德永佳集团(00321) - 2024 - 年度业绩

Financial Performance - The company's profit for the year ended March 31, 2024, was HKD 138,946,000, a significant increase from HKD 63,101,000 in the previous year, representing a growth of 120%[3] - Total comprehensive loss for the year was HKD 23,497,000, compared to a loss of HKD 143,616,000 in the previous year, indicating an improvement[3] - The company reported a pre-tax profit of HKD 161,794,000, up from HKD 76,168,000, indicating a growth of 112.5%[15] - The group’s profit for the year was HKD 138,946,000, compared to HKD 63,101,000 in the previous year, reflecting a strong performance improvement[29] - The net profit attributable to ordinary equity holders increased by 76.0% to HKD 132 million, up from HKD 75 million in the previous year[62] Revenue and Sales - Revenue for the year was HKD 5,366,540,000, down from HKD 6,058,755,000, a decrease of approximately 11.4%[15] - For the fiscal year ending March 31, 2024, total revenue was HKD 5,482,024,000, a decrease of 11.9% from HKD 6,219,188,000 in the previous year[29] - Total revenue decreased by 11.4% to HKD 5,367 million for the fiscal year ending March 31, 2024, compared to HKD 6,059 million in 2023[62] - Retail and distribution revenue for casual wear and accessories was HKD 1,500,802,000, down 19.1% from HKD 1,855,739,000 in the previous year[29] - The textile business revenue decreased by 8.8% to HKD 3,921 million, accounting for 73.1% of total revenue[63] - Retail and distribution business sales decreased by 18.1% to HKD 1,443 million, accounting for 26.9% of total revenue[77] Assets and Liabilities - Non-current assets increased to HKD 2,833,240,000 from HKD 2,345,914,000, reflecting a growth of approximately 20.8%[5] - Current assets decreased to HKD 4,274,918,000 from HKD 4,600,708,000, a decline of about 7.1%[5] - The company's total liabilities decreased from HKD 1,527,093,000 to HKD 1,414,704,000, a reduction of approximately 7.4%[5] - Total liabilities amounted to HKD 2,315,593,000, compared to HKD 1,931,059,000 in the previous year, reflecting an increase in financial obligations[31] - Accounts payable as of March 31, 2024, totaled HKD 573,470,000, an increase from HKD 435,979,000 in 2023, representing a rise of approximately 31.5%[39] Profitability Metrics - The basic and diluted earnings per share for ordinary equity holders was HKD 9.6, up from HKD 5.4 in the previous year, marking an increase of 77.8%[11] - The gross profit for the year was HKD 1,408,977,000, compared to HKD 1,571,965,000 in the previous year, reflecting a decline of about 10.3%[15] - The gross profit margin improved to 26.3%, an increase of 0.4 percentage points from 25.9% in 2023[62] - The gross margin for the retail and distribution business increased to 53.3%, up 8.4 percentage points from 44.9% last year[77] Dividends - The interim dividend proposed for the year is HKD 0.05 per share, down from HKD 0.10 per share in 2023, with a total proposed final dividend of HKD 0.02 per share[37] - The company plans to distribute a final dividend of HKD 0.02 per share, down from HKD 0.10 in 2023, totaling HKD 0.07 for the year compared to HKD 0.20 in the previous year[60][62] Operational Strategies - The company plans to continue exploring new product development and market expansion strategies to enhance future performance[10] - The company anticipates a recovery in order volume in the second half of the year as inventory destocking by Western retailers comes to an end[64] - The company aims to narrow losses in the retail and distribution business by enhancing e-commerce sales in mainland China and launching more advanced functional apparel[80] - The company has established adaptive strategies and flexible operations to respond to the rapidly changing business environment[91] Investments and Acquisitions - The company acquired a subsidiary in Vietnam for USD 78.77 million, which has been consolidated into the group's accounts[112] - The company plans to double its production capacity in Vietnam in the medium term to enhance its leadership in the global textile market[80] - Capital expenditures for the year amounted to HKD 197 million, down from HKD 264 million in 2023[118] - Capital expenditures in the textile and apparel business were HKD 166 million, with HKD 123 million allocated for machinery and equipment, and HKD 43 million for coal-to-gas projects[118] Market Performance - Revenue from the US market for the year ended March 31, 2024, was HKD 1,564,037,000, down from HKD 1,733,597,000 in 2023, a decrease of about 9.8%[47] - Revenue from mainland China for the year ended March 31, 2024, was HKD 2,411,446,000, compared to HKD 2,525,380,000 in 2023, reflecting a decline of approximately 4.5%[47] - Revenue from mainland China, Hong Kong, and Indonesia accounted for 56.6%, 41.1%, and 2.3% of segment revenue, respectively[77] Employee and Financial Metrics - The number of employees increased to 9,849 in 2024 from 9,654 in 2023[113] - Financial expenses rose to HKD 51 million in 2024 from HKD 34 million in 2023, primarily due to higher interest rates[102] - Interest coverage ratio is 5 times, accounts receivable turnover days is 63 days, and inventory turnover days is 105 days, compared to 3 times, 48 days, and 92 days in 2023[117] - Cash and cash equivalents at year-end were HKD 1,555 million, total equity attributable to ordinary equity holders was HKD 4,788 million, and undrawn bank credit was HKD 6,399 million, compared to HKD 1,927 million, HKD 5,026 million, and HKD 6,036 million in 2023[117]