VITASOY INT'L(00345) - 2024 - 中期财报

Financial Performance - Revenue for the interim period decreased by 7% to HK $3,391 million compared to HK$ 3,642 million in the previous year[7]. - Profit from operations fell by 19% to HK $171 million, down from HK$ 212 million[7]. - EBITDA decreased by 11% to HK $422 million from HK$ 473 million[7]. - Profit before taxation decreased by 10% to HK $158 million, but grew by 39% when excluding currency impact and COVID-19-related subsidies[32]. - Profit attributable to equity shareholders increased by 15% to HK$ 163 million, compared to HK $142 million last year[7]. - The Group's gross profit for the interim period was HK$ 1,712 million, a decrease of 1% from HK $1,738 million in the previous interim period[27][30]. - The total comprehensive income for the period was HK$ 162,681,000, a decrease from HK $49,232,000 in the previous year, reflecting a significant change in financial performance[89]. Revenue Breakdown - Revenue from Mainland China decreased by 6% in local currency terms, with profit from operations growing by 44% in local currency[13]. - The Hong Kong operation saw a revenue increase of 4%, driven by product innovations like VITAOAT Oat Milk and VITA Sparkling Tea[14]. - Australia and New Zealand experienced a revenue decrease of 10% in local currency, resulting in a loss from operations due to manufacturing and logistics challenges[14]. - Revenue from Mainland China decreased by 6% in local currency and 11% in Hong Kong Dollar terms, primarily due to advanced orders placed before a price increase and increased market competition[20][24]. - Revenue from Australia and New Zealand decreased by 10% in local currency and 16% in Hong Kong Dollar terms, attributed to temporary manufacturing issues and logistics challenges[16][22]. - Revenue from Singapore increased by 1% to SGD 9,096 thousand, with a 19% improvement in exports offset by weaker beverage sales[52]. Cost and Expenses - Total operating expenses remained stable at HK$ 1,581 million, with marketing and distribution expenses managed at HK $1,073 million[28][31]. - Administrative expenses increased by 4% to HK$ 348 million, primarily due to higher costs in the Australia business after the cessation of prior administrative support[28][31]. - The Group's cash flow hedge net movement of (HK $1,748,000), an improvement from (HK$ 3,424,000) in the previous year[80]. - Total other operating expenses decreased to HK $160,920,000 from HK$ 186,677,000, a reduction of approximately 13.8%[130]. Cash and Liquidity - Net cash balance improved to HK $156 million from a net debt of HK$ 197 million[7]. - Cash and bank deposits amounted to HK $710 million as of 30th September 2023, an increase from HK$ 555 million on 31st March 2023[33]. - The Group's total current liabilities decreased from $524,686,000 as of 31st March 2023 to$ 237,450,000 as of 30th September 2023[164]. - The Group's cash at bank and in hand decreased to $249,234,000 as of September 30, 2023, from$ 259,778,000 as of March 31, 2023, a decline of approximately 4.4%[156]. Shareholder Returns - The Board of Directors declared an interim dividend of HK1.4 cents per ordinary share, up from HK1.3 cents in the previous interim period[17]. - The interim dividend declared after 30th September 2023 is 1.4 cents per ordinary share, an increase from 1.3 cents in the previous interim period, totaling $15,019,000[168]. - The company paid dividends of HK$ 14,975,000 to equity shareholders, reflecting a commitment to returning value to shareholders[91]. Strategic Initiatives - The company plans to focus on improving sales execution and restoring revenue growth while containing costs in the second half of the financial year[53]. - The company is confident in the growth potential of sustainable plant-based food and beverages and aims to expand core products strategically[54]. - The organizational redesign has created synergy across functional teams, enhancing local capabilities[43]. - The company is committed to providing a safe, healthy, and inclusive workplace, with initiatives like safety awareness training and a Women Leaders Networking Group[65]. Employee Engagement - As of September 30, 2023, Vitasoy had a total of 6,534 employees, with a gender ratio of 48% female and a lost-time injury rate of 0.64[66]. - During the interim period, employees spent approximately 35,235 hours in learning and development activities to enhance skills[65]. - A Sustainable Engagement Score of 85% was achieved, outperforming global food and beverage companies by 2%[64]. Tax and Compliance - The company is committed to transparency with tax authorities and compliance with tax laws across all relevant jurisdictions[36]. - Current tax expense for Hong Kong Profits Tax was $12,464,000, up from$ 6,152,000 in the previous period, indicating a significant increase of 102.5%[133]. - The company experienced a deferred tax credit of $(38,749,000), contrasting with a deferred tax expense of$ 22,616,000 in the previous interim period, highlighting a substantial change in tax position[133]. Market Position and Community Engagement - The company maintained leadership in the ready-to-drink soymilk and tea categories in Hong Kong, according to Nielsen retail audit[46]. - The company distributed approximately 1.6 million packs of Low Sugar Soyabean Milk to over 6,000 students from 42 primary schools as part of its community care project[68]. - Vitasoy has been a principal sponsor of the CafeSmart initiative for four consecutive years, supporting charities to combat homelessness in Australia[73].