Financial Performance - Revenue from continuing operations decreased by approximately 14.3% to about HKD 565,900,000[3] - Gross profit from continuing operations decreased by approximately 18.9% to about HKD 154,500,000, with a gross margin decline from approximately 28.8% to about 27.3%[3] - The loss attributable to owners of the company for the year was approximately HKD 31,400,000, with basic and diluted loss per share from continuing and discontinued operations at approximately HKD 0.0621[3] - Total revenue for the year was HKD 565,906,000, down from HKD 660,371,000 in the previous year[4] - Other income decreased from HKD 12,645,000 to HKD 9,214,000[4] - The company reported a total comprehensive loss attributable to owners of approximately HKD 44,531,000, compared to HKD 62,366,000 in the previous year[5] - The company reported an annual loss of HKD 31,441,000 for the year ending March 31, 2024, compared to a loss of HKD 54,774,000 in the previous year, indicating a 42% improvement in loss[10] - The total comprehensive loss for the year was HKD 44,531,000, which includes a loss of HKD 14,162,000 from other comprehensive income[10] Assets and Liabilities - The company's total assets decreased from HKD 1,257,186,000 to HKD 1,171,255,000[7] - Current liabilities decreased from HKD 601,969,000 to HKD 460,804,000, improving the net current asset position[9] - Non-current assets decreased from HKD 541,616,000 to HKD 464,724,000, primarily due to a decline in goodwill and other intangible assets[7] - The company’s equity attributable to owners remained relatively stable at HKD 960,397,000 compared to HKD 964,302,000 in the previous year[9] - As of March 31, 2024, total equity amounted to HKD 960,397,000, a slight decrease from HKD 964,302,000 as of March 31, 2023[10] - Total liabilities decreased from HKD 834,500 thousand in 2023 to HKD 675,582 thousand in 2024, a reduction of about 19.0%[33] - The company reported a loss of HKD 19,714 thousand in goodwill impairment in 2024, compared to a loss of HKD 30,765 thousand in 2023, indicating an improvement of approximately 35.9%[43] Revenue Breakdown - Revenue from continuing operations for the concrete business decreased to HKD 547,762,000 in 2024 from HKD 633,596,000 in 2023, representing a decline of approximately 13.5%[28] - Interest income from the lending business fell to HKD 18,144,000 in 2024 compared to HKD 26,775,000 in 2023, a decrease of about 32.4%[28] - Concrete business revenue accounted for approximately 96.8% of total revenue, decreasing by approximately HKD 85.8 million or 13.5% to approximately HKD 547.8 million[117] - The lending business revenue decreased by approximately HKD 8.6 million or 32.2% to approximately HKD 18.1 million, attributed to a reduction in the average total loan portfolio[118] Cost and Expenses - The cost of goods sold for the year was HKD 408,821,000, down from HKD 467,187,000 in the previous year, indicating a decrease of about 12.5%[49] - The total employee costs decreased to HKD 35,213,000 in 2024 from HKD 42,417,000 in 2023, reflecting a reduction of approximately 17%[49] - Selling and distribution expenses decreased by approximately HKD 28.4 million or 35.0%, mainly due to lower transportation costs from using more environmentally friendly electric vehicles[125] - Financing costs decreased by approximately HKD 2.2 million or 10.7% to approximately HKD 18.4 million, due to repayment of loans and notes[128] Shareholder Equity and Financing - The company issued new shares under a placement agreement, raising HKD 73,395,000 in the previous year and HKD 13,434,000 in the current year[10] - The company issued a total of HKD 56,946,000 in bonds during the year, with interest expenses amounting to HKD 7,971,000[99] - The company raised additional funds through the placement of 839.6 million shares at a price of HKD 0.016 per share and a rights issue of 251.9 million shares at HKD 0.115 per share[163][164] Impairment and Credit Risk - The impairment loss on goodwill amounted to approximately HKD 19,700,000, primarily due to increased competition and rising operating costs in the lending business[133] - The provision for expected credit losses on trade receivables increased to HKD 30,151,000 in 2024 from HKD 21,233,000 in 2023, indicating a rise in credit risk[78] - The aging analysis of trade receivables showed that overdue amounts over 90 days increased to HKD 296,036,000 in 2024 from HKD 257,071,000 in 2023[75] Business Operations - The company’s business operations primarily focus on the production and sale of ready-mixed concrete and lending services, with the home consumables business classified as discontinued operations[13] - The company completed the sale of its home consumables business on September 29, 2022, which is now classified as discontinued operations[27] - The concrete business remains the main growth driver for the company, with expectations of stable revenue supported by favorable policies for the Hainan Free Trade Port[172] Future Outlook and Strategy - The company plans to explore new opportunities in the concrete market in Hainan through potential collaborations with various industry partners[172] - The lending business faces high loan default risks due to a high-interest environment and a sluggish global economy, leading the company to gradually reduce its loan portfolio[174] - The company will continue to monitor market fluctuations and may further reduce its loan portfolio in the upcoming fiscal year[174] - The company is committed to high standards of corporate governance, emphasizing effective internal controls and transparency[175]
华盛国际控股(01323) - 2024 - 年度业绩