Financial Performance - Revenue increased by 2.1% to HKD 1,102.41 million (FY2022/23: HKD 1,079.25 million) [5] - Net profit attributable to shareholders was HKD 29.80 million (FY2022/23: HKD 40.80 million), representing a decrease of 27.5% [5] - Earnings per share decreased to 2.51 HK cents (FY2022/23: 3.44 HK cents) [5] - Total comprehensive income for the year was HKD 27.89 million, down from HKD 39.52 million [7] - Basic earnings per share for 2024 were HKD 2.51, down from HKD 3.44 in 2023, with net profit attributable to shareholders at HKD 29,756,000 [27] - Total comprehensive income for the year was HKD 30,915,000 in 2024, down from HKD 42,436,000 in 2023, reflecting a decrease of about 27.2% [41] - The company reported a profit before tax of HKD 31,440,000 in 2024, down from HKD 44,502,000 in 2023, a decrease of approximately 29.3% [41] Dividends - The board proposed a final dividend of 1 HK cent per ordinary share, consistent with the previous year [5] - The company proposed a final dividend of HKD 0.01 per share, totaling approximately HKD 11,853,000 for the year ending March 31, 2024 [28] - The board proposed a final dividend of HKD 0.01 per ordinary share for the fiscal year ending March 31, 2024, subject to shareholder approval at the upcoming annual general meeting [72] Assets and Liabilities - Non-current assets increased to HKD 403.96 million (2023: HKD 386.76 million) [9] - Current assets totaled HKD 537.65 million, slightly up from HKD 526.65 million [9] - Total liabilities increased to HKD 252.79 million (2023: HKD 234.70 million) [10] - The net current asset position improved to HKD 354.83 million compared to HKD 352.65 million in the previous year [10] - The company's total assets increased from HKD 913,412,000 in 2023 to HKD 941,609,000 in 2024, an increase of approximately 3.1% [43] - Non-current assets in Hong Kong rose to HKD 273,955,000 in 2024 from HKD 257,362,000 in 2023, representing an increase of about 6.5% [45] - Trade receivables increased to HKD 71,510,000 in 2024 from HKD 46,418,000 in 2023, with a net amount of HKD 71,305,000 after impairment losses [29] - Trade payables and notes decreased from HKD 58,565,000 in 2023 to HKD 55,226,000 in 2024, a reduction of approximately 4.0% [36] - As of March 31, 2024, the group had no debt and cash reserves totaling HKD 244 million, ensuring sufficient liquidity for operational needs [70] - Trade receivables amounted to HKD 71 million, with inventory valued at HKD 164 million, reflecting prudent credit and inventory management strategies [71] Revenue Breakdown - Total revenue for 2024 was HKD 1,102,410,000, a slight increase from HKD 1,079,245,000 in 2023, with product sales at HKD 893,037,000 and service income at HKD 209,373,000 [21] - Revenue from product sales was HKD 893,037,000 in 2024, slightly down from HKD 894,863,000 in 2023, indicating a decrease of about 0.2% [41] - Service revenue increased from HKD 25,432,000 in 2023 to HKD 23,320,000 in 2024, a decline of approximately 8.3% [41] - Revenue from a major customer increased to HKD 46,225,000 in 2024 from HKD 35,827,000 in 2023, reflecting an increase of about 29.0% [45] Expenses and Costs - Total expenses for 2024 were HKD 1,078,783,000, compared to HKD 1,068,027,000 in 2023, with the cost of goods sold at HKD 719,632,000 [23] - The company recorded a current tax expense of HKD 6,452,000 for 2024, compared to HKD 3,279,000 in 2023, reflecting an increase in taxable profits [26] - The depreciation of property, plant, and equipment was HKD 12,464,000 in 2024, slightly down from HKD 12,803,000 in 2023 [23] - Advertising and marketing expenses decreased by 15.9% to HKD 12.3 million, representing 1.1% of sales [47] Product and Market Developments - The company launched several new digital cameras and lenses, including the X-S20 and GFX100 II, enhancing its product lineup [53] - Sales of photography products saw significant growth, with digital cameras and lenses increasing by 49.6% and instant cameras by 17.8% [52] - The consumer electronics and home appliances segment experienced a decline in sales by 17.0% compared to the previous year [56] - The B2B commercial and professional audio-visual products segment's sales surged by 35.3% year-on-year, with commercial TVs increasing by 61.6% [59] - The skincare division experienced a 21.5% decline in sales compared to the previous year due to intense competition and currency depreciation [60] - Two new products were launched: The Serum Brightening and The Serum Multi-Tune, both receiving industry accolades [61] - The photography and technical services division saw a 0.7% increase in annual sales, with a 40.6% rise in ID photo services in the first half, followed by a 34.0% decline in the second half [62] - Printing services sales increased by 7.0%, driven by social activities and travel resumption [63] - The theme park's imaging solutions service sales surged by 245.9% due to increased operating days and higher tourist spending [64] - The professional audio-visual consulting division's sales rose by 7.5%, with a notable 43.7% increase in sales from hospitals [65] - A new brand "FOTOMETA" targeting young customers and pet owners will launch in May 2024, alongside becoming the imaging solutions provider for KidZania [68] Future Outlook - The group maintains a cautious optimism regarding future prospects, supported by government initiatives to boost tourism and consumer sentiment [67] - The company has begun evaluating the impact of new accounting standards effective from January 1, 2024, and expects no significant impact on its financial performance [18] Corporate Governance - The group's financial statements for the year ending March 31, 2024, were reviewed by the audit committee and confirmed to be in accordance with applicable accounting standards [74] - The company has complied with the corporate governance code throughout the fiscal year ending March 31, 2024 [78] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the fiscal year ending March 31, 2024 [77] - The annual general meeting is scheduled for August 9, 2024, with a record date for the proposed final dividend on August 16, 2024 [80]
中港照相(01123) - 2024 - 年度业绩