00322康師傅控股 报.ppt

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1、20年，足以讓呱呱墜地的小嬰孩長成充滿蓬勃朝氣的年輕人；20年，足以讓篳路藍縷的,新興企業蛻變成初具規模的實業集團。,康師傅辛勤耕耘食品行業，到2012年也將跨入20年，回首來時路，因為有消費者、員工、合作夥伴、投資人以及社會大眾的相伴與鼓勵，我們一路摸索，一路嘗試，也一路成長。回首近20年的發展，來自社會大眾的肯定與鼓勵，讓我們戰戰兢兢，並隨時要求自己精益求精。,對於大眾的指導與砥礪，我們更銘記在心，並反躬自省汲取經驗，暨能與社會大眾及投資人的期待相符合。,20years,is enough for a new born baby to grow to his vigorous youth;

2、20 years,is,enough for a new enterprise with pioneering hardship to begin to take shape as an industrialgroup.,Master Kong is dedicated to engage in the food industry,with the year of 2012 being its20th anniversary.Looking back,with the company and encouragement from consumers,employees,partners,inv

3、estors and the public,together we explore,we endeavor,and wegrow.,With close to 20 years hindsight of development,the affirmation and encouragement fromthe public make us gingerly upkeep and improve our excellence at all times.,We engrave in our heart the guidance and temper from the public,introspe

4、ct ourselves andlearn from our experience,in order to fulfill the expectations from the public and ourinvestors.,3,4,5,9,14,44,51,70,72,74,77,1,目錄Contents,公司簡介銷售網絡財務摘要董事長報告高階管理人員簡介,Company ProfileSales NetworkFinancial SummaryChairmans StatementSenior Management Profile,集團結構業務回顧展望,202235,Group Struc

5、tureBusiness ReviewProspects,社會企業責任企業管治報告董事會報告獨立核數師報告綜合收益表綜合全面收益表綜合財務狀況表財務狀況表綜合股東權益變動表綜合現金流量表,38 Social Enterprise ResponsiblilityCorporate Governance ReportDirectors Report66 Independent Auditors Report68 Consolidated Income Statement69 Consolidated Statement ofComprehensive IncomeConsolidated Stat

6、ement ofFinancial PositionStatement of Financial PositionConsolidated Statementof Changes in EquityConsolidated Statement of Cash Flows,賬目附註公司資料,79195,Notes to the Financial StatementsCorporate Information2011 Annual Report 年報,2,師傅控股有限公司（本公司）及其附屬公司（本集團）主要在中國從事生產和銷售方便面、飲品及糕餅。本集團於1992年開始生產方便面，並自1996年起

7、擴大業務至糕餅及飲品；目前本集團的三大品項產品，皆已在中國食品市場 佔 有 顯 著 的 市 場 地 位。據 AC Nielsen,2011年12月零售市場研究報告的調查結,果 顯 示，在 2011年 1 12月 本 集 團 於 方便面、即飲茶及包裝水銷售額的市場佔有 率 分 別 為 56.7%、50.1%和 19.6%，穩居市場領導地位；稀釋果汁以18.4%、夾 心 餅 乾 以 22.1%同 居 於 市 場第二位。康師傅作為中國家喻戶曉的品牌，經過多年的耕耘與積累，深受中國消費者喜愛和支持。,TINGYI(CAYMAN ISLANDS)HOLDING CORP.,T,商。,3,公司簡介Comp

8、any Profileingyi(Cayman Islands)Holding Corp.(the“Company”),andits subsidiaries(the“Group”)specialise in the productionand distribution of instant noodles,beverages and bakeryproducts in the Peoples Republic of China(“PRC”).The Groupstarted its instant noodle business in 1992,and expanded into theba

9、kery business and beverage business in 1996.The Groups threemain business segments have established leading market shares inthe PRCs food industry.According to ACNielsen SCAN TRACKEXPRESS,based on sales value,year-to-date(YTD)December 2011,the Group was the market leader in instant noodles,ready-to-

10、drink(“RTD”)teas and bottled water,gained 56.7%,50.1%and 19.6%,market shares respectively.The Groups diluted fruit,juice and,sandwich crackers gained 18.4%and 22.1%market shares and,長久以來，本集團不斷完善遍佈全國各地的銷售網絡，令新產品更加快速、有效地登陸市場，使得集團產品始終處於行業領先地位。截至2011年12月底，本集團共擁有555個營業所及91個倉庫以服務 6,188家 經 銷 商 及 86,755家 直

11、營 零 售本集團於1996年2月在香港聯合交易所有限公司上市。兩大股東頂新（開曼島）控股有限公司和三洋食品株式會社分別持有 本 公 司 33.27%及 33.18%的 股 份。於2011年 12月31日，本 公 司 之 市 值 為 169億美元。現時本公司已被納入英國富時指數中亞太區（除日本外）的成分股及摩根 士 丹 利 資 本 國 際(MSCI)香 港 成 分 股 指數。2011年12月起，囱生指數將本集團納入藍籌股，成為港股風向標的48只囱指成分股之一。今後，本集團仍將重點發展，且將資源集中於食品流通行業，並繼續強化通路與銷售系統網絡，以建立全球最大中式方便食品 及飲品集 團為奮鬥 目標。

12、,held a second position respectively.After years of hard work andaccumulation,“Master Kong”has become one of the best knownbrands among consumers in the PRC.The Group distributes its products throughout the PRC through itsextensive sales network consisting of 555 sales offices and 91warehouses servi

13、ng 6,188 wholesalers and 86,755 direct retailers asof 31 December 2011.This extensive sales network is a significantcontributor to the Groups leading market shares and it enables theGroup to introduce new products rapidly and successfully.The Group was listed on The Stock Exchange of Hong Kong Limit

14、edin February 1996.The Companys major shareholders,Ting Hsin(Cayman Islands)Holding Corp.and Sanyo Foods Co.,Ltd.,holds33.27%and 33.18%equity interest respectively in the Company.Market capitalisation as at 31 December 2011 was US$16.9 billion.The Company is a constituent stock of Britishs FTSE All-

15、World AsiaPacific Ex-Japan Index and Morgan Stanley Capital International(MSCI)Hong Kong Index.Tingyi has become one of the 48component stocks of Hong Kongs benchmark Hang Seng Indexsince December 2011.Focused on the development of the Group by concentrating itsresources in food circulation business

16、,the Group will continue tostrengthen its logistics and sales network in the PRC with target ofbecoming“The biggest Group for Chinese Instant Food&Beveragein the World”.2011 Annual Report 年報,4,銷售網絡,Sales Network,TINGYI(CAYMAN ISLANDS)HOLDING CORP.,5,財務摘要Financial SummaryConsolidated Income Statement

17、截至十二月三十一日止年度For the years ended 31 December,2011千美元US$000,2010千美元US$000,2009千美元US$000,2008千美元US$000,2007千美元US$000,營業額除稅前溢利稅項本年度溢利,TurnoverProfit before taxationTaxationProfit for the year,7,866,580662,976(163,272)499,704,6,681,482746,774(134,200)612,574,5,081,113625,108(124,613)500,495,4,272,053452,

18、221(90,185)362,036,3,215,404317,239(36,291)280,948,年內應占溢利,Attributable to:,本公司股東少數權益股東本年度溢利股息,Owners of the CompanyNon-controlling interestsProfit for the yearDividends,419,54580,159499,704209,629美仙US cents,476,787135,787612,574238,556美仙US cents,383,207117,288500,495191,627美仙US cents,260,404101,6323

19、62,036130,172美仙US cents,194,83786,111280,948150,336美仙US cents,每股溢利,Earnings per share,基本攤薄,BasicDiluted,7.517.47,8.538.50,6.866.85,4.664.66,3.493.49,2011 Annual Report 年報,6,財務摘要Financial SummaryConsolidated Statement of Financial Position於十二月三十一日As at 31 December,2011千美元US$000,2010千美元US$000,2009千美元U

20、S$000,2008千美元US$000,2007千美元US$000,物業、機器,Property,plant and,及設備土地租約溢價聯營公司權益其他非流動資產淨流動負債非流動負債,equipmentPrepaid lease paymentsInterests in associatesOther non-current assetsNet current liabilitiesNon-current liabilities,4,029,872186,276156,598(991,942)(694,538),2,922,936117,799163,110(612,947)(294,312)

21、,2,216,63888,80361,89215,742(283,341)(190,670),1,974,44581,30868,09518,872(416,887)(187,195),1,567,34865,59433,92920,804(277,922)(128,058),分類為持作,Assets classified as,出售資產,held for sale,75,221,分類為持作出售資產之相關,Liabilities associatedwith assets classified,負債淨資產發行股本儲備少數股東權益股東權益總額,as held for saleNet assets

22、Issued capitalReservesNon-controlling interestsTotal equity,2,686,26627,9512,071,794586,5212,686,266,(2,620)2,369,18727,9341,793,324547,9292,369,187,1,909,06427,9341,434,710446,4201,909,064,1,538,63827,9341,179,269331,4351,538,638,1,281,69527,943999,718254,0341,281,695,TINGYI(CAYMAN ISLANDS)HOLDING

23、CORP.,7,財務摘要,Financial Summary,2011 Annual Report 年報,的願景是成為消費者滿意、股東滿意、員工滿意、伙伴滿意、社會滿意的食品企業,Master Kong,As a Food Enterprise,Our Vision is to Satisfy the Needs ofConsumers,Shareholders,Employees,Partners and the Society董事長 Chairman魏應州 Wei Ing-Chou,戰。,9,董事長報告Chairmans Statement,2011年，歐債危機繼續加劇，西方國家經濟恢復緩

24、慢，身處複雜多變的國內外環境，中國經濟在年內不斷面臨挑戰。2011年 中 國 國 內 生 產 總 值(GDP)為 47.1萬億元，增速較2010年下滑至9.2%，而5.4%的年內居民消費價格指數(CPI)則遠高於去年同期。面對通脹壓力不斷加大的趨勢，2011年前三季度，人民銀行通過多次上調存款準備金率及存貸款基準利率以保持物價總水平基本穩定，進入第四季後，國際環境顯現歐債危機短期內難以有效解決，不確定性和不穩定性上升，國內經濟增速放緩趨勢逐顯、價格漲幅初顯回落，中國經濟面臨著經濟增長下行壓力和物價上漲壓力並存的挑在此經濟環境下，本集團繼續制定靈活有針對性的市場策略，並通過善用綿密的銷售網絡、強

25、大的品牌號召力持續與消費者進行溝通，使整體營業額再創新高，與去年同期相比營業額上升17.74%至78.67億美元，同時提升生產效率，不斷精進成本管理，妥善管控廣宣費用及運輸成本，但由於年內原材料及各項成本波動太大、且各地反常的天氣對產品銷量造成了一定的影響，EBITDA同比下降 5.57%至 9.55億 美 元，股 東 應 佔 溢 利達4.20億美元下浮12.01%，每股盈利為7.51美仙，減少1.02美仙。股息基於本集團2011年的整體表現，在評估整體運營、資本投資、營運資金及現金流量後，董事會將於2012年6月5日舉行之股東大會上，建議派付末期股息每股3.75美 仙，以 感 謝 股 東 們

26、 對 本 集 團 的 支持，末期派息總額為209,629千美元。,In 2011,the European debt crisis continued to deteriorate,resultingin the slow recovery of western economies.Due to the complexityand dynamics of the domestic and overseas environments,thePeoples Republic of Chinas(“PRC”)economy had faced challengesthroughout the yea

27、r.In 2011,the gross domestic product(GDP)ofPRC was RMB47.1 trillion,the growth rate fell to 9.2%comparedto 2010,and the consumer price index(CPI)of 5.4%was muchhigher than the same period last year.Following the trend ofincreasing inflation pressure,during the first three quarters of 2011,the People

28、s Bank of China repeatedly raised the deposit reserveratio and benchmark interest rates for deposits and lending,inorder to maintain the stability of the general price level.Steppinginto the fourth quarter,the international environment had shownthat the European debt crisis was difficult to solve ef

29、fectively withina short period,and thus uncertainty and instability increased.ThePRC economy faced the challenges of economic growth slowdownpressure together with the co-existing pressure of price increase.Under such economic environment,the Group introduced a flexibleand target-oriented marketing

30、strategy by effectively using itsextensive sales network and its strong brand appeal tocommunicate with consumers,enabling the Group to achieve a newhigh in overall turnover,which increased by 17.74%year-on-year toUS$7,867 million.Meanwhile,the Group improved its productionefficiency,cost management

31、,and properly controlled advertisingand promotion costs as well as transportation cost.However,saleswere affected in 2011 due to the high volatility of raw materialcosts and other costs,together with the global abnormal weather.Compared to 2010,EBITDA dropped by 5.57%to US$955 millionwhile profit at

32、tributable to owners of the Company decreased by12.01%to US$420 million;and earnings per share dropped by US1.02 cents to US7.51 cents.DividendOwing to the Groups 2011 results and considering the overalloperation,capital expenditures,working capital requirements andcash flow of the Group,the board w

33、ill recommend,in recognitionof our shareholders support at the Annual General Meeting to beheld on 5 June 2012,the payment of a final dividend of US3.75cents per share.Total amount of final dividend for the year 2011will be US$209.629 million.2011 Annual Report 年報,10,董事長報告Chairmans Statement,市場地位穩健在

34、中國龐大而紛繁的食品市場，康師傅在方便面、飲品及糕餅領域，均處於領先地位。只要有商業消費的地方，都可以看到康 師 傅的 產品，康 師 傅 可以 說是最深入中國市場的品牌，合理的產品結構，通過多年通 路精 耕建 立 綿密 的銷售網絡以及不斷精進的產銷成本管控均 為 康 師 傅 持 續 成 長 的 因 素。據 ACNielson 2011年 12月 報 告 指 出，以 銷 售額為基準，於中國市場本集團的方便面、即飲茶飲料和瓶裝水的市場佔有率分別為55.7%、45.8%和17.8%，穩居市場第一位；稀釋果汁及夾心餅乾之市場佔有率分別為19.3%和22.0%，居同類產品市場的第二位。憑藉強大的品牌力和

35、消費者的支持，康師傅不僅連續四年獲得福布斯亞洲50強稱號，同時連續第九年登上台灣十大國際 品 牌 前 五 名，品 牌 價 值 價 值 高 達 11.9億美元。此外，康師傅還作為排名最靠前的快消品牌，在全球最大的獨立品牌研 究 與 評 判 機 構 Superbrands評 選 出 的2011年中國消費者最喜愛的50個品牌中位列十強之一，並榮獲中國發言人俱樂部 2011年最佳企業公益傳播案例獎。,Solid market positionWithin the large and diverse Chinese food market,Master Kongmaintained a leading

36、position in the areas of instant noodle,beverage and bakery goods.Master Kong is regarded as the brandthat has the greatest access to the market channels of the PRC.Theproducts of“Master Kong”can be found almost everywhere in thePRC with commercial consumption activities.Building upon areasonable pr

37、oduct structure,extensive sales network set-up throughthe strategy of“Better Access,Broader Reach”over the years,and itsrelentless improvement of production cost control,these were thefactors that contributed to the continuous growth of Master Kong.According to the December 2011 report published by

38、AC Nielson,the Groups market share(in terms of sales value)for instant noodles,RTD tea and bottled water ranked first in the PRC market,whichaccounted for 55.7%,45.8%and 17.8%respectively.Diluted fruitjuice and sandwich crackers ranked second,accounting for 19.3%,and 22.0%of the market share respect

39、ively.With the strong brand name and the continuous customerssupport,Master Kong,for the fourth consecutive years was namedone of the 50 best listed companies in Asia by Forbes,and for theninth consecutive years one of the top five of Taiwans top teninternational brands.The brand value of Master Kon

40、g has reachedUS$1,190 million.In addition,Master Kong was awarded with thebest ranking among the FMCG brands,which awarded as one ofthe top ten of“Top 50 Favourite Brands of Consumers in China2011”by Super Brands,the worlds largest independent brandresearch and assessment organization,as well as“The

41、 Best,Corporation Public Welfare Communication Case in 2011”(2011年最佳企業公益傳播案例獎)by China Spokesman Club.TINGYI(CAYMAN ISLANDS)HOLDING CORP.,董事長報告Chairmans Statement,專注食品生產安全康師傅一直認為，生產出安全美味的產品是食品企業的良心所在，因此將食品安全風險控制作為重中之重，在原料安全管控體系基礎之上，著重在技術支持、規格規範、資源優化、合作評鑒、風險預警等五大方面加強原料安全管理，形成切實有效、合理可行的原料安全防線，為食品安全保障工

42、作築起一道堅實的無隙屏障。為此，康師傅中央研究所專門成立了食品安全研究部，以嚴格管控食品安全。康師傅始終秉持誠信、務實、創新的經營理念，腳踏實地的落實食品安全法規及管理，做好食品安全保障工作，確保消費者安心享受食品工業發展帶來的便利。這也使得康師傅在回饋社會的同時，實現企業品牌的永續經營。2011年的第九屆中國食品安全年會上，連續第四年走上安全年會頒獎台的康師傅，繼續憑藉在食品安全生產方面始終堅持專業與專注的企業行動贏得了業界和消費者的一致讚譽，獲得了包括中國食品安全年會突出貢獻單位稱號在內的三項榮譽，並被大會指定為年會特供飲品。,Dedicated to the food productio

43、n safetyMaster Kong always considers production safety and delicious foodas the moral philosophy of a company,thus,we treat food safetyrisk control with the utmost importance.On the basis of theoriginal safety control system of raw materials,focusing on fivemajor aspects,namely technical support,spe

44、cifications,resourceoptimization,cooperation accreditation and risk warning,formingan effective and reasonably practicable defense line of rawmaterials,thus building a solid and gapless barrier for food safety.In this connection,the Groups Research and Development Centreestablished a Food Safety Res

45、earch Division,in order to strictlycontrol the food safety.Master Kong consistently upholds“integrity,pragmatic,innovative”operation philosophy,complies with food safety law and regulationsand management in practical,well-prepared for the food safetyprotection work,to ensure that consumers can feel

46、free to enjoy theconvenience brought by the development of food industry.Thus,Master Kong can sustainably managing its enterprise under the ownbrand and repaying the society at the same time.At the 9th ChinaFood Safety Annual Conference,Master Kong was awarded for thefourth consecutive years,which g

47、ained praise from the peers andconsumers as Master King continued to adhere to the professionaland dedicated corporate action by virtue of the food safetyproduction.Master Kong was awarded three awards,including“Outstanding Contribution Corporation of the China Food SafetyAnnual Conference”(中 國 食 品

48、安 全 年 會 突 出 貢 獻 單 位),and wasdesignated as the exclusive drinks of the Annual Conference.,2011 Annual Report 年報,11,(,12,董事長報告Chairmans Statement,著力社會公益，善盡社會責任作為國內食品行業翹楚，康師傅不僅以消費者的健康作為出發點，致力於為消費者提供優質、安全、美味的產品，更著力社會公益，善盡企業社會責任。秉持回 饋 社 會、永 續 經營的 精 神，公 司公益善行涉及環保、體育、基礎教育、醫療、助殘、賑災、扶貧、兩岸文化交流等公益事業的各個方面，包括傾力支

49、持 由新 華 通 訊 社主 辦 的中 國 網 事感 動2011十大網絡人物等。2011年，由康師傅創辦的創響新生代2011康師傅早稻田大學創新挑戰賽榮獲2011最具公眾影響力企業社會責任事件獎。同時於2012年1月，康師傅憑藉在健康教育、食品安全、公益環保等領域的貢獻，被人民日報社主辦的健康時報評為最具責任感企業。展望2011年中國經濟發展經歷的波折以及國際經濟環境的不穩定，使得 2012年充滿了挑戰。從年初政府發佈的文件以及政策態勢可推斷，處於主動宏觀調控後經濟減速初顯，以及歐債危機影響下的國內經濟，將繼續保持穩 中 求 進的 基調。而隨著中國經濟的發展，收入分配結構的變化、城鎮化進程的加快

50、都將提高中低收入人群食品消費水平，國內食品飲料市場仍然充滿了機遇，因此各大食品生產商為抓住機遇紛紛擴大投資，同業競爭越見激烈。,Focusing on social welfare,fulfilling social responsibilityAs the leader in the PRCs food industry,Master Kong not onlyfocuses on the health of their customers by providing good quality,safe and tasty products,but also dedicates itself