Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 96,310,000, a decrease of 73.5% compared to HKD 363,093,000 in the previous year[5]. - The gross profit for the same period was HKD 4,067,000, down 90.5% from HKD 42,740,000 year-on-year[5]. - The net loss from continuing operations was HKD 38,321,000, compared to a loss of HKD 2,455,000 in the previous year, indicating a significant decline in performance[6]. - The company reported a basic loss per share of HKD 11.0 from continuing operations, compared to a loss of HKD 0.7 in the previous year[6]. - The company recorded a net loss of HKD 40,587,000 attributable to shareholders, compared to a loss of HKD 5,308,000 in the previous year[6]. - The company reported a pre-tax consolidated loss of HKD 48,374,000 for the fiscal year ending March 31, 2024, compared to a loss of HKD 2,920,000 in the previous year[20]. - The group reported a loss of approximately HKD 38.3 million for the year, compared to a profit of HKD 1.3 million in the previous year, resulting in a basic loss per share of HKD 0.11[49]. Revenue Breakdown - For the fiscal year ending March 31, 2024, the total revenue from reportable segments was HKD 96,310,000, a significant decrease of 73.5% compared to HKD 363,093,000 for the previous year[19][20]. - Revenue from the sale of milk powder and infant food decreased to HKD 93,087,000 in 2024 from HKD 361,227,000 in 2023, representing a decline of 74.2%[26]. - The logistics business generated revenue of HKD 1,493,000 in 2024, up from HKD 255,000 in 2023, indicating a growth of 485.5%[26]. - The total rental income from investment properties was HKD 1,730,000 in 2024, compared to HKD 1,611,000 in 2023, reflecting an increase of 7.4%[26]. - Revenue from the dairy products business was approximately HKD 93.1 million, a decline of 74.2% from HKD 361.2 million in the previous year, with a reported segment loss (adjusted EBITDA) of approximately HKD 31.3 million[53]. - The logistics business generated revenue of approximately HKD 1.5 million, compared to HKD 0.3 million in the previous year, with an adjusted EBITDA of approximately HKD 1.5 million[59]. Asset and Liability Management - Total assets decreased to HKD 156,735,000 from HKD 212,928,000, reflecting a reduction of 26.4%[8]. - The total non-current assets in Australia decreased to HKD 41,350,000 in 2024 from HKD 44,255,000 in 2023, a decline of 8.6%[23]. - Current assets were approximately HKD 156.7 million, down from HKD 212.9 million in 2023, while current liabilities decreased to approximately HKD 79.8 million from HKD 101.3 million, resulting in a current ratio of 1.97, up from 1.91 in 2023[62]. - Trade and other receivables decreased to approximately HKD 107.9 million from HKD 168.7 million in 2023, primarily due to the recovery of overdue trade receivables and a decrease in sales of dairy products[63]. - The company's net debt as of March 31, 2024, was HKD 32.76 million, down from HKD 97.94 million in 2023, with a debt-to-equity ratio of 27.7%, significantly improved from 61.7% in 2023[69]. - The company's trade and other payables decreased to HKD 45,358,000 from HKD 63,733,000, indicating improved cash flow management[46]. Operational Changes - The company has terminated its mobile solutions business, which will not be included in future financial reports[12]. - The group aims to further expand its logistics business and explore various business opportunities as they arise[59]. - The group plans to continue investing resources into its dairy product business and actively explore the development of online marketing and sales platforms[89]. - The group aims to diversify its product portfolio by leveraging existing dairy product business channels to sell and distribute other food and beverage products starting in 2024[88]. - The group anticipates that the acquisition of He Ying Group will strengthen its logistics business and enhance operational efficiency[91]. Compliance and Governance - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current or prior years[10]. - The company has confirmed compliance with the standards set out in the standard code for securities transactions by directors as of March 31, 2024[100]. - Following the appointment of Mr. Tu Chun'an as an independent non-executive director on April 25, 2024, the company has complied with the minimum requirement of three independent non-executive directors[98]. - The company has been actively seeking suitable candidates with appropriate expertise to fill the vacancies left by resigning directors[99]. - The audit committee, along with the management, has reviewed the accounting principles and practices adopted by the group for the year ending March 31, 2024[101]. Employee and Operational Costs - The administrative expenses for the year were approximately HKD 12.1 million, a reduction of 19.7% from HKD 15.1 million in the previous year, primarily due to decreased employee costs[50]. - The group has 80 employees, an increase from 26 employees in 2023, with total employee costs from continuing operations amounting to approximately HKD 6.9 million, down from HKD 10.3 million in 2023[84]. - The total financing costs for the year were HKD 4,448,000, slightly down from HKD 4,665,000 in 2023, while employee benefits expenses decreased to HKD 6,741,000 from HKD 10,286,000[32]. Market Conditions and Future Outlook - The current economic environment in China, particularly in the dairy product market, remains challenging due to low birth rates, increased competition, and stringent food regulations[91]. - The group will continue to review and monitor existing businesses while exploring further development opportunities, particularly in light of ongoing arbitration matters affecting its reputation[91]. - The exclusive distribution agreement with Bubs Australia was not renewed, leading to a decline in sales performance for Bubs products in China, attributed to decreased demand and increased competition[88].
阿尔法企业(00948) - 2024 - 年度业绩