VITASOY INT'L(00345) - 2025 - 中期财报

Revenue and Profit Growth - Revenue growth of 2% and a strong 50% increase in profit from operations during the interim period[2][12] - Revenue increased by 2% to HK$3,443 million (previous interim period: HK$3,391 million)[27] - Operating profit surged by 50% to HK$257 million (previous interim period: HK$171 million)[31] - Profit before taxation increased by 52% to HK$240 million (previous interim period: HK$158 million)[32] - Profit for the period attributable to equity shareholders increased by 5% to HK$171 million (previous interim period: HK$163 million)[34] - Profit for the period increased to $175,735 thousand in 2024, up from$166,348 thousand in 2023[129] - Total comprehensive income for the period rose to $230,318 thousand in 2024 from$46,085 thousand in 2023[129] - Equity shareholders of the Company saw their attributable comprehensive income increase to $221,946 thousand in 2024 from$49,232 thousand in 2023[129] - Revenue for the six months ended 30th September 2024 increased to HKD 3,443,462,000, up 1.5% from HKD 3,391,171,000 in the same period last year[125] - Profit from operations grew significantly to HKD 256,948,000, up 50.2% from HKD 171,037,000 in 2023[125] - Profit for the period attributable to equity shareholders of the company increased to HKD 170,515,000, a 4.8% rise from HKD 162,681,000 in 2023[125] - Total comprehensive income for the six months ended 30th September 2024 was HKD 230,358 thousand[140] Gross Profit and Margin - Gross profit margin rose to 51.6% in Hong Kong Dollar terms, driven by lower commodity prices and production optimization[12] - Gross profit increased by 4% to HK$1,777 million, with gross profit margin rising to 51.6$46 million was recorded due to manufacturing issues, now resolved[18] - Singapore recorded revenue and profitability improvements due to rising demand for export tofu[19] - Mainland China operations saw a 16% growth in profit from operations in local currency terms, with an 11% operating profit margin, driven by improved manufacturing efficiency and cost control[55] - Revenue from external customers in Mainland China was RMB 1,803 million, nearly unchanged from RMB 1,798 million in the previous year, while profit from operations increased to RMB 201 million, up 16%[56] - Operating profit in Mainland China increased by 16% in local currency, with an operating profit margin of 11%, driven by improved production efficiency and strict cost control[57] - Hong Kong operations achieved a 3% revenue growth to HK$1,156 million, with operating profit surging 44$159 million, supported by strong core business and innovative product acceptance[60][63] - Australia and New Zealand revenue grew 6% in local currency to AUD 53 million, but operating loss widened to HK$46 million due to manufacturing issues and higher logistics costs[66][67][69] - Singapore revenue increased 5$1,958,184 thousand, compared to HK$1,962,039 thousand in the same period in 2023[172] - Hong Kong operations generated HK$1,156,030 thousand in revenue from external customers for the six months ended 30th September 2024, up from HK$1,121,299 thousand in 2023[172] - Australia and New Zealand segment reported a loss from operations of HK$45,508 thousand for the six months ended 30th September 2024, compared to a loss of HK$33,020 thousand in 2023[172] Financial Position and Cash Flow - Total assets increased by 8$6,084 million, and net cash balance surged by 401% to HK$557 million[9] - Cash and bank deposits increased to HK$1,341 million as of 30th September 2024, up from HK$794 million on 31st March 2024, with 62$557 million as of 30th September 2024, compared to HK$111 million on 31st March 2024[42] - Debt increased to HK$783 million as of 30th September 2024, up from HK$684 million on 31st March 2024, with bank borrowings at HK$405 million, bills payable at HK$98 million, and lease liabilities at HK$280 million[42] - Gearing ratio rose to 25% as of 30th September 2024, up from 23% on 31st March 2024, and excluding lease liabilities, the gearing ratio was 16%[42] - Return on capital employed (ROCE) for the interim period was 14%, up from 13% in the previous interim period[42] - Capital expenditure increased to HK$45 million during the interim period, up from HK$35 million in the previous interim period, driven by investments in production line maintenance and upgrades[42] - Net cash generated from operating activities for the six months ended 30th September 2024 was HKD 584,856 thousand, compared to HKD 551,330 thousand in the same period last year[143] - Net cash generated from investing activities for the six months ended 30th September 2024 was HKD 111,414 thousand, compared to a net cash used of HKD 50,962 thousand in the same period last year[143] - Net cash used in financing activities for the six months ended 30th September 2024 was HKD 7,705 thousand, a significant improvement from HKD 339,389 thousand in the same period last year[143] - Cash and cash equivalents at 30th September 2024 increased to HKD 1,339,200 thousand from HKD 642,954 thousand at 1st April 2024[145] - Dividends paid to equity shareholders of the Company for the six months ended 30th September 2024 were HKD 67,384 thousand, compared to HKD 14,975 thousand in the same period last year[143] - Payment for purchase of property, plant and equipment for the six months ended 30th September 2024 was HKD 57,117 thousand, a decrease from HKD 60,608 thousand in the same period last year[143] - Proceeds from new bank loans for the six months ended 30th September 2024 were HKD 309,823 thousand, compared to HKD 15,660 thousand in the same period last year[143] - Repayment of bank loans for the six months ended 30th September 2024 was HKD 172,640 thousand, compared to HKD 283,008 thousand in the same period last year[143] Earnings and Dividends - Basic earnings per share increased by 5% to HK$15.9 cents, and dividend per ordinary share surged by 186$4.0 cents[9] - Interim dividend declared at HK4.0 cents per ordinary share, up from HK1.4 cents in the previous interim period[21] - Basic earnings per share increased to 15.9 cents, up from 15.2 cents in the previous year[125] - Final dividend approved for the previous year was HKD 15,017,000[137] - Interim dividend declared for the current year was HKD 15,004,000[137] Strategic Initiatives and Future Outlook - The Group aims to sustain revenue growth and maintain profitability after the summer peak season in the second half of the financial year[2][12] - The company plans to sustain revenue growth and maintain profitability post-summer peak season, focusing on execution, expansion, innovation, and cost management[76][78] - In Mainland China, the company aims to improve commercialization and execution of core products, while acquiring new customers through growing channels[82][87] - Hong Kong operations will leverage market leadership and emphasize product innovation to strengthen brand awareness and equity[83][88] - Australia and New Zealand will focus on sustaining revenue growth through new marketing campaigns and improving profitability in the second half of the financial year[84][89] - Singapore will continue to build momentum in the tofu segment and strengthen collaboration with the new distributor to restore beverage profitability[85][90] - The Philippines joint venture will maintain growth in single-serve and multi-serve segments, while raising awareness of plant-based beverages to increase market share[86] - The joint venture with Universal Robina Corporation in the Philippines will maintain growth in the single-serve and family-size product segments, while increasing awareness of plant-based beverages and promoting trial of new almond and oat milk series to boost market share[91] Employee Engagement and Development - Vitasoy organized 8 Leadership Lounge sessions with 160 participants in the first six months of the 2024/2025 financial year to improve employee engagement[93] - Employees spent approximately 55,854 hours in learning and development activities during the first six months of the 2024/2025 financial year[96] - As of September 30, 2024, Vitasoy had 6,067 employees worldwide with a female-to-male ratio of 48% and a lost-time injury rate of 0.71[100] Community and Sustainability Initiatives - The community care program in mainland China distributed over 4 million packs of Vitasoy Low Sugar Soybean Milk and benefited around 7,000 rural children in 49 primary schools since its launch in December 2021[108] - Vitasoy partnered with the Guangdong Nutrition Society to promote plant-based nutrition and healthy lifestyles during the tenth National Nutrition Week in May 2024[109] - The Beverage Carton Mobile Education Centre engaged with more than 13,800 visitors in Hong Kong SAR from January to April 2024 to promote clean carton recycling and the circular economy[110] - Over 2,000 students aged 6 to 12 from more than 70 schools and organizations visited Vitasoy headquarters in the summer of 2024 to learn about nutrition and beverage manufacturing processes[111] - The company distributed over 4 million boxes of low-sugar soy milk to 7,000 rural children across 7 provinces in China as part of its "Promoting Reasonable Diets, Supporting Rural Revitalization" initiative[112] - In the Philippines, the company distributed Vitasoy Plus Milky Almond to over 36,000 individuals in malnourished communities through its partnership with Scholars of Sustenance Philippines[119] - In Australia, the company continued its partnership with the Mulloon Institute for regenerative agriculture research, aiming to restore thousands of hectares of farmland[117] - In Singapore, the company partnered with Raffles Hospital to promote heart health and plant-based lifestyles during World Heart Day[118] - The company sponsored cultural and sports-related activities, including the AAPI Heritage Reception in New York and charity games in Toronto, to support community health and youth development[120] - The company expects to continue its sustainability glide path, with KPIs focused on product and packaging improvements and energy reduction, to be published in the 2024/2025 Sustainability Report[45] Financial Statements and Reporting - The interim financial report was authorized for issue on 26th November 2024 and has been reviewed by KPMG[149] - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[155] - The financial data for the fiscal year ending March 31, 2024, is extracted from the annual financial statements and does not constitute the statutory annual financial statements[156] - The financial statements for the year ended March 31, 2024, have been delivered to the Registrar of Companies as required by the Companies Ordinance[157] - The auditor's report on the financial statements was unqualified and did not include any emphasis of matter or statements under sections 406(2), 407(2), or (3) of the Companies Ordinance[158] - The interim financial report is prepared using the same accounting policies as the FY2023/2024 annual financial statements, with changes expected to be reflected in the FY2024/2025 annual financial statements[159] - Amendments to HKAS 1, HKFRS 16, and HKAS 7/HKFRS 7 have been issued by HKICPA and are effective for the current accounting period, but none have had a material effect on the Group's results or financial position[160] Segment Reporting - The Group manages its business by geographical entities and reports four segments: Mainland China, Hong Kong (including Macau and exports), Australia and New Zealand, and Singapore[164] - Segment assets include tangible assets, intangible assets, and current assets, excluding joint venture interests, deferred tax assets, current tax recoverable, and unallocated head office and corporate assets[166] - Segment liabilities include trade creditors, bills payable, bank loans, lease liabilities, and other liabilities managed directly by the segments, excluding employee retirement benefit liabilities, deferred tax liabilities, current tax payable, and unallocated head office and corporate liabilities[166] - Segment profit is reported as "profit from operations," adjusted for items not attributed to individual segments, such as finance costs, integration expenses, and unallocated head office and corporate expenses[167] - Total reportable segment revenue for the six months ended 30th September 2024 was HK$3,536,800 thousand, a slight increase from HK$3,490,702 thousand in 2023[175] - Consolidated revenue for the six months ended 30th September 2024 was HK$3,443,462 thousand, compared to HK$3,391,171 thousand in 2023[175] - Reportable segment profit from operations increased to HK$330,144 thousand for the six months ended 30th September 2024, up from HK$257,530 thousand in 2023[176] - Consolidated profit before taxation for the six months ended 30th September 2024 was HK$240,077 thousand, compared to HK$157,600 thousand in 2023[176] - Total reportable segment assets as of 30th September 2024 were HK$7,656,171 thousand, up from HK$7,354,554 thousand as of 31st March 2024[180] - Total reportable segment liabilities as of 30th September 2024 were HK$3,308,097 thousand, down from HK$3,442,395 thousand as of 31st March 2024[188] - Consolidated total assets as of 30th September 2024 were HK$6,084,269 thousand, compared to HK$5,636,695 thousand as of 31st March 2024[185] - Consolidated total liabilities increased to HKD 2,806,842,000 from HKD 2,524,058,000, reflecting a growth of approximately 11.2%[194] Financial Costs and Expenses - Finance costs for bank loans decreased to HKD 6,735,000 from HKD 10,510,000, a reduction of 35.9%[196] - Interest on lease liabilities increased significantly to HKD 10,136,000 from HKD 2,927,000, a rise of 246.4%[196] - Interest income rose to HKD 17,424,000 from HKD 8,877,000, marking an increase of 96.3%[197] - Government grants decreased to HKD 2,734,000 from HKD 18,890,000, a decline of 85.5%[197] - Depreciation of right-of-use assets increased to HKD 56,198,000 from HKD 49,697,000, up by 13.1%[197] - Cost of inventories slightly decreased to HKD 1,672,946,000 from HKD 1,685,409,000, a reduction of 0.7%[197] - Recognition of write down of inventories increased to HKD 16,731,000 from HKD 9,873,000, a rise of 69.5%[199] Assets and Liabilities - Non-current assets decreased to $3,228,393 thousand in 2024 from$3,389,625 thousand in 2023[132] - Current assets increased to $2,855,876 thousand in 2024 from$2,247,070 thousand in 2023[132] - Net current assets improved significantly to $426,069 thousand in 2024 from$21,694 thousand in 2023[132] - Total assets less current liabilities rose to $3,654,462 thousand in 2024 from$3,411,319 thousand in 2023[132] - Net assets increased to $3,277,427 thousand in 2024 from$3,112,637 thousand in 2023[134] - Total equity attributable to equity shareholders of the Company grew to $3,162,688 thousand in 2024 from$3,004,560 thousand in 2023[134] - Total equity increased to HKD 3,148,498,000 as of 30th September 2023, up from HKD 3,100,590,000 at the beginning of the period[137] - Retained profits for the period ended 30th September 2023 were HKD 2,196,332,000, reflecting a significant increase from the previous period[137] - Non-controlling interests decreased to HKD 109,893,000 as of 30th September 2023, down from HKD 115,875,000 at the start of the period[137] - Total comprehensive income for the six months ended 30th September 2023 was HKD 46,085,000