disposal. Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual values, if any, using the straight-line method over their estimated useful lives as follows: ― Leasehold land classified as held under finance leases is depreciated over the unexpired term of lease. ― Buildings situated on leasehold land are depreciated over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. ― Machinery, equipment, furniture and fixtures 4 to 50 years ― Motor vehicles 4 to 7 years No provision for depreciation is made on construction in progress until such time when the assets are substantially completed and ready for use. 1. 主要会计政策（ 续） (d) 附属公司及非控股权益（ 续） 本集团於附属公司权益之变化但未引起控制 权丧失的交易，按权益内部交易入账，於合 并权益项下之控股及非控股权益作出调整以 反映相关权益变动，但不确认损益。 如果本集团失去附属公司之控制权，该项交 易将按处置该附属公司全部权益记录，相关 交易确认损益。任何本集团所保留之前附属 公司剩余权益按丧失控制权日公允值确认， 该值为金融资产初始确认之公允值，或为於 联营公司或共同控制实体之初始投资成本 （ 如适用）。 在本公司之财务状况表内，附属公司权益以 成本减减值亏损（ 见附注1(i)） 列帐。 (e) 物业，机器及设备 除在建工程以成本减去减值亏损（ 见附注 1(i)） 列账外，以下的物业，机器及设备按成 本减累计折旧及减值亏损列账（ 见附注1(i)）： ― 分类为融资租赁下的土地及物业（ 见 附注1(g)）； ― 在分类为经营租赁下的土地上的自用 物业（ 见附注1(g)）；及 ― 其他机器及设备。 报废或出售物业，机器及设备项目之盈亏， 乃出售所得款项净额以及有关项目账面值之 差额，并於报废或出售日在损益中确认。 折旧乃将物业，机器及设备成本减其估计剩 余价值（ 如有），在其下述估计可使用年期期 间以直线法计算而撇销： ― 分类为融资租赁下的土地於未届满租 赁期间折旧。 ― 在租赁土地上的物业於未届满租赁 期及其估计可使用年期（ 不超过五十 年） 两者中较短期间折旧。 ― 机器、设备、 四年至五十年 家�h及装置 ― 车辆 四年至七年 在建工程於资产完成及可投入使用前不会计 提折旧。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 73 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 1 Significant accounting policies (Continued) (e) property, plant and equipment (Continued) Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. Both the useful life of an asset and its residual value, if any, are reviewed annually. (f) Investment properties Investment properties are land and buildings which are owned or held under a leasehold interest (see note 1(g)) to earn rental income and/or for capital appreciation. Investment properties are stated at cost less accumulated depreciation and impairment losses (see note 1(i)). Depreciation is calculated to write off the cost of investment properties, less their estimated residual values, if any, using the straight-line method over the shorter of the unexpired term of lease and their estimated useful lives, being no more than 50 years. Both the useful lives of the investment properties and their residual values, if any, are reviewed annually. Rental income from investment properties is accounted for as described in note 1(r)(iii). (g) Leased assets An arrangement, comprising a transaction or a series of transactions, is or contains a lease if the Group determines that the arrangement conveys a right to use a specific asset or assets for an agreed period of time in return for a payment or a series of payments. Such a determination is made based on an evaluation of the substance of the arrangement and is regardless of whether the arrangement takes the legal form of a lease. (i) Classification of assets leased to the Group Assets that are held by the Group under leases which transfer to the Group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases, with the following exceptions: ― property held under operating leases that would otherwise meet the definition of an investment property is classified as investment property on a property-by-property basis and, if classified as investment property, is accounted for as if held under a finance lease; and ― land held for own use under an operating lease, where the fair value cannot be measured separately from the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under a finance lease, unless the building is also clearly held under an operating lease. For these purposes, the inception of the lease is the time that the lease was first entered into by the Group, or taken over from the previous lessee. 1. 主要会计政策（ 续） (e) 物业，机器及设备（ 续） 当一项物业，机器及设备之各部份有不同的 可使用年期，此项目各部份之成本将按合理 基础分配，而每部份将作个别折旧。本集团 每年检讨资产之可使用年期及其剩余价值 （ 如有）。 (f) 投资物业 投资物业为赚取租金收入及�u或为资本增值 而拥有或根据租赁权益（ 见附注1(g)） 持有的 土地及房产。 投资物业按成本减累计折旧及减值亏损列账 （ 见附注1(i)）。折旧乃将投资物业成本减其剩 余价值（ 如有），在未届满租赁期及其估计可 使用年期（ 不超过五十年） 两者中较短期间以 直线法计算而撇销。 投资物业的可使用年期及其剩余价值（ 如有） 均按年作出检讨。 投资物业的租金收入根据附注1(r)(iii)所述方 式计算。 (g) 租赁资产 倘本集团确定安排具有在商定期限内通过支 付一笔或一系列款项而使用某一特定资产或 多项资产之权利，则该安排（ 由一宗交易或 一系列交易组成） 为租赁或包括租赁。该厘 定乃根据安排之内容评估而作出，而无论安 排是否具备租赁之法律形式。 (i) 租赁予本集团之资产的分类 对於本集团以租赁持有的资产，如有关租赁 将拥有资产的绝大部分风险和回报转移至本 集团，有关资产便会划归为以融资租赁持 有。并未将拥有资产之所有风险和利益转让 之租赁资产，乃列为经营租赁，以下除外： ― 符合投资物业定义的经营租赁物业会 被分类至投资物业。如果被分类至投 资物业，该租赁会以融资租赁入账； 及 ― 根据经营租赁为自用而持有的土地， 若公允价值在租赁开始时不能与位於 有关土地上的房产的公允价值分开计 量，会作为根据融资租赁持有入账， 除非有关房产亦显然根据经营租约持 有，则作别论。就此而言，租赁的开 始时间为本集团首次订立租约时，或 从前承租人接手时。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 74 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 1 Significant accounting policies (Continued) (g) Leased assets (Continued) (ii) Operating lease charges ― Where the Group has the use of assets held under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease term. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. ― The cost of acquiring land held under an operating lease is amortised on a straight-line basis over the period of the lease term. Impairment losses are recognised in accordance with the accounting policy set out in note 1(i). (h) Intangible assets Intangible assets represent acquired trademarks and club debentures and are stated at cost less impairment losses (see note 1(i)). These intangible assets are not amortised as their useful lives are assessed to be indefinite and are tested annually for impairment (see note 1(i)). The conclusion that the useful life of an intangible asset is indefinite is reviewed annually to determine whether events and circumstances continue to support the indefinite useful life assessment for that asset. (i) Impairment of assets (i) Impairment of receivables Receivables that are stated at amortised cost or at cost are reviewed at the end of each reporting period to determine whether there is objective evidence of impairment. Objective evidence of impairment includes observable data that comes to the attention of the Group about one or more of the following loss events: ― significant financial difficulty of the debtor; ― a breach of contract, such as a default or delinquency in interest or principal payments; ― it becoming probable that the debtor will enter bankruptcy or other financial reorganisation; and ― significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor. 1. 主要会计政策（ 续） (g) 租赁资产（ 续） (ii) 经营租赁 ― 倘本集团根据经营租赁使用资产，根 据租约所付之款项乃於损益中以等额 在租赁期所涵盖之会计期间支销。所 得的租赁激励措施乃作为所作的整体 净租赁付款额的一部分在损益中确 认。 ― 以经营租赁持有土地的收购成本是按 直线法在租赁期内摊销。减值亏损会 按照附注1(i)的会计政策来确认。 (h) 无形资产 商标及会所债权证以成本减去减值亏损列账 （ 见附注1(i)）。 该等无形资产并无摊销，因为其可使用年期 被评估为不确定及每年须作减值测试（ 见附 注1(i)）。 无形资产之可使用年期不确定的结论须每年 检讨以确定情况是否继续支持该资产之不确 定使用年期之评估结果。 (i) 资产减值 (i) 应收款项的减值 按摊销成本列账之应收账项於各结算日进行 检讨，以确定是否有客观凭证显示其出现减 值。减值的客观凭证包括以下本集团关注的 一项或多项损失事项的可观察数据： ― 债务人重大的财务困难； ― 违反合约，例如拖欠或逾期偿还利息 或本金款项； ― 债务人进行破产或其他财务重组将有 可能出现；及 ― 工业技术、市场、经济或法律环境的 重大改变对债务人有不利影响。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 75 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 1 Significant accounting policies (Continued) (i) Impairment of assets (Continued) (i) Impairment of receivables (Continued) If any such evidence exists, any impairment loss is determined and recognised as follows: ― An impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets) for receivables carried at amortised cost or discounted at the current market rate of return for similar financial assets for receivables stated at cost, where the effect of discounting is material. This assessment is made collectively where these financial assets share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with credit risk characteristics similar to the collective group. If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not result in the asset’s carrying amount exceeding that which would have been determined had no impairment loss been recognised in prior years. Impairment losses are written off against the corresponding assets directly, except for impairment losses recognised in respect of trade receivables included within trade and other receivables, the recovery of which is considered doubtful but not remote. In this case, the impairment losses for doubtful debts are recorded using an allowance account. When the Group is satisfied that recovery is remote, the amount considered irrecoverable is written off against trade receivables directly and any amounts held in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognised in profit or loss. 1 主要会计政策（ 续） (i) 资产减值（ 续） (i) 应收款项的减值（ 续） 倘有客观凭证显示其出现减值，任何减值亏 损按下列厘定及确认： ― 减值亏损按该资产账面值与估计未来 现金流量现值之差额计算，再按有关 金融资产之原先的实际利率（ 即这些 资产初始确认时计算的实际利率)进 行贴现（ 倘贴现影响属重大）。所有 按摊销成本列账之金融资产若拥有 类似风险性质（ 如相近的过期未付情 况） 和没有被独立评估减值，均按整 体评估。而被评估减值之金融资产的 未来现金流量乃根据该等信贷风险性 质相似的资产的过往亏损经验。 倘减值亏损金额於往後期间减少，而 有关减少可客观地与确认减值亏损後 发生之事件有联系，则减值亏损於损 益转回。拨回不得导致资产之账面值 超逾倘於过往年度并无确认该减值亏 损时原应厘定之金额。 减值亏损直接与相应资产撇销，惟就列於应 收贸易及其他账款的应收贸易账款所确认的 减值亏损，其收回情况属存疑而不渺茫者， 则作别论。在此情况下，呆坏账的减值亏损 透过拨备账记录。当本集团信纳收回机会渺 茫，则被视为无法收回的金额会直接在应收 贸易账款中撇销，而任何列入拨备账与此债 项有关的金额会被拨回。其後若收回之前已 在拨备账中扣除的金额，则会在拨备账中拨 回。拨备账内的其他变动及其後收回之前已 直接撇销的金额在损益中确认。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 76 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 1 Significant accounting policies (Continued) (i) Impairment of assets (Continued) (ii) Impairment of other assets Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased: ― Property, plant and equipment; ― Investment properties; ― Interests in leasehold land held for own use under operating leases; ― Intangible assets; and ― Investments in subsidiaries in the Company’s statement of financial position. If any such indication exists, the asset’s recoverable amount is estimated. In addition, for intangible assets that have indefinite useful lives, the recoverable amount is estimated annually whether or not there is any indication of impairment. ― Calculation of recoverable amount The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). ― Recognition of impairment losses An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated to reduce the carrying amount of the assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use. ― Reversals of impairment losses An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised. 1 主要会计政策（ 续） (i) 资产减值（ 续） (ii) 其他资产减值 於每个结算日会检讨内部及外间资料，以识 别下列资产是否已出现减值或之前已确认之 减值是否已不存在或减少： ― 物业，机器及设备； ― 投资物业； ― 在经营租赁下自用而持有的租赁土地 权益； ― 无形资产；及 ― 於本公司财务状况表的附属公司权 益。 倘若存在任何有关迹象，则会估计资产的可 收回金额。此外，就没有确实可使用年期的 无形资产而言，本集团会每年估计其可收回 金额，以确定是否有任何减值迹象。 ― 计算可收回金额 资产之可收回金额为其售价净额及使 用价值两者中之较高者。於评估使用 价值时，会使用除税前贴现率将估计 的未来现金流量贴现至现值。该贴现 率应是反映市场当时所评估之货币时 间价值和该资产之独有风险。倘资产 并未能在大致独立於其他资产下赚取 现金流量，则就独立赚取现金流量之 最小组别资产（ 即赚取现金单位） 来 厘定可收回金额。 ― 确认减值亏损 每当资产（ 或其所属的现金产生单 位） 的账面值超过其可收回金额，即 会在收益表确认减值亏损。就赚取现 金单位确认的减值亏损，会以减少单 位（ 或该组单位） 资产的账面值按比 例分配，惟资产账面值不会减少至低 於其本身的公允价值减销售成本或使 用价值（ 若能厘定）。 ― 拨回减值亏损 倘用以厘订可收回金额之估计出现好 转，则拨回减值亏损。 拨回之减值亏损仅限於倘过往年度并 未确认减值亏损而厘订之资产之账面 值。拨回之减值亏损乃於确认拨回之 年度计入损益中。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 77 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 1 Significant accounting policies (Continued) (j) Inventories Inventories are carried at the lower of cost and net realisable value. Cost is calculated using the weighted average cost formula and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. (k) Receivables Receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less allowance for impairment of doubtful debts (see note 1(i)), except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less allowance for impairment of doubtful debts. (l) Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interestbearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method. (m) payables Payables are initially recognised at fair value and thereafter stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost. (n) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition. 1 主要会计政策（ 续） (j) 存货 存货乃按成本或可变现净值两者之较低者估 值。 成本以加权平均成本法计算，并包括所有购 买成本、加工成本及将存货达致现时地点与 状况所产生之其他成本。 可变现净值为日常业务之估计售价减估计完 成成本及估计销售成本。 於出售存货时，该等存货之账面值会确认有 关收益期间列作开支。存货撇减至可变现净 值之数额及所有存货亏损均於撇减或亏损期 间列作开支。因可变现净值增加而需拨回的 任何存货减值会扣减转回发生期间所确认的 支出。 (k) 应收款项 应收款项最初按公允价值确认，其後则以实 际利率法按摊销成本减有关呆坏账的减值亏 损列值（ 见附注1(i)），惟倘若有关应收款项 为借予关连人士且并无任何固定还款期的免 息贷款，或属贴现影响不大者，则作别论。 在该等情况下，应收款项按成本减呆坏账的 减值拨备列账。 (l) 附息借款 附息借款最初按公允价值减应占交易费用确 认。於确认後，附息借款按摊销成本列值， 成本与赎回价值的任何差异会在借款期间以 实际利率法在损益中确认。 (m) 应付款项 应付款项最初按公允价值确认，其後则按摊 销成本列值，惟倘贴现影响不大，则按成本 列值。 (n) 现金及等同现金项目 现金及等同现金项目指银行结存、现金、银 行及其他财务机构之活期存款及短期流通性 高之投资，而该等投资随时可兑换成已知的 现金金额且无重大变值风险，并为购入後三 个月内到期之投资项目。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 78 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 1 Significant accounting policies (Continued) (o) employee benefits (i) Short term employee benefits and contributions to defined contribution retirement plans Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. (ii) Defined benefit retirement plan obligations The Group’s net obligation in respect of defined benefit retirement plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine the present value and the fair value of any plan assets is deducted. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. Service cost and net interest expense or income on the net defined benefit liability or asset are recognised in profit or loss and allocated by function as part of “cost of sales”, “selling and distribution expenses” or “administrative expenses”. Current service cost is measured as the increase in the present value of the defined benefit obligation resulting from employee service in the current period. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised as an expense in profit or loss at the earlier of when the plan amendment or curtailment occurs and when related restructuring costs or termination benefits are recognised. Net interest expense or income for the period is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the reporting period to the net defined benefit liability or asset. The discount rate is the yield at the end of the reporting period on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligations. (iii) termination benefits Termination benefits are recognised at the earlier of when the Group can no longer withdraw the offer of those benefits and when it recognises restructuring costs involving the payment of termination benefits. (p) Income tax Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss, except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. 1 主要会计政策（ 续） (o) 雇员福利 (i) 短期雇员福利及定额供款 退休计划之供款薪金、年终花红、有薪年 假、定额供款退休计划之供款及本集团所提 供之非币值福利均於本集团雇员提供有关服 务之年度累计。 (ii) 定额福利退休计划之承担 本集团有关定额福利退休计划的净负债是按 员工於现时及过往期间所提供的服务估计其 赚取的未来收益计算；该福利以折现计算其 现值并扣减任何计划资产的公平价值。有关 计算由合资格的精算师以预计单位贷记法进 行。当计算结果对本集团带来利益，已确认 资产限於以任何公积金的未来退款或供款的 扣减款项为形式的经济利益现值。 定额福利负债或资产净额的服务成本和利息 支出或收入净额在损益中确认，并按其作用 划拨为「 销售成本」、 「 销售及分销开支」 或 「 行政开支」 的一部分。现时服务成本是按照 本期雇员的服务所产生的定额福利负债的现 值增加额计量。当计划的利益出现变动或计 划有所缩减时，与雇员过往提供服务有关的 计划变动部分或就缩减录得的损益，会在计 划改变或缩减发生时或确认相关重组成本或 辞退福利时（ 以较早者为准），於损益内确认 为支出。期内利息支出或收入净额是将在报 告期初计量定额福利负债所采用的折现率应 用於定额福利负债或资产净额而厘定。所用 的折现率是根据结算日与本集团所承担负债 期限相若的优质企业债券於报告期末的收益 率厘定。 (iii) 终止雇佣福利 终止雇佣福利为当本集团撤销这些福利的提 议或当它确认为重组成本包括支付终止补偿 时确认（ 以较早者为准）。 (p) 所得税 本年度之所得税包括本期税项及递延税项资 产及负债之变动。本期税项及递延税项资产 及负债之变动均在损益中确认，惟若涉及於 其他全面收益或直接於权益中确认的项目， 则分别在其他全面收益或权益中确认。 本期税项乃根据本年度应课税收入，采用於 结算日所订定或大致订定之税率计算之预期 应付税项，并就过往年度之应付税项作出任 何调整。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 79 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 1 Significant accounting policies (Continued) (p) Income tax (Continued) Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. Apart from certain limited exceptions, all deferred tax liabilities and all deferred tax assets, to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised. The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination) and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future or, in the case of deductible differences, unless it is probable that they will reverse in the future. The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted. The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. 1 主要会计政策（ 续） (p) 所得税（ 续） 递延税项资产及负债乃分别来自资产及负债 项目於财务报表内之账面值及其税基所产生 之可扣减或应课税之暂时差异。递延税项资 产亦可由尚未动用之税务亏损及尚未动用之 税收抵免所产生。 除若干有限之例外情况，所有递延税项负债 及递延税项资产（ 以资产有可能用於抵销未 来应课税溢利者为限） 均会予以确认。能支 持可确认由可扣税暂时差额产生之递延税项 资产之未来应课税溢利，包括因拨回现有应 课税暂时差额而产生之可扣税暂时差额， 惟该等差额须与同一税务机关及相同应课税 实体有关，并预期於预期拨回可扣税暂时差 额，或可转回或结转递延税项资产所产生之 税项亏损之同一期间内拨回。於厘定现时应 课税暂时差额可否支持确认未动用税项亏损 及抵免所产生之递延税项资产时亦采用相同 准则，即该等差额与同一税务机关及相同应 课税实体有关，并预期可於动用税项亏损或 抵免之某段期间（ 一段或多段） 内拨回，则会 予以计入。 确认递延税项资产及负债之少数例外情况， 为与从商誉产生不可扣减税项，及最初确认 并无影响会计及应课税溢利之资产或负债 （ 惟并非业务合并之一部份） 产生之暂时差 额有关，而就於附属公司之投资有关之暂时 差额，就应课税差额而言为本集团可控制拨 回时间，及於可见将来将不可能拨回差额为 限，或就可扣除差额而言则须以可能於未来 拨回者为限。 递延税项之确认金额乃按资产及负债之账面 值之预期变现或支付形式，采用於结算日所 订定或大致上订定之税率计算。递延税项资 产及负债并不用贴现。 递延税项资产之账面值乃於各结算日进行审 阅，而倘若不再可能有足够之应课税溢利以 供扣减有关税项得益，则递延税项资产会予 以减少。该削减金额可在有足够应课税溢利 有可能出现时拨回。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 80 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 1 Significant accounting policies (Continued) (p) Income tax (Continued) Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Company or the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: ― in the case of current tax assets and liabilities, the Company or the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or ― in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: ― the same taxable entity; or ― different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously. (q) provisions and contingent liabilities Provisions are recognised for liabilities of uncertain timing or amount when the Group or the Company has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. (r) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Provided it is probable that the economic benefits will flow to the Group and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows: (i) Sale of goods Revenue is recognised when goods are delivered at the customers’ premises or picked up by customers for domestic sales and when goods are on board vessels for export sales which is taken to be the point in time when the customer has accepted the goods and the related risks and rewards of ownership. Revenue excludes value added tax and consumption tax and is after deduction of any trade discounts and returns. 1 主要会计政策（ 续） (p) 所得税（ 续） 本期及递延所得税结余和其变动额会分开列 示，并且不予抵销。本期和递延所得税资产 只会在本公司或本集团有法定行使权以本期 所得税资产抵销本期所得税负债，并且符合 以下附带条件的情况下，才可以分别抵销本 期和递延所得税负债： ― 本期所得税资产和负债：本公司或本 集团计划按净额基准结算，或同时变 现该资产和清偿该负债；或 ― 递延所得税资产和负债：这些资产和 负债必须与同一税务机关就以下其中 一项徵收的所得税有关： ― 同一应课税机构；或 ― 不同的应课税机构。这些实 体计划在预期有大额递延所 得税负债需要清偿或递延所 得税资产可以收回的每个未 来期间，按净额基准实现本 期所得税资产和清偿本期所 得税负债，或同时变现该资 产和清偿该负债。 (q) 准备及或然负债 如果本公司或本集团须就已发生的事件承担 法律或推定义务，因而预期会导致含有经济 效益的资源外流，在可以作出可靠的估计 时，本公司或本集团便会就该时间或数额不 定的负债计提准备。如果货币时间值重大， 则按预计所需支出的现值计列准备。 如果含有经济效益的资源外流的可能性较 低，或是无法对有关数额作出可靠的估计， 便会将该义务披露为或然负债，但资源外流 的可能性极低则除外。如果本集团的义务须 视乎某宗或多宗未来事件是否发生才能确定 是否存在，亦会披露为或有负债，但资源外 流的可能性极低则除外。 (r) 收入确认 收入是以已收取或可收取报酬的公允价值计 算。倘若含有经济效益的资源可能流入本集 团，而收入及成本（ 如适用） 能够作出可靠的 计量时，有关收入将按以下方式在收益表内 确认： (i) 销货收入 销货收入在本地销售而言乃於货品被送到顾 客的经营场所或被提取，在出口销售而言乃 於货品己被装船，即顾客接受货品及有关风 险後予以入账。销货收入不包括增值税及商 品税，并且扣除所有贸易折扣及退回。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 81 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 1 Significant accounting policies (Continued) (r) Revenue recognition (Continued) (ii) Interest income Interest income is recognised as it accrues using the effective interest method. (iii) Rental income from operating leases Rental income receivable under operating leases is recognised in profit or loss in equal instalments over the periods covered by the lease term. Lease incentives granted are recognised in profit or loss as an integral part of the aggregate net lease payments receivable. (s) translation of foreign currencies (i) Functional and presentation currency Items included in the financial statements of each of the Group’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Hong Kong dollars, which is the Company’s functional and presentation currency. (ii) Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The results of operations outside Hong Kong are translated into Hong Kong dollars at the foreign exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items are translated into Hong Kong dollars at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognised in other comprehensive income and accumulated separately in equity in the exchange fluctuation reserve. On disposal of an operation outside Hong Kong, the cumulative amount of the exchange differences relating to that operation is reclassified from equity to profit or loss when the profit or loss on disposal is recognised. Foreign exchange gains and losses arising from monetary items that in substance form part of the net investment in an operation outside Hong Kong, together with any related tax, are reclassified to equity on consolidation. 1 主要会计政策（ 续） (r) 收入确认（ 续） (ii) 利息收入 利息收入乃按实际利率法计算。 (iii) 经营租赁而应收之租金收入 根据经营租赁而应收之租金收入，乃以等额 於租约所涵盖之会计期间确认。授出租赁激 励措施乃作为所收的整体净租赁款额的一部 分在损益中确认。 (s) 外币兑换 (i) 功能货币及呈报货币 本集团各附属公司之财务报表所包括之项 目，乃按该附属公司经营所在之主要经济环 境之货币（ 「 功能货币」） 计量。综合财务报表 以港元呈列，而港元为本公司之功能及呈报 货币。 (ii) 年内以外币进行之交易，均以交易日之外币 汇率换算。以外币结算之货币资产及负债， 则以结算日之外币汇率换算。汇兑损益乃计 入损益中。 以外币按历史成本计价的非货币资产及负债 用交易日的外币汇兑率进行折算。 香港以外业务的业绩乃按与交易日的汇率相 若的汇率换算为港币。财务状况表的项目按 结算日的汇率换算为港币。所产生的汇兑差 额直接在权益个别部份内确认。 当出售香港以外业务时，与该业务有关而确 认於盈利或亏损时的累计汇兑差额会从权益 改列为盈利或亏损。 货币项目产生的外币汇兑损益（ 实则属於香 港以外投资的一部份） 与相关之税项应於合 并时重新分类并由损益拨入股东权益。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 82 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 1 Significant accounting policies (Continued) (t) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred. (u) Related parties (i) A person, or a close member of that person’s family, is related to the Group if that person: (1) has control or joint control over the Group; (2) has significant influence over the Group; or (3) is a member of the key management personnel of the Group or the Group’s parent. (ii) An entity is related to the Group if any of the following conditions applies: (1) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (2) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (3) Both entities are joint ventures of the same third party. (4) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (5) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (6) The entity is controlled or jointly controlled by a person identified in (i). (7) A person identified in (i)(1) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (8) The entity or any member of a group of which it is a part provides key management personnel services to the Group or to the Group’s parent. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. 1 主要会计政策（ 续） (t) 借贷成本 因收购、建造或生产合资格资产（ 即必须耗 用一段颇长时间方可作拟定用途或销售之资 产） 而直接应占之借贷成本均拨作该等资产 之部份成本。其他借贷成本均在产生的期间 列作开支。 (u) 关连人士 (i) 个别人士，或其直系亲属的成员被认 为是本集团关连人士，倘若该个别人 士： (1) 控制或共同控制本集团； (2) 对本集团有重大影响力；或 (3) 为本集团或本集团母公司主 要管理人员成员之一。 (ii) 一个实体如符合任何下列条件，则被 认为是本集团关连人士： (1) 该实体和本集团是同一集团 的成员（ 这意味着每间母公 司，附属公司及同系附属公 司是关连的)。 (2) 一个实体是另一实体的联营 公司或合资企业（ 或一个实体 为某一集团成员的联营公司 或合资企业，而另一实体为 同一集团之成员）。 (3) 两个实体同为第三方的合资 企业。 (4) 一个实体是第三个实体的合 资企业，而另一个实体为第 三个实体的联营公司。 (5) 该实体乃指提供予本集团或 与本集团有关连人士的实体 的雇员离职後福利计划。 (6) 该实体受上文(i)所指的人士 控制或共同控制。 (7) 上文(i)(1)所指的个别人士对 该实体有重大影响力或为该 实体（ 或该实体母公司） 主要 管理人员成员之一。 (8) 向本集团或本集团母公司提 供主要管理成员服务之实体 或其所属集团之任何成员公 司。 个别人士的直系亲属成员乃指该亲属成员在 与整体交易时可能影响或被影响的亲属成员。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 83 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 1 Significant accounting policies (Continued) (v) Segment reporting Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various geographical locations. Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. 2 accounting judgements and estimates Note 20 contains information about the assumptions and their risk factors relating to the retirement benefit liabilities. Other key sources of estimation uncertainty are as follows: (a) Impairment of non-current assets If the circumstances indicate that the carrying values of these assets may not be recoverable, the assets may be considered “impaired” and an impairment loss may be recognised in accordance with HKAS 36 Impairment of assets. Under HKAS 36, these assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When such a decline has occurred, the carrying amount is reduced to recoverable amount. The recoverable amount is the greater of its fair value less costs of disposal and value in use. In determining the fair value less costs of disposal, management refer to the observable market prices for similar assets. In determining the value in use, expected cash flows generated by the asset are discounted to their present value, which requires significant judgement relating to the volume of future sales, future selling prices and the expected amount of future operating costs. The Group uses all readily available information in determining an amount that is a reasonable approximation of the recoverable amount. However, actual sales volume, selling prices, operating costs and market prices may be different from assumptions which may result in a material adjustment to the carrying amount of the assets affected. Details of the nature and carrying amounts of non-current assets are disclosed in notes 11 and 12. (b) Depreciation or amortisation of non-current assets Property, plant and equipment, investment properties and leasehold land (see note 11) are depreciated or amortised on a straight-line basis over their estimated useful lives, after taking into account the estimated residual values, if any. The Group reviews the estimated useful lives and the estimated residual values, if any, of the assets regularly in order to determine the amount of depreciation or amortisation expense to be recorded during any reporting period. The useful lives and residual values are based on the Group’s historical experience with similar assets and taking into account anticipated technological changes. The depreciation or amortisation expense for future periods is adjusted if there are significant changes from previous estimates. 1 主要会计政策（ 续） (v) 分部资料呈报 经营分部及於财务报表内呈报的各分部项目 金额自定期提供予本集团最高行政管理人员 就资源分配及评估本集团的业务及按资产所 在地分类之地理位置的表现的财务资料中识 别出来。 就财务呈报而言，除非分部具备相似的经济 特徵及在产品及服务性质、生产工序性质、 客户类型或类别、用作分配产品或提供服务 的方法及监管环境的性质方面相似，否则各 个重大经营分部不会进行合算。个别非重大 的经营分部，如果符合上述大部分标准，则 可进行合算。 2 会计估计及判断 除於附注20载有有关退休福利负债之假设 外，以下关键会计政策亦涉及重大判断及估 计： (a) 非流动资产之减值 倘有情况显示该等资产可能无法收回，资产 可被视为「 已减值」，并可按照香港会计准则 第36号「 资产减值」 确认减值亏损。根据香 港会计准则第36号，该等资产於事件或情况 变化显示其记录之账面值可能无法收回时， 即须进行减值测试。於出现有关减幅时，账 面值须削减至可收回金额。可收回金额为净 出售价与使用价值两者的较高者。於厘定净 出售价时，管理层会参考相类资产的可观察 市场价格。本集团运用所有可用资料以确定 可收回金额的合理概算。然而，实际市场价 格可能有别於假设，并可能须对受影响资产 的账面值作出重大调整。非流动资产的性质 和账面值详情分别於附注11及12中披露。 (b) 非流动资产之折旧或摊销 物业、机器及设备，投资物业及租赁土地权 益（ 见附注11） 於计及其估值剩余价值（ 如 有） 後，在其估计可使用年限按直线法折 旧。本集团定期对资产的估计可使用年限及 估计剩余价值（ 如有） 作出检讨，以厘定於报 告期内所须记录的折旧或摊销开支。可使用 年限及剩余价值乃根据本集团对类似资产的 过往经验及考虑到技术的预期变动而作出。 倘与过往估计有重大改变，未来期间的折旧 开支须予调整。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 84 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 2 accounting judgements and estimates (Continued) (c) Impairment loss for doubtful debts The Group maintains an allowance for doubtful debts for estimated losses resulting from the inability of debtors to make required payments. The Group bases the estimates of future cash flows on the ageing of the trade receivable balance as disclosed in note 15, debtors’ credit-worthiness and historical write-off experience. If the financial condition of debtors were to deteriorate, actual write-offs would be higher than estimated. (d) useful lives of intangible assets Intangible assets (see note 12) are not amortised as their useful lives are assessed to be indefinite. The conclusion that the useful life of an intangible asset is indefinite is reviewed annually to determine whether events and circumstances continue to support the indefinite useful life assessment. The Group may need to amortise intangible assets in future periods or recognise impairment losses for intangible assets if events and circumstances indicate that the useful life is no longer indefinite. (e) Deferred tax assets Deferred tax assets are recognised for tax losses not yet used and temporary deductible differences. As those deferred tax assets can only be recognised to the extent that it is probable that future taxable profits will be available against which the unused tax credits can be utilised, management’s judgement is required to assess the probability of being able to generate future taxable profits. Management’s assessment is constantly reviewed and additional deferred tax assets are recognised if it becomes probable that future taxable profits will allow the deferred tax assets to be recovered. Details of the nature and carrying amounts of deferred tax assets are disclosed in note 21. 3 revenue and segment reporting (a) Revenue The principal activities of the Group are the manufacture and distribution of bottled, canned and draught beers. Revenue represents the invoiced value of products sold, net of discounts, returns, value added tax and consumption tax. (b) Segment reporting The Group manages its businesses by geography. In a manner consistent with the way in which information is reported internally to the Group’s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following two reportable segments: ― The Hong Kong operations mainly comprise the manufacture and distribution of own brewed beer products and distribution of imported beer products in Hong Kong and overseas. ― The Mainland China operations mainly comprise the manufacture and distribution of own brewed beer products in the southern part of the People’s Republic of China (“PRC”) and overseas. All of the Group’s revenue is generated from the manufacture and distribution of bottled, canned and draught beers. 2 会计估计及判断（ 续） (c) 呆坏账减值亏损 本集团就债务人由於无法作出所须付款而导 致的估计亏损计提呆坏账的减值亏损。本集 团按照披露於附注15中的应收贸易账款结余 之账龄、债务人的信誉及过往撇账经验对未 来现金流量作出估计。倘债务人的财政状况 恶化，实际撇账额可能高於估计数字。 (d) 无形资产之可使用年期 无形资产（ 见附注12） 并不会作摊销，这是 因为无形资产之可使用年期是定为不确定。 基於以上原因，无形资产的可使用年期会於 每年审阅以确定这些环境是否能继续支持无 形资产的使用年期为不确定。如果在未来期 间环境表明可使用年期为确定，本集团可能 会对无形资产作出摊销或确认减值亏损。 (e) 递延税项资产 递延税项资产乃就未动用之税项亏损及暂时 扣减差额确认。由於该等递延税项资产的确 认仅限於未来应课税盈利将可用作抵销未动 用而可动用的税收抵免，管理层须评估未来 应课税盈利之可能性。管理层对相关评估作 出定期审阅，倘未来应课税盈利将允许收回 递延税项资产，则会确认额外递延税项资 产。递延税项资产的性质和账面值详情於附 注21中披露。 3 收入及分部资料呈报 (a) 收入 本集团之主要业务为制造及分销樽装、罐装 及桶装啤酒。 收入指所出售产品之发票总值扣除折扣，退 回，增值税及商品税。 (b) 分部资料呈报 本集团按地区管理其业务。为与内部呈报资 料给本集团最高层行政管理人员以便分配资 源及评估表现贯彻一致，本集团已呈报下列 两个须予呈报分部： ― 香港业务主要包括在香港及海外分销 自身酿制之啤酒产品和分销进口之啤 酒产品。 ― 中国内地业务主要包括在中华人民共 和国（ 「 中国」） 南部及海外分销自身 酿制之啤酒产品。 本集团之收入全部来自制造及分销樽装、罐 装及桶装啤酒。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 85 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 3 revenue and segment reporting (Continued) (b) Segment reporting (Continued) (i) Segment results, assets and liabilities For the purposes of assessing segment performance and allocating resources between segments, the Group’s senior executive management monitors the results, assets and liabilities attributable to each reportable segment on the following bases: Segment assets include all tangible assets, intangible assets and current assets. Segment liabilities include trade creditors and accruals attributable to the manufacture and distribution activities of the individual segments and retirement benefit liabilities managed directly by the segment and other current liabilities with the exception of deferred tax liabilities. The measure used for reportable segment profit or loss is profit or loss before taxation. Taxation is not allocated to reportable segments. Intersegment sales are priced at cost plus a profit margin. The accounting policies of the reportable segments are the same as the Group’s accounting policies described in note 1. Information regarding the Group’s reportable segments as provided to the Group’s most senior executive management for the purposes of resource allocation and assessment of segment performance for the years ended 31 December 2016 and 2015 is set out below: Hong Kong Mainland China total 香港 中国内地 总数 2016 2015 2016 2015 2016 2015 二零一六年 二零一五年 二零一六年 二零一五年 二零一六年 二零一五年 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 Revenue from external customers 外界客户收入 389,394 392,125 152,033 177,377 541,427 569,502 Inter-segment revenue 分部间收入 308 303 ― ― 308 303 Reportable segment revenue 须予呈报分部收入 389,702 392,428 152,033 177,377 541,735 569,805 Reportable segment (loss)/profit 须予呈报分部经营 from operations （ 亏损） �u盈利 (6,610) (25,463) 12,537 9,410 5,927 (16,053) Interest income from bank deposits 银行存款利息收入 622 693 235 194 857 887 Interest expense on loans 贷款利息开支 (5,454) (4,373) ― ― (5,454) (4,373) Depreciation and amortisation 年内折旧及摊销 for the year (21,253) (23,693) (2,520) (2,799) (23,773) (26,492) (Provision for)/reversal of 在损益确认应收贸易及 Impairment losses recognised in 其他账项之（ 减值亏损 profit or loss in respect of 拨备） �u减值亏损拨回 trade and other receivables (320) (301) (11) 5 (331) (296) Reportable segment assets 须予呈报分部资产 1,172,604 1,179,474 80,424 81,479 1,253,028 1,260,953 Additions to non-current segment 年内非流动分部资产增加 assets during the year 11,289 2,435 2,500 2,558 13,789 4,993 Reportable segment liabilities 须予呈报分部负债 261,095 270,414 430,880 443,310 691,975 713,724 3 收入及分部资料呈报（ 续） (b) 分部资料呈报（ 续） (i) 分部业绩、资产及负债 就评价分部表现及分配分部资源，本集团之 高层行政管理人员乃按以下基础监察各须予 呈报分部应占之业绩、资产及负债： 分部资产包括所有有形资产、无形资产及流 动资产。分部负债包括各分部制造及分销活 动应占的应付贸易账项及计提费用、分部直 接管理的退休福利负债以及其他流动负债， 惟递延税项负债除外。 计算须予呈报盈利或亏损所采用之方法为税 前盈利或亏损。所得税并没有被分配至须予 呈报分部。分部之间的销售是以成本加边际 利润作定价。 分部资料呈报之会计政策与本集团之会计政 策（ 於附注1所述） 一致。 截至二零一六年及二零一五年十二月三十一 日止，有关提供予本集团最高层行政管理人 员以分配资源及评价分部表现之资料载列如 下： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 86 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 3 revenue and segment reporting (Continued) (b) Segment reporting (Continued) (ii) Reconciliation of reportable segment revenue, profit or loss, assets and liabilities 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Revenue 收入 Reportable segment revenue 须予呈报分部收入 541,735 569,805 Elimination of inter-segment revenue 分部之间收入撤销 (308) (303) Consolidated revenue 综合收入 541,427 569,502 profit/(loss) 盈利�u（ 亏损） Reportable segment profit/(loss) from operations 须予呈报分部经营盈利�u（ 亏损） 5,927 (16,053) Elimination of inter-segment profits 分部之间盈利撤销 ― ― Reportable segment profit/(loss) derived 来自外界客户之须予呈报 from Group’s external customers 分部盈利�u（ 亏损） 及 and consolidated profit/(loss) before taxation 综合除税前盈利�u（ 亏损） 5,927 (16,053) Assets 资产 Reportable segment assets 须予呈报分部资产 1,253,028 1,260,953 Elimination of inter-segment receivables 分部之间应收账项撤销 (381,575) (381,187) Consolidated total assets 综合总资产 871,453 879,766 Liabilities 负债 Reportable segment liabilities 须予呈报分部负债 691,975 713,724 Elimination of inter-segment payables 分部之间应付账项撤销 (381,575) (381,187) 310,400 332,537 Deferred tax liabilities 递延税项负债 2,969 2,243 Consolidated total liabilities 综合总负债 313,369 334,780 3 收入及分部资料呈报（ 续） (b) 分部资料呈报（ 续） (ii) 须予呈报分部收入、损益、资产及负债之 对帐 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 87 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 3 revenue and segment reporting (Continued) (b) Segment reporting (Continued) (iii) Geographic information The following table sets out information about the geographic location of (i) the Group’s revenue from external customers and (ii) the Group’s noncurrent assets (“specified non-current assets”). The geographic location of customers is based on the country of establishment of each customer. The geographic location of the specified non-current assets is based on the physical location of the assets, in the case of property, plant and equipment, investment properties and leasehold land, and the location of the operation to which they are allocated, in the case of intangible assets. Revenue from Specified external customers non-current assets 外界客户收入 指定非流动资产 2016 2015 2016 2015 二零一六年 二零一五年 二零一六年 二零一五年 $’000 $’000 $’000 $’000 千元 千元 千元 千元 Hong Kong (place of domicile) 香港（ 成立地点） 289,605 297,009 565,033 575,006 Mainland China 中国内地 56,267 86,797 24,912 27,538 Philippines 菲律宾 188,076 178,574 ― ― Others 其他国家 7,479 7,122 ― ― 251,822 272,493 24,912 27,538 541,427 569,502 589,945 602,544 (c) Major customers In 2016, the revenue from the Group’s largest customer which was served both by the Hong Kong segment and the Mainland China segment amounted to $190,291,000 or 35% of the Group’s total revenue (2015: $180,555,000 or 32%). The revenue from the Group’s five largest customers amounted to 61% (2015: 60%) of the Group’s total revenue. Details of concentration of credit risk arising from these customers are set out in note 23(a). 4 other net income 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Advertising and promotion subsidy (note 25(a)) 广告及市场推广补贴（ 附注25(a)） 21,038 24,895 Rental income from investment properties 投资物业的租金收入 18,028 10,759 Net gain on disposal of non-current assets 出售非流动资产之净盈利 1,253 2,351 Interest income from bank deposits 银行存款之利息收入 857 887 Net foreign exchange (losses)/gains 汇兑净（ 亏损） �u盈利 (184) 499 Others 其他 1,451 446 42,443 39,837 3 收入及分部资料呈报（ 续） (b) 分部资料呈报（ 续） (iii) 地区资料 下表载列有关(i)本集团外界客户收入及(ii)本 集团非流动资产（ 「 指定非流动资产」） 之地 理位置资料。客户之地理位置是根据每名客 户成立地点所在国家而定。指定非流动资产 之地理位置是根据资产之实际位置（ 倘属物 业、机器及设备、投资物业及租赁土地权益） 及获划拨有关资产之营运地点（ 倘属无形资 产） 而定。 (c) 主要客户 於二零一六年，来自本集团香港及中国内 地 业 务 之 最 大 客 户 的 收 入 为190,291,000 元 或 占 本 集 团 总 收 入35% （ 二 零 一 五 年： 180,555,000元或32%）。来自本集团首五大 客户的收入占本集团的总收入61% （ 二零一五 年：60%）。 来 自 该 等 客 户 之 详 细 信 贷 风 险 载 於 附 注 23(a)。 4 其他收益净额 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 88 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 5 Profit/(loss) before taxation profit/(loss) before taxation is arrived at after charging/ (crediting): 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 (a) Finance costs (a) 财务费用 Interest expense on loan from 中介控股公司 an intermediate holding company 贷款利息支出 5,454 4,373 Bank charges 银行费用 124 125 5,578 4,498 (b) Staff costs (b) 员工薪酬 Retirement costs 退休金成本 ― Defined contribution retirement plans ― 定额供款退休计划 5,976 5,444 ― Defined benefit retirement plan ― 定额福利退休计划 (note 20(a)(v)) （ 附注20(a)(v)） 5,633 5,613 11,609 11,057 Salaries, wages and other benefits 薪金、工资及其他福利 116,014 118,421 127,623 129,478 (c) Other items (c) 其他项目 Amortisation 摊销 ― Land lease premium (note 11(a)) ― 租赁土地款项 （ 附注11(a)） 2,536 2,588 Depreciation 折旧 ― Property, plant and equipment ― 物业，机器及设备 (note 11(a)) （ 附注11(a)） 16,505 20,548 ― Investment properties (note 11(a)) ― 投资物业（ 附注11(a)） 4,732 3,356 Cost of inventories (note 14) 存货成本（ 附注14） 301,248 329,579 Operating lease charges: 经营租赁费用： minimum lease payments 最低租赁付款 ― Land and buildings ― 土地及房产 1,540 1,544 ― Other assets ― 其他资产 475 196 Rental receivable 投资物业之租金收入 from investment properties 扣除直接费用7,913,000元 less direct outgoings of $7,913,000 （ 二零一五年：5,559,000元） (2015: $5,559,000) (10,115) (5,200) Auditors’ remuneration 核数师酬金 ― Provision for the year ― 本年度拨备 3,717 3,436 ― Under-provision in respect ― 上年度拨备 of the prior year 不足 62 308 Impairment losses for trade and 应收贸易及其他账款 other receivables (note 15(b)) 之减值亏损（ 附注15(b)） 331 296 5 除税前盈利�u（ 亏损） 除税前盈利�u（ 亏损） 已扣除�u（ 计 入） 下列项目： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 89 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 6 Taxation in the consolidated income statement (a) taxation in the consolidated income statement represents: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Deferred tax (note 21) 递延税项（ 附注21） Origination and reversal of temporary differences 暂时差额之出现及拨回 778 (856) The statutory tax rate applicable to the Company and other Hong Kong subsidiaries was 16.5% (2015: 16.5%). No provision for Hong Kong Profits Tax has been made for the Company and other Hong Kong subsidiaries either because the accumulated tax losses brought forward exceed the estimated assessable profits for the year or the entities sustained losses for taxation purposes. The statutory tax rate applicable to the subsidiaries established in the PRC was 25% (2015: 25%). No provision for current taxation has been made for the subsidiaries established in the PRC because the entities sustained losses for taxation purposes. (b) Reconciliation between income tax (credit)/charge and accounting profit/(loss) at applicable tax rates: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Profit/(loss) before taxation 除税前盈利�u（ 亏损） 5,927 (16,053) Notional tax on profit/(loss) before taxation 按有关税项司法权区之适用税率 calculated at the rates applicable to 就除税前盈利�u（ 亏损） 计算 the tax jurisdictions concerned 之估计税项 2,085 (1,867) Tax effect of non-deductible expenses 不可扣除开支之税项影响 1,262 1,722 Tax effect of non-taxable revenue 非课税收入之税项影响 (103) (114) Tax effect of contributions to retirement benefit plans 退休福利计划供款之税项影响 (231) (471) Tax effect of tax losses and temporary differences 未确认递延税项之税项亏损 not recognised for deferred tax purposes 及暂时性差异之税项影响 9,904 19,564 Tax effect of utilisation of tax losses and 应用先前未确认的税务亏损 temporary differences previously unrecognised 及暂时性差异之税项影响 (13,695) (17,978) Actual tax (credit)/charge 实际税项（ 计入） �u支出 (778) 856 6 综合收益表之所得税 (a) 综合收益表之所得税指： 本公司及其他香港附属公司的法定税率为 16.5% （ 二零一五年：16.5%）。本公司及其他 香港附属公司由於承前累计税项亏损超逾本 年度估计应课税盈利或录得税务亏损，故无 就香港利得税作出拨备。 於中国成立的附属公司的法定税率为25% （ 二 零一五年：25%）。於中国成立的附属公司由 於录得税务亏损，故并无就本年度税项作出 拨备。 (b) 按适用税率计算的所得税（ 计入） �u支 出与会计盈利�u（ 亏损） 之对账： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 90 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 7 directors’ emoluments Directors’ emoluments disclosed pursuant to section 383(1) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation is as follows: 2016 二零一六年 Salaries, allowances and Retirement benefits Discretionary scheme Fees in kind bonuses contributions total 薪金、津贴及 袍金 实物津贴 酌情花红 退休计划供款 总额 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 executive director 执行董事 Ramon G. Torralba 杜华博 ― 2,875 ― ― 2,875 Non-executive directors 非执行董事 Ramon S. Ang 蔡��文 ― ― ― ― ― Carlos Antonio M. Berba 凯顾思 ― ― ― ― ― May (Michelle) W. M. Chan 陈云美 ― ― ― ― ― Te ruyuki Daino (resigned 代野照幸（ 於二零一六年 on 30 March 2016) 三月三十日辞任） ― ― ― ― ― Roberto N. Huang 黄思民 ― ― ― ― ― Katsuhiko Matsumoto 松本克彦（ 於二零一六年 (appointed on 29 April 2016) 四月二十九日获委任） ― ― ― ― ― Ta kashi Hayashi 林隆史 ― ― ― ― ― Ta keshi Wada 和田猛 ― ― ― ― ― Independent non-executive 独立非执行董事 directors David K.P. Li 李国宝 ― ― ― ― ― W. S. Ng 吴维新 ― ― ― ― ― Carmelo L. Santiago 施雅高 ― ― ― ― ― Reynato S. Puno Reynato S. Puno ― ― ― ― ― William C. M. Cheng 郑则民 ― ― ― ― ― ― 2,875 ― ― 2,875 The executive director waived his entitlement to his director’s fees. All of the non-executive directors and independent non-executive directors waived their entitlements to all their emoluments. 7 董事酬金 根据香港公司条例第383(1)条及《 公司（ 披露 董事利益资料） 规例》 第2部之规定而披露之 董事酬金如下： 执行董事已放弃其袍金。所有非执行董事及 独立非执行董事已放弃其所有酬金。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 91 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 7 directors’ emoluments (Continued) 2015 二零一五年 Salaries, allowances and Retirement benefits Discretionary scheme Fees in kind bonuses contributions Total 薪金、津贴及 袍金 实物津贴 酌情花红 退休计划供款 总额 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 executive director 执行董事 Ramon G. Torralba 杜华博 ― 2,914 ― ― 2,914 Non-executive directors 非执行董事 Ramon S. Ang 蔡��文 ― ― ― ― ― Carlos Antonio M. Berba 凯顾思 ― ― ― ― ― May (Michelle) W. M. Chan 陈云美 ― ― ― ― ― Te ruyuki Daino 代野照幸 ― ― ― ― ― Roberto N. Huang 黄思民 ― ― ― ― ― Ta kashi Hayashi 林隆史 ― ― ― ― ― Ta keshi Wada 和田猛 ― ― ― ― ― Independent non-executive 独立非执行董事 directors David K.P. Li 李国宝 ― ― ― ― ― W. S. Ng 吴维新 ― ― ― ― ― Carmelo L. Santiago 施雅高 ― ― ― ― ― Reynato S. Puno Reynato S. Puno ― ― ― ― ― William C. M. Cheng 郑则民（ 於二零一五年 (appointed on 18 April 2015) 四月十八日获委任） ― ― ― ― ― Adrian M. K. Li 李民桥（ 於二零一五年 (resigned on 17 April 2015) 四月十七日辞任） ― ― ― ― ― ― 2,914 ― ― 2,914 The executive director waived his entitlement to his director’s fees. All of the non-executive directors and independent non-executive directors waived their entitlements to all their emoluments. 7 董事酬金（ 续） 执行董事已放弃其袍金。所有非执行董事及 独立非执行董事已放弃其所有酬金。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 92 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 8 Individuals with highest emoluments Of the five individuals with the highest emoluments, one (2015: one) is a director whose emoluments are included in note 7. The aggregate of the emoluments in respect of the remaining four (2015: four) individuals are as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Salaries and other emoluments 薪金及津贴 6,522 6,734 Retirement scheme contributions 退休计划供款 908 875 7,430 7,609 The emoluments of the four (2015: four) individuals with the highest emoluments are within the following bands: 2016 2015 二零一六年 二零一五年 Number of Number of individuals Individuals 人员数目 人员数目 $1,500,001 to $2,000,000 1,500,001元至2,000,000元 2 2 $2,000,001 to $2,500,000 2,000,001元至2,500,000元 2 2 8 酬金最高之人员 最高薪五名人员中，一名（ 二零一五年：一 名） 为董事（ 其酬金已於附注7披露）。其余 四名（ 二零一五年：四名） 酬金最高之人员之 酬金总额如下： 四名（ 二零一五年：四名） 酬金最高之人员之 酬金分析如下： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 93 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 9 other comprehensive income Tax effects relating to each component of other comprehensive income 2016 2015 二零一六年 二零一五年 Before-tax tax Net-of-tax Before-tax Tax Net-of-tax amount effect amount amount effect amount 除税前金额 税项影响 除税後金额 除税前金额 税项影响 除税後金额 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 (note 21(a)) (note 21(a)) （ 附注21(a)） （ 附注21(a)） Exchange differences on 汇兑差额： translation of: ― financial statements of ― 换算海外附属公司 subsidiaries outside 财务报表所产生 Hong Kong 之汇兑差额 23,329 ― 23,329 22,077 ― 22,077 ― monetary items that form ― 换算组成集团於附属公司 part of the net investment in 之投资的货币项目所产生 subsidiaries outside Hong Kong 之汇兑差额 (24,490) ― (24,490) (22,499) ― (22,499) (1,161) ― (1,161) (422) ― (422) Actuarial gains and losses of 定额福利退休计划 defined benefit retirement plan 之精算盈利及亏损 (note 20(a)(v)) （ 附注20(a)(v)） 9,058 (1,504) 7,554 (6,996) 1,100 (5,896) Other comprehensive income 其他全面收益 7,897 (1,504) 6,393 (7,418) 1,100 (6,318) 10 Earnings/(loss) per share (a) Basic earnings/(loss) per share The calculation of basic earnings/(loss) per share is based on the profit attributable to equity shareholders of the Company of $8,654,000 (2015: loss of $16,074,000) and on 373,570,560 (2015: 373,570,560) ordinary shares, being the number of ordinary shares in issue throughout the year. (b) Diluted earnings/(loss) per share Diluted earnings/(loss) per share is not presented as the Company did not have dilutive potential ordinary shares for both years presented. 9 其他全面收益 其他全面收益各部分的税项影响 10 每股盈利�u（ 亏损） (a) 每股基本盈利�u（ 亏损） 每股基本盈利�u（ 亏损） 乃根据本公司权益持 有人应占盈利8,654,000元（ 二零一五年：公 司权益持有人应占亏损16,074,000元） 及本 年度内已发行之373,570,560股普通股（ 二零 一五年：373,570,560股普通股） 计算。 (b) 摊簿之每股盈利�u（ 亏损） 摊薄之每股盈利�u（ 亏损） 并未予列出，因本 公司并没有具摊薄性的潜在普通股存在。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 94 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 11 Property, plant and equipment, investment properties and leasehold land (a) Reconciliation of carrying amount property, plant and equipment Interests in 物业，机器及设备 leasehold land Land and Machinery, held for own buildings equipment, use under held for furniture Motor Construction Investment operating own use and fixtures vehicles in progress Sub-total properties leases total 在经营租赁下 自用土地 机器、设备、 自用而持有的 及房产 家�h及装备 车辆 在建工程 合计 投资物业 租赁土地权益 总额 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 千元 千元 Cost: 成本： At 1 January 2015 於二零一五年一月一日 1,028,097 1,710,340 6,402 176 2,745,015 121,885 123,997 2,990,897 Exchange adjustments 汇兑调整 (26,608) (44,525) (212) (3) (71,348) ― (3,072) (74,420) Additions 添置 87 3,136 82 1,688 4,993 ― ― 4,993 Tr ansfer from construction in progress 转拨自在建工程 25 1,638 198 (1,861) ― ― ― ― Tr ansfer from land and buildings held 转拨自自用土地及房产 for own use (28,078) ― ― ― (28,078) 28,078 ― ― Disposals 出售 ― (5,166) ― ― (5,166) ― ― (5,166) At 31 December 2015 於二零一五年十二月三十一日 973,523 1,665,423 6,470 ― 2,645,416 149,963 120,925 2,916,304 Accumulated amortisation, 累计摊销、折旧及减值亏损： depreciation and impairment losses: At 1 January 2015 於二零一五年一月一日 644,611 1,641,789 6,389 176 2,292,965 39,135 37,488 2,369,588 Exchange adjustments 汇兑调整 (26,608) (44,525) (212) (3) (71,348) ― (1,253) (72,601) Charge for the year (note 5(c)) 年内开支（ 附注5(c)） 12,061 8,262 225 ― 20,548 3,356 2,588 26,492 Tr ansfer from construction in progress 转拨自在建工程 ― 173 ― (173) ― ― ― ― Tr ansfer from land and buildings held 转拨自自用土地及房产 for own use (9,015) ― ― ― (9,015) 9,015 ― ― Written back on disposals 出售拨回 ― (4,556) ― ― (4,556) ― ― (4,556) At 31 December 2015 於二零一五年十二月三十一日 621,049 1,601,143 6,402 ― 2,228,594 51,506 38,823 2,318,923 Net book value: 账面净值： At 31 December 2015 於二零一五年十二月三十一日 352,474 64,280 68 ― 416,822 98,457 82,102 597,381 Cost: 成本： At 1 January 2016 於二零一六年一月一日 973,523 1,665,423 6,470 ― 2,645,416 149,963 120,925 2,916,304 Exchange adjustments 汇兑调整 (27,248) (45,417) (220) ― (72,885) ― (3,140) (76,025) Additions 添置 3,804 8,608 ― 1,377 13,789 ― ― 13,789 Tr ansfer from construction in progress 转拨自在建工程 105 1,272 ― (1,377) ― ― ― ― Tr ansfer from land and buildings held 转拨自自用土地及房产 for own use (62,751) ― ― ― (62,751) 62,751 ― ― Disposals 出售 ― (5,143) (980) ― (6,123) ― ― (6,123) At 31 December 2016 於二零一六年十二月三十一日 887,433 1,624,743 5,270 ― 2,517,446 212,714 117,785 2,847,945 Accumulated amortisation, 累计摊销、折旧及减值亏损： depreciation and impairment losses: At 1 January 2016 於二零一六年一月一日 621,049 1,601,143 6,402 ― 2,228,594 51,506 38,823 2,318,923 Exchange adjustments 汇兑调整 (27,248) (45,417) (220) ― (72,885) ― (1,332) (74,217) Charge for the year (note 5(c)) 年内开支（ 附注5(c)） 10,935 5,554 16 ― 16,505 4,732 2,536 23,773 Tr ansfer from land and buildings held 转拨自自用土地及房产 for own use (21,553) ― ― ― (21,553) 21,553 ― ― Written back on disposals 出售拨回 ― (4,360) (980) ― (5,340) ― ― (5,340) At 31 December 2016 於二零一六年十二月三十一日 583,183 1,556,920 5,218 ― 2,145,321 77,791 40,027 2,263,139 Net book value: 账面净值： At 31 December 2016 於二零一六年十二月三十一日 304,250 67,823 52 ― 372,125 134,923 77,758 584,806 11 物业、机器及设备、投资物业及租 赁土地 (a) 账面值对账 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 95 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 11 Property, plant and equipment, investment properties and leasehold land (Continued) (b) During the year ended 31 December 2016, the Group has transferred part of the land and buildings held for own use to investment properties with carrying amount of $31,198,000 due to the change of the purposes of land and buildings. (c) the analysis of net book value of properties is as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Medium term leases 中期租赁 ― in Hong Kong ― 香港 492,376 505,878 ― outside Hong Kong ― 香港以外 24,555 27,155 516,931 533,033 Representing: 分析如下： Land and buildings held 自用土地及房产 for own use 304,250 352,474 Investment properties 投资物业 134,923 98,457 Interests in leasehold land held 在经营租赁下自用而持有 for own use under 的租赁土地权益 operating leases 77,758 82,102 516,931 533,033 (d) Assets leased out under operating leases The Group leases out investment properties which are located at Nos. 9-11 Shing Wan Road, Tai Wai, Shatin, Hong Kong under operating leases. The leases typically run for an initial period of two to three years, with an option to renew each lease upon expiry at which time all terms are renegotiated. None of the leases includes contingent rentals. The Group’s total future minimum lease payments under non-cancellable operating leases are receivable as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Investment properties 投资物业 Within 1 year 一年内 14,483 16,738 After 1 year but within 5 years 一年後及五年内 9,925 15,950 24,408 32,688 11 物业、机器及设备、投资物业及租 赁土地（ 续） (b) 鉴於部份自用土地及房产的用途有所更改， 於截至二零一六年十二月三十一日止年度， 本集团将部份自用土地及房产转移到投资物 业（ 账面值为31,198,000元）。 (c) 物业账面净值之分析如下： (d) 经营租赁下之固定资产 本集团根据经营租赁将位於香港沙田大围成 运路9-11号之投资物业出租。租约年期一般 为二至三年，可选择於到期日後续订租约， 届时将重新商讨所有条款。有关租约概不包 括或然租金。 本集团根据不可撇销经营租赁而应收之未来 租赁款项如下： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 96 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 11 Property, plant and equipment, investment properties and leasehold land (Continued) (e) The fair value of the investment properties at 31 December 2016 is $432,620,000 (2015: $396,460,000), which is based on a valuation using the investment approach which considers the capitalisation of net rental income receivable from existing tenancies and the reversionary value of the property after tenancies expire by reference to market sales transactions. The valuation was carried out by an independent firm of surveyors, LCH (Asia-Pacific) Surveyors Limited, who have among their staff Members of the Hong Kong Institute of Surveyors with valuation experience in the location and category of the property being valued. The fair value measurements are categorised as Level 3 valuations under the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: ― Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date ― Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available ― Level 3 valuations: Fair value measured using significant unobservable inputs The significant unobservable input in the fair value measurement is the discount rate, which ranged from 3.1% to 4.1% (2015: 2.9% to 3.9%). 11 物业、机器及设备、投资物业及租 赁土地（ 续） (e) 投 资 物 业 於 二 零 一 六 年 十 二 月 三 十 一 日 之 公 允 值 为432,620,000元（ 二 零 一 五 年： 396,460,000元），以投资法进行估值，根据 租金收入转换为资本值并计及该等物业交吉 情况出售（ 参考自市场上同类型交易） 之收 入。估值乃由独立测量师行利骏行测量师有 限公司进行，其职员包括香港测量师学会的 专业会员，在所估值房产的地区及类别具有 估值经验。 公允值计量根据香港财务报告准则第13号 「 公允价值计量」 所定义之三级公允价值架构 获分类为第三级估值。将公允价值计量分类 之等级乃经参考如下估值方法所用数据之可 观察性及重要性後厘定： ― 第一级估值：仅使用第一级输入数据 （ 即於计量日同类资产或负债於活跃 市场之未经调整报价） 计量之公允值 ― 第二级估值：使用第二级输入数据 （ 即未能达到第一级之可观察输入数 据） 且并未使用重大不可观察输入数 据计量之公允值。不可观察输入数据 为无市场数据之输入数据 ― 第三级估值：采用重大不可观察数据 计量之公允值 计算公允值所采用之重大不可观察数据为折 现率，范围为3.1%至4.1% （ 二零一五年：为 2.9%至3.9%）。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 97 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 12 Intangible assets Club trademarks debentures total 商标 会所债权证 总额 $’000 $’000 $’000 千元 千元 千元 Cost: 成本： At 1 January 2015 於二零一五年一月一日 39,116 5,473 44,589 Exchange adjustments 汇兑调整 ― (41) (41) At 31 December 2015 於二零一五年十二月三十一日 39,116 5,432 44,548 Accumulated impairment 累计减值亏损： losses: At 1 January 2015 於二零一五年一月一日 39,116 286 39,402 Exchange adjustments 汇兑调整 ― (17) (17) At 31 December 2015 於二零一五年十二月三十一日 39,116 269 39,385 Net book value: 账面净值： At 31 December 2015 於二零一五年十二月三十一日 ― 5,163 5,163 Cost: 成本： At 1 January 2016 於二零一六年一月一日 39,116 5,432 44,548 Exchange adjustments 汇兑调整 ― (41) (41) At 31 December 2016 於二零一六年十二月三十一日 39,116 5,391 44,507 Accumulated impairment 累计减值亏损： losses: At 1 January 2016 於二零一六年一月一日 39,116 269 39,385 Exchange adjustments 汇兑调整 ― (17) (17) At 31 December 2016 於二零一六年十二月三十一日 39,116 252 39,368 Net book value: 账面净值： At 31 December 2016 於二零一六年十二月三十一日 ― 5,139 5,139 12 无形资产 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 98 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 13 Investments in subsidiaries The following list contains the particulars of all the subsidiaries of the Company: proportion of place of Issued share ownership incorporation/ capital/registered interest held by principal Name of company operation capital Company Subsidiary activity 注册成立�u 已发行股本�u 所持股权百分比 公司名称 经营地点 注册资本 本公司 附属公司 主要业务 Best Investments British Virgin 50,000 100% ― Investment International Inc. Islands ordinary shares holding of US$1 each 英属处女群岛 50,000股 投资控股 每股面值 1美元之普通股 60,000,000 100% ― preference shares of US$1 each 60,000,000股 每股面值 1美元之优先股 Hongkong Brewery Hong Kong 100 100% ― Dormant Limited “ ( HKBL”) ordinary shares (note (i)（ ) 附注(i)） 香港 100股 暂无营业 普通股 Ravelin Limited Hong Kong 10,000,000 100% ― Property ordinary shares holding 香港 10,000,000股 持有物业 普通股 San Miguel (Guangdong) Hong Kong 18,000 92.989% ― Investment Limited class“ A” shares holding 生力啤（ 广东） 有限公司 香港 18,000股 投资控股 (A)股 1,000 100% ― class“ B” shares 1,000股 (B)股 Guangzhou San Miguel PRC Registered capital: ― 70% Distribution Brewery Company US$36,507,000 of beer Limited “ ( GSMB”) (note (ii)) 广州生力啤酒有限公司 中国 注册资本： 销售啤酒 （ 「 广州生力」） （ 附注(ii)） 36,507,000美元 San Miguel Shunde Holdings Hong Kong 200,000 92% ― Investment Limited ordinary shares holding 香港 200,000股 投资控股 普通股 San Miguel (Guangdong) PRC Registered capital: ― 100% Manufacture Brewery Company Limited US$39,933,000 and sale of “ ( SMGB”) (note (iii)) beer 生力（ 广东） 啤酒有限公司 中国 注册资本： 酿制及销售啤酒 （ 「 生力广东」） （ 附注(iii)） 39,933,000美元 13 附属公司权益 下表载列本公司所有附属公司项目： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 99 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 13 Investments in subsidiaries (Continued) Notes: (i) HKBL has not traded since incorporation but it established a joint venture, Global Brews Hong Kong Limited, in Hong Kong on 18 March 2011. HKBL holds a 50% equity interest in this entity. As at the date of the approval of these financial statements, the joint venture has not commenced operations. (ii) GSMB is an equity joint venture formed between the Company’s subsidiary, San Miguel (Guangdong) Limited, and Guangzhou Brewery. According to the joint venture agreement, GSMB has an operating period of 30 years expiring on 29 November 2020. (iii) SMGB is a wholly-foreign owned enterprise with an operating period of 50 years expiring on 4 August 2042. The following table lists out the information relating to SMGB, the only subsidiary of the Group which has material non-controlling interests (“NCI”). The summarised financial information presented below represents the amounts before any inter-company elimination. 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 NCI percentage 非控股权益百分比 8% 8% Current assets 流动资产 50,071 45,810 Non-current assets 非流动资产 26,880 29,463 Current liabilities 流动负债 (32,917) (43,818) Non-current liabilities 非流动负债 (390,973) (393,167) Net liabilities 负债净值 (346,939) (361,712) Carrying amount of NCI 非控股权益账面值 (27,755) (28,937) Revenue 收入 115,060 117,183 Loss for the year 年度亏损 (8,520) (14,230) Total comprehensive income 年度全面收益总额 (8,520) (14,230) Loss allocated to NCI 分配至非控股权益亏损 (682) (1,138) Cash generated from operating activities 经营业务之现金流入 6,096 12,255 Cash used in investing activities 投资业务之现金流出 (2,088) (1,891) Cash used in financing activities 融资活动之现金流出 (20) (34) 13 附属公司权益（ 续） 附注： (i) HKBL自注册成立以来，一直没有进行任何 交易，但於二零一一年三月十八日於香港 成立了一间名为Global Brews Hong Kong Limited 的合营公司。HKBL持有该实体百 分之五十股权。截至本财务报表批准之 日，该合营公司体尚未开始其业务。 (ii) 广州生力啤酒有限公司乃本公司之附属公 司生力啤（ 广东） 有限公司与广州啤酒厂 成立之合资合营公司。根据合资合营协 议，该公司之经营期为三十年，於二零二 零年十一月二十九日届满。 (iii) 生力（ 广东） 啤酒有限公司为全外资拥有 企业，拥有经营期五十年，於二零四二年 八月四日届满。 下表载列有关生力广东之资料，生力广东是 本集团唯一拥有重大非控股权益的附属公 司。下列提供的财务资料概要指任何公司间 抵销前之金额。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 100 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 14 Inventories 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Products in hand and in process 现有产品及在制品 30,965 35,223 Materials and supplies 物料及供应 18,282 17,208 49,247 52,431 The analysis of the amount of inventories recognised as an expense is as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Carrying amount of inventories sold (note 5(c)) 出售存货账面值（ 附注5(c)） 301,248 329,579 15 Trade and other receivables 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Trade receivables 应收贸易账项 48,253 54,443 Less: Allowance for doubtful debts (note 15(b)) 减：呆坏账拨备（ 附注15(b)） (3,168) (3,474) 45,085 50,969 Other debtors, deposits and prepayments 其他应收账、按金及预付款项 12,758 17,803 57,843 68,772 The amount of the deposits and prepayments expected to be recovered or recognised as expenses after more than one year is $2,036,000 (2015: $2,119,000). All of the other trade receivables, other debtors, deposits and prepayments are expected to be recovered or recognised as expenses within one year. The Group held collateral over trade receivables at the end of the reporting period with attributable values as set out below: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Buildings 物业 1,990 1,803 Cash deposits 现金存款 2,397 2,510 Bank guarantees 银行担保 ― 750 Cash deposits disclosed above are included in the other creditors and accrued charges and are expected to be settled after more than one year, as disclosed in note 18. 14 存货 已确认为开支之存货金额分析如下： 15 应收贸易及其他账项 本集团预计多於一年後可收回或确认为支出 的按金及预付款项金额分别为2,036,000元 （ 二零一五年：2,119,000元）。所有其他应收 贸易账项及其他应收账、按金及预付款项预 计在一年内可收回或列作费用。 本集团在结算日就应收贸易账项持有以下抵 押品： 以上列示的现金存款被列入本集团预计多於 一年後支付的其他应付账项及预提费用，於 附注18披露。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 101 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 15 Trade and other receivables (Continued) The Group considers that the credit risk arising from the trade receivables is mitigated by the collateral in the amounts indicated above. The value of the buildings collateral represents the estimated market value of the buildings as at 31 December 2016. (a) Ageing analysis The ageing of trade receivables (net of allowance for doubtful debts) at the end of the reporting period is as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Current 未到期 39,055 38,996 Less than 1 month past due 过期日少於一个月 3,100 7,280 1 to 3 months past due 过期日为一至三个月 1,115 3,006 More than 3 months but less 过期日为三个月 than 12 months past due 至十二个月 927 610 More than 12 months past due 过期日多於十二个月 888 1,077 45,085 50,969 According to the Group’s credit policy set out in note 23(a), the general credit period is payment by the end of the month following the month in which sales take place. Therefore, all the current balances above are within two months from the invoice date. (b) Impairment of trade receivables Impairment losses in respect of trade receivables are recorded using an allowance account unless the Group is satisfied that recovery of the amount is remote, in which case the impairment loss is written off against trade receivables directly (see note 1(i)(i)). The movement in the allowance for doubtful debts during the year is as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 At 1 January 於一月一日 3,474 3,848 Exchange adjustments 汇兑调整 (201) (197) Impairment loss recognised 减值亏损确认 411 444 Impairment loss written back 减值亏损拨回 (80) (148) Uncollectible amounts written off 冲销不可收回金额 (436) (473) At 31 December 於十二月三十一日 3,168 3,474 At 31 December 2016, trade receivables of $4,277,000 (2015: $4,525,000) were individually determined to be impaired. The individually impaired receivables were balances in dispute with customers or related to customers that were in financial difficulties and management assessed that only a portion of the receivables is expected to be recovered. Consequently, specific allowances for doubtful debts of $3,168,000 (2015: $3,474,000) were recognised. 15 应收贸易及其他账项（ 续） 本集团认为上述抵押品减轻了应收贸易账项 的信贷风险。抵押物业价值代表物业於二零 一六年十二月三十一日的市值。 (a) 账龄分析 应收贸易账项（ 扣除呆坏账拨备） 於结算日之 账龄如下： 根据载列於附注23(a)本集团的信贷政策，一 般信贷於销售月份後的月份完结时到期。因 此，上述所有未到期结余均在发票日期後两 个月内。 (b) 应收贸易账项之减值亏损 有关应收贸易账项的减值亏损透过拨备账记 录，除非本集团信纳应收款是无法收回的。 在此情况下，减值亏损会直接在应收贸易账 项中撇销（ 附注1(i)(i)）。 年内呆坏账拨备的变动如下： 於二零一六年十二月三十一日，本集团将应 收贸易账项其中4,277,000元（ 二零一五年： 4,525,000元） 按个别确定减值。个别的减值 亏损是由於该客户财政上有困难，而据管理 层评估，只有部份款项可以收回，故本集团 分别作3,168,000元（ 二零一五年：3,474,000 元） 的呆坏账拨备。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 102 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 15 Trade and other receivables (Continued) (c) trade receivables that are not impaired The ageing analysis of trade receivables that are neither individually nor collectively considered to be impaired is as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Neither past due nor impaired 未到期及不作拨备 38,753 38,905 Less than 1 month past due 过期日少於一个月 3,100 7,280 1 to 3 months past due 过期日为一至三个月 1,115 3,006 More than 3 months but less 过期日为三个月 than 12 months past due 至十二个月 870 564 More than 12 months past due 过期日为多於十二个月 138 163 5,223 11,013 43,976 49,918 Receivables that were neither past due nor impaired relate to a wide range of customers for whom there was no recent history of default. Receivables that were past due but not impaired relate to a number of independent customers that have a good track record with the Group. Based on past experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable. 16 amounts due from/(to) holding companies, fellow subsidiaries and related companies Amounts due from/(to) holding companies, fellow subsidiaries and related companies are unsecured, interest-free and do not have fixed repayment terms except for the following trade-related amounts which are repayable under normal trade terms: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Amounts due from holding companies 应收控股公司 and fellow subsidiaries 及同系附属公司账项 15,148 7,140 Amounts due to holding companies 应付控股公司 and fellow subsidiaries 及同系附属公司账项 (496) (402) Amounts due to related companies 应付关连公司账项 (2,544) (957) The trade-related balances were not past due as at 31 December 2016 and 2015. Related companies included a non-controlling shareholder and companies, the ultimate holding company of which has significant influence over the Group. 15 应收贸易及其他账项（ 续） (c) 没有作减值亏损之应收贸易账项 没有作减值亏损之应收贸易账项账龄如下： 未到期及不作拨备之应收贸易账项，均为近 期没有拖欠还款记录的客户，所以不作拨备。 过期但不作拨备之应收贸易账项与多名有良 好还款记录的个别客户有关。据以往经验， 由於其信誉并无重大的改变，管理层相信无 须就这些款项作出拨备，同时仍认为这些结 欠款项可全部收回。 16 应收或应付控股公司、同系附属公 司及关连公司账项 除下列贸易款项须按贸易条款支付外，应收 或应付控股公司、同系附属公司及关连公司 账项均无抵押，免息及无指定偿还期： 与贸易相关之结存於二零一六年及二零一五 年十二月三十一日并未到期。 关连公司包括非控股股东及其最终控股公司 对本集团有重大影响的公司。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 103 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 17 Cash and cash equivalents and bank deposits (a) Cash and cash equivalents and bank deposits comprise: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Bank deposits within three months of 存放时到期日为三个月内 maturity when placed 的银行存款 58,851 51,280 Cash at bank and in hand 银行结存及现金 52,266 46,438 Cash and cash equivalents 综合财务状况表 in the consolidated statement 及综合现金流量表中 of financial position and 的现金及等同现金项目 consolidated cash flow statement 111,117 97,718 Bank deposits with more than 存放时到期日为超过三个月 three months to maturity 的银行存款 when placed 46,602 50,882 Cash and cash equivalents and bank deposits as at 31 December 2016 include $25,206,000 (2015: $23,564,000) placed with banks in Mainland China, the remittance of which is subject to relevant rules and regulations of foreign exchange control promulgated by the PRC government. (b) Reconciliation of profit/(loss) before taxation to cash generated from operations: 2016 2015 二零一六年 二零一五年 Note $’000 $’000 附注 千元 千元 Profit/(loss) before taxation 除税前盈利�u（ 亏损） 5,927 (16,053) Adjustments for: 就下列事项作出调整： Amortisation of land lease premium 租赁土地款项之摊销 5(c) 2,536 2,588 Depreciation of property, plant 物业，机器及设备之折旧 and equipment 5(c) 16,505 20,548 Depreciation of investment properties 投资物业之折旧 5(c) 4,732 3,356 Interest expense 利息支出 5(a) 5,454 4,373 Interest income 利息收入 4 (857) (887) Net gain on disposal of non-current assets 出售非流动资产之净盈利 4 (1,253) (2,351) Foreign exchange losses 外币兑换之亏损 2,478 1,997 Changes in working capital: 营运资本之变动： Decrease/(increase) in inventories 存货之减少�u（ 增加） 3,184 (1,006) Decrease in trade and other receivables 应收贸易及其他账项 之减少 10,959 13,826 (Increase)/decrease in net amounts 应收控股公司及 due from holding companies and 同系附属公司账项 fellow subsidiaries 净额之（ 增加） �u减少 (6,395) 4,294 (Increase)/decrease in amounts due 应收关连公司账项 from related companies 之（ 增加） �u减少 (1,270) 403 Increase/(decrease) in amounts 应付关连公司账项 due to related companies 之增加�u（ 减少） 1,114 (655) Decrease in trade and other payables 应付贸易及其他账项之减少 (15,858) (7,334) Decrease in retirement benefit liabilities 退休福利负债之减少 (37) (172) Cash generated from operations 经营业务之现金流入 27,219 22,927 17 现金及等同现金项目及银行存款 (a) 现金及等同现金项目及银行存款包括： 於二零一六年十二月三十一日，现金及等同 现金项目及银行存款包括存於中国内地银 行25,206,000元（ 二 零 一 五 年：23,564,000 元），其汇款须受中国政府颁布的相关规则及 外汇法规所管制。 (b) 除税前盈利�u（ 亏损） 与经营业务之现 金流入调节表： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 104 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 18 Trade and other payables 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Trade payables 应付贸易账项 37,564 46,300 Other creditors and accrued charges 其他应付账项 51,014 58,160 88,578 104,460 Other creditors and accrued charges include provisions for advertising and promotion costs of $11,638,000 (2015: $17,834,000). The amounts of other creditors and accrued charges expected to be settled after more than one year are $4,967,000 (2015: $6,203,000). All of the other trade and other payables are expected to be settled within one year. The ageing of trade payables as at the end of the reporting period is as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Current and less than 1 month past due 未到期及过期日少於一个月 34,716 44,443 1 to 3 months past due 过期日为一至三个月 2,493 1,574 3 to 6 months past due 过期日为三至六个月 180 247 More than 6 months past due 过期日多於六个月 175 36 37,564 46,300 The Group’s general payment terms are one to two months from the invoice date. Therefore, the current and less than one month past due balances above are mostly within two to three months from the invoice date. 19 Loan from an intermediate holding company At 31 December 2016, the loan from an intermediate holding company was repayable as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Within 1 year or on demand 一年内或顺於要求时偿还 25,448 ― After 1 year but within 2 years 一年後但两年内 50,895 50,866 After 2 years but within 5 years 两年後但五年内 114,515 139,881 165,410 190,747 190,858 190,747 18 应付贸易及其他账项 其他应付账项及预提费用包括广告及宣传 拨 备 分 别 为11,638,000元（二 零 一 五 年： 17,834,000元）。 预计於多於一年後支付的其他应付账项及 预提费用分别为4,967,000元（ 二零一五年： 6,203,000元）。所有其他应付贸易及其他账 项预计在一年内支付。 应付贸易账项於结算日之账龄如下： 本集团的一般付款条款是於发票日期後一至 两个月内到期。因此，上述未到期及过期日 少於一个月的结余大部份均在发票日後两至 三个月内。 19 中介控股公司之贷款 於二零一六年十二月三十一日，中介控股公 司之贷款须於下列期限偿还： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 105 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 19 Loan from an intermediate holding company (Continued) Loan from an intermediate holding company is unsecured, repayable in fifteen equal instalments from September 2017 and bears interest at one year LIBOR plus 1.5% which ranged from 2.01% to 3.20% during the year (2015: 2.01% to 2.59%). 20 Employee retirement benefits (a) Defined benefit retirement plan The Group makes contributions to a defined benefit retirement plan registered under the Occupational Retirement Schemes Ordnance (Chapter 426 of the Laws of the Hong Kong), which covers 13% (2015: 13%) of the Group’s employees. The plan is administered by an independent trustee, with the assets held separately from those of the Group. Under the scheme, a retired employee is entitled to a benefit based on their completed years of service and salary on the date of leaving service. Contributions to the plan are made in accordance with the recommendations of an independent actuary who values the retirement plan at regular intervals. The latest actuarial valuations of the plans were at 31 December 2016 and were prepared by independent qualified staff of Willis Towers Watson, using the projected unit credit method. The actuarial valuations indicate that the Group’s obligations under these defined benefit retirement plan is 82% (2015: 74%) covered by the plan assets held by the trustees. The plans expose the Group to actuarial risk, such as interest rate risk, investment risk and salary risk. (i) The amounts recognised in the consolidated statement of financial position are as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Present value of funded obligations 资助责任的现值 95,980 99,080 Fair value of plan assets 计划资产之公允值 (78,136) (72,141) Retirement benefit liabilities 退休福利负债 17,844 26,939 A portion of the above liabilities is expected to be settled after more than one year. However, it is not practicable to segregate this amount from the amounts payable in the next twelve months, as the retirement benefit payable to plan members and future contributions to plan assets will also depend on staff revenue and future changes in actuarial assumptions. The Group expects to pay $5,751,000 in contributions to the defined benefit retirement plan in 2017. 19 中介控股公司之贷款（ 续） 中介控股公司之贷款为无抵押，并於二零 一七年九月起均分十五期偿还，承担的利率 为一年期伦敦银行同业折息加1.5%，范围 为2.01%至3.20% （ 二零一五年内为2.01%至 2.59%）。 20 雇员退休金福利 (a) 定额福利退休计划 本集团为其13% （ 二零一五年：13%） 之雇员 提供定额福利退休计划。该计划乃由一名独 立信托人管理，并与本集团之资产分开独立 处理。成员福利乃按雇员之最後薪金及服务 年期计算。计划之供款乃根据一名独立精算 师之建议厘订，该精算师定期为退休计划作 出评估。 根据该计划，退休雇员有权在离职後根据其 完成的服务年资和薪金获得福利。 退休计划之供款乃按照独立精算师之建议而 订立。该计划之最新精算估值乃於二零一六 年十二月三十一日由韦莱韬悦之独立专业合 资格精算师采用预算单位信贷法进行。有关 估值显示本集团根据该界定福利退休计划所 须履行之责任其中82% （ 二零一五年：74%） 受信托人持有之计划资产保障。 该计划令本集团承受精算风险、如利率风 险、投资风险及薪金风险。 (i) 於财务状况表确认之款额如下： 上述部份负债预期将於超过一年後支付。然 而，由於退休福利对计划成员之应付款及对 计划资产之未来供款须视乎精算假设之未来 变动，因此不适宜将该笔款额与未来十二个 月之应付款项分开处理。本集团预计在二零 一七年支付5,751,000元为「 定额福利退休计 划」 的款项。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 106 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 20 Employee retirement benefits (Continued) (a) Defined benefit retirement plan (Continued) (ii) Plan assets consist of the following: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Equity securities 股东 35,239 31,959 Bonds 债券 39,928 40,038 Cash 现金 2,969 144 78,136 72,141 An asset-liability matching study was performed by the trustees periodically to analyse the outcome of the strategic investment policies. The investment portfolio targets a mix of 45% in equity securities across a range of industries and 55% in government bonds (2015: 45% in equity securities across a range of industries and 55% in government bonds). (iii) Movements in the present value of the defined benefit obligations: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 At 1 January 於一月一日 99,080 95,102 Remeasurements: 重估： ― Actuarial losses arising from ― 人口假设变动产生的 changes in demographic assumptions 精算盈利 13 ― ― Actuarial (gains)/losses arising from ― 财务假设变动产生的 changes in financial assumptions 精算亏损 (5,874) 2,026 ― Actuarial (gains)/losses arising from ― 经验变动产生的 changes in experience 精算亏损 (74) 688 (5,935) 2,714 Benefits paid by the plan 计划支付之福利 (3,586) (5,408) Current service cost 现时服务成本 5,085 5,114 Interest cost 利息成本 1,336 1,558 At 31 December 於十二月三十一日 95,980 99,080 The weighted average duration of the defined benefit obligations is 6.3 years (2015: 6.5 years). 20 雇员退休金福利（ 续） (a) 定额福利退休计划（ 续） (ii) 计划资产包括： 於每个周期，受托人会进行资产负债匹配研 究，并分析投资政策策略之结果。投资组合 目标为一系列行业之45%股票证券组合及 55%政府债券。 （ 二零一五年：45%股东证券 组合及55%政府债券）。 (iii) 定额福利负债的现值变动： 定额福利负债之加权平均年期为6.3年（ 二零 一五年：6.5年）。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 107 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 20 Employee retirement benefits (Continued) (a) Defined benefit retirement plan (Continued) (iv) Movements in plan assets: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 At 1 January 於一月一日 72,141 74,987 Contributions paid to the plan by the employer 雇主支付的计划供款 5,670 5,785 Benefits paid by the plan 计划支付之福利 (3,586) (5,408) Interest income 利息收入 1,000 1,267 Return on plan assets, excluding interest income 计划资产之回报（ 不包括利息收入） 3,123 (4,282) Administrative expenses paid from plan assets 计划资产之行政开支 (212) (208) At 31 December 於十二月三十一日 78,136 72,141 (v) Amounts recognised in the consolidated statement of comprehensive income are as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Current service cost 现时服务成本 5,085 5,114 Net interest on net defined benefit liability 定额福利净负债之利息净额 336 291 Administrative expenses paid from plan assets 计划资产之行政开支 212 208 Total amounts recognised in profit or loss 於损益中确认之开支 5,633 5,613 Actuarial (gains)/losses 精算（ 盈利） �u亏损 (5,935) 2,714 Return on plan assets, excluding interest income 计划资产之回报（ 不包括利息收入） (3,123) 4,282 Total amounts recognised in other 於其他全面收益表确认之 comprehensive income (note 9) 开支（ 附注9） (9,058) 6,996 Total defined benefit (income)/costs 定额福利成本总额 (3,425) 12,609 The current service cost, net interest 有关现时服务成本及定额福利 on net defined benefit liability and 净负债之利息净额乃於 administrative expenses paid from plan assets 下列综合收益表内 are recognised in the following line items 之项目中确认： in the consolidated income statement: ― Cost of sales ― 销售成本 808 766 ― Selling and distribution expenses ― 销售及分销开支 2,934 2,956 ― Administrative expenses ― 行政开支 1,891 1,891 5,633 5,613 (vi) Significant actuarial assumptions and a sensitivity analysis are as follows: 2016 2015 二零一六年 二零一五年 Discount rate (p.a.) 贴现率（ 每年） 1.70% 1.40% Expected rate of future salary increases (p.a.) 未来薪酬之预期增长率（ 每年） 4.00%-5.00% 5.00% 20 雇员退休金福利（ 续） (a) 定额福利退休计划（ 续） (iv) 计划资产之变动： (v) 於综合全面收益表确认之开支如下： (vi) 主要的精算假设和敏感度分析如下： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 108 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 20 Employee retirement benefits (Continued) (a) Defined benefit retirement plan (Continued) (vi) (Continued) The analysis set out below shows how the defined benefit obligation as at 31 December 2016 would have increased/(decreased) as a result of a 0.25% change in the significant actuarial assumptions: 2016 2015 二零一六年 二零一五年 Increase Decrease Increase Decrease of 0.25% of 0.25% of 0.25% of 0.25% 增加0.25% 减少0.25% 增加0.25% 减少0.25% $’000 $’000 $’000 $’000 千元 千元 千元 千元 Discount rate 贴现率 (1,518) 1,559 (1,693) 1,741 Salary increase rate 薪酬增长率 1,623 (1,588) 1,782 (1,741) The above sensitivity analysis is based on the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the correlations between the actuarial assumptions. (b) Defined contribution retirement plan (i) Staff employed by the Group in Hong Kong who are not members of the above defined benefit retirement plan are required to join the Group’s mandatory provident fund plan under the Hong Kong Mandatory Provident Fund Schemes Ordinance. The mandatory provident fund plan is a defined contribution retirement plan administered by an independent corporate trustee. Under the plan, the Group and its employees are each required to make contributions to the plan at 5% of the employees’ relevant income, subject to a cap of monthly relevant income of $30,000. Contributions to the plan vest immediately. (ii) Employees of the subsidiaries in the PRC are members of pension schemes operated by the PRC government. The Group is required to contribute 11.00% to 14.00% (2015: 12.00% to 14.00%) of employees’ remuneration to these pension schemes to fund the benefits. The only obligation for the Group with respect to these pension schemes is the required contribution under the central pension scheme. Contributions to these schemes vest immediately. 20 雇员退休金福利（ 续） (a) 定额福利退休计划（ 续） (vi) （ 续） 下列分析说明主要精算假设0.25%之变化对 定额福利负债於二零一六年十二月三十一日 将增加 ／（ 减少） 如下： 上述敏感度分析是假设精算假设之变化互不 相关，因此敏感度分折并不考虑精算假设之 间的相关性。 (b) 定额供款退休计划 (i) 根据香港《 强制性公积金计划条例》，本集 团在香港雇用而并无加入上述定额福利退休 计划的雇员，须加入本集团的强制性公积金 计划。强制性公积金计划乃一个由独立法团 受托人管理的定额供款退休计划。根据有关 计划，本集团及其雇员各自须向计划作出供 款，数额为雇员有关入息的5%，惟每月有关 入息的最高水平为30,000元对计划作出的供 款即时归属。 (ii) 中国附属公司雇员为中国政府营运的中央退 休金计划的成员。本集团须对中央退休金 计划供款作为有关福利提供资金，数额为 雇员酬金的11.00%至14.00% （ 二零一五年： 12.00%至14.00%）。本集团有关中央退休金 计划的唯一义务为根据中央退休金计划须作 出的有关供款。对计划作出的供款即时归属。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 109 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 21 Income tax in the consolidated statement of financial position (a) Deferred tax assets and liabilities recognised: The components of deferred tax assets and liabilities recognised in the consolidated statement of financial position and the movements during the year are as follows: Depreciation Impairment allowances losses for in excess of receivables Retirement the related and benefit depreciation inventories liabilities tax losses total 折旧免税额 应收账项 超逾有关折旧 及存货 退休福利 之数额 之减值亏损 之负债 税项亏损 总额 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 Deferred tax arising from: 递延税项来自： At 1 January 2015 於二零一五年一月一日 54,517 (80) (3,319) (48,631) 2,487 Charged/(credited) to profit or loss 於损益中 (note 6(a)) 扣除�u（ 计入） （ 附注6(a)） 585 28 (26) 269 856 Charged to equity (note 9) 於权益中扣除（ 附注9） ― ― (1,100) ― (1,100) At 31 December 2015 於二零一五年十二月三十一日 and 1 January 2016 及二零一六年一月一日 55,102 (52) (4,445) (48,362) 2,243 Charged/(credited) to profit or loss 於损益中 (note 6(a)) 扣除�u（ 计入） （ 附注6(a)） (761) 19 (7) (29) (778) Credited to equity (note 9) 於权益中计入（ 附注9） ― ― 1,504 ― 1,504 At 31 December 2016 於二零一六年十二月三十一日 54,341 (33) (2,948) (48,391) 2,969 (b) Deferred tax assets not recognised: Deferred tax assets have not been recognised in respect of the following items, which pertain to the subsidiaries in the PRC and the Company: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Tax losses 税项亏损 356,219 474,709 Deductible temporary differences 可抵扣暂时性差异 203,059 278,794 559,278 753,503 In accordance with the accounting policy set out in note 1(p), deferred tax assets have not been recognised in respect of the above items as it is not probable that the relevant entities will generate future taxable profits against which the above items can be utilised. 21 财务状况表所列之所得税项 (a) 已确认之递延税项资产及负债： 於综合财务状况表已确认之递延税项资产及 负债之组成部分及年内之变动如下： (b) 未确认之递延税项资产： 本集团於中国的附属公司及本公司并未就下 列各项目所引致之递延税项资产做出确认： 根据列示於附注1(p)会计政策，由於未能确 定相关附属公司未来能够获得足够应课税盈 利以抵扣其利益，故本集团并未确认上列项 目所引致之递延税项资产。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 110 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 21 Income tax in the consolidated statement of financial position (Continued) (b) Deferred tax assets not recognised: (Continued) The unrecognised tax losses relating to the PRC subsidiaries can be carried forward up to five years from the year in which the loss originated and will expire in the following years: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 2016 二零一六年 ― 134,242 2017 二零一七年 88,481 94,471 2018 二零一八年 34,477 36,812 2019 二零一九年 40,746 43,504 2020 二零二零年 50,266 58,110 2021 二零二一年 37,896 ― 251,866 367,139 The unrecognised tax losses relating to the Company were $104,353,000 (2015: $107,570,000) and do not expire under current tax legislation. 22 Capital, reserves and dividends (a) Movements in components of equity The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company’s individual components of equity between the beginning and the end of the year are set out below: Share Retained capital profits total 股本 收益储备 总额 Note $’000 $’000 $’000 附注 千元 千元 千元 Balance at 1 January 2015 於二零一五年一月一日结余 26 252,524 227,789 480,313 Changes in equity for 2015: 二零一五年权益变动： Actuarial gains and losses of 定额福利退休计划 defined benefit retirement plan, 之精算盈利及亏损 net of tax （ 除税後） ― (5,896) (5,896) Loss for the year 年度亏损 ― (20,253) (20,253) Dividends approved in respect of 上一财政年度批准之股息 the previous year 22(b) ― (3,736) (3,736) Balance at 31 December 2015 於二零一五年十二月三十一日 and 1 January 2016 及二零一六年一月一日结余 252,524 197,904 450,428 Changes in equity for 2016: 二零一六年权益变动： Actuarial gains and losses of 定额福利退休计划 defined benefit retirement plan, 之精算盈利及亏损 net of tax （ 除税後） ― 7,554 7,554 Loss for the year 年度亏损 ― (4,949) (4,949) Balance at 31 December 2016 於二零一六年十二月三十一日 结余 26 252,524 200,509 453,033 21 财务状况表所列之所得税项（ 续） (b) 未确认之递延税项资产： （ 续） 有关中国附属公司未确认的税项亏损自产生 日起五年届满，有关到期年份如下： 本公司未确认的税项亏损为104,353,000元 （ 二零一五年：107,570,000元），并於现行税 务规例下不会到期。 22 股本、储备及股息 (a) 权益部分变动 本集团之综合权益中各部分的年初及年末调 节於综合权益变动表内列载。本公司之各个 权益部分的年初及年末变动详情於以下列 载： (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 111 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 22 Capital, reserves and dividends (Continued) (b) Dividends Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Final dividend in respect of 於年内批准及支付 the previous financial year, approved and 之过往年度末期股息 paid during the year, of Nil per ordinary share 每股普通股零元 (2015: $0.01 per ordinary share) （ 二零一五年：每股普通股0.01元） ― 3,736 (c) Share capital 2016 2015 二零一六年 二零一五年 No. of No. of shares shares 股份数目 股份数目 ’000 $’000 ’000 $’000 千元 千元 Ordinary shares, issued 普通股，已发行 and fully paid: 及缴足股本： At 1 January and 於一月一日及 31 December 十二月三十一日 373,570 252,524 373,570 252,524 In accordance with section 135 of the Hong Kong Companies Ordinance, the ordinary shares of the Company do not have a par value. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. 22 股本、储备及股息（ 续） (b) 股息 於年内批准及支付予本公司权益持有人之过 往年度股息 (c) 股本 根据香港《 公司条例》 第135条，公司股份不 再有票面价值。 普通股持有人有权收取不时宣派的股息，并 可在本公司大会上每持有一股股份投一票。 对於本公司的剩余资产，所有普通股均享有 同等权益。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 112 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 22 Capital, reserves and dividends (Continued) (d) Nature and purpose of reserves (i) Capital reserve The capital reserve represents the reserve arising from the capitalisation of retained profits of PRC subsidiaries. (ii) exchange fluctuation reserve The exchange fluctuation reserve comprises all foreign exchange differences arising from the translation of the financial statements of subsidiaries outside Hong Kong and the foreign exchange differences arising from translation of monetary items that in substance form part of the net investment in subsidiaries outside Hong Kong. The reserve is dealt with in accordance with the accounting policy set out in note 1(s). (e) Distributability of reserves At 31 December 2016, the aggregate amount of reserves available for distribution to equity shareholders of the Company, as calculated under the provision of Part 6 of the Hong Kong Companies Ordinance, was $200,509,000 (2015: $197,904,000). (f) Capital management The Group’s primary objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products commensurately with the level of risk and by securing access to finance at a reasonable cost. The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions. Consistent with industry practice, the Group monitors its capital structure on the basis of an adjusted net-debt to equity ratio. For this purpose the Group defines adjusted netdebt as loan from an intermediate holding company plus unaccrued proposed dividends, less bank deposits and cash and cash equivalents. Adjusted capital comprises all components of equity less unaccrued proposed dividends. During 2016, the Group’s strategy was to maintain the adjusted net-debt to equity ratio at a reasonable level, not exceeding 100%. In order to maintain or adjust the ratio, the Group may issue new shares or sell assets to reduce debt. 22 股本、储备及股息（ 续） (d) 备性质及用途 (i) 资本储备 资本储备乃指一间中国附属公司之保留盈利 资本化而产生之储备。 (ii) 汇兑波动储备 汇兑波动储备包括因换算香港以外之附属公 司财务报表产生之所有汇兑差额及因换算货 币项目（ 实则部份属於外地附属公司之净投 资） 之汇兑差额。该储备根据附注 1(s)所载之 会计政策而处理。 (e) 分派储备 於 二 零 一 六 年 十 二 月 三 十 一 日， 按 新 香 港《 公司条例》 第6部之条文计算，可供分 派储备予本公司权益持有人之储备总额为 200,509,000元（二 零 一 五 年：197,904,000 元）。 (f) 资本管理 本集团管理资本的主要目标是要保障集团能 够持续经营，从而继续为股东提供回报及为 其他持股份者带来好处；以风险水平相称为 产品定价，以及确保获得合理的融资成本。 本集团积极及定期对资本架构展开检讨及管 理，以在较高股东回报情况下可能伴随之较 高借贷水平与良好的资本状况带来的优势及 保障之间取得平衡，并因应经济环境的变化 对资本架构作出调整。 本集团以资本净负债比率为基础监控其资本 架构，与本行业所应用一致。因为这个目 的，本集团定明经调整净负债为中介控股公 司之贷款及未计提拟派股息减银行存款及现 金及等同现金项目。经调整资本包括所有权 益组成部分减未计提拟派股息。 於二零一六年，本集团之策略是控制经调整 资本净负债比率於100%范围内。为了维持 或调整该比率，本集团或会发行新股，向股 东新举债或出售资产以减低债项。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 113 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 22 Capital, reserves and dividends (Continued) (f) Capital management (Continued) The net-debt to equity ratio at 31 December 2016 and 2015 was as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Loan from an intermediate 银行贷款及中介 holding company less 控股公司之贷款 bank deposits and cash and 减银行存款及现金 cash equivalents 及等同现金项目 33,139 42,147 Adjusted net debt 经调整负债净额 33,139 42,147 Equity 权益 558,084 544,986 Adjusted capital 经调整资本 558,084 544,986 Adjusted net-debt to equity ratio 经调整资本净负债比率 6% 8% Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements. 23 financial risk management and fair values Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group’s business. The Group’s exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below. (a) Credit risk The Group’s credit risk is primarily attributable to trade and other receivables, bank deposits and cash and cash equivalents. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit limits are offered to customers following a financial assessment and an established payment record. The general credit period is payment by the end of the month following the month in which sales take place. Security in the form of mortgages, cash deposits or bank guarantees is obtained from certain customers. Customers who are considered to have higher credit risk are required to trade on a cash basis. Credit control staff monitor trade receivables and follow up collections. 22 股本、储备及股息（ 续） (f) 资本管理（ 续） 於二零一六年及二零一五年十二月三十一日 之资本净负债比率如下： 本公司或任何附属公司并无受制外在资本需 求。 23 金融风险管理及公允价值 本集团在一般业务过程中存在信贷、流动资 金、利率风险及外汇风险。本集团面对该等 风险程度及本集团所采用管理该等风险之财 务管理政策及惯列，载述如下。 (a) 信贷风险 本集团的信贷风险主要来自应收贸易及其他 账项及现金及等同现金项目。管理层订有信 贷政策，而且会持续监察该等信贷风险。 信贷限额乃於进行财务评估後及基於已建立 的付款记录而厘定。一般信贷於销售月份後 的月份完结时到期。本集团会从某些客户取 得按揭、银行存款或银行担保作为抵押。若 认为客户有较高信用风险，则以现金进行交 易。信贷监控人员会监察应收贸易款项及跟 进收款。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 114 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 23 financial risk management and fair values (Continued) (a) Credit risk (Continued) The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. At the end of the reporting period, 25% (2015: 19%) and 77% (2015: 56%) of the total trade and other receivables was due from the Group’s largest customer and the five largest customers respectively. The Group do not provide any guarantees which would expose the Group to credit risk. The Group’s bank deposits and cash and cash equivalents are placed with financial institutions with sound credit ratings and the management considers the Group’s exposure to credit risk is low. The Group’s exposure to the credit risk and its policies for managing such risk were unchanged from 2015. (b) Liquidity risk Individual operating entities within the Group are responsible for their own cash management. The Group regularly monitors its liquidity requirements to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions and related parties to meet its liquidity requirements in the short and longer term. 23 金融风险管理及公允价值（ 续） (a) 信贷风险（ 续） 本集团之信贷风险主要受个别客户的性质影 响。於结算日，25% （ 二零一五年：19%） 及 77% （ 二零一五年：56%） 的应收贸易及其他 账项分别来自本集团最大客户及五大客户。 本集团并无因作出其他担保而面对信贷风险。 本集团的现金及等同现金项目是存放於信用 评级良好的金融机构。因此，管理层认为本 集团面对的信用风险为低。 本集团承受的信贷风险及其管理政策与二零 一五年相同。 (b) 流动资金风险 个别经营实体须负责其本身的现金管理及按 照本集团政策定期监察其流动资金需要，以 确保其维持充裕之现金储备及主要财务机构 承诺提供足够资金额度，以满足其短期及长 期之流动资金需求。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 115 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 23 financial risk management and fair values (Continued) (b) Liquidity risk (Continued) The following table shows the remaining contractual maturities at the end of the reporting period of the Group’s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period) and the earliest date the Group can be required to pay: 2016 二零一六年 Contractual undiscounted cash outflow 合约上未贴现的现金流量 More than More than Within 1 year but 2 years but 1 year or less than less than Carrying on demand 2 years 5 years total amount 一年内或 於要求时 一年後 两年後 到期 但两年内 但五年内 总额 账面额 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 Trade and other payables 应付贸易及其他账项 88,578 ― ― 88,578 88,578 Loan from an intermediate 中介控股公司之贷款 holding company 31,571 55,611 119,159 206,341 190,858 Amounts due to holding companies 应付控股公司 and fellow subsidiaries 及同系附属公司账项 6,990 ― ― 6,990 6,990 Amounts due to related companies 应付关连公司账项 6,130 ― ― 6,130 6,130 133,269 55,611 119,159 308,039 292,556 2015 二零一五年 Contractual undiscounted cash outflow 合约上未贴现的现金流量 More than More than Within 1 year but 2 years but 1 year or less than less than Carrying on demand 2 years 5 years Total amount 一年内或 於要求时 一年後 两年後 到期 但两年内 但五年内 总额 账面额 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 Trade and other payables 应付贸易及其他账项 104,460 ― ― 104,460 104,460 Loan from an intermediate 中介控股公司之贷款 holding company 5,193 55,550 145,557 206,300 190,747 Amounts due to holding companies 应付控股公司 and fellow subsidiaries 及同系附属公司账项 5,375 ― ― 5,375 5,375 Amounts due to related companies 应付关连公司账项 5,016 ― ― 5,016 5,016 120,044 55,550 145,557 321,151 305,598 23 金融风险管理及公允价值（ 续） (b) 流动资金风险（ 续） 下表就本集团於结算日财务负债之尚余合约 期限作详细分析，并以订约未贴现现金流量 （ 即包括按订约息率计算之利息支出，或如属 浮息类别，按结算日当日之息率计算之利息 支出） 及本集团可被追索之最早还款日期作 出分析基准。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 116 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 23 financial risk management and fair values (Continued) (c) Interest rate risk The Group’s interest rate risk arises primarily from interest-bearing borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group monitors the level of its variable rate borrowings. The Group’s interest rate profile as monitored by management is set out in (i) below. (i) Interest rate profile The following table details the interest rate profile of the Group’s loan from an intermediate holding company at the end of the reporting period: 2016 2015 二零一六年 二零一五年 effective Effective interest interest rate Amount rate Amount 实际利率 金额 实际利率 金额 % $’000 % $’000 % 千元 % 千元 Variable rate borrowings: 浮动利率贷款： ― Loan from an intermediate ― 中介控股公司之贷款 holding company 3.20 190,858 2.59 190,747 (ii) Sensitivity analysis At 31 December 2016, it is estimated that a general increase/decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/increased the Group’s profit after taxation and the Group’s retained profits by approximately $1,909,000 (2015: increased/ decreased the Group’s loss after taxation and retained profits by approximately $1,907,000). The tax effect was assumed to be nil as the entity which has drawn down the loan had unrecognised tax losses for deferred tax purposes and it is not probable that it will generate future taxable profits against which the tax losses can be utilised. The sensitivity analysis above indicates the instantaneous change in the Group’s profit/(loss) after taxation and retained profits in respect of the exposure to cash flow interest rate risk arising from floating rate instruments held by the Group at the end of the reporting period. The impact on the Group’s profit/(loss) after taxation and retained profits is estimated as an annualised impact on interest expense of such a change in interest rates. 23 金融风险管理及公允价值（ 续） (c) 利率风险 本集团之利率风险主要由计息贷款产生。本 集团会监控浮动利率的贷款水平。本集团由 管理层监控的利率结构载於下文(i)。 (i) 利率结构 下表为本集团於结算日之中介控股公司之贷 款之利率结构： (ii) 敏感性分析 於二零一六年十二月三十一日，估计利率上 升�u下跌一百点子，在其他可变动因素保持 不变的情况下，本集团本年度除税後盈利及 累计盈利将减少�u增加约1,909,000元（ 二零 一五年：本集团除税後盈利及累计盈利将增 加�u减少1,907,000元）。由於未能确定未来 能够获得足够应课税盈利以抵扣税务亏损， 举债公司并未确认税务亏损所致之递延税 项，因此假设并无税务影响。 以上敏感性分析显示本集团的除税後盈利�u （ 亏损） 及累计盈利之即时变化，乃由於本集 团於结算日所持有的浮动利率工具，引致本 集团面临现金流利率风险所产生。本集团除 税後盈利�u（ 亏损） 及累计盈利的影响是以该 等利率变化对利息费用的年度影响作估计。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 117 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 23 financial risk management and fair values (Continued) (d) Currency risk The Group is exposed to currency risk primarily through sales, purchases, borrowings, expenses and recharges amongst group entities which give rise to receivables, payables, loans and cash balances that are denominated in a foreign currency, i.e. a currency other than the functional currency of the operations to which the transactions relate. The currencies giving rise to this risk are primarily United States dollars, Euros and Japanese Yen. For group entities whose functional currency is Hong Kong dollars, all sales and purchases are denominated in either Hong Kong dollars or United States dollars, except for certain purchases from Europe or Japan. Given that Hong Kong dollar is pegged to the United States dollar, management do not expect that there will be any significant currency risk associated with such United States dollar denominated transactions. For transactions denominated in Euros and Japanese Yen, management monitor the level of exposure closely and take actions such as an earlier settlement considering movements in the exchange rate. For group entities whose functional currency is Renminbi, except for certain transactions amongst group entities that are denominated in either Hong Kong dollars or United States dollars, most of other transactions are denominated in Renminbi. For those transactions amongst group entities denominated in United States dollars or Hong Kong dollars, management consider the transaction amounts are not significant and the exposure to currency risk is low. The Group’s exposure to currency risk and its policies for managing such risk were unchanged from 2015. 23 金融风险管理及公允价值（ 续） (d) 外汇风险 本集团主要因买卖交易，借款，集团之间 的费用及回付产生以外币（ 即就该交易而言 并非相关业务之功能货币） 为单位之应收账 款、应付账款、借款及现金结存，因而面对 外汇风险。引致外币风险之货币主要包括美 元、欧罗及日元。 对於集团内以港元作功能货币的各个实体， 除某些货品由欧洲或澳洲进行采购外，所有 销货及购货均以港元或美元作交易货币。由 於港元与美元挂�h，故本集团预期美元�u港 元汇率不会有大幅变动。至於以欧罗计价之 交易，管理层密切监控其面对的风险水平， 并应因汇率变动采取措施，如提前结帐。至 於以澳元计价之交易，由於以该等货币计价 的交易量不多，故本集团认为须面对的有关 外汇风险不大。 对於集团内以人民币作功能货币的各个实 体，除了对集团内交易是以港元或美元作单 位，其他交易是以人民币作单位。有关集团 内以美元或港元作单位的交易，管理层认为 交易金额不重大，须面对的有关外汇风险不 大。 本集团承受外汇风险及其管理政策与二零 一五年相同。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 118 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 23 financial risk management and fair values (Continued) (d) Currency risk (Continued) (i) exposure to currency risk The following tables detail the Group’s significant exposure at the end of the reporting period to currency risk arising from recognised assets or liabilities denominated in a currency other than the functional currency of the entity to which they relate. For presentation purposes, the amounts of the exposure are shown in Hong Kong dollars, translated using the spot rates at the year end date. Differences resulting from the translation of the financial statements of subsidiaries outside Hong Kong into the Group’s presentation currency and the exposure arising from the borrowings from group entities that in substance form part of the net investment in subsidiaries are excluded. exposure to foreign currencies (expressed in Hong Kong dollars) 外币风险（ 按港元计算） 2016 2015 二零一六年 二零一五年 united United States States dollars euros Jpy dollars Euros JPY 美元 欧罗 日元 美元 欧罗 日元 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 Trade and other receivables 应收贸易及其他账项 834 1,220 ― 2,107 41 ― Amounts due from holding 应收控股公司 companies and fellow 及同系附属公司账项 subsidiaries 8,390 ― ― 7,132 ― ― Bank deposits 银行存款 23,394 ― ― 15,502 ― ― Cash and cash equivalents 现金及等同现金项目 14,090 8 13 8,417 15 13 Trade and other payables 应付贸易及其他账项 (6,395) (1,388) ― (4,668) (234) ― Loan from an intermediate 中介控股公司之贷款 holding company (190,858) ― ― (190,747) ― ― Amounts due to holding 应付控股公司 companies and fellow 及同系附属公司账项 subsidiaries (6,990) ― ― (5,311) ― ― Amounts due to related 应付关连公司账项 companies (1,844) (5) (753) (611) (5) (66) Net exposure 风险承担净额 (159,379) (165) (740) (168,179) (183) (53) 23 金融风险管理及公允价值（ 续） (d) 外汇风险（ 续） (i) 承受之外汇风险 下表就本集团结算日并非以相关实体功能货 币计值的已确认资产或负债所承受之外汇风 险作出详细分析。下表不包括集团内因对附 属公司作出借款（ 该借款实际为组成对附属 公司的净投资的一部份） 而产生的风险。下 表的金额乃按结算日之汇率兑换为港币作呈 列之用。因汇兑香港以外附属公司之财务报 表为本集团的呈列货币而产生的差额并不包 括在内。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 119 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 23 financial risk management and fair values (Continued) (d) Currency risk (Continued) (ii) Sensitivity analysis The following table indicates the instantaneous change in the Group’s profit/(loss) after taxation and retained profits that would have arisen if foreign exchange rates to which the group entities had significant exposure at the end of the reporting period had changed at that date, assuming all other risk variables remained constant. In this respect, it is assumed that the pegged rate between the Hong Kong dollar and the United States dollar would be materially unaffected by any changes in movement in value of the United States dollar against other currencies. Also, the tax effect was assumed to be nil for the entities which had unrecognised tax losses for deferred tax purposes since it is not probable that they will generate future taxable profits against which tax losses could be utilised. 2016 2015 二零一六年 二零一五年 Increase/ Decrease/ Increase/ Increase/ (decrease) (increase) Decrease/ (decrease) (decrease) Decrease/ in foreign in profit (increase) in foreign in loss (increase) exchange after in retained exchange after in retained rates taxation profits rates taxation profits 外汇汇率 除税後盈利 累计盈利 外汇汇率 除税後亏损 累计盈利 上升�u 减少�u 减少�u 上升�u 增加�u 减少�u （ 下跌） （ 增加） （ 增加） （ 下跌） （ 减少） （ 增加） $’000 $’000 $’000 $’000 千元 千元 千元 千元 United States dollars 美元 10% 569 569 10% (483) 483 (10)% (569) (569) (10)% 483 (483) Euros 欧罗 10% 16 16 10% (18) 18 (10)% (16) (16) (10)% 18 (18) JPY 日元 10% 74 74 10% (5) 5 (10%) (74) (74) (10%) 5 (5) Results of the analysis as presented in the above table represent an aggregation of the instantaneous effects on each of the Group entities’ profit or loss measured in the respective functional currencies, translated into Hong Kong dollars at the exchange rate ruling at the end of the reporting period for presentation purposes. The sensitivity analysis assumes that the change in foreign exchange rates had been applied to re-measure those financial instruments held by the Group which expose the Group to foreign currency risk at the end of the reporting period, including inter-company payables and receivables within the Group which are denominated in a currency other than the functional currency of the lender or the borrower. The analysis excludes differences that would result from the translation of the financial statements of subsidiaries outside Hong Kong into the Group’s presentation currency and the borrowings from group entities that in substance form part of the net investment in subsidiaries. The analysis has been performed on the same basis as for 2015. 23 金融风险管理及公允价值（ 续） (d) 外汇风险（ 续） (ii) 敏感性分析 下表显示本集团於结算日时具重大风险之 外币汇率於当日变动对本集团之除税後（ 亏 损） �u盈利及累计盈利之即时影响，已假设 其他风险变数不变。就此而言，已假设港元 及美元之间的联系汇率大致上不受美元兑其 他货币之价值变动所影响。并且，由於未能 确定未来能够获得足够应课税盈利以抵扣税 务亏损，实体有未确认税务亏损所致之递延 税项，因此假设并无税务影响。 上表所呈列之分析结果指本集团各个实体以 个别功能货币计量（ 为呈报目的，已按结算 日之汇率兑换为港元） 之本年度损益之即时 合并影响。 敏感性分析已假设外币汇率之变动已用於重 新计量本集团所持有并於结算日使本集团面 临外汇风险之金融工具，包括集团间以并非 借方或贷方之功能货币作单位的应收及应付 账项。此变动代表管理层对截至下一年度结 算日的汇率可能变动的合理评估。此分析不 包括将香港以外附属公司之财务报表换算成 本集团之呈列货币所产生之差额。该项分析 按与二零一五年相同之基准进行。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 120 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 23 financial risk management and fair values (Continued) (e) Fair value Except for the loan from an intermediate holding company (note 19), other non-trade balances with holding companies, fellow subsidiaries and related companies are unsecured, interest-free and have no fixed repayment terms. Given these terms, it is not meaningful to disclose their fair values. All other significant financial assets and liabilities are carried at amounts not materially different from their fair values as at 31 December 2016 and 2015. (f) Offsetting financial assets and financial liabilities Provision for discounts, rebates and promotional incentives of $28,653,000 (2015: $32,094,000) are either included in trade and other payables or offset against trade receivables when the Group has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis. The Group holds cash deposits as collateral over certain trade receivables, which are included in trade payables and not offset against trade receivables as the Group does not have a legally enforceable right to set off the recognised amounts. The following tables set out the carrying amounts of recognised financial instruments that are subject to the above arrangements. 2016 二零一六年 Related Gross amounts Related amounts of recognised financial Net amounts not offset in financial instruments presented the statement instruments in offset in the in the of financial the statement statement of statement of position ― cash of financial financial financial collateral position position position received Net amount 於财务状况表 於财务状况表 於财务状况表没有 已确认金融工具 抵销相关金融 於财务状况表 抵销相关之款项 ― 之金额 工具之金额 之净额 收取现金抵押品 净额 Note $’000 $’000 $’000 $’000 $’000 附注 千元 千元 千元 千元 千元 Financial assets 金融资产 Trade and other receivables 应收贸易及其他账项 15 ― Trade receivables ― 应收贸易账项 71,726 (26,641) 45,085 (2,397) 42,688 ― Financial assets not in the scope ― 金融资产不在抵销 of offsetting disclosures 之披露范围 12,758 ― 12,758 ― 12,758 Financial liabilities 金融负债 Trade and other payables 应付贸易及其他账项 18 ― Trade payables ― 应付贸易账项 64,205 (26,641) 37,564 ― 37,564 ― Financial liabilities not in the scope ― 金融负债不在抵销 of offsetting disclosures 之披露范围 51,054 ― 51,014 ― 51,014 23 金融风险管理及公允价值（ 续） (e) 公允价值 与控股公司，同系附属公司及关连公司的非 贸易账项结余均为无抵押及免息且无固定还 款期，中介控股公司贷款（ 附注19） 除外。 监於该等条款，披露其公允值之意义不大。 所有其他重大金融资产及负债的账面价值 均与其於二零一六年及二零一五年十二月 三十一日的公允价值并无重大差异。 (f) 金融资产及金融负债抵销 折扣、回佣及推广优惠计提共28,653,000元 (二零一五年：32,094,000元)一般会计入应 付贸易及其他账项。若本集团有权合法强制 抵销已确认金额，并拟按净额基准结算时， 会与应收贸易账项於综合财务状况表内互相 抵销。 本集团持有现金按金作为若干应收贸易账项 之抵押品，该等按金计入应付贸易账项中， 并无与应收贸易账项互相抵销，原因为本集 团并无合法强制抵销该等已确认金额之权力。 下表载列受上述安排限制之已确认金融工具 之账面值。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 121 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 23 financial risk management and fair values (Continued) (f) Offsetting financial assets and financial liabilities (Continued) 2015 二零一五年 Related Gross amounts Related amounts of recognised financial Net amounts not offset in financial instruments presented the statement instruments in offset in the in the of financial the statement statement of statement of position ― cash of financial financial financial collateral position position position received Net amount 於财务状况表 於财务状况表 於财务状况表没有 已确认金融工具 抵销相关金融 於财务状况表 抵销相关之款项 ― 之金额 工具之金额 之净额 收取现金抵押品 净额 Note $’000 $’000 $’000 $’000 $’000 附注 千元 千元 千元 千元 千元 Financial assets 金融资产 Trade and other receivables 应收贸易及其他账项 15 ― Trade receivables ― 应收贸易账项 76,877 (25,908) 50,969 (2,510) 48,459 ― Financial assets not in the scope ― 金融资产不在抵销 of offsetting disclosures 之披露范围 17,803 ― 17,803 ― 17,803 Financial liabilities 金融负债 Trade and other payables 应付贸易及其他账项 18 ― Trade payables ― 应付贸易账项 72,208 (25,908) 46,300 ― 46,300 ― Financial liabilities not in the scope ― 金融负债不在抵销 of offsetting disclosures 之披露范围 58,160 ― 58,160 ― 58,160 The gross amounts of financial assets and financial liabilities and their net amounts as presented in the statement of financial position that are disclosed in the above tables are measured in the statement of financial position at amortised cost. The amounts in the above tables that are offset in the statement of financial position are measured on the same basis. 23 金融风险管理及公允价值（ 续） (f) 金融资产及金融负债抵销（ 续） 上表所披露有关於财务状况表中呈列之金融 资产及金融负债之金额，以及於财务状况表 中其净额是按摊销成本列账。 上表所列已於财务状况表中抵销之金额乃按 相同基准列账。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 122 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 24 Commitments (a) Capital commitments outstanding at 31 December 2016 not provided for in the financial statements were as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Contracted for 已订约 ― ― Authorised but not contracted for 已批准但未订约 8,437 6,750 8,437 6,750 (b) At 31 December 2016, the total future minimum lease payments under non-cancellable operating leases were payable as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Land and buildings 土地及房产 Within 1 year 一年内 1,231 1,309 After 1 year but within 5 years 一年後但五年内 ― 1,218 1,231 2,527 The Group, as a lessee, leases a number of properties under operating leases. The leases typically run for an initial period of one to four years with an option to renew each lease upon expiry when all terms are renegotiated. None of the leases includes contingent rentals. 24 承担 (a) 於二零一六年十二月三十一日，未在 财务报表中拨备之未付资本承担详情 如下： (b) 於二零一六年十二月三十一日，根据 不可撤销经营租赁而应付之未来最低 租赁款项如下： 本集团作为承租人根据经营租赁而租赁多项 房产。该等租赁一般初步为期一至四年，并 且有权选择在到期日後续期，届时所有条款 均可重新商定。各项经营租赁并不包括或然 租金。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 123 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 25 Material related party transactions In addition to the transactions and balances disclosed elsewhere in these financial statements, the Group entered into the following material related party transactions: (a) transactions with group companies Due from/(to) Amounts balances at year end 金额 应收�u（ 付） 年底结存 2016 2015 2016 2015 二零一六年 二零一五年 二零一六年 二零一五年 Note $’000 $’000 $’000 $’000 附注 千元 千元 千元 千元 Purchases from 购自 (i) ― intermediate holding companies ― 中介控股公司 2,344 2,982 (448) (342) ― fellow subsidiaries ― 同系附属公司 369 4,674 (48) (60) ― related companies ― 关连公司 26,311 21,856 (2,544) (957) Sales to 售予 (i) ― an intermediate holding company ― 中介控股公司 190,031 180,422 15,135 7,124 ― fellow subsidiaries ― 同系附属公司 260 133 13 16 Royalty payments to 支付专利权费用 (ii) ― intermediate holding companies ― 中介控股公司 157 151 (12) (12) ― a related company ― 关连公司 1,702 2,116 (3,586) (4,059) Interest expense payable to 利息支出 ― an intermediate holding ― 中介控股公司 company (iii) 5,454 4,373 (514) (405) Advertising and promotion subsidy 收中介控股公司广告 from an intermediate holding 及市场推广补贴 company (iv) 21,038 24,895 ― ― Notes: (i) Sales to and purchases from group companies were carried out at terms mutually agreed by both parties. The terms of the outstanding balances are set out in note 16. Related companies are related to the Group as their ultimate holding company has a significant influence over the Group. (ii) Royalties are payable to intermediate holding companies and a minority shareholder for the use of certain trademarks pursuant to relevant licensing agreements. During the year, an intermediate holding company waived royalties payable by the Group amounting to $447,231 (2015: $871,000), which is not included in the amounts disclosed above. (iii) Interest expense was paid for the loan from an intermediate holding company. (iv) Advertising and promotion subsidy was received from an intermediate holding company for promotion of certain brands in the PRC. These transactions also constitute connected transactions under the Listing Rules, except for the purchases from related companies, which the directors do not consider to be connected transactions under the Listing Rules. 25 重大关连人士交易 除本财务报表另有披露之交易及结余外，本 集团已订立以下重大关连人士交易： (a) 集团内主要关连交易 附注： (i) 此等交易按双方同意之条款进行。有关其 结余之条款於附注16内列明。 关连公司与本集团有关连因其最终控股公 司对本集团有重大影响。 (ii) 专利权是指就有关特许合同所订，因使用 个别商标支付予中介控股公司及非控股股 东的费用。 於本年度，中介控股公司撤回本集团的 专利权费用共447,231元（ 二零一五年： 871,000元），此金额并没有包括在以上所 披露的金额中。 (iii) 利息支出乃自中介控股公司的贷款。 (iv) 从中介控股公司收取的广告及市场推广补 贴乃补贴若干品牌在中国的推广。 根据上市规则，此等交易（ 购自关连公司之 交易除外） 构成关连交易。因应有关条例， 本公司董事对采购自关连公司交易不考虑为 关连交易。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 124 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 25 Material related party transactions (Continued) (b) Other transactions with group companies Due from/(to) Amounts balances at year end 金额 应收�u（ 付） 年底结存 2016 2015 2016 2015 二零一六年 二零一五年 二零一六年 二零一五年 $’000 $’000 $’000 $’000 千元 千元 千元 千元 Expenses paid by the Group 由本集团代关连公司 on behalf of group companies 代支费用 ― intermediate holding ― 中介控股公司 companies 458 916 8 ― ― fellow subsidiaries ― 同系附属公司 16 31 11 17 ― a related company ― 关连公司 6,308 2,923 1,532 262 Expenses paid by group 由关连公司代本集团 companies on the Group’s 代支费用 behalf ― intermediate holding ― 中介控股公司 companies 4,498 3,645 (5,967) (4,549) ― fellow subsidiaries ― 同系附属公司 ― ― (1) (7) (c) Key management personnel remuneration Remuneration for key management personnel of the Group, including amounts paid to the Company’s directors as disclosed in note 7 and the highest paid employees as disclosed in note 8, is as follows: 2016 2015 二零一六年 二零一五年 $’000 $’000 千元 千元 Short-term employee benefits 短期雇员福利 17,110 17,420 Post-employment benefits 离职後福利 1,681 1,622 18,791 19,042 Total remuneration is included in “staff costs” (see note 5(b)). 25 重大关连人士交易（ 续） (b) 集团内其他关连交易 (c) 主要管理人员酬金 本集团主要管理人员之酬金（ 包括附注7所披 露向本公司董事支付之款项及附注8所披露 向若干最高薪雇员支付之款项） 如下： 总酬金已计入「 员工薪酬」 内（ 见附注5(b)）。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 125 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 26 Company ― level statement of financial position 2016 2015 二零一六年 二零一五年 Note $’000 $’000 附注 千元 千元 Non-current assets 非流动资产 Property, plant and equipment 物业，机器及设备 371,868 375,557 Interests in leasehold land held for 在经营租赁下自用而持有的 own use under operating leases 租赁土地权益 53,202 54,946 425,070 430,503 Intangible assets 无形资产 4,781 4,781 Investments in subsidiaries 附属公司权益 624,192 630,148 1,054,043 1,065,432 Current assets 流动资产 Inventories 存货 33,470 31,696 Trade and other receivables 应收贸易及其他账项 48,902 57,456 Amounts due from holding companies 应收控股公司 and fellow subsidiaries 及同系附属公司账项 8,390 7,131 Amount due from a subsidiary 应收附属公司账项 ― 130 Amounts due from related companies 应收关连公司账项 1,532 262 Bank deposits 银行存款 46,602 15,502 Cash and cash equivalents 现金及等同现金项目 72,329 96,134 211,225 208,311 Current liabilities 流动负债 Trade and other payables 应付贸易及其他账项 (41,354) (45,754) Loan from an intermediate holding 中介控股公司之贷款 company (25,448) ― Amounts due to holding companies 应付控股公司 and fellow subsidiaries 及同系附属公司账项 (1,586) (983) Amounts due to related companies 应付关连公司账项 (2,604) (891) (70,992) (47,628) Net current assets 流动资产净值 140,233 160,683 26 本公司 ― 财务状况表 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 126 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 26 Company ― level statement of financial position (Continued) 2016 2015 二零一六年 二零一五年 Note $’000 $’000 附注 千元 千元 total assets less current liabilities 总资产减流动负债 1,194,276 1,226,115 Non-current liabilities 非流动负债 Loan from an intermediate holding 中介控股公司之贷款 company (165,410) (190,747) Amounts due to subsidiaries 应付附属公司账项 (557,989) (558,001) Retirement benefit liabilities 退休福利负债 (17,844) (26,939) (741,243) (775,687) Net ASSetS 资产净值 453,033 450,428 CApItAL AND ReSeRVeS 股本及储备 22(a) Share capital 股本 252,524 252,524 Other reserves 其他储备 200,509 197,904 tOtAL eQuIty 权益总额 453,033 450,428 Approved and authorised for issue by the board of directors on 24 February 2017. Ramon S. Ang 蔡��文 Ramon G. torralba 杜华博 Director 董事 Director 董事 26 本公司 ― 财务状况表（ 续） 经由董事会於二零一七年二月二十四日批准 及授权刊发。 (Expressed in Hong Kong dollars unless otherwise indicated) （ 除另有指示外，均按港币计算） 127 NOTES TO THE FINANCIAL STATEMENTS 财务报表附注 香港生力啤酒厂有限公司 二零一六年年报 27 Immediate and ultimate controlling party At 31 December 2016, the directors consider the immediate parent and ultimate controlling party of the Group to be Neptunia Corporation Limited and Top Frontier Investment Holdings, Inc. respectively. Neptunia Corporation Limited is incorporated in Hong Kong while Top Frontier Investment Holdings, Inc. is incorporated in the Republic of the Philippines. Top Frontier Investment Holdings, Inc. produces financial statements available for public use. 28 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 december 2016 Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and new standards which are not yet effective for the year ended 31 December 2016 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group: effective for accounting periods beginning on or after Amendments to HKAS 7, Statement of cash flows: 1 January 2017 Disclosure initiative HKFRS 9, Financial instruments 1 January 2018 HKFRS 15, Revenue from contracts with customers 1 January 2018 HKFRS 16, Leases 1 January 2019 The Group is in the process of making an assessment of what the impact of these amendments and new standards is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. 27 直接及最终控股公司 於二零一六年十二月三十一日，董事认为本 集团的直接母公司及最终控股公司分别为 立端利有限公司及Top Frontier Investment Holdings, Inc.。立端利有限公司於香港注册 成立而Top Frontier Investment Holdings, Inc. 则於菲律宾共和国注册成立。Top Frontier Investment Holdings, Inc.编制财务报表予公 众使用。 28 已颁布但未於截至二零一六年十二 月三十一日止年度生效的准则修 订、新准则及诠释可能造成的影响 截至本财务报表刊发日，香港会计师公会已 颁布多项於截至二零一六年十二月三十一日 止年度仍未生效的准则修订及新准则，而本 财务报表并无采纳该等修订及新准则。其 中，以下与本集团有关： 於下列日期或 之後开始之 会计期间生效 香港会计准则第7号（ 修订）， 二零一七年 现金流量表 「 披露计划」 一月一日 香港财务报告准则第9号 二零一八年 「 金融工具」 一月一日 香港财务报告准则第15号 二零一八年 「 客户合约收益」 一月一日 香港财务报告准则第16号 二零一九年 「 租赁」 一月一日 本集团正评估该等准则修订於首次应用时之 影响，到目前为止，本集团认为采纳该等准 则修订对本集团综合财务报表构成重大影响 的可能性不大。 128 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 Independent auditor’s report to the members of San Miguel Brewery Hong Kong Limited (Incorporated in Hong Kong with limited liability) oPINIoN We have audited the consolidated financial statements of San Miguel Brewery Hong Kong Limited and its subsidiaries (together “the Group”) set out on pages 64 to 127, which comprise the consolidated statement of financial position as at 31 December 2016, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2016 and of its consolidated financial performance and its consolidated cash flow for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance. baSIS for oPINIoN We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”) and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. KEY aUdIT MaTTErS Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 致香港生力啤酒厂有限公司成员 （ 於香港注册成立的有限公司） 意见 本核数师（ 以下简称「 我们」） 已审计列载於第64 至127页的香港生力啤酒厂有限公司（ 以下简称 「 贵公司」） 及其附属公司（ 以下统称「 贵集团」） 的综合财务报表，此财务报表包括於二零一六年 十二月三十一日的综合财务状况表与截至该日止 年度的综合收益表、综合全面收益表、综合权益 变动表和综合现金流量表，以及综合财务报表附 注，包括主要会计政策概要。 我们认为，该等综合财务报表已根据香港会计师 公会颁布的《 香港财务报告准则》 真实而中肯地反 映了贵集团於二零一六年十二月三十一日的综合 财务状况及截至该日止年度的综合财务表现及综 合现金流量，并已遵照香港《 公司条例》 妥为拟 备。 意见的基础 我们已根据香港会计师公会颁布的《 香港审计准 则》 进行审计。我们在该等准则下承担的责任已 在本报告「 核数师就审计综合财务报表承担的责 任」 部分中作进一步阐述。根据香港会计师公 会颁布的《 专业会计师道德守则》（ 以下简称「 守 则」），我们独立於贵集团，并已履行守则中的其 他专业道德责任。我们相信，我们所获得的审计 凭证能充足及适当地为我们的审计意见提供基础。 关键审计事项 关键审计事项是根据我们的专业判断，认为对本 期综合财务报表的审计最为重要的事项。这些事 项是在我们审计整体综合财务报表及出具意见时 进行处理的。我们不会对这些事项提供单独的意 见。 129 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 香港生力啤酒厂有限公司 二零一六年年报 Assessing potential impairment of property, plant and equipment ― Hong Kong brewery operations 评估物业、机器及设备 ― 香港酿酒业务的潜在减值 Refer to note 11 to the consolidated financial statements and the accounting policies on pages 74-76 请参阅综合财务报表附注11及第74至76页的会计政策 the key audit matter 关键审计事项 How the matter was addressed in our audit 关键审计事项在审核中处理方法 In view of the loss incurred by the Group’s Hong Kong brewery operations, management considered that indicators of impairment of the Group’s property, plant and equipment used in Hong Kong brewing operations existed at 31 December 2016. 监於贵集团香港酿酒业务录得的亏损，管理层认为於二零一六 年十二月三十一日贵集团用於香港酿酒业务的物业，机器及设 备存在减值迹象。 Accordingly, management assessed whether there was any impairment of the Group’s property, plant and equipment used in the Hong Kong brewery operations, at 31 December 2016, which was assessed by preparing a value in use calculation based on a discounted cash flow analysis. 因此，管理层评估於二零一六年十二月三十一日贵集团用於香 港酿酒业务的物业，机器及设备是否需要减值，并基於已贴现 现金流分析编制使用价值计算方法进行评估。 The discounted cash flow analysis used to assess the risk of impairment was based on a number of assumptions, which included revenue forecasts and estimations of future discounts, future variable costs and fixed costs as well as future inflation in Hong Kong and long-term growth rates. The determination of these assumptions requires management to exercise significant judgement and is subject to inherent uncertainty. 用於评估减值风险的已贴现现金流分析乃基於多项假设，包括 收入预测及未来折扣估计、未来可变成本及固定成本以及香港 未来通胀及长期增长率。这些假设的厘定需要管理层作出重大 判断且受限於固有的不确定因素。 Our audit procedures to assess potential impairment of property, plant and equipment �C Hong Kong brewery operations included the following: 我们评估物业，机器及设备 ― 香港酿酒业务的潜在减值的审 计程序包括以下方面： engaging our internal valuation specialists to assist us in assessing the methodology applied by management in its discounted cash flow analysis with reference to the requirements of the prevailing accounting standards; 聘任我们的内部估值师协助我们在参考现行会计准则 後对管理层在其已贴现现金流分析时应用的方法进行 评估； critically challenging the key assumptions and forecasts adopted by management in its preparation of the discounted cash flow analysis by referring to industry and other available third party information, the recent financial performance of the Hong Kong brewery operations and management’s budgets and plans for the operations in 2017 and beyond; 参考行业及其他可获取的第三方资料、香港酿酒业务 近期的财务表现及管理层为二零一七年及其後业务制 定的预算及计划後，审慎评估管理层於编制已贴现现 金流分析时采纳的关键假设及预测； engaging our internal valuation specialists to assist us in assessing the discount rate used by management in its discounted cash flow analysis by recalculating an appropriate discount rate with reference to available financial information of other listed brewing companies in Asia Pacific and considering region and industry specific risk premiums; 聘任我们的内部估值师，协助我们透过参考亚太区其 他上市啤酒公司可获取的财务资料并计及地区与行业 特定风险溢价後重新计算的适当贴现率，以对管理层 於其已贴现现金流分析中使用的贴现率进行评估； 130 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 Assessing potential impairment of property, plant and equipment ― Hong Kong brewery operations (Continued) 评估物业、机器及设备 ― 香港酿酒业务的潜在减值（ 续） Refer to note 11 to the consolidated financial statements and the accounting policies on pages 74-76 请参阅综合财务报表附注11及第74至76页的会计政策 the key audit matter 关键审计事项 How the matter was addressed in our audit 关键审计事项在审核中处理方法 We identified assessing potential impairment of property, plant and equipment ― Hong Kong brewery operations as a key audit matter because of the significant judgement and estimation required to be exercised by management in forecasting future revenue, future variable costs and future fixed costs and in determining an appropriate discount rate and also because of the magnitude of the assets under consideration and the possibility of management bias in the selection of the key assumptions. 我们将评估物业，机器及设备 ― 香港酿酒业务的潜在减值确 定为关键审计事项，此乃由於管理层预测未来收入、未来可变 成本及未来固定成本以及厘定适当贴现率时须作出重大判断及 估计，亦由於待审议资产的规模及管理层选择关键假设时或有 偏颇。 comparing the actual performance and results of the Hong Kong brewery operations for the current year with the key assumptions and forecasts adopted by management in the discounted cash flow analysis for the prior year to assess the accuracy of management’s forecasting process and making enquiries of management as to the reasons for any significant variations identified and whether they have been considered in the current year’s key assumptions and forecasts; 将香港酿酒业务於本财政年度的实际表现及业绩与管 理层於过往年度的已贴现现金流量分析中采纳的关键 假设及预测进行比较，以评估管理层预测程序的准确 度及就已识别的任何重大变动的原因及於本财政年度 的关键假设及预测当中是否已考虑上述因素向管理层 作出查询； performing sensitivity analyses for the discount rate, sales growth rate and operating costs in the discounted cash flow analysis and considering in greater detail the information used to derive the most sensitive assumptions and whether there were any indicators of management bias in their selection. 对已贴现现金流分析的贴现率、销售增长率及经营成 本进行敏感度分析，并考虑得出最敏感假设所使用的 更详尽资料，及管理层的选择是否有任何偏颇的迹象。 131 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 香港生力啤酒厂有限公司 二零一六年年报 Accounting for discounts, rebates and promotional incentives 折扣、回佣及推广优惠入账 Refer to note 23(f) to the consolidated financial statements and the accounting policies on page 77 请参阅综合财务报表附注23(f)及第77页的会计政策 the key audit matter 关键审计事项 How the matter was addressed in our audit 关键审计事项在审核中处理方法 The Group offers a variety of discounts, rebates and promotional incentives, including regular trade discounts, volume rebates and price support, to its customers in the normal course of business. These costs are accounted for as a deduction from revenue. 贵集团在一般业务过程中向其客户提供各种折扣、回佣及推广 优惠，包括常规交易折扣、销售额奖励及价格补贴。这些成本 按收入减项入账。 A large proportion of the discounts, rebates and promotional incentives had not been paid or utilised at 31 December 2016 and relevant accruals are either included in trade and other payables or off-set against trade receivables when the Group has a legally enforceable right to set off the recognised amount and intends to settle on a net basis. 大部分折扣、回佣及推广优惠於二零一六年十二月三十一日尚 未支付或使用，及相关计提费用则於贵集团有权合法强制抵销 已确认金额，并拟按净额基准结算时计入应付贸易及其他账项 或与应收贸易账项互相抵销。 We identified accounting for discounts, rebates and promotional incentives as a key audit matter because of the significance of the amounts to the Group’s gross profit and because there are different schemes and arrangements for each major customer, some of which can be complex in nature, which increases the risk of error in the calculation thereof. 我们将折扣、回佣及推广优惠入账确认为关键审计事项，此乃 由於有关金额占贵集团毛利的绝大部份及由於对各个主要客户 采用不同的方案及安排，部分较为复杂，从而增加其计算错误 的风险。 Our audit procedures to assess the accounting for discounts, rebates and promotional incentives included the following: 我们评估折扣、回佣及推广优惠入账的审计程序包括以下方 面： evaluating the design, implementation and operating effectiveness of key internal controls over recording discounts, rebates and promotional incentives; 评估折扣、回佣及推广优惠於记录方面的主要内部监 控的设计、执行及运作有效性； analysing the Group’s historical data for discounts, rebates and promotional incentives to determine an expectation for the current year, based on the current year’s sales amounts, comparing our expectation with the actual figures recorded by the Group and investigating unusual items or trends; 分析贵集团的折扣、回佣及推广优惠的过往数据，以 基於本财政年度的销售额厘定本财政年度的预期，并 将我们的预期与贵集团录得的实际数字进行对比以及 调查不寻常项目或趋势； comparing the accruals for discounts, rebates and promotional incentives made by management as at 31 December 2015 with the actual discounts, rebates and promotional incentives paid/payable to customers to assess the accuracy of the prior year’s accruals and making enquiries of management as to the reasons for any significant under or over provision and assessing whether they have been considered in the current year’s accruals; 将管理层於二零一五年十二月三十一日作出的折扣、 回佣及推广优惠计提费用与已付�u应付客户的实际折 扣、回佣及推广优惠进行比较，以评估上年度计提费 用的准确度，并就任何重大拨备不足或超额的原因向 管理层作出查询及评估於厘定本财政年度计提费用时 是否已考虑到上述因素； 132 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 Accounting for discounts, rebates and promotional incentives (Continued) 折扣、回佣及推广优惠入账（ 续） Refer to note 23(f) to the consolidated financial statements and the accounting policies on page 77 请参阅综合财务报表附注23(f)及第77页的会计政策 the key audit matter 关键审计事项 How the matter was addressed in our audit 关键审计事项在审核中处理方法 selecting a statistical sample of discounts, rebates and promotion incentives for the year and comparing each selected item with the relevant sales contract and customer agreement, recalculating the expense payable by the Group and assessing whether the amounts had been recorded in the appropriate accounting period; 对年内折扣、回佣及推广优惠进行抽样及将各获抽选 项目与相关销售合约及客户协议相比较，重新计算贵 集团应付费用以及评估款项是否已记录於合适的会计 期间； developing an expectation of the year end accruals for major customers based on purchases for the year, expenses paid during the year and the credit terms agreed with respective customers, comparing the actual accruals with our expectations, enquiring of management as to the reasons for any significant differences and assessing whether they have been considered in the current year’s accruals; 基於年内采购额、年内已付费用以及与各客户协定的 信贷条款，对主要客户的年末计提费用作出预期，将 实际计提费用与我们的预期进行比较，就产生任何重 大差额的原因向管理层作出查询以及评估於厘定本财 政年度的计提费用时是否已考虑到上述因素； comparing subsequent actual settlement of discounts, rebates and promotional incentives with the corresponding amounts accrued as at the year end to assess the recording of accruals as at year end; and 将折扣、回佣及推广优惠的其後实际结算与年末相应 计提金额进行比较，以评估年末计提费用的记录；及 133 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 香港生力啤酒厂有限公司 二零一六年年报 Accounting for discounts, rebates and promotional incentives (Continued) 折扣、回佣及推广优惠入账（ 续） Refer to note 23(f) to the consolidated financial statements and the accounting policies on page 77 请参阅综合财务报表附注23(f)及第77页的会计政策 the key audit matter 关键审计事项 How the matter was addressed in our audit 关键审计事项在审核中处理方法 scrutinising journals processed during the year relating to discounts, rebates and promotional incentives and selecting a sample of these based on pre-determined risk based criteria the details of which were compared with the relevant underlying documentation 仔细审查年内处理的与折扣、回佣及推广优惠相关的 期刊，以及基於事先厘定的风险基准挑选样本，样本 详情已与相关基础文件记录进行对比。 INforMaTIoN oTHEr THaN THE CoNSoLIdaTEd fINaNCIaL STaTEMENTS aNd aUdITor’S rEPorT THErEoN The directors are responsible for the other information. The other information comprises all the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 综合财务报表及其核数师报告以外的 信息 董事需对其他资料负责。其他资料包括刊载於年 报内的全部资料，但不包括综合财务报表及我们 的核数师报告。 我们对综合财务报表的意见并不涵盖其他资料， 我们亦不对该等其他资料发表任何形式的鉴证结 论。 结合我们对综合财务报表的审计，我们的责任是 阅读其他资料，在此过程中，考虑其他资料是否 与综合财务报表或我们在审计过程中所了解的情 况存在重大抵触或者似乎存在重大错误陈述的情 况。 基於我们已执行的工作，如果我们认为其他资料 存在重大错误陈述，我们需要报告该事实。在这 方面，我们没有任何报告。 134 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 rESPoNSIbILITIES of THE dIrECTorS for THE CoNSoLIdaTEd fINaNCIaL STaTEMENTS The directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. The directors are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process. aUdITor’S rESPoNSIbILITIES for THE aUdIT of THE CoNSoLIdaTEd fINaNCIaL STaTEMENTS Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. This report is made solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 董事就综合财务报表须承担的责任 董事须负责根据香港会计师公会颁布的《 香港财 务报告准则》 及香港《 公司条例》 拟备真实而中肯 的综合财务报表，并对其认为为使综合财务报表 的拟备不存在由於欺诈或错误而导致的重大错误 陈述所需的内部控制负责。 在拟备综合财务报表时，董事负责评估贵集团持 续经营的能力，并在适用情况下披露与持续经营 有关的事项，以及使用持续经营为会计基础，除 非董事有意将贵集团清盘或停止经营，或别无其 他实际的替代方案。 审计委员会协助董事履行监督贵集团的财务报告 过程的责任。 核数师就审计综合财务报表承担的责任 我们的目标，是对综合财务报表整体是否不存在 由於欺诈或错误而导致的重大错误陈述取得合理 保证，并出具包括我们意见的核数师报告。我们 是按照香港《 公司条例》 第405条的规定，仅向整 体成员报告。除此以外，我们的报告不可用作其 他用途。我们概不就本报告的内容，对任何其他 人士负责或承担法律责任。 合理保证是高水平的保证，但不能保证按照《 香 港审计准则》 进行的审计，在某一重大错误陈述 存在时总能发现。错误陈述可以由欺诈或错误引 起，如果合理预期它们单独或�笞芷鹄纯赡苡跋� 综合财务报表使用者依赖财务报表所作出的经济 决定，则有关的错误陈述可被视作重大。 135 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 香港生力啤酒厂有限公司 二零一六年年报 aUdITor’S rESPoNSIbILITIES for THE aUdIT of THE CoNSoLIdaTEd fINaNCIaL STaTEMENTS (Continued) As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. 核数师就审计综合财务报表承担的责任 （ 续） 在根据《 香港审计准则》 进行审计的过程中，我 们运用了专业判断，保持了专业怀疑态度。我们 亦： 识别和评估由於欺诈或错误而导致综合财 务报表存在重大错误陈述的风险，设计及 执行审计程序以应对这些风险，以及获取 充足和适当的审计凭证，作为我们意见的 基础。由於欺诈可能涉及串谋、伪造、蓄 意遗漏、虚假陈述，或凌驾於内部控制之 上，因此未能发现因欺诈而导致的重大错 误陈述的风险高於未能发现因错误而导致 的重大错误陈述的风险。 了解与审计相关的内部控制，以设计适当 的审计程序，但目的并非对贵集团内部控 制的有效性发表意见。 评价董事所采用会计政策的恰当性及作出 会计估计和相关披露的合理性。 对董事采用持续经营会计基础的恰当性作 出结论。根据所获取的审计凭证，确定是 否存在与事项或情况有关的重大不确定 性，从而可能导致对贵集团的持续经营能 力产生重大疑虑。如果我们认为存在重大 不确定性，则有必要在核数师报告中提请 使用者注意综合财务报中的相关披露。假 若有关的披露不足，则我们应当发表非无 保留意见。我们的结论是基於核数师报告 日止所取得的审计凭证。然而，未来事项 或情况可能导致贵集团不能持续经营。 评价综合财务报表的整体列报方式、结构 和内容，包括披露，以及综合财务报表是 否中肯反映交易和事项。 就贵集团内实体或业务活动的财务信息获 取充足、适当的审计凭证，以便对综合财 务报表发表意见。我们负责贵集团审计的 方向、监督和执行。我们为审计意见承担 全部责任。 136 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 aUdITor’S rESPoNSIbILITIES for THE aUdIT of THE CoNSoLIdaTEd fINaNCIaL STaTEMENTS (Continued) We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, related safeguards. From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. The engagement partner on the audit resulting in this independent auditor’s report is Cheng Mei Yan Hilary. KpMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong 24 February 2017 核数师就审计综合财务报表承担的责任 （ 续） 除其他事项外，我们与审计委员会沟通了计划的 审计范围、时间安排、重大审计发现等，包括我 们在审计中识别出内部控制的任何重大缺陷。 我们还向审计委员会提交声明，说明我们已符合 有关独立性的相关专业道德要求，并与他们沟通 有可能合理地被认为会影响我们独立性的所有关 系和其他事项，以及在适用的情况下，相关的防 范措施。 从与审计委员会沟通的事项中，我们确定哪些事 项对本期综合财务报表的审计最为重要，因而构 成关键审计事项。我们在核数师报告中描述这些 事项，除非法律法规不允许公开披露这些事项， 或在极端罕见的情况下，如果合理预期在我们报 告中沟通某事项造成的负面後果超过产生的公众 利益，我们决定不应在报告中沟通该事项。 出具本独立核数师报告的审计项目合夥人是郑美 恩。 毕马威会计师事务所 执业会计师 香港中环 遮打道十号 太子大厦八楼 二零一七年二月二十四日 我们采用了香港 「 Life. Best Served Light」 的主题，在受欢迎的酒吧 启动了「 生力清啤“ 随手 沙滩” 夜场派对」 活动。 138 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 GROUP PROPERTIES 集团物业 Details of the major property of the Group are as follow: Location existing use term of lease 地点 现时用途 租期 Major property held for investment 持作投资的主要物业 San Miguel Industrial Building Warehouse rental Medium-term Nos. 9-11 Shing Wan Road, Ta i Wai, Shatin, Hong Kong 香港沙田大围成运路9-11号 货仓租赁 中期 生力工业大厦 本集团之主要物业详情如下： 我们亦在零售连锁渠道 推出消费者推广活动， 协助推广两个生力品牌。 (Expressed in Hong Kong dollars) （ 以港币计算） 140 FIVE YEAR SUMMARY 五年账目摘要 San Miguel Brewery Hong Kong Ltd. Annual Report 2016 2016 2015 2014 2013 2012 二零一六年 二零一五年 二零一四年 二零一三年 二零一二年 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 (restated) （ 已重列） Results 业绩 Revenue 收入 541,427 569,502 728,640 687,093 686,362 Profit/(loss) before taxation 除税前盈利�u（ 亏损） 5,927 (16,053) 37,227 22,283 230,009 Income tax credit/(charge) 所得税计入�u（ 支出） 778 (856) (233) 3,541 (3,033) Profit/(loss) for the year 年度盈利�u（ 亏损） 6,705 (16,909) 36,994 25,824 226,976 Attributable to: 应占如下： ― Equity shareholders ― 本公司权益持有人 of the Company 8,654 (16,074) 35,323 26,010 237,655 ― Non-controlling interests ― 非控股权益 (1,949) (835) 1,671 (186) (10,679) Profit/(loss) for the year 年度盈利�u（ 亏损） 6,705 (16,909) 36,994 25,824 226,976 Earnings/(loss) per share 每股盈利�u（ 亏损） ― Basic (cents) ― 基本（ 仙） 2 (4) 9 7 64 Cash dividends per share (cents) 每股现金股息（ 仙） ― ― 2 1 ― Assets and liabilities 资产与负债 Property, plant and equipment, 物业，机器及 investment properties 设备、投资物业及 and leasehold land 租赁土地 584,806 597,381 621,309 635,893 654,678 Intangible assets 无形资产 5,139 5,163 5,187 5,188 5,426 Net current assets 流动资产净值 154,362 162,371 108,040 114,032 34,953 Total assets less current liabilities 总资产减流动负债 744,307 764,915 734,536 755,113 695,057 Retirement benefit liabilities 退休福利负债 (17,844) (26,939) (20,115) (17,660) (34,534) Deferred tax liabilities 递延税项负债 (2,969) (2,243) (2,487) (2,938) (3,595) Bank loan 银行贷款 ― ― ― ― (145,092) Loan from an intermediate 中介控股公司之贷款 holding company (165,410) (190,747) (139,985) (190,837) ― Net assets 资产净值 558,084 544,986 571,949 543,678 511,836 Capital and reserves 股本及储备 Share capital: nominal value 股本：面值 ― ― ― 186,785 186,785 Other statutory capital reserves 其他法定资本储备 ― ― ― 65,739 65,739 252,524 252,524 252,524 252,524 252,524 Other reserves 其他储备 332,687 319,516 347,386 320,897 287,926 Total equity attributable to equity 本公司权益持有人 shareholders of the Company 应占权益 585,211 572,040 599,910 573,421 540,450 Non-controlling interests 非控股权益 (27,127) (27,054) (27,961) (29,743) (28,614) total equity 权益总额 558,084 544,986 571,949 543,678 511,836 香港生力啤酒厂有限公司 Annual Report 2016 二零一六年年报 香港生力啤酒厂有限公司 2016 ANNUAL REPORT 年报 Stock Code 股份代号 : 00236 香港新界沙田小沥源源顺围 28 号都会广场 9 楼 9th Floor, Citimark Building 28 Yuen Shun Circuit, Siu Lek Yuen, Shatin New Territories, Hong Kong info.sanmiguel.com.hk www.sanmiguel.com.hk