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Investing for Future
Interim Report 2010/11

Stock Code

: 0345

2 4 5 16 17 18 19 21 22 39

Directors and Corporate Information Financial Highlights Management Report Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Balance Sheet Consolidated Statement of Changes in Equity Condensed Consolidated Cash Flow Statement Notes to the Unaudited Interim Financial Report Additional Information Provided in Accordance with the Main Board Listing Rules Review Report


Website Addresses


Vitasoy International Holdings Limited – (English & Chinese – (English & Chinese Vitaland Services Limited – (English & Chinese Hong Kong Gourmet Limited – (English & Chinese ) ) ) )

Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited Vitasoy (Shanghai) Company Limited – (Chinese only Vitasoy Australia Products Pty. Ltd. – (English only Vitasoy USA Inc. – (English only Unicurd Food Co. (Private) Limited – (English only ) ) ) )

Board of Directors
Executive Chairman
Mr. Winston Yau-lai LO

Independent Non-executive Directors
Dr. The Hon. Sir David Kwok-po LI Mr. Iain F. BRUCE Mr. Jan P. S. ERLUND Mr. Valiant Kin-piu CHEUNG (appointed on 1st September, 2010)


Non-executive Directors
Ms. Myrna Mo-ching LO Ms. Yvonne Mo-ling LO

Executive Directors
Mr. Laurence P. EISENTRAGER Mr. Eric Fat YU

Company Secretary
Ms. Paggie Ah-hing TONG

Qualified Accountant
Ms. Kitty Kit-yi FUNG

Registered & Head Office
No. 1 Kin Wong Street, Tuen Mun, New Territories, Hong Kong



Vitasoy International Holdings Ltd. Interim Report 2010/11

Principal Bankers
The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited Citibank, N.A. The Bank of Tokyo-Mitsubishi, Limited Australia and New Zealand Banking Group Limited BNP Paribas Bank of China (Hong Kong) Limited Rabobank International Hong Kong Branch

Australia and New Zealand Banking Group Limited

Principal Lawyer
Stephenson Harwood

Share Registrar
Computershare Hong Kong Investor Services Limited 46/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong 183 46

Key Dates
Closure of Register
9th December, 2010 (Thursday)

Interim Dividend Payable
21st December, 2010 (Tuesday)


Six months ended 30th September, 2010 HK$ million Results (Unaudited) 2009 HK$ million (Unaudited) % Change

Turnover Gross profit EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax,Depreciation and Amortisation and Impairment Losses on Property, Plant and Equipment) Profit Attributable to Equity Shareholders of the Company Basic Earnings per Share (HK cents) Dividend per Ordinary Share (HK cents)

1,710 849

1,561 775

10 10

292 156 15.3 3.2

259 141 13.9 3.2

13 10 10 –

At 30th September, 2010

At 31st March, 2010

HK$ million Financial Position (Unaudited)

HK$ million (Audited) % Change

Total Assets Net Cash Balance Total Equity Attributable to Equity Shareholders of the Company

2,475 224

2,222 392

11 (43)





Vitasoy International Holdings Ltd. Interim Report 2010/11

Business Highlights
The operating environment for the industry remained challenging in the first half of Fiscal 2010/2011. The costs of raw materials, fuels and labour have been on the rise in most markets and competition has been intensifying. Despite these challenges, the Group executed effective business strategies in its major markets worldwide and succeeded in achieving broad-based revenue growth while safeguarding its overall profit margin and maintaining its leading position in each market. The Group’s net sales revenue for the interim period was HK$1,710 million, up 10% (2009/2010 interim: HK$1,561 million). Profit before taxation...
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