Revenue and Sales Performance - The group's revenue from hotel and serviced apartment room charges increased due to a rise in occupancy rates, with total sales and distribution costs for the year amounting to approximately HKD 113.4 million, down from HKD 280.4 million in the previous year, reflecting a decrease of about 59.5%[6]. - For the fiscal year ending March 31, 2024, the company's revenue from the procurement and sale of cassava chips decreased by approximately 70.3% to about HKD 1,173,600,000, down from approximately HKD 3,952,200,000 in the previous year[25]. - The company's hotel and serviced apartment operating income increased by approximately 31.0% to about HKD 14,800,000, up from approximately HKD 11,300,000 in the previous year[25]. - Total revenue for the year ended March 31, 2024, was HKD 1,193,032,000, a decrease from HKD 3,969,276,000 in the previous year, representing a decline of approximately 70%[181]. - Revenue from cassava chips sales was HKD 1,173,577,000, down from HKD 3,952,226,000, indicating a decrease of about 70%[184]. - Hotel and serviced apartment revenue increased to HKD 14,805,000 from HKD 11,291,000, reflecting an increase of approximately 31%[187]. Financial Performance and Expenses - The group's administrative expenses decreased from approximately HKD 152.7 million last year to about HKD 99.7 million this year, a reduction of approximately 34.7%[6]. - The group's financing costs increased from approximately HKD 35.9 million to about HKD 41.2 million, primarily due to rising interest rates on trade finance loans and bank loans[6]. - The annual loss attributable to shareholders was approximately HKD 111.4 million, compared to HKD 94.7 million in the previous year, indicating an increase in losses of about 17.5%[6]. - The company reported a pre-tax loss of HKD 139,790,000 for the year, compared to a profit in the previous year[185]. - Interest expenses for the year totaled HKD 41,218,000, an increase from HKD 35,880,000 in the previous year[192]. Asset and Capital Management - As of March 31, 2024, the group's net asset value decreased to approximately HKD 484 million from HKD 662.6 million a year earlier, a decline of about 27%[6]. - The group's capital gearing ratio as of March 31, 2024, was 39.0%, down from 47.1% the previous year, indicating improved utilization of internal financial resources[6]. - Total assets amounted to HKD 1,467,539,000, while total liabilities were HKD 983,588,000, resulting in a net asset position[185]. - The fair value of investment properties as of March 31, 2024, is HKD 501.4 million, down from HKD 510.9 million in 2023[103]. - The fair value of investment properties as of March 31, 2024, is HKD 501,400,000, with significant unobservable elements accounting for HKD 490,400,000 in commercial properties and HKD 11,000,000 in industrial properties[104]. Inventory and Receivables Management - Inventory turnover increased to approximately 102.2 days, up from 43.2 days a year earlier, reflecting a strategic decision to hold more inventory for future needs[6]. - Accounts receivable turnover improved to approximately 35.1 days from 49.6 days, due to accelerated cash flow recovery from customers[6]. Corporate Governance and Compliance - The company has adopted a corporate governance code that complies with the standards set out in the Hong Kong Stock Exchange Listing Rules[78]. - The board of directors has received independent confirmation of the independence of its non-executive directors as of the report date[60]. - The company has confirmed compliance with the standard code of conduct for securities transactions by all directors during the reporting period[90]. Strategic Initiatives and Market Presence - The company plans to establish a joint venture in Laos to produce and sell cassava starch, aiming to diversify its market presence and reduce reliance on the Chinese market[28]. - The company is expanding its market presence in China and Southeast Asia through strategic investments and partnerships[1]. - The company is committed to developing new products and technologies to enhance its market competitiveness[1]. Environmental and Social Responsibility - The group emphasized environmental protection and sustainable development initiatives to enhance its corporate social responsibility[20]. - The company has a commitment to sustainable development and aims to provide quality products and services to its customers[41]. Employee and Operational Management - The total employee cost, including director remuneration, was approximately HKD 22,600,000 for the year[28]. - The company is focused on optimizing employee allocation to mitigate negative factors affecting performance[25]. - The group has established a mandatory provident fund scheme for employees, with contributions calculated as a percentage of basic salary[142]. Financial Instruments and Risk Management - The group applies a short-term lease recognition exemption for leases with a lease term of 12 months or less[129]. - The group utilizes derivative financial instruments, such as forward currency contracts, to hedge foreign currency risks, with any gains or losses recognized directly in profit or loss[1]. - The group is focused on financial risk management, with policies detailed on pages 80 to 83 of the annual report[39].
木薯资源(00841) - 2024 - 年度财报