Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 216,553,000, a 46.7% increase from HKD 147,727,000 in the previous year[4] - Gross profit for the same period was HKD 76,753,000, up 28.5% from HKD 59,728,000 year-on-year[4] - The company's net profit for the year was HKD 31,159,000, representing a significant increase of 91.0% compared to HKD 16,335,000 in the prior year[4] - Basic and diluted earnings per share rose to HKD 7.80, compared to HKD 4.15 in the previous year, marking an increase of 87.7%[4] - The company reported a total comprehensive income of HKD 31,170,000 for the year, compared to HKD 16,356,000 in the previous year, an increase of 91.0%[4] - Profit before tax increased to HKD 31,201 thousand in 2024, up from HKD 16,599 thousand in 2023, reflecting an increase of 88.1%[24] - The group recorded a net profit of approximately HKD 31.2 million for the year, compared to HKD 16.3 million for the previous year, driven by increased revenue and cost-saving measures[41] Revenue and Sales - Revenue from wine products increased to HKD 126,415 thousand in 2024, up from HKD 70,069 thousand in 2023, representing an increase of 80.5%[15] - Total revenue for the year reached HKD 216,553 thousand, compared to HKD 147,727 thousand in the previous year, marking a growth of 46.6%[15] - The group's revenue increased by approximately 46.6% from about HKD 147.7 million to approximately HKD 216.6 million for the year ending March 31, 2024[31] Costs and Expenses - The cost of goods sold for the year was HKD 139,800 thousand, up from HKD 87,999 thousand in the previous year, an increase of 58.7%[21] - Financing costs rose to HKD 9,294 thousand in 2024 from HKD 5,789 thousand in 2023, an increase of 60.5%[20] - Administrative expenses decreased from about HKD 21.7 million to approximately HKD 16.4 million, mainly due to reduced depreciation and ongoing cost-saving measures[38] - The company’s total employee costs decreased to HKD 10,375 thousand in 2024 from HKD 12,196 thousand in 2023, a reduction of 14.9%[21] Assets and Liabilities - Total assets as of March 31, 2024, were HKD 294,482,000, an increase from HKD 264,815,000 in the previous year[6] - The company's cash and cash equivalents decreased to HKD 2,889,000 from HKD 5,754,000, indicating a reduction in liquidity[5] - Inventory levels increased to HKD 152,822,000 from HKD 138,765,000, reflecting a 10.1% rise year-on-year[5] - Trade receivables rose to HKD 52,304,000, up from HKD 44,804,000, indicating a 16.3% increase[5] - The current ratio improved from approximately 1.7 to 1.9, attributed to increases in inventory and trade receivables, along with a decrease in bank borrowings[44] - The debt-to-equity ratio decreased from approximately 54.9% to 45.6%[44] Dividends and Shareholder Information - The company did not declare or propose any dividends for both years, maintaining a consistent policy[25] - The board did not recommend a final dividend for the year, consistent with the previous year[42] - As of the announcement date, Ms. Wang Zilu holds a 70% stake in the company[63] - The company confirms that all directors and major shareholders have complied with their non-competition agreements during the year[65] Financing and Investments - The group has secured a financing letter from Chuang Hing Bank for a total amount of up to HKD 70 million, which includes a new three-year term loan and trade financing[59] - The group has entered into a financing letter with Fubon Bank for a total amount of up to HKD 18 million for trade financing and revolving loans[60] - The company has accepted a new bank financing letter from Lender A, totaling up to HKD 73,000,000, which includes a three-year term loan and other trade and loan financing[61] - An overdraft facility of up to HKD 3,000,000 is also included in the renewed financing letter, subject to Lender A's approval[61] Operational Strategies - The company plans to continue expanding its market presence and investing in new product development to drive future growth[11] - The group is actively seeking additional business opportunities, including the sale of other alcoholic beverages and providing marketing services for new product divisions[56] - The group is focused on optimizing operational cost efficiency and diversifying its business portfolio for sustainable long-term development[56] - The group has established a tracking and reporting system to monitor foreign exchange rate fluctuations and adjust procurement strategies accordingly[54] - The group has ceased holding any foreign currency-denominated collateral bank deposits since October 2016 to manage foreign exchange risks[54] - The group believes that its listing on the GEM enhances its corporate visibility and market recognition, improving its bargaining power with suppliers[56] Compliance and Audit - The audit committee has reviewed the audited consolidated financial statements for the year, confirming compliance with applicable accounting standards and GEM listing rules[70] - The company has begun evaluating the impact of new and revised Hong Kong Financial Reporting Standards but has not determined any significant effects on its operational performance[13] - The group has not reported any significant contingent liabilities as of March 31, 2024, and March 31, 2023[52]
威扬酒业控股(08509) - 2024 - 年度业绩