Financial Performance - For the year ended 31 March 2024, the Group's revenue decreased by approximately 54% to HK$864,305,000 from HK$1,888,298,000 in 2023[4] - The gross profit for the year was HK$12,033,000, down from HK$19,108,000 in the previous year, representing a decline of approximately 37%[4] - The loss attributable to owners of the Company for the year amounted to approximately HK$30,782,000, compared to a profit of HK$1,842,000 in the last year, indicating a significant downturn[23] - For the year ended 31 March 2024, the Group recorded a net loss of approximately HK$31,181,000, representing a decrease of approximately 2,432% compared to the net profit of approximately HK$1,337,000 for the previous year[53] - The Group's gross profit decreased by approximately 37% from approximately HK$19,108,000 for the Last Year to approximately HK$12,033,000 for the Year[179] - The Group recorded a loss for the Year of approximately HK$31,181,000, a decrease of approximately 2,432% compared to a profit of approximately HK$1,337,000 in the Last Year[187] Segment Performance - The segment revenue from the sourcing and sale of metal minerals and related industrial materials was approximately HK$731,918,000, a decrease of about 59% from HK$1,768,648,000 in the previous year[16] - The segment profit for the same business segment decreased by approximately 46% to HK$4,617,000 from HK$8,546,000 in the last year[16] - The Group recorded segment revenue of approximately HK$132,387,000 for the industrial products business, an increase of approximately 11% compared to the previous year[126] - The segment profit for the industrial products business was approximately HK$6,836,000, a decrease of approximately 27% compared to approximately HK$9,381,000 in the previous year[126] Financial Position - The Group's current assets decreased significantly to approximately HK$495,865,000 from approximately HK$1,759,370,000 in the previous year[55] - Trade payables decreased to approximately HK$74,145,000 from approximately HK$1,280,023,000, while trade receivables decreased to approximately HK$171,998,000 from approximately HK$1,383,652,000[55] - Equity attributable to owners of the Company decreased to approximately HK$435,631,000 from approximately HK$493,206,000[55] - The total equity attributable to owners of the Company decreased from approximately HK$493,206,000 in the Last Year to approximately HK$435,631,000 for the Year[169] Cost Management - The Group's administrative expenses decreased by approximately 8% to about HK$13,620,000 from HK$14,816,000 in the previous year[50] - The Group has been implementing austerity measures to control operational costs and capital expenditure[53] Foreign Currency Management - The Group has minimized foreign currency exposure, maintaining net foreign exchange gains at a relatively low level for both the current and previous year[18] - The management is closely monitoring foreign currency exposure and may consider using financial derivatives to hedge against currency risk[56] - The group adheres to foreign exchange risk management policies, primarily through pricing in metal mineral trading to mitigate the impact of currency fluctuations on profits[189] - The management is closely monitoring the volatility of the Renminbi and will continue to assess foreign exchange risks[189] - The group considers utilizing suitable financial derivatives to hedge currency risks and manage exposure[189] Market Outlook - The demand for manganese, a key component in battery production, is expected to positively impact the Group's business in sourcing and selling metal minerals[12] - The Group remains optimistic yet cautious regarding market changes, including real estate fluctuations and manganese price volatility, while seeking to balance opportunities and improve shareholder returns[125] - In 2023, the manganese market experienced significant fluctuations in international prices due to a slowdown in the PRC's economic recovery and global inflationary pressures[152] - South Africa faced logistical challenges, including reduced rail capacity and port delays, impacting manganese supply[152] - Steel plants initially increased production in early 2023, leading to higher manganese demand, but by the end of 2023, production intensity was lowered, resulting in a significant drop in demand[152] Corporate Governance - The Board does not recommend any dividend for the year ended March 31, 2024, compared to no dividend in 2023[72] - As of March 31, 2024, the Company has no distributable reserves, consistent with the previous year[91] - Donations to charitable organizations by the Group during the year ended March 31, 2024, amounted to nil, the same as in 2023[92] - The annual general meeting is scheduled for August 28, 2024, with a notice to be sent to shareholders as required by the Listing Rules[73] - The Company has no significant transactions or contracts involving directors that were material during the year[101] - No share schemes have been adopted by the Company as of March 31, 2024, with announcements to be made if new schemes are adopted[118] - None of the Directors or their close associates have interests in competing businesses that require disclosure under the Listing Rules[117] Operational Review - The Group's management is focused on reviewing operating performance and efficiency to improve returns to shareholders[9] - The Group's management is continuously monitoring its capital structure to meet ongoing operational requirements and may consider discounting receivables to maintain cash flows when necessary[138] - The Group's results for the year ended March 31, 2024, are detailed in the consolidated statement of profit or loss and other comprehensive income on pages 58 to 59 of the annual report[72] - The movements in property, plant, and equipment during the year are detailed in note 13 of the consolidated financial statements[89] - The movements in the share capital and reserves of the Company during the year are outlined in notes 24(b) and 24(a) respectively[90] - The Group's five-year financial summary is available on page 180 of the annual report[94] - The Group's current ratio improved to 3.78 from 1.34 in the previous year, indicating better liquidity management[55]
新源万恒控股(02326) - 2024 - 年度财报