VITASOY INT'L(00345) - 2024 - 中期业绩

Revenue and Profitability - Revenue for the six months ended September 30, 2023, was HKD 3,391 million, a decrease of 7% compared to HKD 3,642 million in the same period last year[2]. - Total revenue for the six months ended September 30, 2023, was HKD 3,490,702,000, a decrease of 6.4% compared to HKD 3,729,632,000 for the same period in 2022[13]. - Revenue from external customers in Mainland China was HKD 1,962,039,000, down 11.5% from HKD 2,215,748,000 in the previous year[13]. - Revenue in mainland China decreased by 6% to RMB 1,798,000,000, while operating profit grew by 44% with an operating margin of 10%[46]. - Revenue from the Hong Kong business increased by 4%, driven by strong performance in core products and innovations like VITAOAT oat milk[32]. - Revenue from Australia and New Zealand decreased by 10% in local currency and 16% in HKD, with a reported operating loss of HKD 33,000,000 due to high costs and supply chain issues[48]. - Singapore revenue increased by 1% in local currency and 4% in HKD, with export business growing by 19% despite challenges in the beverage sector[49]. Profit and Earnings - Gross profit was HKD 1,712 million, down 1% from HKD 1,738 million, with a gross margin increase to 50.5% from 47.7%[2][3]. - Operating profit decreased by 19% to HKD 171 million, but increased by 15% when excluding the impact of foreign exchange and government subsidies[3]. - Profit attributable to equity holders increased by 15% to HKD 163 million, with a significant 99% increase when adjusted for prior year subsidies[3]. - Basic earnings per share for the six months ended September 30, 2023, were HKD 162,681, an increase of 14.7% from HKD 141,801 in the same period of 2022[21]. - The diluted earnings per share increased to HKD 0.151 from HKD 0.132, reflecting a 15% growth year-over-year[23]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.014 per share, up from HKD 0.013 per share in the previous interim period[3]. - The company declared an interim dividend of HKD 1.4 per share, compared to HKD 1.3 per share in the previous interim period[20]. - The company repurchased approximately HKD 6,000,000 worth of its shares during the interim period[56]. Financial Position and Liabilities - The net asset value as of September 30, 2023, was HKD 3,148,498,000, compared to HKD 3,100,590,000 as of March 31, 2023, reflecting an increase of 1.5%[9]. - The company reported a net current liability of HKD 19,196,000 as of September 30, 2023, but maintains that it can meet its obligations based on expected cash flows[11]. - Total liabilities reported were HKD 3,454,434, down 5.3% from HKD 3,647,261[15]. - The company's total liabilities included bank loans of HKD 36,083,000 and lease liabilities of HKD 75,764,000 as of September 30, 2023[9]. - The company did not comply with certain financial covenants related to bank loans, with an outstanding loan amount of approximately HKD 100,335,000[29]. Operational Performance - Operating profit in mainland China grew by 44% in local currency terms, achieving an operating margin of 10%[3]. - The Hong Kong business showed solid performance with a 22% increase in operating profit when excluding prior year subsidies[3]. - Revenue and profitability in Australia and New Zealand were impacted by short-term production and logistics issues[3]. - Tofu export sales in Singapore increased, offsetting intense competition in local tofu products and beverages[3]. - The company aims to enhance sales execution and restore revenue growth while controlling costs and improving operational efficiency in the second half of the fiscal year[50]. Future Outlook and Strategy - The company plans to continue its focus on sustainable development and improving product and packaging offerings, with key performance indicators to be reported in the upcoming sustainability report[43]. - The company remains confident in the growth potential of plant-based products in mainland China and plans to focus on core products and regions to improve profitability[51]. - In Hong Kong, the company will implement product innovation and strengthen core products for sustainable growth[52]. - The company plans to improve tofu business performance in Singapore and advance cost rationalization efforts[53]. Miscellaneous - The company has not applied any new standards or interpretations that have not yet come into effect during the current accounting period[12]. - The interim report will be published on the Hong Kong Stock Exchange website and the company's website shortly[57].