Financial Performance - CEC International Holdings Limited reported total revenue of HKD 1,469,606 thousand for the year ended April 30, 2024, a decrease of 13.2% compared to HKD 1,692,403 thousand in 2023[2] - The gross profit for the same period was HKD 579,388 thousand, down 10% from HKD 643,697 thousand in the previous year[2] - The company recorded a net loss attributable to equity holders of HKD 29,812 thousand, compared to a profit of HKD 49,565 thousand in 2023, representing a significant decline[2] - Basic and diluted loss per share was HKD 4.47, compared to earnings of HKD 7.44 per share in the prior year[2] - Total revenue for the year ended April 30, 2024, was HKD 1,469,606,000, a decrease of 13.2% from HKD 1,692,403,000 in 2023[14] - Operating loss before tax for the total business was HKD 30,252,000 in 2024, compared to a profit of HKD 57,913,000 in 2023[14] - The company reported a net loss of HKD 29,812,000 for the year ended April 30, 2024, compared to a profit of HKD 49,565,000 in 2023[14] - The company did not receive any government subsidies in 2024, compared to HKD 19,331,000 in 2023 related to COVID-19 support[21] - Total expenses for sales, distribution, and administrative costs amounted to HKD 1,487,108,000 in 2024, down from HKD 1,642,670,000 in 2023, a reduction of 9.5%[24] Assets and Liabilities - Total assets decreased to HKD 886,305 thousand from HKD 917,091 thousand, reflecting a decline of approximately 3.4%[5] - Total liabilities increased to HKD 395,314 thousand from HKD 383,548 thousand, indicating a rise of about 3.1%[6] - The company's cash and cash equivalents decreased to HKD 71,422 thousand from HKD 86,022 thousand, a decline of 17.0%[5] - The net accounts receivable decreased to HKD 11,176,000 from HKD 14,447,000, reflecting a reduction in the allowance for losses[30] - Total bank balances and cash as of April 30, 2024, were HKD 92,862,000 (2023: HKD 107,462,000), reflecting a decrease in liquidity[45] Segment Performance - The company has three reportable segments: retail business, electronic component manufacturing, and investment property holdings, which are regularly reviewed by management for performance assessment[12] - Retail business revenue decreased to HKD 1,422,887,000 in 2024 from HKD 1,628,415,000 in 2023, representing a decline of 12.7%[14] - Retail segment revenue decreased to HKD 1,422,887,000, a decline of approximately 12.6% from HKD 1,628,415,000[37] - The retail segment gross profit was HKD 573,835,000, down 10.3% from HKD 639,772,000, accounting for about 97% of total revenue[37] - Electronic components manufacturing segment revenue fell by 27.4% to HKD 45,685,000 (2023: HKD 62,926,000) amid declining global industrial product demand[42][43] - Manufacturing segment operating loss widened to HKD 17,461,000 (2023: HKD 15,443,000), an increase of 13.1% year-on-year, following a restructuring plan[43] Inventory and Cash Flow - Inventory levels increased to HKD 151,303 thousand from HKD 144,282 thousand, showing a rise of 4.1%[5] - The total inventory value for the retail business as of April 30, 2024, was HKD 133,190,000, an increase of 4.5% from HKD 127,399,000 in the previous year[38] - Inventory as of April 30, 2024, increased by 4.9% to HKD 151,303,000 (2023: HKD 144,282,000) compared to the previous year[48] - Net cash outflow for the year was HKD 14,295,000 (2023: cash inflow of HKD 7,795,000), with operating cash inflow down 23.9% to HKD 160,930,000 (2023: HKD 211,497,000)[50][51] Corporate Governance and Future Plans - CEC International Holdings Limited has not adopted any new accounting standards that would significantly impact its financial performance or position for the current or future periods[9] - The company did not recommend any final dividend for the fiscal year 2023/24, compared to a dividend of HKD 0.01 per share in 2022/23[28] - The group plans to freeze all major investment projects and non-essential expenditures to maximize cost-saving efforts amid uncertain market conditions[55] - The group is actively reviewing the operational data of each store to determine future lease renewal decisions and exploring potential rent adjustments with landlords[55] - The board of directors adheres to the corporate governance code but deviates from the principle of separating the roles of chairman and CEO[59] - The audit committee, composed of three independent non-executive directors, has reviewed the accounting principles and internal controls for the fiscal year ending April 30, 2024[62] - The company confirms compliance with the standard code of conduct for securities trading by all directors during the period from May 1, 2023, to April 30, 2024[63] - The annual general meeting is scheduled for September 26, 2024[66] - The preliminary financial results and annual report will be published on the company's website and the Hong Kong Stock Exchange's website[67] Strategic Initiatives - 759阿信屋 aims to diversify its product sources globally, focusing on direct procurement from producers to minimize import costs and enhance product variety[57] - The company emphasizes a low-margin, high-volume sales strategy to attract a broad customer base in the local market[57] - Management believes that maintaining high quality at low prices will secure customer support and drive growth in the local consumer market[57] - Retail business segment sales and distribution costs increased by approximately 3.1% to HKD 465,834,000 (2023: HKD 452,044,000) despite efforts to control operating costs[41] - Retail business segment operating profit decreased by 84% to HKD 15,981,000 (2023: HKD 100,703,000) due to rising costs and lack of government subsidies[41]
CEC INT'L HOLD(00759) - 2024 - 年度业绩