Financial Performance - The company reported a loss attributable to shareholders of approximately HKD 111,400,000, an increase of about 17.6% compared to the previous year[1]. - Total revenue for the year was HKD 1,193,032,000, down from HKD 3,969,276,000 in the previous year, representing a significant decline[2]. - Gross profit decreased to HKD 152,041,000 from HKD 450,686,000, indicating a substantial drop in profitability[2]. - The company experienced a pre-tax loss of HKD 139,790,000, compared to a pre-tax loss of HKD 115,003,000 in the previous year[2]. - The total comprehensive loss for the year amounted to HKD 178,599,000, compared to HKD 168,110,000 in the previous year[3]. - The revenue from the procurement and sale of dried cassava chips decreased to approximately HKD 1,173,600,000, a decline of about 70.3% compared to HKD 3,952,200,000 in the previous year[49]. - The group reported a pre-tax loss of HKD 115,003,000 for the year, after accounting for various expenses and costs[60]. - The group's annual loss attributable to shareholders was approximately HKD 111.4 million, compared to HKD 94.7 million in the previous year[78]. Assets and Liabilities - Non-current assets decreased to HKD 1,050,248,000 from HKD 1,108,269,000, reflecting a decline in asset value[4]. - Current assets dropped significantly to HKD 417,291,000 from HKD 933,510,000, indicating liquidity challenges[4]. - The company's cash and cash equivalents decreased to HKD 49,424,000 from HKD 264,174,000, highlighting a reduction in available cash[4]. - The total assets of the company amounted to HKD 1,467,539,000, while total liabilities were HKD 983,588,000[37]. - The group's current liabilities are approximately HKD 285.4 million, a decrease from HKD 679.3 million in 2023, primarily due to accounts payable and accrued expenses of about HKD 17.5 million, down from HKD 34 million in 2023[102]. - The group's non-current liabilities include non-current bank loans of approximately HKD 404 million, a slight decrease from HKD 412 million in 2023[105]. Equity and Dividends - The net asset value of the company fell to HKD 483,951,000 from HKD 662,550,000, showing a decline in overall equity[4]. - The total equity attributable to the owners of the company decreased to HKD 483,951,000 from HKD 662,550,000 in the previous year, representing a decline of approximately 27%[23]. - The board has proposed not to declare a final dividend for the year[18]. - The board has recommended not to declare a final dividend for the year ending March 31, 2024[109]. Operational Highlights - The company remains the largest dry cassava chip purchaser and exporter in Thailand, as well as the largest importer in China[1]. - The hotel and serviced apartment segment reported an increase in revenue from approximately HKD 11,300,000 to approximately HKD 14,800,000, representing a growth of about 31.0% due to higher occupancy rates[75]. - The cost of sales for dried cassava chips was approximately HKD 1,039,000,000, a decrease of approximately HKD 2,477,700,000 or 70.5% compared to the previous year, primarily due to a reduction in sales volume[76]. - The group is expanding its procurement network for cassava chips in Thailand, Laos, and Cambodia to enhance market coverage and maintain business growth[85]. - The group plans to establish a joint venture in Laos for the production and sale of cassava starch, aiming to diversify its market coverage and reduce reliance on the Chinese market[108]. Financial Management - The company has applied the revised Hong Kong Financial Reporting Standards effective January 1, 2022, which did not have a significant impact on the financial statements[15]. - The financial statements are prepared in accordance with historical cost convention, except for certain financial assets and liabilities measured at fair value[25]. - The group has established an audit committee to review financial reporting and internal controls, ensuring compliance with applicable accounting standards[116]. - The group continues to monitor the performance of its operating segments separately for resource allocation and performance assessment[32]. Cost Management - The group's sales and distribution costs were approximately HKD 113.4 million, significantly reduced from approximately HKD 280.4 million in the previous year[98]. - Administrative expenses decreased to approximately HKD 99.7 million from HKD 152.7 million in the previous year, mainly due to the absence of expected credit losses from hotel business receivables[79]. - The company incurred a depreciation expense of HKD 13,963,000 for property, plant, and equipment, down from HKD 16,266,000 in the previous year[43]. - The company's interest expenses totaled HKD 41,218,000, an increase from HKD 35,880,000 in the previous year[42]. Customer Concentration - The company identified two major customers for dried cassava chips, with sales of approximately HKD 384,222,000 and HKD 223,147,000, each exceeding 10% of total sales revenue[38]. - The group disclosed that two major customers accounted for approximately HKD 487,532,000 and HKD 401,994,000 in sales, each exceeding 10% of total sales revenue[63]. Inventory and Turnover - The inventory turnover as of March 31, 2024, is approximately 102.2 days, an increase of about 59.0 days compared to 43.2 days on March 31, 2023[103]. - The accounts receivable turnover improved to approximately 35.1 days from 49.6 days in the previous year, due to faster cash flow recovery from customers[81]. - The group strategically holds certain inventory levels to meet future needs, contributing to the increased inventory turnover days[103].
木薯资源(00841) - 2024 - 年度业绩