VITASOY INT'L(00345) - 2023 - 年度财报

Financial Performance - Vitasoy Group's revenue for FY2022/2023 decreased by 2% to HK $6,341 million compared to HK$ 6,501 million in the previous year[9]. - The profit attributable to shareholders was HK $46 million, a significant recovery from a loss of HK$ 159 million in the previous year[16]. - EBITDA increased by 82% to HK $621 million from HK$ 340 million in the previous year[9]. - Total assets decreased by 14% to HK $5,850 million from HK$ 6,807 million in the previous year[12]. - Net debt balance improved by 15% to HK $197 million from HK$ 232 million in the previous year[12]. - Total equity attributable to shareholders decreased by 8% to HK $2,985 million from HK$ 3,258 million in the previous year[12]. - Basic earnings per share improved to 4.3 HK cents from a loss of 14.9 HK cents in the previous year[9]. - Profit from operations reached HK $104 million, a significant recovery from a loss of HK$ 213 million in the previous year, despite rising raw material and utility costs[24]. - Profit before taxation was HK $49 million, recovering from a loss of HK$ 236 million last year[41]. - Gross profit for the year was HK $3,012 million, a decrease of 2% from HK$ 3,071 million in the previous year, with a gross profit margin increasing to 48% from 47%[33]. Dividend and Shareholder Returns - The Board of Directors recommended a final dividend of HK1.4 cents per ordinary share, bringing the total dividend for FY2022/2023 to HK2.7 cents per ordinary share[16]. - The total dividend for FY2022/2023 is proposed at HK $2.7 per share, comprising a final dividend of HK$ 1.4 cents and an interim dividend of HK $1.3 cents[18]. - The company intends to declare dividends aligned with profit fluctuations, potentially including special dividends in addition to interim or final dividends[196]. - The company is committed to sharing success with shareholders while considering liquidity and capital requirements in its dividend decisions[196]. Market Performance and Strategy - Sales analysis indicated that 34% of revenue came from Hong Kong operations, while Australia and New Zealand contributed 9%[13]. - The company experienced a 2% revenue increase net of currency impact despite rising input costs and utility expenses[16]. - Group revenue decreased by 2% in Hong Kong dollar terms but increased by 2% net of currency impact, driven by effective cost rationalization and higher government subsidies[24]. - In Mainland China, revenue declined by 2% in local currency, while profit from operations showed growth, indicating stabilization in the market[19]. - The Hong Kong SAR experienced double-digit growth in both revenue and profit from operations due to the easing of pandemic restrictions and strong consumer acceptance of innovations[19]. - Revenue in Australia and New Zealand grew by 3% in local currency, supported by the Oat Milk line and new plant-based Greek Style Yoghurt[19]. - Singapore's revenue faced challenges due to the commoditization of the tofu category, while the Philippines saw strong growth across all platforms and channels[19]. - The company plans to enhance its core VITASOY and VITA brand portfolio in Mainland China through new marketing campaigns and strategic innovations[20]. - In ASEAN markets, the company aims to improve tofu performance and scale up beverage sales, particularly in Singapore and the Philippines[20]. Cost Management and Efficiency - Total operating expenses decreased by 11% to HK$ 3,022 million from HK $3,409 million in FY2021/2022[37]. - Marketing, selling, and distribution expenses decreased by 9% to HK$ 2,024 million from HK $2,215 million in FY2021/2022[37]. - Other operating expenses decreased by 34% to HK$ 326 million from HK $492 million in FY2021/2022[37]. - Administrative expenses decreased by 4% to HK$ 672 million from HK $702 million in FY2021/2022[37]. - COVID-19 related government subsidies increased to HK$ 65 million from HK$20 million in FY2021/2022[38]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the year ended March 31, 2023[72]. - The Board of Directors is responsible for the overall management of the company and has established various committees for specialized functions[76]. - The company emphasizes the alignment of its culture with business strategies and regularly reviews its core values and ethics policies[73]. - The company has adopted a Corporate Governance Policy, revised in March 2022, to align interests of shareholders and stakeholders[130]. - The status of compliance with the Corporate Governance Code was reviewed, ensuring transparency in disclosures[127]. - The Company has established a Group Business Ethics Policy to enforce ethical standards among employees, with zero tolerance for violations[129]. Risk Management - The Board acknowledges its responsibility for risk management and internal control systems, which are designed to manage rather than eliminate business risks[164]. - The internal control system is based on the COSO components and aims to provide reasonable assurance regarding the safeguarding of assets and the accuracy of financial reporting[167]. - The risk management framework includes ongoing monitoring and oversight to proactively identify and manage risks across the Company[175]. - The risk governance structure consists of three layers: oversight by the Audit Committee, risk monitoring by the Enterprise Risk Management Executive Committee, and risk ownership by department heads[179]. - The risk management process involves anticipating, evaluating, responding, reacting, and reporting on risks, ensuring comprehensive risk management integration into daily operations[180][182]. Sustainability and ESG Initiatives - The company received an "A" grade in the MSCI ESG ratings and was listed in the Corporate Knights' Global 100 Most Sustainable Corporations for the fourth consecutive year[28]. - Vitasoy International Singapore became a Certified B Corporation™ in January 2023, enhancing its commitment to social and environmental performance[28]. - The Group's 2022/2023 Sustainability Report was reviewed and approved, highlighting the company's commitment to sustainability[135]. - The company aims to achieve a set of external sustainability targets under its Sustainability Framework by FY2025/2026[135]. - The company is focusing on decarbonation pathways and has provided strategic direction on its progress in various external ESG ratings[135]. Board Composition and Diversity - Five out of eleven directors are Independent Non-executive Directors (INEDs), exceeding the requirement for INEDs to make up at least one third of the Board[89]. - The Board has adopted a Board Diversity Policy to achieve diversity through factors such as experience, professional qualification, knowledge, gender, ethnicity, and age[94]. - Female representation on the Board during FY2022/2023 was 18.2%, achieving the target of "not less than 18%" set for FY2024/2025[98]. - The Remuneration and Nomination Committee has established measurable objectives for achieving gender and age diversity up to FY2024/2025 and has approved new objectives for FY2029/2030[97]. Training and Development - The average training hours for Directors during FY2022/2023 was 50 hours[148]. - Senior Management averaged 67 hours of training during the same period[153]. - The Company organized an annual in-house training program in August 2022 focusing on general disclosure obligations and key considerations for transactions[149]. - The training program for Directors included topics such as governance, innovation, and technology[150]. - The Company encourages continuous professional development for both Directors and Senior Management[153].