国际商业结算(00147) - 2023 - 年度业绩

Cover and Performance Announcement Consolidated Financial Statements During the reporting period, the company's revenue significantly increased, and gross profit substantially improved, leading to a narrowed annual loss; however, the balance sheet shows a decrease in both total assets and net assets, with liquidity pressure evident as net current assets turned into net current liabilities Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2023, the Group's revenue surged by 184% year-on-year to HK$866 million, driving gross profit up over 13 times to HK$251 million, significantly narrowing the annual loss to HK$82.09 million despite property write-downs and increased finance costs Summary of Annual Consolidated Income Statement | Metric | 2023 (HK$ Thousands) | 2022 (HK$ Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 865,703 | 304,416 | +184.4% | | Gross Profit | 250,531 | 17,747 | +1311.7% | | Loss Before Tax | (54,614) | (131,890) | Loss narrowed 58.6% | | Loss for the Year | (82,088) | (145,171) | Loss narrowed 43.5% | | Loss Attributable to Owners of the Company | (72,716) | (119,137) | Loss narrowed 38.9% | | Basic Loss Per Share (HK Cents) | (0.36) | (0.59) | Loss narrowed 39.0% | Consolidated Statement of Financial Position As of March 31, 2023, the Group's total assets decreased by 24.7% to HK$2.378 billion, and total liabilities decreased by 28.0% to HK$1.756 billion, with net assets reducing by 13.6% to HK$622 million, notably shifting from net current assets to net current liabilities, indicating increased short-term repayment pressure Summary of Consolidated Statement of Financial Position | Metric | March 31, 2023 (HK$ Thousands) | March 31, 2022 (HK$ Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,378,267 | 3,159,851 | -24.7% | | Total Liabilities | 1,755,839 | 2,439,782 | -28.0% | | Total Equity (Net Assets) | 622,428 | 720,069 | -13.6% | | Current Assets | 1,397,183 | 2,382,447 | -41.3% | | Current Liabilities | 1,623,062 | 2,251,927 | -27.9% | | Net Current (Liabilities) Assets | (225,879) | 130,520 | Shift from positive to negative | Notes to the Consolidated Financial Statements The notes detail the basis of preparation, accounting policy changes, revenue and performance by business segment, and specifics of key asset and liability items, highlighting property development and computer equipment leasing as primary revenue sources, the going concern basis despite net current liabilities, and significant write-downs of properties held for sale and full impairment of loan receivables Basis of Preparation and Accounting Policies The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with directors maintaining a going concern basis despite net current liabilities of HK$226 million as of March 31, 2023, believing the Group has sufficient working capital, and revisions to HKFRS applied this year had no significant impact on financial position - Despite the Group having net current liabilities of HK$226 million, the directors believe the Group has sufficient working capital to meet its needs for the next 12 months, thus the consolidated financial statements are prepared on a going concern basis[25] - Revisions to Hong Kong Financial Reporting Standards applied this year had no significant impact on the Group's financial position and performance[54] Revenue and Segment Reporting Total revenue for the year increased by 184% year-on-year to HK$866 million, with property development remaining the largest source, computer equipment leasing and trading emerging as a new growth engine, and contact lens business revenue growing, while international business settlement had no revenue, and property development turned profitable, computer equipment business recorded a profit, and contact lens business losses expanded Revenue by Business Segment | Business Segment | 2023 Revenue (HK$ Thousands) | 2022 Revenue (HK$ Thousands) | | :--- | :--- | :--- | | Property Sales | 714,134 | 292,042 | | Computer Equipment Leasing and Trading | 111,404 | 219 | | Contact Lens Sales | 40,165 | 2,159 | | International Business Settlement Services | – | 9,878 | | Financing Services | – | 118 | | Total | 865,703 | 304,416 | Segment (Loss)/Profit by Business Segment | Business Segment | 2023 Segment (Loss)/Profit (HK$ Thousands) | 2022 Segment (Loss)/Profit (HK$ Thousands) | | :--- | :--- | :--- | | Property Development | 3,788 | (34,340) | | Computer Equipment Leasing and Trading | 16,129 | 129 | | Contact Lens Business | (48,095) | (40,598) | | International Business Settlement | (6,700) | (41,265) | | Financing Business | (1,377) | (19,607) | - One customer from the computer equipment leasing and trading business contributed approximately HK$87.12 million in revenue, accounting for over 10% of the Group's total revenue[118] Management Discussion and Analysis Management reviewed the year's operations, noting significant revenue growth due to property deliveries and narrowed losses, with business segments showing divergence: property development as a pillar, computer equipment leasing as a new highlight, contact lens business in an investment phase with expanding losses, and international settlement and financing businesses largely stagnant, while financially, liquidity pressure increased and the debt ratio rose, with the company positive about property development, contact lens, and computer equipment businesses, but cautious about financing Overall Performance The Group's revenue nearly doubled to HK$866 million this year, primarily from property development, with gross profit margin significantly increasing from 5.8% to 28.9%; despite strong revenue and gross profit, the Group still recorded a loss of HK$82.09 million, largely due to a HK$173 million write-down of properties held for sale and increased finance costs to HK$72.08 million, though this was a substantial reduction from HK$145 million in the prior year Key Performance Indicators | Metric | Year Ended March 31, 2023 | Year Ended March 31, 2022 | | :--- | :--- | :--- | | Revenue (HK$ Thousands) | 865,703 | 304,416 | | Gross Profit Margin (%) | 28.9% | 5.8% | | Loss for the Year (HK$ Thousands) | (82,088) | (145,171) | | Loss Per Share (HK Cents) | (0.36) | (0.59) | - Significant revenue growth primarily stemmed from property development business (HK$714 million), computer equipment leasing and trading business (HK$111 million), and contact lens business (HK$40.17 million)[208] - The annual loss was mainly due to a HK$173 million write-down of properties held for sale and increased finance costs to HK$72.08 million as finance costs were no longer capitalized following the completion of major construction works[210] Review of Operations and Prospects The Group's business segments showed divergent performance, with property development achieving strong revenue and turning profitable, computer equipment leasing and trading rapidly expanding, contact lens business revenue growing but losses expanding due to investment, international business settlement stagnating due to geopolitical factors and subsidiary liquidation, and financing business suspended with full impairment provisions for existing loans due to macroeconomic uncertainty Property Development and Hotel Business Property development was the core driver this year, with sales of approximately 79,000 square meters generating HK$714 million in revenue and a segment profit of HK$3.79 million, successfully turning profitable, primarily from the completion and delivery of three buildings in Zone F of 'Zhenghe City' in Liuzhou; however, a HK$173 million write-down of properties held for sale was recognized due to fair value declines, and the hotel building is completed but not yet operational, generating no revenue - The property development segment sold approximately 79,000 square meters, generating revenue of approximately HK$714 million and a segment profit of approximately HK$3.79 million, primarily due to the delivery of newly completed units in Zone F[225] - A HK$173 million write-down of properties held for sale was recognized this year as net realizable value was below carrying amount, mainly due to a decrease in the fair value of remaining unsold parking spaces[249][210] - Construction of the hotel building is completed but the completion acceptance certificate has not yet been obtained, with revenue expected only after the hotel commences operations[250] Contact Lens Business Contact lens business revenue significantly increased year-on-year to HK$40.17 million, but segment loss expanded to HK$48.10 million due to high salaries, depreciation, and R&D expenses; the company is in a capacity enhancement phase, with 5 of 7 production lines operational, expecting monthly capacity to reach 21 million units after full commissioning by end of 2023, and is actively pursuing US FDA and EU CE certifications for international market expansion, planning to launch its own brand in H2 2023 - This segment recorded sales revenue of HK$40.17 million, but incurred a loss of HK$48.10 million due to salaries, depreciation, and R&D expenses[230] - Capacity continues to expand, with plans to complete the installation of the remaining 2 production lines in Q3 2023, at which point full capacity will reach approximately 21 million units per month[227] - The company has initiated the US FDA qualification application and plans to apply for CE certification to expand into international markets, while also planning to build its own brand via e-commerce platforms in H2 2023[228][230] Computer Equipment Leasing and Trading Business This business became a new growth point for the Group, with annual revenue reaching HK$111 million and a segment profit of HK$16.13 million; the Group has deployed and fully leased out 960 sets of servers in Hong Kong, providing a stable revenue stream, and plans to reinvest rental income to purchase an additional 450 sets of servers for leasing, capitalizing on the demand for cloud distributed storage - This year, revenue from leasing data storage equipment was approximately HK$87.12 million, revenue from trading equipment was approximately HK$24.28 million, and segment profit was HK$16.13 million[255] - All 960 sets of servers deployed in Hong Kong have been leased to customers, with the cost of each server expected to be recovered within 14 to 30 months[232][254] - The Group decided to reinvest rental income to purchase an additional 450 sets of servers for leasing[233] International Business Settlement and Financing Business International business settlement made little progress, generating no revenue this year due to the liquidation of a wholly-owned subsidiary in Lithuania engaged in settlement business; in financing, given the uncertain macroeconomic environment in China, the Group has suspended new financing activities and made full impairment provisions for long-overdue loan receivables, attempting to recover loans by realizing collateral - The International Business Settlement segment generated no revenue during the year due to a winding-up petition filed by IBS Hong Kong, a Lithuanian subsidiary[68] - The Group adopted a cautious strategy for future financing business and suspended offering new financing services in China[237] - The Group prudently made full impairment provisions for long-overdue loan receivables due to the borrowers' unresponsive engagement[236] Financial Review As of March 31, 2023, the Group's financial position faced challenges, with total assets and total equity both decreasing, the current ratio falling from 1.06 to 0.86, and net current liabilities of HK$226 million recorded, indicating tightening short-term liquidity; the debt-to-equity ratio increased from 1.29 to 1.45, reflecting higher leverage, with total borrowings approximately HK$901 million, 86% due within one year - The Group recorded net current liabilities of approximately HK$226 million, compared to net current assets of approximately HK$131 million in the prior year. The current ratio was 0.86, down from 1.06 in the prior year[260][242] - The debt-to-equity ratio (total borrowings to total equity) was 1.45, higher than 1.29 in the prior year[244] - As of March 31, 2023, the Group's total borrowings were approximately HK$901 million, with 86% due within one year[260] - Approximately HK$294 million of property, plant, and equipment were pledged as security for the Group's bank and other borrowings[245] Corporate Governance and Other Information The Board does not recommend a final dividend for the year ended March 31, 2023; the company complied with most provisions of the Corporate Governance Code this year, but with deviations primarily due to vacant Chairman and CEO positions, with related responsibilities collectively undertaken by executive directors, and the Audit Committee reviewed the annual results, with neither the company nor its subsidiaries purchasing, selling, or redeeming the company's securities during the year - The Board does not recommend the payment of a dividend for the year ended March 31, 2023[202] - The company deviated from the Corporate Governance Code due to vacant Chairman and Chief Executive Officer positions, with their duties collectively handled by executive directors[269] - During the year ended March 31, 2023, neither the company nor any of its subsidiaries purchased, sold, or redeemed the company's securities[267]