Financial Performance - The company's revenue remained similar to the previous year, while profits were impacted by higher operating costs and currency fluctuations, particularly due to the weakness of the Vietnamese Dong[10]. - The group's total revenue for the fiscal year 2023/2024 was HKD 2,072,294,000, a slight increase from HKD 2,059,774,000 in 2022/23[45]. - The net profit attributable to shareholders for the fiscal year was HKD 106,848,000, down from HKD 128,679,000 in the previous year, indicating a decrease of approximately 17%[45]. - As of March 31, 2024, the group's cash balance stood at HKD 351,227,000, reflecting a healthy financial position[48]. - As of March 31, 2024, the reserves available for distribution to shareholders amounted to approximately HKD 274,452,000[88]. - The company's net asset value per share as of March 31, 2024, is HKD 0.78, based on the issued share capital of 1,697,406,458 shares[125]. Strategic Acquisitions and Investments - The strategic acquisition of NI Corporation for 3.404 billion JPY was completed in June 2023, establishing a new business segment in retail entertainment[18]. - The acquisition includes 326,292.25 square meters of land, with 80% adjacent to a major ski resort, aimed at creating a new retail entertainment landmark[19]. - The company has acquired all issued shares of NI Corporation as disclosed in the announcement dated May 31, 2023[73]. - The company has a total of 133 land parcels in the Niseko area, covering a total area of 326,292.25 square meters, with over 80% of the land located in the Hirafu area[72]. - The group’s investment properties and financial position details are available in the financial statements, indicating ongoing strategic management of assets[40][42]. Market Position and Business Development - The group maintained its leadership position in the packaged rice production, wholesale, and distribution market in Hong Kong for the past 75 years, benefiting from strong brand power[11]. - The packaging materials business saw increased demand driven by the recovery of exports to Japan and South Korea, as well as potential new business in Australia[12]. - The group is focused on expanding its market presence through strategic acquisitions and partnerships[73]. - The group is set to celebrate its 80th anniversary in 2026, with plans to expand its business beyond rice into convenience stores and leisure retail across the Pan-Asian region, driven by market economic recovery[166]. - The overall performance for the fiscal year 2023 to 2024 is positive, supported by strong demand for quality brands and services that meet daily needs[192]. Corporate Governance and Compliance - The company emphasizes the importance of compliance with regulatory requirements and has not encountered any significant violations affecting its business as of March 31, 2024[22]. - The company has adopted all applicable code provisions as its corporate governance code and complied with them during the fiscal year[112]. - The group has sufficient public float, with at least 25% of its issued shares held by the public as required by listing rules[108]. - The company has complied with the corporate governance code as per the listing rules during the year ending March 31, 2024[124]. - The board consists of nine members, three of whom are independent non-executive directors, meeting the requirement of at least one-third being independent[120]. Corporate Social Responsibility - The group is committed to corporate social responsibility, collaborating with various charities and community organizations to support local initiatives[24]. - The group made charitable donations of approximately HKD 548,000 during the year[102]. - The company is committed to environmental responsibility, implementing energy-saving measures such as installing LED lighting and optimizing air conditioning systems[52]. - The group has introduced eco-friendly rice bags that comply with EU packaging regulations, which decompose naturally after disposal[52]. - The group has been actively identifying and managing the environmental impact of its operations to minimize adverse effects[52]. Employee and Stakeholder Relations - The company continues to maintain strong relationships with employees, customers, and suppliers, which is crucial for operational stability[49]. - The group continues to maintain good relationships with customers and suppliers, regularly reviewing customer requirements and feedback[21]. - The group recognizes employees, customers, and business partners as key to sustainable development and is dedicated to improving service quality[178]. - The total number of employees in the group is approximately 4,352[126]. Management and Leadership - The company appointed a new Chief Financial Officer, Mr. Zeng Chun Yao, effective October 2023, who has over 20 years of experience in accounting and finance[1]. - The company has a diverse management team with extensive experience in retail and finance, enhancing its operational capabilities[35][58]. - The company’s management team has extensive experience in corporate finance and asset management, with key members having backgrounds in major financial institutions[62][64]. - The chairman and CEO of the company is Mr. Lin Kuang Chi, and the executive director is Mr. Lin Shi Hao[123]. Future Outlook - The group anticipates strong demand for its packaging products and services from the private sector, and has been appointed as one of the suppliers for Hong Kong's municipal solid waste charging scheme[196]. - Despite challenges in the retail and dining sectors, the demand for rice products in Hong Kong remains healthy, although rising material prices and operating costs have put pressure on operating profits for the fiscal year 2023 to 2024[168]. - The company plans to distribute the final dividend on September 20, 2024, subject to shareholder approval at the annual general meeting on August 28, 2024[81].
金源发展国际实业(00677) - 2024 - 年度财报