CONTENTS 目錄
CORPORATE INFORMATION | 公司資料 | 2 |
STATEMENT FROM THE CHAIRMAN | 主席報告書 | 4 |
MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | 6 |
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT | 董事及高級管理層履歷詳情 | 14 |
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT | 環境、社會及管治報告 | 22 |
CORPORATE GOVERNANCE REPORT | 企業管治報告 | 61 |
DIRECTORS' REPORT | 董事會報告 | 90 |
INDEPENDENT AUDITOR'S REPORT | 獨立核數師報告 | 106 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND | 綜合損益及其他全面收益表 | 113 |
OTHER COMPREHENSIVE INCOME | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 綜合財務狀況表 | 114 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 綜合權益變動表 | 116 |
CONSOLIDATED STATEMENT OF CASH FLOWS | 綜合現金流量表 | 117 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 綜合財務報表附註 | 119 |
FIVE-YEAR FINANCIAL SUMMARY | 五年財務概要 | 223 |
CORPORATE INFORMATION 公司資料
BOARD OF DIRECTORS | 董事會 |
Executive Directors | 執行董事 |
Mr. HUI Pui Sing (Chairman) | 許沛盛先生（主席） |
Ms. TONG Man Wah | 湯敏華女士 |
Mr. HUI Yip Ho Eric (Chief Executive Officer) | 許業豪先生（行政總裁） |
Mr. KONG Man Ho | 江文豪先生 |
Non-executive Director | 非執行董事 |
Mr. WONG Chun Man | 王俊文先生 |
Independent non-executive Directors | 獨立非執行董事 |
Mr. LEUNG Ho Chi | 梁浩志先生 |
Mr. CHAN Ching Sum | 陳政深先生 |
Ms. NG Wing Sze Vince | 吳穎思女士 |
AUDIT COMMITTEE | 審核委員會 |
Mr. LEUNG Ho Chi (Chairman) | 梁浩志先生（主席） |
Mr. CHAN Ching Sum | 陳政深先生 |
Ms. NG Wing Sze Vince | 吳穎思女士 |
REMUNERATION COMMITTEE | 薪酬委員會 |
Mr. LEUNG Ho Chi (Chairman) | 梁浩志先生（主席） |
Mr. HUI Yip Ho Eric | 許業豪先生 |
Ms. NG Wing Sze Vince | 吳穎思女士 |
NOMINATION COMMITTEE | 提名委員會 |
Mr. HUI Pui Sing (Chairman) | 許沛盛先生（主席） |
Mr. LEUNG Ho Chi | 梁浩志先生 |
Mr. CHAN Ching Sum | 陳政深先生 |
AUTHORISED REPRESENTATIVES | 授權代表 |
Mr. HUI Yip Ho Eric | 許業豪先生 |
Mr. KONG Man Ho | 江文豪先生 |
COMPANY SECRETARY | 公司秘書 |
Ms. CHAN Sze Ting (FCG, HKFCG) | 陳詩婷女士(FCG, HKFCG) |
2 | Vico International Holdings Limited Annual Report 2023/2024 |
CORPORATE INFORMATION
公司資料
REGISTERED OFFICE | 註冊辦事處 |
Third Floor, Century Yard, Cricket Square | Third Floor, Century Yard, Cricket Square |
P.O. Box 902, Grand Cayman, KY1-1103 | P.O. Box 902, Grand Cayman, KY1-1103 |
Cayman Islands | Cayman Islands |
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS | 總辦事處及香港主要營業地點 |
IN HONG KONG | |
Unit D, 11/F, Billion Plaza II | 香港長沙灣 |
No. 10 Cheung Yue Street | 長裕街10號 |
Cheung Sha Wan, Hong Kong | 億京廣場二期11樓D室 |
HONG KONG BRANCH SHARE REGISTRAR AND | 香港證券登記及過戶分處 |
TRANSFER OFFICE | |
Tricor Investor Services Limited | 卓佳證券登記有限公司 |
17/F, Far East Finance Centre | 香港夏愨道16號 |
16 Harcourt Road, Hong Kong | 遠東金融中心17樓 |
CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR | 開曼群島證券登記及過戶總處 |
AND TRANSFER OFFICE | |
Tricor Services (Cayman Islands) Limited | Tricor Services (Cayman Islands) Limited |
Third Floor, Century Yard, Cricket Square | Third Floor, Century Yard, Cricket Square |
P.O. Box 902, Grand Cayman, KY1-1103 | P.O. Box 902, Grand Cayman, KY1-1103 |
Cayman Islands | Cayman Islands |
AUDITOR | 核數師 |
Prism Hong Kong and Shanghai Limited | 上會栢誠會計師事務所有限公司 |
Certified Public Accountants | 執業會計師 |
Registered Public Interest Entity Auditor | 註冊公眾利益實體核數師 |
Units 1903A-1905, 8 Observatory Road | 香港 |
Tsim Sha Tsui, Kowloon | 九龍尖沙咀 |
Hong Kong | 天文臺道8號1903A-1905室 |
PRINCIPAL BANKERS | 主要往來銀行 |
Bank of China (Hong Kong) Limited | 中國銀行（香港）有限公司 |
Chong Hing Bank Limited | 創興銀行有限公司 |
STOCK CODE | 股份代號 |
1621 | 1621 |
COMPANY WEBSITE | 公司網站 |
www.vicointernational.hk | www.vicointernational.hk |
2023/2024年報 域高國際控股有限公司 | 3 |
STATEMENT FROM THE CHAIRMAN
主席報告書
Dear Shareholders,
On behalf of the board (the "Board") of directors (the "Directors" and each a "Director") of Vico International Holdings Limited (the "Company"), I am pleased to present the annual report of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 March 2024 (the "Current Period").
各位股東：
本人謹代表域高國際控股有限公司（「本公司」）董 事（「董事」及各為一位「董事」）會（「董事會」）欣然呈 報本公司及其附屬公司（統稱「本集團」）截至二零 二四年三月三十一日止年度（「本期間」）之年報。
In 2023, the Group successfully maintained stable operations | 於二零二三年，受益於經濟逐步復甦及中國邊境 |
in the sales of diesel, lubricant oil, and fleet card services in | 重 新 開 放 後 物 流 需 求 增 加 ， 本 集 團 於 香 港 的 柴 |
Hong Kong, benefiting from the gradual economic recovery | 油、潤滑油銷售及提供車隊咭服務成功維持穩定 |
and increased logistics demand following the reopening of the | 經營。經對香港的市場需求作出全面評估及對社 |
China border. After a comprehensive assessment of market | 會 消 費 趨 勢 及 經 濟 結 構 調 整 作 出 審 慎 考 慮 後 ， |
demand and careful consideration of social consumption | 本 集 團 已 策 略 性 地 恢 復 本 地 柴 油 交 易 量 。 根 據 |
trends and economic restructuring in Hong Kong, the Group | 現 時 的 業 務 策 略 ， 本 集 團 於 本 年 達 致 總 收 益 約 |
strategically resumed domestic trading volumes of diesel. | 1,595,100,000港元及毛利約48,300,000港元。 |
Under the current business strategies, the Group achieved a | |
total revenue of approximately HK$1,595.1 million and a gross | |
profit of approximately HK$48.3 million this year. | |
However, as we look forward to 2024 and 2025, we must | 然而，當我們展望二零二四年及二零二五年時， |
acknowledge the economic uncertainties that lie ahead. Hong | 我們須意識到未來存在的經濟不確定性。香港的 |
Kong's economic landscape presents several challenges, | 經濟形勢面臨諸多挑戰，包括消費者支出減少及 |
including reduced consumer spending and a sluggish property | 房地產市場疲軟。該等因素造成了復雜的營商環 |
market. These factors have created a complex business | 境，這要求我們採取戰略性謹慎策略。 |
environment that demands a strategic and cautious approach. | |
Despite these challenges, the business prospects for our | 儘管存在該等挑戰，本集團仍對業務前景保持謹 |
Group remain cautiously optimistic. We anticipate fluctuations in | 慎樂觀。我們預期對石油化工產品的需求將出現 |
demand for petrochemical products, especially in the industrial | 波動，尤其是在工業及商業領域。為了應對該等 |
and commercial sectors. To navigate these uncertainties, | 不確定性，我們對產品質量及卓越客戶服務的關 |
we will continue to focus on product quality and exceptional | 注將始終堅定不移，此乃我們成功的基石。 |
customer service, which have been the cornerstones of our | |
success. | |
We are committed to adapting to the changing market | 我們致力於適應不斷變化的市況並把握符合我們 |
conditions and seizing opportunities that align with our long- | 長期發展戰略的機遇。我們的應變能力及積極措 |
term growth strategy. Our resilience and proactive measures | 施將使我們能夠保持競爭優勢，為股東帶來可持 |
will enable us to maintain our competitive edge and deliver | 續價值。 |
sustainable value to our shareholders. |
4 | Vico International Holdings Limited Annual Report 2023/2024 |
STATEMENT FROM THE CHAIRMAN
主席報告書
On behalf of the Board, I would like to extend my heartfelt | 本人謹代表董事會衷心地感謝員工的堅定奉獻、 |
gratitude to our employees for their unwavering dedication, our | 客戶的持續支持以及股東對我們願景的信任。在 |
customers for their continued support, and our shareholders | 未來的歲月裡，我們將攜手努力，克服挑戰，取 |
for their trust in our vision. Together, we will strive to overcome | 得更大成就。感謝大家一直以來的支持。 |
the challenges and achieve greater milestones in the coming | |
years. Thank you for your ongoing support. |
HUI Pui Sing | 主席 |
Chairman | 許沛盛 |
Hong Kong, 25 June 2024 | 香港，二零二四年六月二十五日 |
2023/2024年報 域高國際控股有限公司 | 5 |
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
BUSINESS REVIEW
The Group is principally engaged in the distribution of third- party branded petrochemicals, the sales of the self-branded lubricant oil and provides fleet card services in Hong Kong. The petrochemical products of the Group include (i) diesel; (ii) lubricant oil (including self-branded lubricant oil and third-party branded lubricant oil); and (iii) other petrochemicals such as bitumen.
業務回顧
本集團主要從事於香港分銷第三方品牌石油化工 產品、銷售自有品牌潤滑油及提供車隊咭服務。 本集團的石油化工產品包括(i)柴油；(ii)潤滑油（包 括自有品牌潤滑油及第三方品牌潤滑油）；及(iii) 其他石油化工產品，例如瀝青。
The Group sourced semi-finished lubricant oil in bulk volume | 本集團向海外供應商採購成批半製成潤滑油及成 |
and finished lubricant oil from overseas suppliers for the in- | 品潤滑油，供我們內部調合及重新包裝為批發和 |
house blending and repackaging into wholesale and retail | 零售裝，以在香港銷售。 |
packs for sales in Hong Kong. | |
The Group is also an authorized reseller of fleet cards. As at 31 | 本集團亦為車隊咭的經授權代理商。於二零二四 |
March 2024, the Group operated a total number of 53,406 fleet | 年三月三十一日，本集團合共管理53,406個車隊 |
card accounts (2023: 56,193 fleet card accounts). | 咭賬戶（二零二三年：56,193個車隊咭賬戶）。 |
Leveraging on the Group's experience and competitive | 憑藉本集團的經驗及競爭優勢，於本期間，本集 |
strengths, for the Current Period, the Group's revenue, | 團的收益、毛利及純利分別為約1,595,100,000港 |
gross profit, and net profit were approximately HK$1,595.1 | 元、48,300,000港元及16,900,000港元，較截至 |
million, HK$48.3 million, and HK$16.9 million, respectively | 二零二三年三月三十一日止年度（「相應期間」)分 |
representing an increase of 56.8%, increase of 8.2%, and | 別增加 56.8%、8.2%及92.5%。本期間溢利增加 |
increase of 92.5%, respectively as compared with the year | 乃主要由於收益增加（主要來自中國邊境重新開放 |
ended 31 March 2023 (the "Corresponding Period"). The | 後柴油銷售）所致。 |
increase in profit for the Current Period was attributable to | |
the increase in revenue, mainly from sales of diesel upon the | |
reopening of the China border. | |
In 2023, the Group successfully maintained stable operations | 於二零二三年，受益於經濟逐步復甦及中國邊境 |
in the sales of diesel, lubricant oil, and fleet card services in | 重 新 開 放 後 物 流 需 求 增 加 ， 本 集 團 於 香 港 的 柴 |
Hong Kong, benefiting from the gradual economic recovery | 油、潤滑油銷售及提供車隊咭服務成功維持穩定 |
and increased logistics demand following the reopening of the | 經營。經對香港的市場需求作出全面評估及對社 |
China border. After a comprehensive assessment of market | 會 消 費 趨 勢 及 經 濟 結 構 調 整 作 出 審 慎 考 慮 後 ， |
demand and careful consideration of social consumption | 本 集 團 已 策 略 性 地 恢 復 本 地 柴 油 交 易 量 。 根 據 |
trends and economic restructuring in Hong Kong, the Group | 現 時 的 業 務 策 略 ， 本 集 團 於 本 年 達 致 總 收 益 約 |
strategically resumed domestic trading volumes of diesel. | 1,595,100,000港元及毛利約48,300,000港元。 |
Under the current business strategies, the Group achieved a | |
total revenue of approximately HK$1,595.1 million and a gross | |
profit of approximately HK$48.3 million this year. |
6 | Vico International Holdings Limited Annual Report 2023/2024 |
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
BUSINESS PROSPECTS
The business prospects for the Group remain cautiously optimistic amidst the backdrop of Hong Kong's economic challenges. With reduced consumer spending and a sluggish property market, the business environment demands a strategic approach. While fluctuations in demand for petrochemical products are expected, particularly in industrial and commercial sectors, our focus on product quality and customer service remains steadfast.
業務前景
在香港經濟面臨挑戰的背景下，本集團仍對業務 前景保持謹慎樂觀。在消費者支出減少及房地產 市 場 疲 軟 的 情 況 下 ， 營 商 環 境 要 求 採 取 戰 略 性 方法。儘管預期對石油化工產品的需求將出現波 動，尤其是在工業及商業領域，但我們對產品質 量及客戶服務的關注始終堅定不移。
Despite the economic uncertainties, the Group is committed to navigating through strategic planning, operational efficiency, and innovation. By maintaining high standards and adapting to market dynamics, we aim to deliver consistent value to our stakeholders. Our resilience and dedication to excellence position us well to weather the challenges and seize opportunities for growth in the evolving economic landscape.
儘管存在經濟不確定性，但本集團仍致力於通過 戰略規劃、運營效率及創新來實現目標。通過維 持 高 標 準 及 適 應 市 場 動 態 ， 我 們 旨 在 為 持 份 者 提供持續的價值。我們堅韌不拔、追求卓越的精 神使我們能夠在不斷變化的經濟形勢中經受住挑 戰，並抓住增長機遇。
FINANCIAL REVIEW | 財務回顧 |
Revenue | 收益 |
During the Current Period, the Group's revenue amounted to | 於本期間，本集團之收益為1,595,100,000港元， |
HK$1,595.1 million, which increased by 56.8% as compared | 較相應期間之1,017,000,000港元增加 56.8%。收 |
to that of HK$1,017.0 million during the Corresponding Period. | 益增加乃主要由於油的銷量於本期間有所增加。 |
The increase in revenue was mainly due to the quantity of oil | |
sold increase during the Current Period. | |
Sales of diesel | 柴油銷售 |
Our revenue from sales of diesel represents the sales of our | 銷售柴油的收益指銷售柴油產品，主要包括汽車 |
diesel products, which mainly include automotive diesel and | 柴 油 及 工 業 用 柴 油 。 於 本 期 間 及 相 應 期 間 ， 銷 |
industrial diesel. For the Current Period and the Corresponding | 售柴油產生之收益分別約為1,511,500,000港元 |
Period, our revenue generated from the sales of diesel | 及937,700,000港元，分別佔總收益的94.8%及 |
amounted to approximately HK$1,511.5 million and HK$937.7 | 92.2%。 |
million respectively, representing 94.8% and 92.2% of the total | |
revenue respectively. | |
The sales quantity of diesel oil increased by approximately | 柴油的銷量由相應期間的135,000,000升增加約 |
99.7% from 135.0 million litres for the Corresponding Period to | 99.7%至本期間的269,700,000升，主要由於受益 |
269.7 million litres for the Current Period, primarily attributed to | 於中國邊境重新開放，物流業需求增加所致。 |
the heightened demand in the logistics sector, benefiting from | |
the reopening of the China border. |
2023/2024年報 域高國際控股有限公司 | 7 |
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Sales of lubricant oil | 潤滑油銷售 |
Our revenue from lubricant oil mainly represents the sales | 潤滑油的收益主要指銷售潤滑油，主要包括(i)銷 |
of lubricant oil, which mainly include (i) the sales of our self- | 售自有品牌潤滑油，即「美力寶(AMERICO)」、「油 |
branded lubricant oil, namely "AMERICO", "Dr. Lubricant" 博士(Dr. Lubricant)」及「U-LUBRICANT」；及(ii)
and "U-LUBRICANT"; and (ii) the sales of third-party branded | 銷售第三方品牌潤滑油。於本期間及相應期間， |
lubricant oil. For the Current Period and the Corresponding | 我們來自銷售潤滑油的收益分別約為44,400,000 |
Period, our revenue from the sales of lubricant oil amounted | 港元及36,900,000港元，分別佔總收益的2.8%及 |
to approximately HK$44.4 million and HK$36.9 million | 3.6%。 |
respectively, representing 2.8% and 3.6% of the total revenue | |
respectively. | |
Our sales quantity of lubricant oil amounted to approximately | 我 們 於 本 期 間 及 相 應 期 間 的 潤 滑 油 銷 量 分 別 約 |
1.7 million litres and 2.7 million litres for the Current Period | 為1,700,000升及2,700,000升，相當於減少約 |
and the Corresponding Period respectively, representing a | 37.0%。 |
decrease of approximately 37.0%. |
Provision of fleet cards service
Our income from the provision of fleet cards service is recognised on a net basis, based on the difference between
- gross proceeds received and receivables from fleet card holders; and (b) gross amounts paid and payable to oil companies. The gross proceeds received and receivables from fleet card holders represent the pump price less the fleet card discount offered by our Group to fleet card holders. Our fleet card customers used our fleet cards primarily for the purchase of diesel and petrol at network gas stations.
提供車隊咭服務
我們提供車隊咭服務所產生的收入乃根據(a)已收 及應收車隊咭持有人的所得款項總額；及(b)已付 及應付石油公司的款項總額之間的差額，以淨額 確認。已收及應收車隊咭持有人的所得款項總額 指入油價減本集團向車隊咭持有人提供的車隊咭 折價。車隊咭客戶主要使用車隊咭於網絡油站購 買柴油及汽油。
For the Current Period and the Corresponding Period, our | 於 本 期 間 及 相 應 期 間 ， 我 們 的 車 隊 咭 服 務 產 生 |
revenue generated from the fleet cards service amounted | 的收益分別約為33,500,000港元及32,400,000港 |
to approximately HK$33.5 million and HK$32.4 million | 元，分別佔總收益的2.1%及3.2%。 |
respectively, representing 2.1% and 3.2% of the total revenue | |
respectively. | |
Sales of others | 銷售其他產品 |
Our revenue from other products mainly represents the sales | 我 們 來 自 其 他 產 品 的 收 益 主 要 指 銷 售 瀝 青 及 煤 |
of bitumen and kerosene. For the Current Period and the | 油。於本期間及相應期間，我們來自銷售其他產 |
Corresponding Period, our revenue from the sales of others | 品的收益分別約為5,700,000港元及10,000,000港 |
amounted to approximately HK$5.7 million and HK$10.0 million | 元，分別佔總收益的0.4%及1.0%。 |
respectively, representing 0.4% and 1.0% of the total revenue | |
respectively. |
8 | Vico International Holdings Limited Annual Report 2023/2024 |
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Cost of sales | 銷售成本 |
Our cost of sales primarily consists of diesel costs, lubricant oil | 銷售成本主要包括柴油成本、潤滑油成本、其他 |
costs, other petrochemicals costs and sales commissions. Our | 石油化工產品成本及銷售佣金。我們的柴油及第 |
purchase cost for diesel and third-party lubricant oil depends | 三方潤滑油採購成本取決於燃油供應商提供的當 |
on the domestic purchase price offered by our oil suppliers, | 地採購價，經參考歐洲布倫特原油現貨價格等價 |
with reference to the price index such as Europe Brent spot | 格指標。 |
crude price. | |
For the Current Period and the Corresponding Period, our | 於本期間及相應期間，我們的銷售成本分別約為 |
cost of sales amounted to approximately HK$1,546.7 million | 1,546,700,000港元及972,300,000港元，相當於 |
and HK$972.3 million respectively, representing an increase | 增加約59.1%。本期間的銷售成本變化趨勢大致 |
of approximately 59.1%. The trend of movement of our cost | 上與收益同步。 |
of sales for the Current Period was generally in line with the | |
revenue. | |
Gross profit and gross profit margin | 毛利及毛利率 |
The gross profit represented the Group's revenue less cost | 毛 利 代 表 本 集 團 的 收 益 減 銷 售 成 本 。 本 集 團 |
of sales. The Group recorded an increase in gross profit by | 錄 得 毛 利 由 相 應 期 間 的 約 4 4 , 7 0 0 , 0 0 0 港 元 增 |
approximately HK$3.6 million or approximately 8.2% from | 加 約 3 , 6 0 0 , 0 0 0 港 元 或 約 8 . 2 % 至 本 期 間 的 約 |
approximately HK$44.7 million for the Corresponding Period | 48,300,000港元。本集團的毛利率由相應期間的 |
to approximately HK$48.3 million for the Current Period. The | 4.4%下降至本期間的3.0%。本集團的售價大致與 |
Group's gross profit margin decreased from 4.4% for the | 油價的波動一致。然而，由於本公司年內的目標 |
Corresponding Period to 3.0% for the Current Period. The | 是降低毛利率但加快週轉速度，毛利率的波動並 |
Group's selling price is broadly in line with the movement of oil | 非處於同一水平。 |
price. However, the gross profit margin does not fluctuate at | |
the same level as Company aimed to lower profit margin, but | |
quicker turnover during the year. | |
Selling and distribution expenses | 銷售及分銷開支 |
Our selling and distribution expenses mainly consist of truck | 銷 售 及 分 銷 開 支 主 要 包 括 貨 車 司 機 的 成 本 及 福 |
drivers' costs and benefits and depreciation. Selling and | 利 以 及 折 舊 。 銷 售 及 分 銷 開 支 由 相 應 期 間 的 |
distribution expenses decreased by approximately HK$1.8 | 6,400,000港元減少約1,800,000港元或27.4%至本 |
million or 27.4% to HK$4.7 million for the Current Period from | 期間的4,700,000港元。該減少主要由於年內薪金 |
HK$6.4 million for the Corresponding Period. The decrease | 及津貼減少所致。 |
was mainly due to the drop in salaries & allowances during the | |
year. |
2023/2024年報 域高國際控股有限公司 | 9 |