1、 SInterim Report 2012(Incorporated in Bermuda with limited liability)(Stock Code p : 506)I: Wm“! 7.“!China Foods LimitedCORPORATE PROFILE公司概況China Foods Limited (the “Company”) is a subsidiary of COFCOCorporation (“COFCO”) and listed on the main board of The StockExchange of Hong Kong Limited (Stock
2、 Code: 506). The primarybusiness of the Company includes beverage, wine, kitchen foodand confectionery. The Company is committed to providingconsumers with nutritious, healthy, delicious and quality food.Currently the Companys product portfolio includes a number ofwell-known brands, such as “Greatwa
3、ll” wine,“福臨門” consumer-pack edible oil, “Le cont” chocolate and“黃中皇” Shaoxing rice wine. As a strategic partner of The Coca-Cola Company in China, the Company also bottles and distributesCoca-Cola beverages.中國食品有限公司（本公司）為中糧集團有限公司（中糧集團）的附屬公司，並在香港聯合交易所有限公司主板上市（股份代號：506）。本公司主要業務包括飲料、酒類、廚房食品及休閒食品。本公司致力
4、於為消費者提供營養、健康、美味的優質食品。本公司現時的產品組合包括眾多知名品牌，例如長城葡萄酒、福臨門包裝食用油、金帝巧克力及黃中皇紹興酒等。作為可口可樂公司在中國的戰略夥伴，本公司也有裝瓶和銷售可口可樂系列飲料。CONTENTS目錄Corporate Information公司資料2Management Discussion and Analysis管理層討論及分析4Report on Review of Interim Financial中期財務資料審閱報告41InformationCondensed Consolidated Interim簡明綜合中期財務資料：Financial Inf
5、ormation:Condensed Consolidated Income簡明綜合收入報表43StatementCondensed Consolidated Statement of簡明綜合全面收入報表44Comprehensive IncomeCondensed Consolidated Statement of簡明綜合財務狀況表45Financial PositionCondensed Consolidated Statement of簡明綜合股本變動報表47Changes in EquityCondensed Consolidated Statement of簡明綜合現金流量表49Ca
6、sh FlowsNotes to the Condensed Consolidated簡明綜合中期財務資料附註50Interim Financial Information12012年中期報告中國食品有限公司2 CHINA FOODS LIMITED Interim Report 2012CORPORATE INFORMATION公司資料DIRECTORSExecutive DirectorsMr. Chi Jingtao (Chairman)Ms. Luan Xiuju (Managing Director)Mr. Ning GaoningMr. Mak Chi Wing, WilliamN
7、on-executive DirectorsMs. Liu DingMr. Ma JianpingMs. Wu WentingIndependent Non-executive DirectorsMr. Stephen Edward ClarkMr. Paul Kenneth EtchellsMr. Li Hung Kwan, AlfredMr. Yuen Tin Fan, FrancisAUDIT COMMITTEEMr. Stephen Edward Clark (Committee Chairman)Mr. Paul Kenneth EtchellsMr. Li Hung Kwan, A
8、lfredMr. Yuen Tin Fan, FrancisREMUNERATION COMMITTEEMr. Yuen Tin Fan, Francis (Committee Chairman)Mr. Chi JingtaoMr. Stephen Edward ClarkMr. Paul Kenneth EtchellsNOMINATION COMMITTEEMr. Chi Jingtao (Committee Chairman)Mr. Li Hung Kwan, AlfredMr. Yuen Tin Fan, FrancisEXECUTIVE COMMITTEEMr. Chi Jingta
9、o (Committee Chairman)Ms. Luan XiujuMr. Ning GaoningMr. Mak Chi Wing, WilliamCOMPANY SECRETARYMs. Liu Kit Yee, LindaSOLICITORSConyers, Dill & PearmanAUDITORSErnst & Young董事執行董事遲京濤先生（主席）欒秀菊女士（董事總經理）寧高寧先生麥志榮先生非執行董事柳丁女士馬建平先生吳文婷女士獨立非執行董事祈立德先生(Mr. Stephen Edward Clark)包逸秋先生(Mr. Paul Kenneth Etchells)李鴻鈞先
10、生袁天凡先生審核委員會祈立德先生(Mr. Stephen Edward Clark)（委員會主席）包逸秋先生(Mr. Paul Kenneth Etchells)李鴻鈞先生袁天凡先生薪酬委員會袁天凡先生（委員會主席）遲京濤先生祈立德先生(Mr. Stephen Edward Clark)包逸秋先生(Mr. Paul Kenneth Etchells)提名委員會遲京濤先生（委員會主席）李鴻鈞先生袁天凡先生執行委員會遲京濤先生（委員會主席）欒秀菊女士寧高寧先生麥志榮先生公司秘書廖潔儀女士律師Conyers, Dill & Pearman核數師安永會計師事務所32012年中期報告中國食品有限公司CO
11、RPORATE INFORMATION公司資料PRINCIPAL BANKERSBank of China LimitedBank of China (Hong Kong) LimitedBank of Communications Co., Ltd.China CITIC Bank Corporation LimitedChina Construction Bank CorporationCredit Agricole Corporate and Investment BankDBS Bank (Hong Kong) LimitedFubon Bank (Hong Kong) Limited
12、Hang Seng Bank LimitedIndustrial and Commercial Bank of China LimitedMizuho Corporate Bank, Ltd.The Bank of Tokyo-Mitsubishi UFJ, Ltd., Hong Kong BranchThe Hongkong and Shanghai Banking Corporation LimitedREGISTERED OFFICEClarendon House2 Church StreetHamilton HM 11BermudaHEAD OFFICE33/FTop Glory To
13、wer262 Gloucester RoadCauseway BayHong KongBRANCH SHARE REGISTRAR AND TRANSFEROFFICE IN HONG KONGTricor Progressive Limited26/F Tesbury Centre28 Queens Road EastHong KongCOMPANY WEBSITE主要往來銀行中國銀行股份有限公司中國銀行（香港）有限公司交通銀行股份有限公司中信銀行股份有限公司中國建設銀行股份有限公司東方null理銀行星展銀行（香港）有限公司富邦銀行（香港）有限公司null生銀行有限公司中國工商銀行股份有限公
14、司瑞穗實業銀行三菱東京UFJ銀行香港分行香港上海null豐銀行有限公司註冊辦事處Clarendon House2 Church StreetHamilton HM 11Bermuda總部香港銅鑼灣告士打道262號鵬利中心33樓香港股份過戶登記分處卓佳廣進有限公司香港皇后大道東28號金鐘null中心26樓公司網站4 CHINA FOODS LIMITED Interim Report 2012MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析2011 was the year in which the Company and its subsidiaries(c
15、ollectively the “Group”) implemented its work theme of “Advancethrough Reform, Teamwork for Win-Win.” During a period oforganisational restructuring and management change, it achievedsolid growth in results performance.Following the 2011 reorganisation, the Group needed promptly tointegrate its new
16、management team, sales channels and systemresources. Our work theme for 2012 is “Progress throughCooperation, Join Forces to Excel.”Starting 1 January 2012, the Group has been operating inaccordance with the new organisational structure adopted followingthe reorganisation with nine sales regions acr
17、oss the country,managed via a central headquarters, each operating an integratedsales and distribution system across our range of products. Systemsand procedures have been set up based upon the neworganisational structure and are being regularly assessed andimproved.Review of 2012 Interim ResultsWe
18、are pleased to announce that we have achieved encouragingresults for the first half of 2012, compared with the same period of2011: Revenue has grown by 15.6% to HK$15,579 million. Operating profit* has grown by 24.6% to HK$694 million. EBITDAhas increased by 23.8% to HK$1,008 million.Bottom Line#has
19、 increased by 50.4% to HK$474 million.過去的2011年是本公司及其附屬公司（統稱本集團）體現變中求進、協力共贏的一年。在保持業績良好增長的同時，我們完成了結構調整和人員重組。經歷2011年的變革，本集團需要新團隊的迅速融合、通路渠道的迅速融合、系統資源的迅速融合。2012年，本公司的工作主題為合中奮進，聚力龍騰。從2012年1月1日起，本集團已經按照變革時設立的總部經營管控中心、九個銷售區域業務運營中心的組織結構全面運營；在各銷售區域實現了跨品類集中銷售。制度和流程按照新的組織結構設置並在實際運行中不斷優化、完善。回顧2012年中期業績我們欣然宣佈令人鼓舞
20、的2012年中期業績。對比2011年上半年同比：我們的收入增長，達到155.79億港元，上升15.6%。我們的經營利潤*增長，達到6.94億港元，上升24.6%。我們的EBITDA增長，達到10.08億港元，上升23.8%。我們的淨利#增長，達到4.74億港元，上升50.4%。52012年中期報告中國食品有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析Basic earnings per share has increased by HK5.68 cents toHK16.97 cents.*Operating profit of the Group
21、 represents theaggregation of segment results less corporate andother unallocated expenses.EBITDA represents earnings before finance costs,income tax expense, depreciation, amortisation ofother intangible assets, recognition of prepaid landpremiums, and share of profits and losses ofassociates.#Bott
22、om Line represents profit attributable to ownersof the parent company.Overall, the results for the first half of 2012 have shown satisfactorygrowth compared with the same period last year, with significantimprovement in our profitability. Beverage Products: Solid volume growth was achieveddespite se
23、vere competition in the industry. While having toincur raw material and logistics cost increases, segmentresult increased by 13.1% and the profit margin held steady.Kitchen Food Products: Compared to the key competitors,our kitchen food products performed well in terms of revenuegrowth. In particula
24、r, sales of our star product, “FortuneCorn Oil”, achieved strong results and increased marketshare. However, despite price increases, the rising cost ofraw materials and changes in product mix had an adverseimpact on both margins and profit.Wine Products: As a result of the continuing improvementin
25、our product mix, through a greater emphasis on sales ofthe high-end “Greatwall Chateau Sungod” and mid- to high-end “Greatwall Terroir” product ranges, revenue growthexceeded that of our major competitors, and deliveredimproved margins, with segment results grew by a verystrong 50.2%. Confectionery
26、Products: Revenue from confectioneryproducts achieved satisfactory growth and this, coupled withimproved margins, substantially reduced the loss for thissegment compared with the same period in 2011.我們的每股基本盈利增長，達到16.97港仙，上升5.68港仙。*本集團之經營利潤指分部業績之總和減公司及其他未分配支出。EBITDA指融資成本、所得稅支出、折舊、其他無形資產攤銷、確認預付土地金及應佔聯
27、營公司溢利及虧損前的利潤。#淨利指母公司擁有人應佔溢利。從整體而言，2012年中期業績對比去年上半年實現了良好增長，盈利水平有明顯的改善。在飲料品類方面，儘管行業競爭激烈，銷量仍持續增長。在原材料及物流成本增長下，分部業績仍上升13.1%及利潤率仍得以維持。在廚房食品品類方面，收入增長對比主要競爭對手有較好的表現，特別是明星產品福臨門玉米油市場份額提升，但原材料成本持續上漲及產品結構轉變令利潤率及利潤受到負面影響。在酒品類方面，產品結構持續優化，通過推進高端產品長城桑干酒莊酒及中高端產品長城天賦葡園系列產品的銷售，收入增長超過競爭對手，利潤率有改善及分部業績大幅增長50.2%。在休閒食品品類方
28、面，收入有不錯的增長，加上利潤率有所改善，分部業績虧損同比大幅減少。6 CHINA FOODS LIMITED Interim Report 2012MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析72012年中期報告中國食品有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析Managements key tasks and performance analysed using the“Five-Wins” benchmarking indicators are as follows:1. WINNING IN PR
29、ODUCTS(1) Analysis of sales revenue for the first half of 2012Beverage Products: Sales revenue for the first halfof 2012 amounted to approximately HK$6,134million, an increase of approximately 15.4%compared with the same period in 2011. Salesvolume reached approximately 342.1 million unitcases, an i
30、ncrease of approximately 12.6%compared with the same period in 2011. Steadygrowth was achieved in sparkling beverages, whilewater products grew more rapidly, leading to achange in product mix. Our plan is to further drivesales by introducing new packaging options and newflavours, and broadening the
31、product range.Kitchen Food Products: Sales revenue for the periodwas HK$7,085 million, an increase of approximately14.8% compared with the same period in 2011. Salesvolume was approximately 561,000 tonnes, anincrease of approximately 13.8% compared with thesame period in 2011. This reflects improvem
32、ents inour sales channel penetration and productcompetitiveness, allowing us to continue to increaseoverall market share. Our key product “Fortune CornOil” emerged as a strong challenger in the market.Wine Products: Sales revenue for the period wasHK$1,956 million, an increase of 11.6% comparedwith
33、the same period in 2011. This was driven inlarge part by the success of the high-end “GreatwallChateau Sungod” and mid- to high-end “GreatwallTerroir” product range. The consequentialimprovement in product mix gave rise to higheraverage selling prices and an improvement inmargins, which more than co
34、mpensated for theconsolidation of mid-end wines and table wines.Confectionery Products: Sales revenue for the periodwas approximately HK$308 million, an increase ofapproximately 26.6% compared with the same periodin 2011. Sales volume was approximately 3,827tonnes, an increase of approximately 9.8%
35、comparedwith the same period in 2011. Improvements inproduct promotion, the implementation of our newregional sales, and cross product promotion resultedin increases in both average sales volume and sellingprices.管理團隊主要工作及表現以五贏的衡量指標分析如下：一、贏在產品(1) 2012年中期期間銷售收入分析飲料品類方面：於中期期間，銷售收入約61.34億港元，同比增長約15.4%。
36、銷量約達3.421億標箱，同比增長約12.6%。汽水增長保持穩定，水產品增長較快造成產品結構調整。我們已有規劃推出新包裝產品、新口味產品、豐富產品系列等方法進一步推動銷售。廚房食品品類方面：於中期期間，銷售收入為70.85億港元，同比增長約14.8%。銷量約為56.1萬噸，同比增長約13.8%。反映我們的渠道滲透和產品力正在提升、整體市場份額持續提高，特別是明星產品福臨門玉米油已成了市場中的強勢挑戰者。酒品類方面：於中期期間，銷售收入為19.56億港元，同比增長11.6%。主要受益於高端產品長城桑干酒莊酒及中高端產品長城天賦葡園系列的產品結構的提升持續拉動酒品類平均單價及利潤率，減低了大產區酒
37、和佐餐酒產品線梳理過程中的影響。休閒食品品類方面：於中期期間，銷售收入約3.08億港元，同比增長約26.6%。銷量約為3,827噸，同比增長約9.8%。產品促銷改善，實行新區域銷售系統及跨品類促銷拉動休閒食品品類的平均銷量及平均單價均有提升。8 CHINA FOODS LIMITED Interim Report 2012MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析(2) Planning and launching of new productsBeverage Products: The new 300ml packaging forsparklin
38、g beverages and juices, the new flavour“Minute Maid Red Grape Juice”, and the “MinuteMaid Refreshing Juice” for the non-pulp juice marketwere introduced to meet the needs of customers forrefreshing beverages.Kitchen Food Products: Planning for the launch ofhigh-end Japanese-style sauces and seasonin
39、gproducts under the “Fortune” brand was undertakenduring the period.Wine Products: The new “Greatwall Chateau Sungod”series, including “Chateau Sungod Greatwall, BoaoPremium Series”, “Chateau Sungod Greatwall, LongYan Dry White Wine Reserve” and “Chateau SungodGreatwall, Gewurztraminer Sweet White W
40、ineReserve” were introduced. Three new products werealso added to our mid- to high-end “Greatwall Terroir”range. “Greatwall Cabernet Sauvignon” series wasalso added to the product line of our mid-end wines.Confectionery Products: New products such ashazelnut filled chocolates in gift boxes and cans,
41、hazelnut chocolate crisp bowl series and green appleflavoured Merveille Jelly Candy were underdevelopment during the period.(3) Enhancing existing productsBeverage products, took advantage of businessopportunities brought about by the Olympic Gamesby launching an environmentally-friendly, light-weig
42、htbottle series. For Kitchen Food products, the brandimage of “Fortune” has been enhanced by unifyinggraphics and other distinguishing features under asingle brand family. The endorsement of “ChinasSpace Program Partners” has been added to thedesign of the label of our blended oils. For Wineproducts
43、, within several product ranges brand imagehas been enhanced by changes in bottle and labeldesign. The range of imported wines has also beenrationalised under the “COFCO InternationalSelection” product range. For Confectioneryproducts, a new label has been designed for MerveilleJelly Candy to upgrad
44、e the image of the products.(2)新品上市和計劃飲料品類方面：推出汽水300毫升新包裝、果汁300毫升新包裝等，美汁源果汁增加了新口味美汁源紅葡萄，並推出美汁源果清新進入無果粒市場，以滿足消費者對於清爽解渴飲料的需求。廚房食品品類方面：計劃期內推出以福臨門為品牌、以高端日式醬油醋為主的產品。酒品類方面：推出長城桑干系列新品長城桑干酒莊博鰲特供酒系列、長城桑干酒莊珍藏級龍眼干白和長城桑干酒莊珍藏級瓊瑤漿甜白等。中高端產品長城天賦葡園系列推出3款新品，大產區酒亦推出長城解百納系列。休閒食品品類方面：期內正開發榛仁夾心巧克力禮盒、榛仁夾心罐裝產品、榛仁脆心巧克力碗裝產品和
45、美滋滋軟糖青蘋果新口味等。(3)現有產品精進飲料品類方面：利用奧運契機，推動環保輕量瓶上市；廚房食品品類方面：福臨門品牌通過在統一的品牌家族下，統一形象特色區分，在調和油標簽設計中加入中國航天事業合作夥伴元素；酒品類方面：在若干產品系列採用新瓶設計及酒標設計以提升品牌形象，進口酒系列標記為中糧海外甄選產品系列；休閒食品品類方面：對美滋滋夾心果汁軟糖的包裝進行新瓶標簽設計，提升產品檔次感。92012年中期報告中國食品有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析(4) Developing star productsBeverage Products
46、: An “Under the Cap” (“UTC”)promotional campaign was launched to increase thesales volume of key products, including “Coca-Cola”,“Sprite” and “Minute Maid Pulpy Orange”, and topromote sales of multi-pack canned productsthrough the modern trade channel.Kitchen Food Products: “Fortune Golden Origin Co
47、rnOil” was the subject of a focused promotion, withparticular emphasis on the use of high-quality rawmaterials. The identification of productions withOlympic Games and the space programme rapidlyexpanded sales. Aggregate sales volume for corn oilreached 49,000 tons, doubling sales volumecompared wit
48、h the same period in 2011.Wine Products: Concerted effort have been made todevelop “Greatwall Chateau Sungod” and “ChateauJunding” into star products under the banner of the“Greatwall International Chateau Alliance”, and toreinforce the market coverage of “Greatwall Terroir”as of a core product line
49、 for “Greatwall”. Currently,preparation is underway to launch a new productrange, endorsed by chief winemaker Mr. MichelRolland, which will become the premium high-endproduct of “Greatwall International Chateau Alliance.”Confectionery Products: The product packaging hasbeen refined for Merveille Jelly Candy, with theOlympic Games logo added. A new green appleflavour has also been developed.(5) Product line consolidationI
