Annual Report 2014
Beverages

Delivering Refreshing Soft Drinks

The Beverages Division recorded an attributable profit of HK$854 million in 2014, an increase of 6% compared to 2013. Excluding non-recurring profits in 2013 and 2014, attributable profit was HK$776 million, a 6% increase from 2013. This increase principally reflected lower raw material costs in all territories and modest volume growth and an improved sales mix in Mainland China. Overall sales volume increased by 3% to 1,044 million unit cases, compared with an increase of 2% in 2013. The increase was principally due to the assumption of new franchise territories in Colorado in the USA.

2014 Movement in Underlying Profit
Results in Mainland China benefited from favourable raw material costs and an improved sales mix. The reduction in underlying profit reflects the absence of a 2013 non-recurring profit.
Results in Hong Kong benefited from price increases and lower raw material costs.
Results in Taiwan benefited from a favourable sales mix and lower raw material costs.
Results in the USA were affected by higher staff costs and additional expenses associated with the assumption of new franchise territories.
Gains were recognised on disposal of available-for-sale investments.
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2014 Performance Highlights
Sales Volume
+3%
Revenue
+9%
Operating Profit
+27%
Share of Profit from
Joint Venture and Associated Companies
-27%
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