德永佳集团(00321) - 2024 - 年度财报

Financial Performance - The Group's revenue decreased by 11.4% to HK$5,367 million for the year ended 31 March 2024, down from HK$6,059 million in 2023[10] - Gross profit also decreased by 10.4% to HK$1,409 million compared to HK$1,572 million in the previous year[10] - Profit attributable to ordinary equity holders increased by 76.0% to HK$132 million, up from HK$75 million reported for 2023[10] - Turnover for 2024 decreased to HK$5,367 million, down 11.4$6,059 million in 2023[16] - Profit attributable to ordinary equity holders increased to HK$132 million in 2024, compared to HK$75 million in 2023, representing a 76% increase[16] - EBITDA for 2024 was HK$589 million, a significant increase of 25.1$471 million in 2023[16] - Basic earnings per share increased to HK$9.6 cents in 2024, compared to HK$5.4 cents in 2023, reflecting a 77.8% rise[16] - Profit before tax increased to HK$161,794, compared to HK$76,168 in the previous year, representing a growth of 112.5%[105] - The profit for the year attributable to ordinary equity holders was HK$132,334, up from HK$75,149, marking a year-on-year increase of 76.1%[105] Dividends - The Board has recommended a final dividend of HK2.0 cents per ordinary share, bringing the total dividend to HK7.0 cents per share for the reporting year[10] - The dividend payout ratio for the reporting year is 73.1%[10] - The interim dividend of HK5.0 cents per ordinary share is scheduled to be paid on 4 January 2024[1] - Dividends per share decreased to HK$7.0 cents in 2024 from HK$20.0 cents in 2023, a decline of 65%[16] - Proposed final dividend for 2024 is HK$27,634,000, significantly lower than HK$138,170,000 in 2023, indicating a reduction of about 80%[172] Assets and Liabilities - Total assets rose to HK$7,108 million in 2024, up from HK$6,947 million in 2023, indicating a 2.3% growth[16] - The current ratio remained stable at 3.0 times for both 2024 and 2023[16] - The current ratio, total interest-bearing bank borrowings, and gearing ratio at year-end were 3.0, HK$820 million, and -0.2 respectively, compared to 3.0, HK$432 million, and -0.3 in 2023[25] - Total current assets decreased to HK$4,274,918, down 7.1$4,600,708 in 2023[161] - Current liabilities decreased to HK$1,414,704, down 7.4$1,527,093 in 2023[161] - Total equity decreased from HK$5,015,563,000 in 2023 to HK$4,792,565,000 in 2024, representing a decline of approximately 4.5%[172] - Non-current liabilities increased from HK$403,966,000 in 2023 to HK$900,889,000 in 2024, marking an increase of approximately 123.5%[172] Operational Efficiency - The Company is focused on strategies to enhance operational efficiency and market expansion[9] - The Group's management is optimistic about future growth prospects despite the current revenue decline[9] - Administrative expenses decreased to HK$677,512 from HK$753,747, reflecting a cost control strategy[105] - Selling and distribution expenses were reduced to HK$725,859 from HK$971,391, indicating improved operational efficiency[105] Employee and Workforce - The number of employees increased to 9,849 in 2024, up from 9,784 in 2023, showing a slight growth of 0.7%[16] - As of March 31, 2024, approximately 50.4% of the workforce in the Greater China region is female, indicating a commitment to gender diversity[92] Corporate Governance - The Board consists of seven members, including four executive directors and three independent non-executive directors[133] - The Company has adopted the Model Code for directors' securities transactions, ensuring compliance throughout the financial year[61] - The internal audit team reported directly to the Audit Committee, reviewing risk management and internal control systems across major operational categories[67] - The Company has established a risk management and internal control framework to monitor major operating activities and address any control weaknesses[89] - The Company confirmed that there are no material uncertainties that may cast significant doubt upon its ability to continue as a going concern[88] Environmental and Social Responsibility - The Group has established environmental and energy management systems in accordance with ISO 14001:2015 and ISO 50001:2018 standards[27] - The environmental management system is regularly reviewed to mitigate environmental risks, while the energy management system aims to improve energy performance and reduce costs[27] - The Group is committed to environmental protection and social contribution as part of its business philosophy[131] - Charitable contributions made by the Group totaled HK$639,000 during the year, an increase from HK$456,000 in 2023[42] Acquisitions and Investments - The Group completed the acquisition of a knitted fabric factory in Vietnam, impacting cash and cash equivalents[25] - The Group acquired 100% of the registered charter capital of Ecotextile (Vietnam) Company Limited for US$78,765,864, completed on 30 November 2023[26] - The acquisition of a subsidiary resulted in a cash outflow of HK$596,181,000 during the year[179] Share Capital and Ownership - The issued share capital of the Company is 1,381,696,104 shares as of March 31, 2024[3] - Poon Bun Chak holds 698,830,104 ordinary shares, representing 50.58% of the Company's issued share capital[148] - At least 25% of the Company's total issued share capital was held by the public as of the report date[158] Risk Management - The audit focused on key audit matters due to the high level of management's judgement and the materiality of the amounts involved[120] - The Group's management is responsible for ensuring that appropriate internal control policies are established and complied with[109] - The Company evaluates the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors[144]