Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Incorporated in the Cayman Islands with limited liability) (於开曼群岛注册成立之有限公司) (Stock code: 01382) (股票号码:01382) announCement oF annual results For the FinanCial Year enDeD 31 marCh 2014 全年业绩通告 截至2014年3月31日止财政年度 Chairman's Statement Dear Shareholders, On behalf of the Board, it is my pleasure to present the Group' s consolidated financial results for the 2014 Financial Year and to give an overview of the Group' s strategy and business outlook. Economic Overview and Financial Performance The external environment last year was mixed with the US Federal Reserve tapering of the quantitative easing policy which it has sustained for years, the road of recovery will be more bumpy with uncertainties over the exit strategy and interest rate policy of Federal Reserve. The European Commission's spring forecast pointed to a continuing economic recovery of the Eurozone following its emergence from recession one year ago. Japan's government debt also reached a record high by the quantitative easing programme last year to tackle the threat of deflation and lack of momentum over the past two decades. However, root problems of these advanced economies have yet to be solved, government debts has climbed to its highest level, uncertainties about the external environment has increased and concerns on Abenomics remain whether the recovery is durable. With much appreciation to the teamwork of staff and support from our business partners, the Group has registered turnover of HK$7,423.5 million for the 2014 Financial Year, which shows an increase of 11.6% over previous year. The Group's sales volume increased correspondingly by 8.6% at 186.9 million pounds, compared to 172.1 million pounds of the last financial year. The net profit attributable to shareholders amounted to HK$1,116.8 million (2013: HK$925.2 million). 香港交易及结算所有限公司及香港联合交易所有 限公司对本公告的内容概不负责,对其准确性或 完整性亦不发表任何声明,并明确表示,概不对 因本公告全部或任何部份内容而产生或因倚赖该 等内容而引致的任何损失承担任何责任. 主席报告书 致各股东: 本人谨代表董事局欣然提呈本集团2014年财政年 度之综合财务业绩,并提供本集团策略及业务展 望之概览. 经济综览与财务表现 去年,外围环境波动,美联储不断缩减持续数年 的量化宽鬆政策.美联储退出策略及利率政策不 明朗,复苏之路将更加艰难.欧盟委员會的春季 预测指出,自一年前经济衰退之后,欧元区的经 济持续复苏.在过去二十年,日本政府的债务亦 创历史新高,而去年实行量化宽鬆计划以期摆脱 通缩威胁,惟缺乏动力.然而,这些发达经济体 的根本问题尚未得到解决,政府债务已攀升至最 高水平.外围环境的不确定性加大,而外界对安 倍经济学复苏的持久性产生质疑. 由於员工共同努力,本集团业务夥伴鼎力支持, 本集团的营业额於2014年财政年度录得7,423.5百 万港元,较去年增加11.6%.本集团的销售量相 应增加8.6%至186.9百万磅,而上一个财政年度 则为172.1百万磅.股东应占纯利达1,116.8百万 港元 (2013年:925.2百万港元) . 2 经济综览与财务表现 (续) 董事局拟派末期股息每股港币40仙与末期特别股 息每股港币25仙.连同於2013年11月宣派的中期 股息每股港币40仙,2014年财政年度的股息总额 将为每股港币105仙. 业务综览与展望 本集团的未来经济增长将取决於其创新、创造及 重塑其经营业务方式的能力,以及本集团迅速应 对充满挑战的全球环境,以满足未开发需求的 能力. 近期中国与越南的紧张关系引起对本集团未来策 略及扩张计划的关注.尽管劳动力、染料和化学 品成本及其他辅助费用的高通胀压力,中国纺织 制造业仍占據全球市场的主导地位.即使南亚 及东南亚地区的制造商已日趋构成不可避免的威 胁,发达经济体出台优惠关税宽免以及该等国家 较低劳工成本,所有该等裨益可能不會超过区内 政治不确定性的风险. 面对2014年金融和政治环境的不稳定,本公司将 继续密切监察市场和政治发展,以维护持份者的 利益. Economic Overview and Financial Performance (Cont'd) The Board has proposed a final dividend of HK40 cents per share and a final special dividend of HK25 cents per share. Together with interim dividend of HK40 cents per share declared in November 2013, the total dividend for the 2014 Financial Year will be HK105 cents per share. Business Overview and Outlook The group's future economic growth will depend on its ability to innovate, create, and reinvent the way it does business, and our prompt response to meet untapped demands of challenging global environment. The recent China-Vietnam tensions have posed concerns on our future strategies and expansion plan. Despite high pressure on inflationary cost of labour, dyestuff, chemical and others auxiliary cost, textile manufacturing in China is still playing a very dominating role in the global market. Even the threat from players in South and South East region is getting more and more imminent with favorable duty concession offered from advanced economies and lower labour costs in these countries, all these benefits may not outweigh the risk of political uncertainty in the region. In the face of unstable financial and political environment in 2014, the Company will continue to closely monitor market and political developments to safeguard the interests of stakeholders. 3 During the year, the Secretary for Financial Services and The Treasury gazetted the commencement notice of the New Companies Ordinance ("the NCO") which stipulated 3 March 2014 as the commencement date of the NCO. With aims to further enhance Hong Kong's status as a major international business and financial centre, we shall ensure compliance of the NCO for relevant subsidiaries of the group. We welcome Stock Exchange's continued efforts to simplify and improve the clarity of the connected transaction rules and ease the compliance demands for transaction with connected person at the subsidiary level and increase the monetary limit for fully exempt connection transactions with effective from 1 July 2014. Appreciation On behalf of the Board, I am pleased to express my sincere appreciation to our customers, business partners, suppliers and bankers for their continuous support to the Group during the period. I sincerely hope our employees will be able to realise their potential at work, improve their aspirations in life and pursue work life balance. I would also thank our shareholders for their kind support and confidence in the Group during the past year. On behalf of the Board Wan Wai Loi CHAIRMAN Hong Kong, 27 June 2014 年内,财经事务及库务局局长於宪报刊发新公司 条例 ( 「新公司条例」 ) 的生效日期公告,当中指定 2014年3月3日为新公司条例开始实施的日期.为 进一步提升香港作为主要国际商业和金融中心的 地位,我们须确保相关集团附属公司遵守新公司 条例.我们欢迎联交所继续努力简化和改进关连 交易规则更清楚易明,宽减与关连人士 (於附属 公司层面) 进行交易的合规要求,以及提高全面 豁免关连交易的金额上限 (自2014年7月1日起生 效) . 鸣谢 本人谨代表董事局藉此向我们的客户、业务夥 伴、供应商及往来银行於著充满挑战的时间对本 集团之不断支持致以谢意.本人衷心祈望我们的 员工在工作上尽展所长,促进感悟人生并迈向工 作生活平衡. 本人感谢我们的股东於往年对本集团之鼎力支持 与信心. 承董事局命 主席 尹惠来 香港,2014年6月27日4业务回顾 综述 去年,外围环境波动,美联储不断缩减持续数年 的量化宽鬆政策.美联储退出策略及利率政策不 明朗,复苏之路将更加艰难.欧盟委员會的春季 预测指出,自一年前经济衰退之后,欧元区的经 济持续复苏.在过去二十年,日本政府的债务亦 创历史新高,而去年实行量化宽鬆计划以期摆脱 通缩威胁,惟缺乏动力.然而,这些发达经济体 的根本问题尚未得到解决,政府债务已攀升至最 高水平.外围环境的不确定性加大,而外界对安 倍经济学复苏的持久性产生质疑. 年内, 本集团於2014年财政年度录得营业额7,423.5百万港元,较往年增加11.6%.本集团之 销售量较上一财政年度之172.1百万镑,相应增 加8.6%至186.9百万镑.股东应占纯利达1,116.8 百万港元, (2013年:925.2百万港元) ,录得同 比增长20.7%. 本集团之毛利及经营溢利分别达1,361.4百万港元 及1,288.6百万港元,与销售量增加保持一致.毛 利率及经营溢利率为18.3%及17.4%,较往年毛利 率17.8%及经营溢利率16.1%有所增加,增长乃因 提高生产效率及产能利用所致. 本集团分销及销售开支增加至67.2百万港元(2013年:55.8百万港元) 乃销售量增长所致及一 般及行政开支减少至130.2百万港元 (2013年: 148.3百万港元) ,主要是由於严谨的成本控制. 凭藉高技术和创新产品的强大能力,本集团与多 个知名国际品牌维持非常密切之关系.五大客户 及品牌拥有人於回顾年度内分别占本集团收入总 额约65.4%及72.5%, 而上年则分别为57.6%及65.7%. BUSINESS REVIEW Overview The external environment last year was mixed with the US Federal Reserve tapering of the quantitative easing policy which it has sustained for years, the road of recovery will be more bumpy with uncertainties over the exit strategy and interest rate policy of Federal Reserve. The European Commission's spring forecast pointed to a continuing economic recovery of the Eurozone following its emergence from recession one year ago. Japan's government debt also reached a record high by the quantitative easing programme last year to tackle the threat of deflation and lack momentum over the past two decades. However, root problems of these advanced economies have yet to be solved, government debts has climbed to its highest level, uncertainties about the external environment has increased and concerns on Abenomics remain whether the recovery is durable. During the year, the Group has registered turnover of HK$7,423.5 million for the 2014 Financial Year, which shows an increase of 11.6% over previous year. The Group's sales volume increased correspondingly by 8.6% at 186.9 million pounds, compared to 172.1 million pounds of the last financial year. The net profit attributable to shareholders amounted to HK$1,116.8 million (2013: HK$925.2 million), recorded a year on year increase of 20.7%. In line with the increase in sales volume, the Group's gross profit and operating profit reached HK$1,361.4 million and HK$1,288.6 million respectively. Gross profit margin and operation profit margin were increased to 18.3% and 17.4% in compare with the previous year at 17.8% and 16.1% respectively as a result of improvement of production efficiency and capacity utilisation. The Group distribution and selling expenses increased to HK$67.2 million (2013: HK$55.8 million) due to the growth in sales volume and general and administrative expenses reduced to HK$130.2 million (2013: HK$148.3 million) mainly due to tight cost containment. With our strong capability in technological and innovative products, the Group maintained excellent relationship with a large portfolio of renowned international brands. The top five customers and brand owners accounted for approximately 65.4% and 72.5% respectively of the Group's revenue during the year under review, versus 57.6% and 65.7% of the previous year. 5 业务回顾 (续) 环境及社會报告 作为纺织行业的主要参与者,本集团致力推动清 洁生产.於2014年财政年度期间,本集团积极投 资全新环保设备, 研究及开发工艺技术及设施, 再主动多项节能环保技术项目以达致节能,循环 再用及减少排放的低碳制造. 印染行业准入条件 於第十二个五年规划期间,国务院办公厅公告各 工作计划及实施细则,确立整体行动方案以控制 温室气体排放. 於2013年2月,国家发展和改革委员會,环境保 护部与有关行政机构推动节能减排重点策略以改 革及提升产业结构. 我们番禺厂房当时荣获中华人民共和国工业和信 息化部 (工业和信息化部) 表列为 (第一批) 符合 《印染行业准入条件》 企业名单.全国性印染行业 准入,将加快行业整合,而本集团具备先进生产 技术及强大环境保护能力将受惠於工业转型. 低碳制造之持续发展 在第十二个五年国民经济和社會发展之规划内, 中国承诺控制温室气体排放为主要策略.本集 团早在2009年获中国BSI根據ISO 14064-1:2006发 出温室气体排放核证书的首家纺织业机构,ISO 14064-1:2006说明组织层级在量化及报告温室气 体排放及移除的原则和要求.其亦包括本集团对 温室气体盘查的设计,开发,管理,报告并核证 本集团温室气体排放量.之后,我们每年进行温 室气体排放量的盘查工作,以找出主要排放源并 加以控制和改善.至2013年底,我们的单位产品 温室气体排放量较基准年2009年下降了16.6%. BUSINESS REVIEW (Cont'd) Environmental Reporting and Social Reporting Being one of the key players of textiles Industry, the group endeavor to promote clean production. During the 2014 Financial Year, we invested heavily in new environmental facilities, researched and developed the facilities and knowhow of the state of arts production, and initiated number of technological and ecological projects for energy saving, waste recycling as well as reduction of emission of low carbon manufacturing. National Qualification of Textile Dyeing and Printing Enterprises The General Office of the State Council has published various work plans and its implementation for controlling greenhouse gas emissions during the 12th Five-Year Plan period, defining an overall outline for the plan's implementation. In February 2013, the National Development and Reform Commission, the Ministry of Environment Protection with relevant administrations highlighted the strategic principle of energy saving and emission reduction by improving and upgrading the industrial structure. At the same time, our Panyu factory was accredited the 1st batch of textile dyeing and printing enterprises in compliance with the national qualification as set by the Ministry of Industry and Information Technology of the People's Republic of China (MIIT). The national qualification will speed up the industry consolidation and the Group with advanced production technology and strong environmental protection capability will benefit from the industrial transformation. Sustainable Development of Low Carbon Manufacturing China has committed controlling greenhouse gas (GHG) emission as a major strategy into its planning for economic and social development under the 12th Five-year Plan. The Group was the first textile manufacturer in China back in 2009 accredited by BSI (China) with the Greenhouse Gases Emissions Verification Statement under ISO 14064-1:2006 which specifies principles and requirements at the organization level for quantification and reporting of GHG emissions and removals. It also included requirements for the design, development, management, reporting and verification of the Group's GHG inventory. Thereafter, we measure the GHG Emissions inventory annually to spot the source of emissions for further control and improvement. Until the end of 2013, our GHG Emission per production unit was lowered by 16.6% since the base year of 2009. 6 业务回顾 (续) 低碳制造之持续发展 (续) 互太作为全国纺织企业推行GB/T23331-2009能 源管理体系的试点单位,於2011年3月24日通过 了国家标准认证,是全国印染行业的第一家. 互太进一步推行ISO50001能源管理体系,并在 2013年11月26日通过了国际标准认证,是全国纺 织行业的第一家.我们番禺厂房再获中国BSI同 时根據国家标准能源管理系统GB/T23331-2012 及国际能源管理体系统ISO50001:2011,颁发有效 期至2015年3月22日之注册证书.并获中国BSI 2013年度6项优秀客户之其中 「卓越能源管理」 奖项. 环保奖项及嘉许 我们於过去五年获得香港工业总會及恒生银行共 同颁授之 「恒生珠三角环保大奖:绿色奖章」 奖章,是我们热心参与环保事务的证明. 我们连续四年荣获香环境保护运动委员會颁发的 界别卓越奖优异奖,彰显我们在香港制造业落实 最佳实践方面的努力. 於2013年6月,由广东省经济和资讯化委员會, 颁发广州市清洁生产先进企业. 於2013年9月,本集团被中华人民共和国工业和 信息化部遴选为清洁生产示範企业,以表彰我们 於清洁生产制度建设、原材料优化调整、技术工 艺创新和改造升级、资源高效利用等方面. 於2013年十一月,纺织之光2013年度中国纺织工 业联合會针织内衣创新贡献奖. BUSINESS REVIEW (Cont'd) Sustainable Development of Low Carbon Manufacturing (Cont'd) Pacific Textiles was the pilot unit for implementation of Energy Management System under national standard, GB/T23331-2009, being the 1st dyeing and printing manufacturer accredited on 24 March 2011. Pacific Textiles endeavored to implement Energy Management System under International Standard, and being the 1st textiles manufacturer in China received the recognition of ISO50001 on 26 November 2013. Our Panyu factory further accredited Energy Management System under both national standard, GB/T23331-2012 and international standard, ISO50001:2011 by BSI (China) valid until 22 March 2015. We were also named "Energy Management Excellence of 2013" as one of six BSI (China) elite customers. Environmental Awards and Recognition The awards of Green Medalist of Hang Seng Pearl River Delta Environmental Award jointly issued by the Federation of Hong Kong Industries and Hang Seng Bank in the last five consecutive years were evidence of our keen participation in environmental protection. The benchmark of our commitments towards best practices within manufacturing sector in Hong Kong has been signified with the Sectoral Award of Certificate of Merit on green management by Environmental Campaign Committee, Hong Kong in the last four consecutive years. In June 2013, we were elected Advanced Enterprise in Clean Production by The Economic & Information Commission of Guangdong Province. In September 2013, the Group was elected Model Enterprise in Clean Production by the Ministry of Industry and Information Technology of the People's Republic of China for our achievements in development of clean production system; optimal selection of material and chemical; technological innovation and advancement; effective resources management. In November 2013, we were awarded honor of textiles of innovative and technological advance fabrics of inner wear of 2013 by China National Textile And Apparel Council. 7 业务回顾 (续) 环保奖项及嘉许 (续) 2013年12月12日由广东省经济和资讯化委员會 及广东省科学技术厅共同颁发第一批广东省资源 节约型和环境友好型企业试点.试点实施期为2 年.试点企业对行业实现资源节约和环境友好发 展的核心技术和典型发展模式提出相关政策建 议.通过试点工作对行业起示範作用. 工艺技术的研究开发 我们番禺厂房在过去三年筹备建立广州市低碳纺 织工程技术研究开发中心,专案目标为承担纺织 行业纺织产品低碳新材料和新工艺技术的科研任 务、以及新设备开发实验,并使其产业化;开 发具有自主知识产权的新产品、新技术,申报专 利;承担相关行业、标准的制定. 2013年12月23日由广东省经济和资讯化委员會及 广东省科学技术厅共同颁发第一批创建省清洁生 产技术中心.为贯彻落实 《广东省 「十二五」 清洁生 产规划》 ,加强行业关键和共性清洁生产技术、 工艺及产品设备的研发,促进清洁生产技术转化 和推广应用,提高行业清洁生产水准,我们番禺 厂房获表彰第一批 「省清洁生产技术中心」 称号有 效期为两年.我们番禺清洁生产技术中心进一步 加强能力建设,加快推进创建工作,发挥自身行 业优势,积极开展清洁生产新技术、新工艺及新 产品设备的研发,加大清洁生产技术转化和推广 应用,积极参与行业清洁生产技术标准或评价体 系等相关课题研究和技术档编制工作,为进一步 提升全省清洁生产水准提供强有力的技术支撑. BUSINESS REVIEW (Cont'd) Environmental Awards and Recognition (Cont'd) On 12 December 2013, we were nominated as the first batch of Guangdong Province Trial Entity of Resources Saving and Environmental Friendly Enterprises jointly awarded by The Economic & Information Commission of Guangdong Province and the Science and Technology Council. The nomination will last for 2 years. The trial entity will provide recommendations on relevant policies on core technique and typical development model in accomplishment of resources saving and environmental friendly enterprise for its industry. Research and Development on State of the Arts Production In the last three years, our Panyu factory invested in the establishment of Guangzhou Low Carbon Textiles Technological Research and Development Centre (广州市低碳纺织工程技术研究 开发中心). The objective of the development centre is to enable the textile industry to tackle the business and sustainability challenges for development of state of the arts production. It will also support various projects with government authorities and research institutions on research and development of tangible gadgets, equipment, systems or production facilities for low carbon manufacturing, patent registration of new product and technology, and standard setting of textile industry. On 23 December 2013, The Economic & Information Commission of Guangdong Province and The Guangdong Provincial Department of Science and Technology jointly announced the first batch of provincial establishment of Clean Production Technological Centers. For implementation of the "12th Five-year Plan of Clean Production of Guangdong Province", strengthening of industrial key and common clean production technology, research on skill and production facilities, develop and promote the transformation of clean production technology, improve the industrial skill of clean production, our Panyu plant was named the first batch of "Provincial Clean Production Technological Centre" (PCPTC) of the next two years. Our PCPTC of Panyu will further strengthen our development capability, accelerate the exploitation work, develop industrialized advancement, actively develop clean production technology, research on new skills and production facilities, expand and promote the development and transformation of clean production technology, actively participate the drafting, standard setting, evaluation or other relevant topics of industrialized clean production, for staunch technological support and further advancement of provincial clean production standard. 8 业务回顾 (续) 工艺技术的研究开发 (续) 於2014年财政年度期间,本集团大量投资全新 环保设备,太阳能光伏并网发电及先进LED节能 灯.我们更进一步研究及开发印染工艺技术及设 施,我们再主导多项节能环保技术项目以达致节 能,循环再用及减少排放的低碳制造. 基础建设和长远发展 展望未来,我们将继续推动清洁生产及大量投资 低碳制造设备为达致公司持续增长和发展. 本集团的未来经济增长将取决於其创新、创造及 重塑其经营业务方式的能力,以及本集团迅速应 对充满挑战的全球环境,以满足未开发需求的 能力. 近期中国与越南的紧张关系引起对本集团未来策 略及扩张计划的关注.尽管劳动力、染料和化学 品成本及其他辅助费用的高通胀压力,中国纺织 制造业仍占據全球市场的主导地位. 财务回顾 资金流动性与财务资料 於2014年3月31日,本集团拥有现金及银行结余 额为1,776.3百万港元(2013年:1,793.4百万港元) ,当中包括506.5百万港元,相等於987.9百万 港元之美元,相等於278.9百万港元之人民币及 相等於3.0百万港元之其他货币.现金及银行结余 连同定期存款为本集团之营运资金及资本开支计 划提供资本来源. 本集团并没任何银行贷款.借贷指我们的合营公 司夥伴向我们越南附属公司提供的部分股东贷 款.贷款为权益性质,并不太可能於年内偿还. BUSINESS REVIEW (Cont'd) Research and Development on State of the Arts Production (Cont'd) During the 2014 Financial Year, the group invested heavily in new environmental facilities of solar photovoltaic and innovative energy saving LED solutions. We further researched and developed the facilities and knowhow of state of the arts production in printing and dyeing processes. We also initiated number of technological and ecological projects for energy saving, waste recycling as well as reduction of emission of low carbon manufacturing. Infrastructure and Long Term Development Going forward, we shall continue to promote clean production and invest heavily in low carbon manufacturing facilities for sustainable growth and development of the Company. The group's future economic growth will depend on its ability to innovate, create, and reinvent the way it does business, and our prompt response to meet untapped demands of challenging global environment. The recent China-Vietnam tensions have posed concerns on our future strategies and expansion plan. Despite high pressure on inflationary cost of labour, dyestuff, chemical and others auxiliary cost, textile manufacturing in China is still playing a very dominating role in the global market. FINANCIAL REVIEW Liquidity and Financial Information As at 31 March 2014, the Group had total cash and bank balances of HK$1,776.3 million (2013: HK$1,793.4 million), including HK$506.5 million, the equivalent of HK$987.9 million in US$, the equivalent of HK$278.9 million in Renminbi and the equivalent of HK$3.0 million in other currencies. The cash and bank balances and time deposits are to finance the Group's working capital and capital expenditure plans. The Group does not have any bank loan. The borrowings represent the portion of shareholder's loan contributed by our joint venture partner to our Vietnam subsidiary. The loan is of equity nature and is unlikely to be repaid within one year. 9 财务回顾 (续) 资金流动性与财务资料 (续) 於2014年财政年度,本集团资产总值为5,353.4百 万港元 (2013年:5,276.6百万港元) ,增加1.5%. 非流动资产及流动资产分别为1,471.3百万港元及 3,882.1百万港元.上述资产由流动负债1,308.8百 万港元、非流动负债105.8百万港元、非控制性 权益3.8百万港元及股东应占权益3,935.0百万港 元提供融资. 於2014年3月31日,流动比率 (根據流动资产除 以流动负债计算) 为3.0 (2013年:3.2) .负债比 率即负债总额 (包括流动及非流动借贷) 与权益总 额之比率为1.2% (2013年:1.2%) .於2014年3月31日,本集团之净现金水平为1,728.8百万港元 (2013年:1,745.8百万港元) . 本集团采取谨慎的措施,并根據市场的需求而微 调资本支出.於回顾年度,本集团录得资本开 支总额增加126.8%至242.2百万港元(2013年: 106.8百万港元) ,主要应用於购买设备和机器, 兴建番禺厂房及其他项目. 汇率风险管理 本集团面对多项货币之汇率风险,主要涉及美元 及人民币.本集团通过定期检讨与监察其持有外 币之情况以管理汇兑风险.本集团在适当时对冲 风险与减少风险. 资产抵押 於2014年3月31日, 本集团并无任何银行贷款(2013年:无) . 雇员及薪酬政策 於2014年3月31日,本集团共雇用约4,741名全职 雇员 (2013年:4,888名) .本集团薪酬政策并无 重大的变动.本集团雇员薪酬待遇组合包括基本 薪金、花红、津贴及退休福利,其乃根據雇员表 现、技能及知识厘订.本集团将持续提供定期训 练与具竞争性的薪酬予员工.本集团亦提供额外 福利予雇员,如食宿津贴予驻生产设施之工人、 提供意外及医疗保险等. 本集团授出购股权计划.根據该计划,本公司授 出购股权予合资格雇员. FINANCIAL REVIEW (Cont'd) Liquidity and Financial Information (Cont'd) For the 2014 Financial Year, the Group's total assets amounted to HK$5,353.4 million (2013: HK$5,276.6 million), representing an increase of 1.5%. Non-current assets and current assets were HK$1,471.3 million and HK$3,882.1 million respectively. The above assets were financed by current liabilities of HK$1,308.8 million, non- current liabilities of HK$105.8 million, non-controlling interests of HK$3.8 million and equity attributable to shareholders of HK$3,935.0 million. As at 31 March 2014, the current ratio (which is calculated on the basis of current assets over current liabilities) was 3.0 (2013:3.2). The gearing ratio, being the ratio of total debts (including current and non-current borrowings) to total equity, was 1.2% (2013: 1.2%). As at 31 March 2014, the Group was in a net cash position of HK$1,728.8 million (2013: HK$1,745.8 million). The Group adopted cautious measures and fine-tuned its capital expenditure in response to the market demand. During the year under review, total capital expenditure increased 126.8% to HK$242.2 million (2013: HK$106.8 million), which was mainly used to purchase plant and machinery, construction projects of Panyu plant and others. Foreign Exchange Risk Management The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar and Renminbi. The Group manages its foreign exchange risks by performing regular review and monitoring its foreign exchange exposure. The Group hedges against the exposure and reduce the risk involved as appropriate. Pledge of Assets As at 31 March 2014, the Group did not have any bank loans (2013: Nil). Employees and Remuneration Policies As at 31 March 2014, the Group had approximately 4,741 full- time employees (2013: 4,888). There is no significant change in the Group's remuneration policy. The Group's remuneration package for its employees includes salary, bonuses, allowances and retirement benefits, based on employee's performance, skills and knowledge. The Group will continue to provide regular training and competitive remuneration packages to its staff. The Group also provides additional benefits to its employees, such as subsidized accommodation and meals for workers at the production facilities, and accident and medical insurance. The Group has adopted a Share Option Scheme. Pursuant to the scheme, the Company granted options to eligible employees. 10 财务回顾 (续) 股息 董事局建议就2014年财政年度派发末期股息每股 港币40仙(2013年:港币40仙) 与末期特别股息每 股港币25仙(2013年:无末期特别股息) ,惟须待 股东於应届股东周年大會上批准.连同中期股息 每股港币40仙(2013年:港币40仙其中包括中期 特别股息港币25仙) ,2014年财政年度之股息总 额为每股港币105仙(2013年:港币80仙) . 展望及策略 我们坚定不移地保持先进生产技术及强大环境保 护能力的竞争力.本集团将受惠於纺织行业整合 及转型,因表列为全国性印染行业准入. 我们销售团隊将维持良好的客户关系以达致持续 增长及发展.我们将强化资产负债管理,确保集 团流动资金维持在具效率及健康的状况. 展望未来,我们将加强能力建设,研究行业先进 工艺和清洁生产技术应用.全球许多地方的地缘 政治不确定性於来年仍會备受关注.很难预测将 會发生什麽.我们将进一步开拓低生产成本地区 如越南或其他东南亚国家的各种投资机會. FINANCIAL REVIEW (Cont'd) Dividends The Board proposed to pay a final dividend of HK40 cents (2013: HK40 cents) per share and a final special dividend of HK25 cents (2013: Nil) per share for the 2014 Financial Year, subject to the approval of the shareholders at the forthcoming AGM. Together with an interim dividend of HK40 cents (2013: HK40 cents including special dividend of HK25 cents) per share, the total dividend for the 2014 Financial Year amount to HK105 cents (2013: HK80 cents) per share. Future Prospects and Strategies We strive to stay firm with our competitiveness in the advanced production technology and strong environmental protection capability. The group will further be benefited from the industry consolidation and transformation of printing and dyeing of textiles industry with the grant of the national qualification. Our business team shall maintain good customer relationship for continuing growth and development. We shall reinforce our assets and liabilities management by strengthening the group liquidity in a sound and healthy manner. Going forward, we will accelerate our development capability by research of industrialized advancement and application of clean production technologies. The geopolitical uncertainties in many parts of the world are still a cause for concern in coming years. It is difficult to predict what will happen. We will further exploit various investment opportunities in lower cost production bases like Vietnam or other South-East Asian countries. 11 董事局欣然公布本集团於2014年财政年度的经审 核综合业绩连同上年度的比较数字如下: The Board is pleased to announce the audited consolidated results of the Group for the 2014 Financial Year together with the comparative figures for the last year as follow: CONSOLIDATED INCOME STATEMENT For the year ended 31 March 2014 综合收益表 截至2014年3月31日止年度 2014 2013 2014年2013年Note HK$'000 HK$'000 附注 千港元 千港元 Revenue 收入 2 7,423,481 6,649,206 Cost of sales 销售成本 4 (6,062,110) (5,467,672) Gross profit 毛利 1,361,371 1,181,534 Other income and other gains/(losses) ? – net 其他收入及其他收益 (亏损) — 净3124,669 91,509 Distribution and selling expenses 分销及销售开支 4 (67,245) (55,827) General and administrative expenses 一般及行政开支 4 (130,191) (148,317) Operating profit 经营溢利 1,288,604 1,068,899 Finance income 财务收入 5 8,287 15,300 Finance costs 财务成本 5 (1,594) – Share of profits of associates 分占联营公司之溢利 36,499 26,911 Share of losses of joint ventures 分占合营公司之亏损 (20,655) (496) Profit before income tax 所得税前溢利 1,311,141 1,110,614 Income tax expense 所得税开支 6 (196,750) (186,301) Profit for the year 年度溢利 1,114,391 924,313 Profit attributable to: 下列人士应占溢利: ? Equity holders of the Company 本公司权益持有人 1,116,802 925,165 ? Non-controlling interests 非控制性权益 (2,411) (852) 1,114,391 924,313 Earnings per share for profit ? attributable to equity holders of ? the Company during the year 年内本公司权益持有人 应占溢利之 每股盈利 ? – basic (HK$) — 基本 (港元) 7 0.77 0.64 ? – diluted (HK$) — 摊薄 (港元) 7 0.77 0.64 Dividends 股息 8 1,518,744 1,153,112 12 ConsoliDateD statement oF ComPrehensive inCome For the year ended 31 March 2014 综合全面收益表 截至2014年3月31日止年度 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Profit for the year 年度溢利 1,114,391 924,313 Other comprehensive income: 其他全面收益: Items that may be reclassified to profit or loss 其后或循环至损益的项目 ? Currency translation differences 外币换算差额 (5,218) 41,691 ? Fair value gains/(losses) on ?? available-for-sale financial assets 可供出售金融资产公允值 收益 (亏损) 17 (20) Total comprehensive income ? for the year 年度全面收益总额 1,109,190 965,984 Attributable to: 下列人士应占: ? Equity holders of the Company 本公司权益持有人 1,111,824 966,836 ? Non-controlling interests 非控制性权益 (2,634) (852) 1,109,190 965,984 13 CONSOLIDATED BALANCE SHEET As at 31 March 2014 综合资产负债表 於2014年3月31日2014 2013 2014年2013年Note HK$'000 HK$'000 附注 千港元 千港元 ASSETS 资产 Non-current assets 非流动资产 Land use rights 土地使用权 53,930 55,282 Property, plant and equipment 物业、厂房及设备 1,183,088 1,103,591 Interests in associates 於联营公司之权益 182,382 171,771 Interests in joint ventures 於合营公司之权益 18,610 38,133 Deferred income tax assets 递延所得税资产 – 2,300 Available-for-sale financial assets 可供出售金融资产 1,798 1,781 Prepayments for construction work ? and purchase of machinery 工程和购买机器的预付 31,481 – 1,471,289 1,372,858 Current assets 流动资产 Inventories 存货 1,130,742 993,747 Trade and bills receivables 应收账款及票據 9 844,920 952,662 Deposits, prepayments and ? other receivables 按金、预付款项及 其他应收款项 60,079 71,082 Amounts due from associates 应收联营公司款项 68,400 89,355 Derivative financial instruments 衍生金融工具 1,655 3,579 Cash and bank balances 现金及银行结余 1,776,269 1,793,360 3,882,065 3,903,785 Total assets 资产总值 5,353,354 5,276,643 EQUITY 权益 Equity attributable to equity ? holders of the Company 本公司权益持有人应占权益 Share capital 股本 1,446 1,443 Share premium 股本溢价 1,453,188 1,434,970 Reserves 储备 2,480,379 2,529,432 3,935,013 3,965,845 Non-controlling interests 非控制性权益 3,800 6,434 Total equity 权益总额 3,938,813 3,972,279 14 CONSOLIDATED BALANCE SHEET As at 31 March 2014 综合资产负债表 於2014年3月31日2014 2013 2014年2013年Note HK$'000 HK$'000 附注 千港元 千港元 LIABILITIES 负债 Non-current liabilities 非流动负债 Borrowings 借贷 47,509 47,545 Deferred income tax liabilities 递延所得税负债 58,267 46,038 105,776 93,583 Current liabilities 流动负债 Trade and bills payables 应付账款及票據 10 839,467 782,961 Accruals and other payables 应计项目及其他应付款项 391,089 362,744 Amount due to an associate 应付联营公司款项 6,030 – Derivative financial instruments 衍生金融工具 23,388 2,570 Current income tax liabilities 本期所得税负债 48,791 62,506 1,308,765 1,210,781 Total liabilities 负债总额 1,414,541 1,304,364 Total equity and liabilities 权益及负债总额 5,353,354 5,276,643 Net current assets 流动资产净值 2,573,300 2,693,004 Total assets less current liabilities 资产总值减流动负债 4,044,589 4,065,862 15 综合财务报表附注 1. 编制基准与重要會计政策概要 编制此等综合财务报表所采纳之编制基准 与主要會计政策载於下文.除另有说明外, 此等政策已於所有呈报年度贯彻应用. 1.1 编制基准 本集团综合财务报表乃按照香港會计 师公會 ( 「香港會计师公會」 ) 颁布的香 港财务报告准则 ( 「香港财务报告准 则」 ) 编制.综合财务报表乃根據历史 成本法而编制,并就重估之可供出售 金融资产及按公允值计入损益账之金 融资产与金融负债 (包括衍生工具 ) 之确认而予以修订. 遵照香港财务报告准则编制财务报表 须运用若干重要會计估计,而管理层 於应用本集团會计政策时亦须作出判 断. Notes to the Consolidated Financial Statements 1. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The basis of preparation and principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 1.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, and the recognition of financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss. The preparation of financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. 16 notes to the ConsoliDateD FinanCial statements (Cont'd) 1. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) 1.1 Basis of preparation (Cont'd) (a) New standards, amendments to standards and interpretation to existing standards adopted by the Group (i) T h e f o l l o w i n g n e w s t a n d a r d s a n d amendments to standards are mandatory for the accounting period beginning on 1 April 2013 and relevant to the Group. The adoption of these new standards and amendments to standards has not had any impact on the published results for the current and prior periods and the financial position of the Group, other than for certain additional disclosures. HKFRS 7 (Amendment), "Disclosure — Offsetting financial assets and financial liabilities" HKFRS 10, "Consolidated financial statements" HKFRS 11, "Joint arrangements" HKFRS 12, "Disclosure of interests in other entities" HKFRS 13, "Fair value measurement" HKFRS 10, 11 & 12 (Amendment), "Consolidated financial statements, joint arrangements, and disclosure of interests in other entities — Transitional guidance" HKAS 1 (Amendment), "Presentation of items of other comprehensive income" HKAS 27 (Amendment), "Separate financial statements" HKAS 28 (2011), "Investments in associates and joint ventures" 综合财务报表附注 (续) 1. 编制基准与重要會计政策概要 (续) 1.1 编制基准 (续) (a) 本集团已采纳之已颁布新订准 则、现行准则修订与诠释 (i) 下列为於2013年4月1日 开始之會计期间强制执 行而与本集团有关之新 订及修订准则.采纳该 准则修订未对本集团已 公布现行与过往期间之 业绩与财务状况产生影 响,除对於某些额外披 露. 香港财务报告准则第7号 (修订本) 「金融资产与 金融负债之抵销」 香港财务报告准则第10 号 「综合财务报表」 香港财务报告准则第11 号 「合营安排」 香港财务报告准则第12 号 「披露於其他实体的 权益」 香港财务报告准则第13 号 「公允值计量」 香港财务报告准则第10 号、香港财务报告准 则第11号与香港财务 报告准则第12号 (修订 本) 「综合财务报表、 合营安排及披露於其 他实体的权益-过渡 指引」 香港會计准则第1号 (修 订本) 「其他全面收益 项目的呈报」 香港會计准则第27号 (修 订本) 「独立财务报表」 香港會计准则第28号(2011) 「联营公司与合 营公司之投资」 17 综合财务报表附注 (续) 1. 编制基准与重要會计政策概要 (续) 1.1 编制基准 (续) (a) 本集团已采纳之已颁布新订准 则、现行准则修订与诠释 (续) (ii) 下列为於2013年4月1日 开始或其后开始之會计 期间强制执行而与本集 团营运无关之新订及现 行准则修订与诠释: 香港财务报告准则第1号 (修订本) 「政府贷款」 香港會计准则第19号 (修 订本) 「雇员福利」 香港 (国际财务报告诠释 委员會) -诠释第20 号, 「露天矿场生产阶 段的剥采成本」 2009年至2011年周期对 香港财务报告准则之 年度改进 notes to the ConsoliDateD FinanCial statements (Cont'd) 1. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) 1.1 Basis of preparation (Cont'd) (a) New standards, amendments to standards and interpretation to existing standards adopted by the Group (Cont'd) (ii) The following new standards, amendments to standards and interpretation to existing standards are also mandatory for accounting periods beginning on or after 1 April 2013 but are not currently relevant to the Group's operations: HKFRS 1 (Amendment), "Government loans" HKAS 19 (Amendment), "Employee benefits" HK(IFRIC) — Int 20, "Stripping costs in the production phase of a surface mine" Annual improvements 2009 – 2011 cycle 18 综合财务报表附注 (续) 1. 编制基准与重要會计政策概要 (续) 1.1 编制基准 (续) (b) 未生效的新订准则、现行准则 修订与诠释 以下为与本集团营运无关而已 颁布准则、准则修订及现行准 则诠释,於2013年4月1日开始 或其后之會计期间未生效,惟 并无提前采用: 香港财务报告准则第9号 「金融 工具」 香港财务报告准则第10号、香 港财务报告准则第12号及香 港會计准则第27号(2011年) (修订本) , 「投资实体」 香港會计准则第32号 (修订本) 「金融资产与金融负债抵销 的修订」 香港會计准则第36号 (修订本) 「非金融资产之可收回金额 披露」 2010年至2012年周期对香港财 务报告准则之年度改进 2011年至2013年周期对香港财 务报告准则之年度改进 董事正评估本集团於未来期间 采纳该等新订及经修订准则、 现行准则修订及诠释可能产生 的影响.本公司董事预期采用 该等新订准则、现行准则修订 与诠释會更有效用. notes to the ConsoliDateD FinanCial statements (Cont'd) 1. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) 1.1 Basis of preparation (Cont'd) (b) New standards and amendments to standards that have been issued but are not effective The following new standards and amendments to standards are relevant to the Group, have been issued but are not effective for accounting periods beginning on or after 1 April 2013 and have not been early adopted: HKFRS 9, "Financial instruments" HKFRS 10, HKFRS 12 and HKAS 27 (2011) (Amendment), "Investment entities" HKAS 32 (Amendment), "Offsetting financial assets and financial liabilities" HKAS 36 (Amendment), "Recoverable amount disclosure for non-financial assets" Annual improvements 2010 – 2012 cycle Annual improvements 2011 – 2013 cycle The Directors are currently assessing the likely impact of the adoption of these new standards and amendments to standards to the Group in future periods. The directors of the Company will adopt these new standards and amendments to standards when they become effective. 19 notes to the ConsoliDateD FinanCial statements (Cont'd) 2. SEGMENT INFORMATION The chief operating decision-maker ("CODM") has been identified as the executive directors of the Company collectively, who review the Group's internal reporting in order to assess performance and allocate resources. As all of the Group's business operations relate to the manufacturing and trading of textile products with similar economic characteristic, the executive directors review the performance of the Group as a single segment, which covers operations conducted by subsidiaries in Hong Kong, Macau, the PRC and Vietnam, and associates in the PRC and Sri Lanka. The executive directors review resources allocation and assess performance of the Group on a regular basis based on the following financial information: 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Revenue 收入 7,423,481 6,649,206 Gross profit 毛利 1,361,371 1,181,534 Gross profit margin (%) 毛利率 (%) 18.3% 17.8% EBITDA (Note(i)) 利息、税项、折旧及摊销前溢利 (附注(i)) 1,466,979 1,286,792 EBITDA/Revenue 利息、税项、折旧及摊销前溢利 收入 19.7% 19.4% Operating expenses 经营开支 197,436 204,144 Operating expenses/Revenue (%) 经营开支收入 (%) 2.7% 3.1% Finance income 财务收入 8,287 15,300 Finance costs 财务成本 1,594 – Depreciation and amortisation 折旧与摊销 159,125 190,020 Share of profits of associates 分占联营公司溢利 36,499 26,911 Share of losses of joint ventures 分占合营公司之亏损 20,655 496 Income tax expense 所得税开支 196,750 186,301 Profit attributable to equity holders of the 本公司权益持有人应占溢利 ?Company 1,116,802 925,165 Net profit margin (%) 纯利率 (%) 15.0% 13.9% Total assets 资产总额 5,353,354 5,276,643 Equity attributable to equity holders of ? the Company 本公司权益持有人应占权益 3,935,013 3,965,845 Cash and bank balances 现金与银行结余 1,776,269 1,793,360 Borrowings 借贷 47,509 47,545 Inventories 存货 1,130,742 993,747 Inventories turnover days (Note (ii)) 存货周转日数 (附注(ii)) 64 63 Trade and bills receivables 应收账款与票據 844,920 952,662 Trade and bills receivables turnover days ? (Note (ii)) 应收账款与票據周转日数 (附注(ii)) 44 52 Trade and bills payables 应付账款与票據 839,467 782,961 Trade and bills payables turnover days (Note (ii)) 应付账款与票據周转日数 (附注(ii)) 49 57 Notes: (i) EBITDA is defined as profit for the year before interest income, income tax expense, depreciation and amortisation. (ii) The turnover days are calculated based on the simple average of the beginning of the year and the end of the year balances. 综合财务报表附注 (续) 2. 分部资料 首席经营决策者已获识别为本公司执行董 事,其审阅本集团之内部呈报,以评估表 现并分配资源.执行董事已根據此等报告 呈报经营分部. 由於本集团之主要业务为具有类似经济特 徵的制造及买卖纺织品.执行董事审阅本 集团之表现来自单一部分,此包括分部代 表於香港、澳门、中国与越南经营附属公 司、中国与斯里兰卡的联营公司.执行董 事亦基於以下财务资料,定期审阅本集团 资源分配和进行表现评估: 附注: (i) EBITDA被定义为未计利息收入、税项、折旧 和摊销前溢利. (ii) 周转日数之计算是基於年初与年终结余之简 单平均数. 20 notes to the ConsoliDateD FinanCial statements (Cont'd) 2. SEGMENT INFORMATION (Cont'd) The Group's revenue represents sales of goods. Analysis of revenue by geographical locations, as determined by the destination where the products are delivered is: 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 PRC 中国 2,578,347 2,323,170 South East Asia 东南亚 1,921,760 1,935,436 Hong Kong 香港 1,269,707 910,556 Sri Lanka 斯里兰卡 570,391 511,888 Africa 非洲 250,632 317,512 America 美洲 615,532 479,852 Others 其他 217,112 170,792 7,423,481 6,649,206 The top two customers accounted for approximately 41% (2013: 34%) and 12% (2013: 13%), respectively, of the Group's revenue; all other customers individually accounted for less than 10% of the Group's revenue. The Group's non-current assets are located in the following geographical areas: Group 本集团 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 PRC 中国 1,219,755 1,158,898 Hong Kong 香港 73,491 34,760 Sri Lanka 斯里兰卡 147,363 140,427 Bangladesh 孟加拉 18,610 38,133 Vietnam 越南 12,038 570 Others 其他 32 70 1,471,289 1,372,858 综合财务报表附注 (续) 2. 分部资料 (续) 本集团收入是指货品销售.按地区划分之 收入乃以产品交付之目的地分类: 首两大客户分别占本集团收入约41% (2013 年:34%) 与12% (2013年:13%) ,所有其他 客户个别账户占本集团收入少於10%. 本集团按地区划分之非流动资产如下: 21 综合财务报表附注 (续) 3. 其他收入及其他收益 (亏损)— 净notes to the ConsoliDateD FinanCial statements (Cont'd) 3. Other Income and other gains/ (losses) — net 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Other income: 其他收入: ? Sale of residual materials 出售剩余物料 42,485 48,141 ? Sub-contracting income 分包收入 17,494 11,205 ? Handling income 处理收入 5,750 4,769 ? Rental income 租金收入 6,048 4,378 ? Government grants 政府补贴 8,097 2,799 ? Customer compensation on order cancellation 客户取消订单赔偿 17,256 6,380 ? Gain on disposal of property, plant and ??equipment 出售物业、厂房及设备之盈利 11,996 – ? Sundry income 杂项收入 9,386 6,842 118,512 84,514 Other gains/(losses) — net: 其他收益 (亏损)— 净: ? Derivative financial instruments — forward ?? foreign exchange contracts 洐生金融工具 — 远期 外汇合约 2,943 12,861 ? Net foreign exchange gains/(losses) 外汇收益 (亏损) (净值) 3,214 (5,866) 6,157 6,995 124,669 91,509 22 notes to the ConsoliDateD FinanCial statements (Cont'd) 4. Expenses by nature 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Depreciation of property, plant and ?equipment 物业、厂房及设备折旧支出 157,819 188,748 Amortisation of land use rights 土地使用权摊销 1,306 1,272 Cost of raw materials and consumables used 原材料与消耗品应用成本 5,506,778 4,950,012 Provision/(reversal of provision) for impairment of ? trade receivables - net 应收账款减值拨备 (拨回) -净676 (3,758) Employee benefits expense (including directors' ?emoluments) 雇员福利支出 (包括董事酬金) 471,901 427,769 Operating lease payments in respect of land ? and buildings 土地及楼宇经营 租约开支 1,045 826 Reversal of provision for slow-moving and ? obsolete inventories 滯销及陈旧存货 拨备拨回 (10,364) (14,102) Auditor's remuneration 核数师酬金 2,169 2,210 Other expenses 其他开支 128,216 118,839 Total cost of sales, distribution and selling ? expenses and general and administrative ?expenses 销售成本、分销及销售开支与 一般及行政开支 6,259,546 5,671,816 5. Finance income and costs 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Finance income: 财务收入: ? — Bank interest income — 银行利息收入 8,287 13,842 ? — Net foreign exchange gains on cash and ???cash equivalents — 现金及现金等值项目之外汇 兑换收益净值 – 1,458 8,287 15,300 Finance costs: 财务成本: ? — Net foreign exchange losses on cash and ???cash equivalents — 现金及现金等值项目之 外汇兑换亏损净值 (1,594) – Net finance income 财务收入净值 6,693 15,300 综合财务报表附注 (续) 4. 按性质细分的开支 5. 财务收入及成本 23 综合财务报表附注 (续) 6. 所得税开支 本集团主要缴纳香港利得税与中国企业所 得税.香港利得税乃就有关年内估计应课 税溢利按16.5% (2013年:16.5%) 作出拨备.中国企业所得税乃就有关年内估计应 课税溢利按25% (2013年:25%) 作出拨备. 於综合收益表扣除之所得税为: notes to the ConsoliDateD FinanCial statements (Cont'd) 6. Income Tax Expense The Group is primarily subject to the Hong Kong profits tax and PRC corporate income tax. Hong Kong profits tax has been provided for at the rate of 16.5% (2013: 16.5%) on the estimated assessable profits for the year. PRC corporate income tax has been provided for at the rate of 25% (2013: 25%) on the estimated assessable profits for the year. The amount of income tax charged to the consolidated income statement represents: 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Current income tax 即期所得税 ? — Hong Kong profits tax — 香港利得税 128,944 114,000 ? — PRC corporate income tax — 中国企业所得税 58,790 56,521 ? — Over-provision in prior years — 过往年度超额拨备 (5,707) – Deferred tax 递延税项 14,723 15,780 196,750 186,301 The tax on the Group's profit before income tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Profit before income tax 所得税前溢利 1,311,141 1,110,614 Tax calculated at weighted average domestic ? tax rate applicable to profits in respective ?countries 按适用於相关国家之加权平均 地方税率计算之税项 186,846 181,131 Income not subject to tax 毋须课税收益 (1,049) (1,442) Expenses not deductible for tax purposes 不可扣税开支 7,841 581 Over-provision in prior years 过往年度超额拨备 (5,707) – Tax losses not recognised 未确认税项亏损 447 190 Tax on the undistributed retained earnings ? of the Group's subsidiaries 本集团之附属公司未分派 保留溢利之税项 8,813 12,080 Others 其他 (441) (6,239) 196,750 186,301 就本集团除所得税前溢利之税项与按适用 於综合实体溢利之加权平均税率计算之理 论金额之差异如下: 24 notes to the ConsoliDateD FinanCial statements (Cont'd) 6. Income Tax Expense (Cont'd) The weighted average domestic applicable tax rate was: 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Weighted average domestic applicable tax rate, ? after incorporating companies exempted from ? income tax (包括集团中被免徵所得税之公司) 加权平均地方适用税率 14.3% 16.3% 7. Earnings per share (a) Basic Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of shares in issue during the year. 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Profit attributable to equity holders ? of the Company 本公司权益持有人应占溢利 1,116,802 925,165 Weighted average number of shares ? in issue (thousands) 已发行股份加权平均数 (千股) 1,445,579 1,435,287 Basic earnings per share (HK$ per share) 每股基本盈利 (每股港元) 0.77 0.64 (b) Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. For the year ended 31 March 2014 and 2013, the Company has one category of dilutive potential shares which is share options. A calculation is carried out to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of share calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options. 综合财务报表附注 (续) 6. 所得税开支 (续) 加权平均地方适用税率如下: 7. 每股盈利 (a) 基本 每股基本盈利按本公司权益持有人应 占溢利除年内已发行股份加权平均数 计算. (b) 摊薄 每股摊薄盈利乃经调整未发行股份之 加权平均数至假设兑换所有摊薄潜在 股份计算.截至2014年与2013年3月31日止年度,本公司有一类摊薄潜在 股份,指购股权.根據未行使期权所 附的认购权的货币价值,以厘定按公 允价值 (厘定为本公司股份的平均年 度市价) 可购入的股份数目.按以上 方式计算的股份数目,与假设期权行 使而应已发行的股份数目作出比较. 25 notes to the ConsoliDateD FinanCial statements (Cont'd) 7. Earnings per share (Cont'd) (b) Diluted (Cont'd) 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Profit attributable to equity holders ? of the Company 本公司权益持有人应占溢利 1,116,802 925,165 Weighted average number of shares in ? issue (thousands) 已发行股份加权平均数 (千股) 1,445,579 1,435,287 Adjustments for share options (thousands) 购股权之调整 (千股) – 647 Weighted average number of shares for ? diluted earnings per share (thousands) 每股摊薄盈利之股份加权 平均数 (千股) 1,445,579 1,435,934 Diluted earnings per share (HK$ per share) 每股摊薄盈利 (每股港元) 0.77 0.64 As the exercise price of the share options granted by the Company was higher than the average market price of the Company's shares for the year ended 31 March 2014, the outstanding share options had no dilutive effect on earnings per share. Accordingly, diluted earnings per share was the same as basic earnings per share. 8. Dividends 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Interim dividend paid of HK40 cents ? (2013: HK15 cents) (Note (i)) 已派付港币40仙之中期股息 (2013年:港币15仙) (附注(i)) 578,569 215,760 No interim special dividend ? (2013: HK25 cents) (Note (i)) 无中期特别股息 (2013年:港币25仙) (附注(i)) – 359,599 Proposed final dividend of HK40 cents ? (2013: HK40 cents) (Note (ii)) 拟派付港币40仙之末期股息 (2013年:港币40仙) (附注(ii)) 578,569 577,753 Proposed final special dividend of HK25 cents ? (2013: Nil) (Note (ii)) 拟派付港币25仙之末期特别股息 (2013年:无) (附注(ii)) 361,606 – 1,518,744 1,153,112 综合财务报表附注 (续) 7. 每股盈利 (续) (b) 摊薄 (续) 由於本公司授出之购股权之行使价高於截 至2014年3月31日止年度本公司股份之平均 市价,尚未行使之购股权对每股盈利并无 摊薄影响.因此,每股摊薄盈利与每股基 本盈利相等. 8. 股息 26 综合财务报表附注 (续) 8. 股息 (续) 附注: (i) 於2013年11月22日,本公司董事局宣派截至 2013年9月30日止六个月期间止中期股息每 股港币40仙(2013年:每股港币15仙) 而无中 期特别股息 (2013年:每股港币25仙) .该等 款项已於2013年12月30日支付. (ii) 於2014年6月27日,本公司董事局建议截至 2014年3月31日止年度末期股息每股港币40 仙与末期特别股息每股港币25仙.拟派付股 息并无於该等财务报表上反映为应付股息. 9. 应收账款及票據 notes to the ConsoliDateD FinanCial statements (Cont'd) 8. Dividends (Cont'd) Notes: (i) On 22 November 2013, the Company's Board of Directors declared an interim dividend of HK40 cents per share (2013: HK15 cents per share) and no interim special dividend (2013: HK25 cents per share), for the six-month period ended 30 September 2013. The amount was paid on 30 December 2013. (ii) On 27 June 2014, the Company's Board of Directors proposed a final dividend of HK40 cents per share and a final special dividend of HK25 cents per share for the year ended 31 March 2014. These proposed dividends are not reflected as dividend payable in these financial statements. 9. TRADE AND BILLS RECEIVABLES Group 本集团 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Trade receivables 应收账款 736,947 795,974 Bills receivables 应收票據 114,638 170,424 851,585 966,398 Less: provision for impairment of ? trade receivables 减:应收账款减值拨备 (6,665) (13,736) 844,920 952,662 The carrying amounts of trade and bills receivables approximate their fair values. The majority of the Group's sales are with credit terms of 30 to 60 days. Trade and bills receivables, based on goods delivered dates, were aged as follows: Group 本集团 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 0–60 days 0–60天697,827 798,568 61–120 days 61–120天147,836 146,039 121 days–1 year 121天–1年5,260 13,838 Over 1 year 超过1年662 7,953 851,585 966,398 应收账款及票據之账面值与公允值相若. 本集团大部分销售之信贷期介乎30至60 天.应收账款及票據之账龄按货品交付日 期载列如下: 27 10. 应付账款及票據 10. Trade and bills payables Group 本集团 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 Trade payables 应付账款 785,421 671,062 Bills payables 应付票據 54,046 111,899 839,467 782,961 The carrying values of trade and bills payables approximate their fair values. Credit period granted by the creditors generally ranges from 30 to 90 days. Trade and bills payables, based on goods delivery dates, were aged as follows: Group 本集团 2014 2013 2014年2013年HK$'000 HK$'000 千港元 千港元 0 – 60 days 0 – 60天598,316 520,215 61 – 120 days 61 – 120天196,286 249,173 121 days – 1 year 121天–1年 44,865 12,067 Over 1 year 超过1年–1,506 839,467 782,961 11. Contingent liabilities As at 31 March 2014, the Group had no material contingent liabilities (2013: Nil). 应付账款及票據之账面值与其公允值相若. 贷方给予之信贷期一般介乎30至90天. 应付账款及票據之账龄按交货日期如下: 11. 或有负债 於2014年3月31日,本集团并无重大或有负 债(2013年:无) . 28 股息 本公司已於2013年12月30日派发中期股息每股港 币40仙(2013年:港币15仙) 而无中期特别股息 (2013年:港币25仙) 予股东.董事局已建议派发 末期股息每股港币40仙(2013年:港币40仙) 与末 期特别股息每股港币25仙(2013年:无末期特别 股息) .待股东於应届股东周年大會上批准后, 末期股息与末期特别股息合共港币65仙将於2014 年8月28日前后派付予於2014年8月18日结束时, 名列於本公司股东名册之股东. 暂停办理股份过户登记 本公司将由2014年8月5日至2014年8月8日 (首尾 两天包括在内) 暂停办理股份过户登记手续,以 便厘定股东有权出席股东周年大會并於會上投票 之资格.为符合出席股东周年大會之资格,股东 必须将所有过户文件连同有关股票最迟须於2014 年8月4日下午4时30分前交回本公司股份过户登 记处香港分处之香港中央证券登记有限公司, 地址为香港湾仔皇后大道东183号合和中心17楼1712–1716室. 本公司将由2014年8月14日至2014年8月18日 (首 尾两天包括在内) 暂停办理股份过户登记手续, 以便厘定股东有权获派截至2014年3月31日止年 度之末期股息资格之资格.为符合获派末期股息 之资格,股东必须将所有过户文件连同有关股票 最迟须於2014年8月13日下午4时30分前交回本公 司股份过户登记处香港分处之香港中央证券登记 有限公司,地址为香港湾仔皇后大道东183号合 和中心17楼1712–1716室. 企业管治守则 本公司於2014年财政年度内一直遵守上市规则附 录14所载的企业管治守则载列的适用守则条文与 若干建议最佳常规,以提高本公司的企业管治标 准. 董事的证券交易 本公司已采纳上市规则附录10所载列的标准守 则,作为其内部有关董事所进行证券交易的行为 守则.在向全体董事作出特定查询后,全体董事 已确认,彼等於2014年财政年度内已遵守标准守 则. DiviDenDs An interim dividend of HK40 cents (2013: HK15 cents) per share and no interim special dividend (2013: HK25 cents) per share were paid on 30 December 2013 to shareholders. The Board has recommended the payment of a final dividend of HK40 cents (2013: HK40 cents) per share and a special final dividend of HK25 cents per share (2013: Nil). Subject to the approval of the shareholders at the forthcoming AGM, the final dividend and a special final dividend totalling HK65 cents will be paid on or around 28 August 2014 to shareholders whose names appear on the Register of Members of the Company on 18 August 2014. CLOSURE OF REGISTER OF MEMBERS The Register of the Members of the Company will be closed from 5 August 2014 to 8 August 2014 (both days inclusive) for the purpose of determining the identity of members who are entitled to attend and vote at the AGM, during which period no transfer of shares of the Company will be registered. In order to qualify for attending the AGM, all transfers accompanied by the relevant share certificates, must be lodged with the Company's Hong Kong Branch Share Registrar, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17/F., Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong not later than 4:30 p.m. on 4 August 2014. The Register of the Members of the Company will be closed from 14 August 2014 to 18 August 2014 (both days inclusive) for the purpose of determining the identity of members who are entitled to the final dividend for the year ended 31 March 2014, during which period no transfer of shares of the Company will be registered. In order to qualify for the final dividend, all transfers accompanied by the relevant share certificates, must be lodged with the Company's Hong Kong Branch Share Registrar, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17/F., Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong not later than 4:30 p.m. on 13 August 2014. CORPORATE GOVERNANCE CODE The Company has complied with the applicable code provisions and certain recommended best practices set out in the CG Code contained in Appendix 14 to the Listing Rules where suitable to the Company so as to enhance the corporate governance standard of the Company throughout the 2014 Financial Year. DIRECTORS' SECURITIES TRANSACTIONS The Company has adopted the Model Code set out in Appendix 10 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors. Having made specific enquiries of all Directors, all Directors have confirmed that they had complied with the Model Code throughout the 2014 Financial Year. 29 购入、出售或赎回本公司之上市证券 於2014年财政年度期间,本公司於联交所购回 1,219,000股股份,总代价约为11,201,000港元. 购回股份已於2013年8月14日注销,而本公司之 已发行股本已削减相应面值.购回股份之详情如 下: PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY During the 2014 Financial Year, the Company repurchased 1,219,000 shares on the Stock Exchange at an aggregate consideration of approximately HK$11,201,000. The repurchased shares were cancelled on 14 August 2013 and the issued share capital of the Company was reduced by the par value thereof. Details of the repurchase of shares were as follows: Month/year Number of share repurchased Highest price paid per share Lowest price paid per share Aggregate consideration paid 月份年度 购回股份之数目 每股最高价格 每股最低价格 总代价 HK$ HK$ HK$'000 港元 港元 千港元 26/7/2013-2/8/2013 1,219,000 9.2 9.06 11,201 Shares were repurchased during the year under review pursuant to the mandate granted by shareholders at the AGM held on 9 August 2013, with a view to benefiting shareholders as a whole by enhancing the net asset value per share, earnings per share of the Company and liquidity of the Shares. Save as disclosed above, neither the Company, nor any of its subsidiaries purchased, redeemed or sold any of the Company's listed securities during the 2014 Financial Year. AUDIT COMMITTEE The Audit Committee has reviewed with the management the accounting principles and practices adopted by the Group and discussed auditing, internal control and financial reporting matters including the review of the financial statements of the Group for the 2014 Financial Year. Review of the annual results announcement by auditor The figures in respect of the annual results announcement of the Group's consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive income and the related notes thereto for the 2014 Financial Year have been agreed by the Group's auditor, Messrs. PricewaterhouseCoopers, to the amounts set in the Group's audited consolidated financial statements for the 2014 Financial Year. The work performed by Messrs. PricewaterhouseCoopers in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by Messrs. PricewaterhouseCoopers on the annual results announcement. 於回顾年度内,购回之股份乃根據於2013年8月 9日举行之股东周年大會上股东授予之授权而进 行,旨在藉著增加本集团之每股资产净值、每股 盈利及股份流通量,为股东缔造整体利益. 除上文披露者外,於2014年财政年度期间,本公 司或其任何附属公司概无购买、出售或赎回本公 司上市之证券. 审核委员會 审核委员會已联同管理层审阅本集团所采纳之會 计政策及惯例,并就审核、内部监控及财务报表 事宜进行磋商,其中包括审阅2014年财政年度本 集团财务报表. 核数师审阅全年业绩公告 本公司已与本集团核数师罗兵咸永道會计师事务 所协定同意,本全年业绩公告所载之2014年财政 年度之集团综合资产负债表、综合收益表、综合 全面收益表及有关附注的数據,等同2014年财 政年度本集团经审核之综合财务报表所呈列的金 额.罗兵咸永道會计师事务所就此执行的相关工 作并不构成按香港會计师公會所颁布的香港审计 准则、香港审阅聘用准则或香港核证聘用准则而 进行的核证聘用,因此罗兵咸永道會计师事务所 亦不會就全年业绩公告作出具体保证. 30 财务资料公布 全年业绩公告於联交所网页(www.hkexnews.hk) 及本公司网页(www.pacific-textiles.com) 公布. 本公司2014年财政年度之年报将随后派发给本公 司股东,并於以上网页公布. 股东周年大會 本公司暂订於2014年8月8日举行股东周年大會. 股东周年大會通告将於适当时候刊登於联交所网页(www.hkexnews.hk) 及本公司网页 (www.pacific-textiles.com),并将於稍后送交本 公司股东. 董事局 於本公告日期,执行董事为尹惠来先生 (主席) 、 曾镜波先生及林荣德先生;非执行董事为蔡建中 先生、叶炳棪先生、刘耀棠先生;以及独立非执 行董事则为陈裕光先生、伍清华先生及施国荣先 生. 专用词汇 於本公告内,除非文义另有所指,下列词汇具有 以下含义: 「2014年财政年度」 截至2014年3月31日止年度 「股东周年大會」 本公司之股东周年大會 「章程细则」 本公司不时修订之公司组织 章程细则 「董事局」 本公司之董事局 「企业管治守则」 企业管治守则 「本公司」 互太纺织控股有限公司,一 间於开曼群岛注册成立之受 豁免有限公司,其股份於联 交所上市 「董事」 本公司之董事 「本集团」 本公司及其附属公司 PUBLICATION OF FINANCIAL INFORMATION This annual results announcement is published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.pacific-textiles.com). The annual report of the Company for the 2014 Financial Year will be dispatched to the Company's shareholders in due course and available on the above websites. AGM It is proposed that the AGM will be held on 8 August 2014. The Notice of AGM will be published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.pacific-textiles.com) and sent to the shareholders of the Company in due course. The board As at the date of this announcement, the executive Directors are Mr. Wan Wai Loi (Chairman), Mr. Tsang Kang Po and Mr. Lam Wing Tak, the non-executive Directors are Mr. Choi Kin Chung, Mr. Ip Ping Im and Mr. Lau Yiu Tong and the independent non-executive Directors are Mr. Chan Yue Kwong, Michael, Mr. Ng Ching Wah and Mr. Sze Kwok Wing, Nigel. Glossary In this announcement, unless the context otherwise requires, the following expression shall have the following meanings: "2014 Financial Year" for the year ended 31 March 2014 "AGM" Annual general meeting of the Company "Articles" the Articles of Association of the Company, as amended from time to time "Board" The board of Directors of the Company "CG Code" the Corporate Governance Code "Company" Pacific Textiles Holdings Limited, an exempted company incorporated in Cayman Islands with limited liability, the shares of which are listed on the Stock Exchange "Directors" the director(s) of the Company "Group" the Company and its subsidiaries 31 「独立非执行董事」 本公司的独立非执行董事 「上市规则」 联交所证券上市规则 「标准守则」 上市发行人董事进行证券交 易的标准守则 「PT斯里兰卡」 Textured Jersey Lanka PLC (前称Textured Jersey Lanka (Private) Limited) , 一间根據斯里兰卡法律注册 成立之有限公司 「证券及期货条例」 证券及期货条例 (香港法例 第571章) 「本公司股份」 本公司所发行每股面值0.001港元之股份 「购股权计划」 根據本公司股东於2007年4 月27日通过之书面决议案批 准及采纳之购股权计划 「联交所」 香港联合交易所有限公司 承董事局命 互太纺织控股有限公司 主席 尹惠来 香港,2014年6月27日"INED" the independent non-executive Directors "Listing Rules" the Rules Governing the Listing of Securities on the Stock Exchange "Model Code" Model Code for Securities Transactions by Directors of Listed Issuers "PT Sri Lanka" Textured Jersey Lanka PLC (formerly known as Textured Jersey Lanka (Private) Limited), a limited liability company incorporated under the laws of Sri Lanka "SFO" Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) "Shares" Shares issued by the Company, with a nominal value of HK$0.001 each "Share Option Scheme" The share option scheme adopted by the Company pursuant to the written resolutions of the Shareholders of the Company passed on 27 April 2007 "Stock Exchange" The Stock Exchange of Hong Kong Limited On behalf of the Board Pacific Textiles Holdings Limited Wan Wai Loi CHAIRMAN Hong Kong, 27 June 2014