[公告]味丹國際:中期業績報告 2016

[公告]味丹國際：中期業績報告 2016

時間：2016年09月21日 20:04:50&nbsp中財網

Contents

目錄

Interim Report 2016 中期報告

1

2

Financial Highlights

財務摘要

3

Corporate Information

公司資料

5

Chairman’s Statement

主席報告書

8

Management Discussion and Analysis

管理層討論及分析

17

Other Information

其他資料

19

Review Report of the Independent Auditor

獨立核數師審閱報告

20

Interim Condensed Consolidated Balance Sheet

中期簡明綜合資產負債表

21

Interim Condensed Consolidated

Income Statement

中期簡明綜合收益表

22

Interim Condensed Consolidated Statement of

Comprehensive Income

中期簡明綜合全面收益表

23

Interim Condensed Consolidated Statement of

Changes in Equity

中期簡明綜合權益變動表

24

Interim Condensed Consolidated Statement of

Cash Flows

中期簡明綜合現金流量表

25

Notes to the Interim Condensed Consolidated

Financial Information

中期簡明綜合財務資料附註

Financial Highlights

財務摘要

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

2

Unaudited six months

ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

Change

二零一六年

二零一五年

變動

US$』000

US$』000

千美元

千美元

Revenue

收益

163,167

158,150

3.2%

Gross profit

毛利

40,341

25,741

56.7%

Profit for the period

期內溢利

13,872

4,216

229.0%

Profit attributable to owners of the Company

本公司擁有人應佔溢利

13,948

4,455

213.1%

Basic earnings per share

每股基本盈利

0.92 US cents 美仙

0.29 US cents 美仙

Diluted earnings per share

每股攤薄盈利

0.92 US cents 美仙

0.29 US cents 美仙

Interim dividend proposed per share

擬派每股中期股息

0.641 US cents 美仙

0.175 US cents 美仙

Total dividends paid and proposed

per share

已付及擬派每股股息總額

0.641 US cents 美仙

0.175 US cents 美仙

PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY

本公司擁有人應佔溢利

REVENUE

收益

Six months ended 30 June

Six months ended 30 June

截至六月三十日止六個月

截至六月三十日止六個月

REVENUE BY PRODUCTS

按產品分類之收益

REVENUE BY GEOGRAPHIC LOCATION

按地區分類之收益

Six months ended 30 June 2016

Six months ended 30 June 2016

截至二零一六年六月三十日止六個月

截至二零一六年六月三十日止六個月

0

50,000

100,000

150,000

200,000

2014 2015 2016 2014 2015 2016

in US$』000 千美元 in US$』000 千美元

441

4,455

13,948

0

3,000

6,000

9,000

15,000

12,000

163,167

152,705 158,150

19.3%

47.9%

12.9%

5.9%

6.4%

13.2%

5.2%

10.3%

9.3%

69.6%

MSG

味精

Others

其他

Specialty chemicals

特化產品

Modified starch/ Native starch

變性澱粉╱天然澱粉

Vietnam

越南

ASEAN member

countries

東協成員國

The PRC

中國

Japan

日本

Other regions

其他地區

Fertiliser and feed products

肥飼料產品

Corporate Information

公司資料

Interim Report 2016 中期報告

3

BOARD OF DIRECTORS

Executive Directors

Yang, Tou-Hsiung (Chairman)

Yang, Cheng

Yang, Kun-Hsiang (Chief Executive Officer)

Yang, Chen-Wen

Yang, Kun-Chou

Non-executive Directors

Huang, Ching-Jung

Chou, Szu-Cheng

Independent Non-executive Directors

Chao, Pei-Hong*

Ko, Jim-Chen*

Chen, Joen-Ray*

Hsieh, Lung-Fa*

* member of Audit Committee

AUTHORISED REPRESENTATIVES

Yang, Tou-Hsiung

Yang, Kun-Hsiang

COMPANY SECRETARY

Wong, Wai-Yee, Ella

AUDITOR

PricewaterhouseCoopers

22nd Floor, Prince’s Building, Central, Hong Kong

LEGAL ADVISORS

Deacons

5th Floor, Alexandra House,

18 Chater Road, Central, Hong Kong

REGISTERED OFFICE

Century Yard, Cricket Square, Hutchins Drive,

P.O. Box 2681 GT,

George Town, Grand Cayman, British West Indies

BRANCH SHARE REGISTRAR

Tricor Tengis Limited

Level 22, Hopewell Centre,

183 Queen’s Road East, Hong Kong

董事會

執行董事

楊頭雄（ 主席）

楊 正

楊坤祥（ 行政總裁）

楊辰文

楊坤洲

非執行董事

黃景榮

周賜程

獨立非執行董事

趙培宏*

柯俊禎*

陳忠瑞*

謝龍發*

* 審計委員會成員

法定代表

楊頭雄

楊坤祥

公司秘書

黃慧兒

核數師

羅兵鹹永道會計師事務所

香港中環太子大廈22樓

法律顧問

的近律師行

香港中環遮打道18號

歷山大廈5樓

註冊辦事處

Century Yard, Cricket Square, Hutchins Drive,

P.O. Box 2681 GT,

George Town, Grand Cayman, British West Indies

股份過戶登記分處

卓佳登捷時有限公司

香港皇后大道東183號

合和中心22樓

Corporate Information 公司資料

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

4

CAYMAN ISLANDS SHARE REGISTRAR

Royal Bank of Canada Trust Company (Cayman) Limited

4th Floor, Royal Bank House

24 Shedden Road, George Town

Grand Cayman KY1-1110

Cayman Islands

STOCK CODE

The Stock Exchange of Hong Kong: 02317

Bloomberg: 2317 HK

Reuters: 2317.HK

INTERNET ADDRESS

Website: www.vedaninternational.com

Email address: [e-mail]

PRINCIPAL PLACE OF BUSINESS

Vietnam Office:

National Road 51, Hamlet 1A,

Phuoc Thai,

Long Thanh District,

Dong Nai Province, Vietnam

Tel: [phone]

Fax: [phone]

Shanghai,

China Office:

No. 518 Lianying Road, Chedun Town

Songjiang District

Shanghai, PRC

Tel: [phone]

Fax: [phone]

Shandong,

China Office:

Xuehua Industry Park, Wangyin,

Jining High-tech Industrial

Development Zone,

Shandong Province, PRC

Tel: [phone]

Fax: [phone]

Xiamen,

China Office:

568 North Tong Ji Road,

Tong-An District, Xiamen City,

Fujian Province, PRC

Tel: [phone]

Fax: [phone]

Taiwan Office:

18, Jinhua Street, Shalu, Taichung,

Taiwan, ROC

Tel: [phone]

Fax: [phone]

Hong Kong Office:

Level 54, Hopewell Centre,

183 Queen’s Road East, Hong Kong

Tel: [phone]

Fax: [phone]

開曼群島股份過戶登記處

Royal Bank of Canada Trust Company (Cayman) Limited

4th Floor, Royal Bank House

24 Shedden Road, George Town

Grand Cayman KY1-1110

Cayman Islands

股份代號

香港聯合交易所：02317

彭博：2317 HK

路透社：2317.HK

網際網路網址

網址：www.vedaninternational.com

電郵地址：[e-mail]

主要營業地點

越南辦事處：

越南同奈省

隆城縣

福泰社

51國道旁第1A邑

電話：[phone]

傳真：[phone]

中國上海

辦事處：

中國上海市

松江區車墩鎮聯營路518號

電話：[phone]

傳真：[phone]

中國山東

辦事處：

中國山東省

濟寧高新技術開發區

王因鎮雪花工業區

電話：[phone]

傳真：[phone]

中國廈門

辦事處：

中國福建省

廈門市同安區

同集北路568號

電話：[phone]

傳真：[phone]

臺灣辦事處：

臺灣臺中市

沙鹿區錦華街18號

電話：[phone]

傳真：[phone]

香港辦事處：

香港皇后大道東183號

合和中心54樓

電話：[phone]

傳真：[phone]

Chairman’s Statement

主席報告書

Interim Report 2016 中期報告

5

In the first half of 2016, the global economy was still troubled by

uncertainties. The shifts of the market and economic conditions of

the PRC, Brexit, uncertainty in Europe and Middle East and a sluggish

economy due to lagging international oil prices combined to impact

the fluctuation on international exchange rates and interest rates.

Other unstable factors have added uncertainty to the improving

economic and market atmosphere. Consumers have become more

cautious, which ultimately affected the Group’s business growth

during the period. However, material and energy costs of our

Vietnam factory have remained relatively stable in the period, so

production costs have gradually stabilised and facilitated higher

overall profitability. Nevertheless, the intense price competition in

MSG markets has shown no signs of abating, which affected not

only the Group’s major markets but also its overall profitability. To

cope with this situation, this year the Group has switched its focus to

business expansion through strengthening sales efforts and product

development with the ultimate aim to boost profit.

Looking at the Group’s operations and financial performance for

the period, turnover amounted to about US$163,000,000 during

the period, which was 3% slightly higher than last corresponding

period. Although the competitiveness of the Group’s production

operations has improved during the period, and that the overall

sales volume have recorded growth in most of the regions and

products, the Group’s revenue has recorded a slight increase mainly

due to the price competition among industry players in Vietnam

and international markets as well as the recent depreciation of the

Japanese yen affecting its local market. These factors have dragged

down the market selling price and thus have considerably affected

the Group’s business growth. Nevertheless, the Group’s gross profit

for the first half grew substantially by 57% from the corresponding

period to US$40,340,000 as the Vietnam factory tightened control on

production costs. Net profit of the Group increased by US$9,660,000

to US$13,870,000 with a net profit margin of 8.5%.

二零一六年全球上半年的經濟環境充滿不確定

的變數，中國景氣變化、英國脫離歐盟、歐洲與

中東局勢尚未明朗與因國際油價疲軟所導致的

低迷景氣仍未恢復等，牽動國際匯率及利率的波

動。這些不穩定的因素使原本剛萌芽的經濟與

市場景氣，再度籠罩於陰晴不定的氛圍中，致使

各地市場消費心態仍保守，亦抑制期內集團業

務的發揮。然而，集團越南廠期內由於原料與能

源價格尚屬穩定，使生產成本得以逐漸回穩，整

體獲利提升。雖然如此，味精同業於各地市場上

的低價競爭卻仍未見緩和，除衝擊集團各主要市

場業務外，也影響集團的獲利水準。有鑑於此，

集團今年的主要營運重點仍致力於積極的業務

拓展、加強銷售力度與開發新產品等，以開創更

高的利潤空間。

綜觀集團於本期之營運與獲利，期內營業額約1

億6仟3佰萬美元，較去年同期略為增長3%。期

內雖然生產競爭力回升，大部份區域與產品銷售

數量有成長，但營收僅微幅上升主要由於競爭者

於越南與國際市場低價的競爭，以及日本市場早

前受到日圓貶值的影響等，使市場售價下滑，致

使影響業績增長。同時，因越南廠加強生產成本

控制，使上半年毛利額達4,034萬美元，較去年

同期提升57%。淨利為1,387萬美元，較去年增

加966萬美元，淨利率8.5%。

Chairman’s Statement 主席報告書

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

6

In terms of geographic markets and segment performance, in

Vietnam, the economy was on the road to recovery and the sales of

various products of the Group including modified starch, maltose and

soda recorded an increase due to tightened control on production

costs and enhanced the competitiveness of the Vietnam plant.

However, our major product, MSG, recorded lower revenue in the first

half of the year when compared to the same period last year due to

the price war with imported products into Vietnam. Since protective

measures were implemented against imported MSG in Vietnam this

April, the Group expected the product price will gradually return to

reasonable market levels under this policy. Besides, the agriculture

in Vietnam and other areas was affected by changing climate, so

the sales of fertiliser and feed products were impacted as well. In

all, the revenue dropped 5.9% from the same period last year in

Vietnam, while the operations in the PRC recorded about 7% of

increase in revenue from the corresponding period last year, thanks to

the flexible sales model which has benefited the business growth of

MSG and trading product mix, even as the overall economic growth

conditions slowed down and the RMB continued to depreciate. As

for Japan, the sales was mainly affected by the weak local economy

and the fluctuating exchange rate of the Japanese yen, so while sales

have increased, the Group’s business in Japan has remained at a

similar level as the previous corresponding period because the selling

prices of each product remained at a relatively low level. ASEAN

and European markets experienced lower sales due to the struggle

between selling prices and expenses in the same period last year, but

sales have gradually returned to normal during the present period

with the revenue of these regions growing year-on-year by 15%

and 9% respectively. The sales of MSG in the US boosted the overall

results in this market considerably when compared with the same

period last year, thanks to the adjustment on tariffs and stronger

distribution channels.

As for the performance of our products, the revenue of the Group’s

leading product, MSG, rose slightly because of keen market

competition. Nevertheless, the Group’s effective control on material

and energy costs this year boosted its competitiveness and thus

the sales to the US and ASEAN markets increased, so the overall

profitability of this product was stronger than the same period

last year. As for the starch products, the Group’s modified starch

experienced a slightly higher demand in the first half of the year since

the Group focused on higher margin products, so the profitability

of this product increased and the revenues rose by around 9%

from the same period last year. During the period, turnover of the

maltose plant established in Vietnam surged by around 75% from

the same period last year, leading to considerable improvement in

profitability as well. In addition to the stronger revenue momentum

in starch products, sales of these products can also capitalise on the

production efficiency of the maltose plant and advance our starch

business towards a more diversified development. The performance

of soda under the specialty chemicals segment recorded steady

and continuous growth from the same period last year, benefitting

from the stable demand from the infrastructure sector in Vietnam.

However, sales of fertiliser and feed products decreased year-onyear

as market competition intensified due to price reductions in

competing products caused by decreasing market demand and

reinforced by a lower short-term demand in the market.

綜觀集團各主要市場與業務經營，在越南市場，

因經濟景氣逐漸緩慢復甦，配合越南廠生產成

本掌控，競爭力提升，使數項產品之銷售，包括

變性澱粉、麥芽糖與蘇打等產品均有增長。但主

要產品味精因進口至越南的競品低價競爭，上

半年營收較去年同期下滑，而越南於今年4月起

對進口味精實施防衛措施，藉由此項措施，集團

也預期將應可逐漸導引價格，回歸市場基本面。

另外，因氣候的變化，越南與各地農業均受到影

響，使肥料與飼料之銷售受到影響。整體而言，

越南區域內業績較去年同期下滑5.9%。而集團

在中國區的營運，雖然整體經濟景氣趨緩與人民

幣貶值的影響，但集團採取靈活的銷售模式，使

味精與貿易品項的業務錄得增長，營收較去年

同期有約7%的提升。另外，日本市場的銷售主

要仍受到日本經濟的低迷與日元匯率波動之影

響，雖然於該區域的銷量增加，但各項產品售價

仍然偏低，使集團銷售於日本市場的業績跟去

年同期相約。而東協與歐洲市場去年同期因售

價與銷售費用的考量，銷售量較少，本期已逐漸

恢復，致使此等地區之業績較去年同期分別增

加15%與9%。美國市場的味精銷售因關稅變化

與強化通路拓展因素，使本期該區域業績比去

年同期有較大幅度的增長。

按產品類別分析，集團主要的味精產品，因市場

競爭激烈，營收僅微幅成長，但由於今年原料與

能源成本得到穩定掌控，競爭力提升，集團增加

對美國與東協之銷售，使本項產品之獲利較去

年同期有所提升。而集團澱粉產品中的變性澱

粉，因上半年需求略增，同時集團亦致力於較高

毛利之品項，使該產品獲利提升，業績亦較去年

提升約9%。另外，近年越南所增設之麥芽糖廠

於本期之營業額較去年同期大幅增加約75%，

其獲利也明顯進步，此項產品除增加澱粉產品之

營收動能外，更可充分發揮現有糖漿廠之生產效

率，使集團之澱粉事業朝向更多元化發展。在特

化產品中的蘇打品項，因受惠於越南基礎工業

穩定的需求，較去年同期仍有持續穩定之成長。

但集團的肥飼料產品，因市場需求下降，同類產

品價格下滑，致使市場競爭激烈，且短期需求降

低，銷售較去年同期有較大幅度減少。

Chairman’s Statement 主席報告書

To cope with the overall economic uncertainties in the operating

environment and facing the changing environment, the Group has

reviewed its strategies and procedures from time to time and has

adopted a more flexible raw material procurement model as well as

improved the production technologies so as to stabilise the costs and

enhance the competitiveness of its production operations. Besides,

the Group has continued to develop new products, markets and

customers, as well as strengthen its brands. The Vietnam government

has entered into a number of free trade agreements including the

Trans-Pacific Partnership Agreement. These initiatives are expected

to boost medium-to-long-term economic growth. In the area of sales

and marketing, the Group is seizing the opportunities to expand

in the local Vietnam market while focusing on emerging markets

with development potential as well as strengthening its distribution

channels. For the mature channels, the Group is integrating its

marketing strategies and expanding its sales channels in order to

realise the full potential of its sales network while introducing new

products to boost brand awareness. As for the PRC operation, in

addition to bolstering its business development team, the Group

continues to extend its reach into regional markets and to develop

new products with higher gross profit. The Group is also evaluating

and identifying potential acquisitions and strategic collaborative

projects, and by leveraging its geographical reach and international

experience, aiming to improve efficiency while broadening its revenue

streams. The Group is also continuing to bolster its research and

development (R&D) capabilities to boost production efficiency and

develop innovative products. These efforts are helping the Group to

lengthen the life cycle of its products and enhance its brand presence

and coverage.

We realise that the prevailing uncertain global economic conditions

and operating environment present many growth opportunities

but also tough challenges for the Group’s operations. Facing these

headwinds, the Group is conducting an in-depth review and planning

exercise, as well as formulating appropriate strategies to capture the

opportunities and overcome the challenges ahead.

Looking ahead to the second half of 2016, the Group will endeavour

to maintain its existing competitiveness in production operations.

An open market and current stable economic growth in Vietnam

have enhanced the confidence of the operation team in promoting

sales and further expanding into different business sectors. As

the Group enters an upward phase of the business cycle, it has

observed positive signs of an upswing as its operation develops and

advances. Recognising the ever-changing operating environment, the

opportunities presented to the Company as well as the responsibilities

it shoulders, the management at all levels is implementing the

operational strategies set by the Group in a proactive, pragmatic and

prudent manner, aiming to advance its business to a new growth

stage as well as generate more fruitful returns for its shareholders.

By Order of the Board

Yang, Tou-Hsiung

Chairman

Hong Kong, 23 August 2016

雖然整體經濟的不確定因素仍充滿在經營的環

境中，面對此等環境變化，集團會不時檢討應變

策略與機制，將採取更靈活的原料採購模式與

持續提升生產技術，以期穩定成本，維持生產競

爭力。另一方面，新產品、新市場與新客戶的持

續開發，再強化品牌的深耕，配合越南政府參與

包括「跨

太平洋

夥伴關係」(TPP)協議的多項自由

貿易協定，預期將會帶動中長期經濟發展之潛

力。有鑒於此，集團將把握機會，在行銷業務方

面精耕越南本地市場，並著力於具潛力之新興

市場，強化通路架構，對於已成熟的通路，將進

一步整合集團的行銷策略，深耕銷售網絡，以發

揮通路價值。同時，集團將藉由規劃導入相關新

產品之銷售，延伸品牌的加乘效果。而在中國區

的營運，除了再強化業務團隊，將再努力於區域

市場之精耕與開發高毛利新產品。此外，集團也

將持續檢討尋找各項併購或策略聯盟合作的項

目，結合地緣利基與國際經驗，以期擴張經營綜

效及增加盈利。同時，集團也將持續強化研發項

目，以增進生產效能與開發新產品，延伸產品生

命周期，增強品牌力度與廣度。

我們深刻體會到目前全球的許多不確定性之經

濟情勢與經營環境，對集團的營運，雖然仍有許

多成長機會，但確實也存在諸多挑戰。面對此等

變數，集團將更深入的檢討與規劃，並擬訂相關

的策略以掌握時機及因應迎面而來的挑戰。

展望二零一六年下半年，集團將努力維持既有的

生產競爭力，面對越南開放的市場與經濟穩定的

成長現況，經營團隊更有信心在業務銷售面得

以發揮，同時將對各事業領域進行更進一步的

拓展。集團也相信，在此良性循環之下，經營將

持續朝向正面與進步的發展。而集團的各級主管

同仁亦深切體認多變的環境、公司的契機與所肩

負之責任，將會以開創的眼光與積極的態度，務

實並謹慎地來執行集團擬定的各項營運策略，

以開創集團未來另一個階段的業績成長，並期

可以提高對股東的回報。

承董事會命

主席

楊頭雄

香港二零一六年八月二十三日

Management Discussion and Analysis

管理層討論及分析

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

8

I. BUSINESS OVERVIEW

The global economy continued to undergo substantial changes

in 2016. The recent 「Brexit」 referendum in the UK, the

unchanging interest rate after the initial hike by the US Federal

Reserve, gloomy sentiment towards the PRC economy and the

political and economic variables in Europe, the Middle East and

the world have all added uncertainty to the global economy,

as it is undergoing profound adjustment. Among all the major

economies in the world, the US economy has experienced

slower growth since the second quarter of 2015 and its growth

still fell behind expectations through the first half of 2016.

The country’s real GDP recorded an annual growth rate of

only 0.8% in the first quarter of 2016, while its economic

growth rate was only 1.2% in the second quarter, lower than

the 2.5% expected by the market. While economic indicators

such as inflation rate and unemployment rate kept fluctuating,

consumer spending, fixed investment and industrial output

resumed moderate growth. The economy in Europe showed

a steady recovery in the first half, thanks to the improvement

in consumption driven by low petroleum prices. However, the

growth could slow after seeing the good start. The quantitative

eas ing monetary pol icy implemented by the Japanese

government has not improved local economic conditions as

expected. Thus, the Japanese government has delayed the

increase in national sales tax, which is expected to help improve

sentiment on the spending of Japanese citizens. As for the PRC

market, affected by the weak recovery in the global economy,

GDP in the country grew by 6.7% year-on-year in the first half

of the year, which was slightly above market expectations and

indicated that the large-scale stimulus measures launched in the

first quarter of the year have resulted in temporary stability in

the PRC economy. However, the growth rate in China is still the

lowest since 2009.

In the first half of 2016, Vietnam recorded a year-on-year

growth of 5.52% in GDP, lower than the 6.28% in the first half

of 2015 but higher than the 4.93%, 4.9% and 5.22% recorded

in the same period between 2012 and 2014. The lower GDP

recorded in the first half of 2016 was attributable to weather

changes. The severe drought and soil salinisation occurred in

Vietnam in the first half resulted in the negative growth rate

in the region’s agriculture, forestry and fishery industries.

Nonetheless, the country’s industries and service industries

still recorded increases. Affected by the drop in petroleum

and raw material prices, Vietnam’s inflation rate was close to

0% in 2015, and rebounded slightly to 1.72% in the first half

of 2016, which remained at a low level. Vietnam has finally

returned to a trade surplus after experiencing transformation

from a trade surplus position into a trade deficit position

three years in a row. At the same time, its appeal to foreign

companies for investment has been significantly enhanced,

and the value of the country’s newly-added total investment

capital increased by 105.4% year-on-year. Actual capital

secured for foreign-funded projects also grew by 15.1% yearon-

year. Overall, the macro-social and macro-economic index

showed relatively stable growth in the first half of 2016, with

lower lending rate and stable exchange rates benefitting the

development of companies.

一， 業務總覽

二零一六年世界經濟持續發生許多變化，

從 最 近 英 國「脫 歐」公 投，美 聯 儲 暫 緩 加

息，中 國 經 濟 景 氣 趨 緩，在 歐 洲、中 東 乃

至全球市場存在多項變數，全球經濟的不

確定性持續增加，仍然處在深度調整期。

世界主要經濟體中，美國經濟自二零一五

年 第 二 季 度 以 來 經 歷 了 減 速 增 長，二 零

一 六 年 上 半 年 增 長 始 終 沒 有 達 到 預 期，

二 零 一 六 年 第 一 季 度 實 際GDP年 增 長 僅

0.8%，第二季度經濟僅增長1.2%,低於市

場預期的2.5%，通脹率、失業率等參考指

標起伏不定，消費者支出、固定投資、工業

產出恢復溫和增長。上半年歐洲經濟穩步

復甦，並主要依靠低油價對消費的推動。

在經歷良好開局後，增速將會有所放緩。

日本貨幣寬松政策並未如期帶來經濟狀

況的改善，故日本政府推遲上調消費稅，

預計將有助於提振居民消費信心。而受世

界經濟復甦疲弱，中國上半年GDP同比增

長6.7%，略好於外界預期，反映第一季大

規模刺激措施為大陸經濟帶來暫時性的穩

定。但6.7%的成長率仍是二零零九年以來

最低的增長。

越 南 二 零 一 六 年 上 半 年GDP較 去 年 同

期 增 長5.52%，低 於 二 零 一 五 年 上 半 年

的6.28%，但 高 於 二 零 一 二 至 二 零 一 四

年 同 期 的 數 據（ 分 別 為4.93%、4.9%及

5.22%）。二 零 一 六 年 上 半 年 的GDP增 長

低於二零一五年同期主要由於天氣變遷，

越南上半年遭逢嚴重乾旱及土壤鹽化，導

致農林水產業負數成長，工業、服務業均

有成長。二零一五年因石油及原物料價格

下降，越南通貨膨脹率接近0%，二零一六

年上半年通貨膨脹率1.72%，呈現略增趨

勢，但仍屬於低位。延續三年的貿易順差

轉 變 為 逆 差 狀 態 後，越 南 貿 易 又 出 現 順

差。外國投資吸引力大幅增加，全國新批

和增資額較去年同期增長105.4%，外資項

目實際到位資金同比增長15.1%。整體而

言，二零一六年上半年越南宏觀經濟社會

指數較為穩定增長、貸款利率降低、匯率

相當穩定，有利於企業的發展。

Management Discussion and Analysis 管理層討論及分析

Interim Report 2016 中期報告

9

During the period under review, the Group recorded revenue

of US$163,167,000, 3.2% or US$5,017,000 higher than the

same period last year. The increase was mainly due to the

notable growth in overseas sales of MSG produced at the

Vietnam plant. Revenue from modified starch and maltose

under the starch product category experienced greater growth.

Geographically, revenue from the US market grew substantially

and increased slightly from ASEAN countries and the PRC,

while the business in Vietnam recorded a reduction. Gross

profit of the Group increased 56.7% or US$14,600,000 to

US$40,341,000 as compared to the same period last year.

The Group’s overall gross profit margin has climbed to 24.7%

from 16.3% in the corresponding period last year. Net profit

for the period was US$13,872,000, representing a growth

of US$9,656,000 when compared with the same period in

2015, and net profit margin increased substantially to 8.5%

from 2.7% in 2015. Both revenue and profit have grown

during the period. The principal reasons for the increase in

net profit included: 1) the results of the energy cost-saving

measures implemented by Vedan Vietnam; 2) price drops of

some major raw materials; and 3) an increase in revenue from

overseas sales. In the second half of 2016, as the Vietnamese

government plans to join a number of free trade agreements,

the Group expects to see smoother processing of imports and

exports and an increase in domestic demand in Vietnam. Thus,

it is cautiously optimistic about the Group’s prospects in this

market.

II. BUSINESS ANALYSIS

(1) Sales Analysis by Market

Unit: US$』000

For the first half of

2016

2015

Difference

Area

地區

2016年上半年

2015年上半年

差異

Amount

%

Amount

%

Amount

%

金額

%

金額

%

金額

%

Vietnam

越南

78,124

47.9%

83,024

52.5%

(4,900)

(5.9%)

Japan

日本

31,535

19.3%

31,625

20.0%

(90)

(0.3%)

The PRC

中國

16,755

10.3%

15,639

9.9%

1,116

7.1%

ASEAN

東協

15,237

9.3%

13,304

8.4%

1,933

14.5%

Other regions

其他

21,516

13.2%

14,558

9.2%

6,958

47.8%

Total

合計

163,167

100.0%

158,150

100.0%

5,017

3.2%

1. Vietnam

The Group’s revenue from Vietnam amounted to

approximately US$78,124,000 in the first half of

2016, a decrease of 5.9% or US$4,900,000 from

the same period last year. Revenue of MSG reduced

by 4.6%, or US$2,677,000, year-on-year due to

the drop in performance of MSG and fertilisers, as

well as the price war with imported MSG products.

Despite this, the Vietnamese government has

implemented protective measures against imported

MSG and the Group expects such measures will help

push the market price back to a reasonable level.

In addition, the extended influence of El Ni.o last

year leading to drought in many regions has caused

considerable damage to the crops in Vietnam and

has significant impact on the domestic agriculture

industry. The Group’s fertiliser and feed product

sales in Vietnam have decreased notably as a result

when compared with the corresponding period last

year.

集 團 期 內 營 收163,167,000美 元，比 二 零

一五年同期增加3.2%或金額5,017,000美

元。營收增加主要來自越南廠味精外銷有

顯著增長，澱粉產品中的變性澱粉及麥芽

糖營收有較明顯的提升。在市場方面，美

國市場則有大幅成長，東協市場與中國市

場營收亦略增加，但越南市場營收下滑。

集團毛利為40,341,000美元，比二零一五

年 同 期 增 加56.7%或 金 額14,600,000美

元。集 團 總 體 毛 利 率 由 二 零 一 五 年 同 期

16.3%增 至24.7%，集 團 淨 利13,872,000

美元，比較二零一五年同期增加9,656,000

美 元，淨 利 率 由 二 零 一 五 年2.7%增 至

8.5%。營收和獲利在期內均錄得增長。獲

利增長的主因：一，越南味丹能源成本控

制。二，部份主要原物料價格下降。三，外

銷市場營收提升。二零一六年下半年，隨

著越南計劃簽署多項自由貿易協定，預期

進出口比較順利以及預估國內市場需求將

可增加，集團業績應仍是審慎樂觀。

二，營業分析

（一） 市場銷售分析

單位：千美元

1. 越南市場

二 零 一 六 年 上 半 年 營 收 約

7 8 , 1 2 4 , 0 0 0 美 元，較 二 零

一 五 年 同 期 減 少5.9%或 金 額

4,900,000美 元。主 要 由 於 味

精和肥料產品業績下滑，味精

低價進口競爭的影響，營收較

二 零 一 五 年 同 期 減 少4.6%或

金 額2,677,000美 元。然 而 越

南政府於今年四月起對進口味

精實施防衛措施，藉由此項措

施，集團也預期未來應將可使

市場售價回歸市場基本面。另

外，因去年「聖嬰現象」的延伸

與影響，越南農作物受到相當

大的影響，多處乾旱，本地農

業受到打擊，使集團於越南區

域之肥料與飼料銷售較去年同

期顯著下滑。

Management Discussion and Analysis 管理層討論及分析

2. Japan

The Group’s revenue from the Japan market

was US$31,535,000, a slight drop of 0.3% or

US$90,000 when compared with the first half

in 2015, and its proportion of the Group’s total

revenue was down from 20.0% to 19.3%. As a

result of the quantitative easing monetary policy

implemented by the Japanese government and

collateral impact from Brexit, the Japanese yen as

one of the safe-haven currencies experienced fierce

fluctuations in foreign exchange valuation. The

Group will pay more attention to these fluctuations

in the future as Japan is now its second largest sales

market.

3. The PRC

During the period under review, revenue from the

PRC market reached US$16,755,000, 7.1% or

US$1,116,000 higher than the same period in 2015.

Its contribution to the Group’s total revenue also

increased from 9.9% in the first half of 2015 to

10.3%. The growth mainly came from the rise in

revenue from MSG and starch products.

4. ASEAN member countries

During the period, revenue from ASEAN member

countries, not including Vietnam, amounted to

US$15,237,000, rising by 14.5% or US$1,933,000

year-on-year. Its contribution to the Group’s

total revenue was up from 8.4% to 9.3%. The

increase in revenue was mainly because the Group

has effectively controlled its production costs

during the period, which in turn improved both

competitiveness and sales performance.

5. Other regions

Revenue from other regions soared by 47.8%

or US$6,958,000 from US$14,558,000 in the

same period of 2015 to US$21,516,000, and its

proportion in the Group’s total revenue increased to

13.2% from 9.2%. The Group has partly resumed

sales to the US during the period as Europe and the

US imposed anti-dumping taxes on MSG products

from the PRC. Higher revenue growth was recorded

as a result.

2. 日本市場

集 團 日 本 市 場 本 期 營 收

31,535,000美元，比二零一五

年 上 半 年 微 幅 減 少0.3%或 金

額90,000美元，故營收佔比由

20.0%降 至19.3%。從 日 本 貨

幣寬鬆到英國脫歐之後，日元

作為避險貨幣之一，匯率波動

幅度甚大。日本為集團第二大

銷售市場，集團將更留意日幣

匯率未來之波動與走勢。

3. 中國市場

回 顧 期 內，中 國 市 場 營 收

為16,755,000美 元，較 二 零

一 五 年 同 期 增 長7.1%或 金 額

1,116,000美 元，營 收 佔 比 由

二 零 一 五 年 上 半 年9.9%增 至

10.3%。期內中國市場營收增

加主要由於味精及澱粉產品營

收之增長。

4. 東協市場

期內東協成員國市場，除越南

之 外，營 收15,237,000美 元，

較二零一五年同期增加14.5%

或 金 額1,933,000美 元，佔 集

團總營收由8.4%增至9.3%。

營收增加主要由於集團於期內

已掌握穩定之生產成本，競爭

力增加，故銷售增加。

5. 其它市場

其 它 市 場 營 收 2 1 , 5 1 6 , 0 0 0

美 元，比 二 零 一 五 年 同 期

14,558,000美元增加47.8%或

金 額6,958,000美 元，佔 集 團

總 營 收 由9.2%增 至13.2%。

因歐美先後對中國味精出口徵

收反傾銷稅，集團在期內已部

份恢復外銷美國市場，營收有

較大幅度成長。

(2) Sales Analysis by Product

Unit: US$』000

For the first half of

2016

2015

Difference

Products

項目

2016年上半年

2015年上半年

差異

Amount

%

Amount

%

Amount

%

金額

%

金額

%

金額

%

MSG

味精

113,498

69.6%

109,249

69.1%

4,249

3.9%

Modified starch/

Native starch

變性澱粉╱

天然澱粉

21,017

12.9%

19,197

12.1%

1,820

9.5%

Specialty chemicals

特化產品

10,530

6.4%

11,184

7.1%

(654)

(5.8%)

Fertiliser and feed

products

肥飼料

8,493

5.2%

11,296

7.1%

(2,803)

(24.8%)

Others

其他

9,629

5.9%

7,224

4.6%

2,405

33.3%

Total

總共

163,167

100.0%

158,150

100.0%

5,017

3.2%

1. MSG

Revenue from MSG operations during the period

rose by 3.9% or US$4,249,000 from the same

per iod las t year to US$113,498,000 and i t s

contribution to the Group’s total revenue marginally

increased to 69.6% from 69.1% in the first half of

2015. The growth in MSG revenue was mainly due

to the Group’s ability to secure more stable bulk

materials and stabilize energy costs, which made

its MSG products more price competitive. Also,

Europe and the US have imposed anti-dumping

taxes on MSG products exported from the PRC.

Hence, revenue from MSG sales in the US, the EU

and ASEAN (excluding Vietnam) showed a notable

surge.

2. Modified starch/Native starch/Amylase

Sales of modified starch/native starch gradually

picked up during the period. Total revenue from

this business segment increased by 9.5%, or

US$1,820,000, year-on-year to US$21,017,000.

The growth was mainly attributable to the rise

in demand for modified starch across various

geographic markets. The revenue contribution from

starch has been enlarged from 12.1% to 12.9% of

the total revenue of the Group.

The amylase business launched by the Group in

recent years has achieved brilliant results in the

first half of the year. Revenue increased by about

US$2,063,000 year-on-year to US$4,802,000,

mainly driven by customer recognition of the

product’s high quality and the subsequent growth

in sales.

（二） 產品銷售分析

單位：千美元

1. 味精

本 期 營 收113,498,000美 元，

較二零一五年同期增加3.9%

或 金 額4,249,000美 元，佔 集

團總營收由二零一五年上半年

69.1%增 至69.6%。味 精 營 收

增加主要由於集團於本期掌握

較 穩 定 之 大 宗 原 料 及 能 源 成

本，使味精在價格上較具有競

爭力，加上歐美先後對中國味

精出口徵收反傾銷稅，集團味

精在美國、歐盟、與東協市場

（ 越南除外）營收均有較大幅度

成長。

2. 變性澱粉╱天然澱粉╱澱粉糖

天 然 澱 粉 ╱ 變 性 澱 粉 於 本

期 逐 步 恢 復 銷 售，營 收 達

2 1 , 0 1 7 , 0 0 0 美 元，比 二 零

一 五 年 同 比 增 加9.5%或 金 額

1,820,000美 元，主 要 是 變 性

澱粉在各市場需求有成長。因

營收增加，澱粉佔集團總營收

由12.1%增至12.9%。

集團近年所新推出的澱粉糖產

品，上半年表現亮眼，營收達

4,802,000美 元，較 去 年 同 期

增 加 約2,063,000美 元，主 要

因品質逐漸受到客戶肯定，銷

售亦逐步成長。

3. Specialty chemicals/fertiliser and feed products

Specialty chemicals including hydrochloric acid,

soda and bleach are principally sold in the Vietnam

market . These special ty chemical s are bas ic

chemical products in the industrial sector and

offer huge development potential in that country.

The revenue from specialty chemicals decreased

by 5.8% or US$654,000 to US$10,530,000 and

the contribution to the Group’s total revenue also

decreased from 7.1% to 6.4%. The reduction was

mainly due to the lower selling price of hydrochloric

acid caused by the stronger competition from

imported products in Vietnam in the first half of the

year, together with the adjustments in production

and sales of the plant which caused the sales

volume to drop as well. However, as stable demand

for its soda products from its Vietnamese customers

continued, the Group’s overall sales still improved

when compared with the same period in 2015.

In the first half of 2016, some regions in Vietnam

suffered from drought and soil salinisation due to

the unfavourable weather. Demand for fertiliser

dropped sharply within a short time and resulted

in excess supply in Vietnam’s fertiliser market.

Imported low-priced products have also led to more

severe price competition and the eventual decline

in the market price of fertiliser in Vietnam. The

international sales market was also affected by

the low price competition in the PRC. All of these

factors have caused the revenue of the Group’s

fertiliser and feed products to decrease by 24.8% or

US$2,803,000 year-on-year to US$8,493,000 during

the period. Its contribution to the Group’s total

revenue also dropped from 7.1% to 5.2%.

3. 特化產品╱肥飼料

特化產品包括鹽酸、蘇打、漂

白水均於越南銷售。此等特化

產品為工業基本化學品，於越

南極具發展潛力。特化產品營

收達10,530,000美元，較二零

一 五 年 同 期 減 少5.8%或 金 額

654,000美 元，佔 集 團 總 營 收

由7.1%降 至6.4%。減 少 主 要

的原因為鹽酸於上半年越南進

口競品增加，售價下滑，同時

因廠內產銷調節，致使銷售量

也有減少。但集團生產之蘇打

產 品 因 越 南 客 戶 需 求 穩 定 增

加，使整體銷售仍較去年同期

成長。

二零一六年上半年，因氣候影

響，越南部份地區乾旱與土壤

鹽 化，肥 料 短 期 需 求 急 速 下

降，造成越南肥料市場供過於

求，加上進口低價產品，市場

價格競爭激烈，造成越南肥料

市場售價下滑。同時於國際外

銷市場也受到中國低價競爭，

故集團肥飼料產品營收減少，

期 內 營 收 達8,493,000美 元，

較二零一五年同期減少24.8%

或 金 額2,803,000美 元，佔 集

團總營收由7.1%降至5.2%。

III. MAJOR RAW MATERIALS/ENERGY OVERVIEW

(1) Cassava

A noteworthy trend has been the shift of more farmers

to raise cassava because the prices of certain crops

have continued to drop. As such, the cassava plantation

areas in Vietnam and in its neighbour Cambodia have

expanded, producing more cassava for raw material use.

The result of the increased supply of cassava starch and

its derivative products in South East Asia, together with

the rising production volume of corn starch in the PRC

led to the drop in prices of cassava material and starch

influenced by weaker demand for cassava starch.

(2) Molasses

Drought and soil salinization caused by climate change

have affected the harvest of molasses in several countries

during both 2015 and 2016. As the demand for biomass

energy and fertilizer has remained strong, the export

of molasses has decreased while the product price has

picked up. Historical data has shown that the global

molasses market has experienced five periods of excess

production, but the surplus is obviously shrinking.

Molasses production period is expected to record a

shortage in 2015/2016, the first time in six years,

reaching several million tonnes. The gap may extend to

2017, by which time the price of molasses is likely to rise.

(3) Energy

In the first half of 2016, global coal and natural gas

prices have dropped, due to the excess supply and weak

demand in key markets such as the US and Europe. The

alternative energy solution in the cogeneration factory of

Vedan Vietnam has been adopted in production in March

2015, which has helped to stabilize the production costs.

The International Energy Agency (「IEA」) estimated global

demand for coal to rise 0.4% to 1.1% a year in average

by 2020, because economic recovery around the world

appears to be slowing down, and many countries are

switching to energy models with lower coal consumption

while striving to develop clean energy, so the demand

for coal will weaken. Major coal consumers such as the

PRC and India will reduce related imports, while key

coal producers such as Indonesia and Australia plan to

reduce related exploitation. These trends will shrink the

international coal market, and the prices of coal and gas

will not have much room to increase in the second half.

The wholesale price of electricity in Vietnam has increased

by 2% to 5% in 2016. Nevertheless, the Group has

reduced the purchase of external electricity and increased

the use of self-generated electricity since the installation

of its new energy system. Consequently, the rise of

electricity charges have only minimally affected the

Group.

三， 主要原料╱能源概況

（一） 木薯

整體而言，因部份農作物價格降低較

多，農民改變增加木薯種植，越南與

鄰國柬埔寨種植面積增加，木薯原料

產量增加。東南亞木薯澱粉與衍生產

品供應增加，且中國因玉米澱粉產量

增加，木薯澱粉需求減少，木薯原料

及木薯澱粉價格下滑。

（二） 糖蜜

氣候影響導致嚴重乾旱及土壤鹽化

對幾個產糖國二零一五與二零一六

年糖之生產量構成影響，且生質能源

和飼料業需求仍大，故糖蜜出口減

少，價格上漲。資料顯示，雖然全球

糖市之前已連續五個製糖期供過於

求，惟在過剩量顯著縮小趨勢下，預

計二零一五/二零一六年製糖期將為

六年來首次出現供應缺口，缺口量

約數百萬噸，缺口現象或持續至二零

一七年亦預期糖蜜價格調漲機率提

高。

（三） 能源

二零一六年上半年，全球煤炭和天然

氣價格下滑，深層原因在於美國、歐

洲等關鍵市場正處於供過於求和需

求增長低迷的現狀。集團越南廠汽電

共生廠能源替代方案已於二零一五

年三月導入生產，有利於穩定生產成

本。

國際能源總署(IEA)預測，至二零二零

年全球煤炭需求年均成長介於0.4至

1.1％之間，主要因為全球經濟復甦

緩慢，加以各國能源系統逐步朝向低

碳能源轉型，大力發展清潔能源，煤

炭需求將趨疲軟。中國大陸和印度等

煤炭消費大國削減進口煤炭採購，

印尼和澳洲等煤炭出口大國計畫性

減少煤炭生產，雙向作用下國際煤炭

市場呈現收縮狀態，預計下半年煤炭

和天然氣價格上漲的空間有限。

電價方面，二零一六年越南批發電價

增加2%-5%，集團自使用新設能源

系統後，外購電力減少，而使用自生

產電力增加，電力價格調漲對集團影

響有限。

IV. FINANCIAL REVIEW

(1) Liquidity and Financial Resources

The Group had cash and short-term bank deposits of

US$49,835,000, US$13,685,000 or around 21.5% less

than at the end of 2015. Short-term bank borrowings

decreased by US$11,278,000 or around 48.8% to

US$11,835,000 compared to the end of 2015, while

middle-to-long-term bank borrowings declined by

US$3,880,000 or around 13.6% to US$24,733,000.

Total bank borrowings amounted to US$36,568,000,

US$15,158,000 or around 29.3% less than at the end of

2015. The borrowings were mainly denominated in US

dollars, which accounted for 97.9% of the total, with

the remaining 2.1% denominated in New Taiwan dollars.

The proportions of short-term and medium-to-long-term

bank borrowings were 32.4% and 67.6% respectively.

Net interest expenses during the period dropped by about

US$114,000 from the corresponding period last year.

Trade receivables were US$32,082,000, representing

an increase of US$2,219,000 or around 7.4% when

compared with late 2015. Around 89.1% of the trade

receivables were due within 30 days. As at 30 June 2016,

total inventory was US$86,494,000, up by US$6,457,000

or around 8.1% when compared with that in late 2015.

During the period, the Group increased the bulk purchase

of agricultural raw materials for seasonal reasons,

so the raw material inventory increased by around

US$12,075,000 when compared to the end of 2015.

As the bank borrowings declined in the first half of the

year, the gearing ratio (total borrowings to total capital

ratio) was 13.0%, which was lower than 18.9% in the

end of 2015. Net gearing ratio (total borrowings less cash

and deposits to total capital ratio) was -4.7%, further

dropped from -4.3% at the end of 2015.

Current liabilities decreased sharply because of a decrease

in short-term borrowings and payables, so current ratio

rose from 3.8 at the end of 2015 to 5.5. The financial

position of the Group has remained sound.

(2) Capital expenditure

Dur ing the repor t ing per iod, capi tal expendi ture

amounted to approximately US$2,916,000, US$5,968,000

less than the capital expenditure of US$8,884,000 in the

first half of 2015.

四， 財務回顧

（一） 流動資金和財政資源

集 團 現 金 和 銀 行 短 期 存 款 為

49,835,000美 元，比 二 零 一 五 年 底

減少13,685,000美元，約21.5%。短

期 借 款 為11,835,000美 元，比 二 零

一 五 年 底 減 少11,278,000美 元，約

48.8%；中 長 期 借 款 為24,733,000

美 元，減 少 3 , 8 8 0 , 0 0 0 美 元，約

13.6%。借 款 總 額 為36,568,000

美 元 ， 比 二 零 一 五 年 底 減 少

15,158,000美 元 或 約29.3%。借 款

以美元為主，佔97.9%，其餘為新臺

幣佔2.1%；短期和中長期借款比率

為32.4%比67.6%。期 內 淨 利 息 費

用同比去年減少約114,000美元。

應 收 貿 易 帳 款 為32,082,000美 元，

比 二 零 一 五 年 底 增 加2,219,000美

元，約7.4%，30天期內應收帳款佔

約89.1%。存 貨 總 額 於 二 零 一 六 年

六 月 三 十 日 為86,494,000美 元，比

二零一五年底增加6,457,000美元，

約8.1%。期 內 集 團 因 產 季 因 素，增

購農產原料等大宗物質，故原料庫存

比二零一五年底增加約12,075,000

美元。

上 半 年 借 款 減 少，資 本 負 債 比（ 總

借款比股東權益）為13.0%，小於二

零一五年底的18.9%；，淨資本負債

比（ 總借款扣除現金和存款比股東

權益）為-4.7%，低於二零一五年底

的-4.3%。

期內短期借款與應付款項減少導致

流動負債大幅減少，流動比率因此由

二零一五年底之3.8升為5.5，整體財

務結構仍屬穩健。

（二） 資本支出

期內資本支出共約2,916,000美元，

比 二 零 一 五 年 上 半 年 資 本 支 出 的

8,884,000美 元 減 少5,968,000美

元。

(3) Exchange rate

After the Vietnamese government signed the Trans-Pacific

Partnership Agreement (「TPP」) along with other free

trade agreements, the country’s foreign trade has rapidly

developed, so the economy has improved which in turn

has supported the local currency. In 2016, large amounts

of foreign capital have flowed into Vietnam which has

caused the value of the Vietnam Dong to rebound and

increase slightly. At the same time, the Central Bank of

Vietnam has announced that it will release the median

exchange rate of Vietnam Dong to USD on a daily basis

starting from 4 January 2016 in order to increase the

flexibility in managing forex and stabilize the Vietnam

Dong by limiting the currency fluctuation to within plus

or minus 3% of the median exchange rate. On 30 June

2016, the median exchange rate was 21,873 Vietnam

Dong to US$1, i.e., 0.08% higher in the first half of the

year but 0.9% lower than the same period last year. The

exchange rate of the Vietnam Dong is expected to remain

stable in the second half of 2016 and the depreciation

should not be excessive.

The Group’s subsidiaries in the PRC are mainly for

domestic distribution and the transactions there are

denominated in RMB. During 2015, the median exchange

rate of the RMB depreciated 6%. Stepping into 2016,

the exchange rate of the RMB to the USD was better

controlled, with only a moderate increase recorded in

the first quarter while it started to depreciate again in

the second quarter of the year. In the first half of 2016,

the median exchange rate of the RMB against the USD

dropped 2.1% to RMB6.6312 to US$1, which was

8.5% lower than the same period last year. The revenue

derived from RMB transactions did not account for a

high proportion of the Group’s total revenue, so the risk

is relatively small but the Group will continue to closely

monitor it and take appropriate countermeasures when

necessary.

(4) Dividends

Basic earnings per share were 0.92 US cents. The Board

has resolved to declare the payment of an interim

dividend of 0.641 US cents per share. The dividend

payout ratio was 69.67%.

（三） 匯率

越南政府簽署「跨

太平洋

夥伴關係」

(TPP)協議及多項自由貿易協定後，

外資進入越南的速度加快，經濟形勢

相對樂觀，這對越南盾形成一定的支

撐。二零一六年大量外資進入越南

投資，越南盾匯率走勢逆轉，小幅升

值。同時，越南央行宣布從二零一六

年一月四日起，每天發布越盾兌美元

的中間匯率，以提高外匯管理的靈

活性，但交易匯率不得超過中間匯

率的上下3%，使越南盾之匯率不至

波動過大。二零一六年六月三十日，

越南盾中間匯率21,873越盾兌一美

元，上半年小幅升值0.08%。與同期

比 貶 值0.9%。預 計 下 半 年，越 南 盾

匯率將繼續保持動態穩定，一般預期

貶值幅度將不致過大。

集團中國區子公司主要面向中國國

內 銷 售，交 易 以 人 民 幣 計 算。二 零

一五年人民幣中間價累計貶值6%。

進入二零一六年，人民幣兌美元匯率

在走勢受到控制後，第一季度小幅升

值，但第二季度又出現貶值的波動。

二零一六年上半年，人民幣兌美元中

間 價6.6312人 民 幣 兌 一 美 元，貶 值

2.1%，比去年同期貶值8.5%。目前

集團人民幣收入佔總營收不高，雖然

相對風險程度較小，仍須緊密觀察及

適時應對。

（四） 股息

本期每股基本盈利為0.92美仙，董事

會決定派發股息每股0.641美仙，派

息率為69.67%。

V. PROSPECTS

Looking ahead, in the face of the changing global backdrop

and economic shifts, the fierce price competition within the

industry is expected to continue because of excess supply

resulted by the ongoing overcapacity of certain products and

weak market demand. Also, the uncertain policies in many

of the world’s most important countries make the economic

prospects even more complicated, thus creating added

uncertainties for the Group’s operations.

Nevertheless, the Group has reinforced its corporate structure,

introduced an alternative energy solution and enhanced

marketing and business development efforts in recent years.

These initiatives have begun to yield results. Despite facing

numerous uncertainties in the future, the Group will continue

to adhere to its development strategies and adopt measures to

ensure such strategies are well-implemented, including:

– Product lines will be restructured to raise the proportion

of high value-added products. The number of low gross

profit items will be reduced to maintain reasonable overall

profitability of products.

– New products are to be developed as the Group explores

new markets. We will increase the number of new agents

and customers, enhance the existing distribution channels

and maximize the branding efforts so as to further

reinforce the business development of the Group.

– The Group will strengthen the procurement of critical

materials in bulk quantities, continue to implement

energy-saving projects and upgrade the production

technology to improve the production efficiency.

– The Group will develop customized production techniques

and enhance the production scale of new products by

more effectively utilizing its resources, collaborating

with different industries and customers, and conducting

regular evaluations. More products from third parties will

be introduced to fulfill customers』 needs in a segmented

market and bolster offerings to niche markets.

– Based on the strategy of 「co-opetition,」 the production

base in Vietnam will be used to develop markets in

ASEAN and FTA nations. This complementary relationship

can develop relevant businesses with added value.

– By strengthening its financial management, the Group

can enhance efficiency and optimize the asset utilization

rate. Steps will also be taken to mitigate the risk of

foreign exchange and interest rate fluctuations amidst the

increased turbulence in financial markets.

The management will adopt a flexible approach in adapting

a rapidly changing bus ines s envi ronment . Apar t f rom

maintaining basic operations, the Group will flexibly adjust its

production based on market changes. With both challenges

and opportunities in the market, on the operation front,

the Group will continue to prudently and timely implement

business strategies based on its solid foundation, which aims

to efficiently capture the opportunities. Therefore, we remain

cautiously optimistic about the Group’s performance in the

future.

五， 展望

展望未來的發展，面對全球性景氣與經濟

情勢的變化，數項產品產能過剩，需求未

見復甦，供大於求情況下，預期低價的競

爭仍將持續。受全世界各主要大國的政策

面不確定的影響，未來的經濟形勢變化更

趨複雜。這對於集團的經營，確實仍存在

諸多不確定因素。

近年集團執行各項紮根的基礎工作，包括

引入能源替代方案，以及強化行銷與業務

的拓展，已收到初步成效。面對未來，集團

雖仍面臨許多經營的不確定性，但亦將積

極落實既定的發展策略，強化執行力度，

持續推動發展，其中包括：

－ 透過產品線的重新組合，提升高附加

產品的比重，減少低毛利品項，以維

持產品的合理利潤。

－ 積極投入進行新產品開發，拓展新市

場的業務，增加新代理、新客戶，同

時深耕目前既有的市場通路，並延續

與發揮品牌效益，以再強化集團整體

業務的拓展。

－ 再強化並掌握關鍵大宗原料，持續推

動節能省電專案，同時繼續提升技術

以不斷改善生產效益。

－ 運用集團資源，結合同業異業，持續

策盟檢討，緊密結合客戶，朝向客制

化生產開發，提升新產品規模化，引

進多樣化代理產品，滿足分眾市場客

戶需求，強化利基市場。

－ 以競合策略為基礎，利用越南生產基

地，積極發展東協市場與有簽訂FTA

的合作市場，在互補互利的前提下，

拓展相關具有價值優勢的事業。

－ 強化財務管理，在提升效益的同時，

致力資產使用效率極大化，並對於金

融市場振盪幅度增大之際，做好匯

率、利率的風險管理工作。

隨著經營環境變化快速，經營層面將保持

彈性靈活的行動方案，除落實經營基本工

作之外，更將根據市場變化彈性生產。展

望目前挑戰與機會並存的局勢，經營層將

繼續運用既有的經營基礎，輔以審慎嚴謹

的態度，逐步落實執行各項策略，高效有

序把握機會，相信集團的未來的經營依然

是審慎樂觀。

Other Information

其他資料

Interim Report 2016 中期報告

17

PURCHASE, REDEMPTION OR SALE OF LISTED

SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries has purchased or

sold or redeemed any of the Company’s shares during the six months

ended 30 June 2016.

COMPLIANCE WITH MODEL CODE FOR SECURITIES

TRANSACTIONS BY DIRECTORS

The Company has made specific enquiries of all Directors to

confirm that they have complied with the Model Code for Securities

Transactions by Directors of Listed Issuers as set out in Appendix

10 of the Rules Governing the Listing of Securities on the Stock

Exchange of Hong Kong Limited (the 「Listing Rules of the Hong Kong

Stock Exchange」) during the reporting period up to 30 June 2016.

COMPLIANCE WITH APPENDIX 14 OF THE LISTING

RULES OF THE HONG KONG STOCK EXCHANGE

The Company has complied with the provisions of the Corporate

Governance Code (「CG Code」) set out in Appendix 14 of the Listing

Rules of the Hong Kong Stock Exchange during the reporting period

up to 30 June 2016, save and except for the below code provision.

In respect of code provision E.1.2 of the CG Code, the chairman of

the board should attend the annual general meeting. Mr. YANG, Tou-

Hsiung, the Chairman of the Board was not in the position to attend

the annual general meeting of the Company held on 24 May 2016

due to business commitments.

EMPLOYEE INFORMATION

On 30 June 2016, the Group had 3,798 employees of whom 3,555

are based in Vietnam, 229 in China and 14 in Taiwan.

The Group remunerates its employees based on their work

performance, professional experiences and prevailing industry

practices and related policies and packages are reviewed periodically

by the management. Apart from pension funds, discretionary bonuses

and share options are awarded to certain employees according to

their respective individual performance assessment.

購買、贖回或出售本公司上市證券

本公司或其任何附屬公司概無於截至二零一六

年六月三十日止六個月內購買、出售或贖回本

公司任何股份。

遵守董事進行證券交易的標準守則

經本公司具體查詢所有董事後確認，彼等於截

至二零一六年六月三十日止之報告期內一直遵

守香港聯合交易所有限公司證券上市規則（「香

港聯交所上市規則」）附錄十所載《上市發行人

董事進行證券交易的標準守則》。

遵守香港聯交所上市規則附錄十四

截至二零一六年六月三十日止報告期內，本公司

一直遵守香港聯交所上市規則附錄十四所載《企

業管治守則》之條文（ 以下守則條文除外）。

就《企業管治守則》之守則條文E.1.2條，董事會

主席應出席股東周年大會。董事會主席楊頭雄

先生因業務關係未能出席本公司於二零一六年

五月二十四日舉行之股東周年大會。

僱員資料

於二零一六年六月三十日，本集團僱有3,798名

僱員，其中3,555名駐於越南、229名駐於中國以

及14名駐於臺灣。

本集團僱員之薪酬乃按工作表現、專業資歷及

普遍行業慣例釐訂。管理層會定期檢討本集團

僱員之薪酬政策及待遇。除退休金外，本集團亦

按照若干僱員各自的個別表現評估向彼等酌情

發放花紅及購股權。

Other Information 其他資料

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

18

AUDIT COMMITTEE

The Audit Committee has reviewed with the management the

accounting principles and practices adopted by the Group and

discussed internal controls and financial reporting matters including

the review of the unaudited interim condensed consolidated financial

information for the six months ended 30 June 2016. The Audit

Committee comprises the four Independent Non-executive Directors

of the Company.

INTERIM DIVIDEND

The Board has resolved to declare an interim dividend for the six

months ended 30 June 2016 of 0.641 US cents per share. The interim

dividend will be paid on or before 12 October 2016 in HK dollar to

shareholders whose names appear on the register of members of the

Company on 30 September 2016. The HK$ equivalent of the interim

dividend is 4.951 HK cents per share, which is based on the exchange

rate of US$ against HK$ at US$1.00 to HK$7.724 as quoted by The

Hong Kong Association of Banks on 23 August 2016.

CLOSURE OF REGISTER OF MEMBERS

The register of members of the Company will be closed from

Wednesday, 28 September 2016 to Friday, 30 September 2016 (both

days inclusive), during such period no transfer of the Company’s

shares will be registered. In order to be eligible to receive the interim

dividend for the six months ended 30 June 2016, unregistered

holders of the Company’s shares must lodge all transfer documents

accompanied by the relevant share certificates with the Company’s

branch share registrar in Hong Kong, Tricor Tengis Limited, at Level

22, Hopewell Centre, 183 Queen’s Road East, Hong Kong, no later

than 4:30 p.m. on Tuesday, 27 September 2016.

審計委員會

審計委員會已聯同管理層審閱本集團採納之會

計原則和慣例，並已討論內部監控和財務申報事

宜，包括審閱截至二零一六年六月三十日止六個

月之未經審核中期簡明綜合財務資料。審計委

員會之成員包括本公司四位獨立非執行董事。

中期股息

董事會決議宣派截至二零一六年六月三十日止

六個月之中期股息每股0.641美仙。中期股息將

於二零一六年十月十二日或之前以港元支付予

於二零一六年九月三十日名列本公司股東名冊

的股東。中期股息將按香港銀行公會於二零一六

年八月二十三日所報之美元兌港元匯率1.00美

元兌7.724港元換算，即每股4.951港仙。

暫停辦理股份過戶登記

本公司將於二零一六年九月二十八日（ 星期三）

至二零一六年九月三十日（ 星期五）（ 包括首尾

兩天）暫停辦理股份過戶登記手續，期間概不會

辦理本公司股份過戶。為符合資格收取截至二

零一六年六月三十日止六個月之中期股息，尚

未登記的本公司股份持有人須不遲於二零一六

年九月二十七日（ 星期二）下午四時三十分將所

有過戶文件連同有關股票送達本公司香港股份

過戶登記分處卓佳登捷時有限公司，地址為香

港皇后大道東183號合和中心22樓。

Review Report of the Independent Auditor

獨立核數師審閱報告

Interim Report 2016 中期報告

19

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

TO THE BOARD OF DIRECTORS OF

VEDAN INTERNATIONAL (HOLDINGS) LIMITED

(incorporated in the Cayman Islands with limited liability)

INTRODUCTION

We have reviewed the interim financial information set out on pages

20 to 44, which comprises the interim condensed consolidated

balance sheet of Vedan International (Holdings) Limited (the

「Company」) and its subsidiaries (together, the 「Group」) as at

30 June 2016 and the related interim condensed consolidated

statements of income, comprehensive income, changes in equity

and cash flows for the six-month period then ended, and a summary

of significant accounting policies and other explanatory notes. The

Rules Governing the Listing of Securities on The Stock Exchange of

Hong Kong Limited require the preparation of a report on interim

financial information to be in compliance with the relevant provisions

thereof and Hong Kong Accounting Standard 34 「Interim Financial

Reporting」 issued by the Hong Kong Institute of Certified Public

Accountants. The directors of the Company are responsible for the

preparation and presentation of this interim financial information

in accordance with Hong Kong Accounting Standard 34 「Interim

Financial Reporting」. Our responsibility is to express a conclusion on

this interim financial information based on our review and to report

our conclusion solely to you, as a body, in accordance with our

agreed terms of engagement and for no other purpose. We do not

assume responsibility towards or accept liability to any other person

for the contents of this report.

SCOPE OF REVIEW

We conducted our review in accordance with Hong Kong Standard

on Review Engagements 2410, 「Review of Interim Financial

Information Performed by the Independent Auditor of the Entity」

issued by the Hong Kong Institute of Certified Public Accountants. A

review of interim financial information consists of making inquiries,

primarily of persons responsible for financial and accounting matters,

and applying analytical and other review procedures. A review is

substantially less in scope than an audit conducted in accordance

with Hong Kong Standards on Auditing and consequently does not

enable us to obtain assurance that we would become aware of all

significant matters that might be identified in an audit. Accordingly,

we do not express an audit opinion.

CONCLUSION

Based on our review, nothing has come to our attention that causes

us to believe that the interim financial information is not prepared,

in all material respects, in accordance with Hong Kong Accounting

Standard 34 「Interim Financial Reporting」.

PricewaterhouseCoopers

Certified Public Accountants

Hong Kong, 23 August 2016

中期財務資料審閱報告

致味丹國際（ 控股）有限公司董事會

（ 於開曼群島註冊成立的有限公司）

引言

本核數師（ 以下簡稱「我們」）已審閱列載於第20

至44頁的中期財務資料，此中期財務資料包括味

丹國際（ 控股）有限公司（「貴公司」）及其子公司

（ 合稱「貴集團」）於二零一六年六月三十日的中

期簡明綜合資產負債表與截至該日止六個月期

間的相關中期簡明綜合收益表、全面收益表、權

益變動表和現金流量表，以及主要會計政策概要

和其他附註解釋。香港聯合交易所有限公司證

券上市規則規定，就中期財務資料編製的報告

必須符合以上規則的有關條文以及香港會計師

公會頒佈的香港會計準則第34號「中期財務報

告」。　貴公司董事須負責根據香港會計準則第

34號「中期財務報告」編製及列報該等中期財務

資料。我們的責任是根據我們的審閱對該等中期

財務資料作出結論，並按照委聘之條款僅向整體

董事會報告，除此之外本報告別無其他目的。我

們不會就本報告的內容向任何其他人士負上或

承擔任何責任。

審閱範圍

我們已根據香港會計師公會頒佈的香港審閱準

則第2410號「由實體的獨立核數師執行中期財

務資料審閱」進行審閱。審閱中期財務資料包括

主要向負責財務和會計事務的人員作出查詢，

及應用分析性和其他審閱程序。審閱的範圍遠

較根據香港審計準則進行審核的範圍為小，故

我們不能保證我們將知悉在審核中可能發現的

所有重大事項。因此，我們不會發表審核意見。

結論

按照我們的審閱，我們並無發現任何事項，令我

們相信中期財務資料在所有重大方面未有根據

香港會計準則第34號「中期財務報告」編製。

羅兵鹹永道會計師事務所

執業會計師

香港，二零一六年八月二十三日

Interim Condensed Consolidated Balance Sheet

中期簡明綜合資產負債表

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

20

Unaudited

Audited

未經審核

經審核

30 June

31 December

2016

2015

二零一六年

六月三十日

二零一五年

十二月三十一日

Note

US$』000

US$』000

附註

千美元

千美元

ASSETS

資產

Non-current assets

非流動資產

Land use rights

土地使用權

7

2,459

2,544

Property, plant and equipment

物業、廠房及設備

7

149,645

156,603

Intangible assets

無形資產

7

9,082

9,177

Long-term trade receivables

長期應收貿易賬款

9

197

–

Long-term loan and receivables

長期貸款及應收款項

74

70

Investment in an associate

於一間聯營公司之投資

8

3,353

3,365

Total non-current assets

非流動資產總值

164,810

171,759

Current assets

流動資產

Inventories

存貨

86,494

80,037

Trade receivables

應收貿易賬款

9

31,885

29,863

Amount due from the non-controlling

interest of a subsidiary

應收附屬公司非控股權益之

款項

861

879

Short-term loan to an associate

給予一間聯營公司之短期貸款

21(c)

120

120

Prepayments and other receivables

預付款項及其他應收款項

11,145

10,451

Short-term bank deposits

短期銀行存款

4,753

19,330

Cash and cash equivalents

現金及現金等價物

45,082

44,190

Total current assets

流動資產總值

180,340

184,870

Total assets

資產總值

345,150

356,629

EQUITY

權益

Equity attributable to the owners of

the Company

本公司擁有人應佔權益

Share capital

股本

10

15,228

15,228

Reserves

儲備

269,084

260,390

284,312

275,618

Non-controlling interest

非控股權益

(2,220)

(2,168)

Total equity

權益總額

282,092

273,450

LIABILITIES

負債

Non-current liabilities

非流動負債

Bank borrowings

銀行借貸

12

24,733

28,613

Deferred income tax liabilities

遞延所得稅負債

4,073

4,178

Retirement benefit obligations

退休福利責任

1,417

1,230

Total non-current liabilities

非流動負債總額

30,223

34,021

Current liabilities

流動負債

Trade payables

應付貿易賬款

11

8,763

10,686

Accruals and other payables

應計費用及其他應付款項

9,662

13,548

Amount due to related parties

應付有關連人士款項

21(c)

1,348

946

Bank borrowings

銀行借貸

12

11,835

23,113

Current income tax liabilities

即期所得稅負債

1,227

865

Total current liabilities

流動負債總額

32,835

49,158

Total liabilities

負債總額

63,058

83,179

Total equity and liabilities

權益及負債總額

345,150

356,629

The notes on pages 25 to 44 form an integral part of this interim

condensed consolidated financial information.

載於第25至44頁之附註乃構成本中期簡明綜合

財務資料之一部份。

Interim Condensed Consolidated Income Statement

中期簡明綜合收益表

Interim Report 2016 中期報告

21

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

Note

US$』000

US$』000

附註

千美元

千美元

Revenue

收益

6

163,167

158,150

Cost of sales

銷售成本

14

(122,826)

(132,409)

Gross profit

毛利

40,341

25,741

Other gains – net

其他收益－淨額

13

506

979

Selling and distribution expenses

銷售及分銷開支

14

(10,845)

(10,245)

Administrative expenses

行政開支

14

(12,400)

(10,514)

Operating profit

經營溢利

17,602

5,961

Finance income

財政收入

281

257

Finance costs

財政支出

(485)

(575)

Finance costs – net

財政支出－淨額

15

(204)

(318)

Share of post-tax loss of an associate

應佔一間聯營公司除稅後虧損

8

(12)

(17)

Profit before income tax

除所得稅前溢利

17,386

5,626

Income tax expense

所得稅開支

16

(3,514)

(1,410)

Profit for the period

期內溢利

13,872

4,216

Profit/(loss) attributable to:

以下各方應佔溢利╱（ 虧損）：

– Owners of the Company

－本公司擁有人

13,948

4,455

– Non-controlling interest

－非控股權益

(76)

(239)

13,872

4,216

Earnings per share attributable to

the owners of the Company

本公司擁有人應佔每股盈利

– Basic earnings per share

(expressed in US cents)

－每股基本盈利

（ 以美仙列示）

17

0.92

0.29

– Diluted earnings per share

(expressed in US cents)

－每股攤薄盈利

（ 以美仙列示）

17

0.92

0.29

The notes on pages 25 to 44 form an integral part of this interim

condensed consolidated financial information.

載於第25至44頁之附註乃構成本中期簡明綜合

財務資料之一部份。

Interim Condensed Consolidated Statement of Comprehensive Income

中期簡明綜合全面收益表

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

22

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Profit for the period

期內溢利

13,872

4,216

Other comprehensive income/(loss)

其他全面收入╱（ 虧損）

Item that may be reclassified to profit or loss

可重新分類為損益之項目

Currency translation differences

匯兌差額

(600)

33

Total comprehensive income

for the period

期內全面收入總額

13,272

4,249

Total comprehensive income/(loss)

for the period attributable to:

以下各方應佔期內全面收入╱

（ 虧損）總額：

– Owners of the Company

－本公司擁有人

13,294

4,491

– Non-controlling interest

－非控股權益

(22)

(242)

13,272

4,249

The notes on pages 25 to 44 form an integral part of this interim

condensed consolidated financial information.

載於第25至44頁之附註乃構成本中期簡明綜合

財務資料之一部份。

Interim Condensed Consolidated Statement of Changes in Equity

中期簡明綜合權益變動表

Interim Report 2016 中期報告

23

Unaudited

未經審核

Attributable to the owners of the Company

本公司擁有人應佔

Share

capital

Share

premium

Exchange

reserve

Merger

reserve

Retained

earnings

Total

Non-

controlling

interest

Total

equity

股本

股份溢價

匯兌儲備

合併儲備

保留盈利

總計

非控股權益

權益總額

US$』000

US$』000

US$』000

US$』000

US$』000

US$』000

US$』000

US$』000

千美元

千美元

千美元

千美元

千美元

千美元

千美元

千美元

Balance at 1 January 2015

於二零一五年一月一日之結餘

15,228

47,358

16,844

79,994

109,705

269,129

(2,030)

267,099

Comprehensive income

全面收入

Profit/(loss) for the period

期內溢利╱（ 虧損）

–

–

–

–

4,455

4,455

(239)

4,216

Other comprehensive

income/(loss):

其他全面收入╱（ 虧損）：

Currency translation

differences

匯兌差額

–

–

36

–

–

36

(3)

33

Total comprehensive

income/(loss)

for the period ended

30 June 2015

截至二零一五年六月三十日止

期間之全面收入╱（虧損）

總額

–

–

36

–

4,455

4,491

(242)

4,249

Dividend

股息

–

–

–

–

–

–

(20)

(20)

Balance at 30 June 2015

於二零一五年六月三十日之

結餘

15,228

47,358

16,880

79,994

114,160

273,620

(2,292)

271,328

Balance at 1 January 2016

於二零一六年一月一日之結餘

15,228

47,358

13,908

79,994

119,130

275,618

(2,168)

273,450

Comprehensive income

全面收入

Profit/(loss) for the period

期內溢利╱（ 虧損）

–

–

–

–

13,948

13,948

(76)

13,872

Other comprehensive

income/(loss):

其他全面收入╱（ 虧損）：

Currency translation

differences

匯兌差額

–

–

(654)

–

–

(654)

54

(600)

Total comprehensive

income/(loss)

for the period ended

30 June 2016

截至二零一六年六月三十日止

期間之全面收入╱（虧損）

總額

–

–

(654)

–

13,948

13,294

(22)

13,272

Dividend

股息

–

–

–

–

(4,600)

(4,600)

(30)

(4,630)

Balance at 30 June 2016

於二零一六年六月三十日之

結餘

15,228

47,358

13,254

79,994

128,478

284,312

(2,220)

282,092

The notes on pages 25 to 44 form an integral part of this interim

condensed consolidated financial information.

載於第25至44頁之附註乃構成本中期簡明綜合

財務資料之一部份。

Interim Condensed Consolidated Statement of Cash Flows

中期簡明綜合現金流量表

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

24

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

Note

US$』000

US$』000

附註

千美元

千美元

Cash flows from operating activities

經營業務產生之現金流量

Cash generated from/(used in)

operations

業務產生╱（ 所用）之現金

12,578

(2,018)

Interest paid

已付利息

(485)

(708)

Income taxes paid

已付所得稅

(3,185)

(1,857)

Net cash generated from/(used in)

operating activities

經營業務產生╱（ 所用）之

現金淨額

8,908

(4,583)

Cash flows from investing activities

投資活動產生之現金流量

Purchases of property,

plant and equipment

購買物業、廠房及設備

7

(2,785)

(8,613)

Purchases of intangible assets

購買無形資產

7

(131)

(138)

Proceeds from disposal of

assets held for sale

出售持作出售資產之

所得款項

13

–

2,333

Proceeds from sales of property,

plant and equipment

銷售物業、廠房及設備之

所得款項

15

–

Interest received

已收利息

281

257

Decrease/(increase) in short-term

bank deposits

短期銀行存款減少╱（ 增加）

14,577

(3,190)

Increase in restricted cash

受限制現金增加

–

(4)

Net cash generated from/(used in)

investing activities

投資活動產生╱（ 所用）之

現金淨額

11,957

(9,355)

Cash flows from financing activities

融資活動產生之現金流量

Proceeds from bank borrowings

銀行借貸所得款項

12

5,075

35,077

Repayment of bank borrowings

償還銀行借貸

12

(20,233)

(34,962)

Dividend paid

已付股息

(4,600)

–

Net cash (used in)/generated from

financing activities

融資活動（ 所用）╱產生之

現金淨額

(19,758)

115

Net increase/(decrease) in cash and

cash equivalents

現金及現金等價物

增加╱（ 減少）淨額

1,107

(13,823)

Cash and cash equivalents

at beginning of the period

於期初之現金及現金等價物

44,190

37,491

Exchange (losses)/gains on cash and

cash equivalents

現金及現金等價物之

匯兌（ 虧損）╱收益

(215)

234

Cash and cash equivalents

at end of the period

於期末之現金及現金等價物

45,082

23,902

The notes on pages 25 to 44 form an integral part of this interim

condensed consolidated financial information.

載於第25至44頁之附註乃構成本中期簡明綜合

財務資料之一部份。

Notes to the Interim Condensed Consolidated Financial Information

中期簡明綜合財務資料附註

Interim Report 2016 中期報告

25

1 GENERAL INFORMATION

Vedan International (Holdings) Limited (「the Company」) and

its subsidiaries (together, the 「Group」) manufacture and sell

fermentation-based food additives, biochemical products and

cassava starch-based industrial products including modified

starch, glucose syrup, Monosodium Glutamate (「MSG」), soda,

acid and beverages. The products are sold to food distributors,

international trading companies, and manufacturers of food,

paper, textiles, and chemical products in Vietnam, other ASEAN

member countries, the People’s Republic of China (the 「PRC」),

Japan, Taiwan, and several European countries.

The Company is a limited liability company incorporated in the

Cayman Islands. The address of its registered office is Century

Yard, Cricket Square, Hutchins Drive, P.O. Box 2681 GT, George

Town, Grand Cayman, British West Indies.

The Company is listed on The Stock Exchange of Hong Kong

Limited.

This interim condensed consolidated financial information is

presented in US dollars (「US$」), unless otherwise stated. This

interim condensed consolidated financial information was

approved for issue by the Board of Directors on 23 August

2016.

This interim condensed consolidated financial information has

been reviewed but not audited by the Company’s independent

auditor.

2 BASIS OF PREPARATION

This interim condensed consolidated financial information

for the six months ended 30 June 2016 has been prepared in

accordance with HKAS 34 「Interim Financial Reporting」. The

interim condensed consolidated financial information should

be read in conjunction with the annual financial statements for

the year ended 31 December 2015, which have been prepared

in accordance with Hong Kong Financial Reporting Standards

(「HKFRS」).

Taxes on income in the interim periods are accrued using the

tax rate that would be applicable to expected total annual

earnings.

1 一般資料

味丹國際（ 控股）有限公司（「本公司」）及

其附屬公司（ 統稱「本集團」）生產及銷售

各種發酵食品添加劑、生化產品及木薯澱

粉工業產品（ 包括變性澱粉、葡萄糖糖漿、

味精、蘇打及鹽酸）以及飲料。產品乃銷售

往越南、其他東協成員國家、中華人民共

和國（「中國」）、日本、臺灣及多個歐盟國

家之食品分銷商、國際貿易公司，以及食

品、紙品、紡織及化工產品生產商。

本公司為於開曼群島註冊成立之有限公

司，註 冊 辦 事 處 地 址 為：Century Yard,

Cricket Square, Hutchins Drive, P.O. Box

2681 GT, George Town, Grand Cayman,

British West Indies。

本公司於香港聯合交易所有限公司上市。

除另有列明外，本中期簡明綜合財務資料

以美元列值。本中期簡明綜合財務資料於

二零一六年八月二十三日獲董事會批准發

佈。

本中期簡明綜合財務資料乃已審閱但未經

本公司獨立核數師審核。

2 編製基準

截至二零一六年六月三十日止六個月之中

期簡明綜合財務資料已根據香港會計準則

第34號「中期財務報告」編製。中期簡明綜

合財務資料應與根據香港財務報告準則而

編製之截至二零一五年十二月三十一日止

年度之年度財務報表一併閱讀。

中期期間之所得稅按照適用於預期年度總

盈利之稅率累計。

Notes to the Interim Condensed Consolidated Financial Information 中期簡明綜合財務資料附註

Vedan International (Holdings) Limited 味丹國際（控股）有限公司

26

3 ACCOUNTING POLICIES

Except as described below, the accounting policies applied are

consistent with those of the annual financial statements for the

year ended 31 December 2015, as described in those annual

financial statements.

(a) The fol lowing new s tandards , interpretat ion and

amendments to standards are mandatory for the first time

for the financial year beginning on or after 1 January

2016, but have not had any significant impact on the

preparation of this interim condensed consolidated

financial information.

HKFRS 10, HKFRS 12

and HKAS 28

(Amendments)

Investment entities: applying the

consolidation exception

HKFRS 11 (Amendment)

Accounting for Acquisitions of

Interests in Joint Operations

HKFRS 14

Regulatory Deferral Accounts

HKAS 1 (Amendment)

Disclosure initiative

HKAS 16 and HKAS 38

(Amendments)

Clarification of Acceptable

Methods of Depreciation and

Amortisation

HKAS 16 and HKAS 41

(Amendments)

Agriculture: Bearer Plants

HKAS 27 (Amendment)

Equity Method in Separate

Financial Statements

Annual Improvements

Project

Annual Improvements 2012-

2014 Cycle

3 會計政策

除下文所述者外，採用之會計政策與截至

二零一五年十二月三十一日止年度之年度

財務報表中所述之會計政策一致。

(a) 以下新準則、詮釋及準則之修訂本強

制於二零一六年一月一日或之後開

始之財政年度首次採納，但並無對本

中期簡明綜合財務資料之編製產生

任何重大影響。

香港財務報告準則

第10號、香港財務

報告準則第12號及

香港會計準則

第28號（ 修訂本）

投資實體：運用合併豁免

香港財務報告準則

第11號（ 修訂本）

收購合營業務權益之會

計處理

香港財務報告準則

第14號

監管遞延賬目

香港會計準則第1號

（ 修訂本）

披露計劃

香港會計準則

第16號及香港

會計準則第38號

（ 修訂本）

釐清可接受之折舊及攤

銷方法

香港會計準則

第16號及

香港會計準則

第41號（ 修訂本）

農業：生產性植物

香港會計準則

第27號（ 修訂本）

單獨財務報表之

權益法

年度改進計劃

二零一二年至二零一四

年週期之年度改進

Notes to the Interim Condensed Consolidated Financial Information 中期簡明綜合財務資料附註

3 ACCOUNTING POLICIES (continued)

(b) The fol lowing new s tandards , interpretat ion and

amendments to standards have been issued, but are not

effective for the financial year beginning on 1 January

2016 and have not been early adopted.

Effective for

annual periods

beginning on

or after

於下列日期或

之後開始之

年度期間生效

HKAS 7 (Amendments)

Statement of cash flows

1 January 2017

香港會計準則第7號（ 修訂本）

現金流量表

二零一七年一月一日

HKAS 12 (Amendments)

Income taxes

1 January 2017

香港會計準則第12號（ 修訂本）

所得稅

二零一七年一月一日

HKFRS 9

Financial Instruments

1 January 2018

香港財務報告準則第9號

金融工具

二零一八年一月一日

HKFRS 15

Revenue from Contracts with Customers

1 January 2018

香港財務報告準則第15號

來自客戶合約之收益

二零一八年一月一日

HKFRS 16

Leases

1 January 2019

香港財務報告準則第16號

租賃

二零一九年一月一日

HKFRS 10 and HKAS 28

(Amendments)

Sale or Contribution of Assets between

an Investor and its Associate or Joint Venture

To be determined

香港財務報告準則第10號及

香港會計準則第28號

（ 修訂本）

投資者與其聯營公司或合營企業之間的

資產出售或注資

待定

The Group has already commenced an assessment of the impact

of adopting the above new standards, interpretation and

amendments to standards. The Group is not yet in a position to

state whether substantial changes to the Group’s accounting

policies and financial statements presentation will result.

4 ESTIMATES

The preparation of interim financial information requires

management to make judgements, estimates and assumptions

that affect the application of accounting policies and the

reported amounts of assets and liabilities, income and expenses.

Actual results may differ from these estimates.

In preparing this interim condensed consolidated financial

information, the significant judgements made by management

in applying the Group’s accounting policies and the key sources

of estimation uncertainty were the same as those that applied

to the consolidated financial statements for the year ended 31

December 2015, with the exception of the estimates that are

required in determining the provision for income taxes.

3 會計政策（ 續）

(b) 以下為已頒佈但於二零一六年一月

一日開始之財政年度尚未生效，亦無

提前採納之新準則、詮釋及準則之修

訂本。

本集團已開始評估採納上述新準則、詮釋

及準則之修訂本之影響。本集團尚未能說

明會否令本集團之會計政策及財務報表之

呈列方式出現重大變動。

4 估計

編製中期財務資料需要管理層作出影響會

計政策應用、所呈報資產及負債、收入及

支出金額之判斷、估計及假設。實際結果

可能有別於此等估計。

於編製本中期簡明綜合財務資料時，除釐

定所得稅撥備時所需之估計有變外，管理

層對應用本集團會計政策所作出之重大判

斷及估計結果不確定性之主要來源，均與

截至二零一五年十二月三十一日止年度之

綜合財務報表所應用者相同。

5 FINANCIAL RISK MANAGEMENT

5.1 Financial risk factors

The Group’s activities expose it to a variety of financial

risks: market risk (including currency risk, fair value

interest-rate risk and cash flow interest rate risk), credit

risk and liquidity risk.

The interim condensed consolidated financial information

do not include all financial risk management information

and di sclosures requi red in the annual f inancial

statements, and should be read in conjunction with the

Group’s annual financial statements as at 31 December

2015.

There have been no changes in the risk management

policies since the year end.

5.2 Liquidity risk

Compared to year end, there was no material change in

the contractual undiscounted cash out flows for financial

liabilities.

5.3 Fair value estimation

For the six months ended 30 June 2016, there were

no significant changes in the business or economic

circumstances that affect the fair value of the Group’s

financial assets and liabilities, and no reclassification of

financial assets.

5 財務風險管理

5.1 財務風險因素

本集團之業務承受各種財務風險：

市場風險（ 包括貨幣風險、公平值利

率風險及現金流量利率風險）、信貸

風險及流動資金風險。

本中期簡明綜合財務資料並未包括

年度財務報表所需之所有財務風險

管理資料及披露事項，並應連同本集

團於二零一五年十二月三十一日之

年度財務報表一併閱讀。

自年末起，任何風險管理政策並無任

何變動。

5.2 流動資金風險

與年末比較，財務負債之合約未折現

現金流出量並無重大變動。

5.3 公平值估計

截至二零一六年六月三十日止六個

月，業務或經濟環境並無出現足以影

響本集團財務資產及財務負債公平

值之重大變動，而財務資產亦無任何

重新分類。

6 SEGMENT INFORMATION

The chief operating decision-maker has been identified as the

Executive Directors collectively. The Executive Directors review

the Group’s policies and information for the purposes of

assessing performance and allocating resources.

The Group presents its operating segment results (below) based

on the information reviewed by the chief operating decisionmaker,

and used to make strategic decision. This information

includes segment revenue, segment assets and capital

expenditures.

The chief operating decision-maker considers the business

from a geographical aspect. In presenting information on the

basis of operating segments, segment revenue is based on the

geographical presence of customers. Segment assets and capital

expenditures are based on the geographical location of the

assets.

(i) Segment revenue

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Vietnam

越南

78,124

83,024

Japan

日本

31,535

31,625

The PRC

中國

16,755

15,639

America

美國

12,147

5,115

Taiwan

臺灣

5,478

6,345

ASEAN member countries

(other than Vietnam)

東協成員國（ 不包括越南）

15,237

13,304

Other regions

其他地區

3,891

3,098

Consolidated revenue per income statement

收益表所示的綜合收益

163,167

158,150

6 分部資料

主要營運決策者已確定為全體執行董事。

執行董事審閱本集團之政策及資料，以評

核表現及分配資源。

本集團乃根據主要營運決策者所審閱並用

於制定策略性決定之資料呈列其營運分部

業績（ 見下文）。此等資料包括分部收益、

分部資產及資本支出。

主要營運決策者從地理層面分析業務。以

營運分部呈列資料時，分部收益以客戶所

在地區劃分。分部資產及資本支出則以資

產所在地劃分。

(i) 分部收益

6 SEGMENT INFORMATION (continued)

(ii) Capital expenditures

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Vietnam

越南

2,879

8,775

The PRC

中國

37

109

2,916

8,884

Capital expenditures are attributed to segments based on

where the assets are located.

Capital expenditures comprise additions of property, plant

and equipment and intangible assets.

(iii) Total assets

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

Vietnam

越南

288,361

298,634

The PRC

中國

46,241

45,608

Hong Kong

香港

9,660

10,784

Taiwan

臺灣

783

1,511

Singapore

新加坡

105

92

345,150

356,629

Total assets are attributed to segments based on where

the assets are located.

6 分部資料（ 續）

(ii) 資本支出

資本支出乃根據資產所在地而分配

至各分部。

資本支出包括添置物業、廠房及設備

及無形資產。

(iii) 總資產

總資產乃根據資產所在地而分配至

各分部。

7 INTANGIBLE ASSETS, PROPERTY, PLANT AND

EQUIPMENT AND LAND USE RIGHTS

Unaudited

未經審核

Intangible assets

無形資產

Goodwill

Software

and licence

Trademarks

Total

Property,

plant and

equipment

Land

use rights

商譽

軟體及牌照

商標

總計

物業、

廠房及設備

土地使用權

US$』000

US$』000

US$』000

US$』000

US$』000

US$』000

千美元

千美元

千美元

千美元

千美元

千美元

Six months ended 30 June 2015

截至二零一五年六月三十日

止六個月

Opening net book amount

as at 1 January 2015

於二零一五年一月一日之

期初賬面淨值

9,019

602

201

9,822

167,220

2,767

Exchange differences

匯兌差額

7

–

–

7

7

1

Additions

添置

–

138

–

138

8,746

–

Disposals

出售

–

–

–

–

(116)

–

Amortisation and depreciation

攤銷及折舊

–

(57)

(201)

(258)

(11,240)

(34)

Closing net book amount

as at 30 June 2015

於二零一五年六月三十日之

期末賬面淨值

9,026

683

–

9,709

164,617

2,734

Six months ended 30 June 2016

截至二零一六年六月三十日

止六個月

Opening net book amount

as at 1 January 2016

於二零一六年一月一日之

期初賬面淨值

8,541

636

–

9,177

156,602

2,543

Exchange differences

匯兌差額

(161)

–

–

(161)

(224)

(52)

Additions

添置

–

31

100

131

2,785

–

Disposals

出售

–

–

–

–

(61)

–

Amortisation and depreciation

攤銷及折舊

–

(62)

(3)

(65)

(9,457)

(32)

Closing net book amount

as at 30 June 2016

於二零一六年六月三十日之

期末賬面淨值

8,380

605

97

9,082

149,645

2,459

7 無形資產、物業、廠房及設備及土地

使用權

8 INVESTMENT IN AN ASSOCIATE

Movement on the investment in an associate is as follows:

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

As at 1 January

於一月一日

3,365

3,393

Share of post-tax loss of an associate

應佔一間聯營公司稅後虧損

(12)

(17)

As at 30 June

於六月三十日

3,353

3,376

The Group’s share of the results of the associate and its assets

and liabilities are shown below:

Name

Country of

incorporation

Particulars of

issued share capital

% interest

held

Measurement

method

名稱

註冊成立國家

已發行股本詳情

持有權益%

計量方法

Dacin International Holdings Limited

The Cayman Islands

4,100,000 shares of US$1 each

30

Equity

達欣國際控股有限公司

開曼群島

4,100,000股每股1美元之股份

權益法

Summary of financial information on associate –

effective interest

Unaudited

未經審核

Assets

Liabilities

Revenue

Share of

loss

資產

負債

收益

應佔虧損

US$』000

US$』000

US$』000

US$』000

千美元

千美元

千美元

千美元

At 30 June 2016

於二零一六年

六月三十日

3,567

(202)

–

(12)

At 30 June 2015

於二零一五年

六月三十日

3,380

(4)

–

(17)

The associate is principally engaged in real estate development

in Vietnam.

8 於一間聯營公司之投資

於一間聯營公司之投資變動如下：

本集團應佔聯營公司之業績以及其資產及

負債列示如下：

聯營公司之財務資料概要－實際權益

聯營公司於越南主要從事房地產發展。

9 TRADE RECEIVABLES

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

Non-current

非即期

197

–

Current

即期

31,885

29,863

Total trade receivables

應收貿易賬款總額

32,082

29,863

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

Trade receivables from third parties

應收第三方貿易賬款

32,417

30,216

Less: provision for impairment of trade receivables

減：應收貿易賬款減值撥備

(335)

(353)

32,082

29,863

The credit terms of trade receivables generally range from cash

on delivery to 90 days. The Group may grant a longer credit

period to certain customers and it is subject to the satisfactory

results of credit assessment. At 30 June 2016 and 31 December

2015, the ageing of the trade receivables based on invoice date

was as follows:

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

0 – 30 days

0至30天

28,877

27,124

31 – 90 days

31至90天

2,474

1,920

91 – 180 days

91至180天

622

624

181 – 365 days

181至365天

109

166

Over 365 days

365天以上

335

382

32,417

30,216

9 應收貿易賬款

應收貿易賬款之信貸期通常由貨到付現至

90天。本集團可向若干客戶授出較長信貸

期而其受限於信貸評估結果。於二零一六

年六月三十日及二零一五年十二月三十一

日，應收貿易賬款按發票日期之賬齡分析

如下：

10 SHARE CAPITAL

Authorised ordinary shares

法定普通股

Par value

Number of

shares

面值

股份數目

US$

US$』000

美元

千美元

At 1 January 2015,

31 December 2015 and

30 June 2016

於二零一五年一月一日、

二零一五年十二月三十一日

及二零一六年六月三十日

0.01

10,000,000,000

100,000

Issued and fully paid ordinary shares

已發行及繳足普通股

Par value

Number of

shares

面值

股份數目

US$

US$』000

美元

千美元

At 1 January 2015,

31 December 2015 and

30 June 2016

於二零一五年一月一日、

二零一五年十二月三十一日

及二零一六年六月三十日

0.01

1,522,742,000

15,228

10 股本

11 TRADE PAYABLES

As at 30 June 2016, the ageing of the trade payables based on

invoice date was as follows:

Unaudited

Audited

As at

30 June

2016

As at

31 December

2015

未經審核

經審核

於二零一六年

六月三十日

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

0 – 30 days

0至30天

7,132

7,872

31 – 90 days

31至90天

1,501

2,654

91 – 180 days

91至180天

2

31

181 – 365 days

181至365天

–

99

Over 365 days

365天以上

128

30

8,763

10,686

12 BANK BORROWINGS

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

Non-current

非即期

– long-term bank borrowings

－長期銀行借貸

32,493

35,818

– less: current portion of long-term bank

borrowings

－減：長期銀行借貸之

即期部份

(7,760)

(7,205)

24,733

28,613

Current

即期

– short-term bank borrowings

－短期銀行借貸

4,075

15,908

– current portion of long-term bank borrowings

－長期銀行借貸之

即期部份

7,760

7,205

11,835

23,113

Total bank borrowings

銀行借貸總額

36,568

51,726

11 應付貿易賬款

於二零一六年六月三十日，應付貿易賬款

按發票日期之賬齡分析如下：

12 銀行借貸

12 BANK BORROWINGS (continued)

Movements in borrowings are analysed as follows:

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Opening amount

期初數

51,726

71,553

Repayment of bank borrowings

銀行借貸償還款項

(20,233)

(34,962)

Proceeds from bank borrowings

銀行借貸所得款項

5,075

35,077

Closing amount

期末數

36,568

71,668

Interest incurred on borrowings and loans for the six

months ended 30 June 2016 is US$485,000 (30 June 2015:

US$708,000).

At 30 June 2016 and 31 December 2015, the Group’s bank

borrowings were repayable as follows:

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

Within 1 year

一年內

11,835

23,113

Between 1 and 2 years

一年至兩年

7,760

7,760

Between 2 and 5 years

兩年至五年

16,973

19,853

Over 5 years

超過五年

–

1,000

36,568

51,726

The carrying amounts of the borrowings are denominated in the

following currencies:

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

US$

美元

35,794

50,901

New Taiwan dollar

新臺幣

774

756

RMB

人民幣

–

69

36,568

51,726

12 銀行借貸（ 續）

分析貸款之變動如下﹕

截至二零一六年六月三十日止六個月借款

及 貸 款 之 利 息 支 出 為485,000美 元（ 二 零

一五年六月三十日：708,000美元）。

於二零一六年六月三十日及二零一五年

十二月三十一日，本集團之銀行借貸須於

以下期間償還：

借貸之賬面值按以下貨幣計值：

12 BANK BORROWINGS (continued)

The Group has the following undrawn borrowing facilities:

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

Expiring within one year

一年內到期

110,892

94,376

Expiring beyond one year

一年後到期

–

26,387

110,892

120,763

As at 30 June 2016, the Group has aggregate bank facilities

of approximately US$158,756,000 (2015: US$172,489,000)

for bank borrowings, trade finance and other general

banking facilities. Unutilised amount as at 30 June 2016

amounted to US$110,892,000 (US$120,763,000). The Group’s

bank borrowings of US$29,445,000 as at 30 June 2016

(US$38,188,000) were secured by corporate guarantees.

13 OTHER GAINS – NET

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Net exchange gains/(losses)

匯兌收益╱（ 虧損）淨額

161

(292)

Loss on disposal of property, plant and equipment

出售物業、廠房及設備虧損

(46)

(115)

Sales of scrap materials

廢料銷售

258

303

Gain on disposal of assets held for sale (Note)

出售持作出售資產之收益

（ 附註）

–

460

Others

其他

133

623

Other gains – net

其他收益－淨額

506

979

Note:

The assets and liabilities related to Orsan Vietnam Co., Ltd, a wholly

owned subsidiary of the Group, have been presented as assets held

for sale following the approval of the Group’s management on 31

December 2014 to sell Orsan Vietnam Co., Ltd in Vietnam to a third

party. The transaction was completed during the period ended 30 June

2015.

12 銀行借貸（ 續）

本集團有以下未提用借貸融資：

於 二 零 一 六 年 六 月 三 十 日，本 集 團 合 共

擁 有 銀 行 融 資 約158,756,000美 元（ 二 零

一 五 年：172,489,000美 元）作 為 銀 行 借

貸、貿 易 融 資 及 其 他 一 般 銀 行 融 資。於

二 零 一 六 年 六 月 三 十 日，未 動 用 金 額 為

110,892,000美 元（120,763,000美 元）。

本集團於二零一六年六月三十日之銀行借

貸29,445,000美 元（38,188,000美 元）以

公司擔保作抵押。

13 其他收益－淨額

附註：

在 本 集 團 管 理 層 於 二 零 一 四 年 十 二 月 三 十 一

日批准，將越南Orsan Vietnam Co., Ltd（ 本集

團 之 全 資 附 屬 公 司）出 售 予 一 名 第 三 方 後，與

Orsan Vietnam Co., Ltd相關之資產及負債已作

為持作出售資產呈列。該交易於截至二零一五

年六月三十日止期內完成。

13 OTHER GAINS – NET (continued)

Note: (continued)

The following table summarises the consideration received for the

disposal of assets held for sale and the amounts of assets and liabilities

disposed on the disposal date:

Unaudited

Six months

ended 30 June

2015

未經審核

截至

二零一五年

六月三十日

止六個月

US$』000

千美元

Consideration

代價

2,386

Net asset value of assets held for sale

持作出售資產之資產淨值

(1,926)

Gain on disposal of assets held for sale

出售持作出售資產之收益

460

Assets and liabilities disposed:

已出售資產及負債：

Cash and cash equivalents

現金及現金等價物

1,811

Property, plant and equipment

物業、廠房及設備

38

Other receivables

其他應收款項

77

Net asset value

資產淨值

1,926

Proceeds from disposal of assets held for sale comprise:

出售持作出售資產所得款項包括：

Cash consideration received

已收現金代價

2,333

Other receivables

其他應收款項

53

Proceeds from disposal of assets held for sale

出售持作出售資產所得款項

2,386

13 其他收益－淨額（ 續）

附註：（ 續）

下表概列就出售持作出售資產已收之代價以及

於出售日期已出售資產及負債之金額：

14 EXPENSES BY NATURE

Expenses included in cost of sales, selling and distribution

expenses and administrative expenses are analysed as follows:

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Changes in inventories and consumables used

存貨及已用消耗品變動

97,865

106,396

Amortisation of intangible assets (Note 7)

無形資產攤銷（ 附註7）

65

258

Amortisation of land use rights (Note 7)

土地使用權攤銷（ 附註7）

32

34

Depreciation on property, plant and equipment

(Note 7)

物業、廠房及設備折舊

（ 附註7）

9,457

11,240

Employee benefit expenses

僱員福利開支

16,764

15,116

Reversal of provision for impairment of

trade receivables

應收貿易賬款減值撥回

(18)

(28)

Operating lease rental

經營租賃費

167

305

Technical support fee (Note 21)

技術支援費（ 附註21）

1,400

1,140

Other expenses

其他開支

20,339

18,707

Total cost of sales, selling and distribution

expenses and administrative expenses

銷售成本、銷售及分銷開支

及行政開支總額

146,071

153,168

15 FINANCE COSTS – NET

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Finance income – interest income on

short-term bank deposits

財政收入－短期銀行存款

利息收入

(281)

(257)

Interest expense on bank borrowings

銀行借貸利息開支

485

708

Less: amounts capitalised on qualifying assets

減：合格資產資本化款項

–

(133)

Finance costs

財政支出

485

575

Finance costs – net

財政支出－淨額

204

318

14 按性質分類之開支

銷售成本、銷售及分銷開支及行政開支所

包括之開支分析如下：

15 財政支出－淨額

16 INCOME TAX EXPENSE

Taxation on profits has been calculated on the estimated

assessable profit for the period at the rates of taxation

prevailing in the countries in which the Group operates.

The amount of income tax charged/(credited) to the condensed

consolidated income statement represents:

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Enterprise income tax (「EIT」)

企業所得稅

3,619

1,624

Deferred income tax

遞延所得稅

(105)

(214)

3,514

1,410

EIT is provided on the basis of the statutory profit for financial

reporting purposes, adjusted for income and expenses items

which are not assessable or deductible for income tax purposes.

(i) Vietnam

The applicable EIT rate for the Group’s operation in

Vietnam is 15%, which is an incentive tax rate offered

by the Vietnam Government and is stipulated in the

respective subsidiary’s investment license.

(ii) The PRC

The applicable EIT rate for the Group’s operation in the

PRC is 25%.

(iii) Singapore/Hong Kong

No Singapore/Hong Kong profits tax has been provided

as the Group had no estimated assessable profit arising

in or derived from Singapore and Hong Kong during the

period.

(iv) Taiwan

The applicable EIT rate for the Group’s operations in

Taiwan is 17%.

16 所得稅開支

溢利之稅項就期內估計應課稅溢利按本集

團營運所在國家之適用稅率計算。

於簡明綜合收益表內扣除╱（ 計入）之所

得稅包括：

企業所得稅按財務申報之法定溢利計算，

且就所得稅之毋須課稅或不可扣減之收支

項目作出調整。

(i) 越南

按附屬公司的投資許可證所訂明，

本集團在越南的業務的適用企業所

得稅率為15%，有關稅率為越南政府

所結予的優惠稅率。

(ii) 中國

本集團在中國之業務之適用企業所

得稅率為25%。

(iii) 新加坡╱香港

由於本集團於期內並無在新加坡及

香港賺取或獲得估計應課稅溢利，

因此並無作出新加坡╱香港利得稅

撥備。

(iv) 臺灣

本集團在臺灣之業務之適用企業所

得稅率為17%。

17 EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the profit

attributable to owners of the Company of US$13,948,000

( 2 0 1 5 : U S $ 4 , 4 5 5 , 0 0 0 ) b y 1 , 5 2 2 , 7 4 2 , 0 0 0 ( 2 0 1 5 :

1,522,742,000) ordinary shares in issue during the period.

Diluted earnings per share is the same as basic earnings per

share as there are no dilutive instruments for the periods ended

30 June 2016 and 2015.

18 DIVIDENDS

A final dividend of US$4,600,000 that relates to the period to

31 December 2015 was paid in June 2016 (2015: nil).

On 23 August 2016, the board of directors has resolved

to declare an interim dividend of 0.641 US cents per share

(2015: 0.175 US cents). This interim dividend, amounting to

US$9,761,000 (2015: US$2,670,000), has not been recognised

as a liability in this interim condensed consolidated financial

information.

17 每股盈利

每 股 基 本 盈 利 按 本 公 司 擁 有 人 應 佔

溢 利13,948,000美 元（ 二 零 一 五 年：

4 , 4 5 5 , 0 0 0 美 元 ）除 以 期 內 已 發 行 普

通 股1,522,742,000股（ 二 零 一 五 年：

1,522,742,000股）計算。

截至二零一六年及二零一五年六月三十日

止期間，由於並無攤薄工具，故每股攤薄

盈利與每股基本盈利相同。

18 股息

有關自期間至二零一五年十二月三十一日

之末期股息4,600,000美元已於二零一六

年六月予以支付（ 二零一五年：無）。

於 二 零 一 六 年 八 月 二 十 三 日，董 事 會 已

議 決 宣 派 中 期 股 息 每 股0.641美 仙（ 二 零

一五年：0.175美仙）。此項中期股息為數

9,761,000美 元（ 二 零 一 五 年：2,670,000

美元）並未於本中期簡明綜合財務資料中

確認為負債。

19 COMMITMENTS

(i) Capital commitments

The Group’s capital expenditure contracted for at the

balance sheet date but not yet incurred is as follows:

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

Contracted but not provided for

已訂約但未撥備物業、

Property, plant and equipment

廠房及設備

1,274

1,087

Investment in an associate (Note 8)

於一間聯營公司之投資

（ 附註8）

2,632

2,632

3,906

3,719

(ii) Operating lease commitments

The Group had future aggregate minimum lease

payments in respect of land and buildings under noncancellable

operating leases as follows:

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

US$』000

US$』000

千美元

千美元

Not later than one year

－年內

330

518

Later than one year and not later

than five years

一年後但五年內

596

1,218

Later than five years

五年後

2,384

2,442

3,310

4,178

20 CONTINGENT LIABILITIES

At 30 June 2016, the Company has given guarantees for bank

facilities of subsidiaries amounting to US$111,000,000 (31

December 2015: US$122,850,000) of which US$70,260,000

(31 December 2015: US$84,662,000) has not been utilised.

19 承擔

(i) 資本承擔

本集團於結算日已訂約但未產生之

資本支出如下：

(ii) 經營租約承擔

本集團根據不可撤銷經營租約就土

地及樓宇須於未來支付之最低租賃

款項總額如下：

20 或然負債

於二零一六年六月三十日，本公司為附屬

公 司111,000,000美 元（ 二 零 一 五 年 十 二

月三十一日：122,850,000美元）之銀行融

資 提 供 擔 保，其 中70,260,000美 元（ 二 零

一 五 年 十 二 月 三 十 一 日：84,662,000)美

元）尚未動用。

21 RELATED PARTY TRANSACTIONS

The ultimate controlling party of the Group is the Yang Family,

whose members are Messrs. Yang, Tou-Hsiung, Yang, Cheng,

Yang, Yung-Huang, Yang, Kun-Hsiang, Yang, Kun-Chou, Yang,

Yung-Jen, Yang, Chen-Wen, Yang, Wen-Hu, Yang, Tung, Ms.

Yang, Wen-Yin, Ms. Yang, Shu-Hui and Ms. Yang, Shu-Mei.

(a) The table below summarises the related parties and

nature of their relationships with the Group as at 30 June

2016:

Related party

Relationship with the Group

有關連人士

與本集團之關係

Taiwan Vedan

A substantial shareholder of the Company

臺灣味丹

本公司之主要股東

Dacin Holdings (Pte) Ltd

A subsidiary of an associate of the Company

達欣控股有限公司

本公司一間聯營公司的附屬公司

Capron Group Limited

A company commonly controlled by the Yang family

Capron Group Limited

一間由楊氏家族共同控制之公司

(b) Significant related party transactions, which were carried

out in the normal course of the Group’s businesses are as

follows:

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

Note

US$』000

US$』000

附註

千美元

千美元

Sales of goods to Taiwan Vedan

向臺灣味丹銷售貨品

(i)

3,170

3,069

Technological support fee paid

to Taiwan Vedan

向臺灣味丹

支付技術支援費

(ii)

1,400

1,140

Agency commission income

received from Taiwan Vedan

向臺灣味丹

收取之代理佣金收入

(ii)

2

3

Notes:

(i) In the opinion of the directors of the Company, sales to

the related party were conducted in the normal course of

business.

(ii) In the opinion of the directors of the Company, the

transactions were carried out in the normal course of

business and the fees are charged in accordance with the

terms of the underlying agreements.

21 有關連人士交易

本集團最終控股方為楊氏家族，其成員包

括楊頭雄先生、楊正先生、楊永煌先生、楊

坤祥先生、楊坤洲先生、楊永任先生、楊辰

文先生、楊文湖先生、楊統先生、楊文吟女

士、楊淑慧女士及楊淑媚女士。

(a) 下表概述於二零一六年六月三十日

之有關連人士及其與本集團之關係

性質：

(b) 在本集團正常業務過程中與有關連

人士進行之重大交易如下：

附註：

(i) 本公司董事認為，向有關連人士作

出之銷售是在正常業務過程中進

行。

(ii) 本公司董事認為，該等交易在正常

業務過程中進行，並且根據相關協

議之條款收費。

21 RELATED PARTY TRANSACTIONS (continued)

(c) Balances with related parties

As at 30 June 2016 and 31 December 2015, the Group

had the following significant balances with the related

parties:

Unaudited

As at

30 June

2016

Audited

As at

31 December

2015

未經審核

於二零一六年

六月三十日

經審核

於二零一五年

十二月三十一日

Note

US$』000

US$』000

附註

千美元

千美元

Current:

即期：

Amount due to Taiwan Vedan

應付臺灣味丹款項

(i)

(1,318)

(934)

Short term loan to an associate

給予一間聯營公司之

短期貸款

(ii)

120

120

Amount due to Capron Group

Limited

應付Capron Group

Limited之款項

(iii)

(30)

(12)

Note:

(i) The balance with Taiwan Vedan is unsecured, interest-free,

denominated in US$ and has no fixed terms of repayment.

(ii) The short-term loan to an associate is unsecured, bears

interest at 4% per annum, denominated in US$ and is

repayable on demand.

(iii) The balance with Capron Group Limited is unsecured,

interest-free, denominated in US$ and repayable within 1

year.

(d) Key management compensation

The compensation paid or payable to key management,

including all executive directors and senior management,

for employee services is shown below.

Unaudited

Six months ended 30 June

未經審核

截至六月三十日止六個月

2016

2015

二零一六年

二零一五年

US$』000

US$』000

千美元

千美元

Salaries and other short-term benefits

薪酬及其他短期福利

2,264

1,819

21 有關連人士交易（ 續）

(c) 與有關連人士之結餘

於 二 零 一 六 年 六 月 三 十 日 及 二 零

一五年十二月三十一日，本集團與有

關連人士之主要結餘如下：

附註：

(i) 與臺灣味丹之結餘均為無抵押、免

息、以美元計值及無固定還款期。

(ii) 給予一間聯營公司之短期貸款為

無 抵 押、按 年 利 率4釐 計 息、以 美

元計值，並須按要求償還。

(iii) 與Capron Group Limited之結餘為

無抵押、免息、以美元計值並須於

一年內償還。

(d) 主要管理人員補償

向主要管理人員（ 包括所有執行董

事及高級管理人員）之僱員服務之已

付補償或應付款項如下。

　 中財網