Financial Performance - For the six months ended September 30, 2022, the revenue from the procurement and sales of cassava chips was approximately HKD 2,102,400,000, an increase of about 37.9% compared to HKD 1,525,000,000 in the same period last year[8]. - The gross profit for the period increased to approximately HKD 237,400,000 from HKD 173,000,000, reflecting a rise of about 37.2% due to increased sales[10]. - The net profit for the period was approximately HKD 34,100,000, compared to HKD 23,800,000 in the previous year, marking an increase of about 43.5%[20]. - For the six months ended September 30, 2022, the company reported revenue of HKD 2,111,557 thousand, an increase from HKD 1,538,857 thousand in the same period last year, representing a growth of 37%[49]. - The gross profit for the same period was HKD 246,201 thousand, compared to HKD 183,782 thousand in the previous year, reflecting a gross margin improvement[49]. - The net profit for the period was HKD 30,241 thousand, up from HKD 22,538 thousand year-on-year, indicating a growth of 34%[51]. Cost and Expenses - The cost of sales and distribution for the period was approximately HKD 161,800,000, up from HKD 127,400,000 in the previous year, primarily due to increased sales volume and higher unit costs for ocean freight[15]. - The total employee cost for the period was approximately HKD 13.7 million, with a total workforce of about 250 employees[24]. - The cost of goods sold for the six months ended September 30, 2022, was HKD 1,865,010, up from HKD 1,352,020 in the previous year, indicating a rise of 38%[82]. Assets and Liabilities - As of September 30, 2022, the net asset value increased to approximately HKD 851,100,000 from HKD 832,900,000 as of March 31, 2022, due to the profit generated during the period[21]. - The current assets as of September 30, 2022, were approximately HKD 845,900,000, a decrease from HKD 1,594,700,000 as of March 31, 2022[21]. - The total liabilities decreased to HKD 1,287,072 from HKD 2,089,871, a reduction of 38.4%[55]. - The total current liabilities decreased to HKD 572,928 from HKD 1,372,557, a reduction of 58.3%[53]. - Inventory levels dropped sharply to HKD 432,172 from HKD 869,181, a decrease of 50.3%[53]. - Accounts receivable decreased to HKD 221,051 from HKD 548,509, a decline of 59.8%[53]. Operational Highlights - The company remains committed to optimizing employee allocation and promoting services to improve profitability despite challenges in the hotel and serviced apartment business[9]. - The group operates eleven procurement facilities for dried cassava chips across Thailand, Cambodia, Laos, and Vietnam, with a total storage capacity of approximately 600,000 tons[31]. - The group plans to expand its procurement network in Thailand, Vietnam, Laos, and Cambodia to develop new supply sources for dried cassava chips and increase market share[31]. - The company plans to continue expanding its operations in Southeast Asia, focusing on the procurement and sales of dried tapioca chips[65]. Shareholder Information - As of September 30, 2022, the company had a public float of at least 25% of its issued share capital[41]. - Major shareholders include Fu Yi Management with a direct beneficial ownership of 225,000,000 shares, representing 38.48% of the issued share capital[40]. - The average number of ordinary shares issued during the period remained at 584,726,715, with no dilution events occurring[86]. Governance and Compliance - The company has adopted a code of conduct regarding securities trading by directors, ensuring compliance with the listing rules[45]. - The audit committee held a meeting on November 30, 2022, to review the accounting policies and interim financial information[47]. - The board approved the financial statements on November 30, 2022, indicating a commitment to transparency and governance[98]. Market Position - The company is the largest procurer and exporter of cassava chips in Thailand and the largest importer of cassava chips in China, providing a comprehensive business model including procurement, processing, storage, logistics, and sales[7]. - The group aims to enhance its market coverage and maintain long-term business growth through a unique integrated business model covering procurement, processing, storage, logistics, and sales of cassava chips[32].

Revenue and Profitability - The group's revenue from the procurement and sale of dried cassava chips increased by approximately HKD 867.1 million or about 32.2% to approximately HKD 3,556.2 million compared to the previous year[4]. - The group's hotel and serviced apartment operating revenue rose by approximately HKD 4.5 million or about 21.0% to approximately HKD 22.5 million during the year[4]. - The gross profit from the procurement and sale of dried cassava chips increased by approximately HKD 169.9 million to approximately HKD 415.4 million, with a gross profit margin rising from about 9.1% to 11.7%[4]. - The hotel business's gross profit margin improved from approximately 60.7% to about 72.0% during the year[4]. - The group's annual profit attributable to shareholders for the year is approximately HKD 45,000,000, compared to a loss of HKD 7,100,000 in the previous year[6]. - Revenue for the year 2022 reached HKD 3,585,019 thousand, a significant increase of 32% compared to HKD 2,715,508 thousand in 2021[138]. - Gross profit for 2022 was HKD 437,903 thousand, up from HKD 264,643 thousand in 2021, reflecting a gross margin improvement[138]. - Net profit for the year was HKD 34,490 thousand, compared to a net loss of HKD 48,496 thousand in 2021, indicating a strong recovery[138]. Costs and Expenses - The cost of sales for the procurement and sale of dried cassava chips was approximately HKD 3,140.8 million, an increase of about HKD 697.2 million or 28.5% from approximately HKD 2,443.6 million in the previous year[4]. - Sales and distribution costs for the year amounted to approximately HKD 281,300,000, an increase from HKD 149,100,000 in the previous year, primarily due to increased shipping costs and sales volume of cassava chips[6]. - Administrative expenses increased to approximately HKD 82,400,000 from HKD 61,700,000, mainly due to depreciation related to the conversion of investment properties to serviced apartments and inflation adjustments[6]. - Financing costs rose to approximately HKD 13,100,000 from HKD 12,900,000, attributed to an increase in average bank loan interest rates[6]. Assets and Liabilities - Current assets as of March 31, 2022, were approximately HKD 1,594,700,000, up from HKD 1,312,000,000 in the previous year[6]. - The group's non-current liabilities include non-current bank loans of approximately HKD 420,000,000, compared to zero in the previous year[6]. - The net asset value increased by approximately HKD 32,100,000 to about HKD 832,900,000, primarily due to the current year's profit and other comprehensive income[6]. - The group's current liabilities were approximately HKD 1,372,600,000, down from HKD 1,578,800,000 in the previous year[6]. - Inventory increased to approximately HKD 869,200,000 from HKD 693,100,000 in the previous year[6]. - The company's total liabilities decreased from HKD 1,578,802 thousand in 2021 to HKD 1,372,557 thousand in 2022, improving its financial position[143]. Operational Efficiency - The inventory turnover was approximately 90.6 days as of March 31, 2022, compared to 70.8 days on March 31, 2021, an increase of about 19.8 days[10]. - The accounts receivable turnover was approximately 52.8 days as of March 31, 2022, compared to 59.8 days in the previous year[10]. - The logistics division reported a 10% increase in efficiency, attributed to improved management systems implemented over the past year[19]. Market and Growth Strategy - The company has a procurement network for cassava chips in Thailand, Cambodia, and Laos, with a total storage capacity of about 600,000 tons[10]. - The company plans to continue expanding its procurement facilities and networks in Thailand, Laos, and Cambodia to meet the anticipated increase in demand for cassava chips[10]. - The company aims to enhance its market coverage and maintain long-term business growth through its integrated business model covering procurement, processing, storage, logistics, and sales of cassava chips[10]. - The company is exploring the feasibility of other commodity trading opportunities and potential investment projects, including the hotel and real estate sectors[10]. - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming for $187.5 million[19]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on expanding the product line in the next quarter[19]. - Market expansion plans include entering two new international markets, which are projected to generate an additional $10 million in revenue within the first year[19]. Corporate Governance and Compliance - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's Listing Rules, ensuring shareholder interests are protected[73]. - The board consists of six members, including three independent non-executive directors, ensuring compliance with the Listing Rules[80]. - The independent non-executive directors have provided annual confirmations of their independence as required by the Listing Rules[80]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, all composed of independent non-executive directors[89][90][94]. - The board is responsible for developing and reviewing corporate governance policies and ensuring compliance with legal and regulatory requirements[98]. Financial Reporting and Audit - The financial statements for the year ending March 31, 2022, were prepared in accordance with applicable Hong Kong Financial Reporting Standards[100]. - The total fees paid to the external auditor, Ernst & Young, for audit and non-audit services amounted to HKD 1,200,000 for the year ended March 31, 2022[104]. - The Audit Committee is tasked with overseeing the quality of financial reporting and ensuring compliance with accounting standards and regulatory requirements[102]. - The company has implemented a standard code of conduct for directors' securities trading, aligning with the Listing Rules[74]. Risk Management - The company has implemented foreign exchange hedging policies to monitor and mitigate significant foreign currency risks[9]. - The company currently faces foreign currency risk due to its operations in RMB, USD, and THB, but has no hedging strategies in place[10]. - The company faced significant risks and uncertainties, which are discussed in detail in the management discussion and analysis section of the annual report[26]. Employee and Compensation - The total employee cost for the year was approximately HKD 27,300,000[10]. - The total employee compensation cost, including director remuneration, was approximately HKD 27,347,000[36]. - The company employed approximately 250 staff members as of March 31, 2022[36].

Revenue and Profitability - The revenue from the procurement and sales of cassava chips for the period was approximately HKD 1,525,000,000, an increase of about 47.8% compared to HKD 1,032,100,000 in the same period last year[6]. - Revenue for the six months ended September 30, 2021, was HKD 1,538,857,000, an increase of 47.1% compared to HKD 1,045,990,000 for the same period in 2020[45]. - Gross profit for the same period was HKD 183,782,000, up 46.6% from HKD 125,293,000 in 2020[45]. - The gross profit for the cassava chips segment increased to approximately HKD 173,000,000, up from HKD 114,800,000, reflecting a rise in sales and average gross margin[8]. - The net profit for the period was HKD 22,538,000, representing a 17.4% increase from HKD 19,154,000 in the previous year[45]. - Adjusted profit before tax for the six months was HKD 25,611, compared to HKD 21,353 in the previous year, marking an increase of 19.5%[74][85]. Expenses and Costs - The total administrative expenses for the period were approximately HKD 25,700,000, compared to HKD 24,800,000 in the previous year[16]. - The sales and distribution costs were approximately HKD 127,400,000, representing about 8.2% of total sales revenue, up from 7.1% in the previous year[15]. - The financing costs decreased from approximately HKD 6,200,000 to HKD 5,400,000 due to a reduction in trade finance loans[17]. - Rental expenses paid to related companies amounted to HKD 740,000 for the six months ended September 30, 2021, compared to HKD 642,000 in the same period of 2020, reflecting a 15.3% increase[102]. Assets and Liabilities - As of September 30, 2021, the group's current assets were approximately HKD 651.1 million, a decrease from HKD 1,312 million as of March 31, 2021[20]. - The group's current liabilities amounted to approximately HKD 890.2 million, down from HKD 1,578.8 million as of March 31, 2021[22]. - The company's total assets as of September 30, 2021, were HKD 854,116,000, compared to HKD 865,217,000 at the end of the previous period[56]. - The company's total liabilities decreased significantly to HKD 34,565,000 from HKD 300,305,000 as of March 31, 2021, indicating a substantial reduction in financial obligations[98]. Shareholder Information - As of September 30, 2021, the company’s major shareholder, Fu Yi Management, holds 225,000,000 shares, representing 38.48% of the issued share capital[33]. - The company has confirmed that at least 25% of its issued share capital is held by the public as of the report date[34]. - The company has not declared an interim dividend for the six months ending September 30, 2021, and thus no suspension of share transfer is required[29]. Operational Focus and Strategy - The company remains committed to promoting birthday parties and wedding banquet services to enhance profitability despite challenges in the hotel business[6]. - The company is considering managing small to medium-sized hotels in the vicinity to explore new revenue streams in hotel management[27]. - The hotel business will focus on promoting wedding services and adding restaurant facilities to attract local residents, thereby increasing revenue and improving profitability[27]. - The company aims to reduce unit costs and increase gross margins through the expansion of its procurement network in Southeast Asia[27]. - The company is focused on expanding its cassava chip procurement and sales division while maintaining its property investment and hotel operations[69]. Cash Flow and Financial Health - The net cash inflow from operating activities for the six months ended September 30, 2021, was HKD 451,568,000, compared to HKD 462,811,000 for the same period in 2020, reflecting a decrease of approximately 0.5%[56]. - The net cash outflow from investing activities was HKD 774,000, significantly improved from HKD 4,863,000 in the previous year[56]. - The net cash outflow from financing activities decreased to HKD 426,020,000 from HKD 465,152,000 year-on-year, indicating a reduction of about 8.4%[56]. - The total cash and cash equivalents at the end of the period increased to HKD 91,213,000 from HKD 189,731,000, showing a net increase of HKD 24,774,000[56]. Market Position and Future Outlook - The company is the largest procurer and exporter of cassava chips in Thailand and the largest importer of cassava chips in China, providing a comprehensive business model[5]. - The company anticipates increasing demand for dried cassava chips in mainland China, benefiting long-term business growth[27]. - The procurement network for dried cassava chips spans across Thailand, Cambodia, Laos, and Vietnam, with a total storage capacity of approximately 600,000 tons[27]. - The company will cautiously explore the feasibility of trading other bulk commodities and potential investment projects beyond the hotel and real estate sectors[27].

Asia Cassava Resources Holdings Limited 亞洲木薯資源控股有限公司 (於開曼群島註冊成立之有限公司) (股份代號: 841) 年 報 2021 目錄 | --- | --- | |--------------------------|-------| | | | | 管理層討論及分析 | 2-4 | | 董事及高級管理層 | 5-7 | | 董事會報告 | 8-14 | | 企業管治報告 | 15-21 | | 獨立核數師報告 | 22-25 | | 綜合損益及其他全面收益表 | 26-27 | | 綜合財務狀況報表 | 28-29 | | 綜合權益變動表 | 30-31 | | 綜合現金流量表 | 32-33 | | 財務報表附註 | 34-88 | | 公司持有的物業詳情 | 89-90 | | 財務資料概要 | 91 | | 公司資料 | 92 | 管理層討論及分析 截至二零二一年三月三十一日止年度（「本年度」），亞洲木薯資源 | --- | --- | |------------------------------------------------------- ...

Revenue and Profitability - The group's revenue from the procurement and sale of cassava chips for the period was approximately HKD 1,032,100,000, an increase of about 63.5% compared to HKD 631,200,000 in the same period last year[6]. - Revenue for the six months ended September 30, 2020, was HKD 1,045,990 thousand, a significant increase from HKD 644,211 thousand in 2019, representing a growth of 62.4%[45]. - Total revenue for the group reached HKD 1,045,990, compared to HKD 644,211 for the same period in 2019, indicating an increase of 62.5%[92]. - The group reported a profit of approximately HKD 20,500,000 for the period, compared to a loss of about HKD 8,800,000 in the previous year[15]. - The company reported a profit attributable to owners of HKD 19,154 thousand, a turnaround from a loss of HKD 11,988 thousand in the previous year[45]. - Basic and diluted earnings per share for the period were HKD 3.5, compared to a loss per share of HKD 1.5 in 2019[45]. - Total comprehensive income for the period was HKD 19,039 thousand, compared to a loss of HKD 13,439 thousand in the same period last year[45]. Cost and Expenses - The group's total sales and distribution costs were approximately HKD 74,300,000, up from HKD 48,800,000 in the previous year, primarily due to increased sales volume[11]. - The group's administrative expenses for the period were approximately HKD 24,800,000, slightly down from HKD 25,300,000 in the previous year[13]. - The financing costs decreased from approximately HKD 11,900,000 in the previous year to about HKD 6,200,000 due to a reduction in trade finance loans[14]. - The group’s financing costs amounted to HKD 11,868 for the period, indicating a significant financial burden[93]. Asset and Liability Management - Current assets as of September 30, 2020, were approximately HKD 450,100,000, down from HKD 893,100,000 as of March 31, 2020[16]. - As of September 30, 2020, the group's current liabilities amounted to approximately HKD 751.6 million, a decrease from HKD 1,219.9 million as of March 31, 2020[19]. - The capital gearing ratio as of September 30, 2020, was 35.5%, down from 48.7% as of March 31, 2020, primarily due to a reduction in trade-related bank borrowings[20]. - The net asset value increased to HKD 865,217 thousand from HKD 846,178 thousand, reflecting a positive trend in equity[49]. - The total assets as of September 30, 2020, were HKD 864,679,000, down from HKD 913,152,000 as of April 1, 2019[52]. Inventory and Turnover - The gross profit from cassava chip sales increased from approximately HKD 60,600,000 to about HKD 114,800,000, driven by higher sales volume and average gross margin[8]. - The gross margin for cassava chip sales improved from approximately 9.6% in the previous year to about 11.1% in the current period[10]. - Inventory turnover was approximately 36.3 days as of September 30, 2020, a decrease of about 48.4 days compared to 84.7 days as of March 31, 2020[21]. Business Operations and Strategy - The group operates eleven procurement facilities for dried cassava chips across Thailand, Cambodia, Laos, and Vietnam, with a total storage capacity of approximately 600,000 tons[27]. - The group plans to expand its procurement network in Thailand, Vietnam, Laos, and Cambodia to develop new supply sources for dried cassava chips and increase market share[27]. - The group aims to enhance its market coverage and maintain long-term business growth through a unique integrated business model covering procurement, processing, storage, logistics, and sales of cassava chips[28]. - The group is cautiously selecting potential investment projects, including real estate, to diversify income sources and maximize shareholder returns[28]. - The group has a strong reputation in local hotel management and is considering opportunities to manage nearby small to medium-sized hotels[28]. Shareholder Information - As of September 30, 2020, Mr. Zhu Mingquan directly holds 135,520,715 shares and through controlled entities holds an additional 225,000,000 shares, totaling 360,520,715 shares, which represents 61.66% of the company's issued share capital[31]. - The major shareholder, Fu Yi Management, directly holds 225,000,000 shares, accounting for 38.48% of the company's issued share capital[34]. - The company has confirmed that at least 25% of its total issued share capital is held by the public as of the report date[35]. Compliance and Governance - The company has adopted a code of conduct regarding securities trading by directors, which complies with the standards set by the Stock Exchange[39]. - The audit committee, composed of three independent non-executive directors, reviewed the accounting policies and interim financial information during a meeting held on November 30, 2020[41]. - The company has maintained compliance with the Corporate Governance Code, except for a deviation regarding the separation of the roles of Chairman and CEO[40]. - Mr. Zhu Taiyu resigned as an independent non-executive director effective September 30, 2020, and Mr. Hong Sijie was appointed to the board on the same date[42]. Cash Flow and Investments - The net cash inflow from operating activities for the six months ended September 30, 2020, was HKD 462,811,000, compared to HKD 402,962,000 in 2019, representing a growth of approximately 14.8%[58]. - The company’s investment activities resulted in a net cash outflow of HKD 4,863,000 for the six months ended September 30, 2020, compared to a net inflow of HKD 30,825,000 in 2019[58]. - The company’s financing activities resulted in a net cash outflow of HKD 465,152,000, compared to HKD 439,544,000 in the previous year[58]. Credit and Risk Management - The company has implemented strict credit policies to minimize credit risk, requiring customers to provide bank guarantees or cash on delivery[100]. - As of September 30, 2020, accounts receivable aged analysis shows that overdue receivables over 90 days amounted to HKD 2,922,000, compared to HKD 3,794,000 as of March 31, 2020, indicating a decrease of approximately 23%[101].

> Asia Cassava Resources Holdings Limited 亞洲木薯資源控股有限公司 (於開曼群島註冊成立之有限公司) 中期報告 2019 目錄 2 公司資料 3-7 管理層討論及分析 8-11 補充資料 12-26 未經審核簡明綜合中期財務報表附註 公司資料 | --- | --- | |-------------------------------------------------------------------------------------|--------------------------------------------------------------------| | | | | 董事 | 網址 | | 執行董事 | www.asiacassava.com | | 朱銘泉先生 廖玉明女士 | 主要往來銀行 | | 林靜芬女士 獨立非執行董事 | 香港上海滙豐銀行有限公司 中國銀行（香港）有限公司 恒生銀行有限公司 | | 馮國培教授 | Bangkok Bank Public Company Ltd. 中國農業銀行有限公司日照分行 | | 崔志仁先生 余 ...

A Asia Cassava Resources Holdings Limited 亞洲木薯資源控股有限公司 (於開曼群島註冊成立之有限公司) (股份代號: 841) 年報 2019 目錄 | --- | --- | |-------------------------------------------|--------| | | | | 管理層討論及分析 | 2-6 | | 董事及高級管理層 | 7-9 | | 董事會報告 | 10-16 | | 企業管治報告 | 17-24 | | 獨立核數師報告 綜合損益及其他全面收益表 | 25-29 | | | 30-31 | | 綜合財務狀況報表 | 32 | | 綜合權益變動表 | 33-34 | | 綜合現金流量表 | 35-36 | | 財務報表附註 | 37-101 | | 投資物業詳情 | 102 | | 財務資料概要 | 103 | | 公司資料 | 104 | 管理層討論及分析 | --- | --- | |--------------------------------------------------------|-------------- ...