VITASOY INT'L(00345) - 2023 - 年度业绩

Financial Performance - For the fiscal year 2022/2023, the company achieved a revenue growth of 2% after excluding foreign exchange effects, although revenue decreased by 2% in HKD terms due to the depreciation of RMB and AUD [2]. - The operating profit for the year was HKD 104 million, a significant recovery from a loss of HKD 213 million in the previous year, attributed to effective cost control and increased government subsidies in Hong Kong [2]. - The gross profit for the year was HKD 3,012 million, a decrease of 2%, while the gross profit margin improved from 47% to 48% [2]. - EBITDA increased by HKD 281 million or 82% to HKD 621 million, with the EBITDA margin rising from 5% to 10% [2]. - The profit attributable to equity holders of the company was HKD 46 million, compared to a loss of HKD 159 million in the previous year, aligning with the profit forecast announced on May 19, 2023 [2]. - Total revenue for the year ended March 31, 2023, was HKD 6,340,559,000, a decrease from HKD 6,501,215,000 in the previous year, representing a decline of approximately 2.5% [13]. - Revenue from Mainland China for the year was HKD 3,509,101,000, down from HKD 3,838,297,000, reflecting a decrease of about 8.6% [13]. - Revenue from Hong Kong operations increased to HKD 2,143,815,000 from HKD 1,933,856,000, marking an increase of approximately 10.8% [13]. - The company experienced a net loss of HKD 340,309,000 from its Mainland China operations, compared to a profit of HKD 45,918,000 in the previous year [13]. - The company reported a pre-tax profit of HKD 325,641,000 in 2023, compared to HKD 492,162,000 in 2022, reflecting a decrease of about 34% [18]. Dividends - The total dividend for the fiscal year 2022/2023 is HKD 2.7 cents per share, compared to no dividends in the previous fiscal year [2]. - The board proposed a final dividend of HKD 0.014 per share, resulting in a total annual dividend of HKD 0.027 per share for the fiscal year 2022/2023 [34]. - The company declared an interim dividend of 1.3 HK cents per ordinary share for 2023, totaling 13,916,000 HKD, compared to no dividend in 2022 [21]. - The proposed final dividend of 1.4 HK cents per ordinary share is expected to amount to 15,009,000 HKD, also compared to no dividend in 2022 [21]. Acquisitions and Investments - The company completed the acquisition of the remaining 49% stake in Vitasoy Australia Products Pty. Ltd. in February 2023 [2]. - The company acquired the remaining 49% stake in Vitasoy Australia Products Pty. Ltd. for 51,000,000 AUD (approximately 280,345,000 HKD), increasing its ownership to 100% [32]. Operational Challenges and Strategies - The company faced weak commercialization and export of tofu products in Singapore, impacting its business there [2]. - The company plans to enhance its tofu product performance and launch new plant-based milk products to accelerate beverage sales in Singapore and the Philippines [36]. - In Australia and New Zealand, the company aims to solidify its leadership in the plant milk sector and further develop new plant-based yogurt products [36]. - Revenue in Singapore decreased by 11% due to the commoditization of tofu products and weak overseas demand [49]. Financial Position and Liquidity - The net current liabilities decreased from HKD 475,424 thousand to HKD 275,637 thousand, indicating improved liquidity [6]. - The company had cash and bank deposits of HKD 555,292,000 as of March 31, 2023, which is crucial for meeting its current liabilities [8]. - The company’s cash and bank deposits as of March 31, 2023, were HKD 555,000,000, down from HKD 622,000,000 a year earlier [54]. - Total assets reported were HKD 7,585,390,000, down from HKD 8,227,692,000, reflecting a decrease of approximately 7.8% [13]. - Total assets decreased from HKD 6,807,120,000 in 2022 to HKD 5,849,519,000 in 2023, reflecting a reduction of approximately 14% [14]. - Total liabilities decreased from HKD 3,238,021,000 in 2022 to HKD 2,748,929,000 in 2023, a decline of about 15% [14]. - The debt-to-equity ratio decreased to 25% from 26% in the previous year [54]. Government Support and Grants - Government grants received in 2023 amounted to HKD 64,397,000, down from HKD 77,060,000 in 2022, representing a decrease of approximately 16% [15]. - The company received COVID-19 related government subsidies of HKD 65 million during the fiscal year, up from HKD 20 million in the previous year [41]. Risk Management and Compliance - The group emphasizes the importance of corporate and social responsibility in its tax strategy, ensuring compliance with tax laws in all relevant jurisdictions [56]. - The overall financial management policy focuses on forecasting and controlling risks, implementing a centralized cash and financial management system for all subsidiaries [57]. - A comprehensive risk management framework is in place to predict, assess, and mitigate key business risks, with enhanced key risk indicators to identify emerging external risks [58]. - The audit committee, consisting of four independent non-executive directors, has reviewed the group's accounting principles and discussed audit, risk management, and financial reporting matters [59]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year [8]. - The company remains confident in its long-term profitability growth trajectory, focusing on innovative product development and market expansion strategies [36].