维他奶国际(00345) - 2022 - 中期财报

Financial Performance - Revenue decreased by 18% to HK$3,604 million compared to HK$4,410 million in the previous year[11] - Profit attributable to equity shareholders dropped by 95% to HK$33 million from HK$672 million[11] - Gross profit fell by 28% to HK$1,727 million, down from HK$2,410 million[11] - EBITDA decreased by 72% to HK$320 million, compared to HK$1,152 million in the prior year[11] - Basic earnings per share plummeted by 95% to 3.1 HK cents from 63.1 HK cents[11] - Profit from operations dropped by 95%, primarily due to a significant decline in sales in Mainland China[14] - Profit before taxation decreased by 96% to HK$34 million, down from HK$916 million in the same period last year[18] - Profit for the period was HKD 40,975, a significant decline of 94.1% compared to HKD 699,560 in the prior year[51] - Total comprehensive income for the period was HKD 63,021,000, down from HKD 845,324,000, indicating a decrease of about 93% year-over-year[54] Assets and Liabilities - Total assets declined by 5% to HK$6,885 million from HK$7,276 million[11] - Total equity attributable to equity shareholders fell by 6% to HK$3,384 million from HK$3,616 million[11] - The Group's net cash balance decreased to HK$81 million from HK$453 million, while available banking facilities amounted to HK$894 million[20] - Current assets totaled HKD 2,681,077,000, a decrease from HKD 2,969,750,000 as of March 31, 2021, representing a reduction of about 10%[57] - Current liabilities amounted to HKD 2,983,051,000, down from HKD 3,083,974,000, indicating a decrease of approximately 3%[57] - Net current liabilities increased to HKD (301,974,000) from HKD (114,224,000), showing a deterioration in liquidity position[57] Sales and Market Performance - The reduction in sales was attributed to decreased government pandemic-related subsidies and increased advertising spending[3] - Revenue from external customers in Mainland China declined by 29% to HK$2,230 million, primarily due to sales disruption during the peak summer months[24] - Hong Kong operations saw a revenue increase of 3% despite ongoing COVID-19 disruptions[15] - Australia and New Zealand revenue grew by 27% (17% in local currency), driven by successful innovations in the Oat Milk portfolio[15] - Revenue in RMB terms from external customers in Mainland China dropped 35%, reflecting the impact of product availability during the peak season[24] Operational Changes and Strategies - The company remains confident about the recovery of its Mainland China business and upcoming product innovations[4] - The company has implemented a program to accelerate sales recovery in Mainland China through new product launches[14] - The company plans to strengthen in-store activations and promotional activities in the second half to accelerate recovery and restore growth in the new fiscal year[26] - The Group plans to accelerate advertising and in-store activities in Mainland China to drive growth for its core portfolio and new products, including VITAOAT Oat Milk and VITA Sparkling Lemon Tea[38] Employee and Community Engagement - As of September 30, 2021, over 82% of full-time employees have been vaccinated, with a total of 7,166 employees worldwide[40] - The Group provided approximately 46,118 training hours to its employees worldwide during the first six months of FY2021/2022[41] - Community efforts in the Philippines included supplying products to local government entities and NGOs to support community pantries during the COVID-19 pandemic[42] - In Mainland China, the Group supported nutrition education in 100 schools across 10 cities, highlighting the health benefits of soy and soymilk[43] Dividends and Shareholder Returns - The board has not declared an interim dividend for the six months ended 30th September 2021 due to disappointing results[14] - The total amount of final dividends approved and paid during the interim period was $310,158,000, an increase of 2.8% from $302,325,000 in 2020[160] - The interim dividend declared for the previous financial year was 29.0 cents per ordinary share, compared to 28.4 cents per ordinary share for the same period in 2020[160] Segment Performance - The Group operates four reportable segments: Mainland China, Hong Kong (including Macau and Exports), Australia and New Zealand, and Singapore, focusing on the manufacture and sale of soya milk and related products[86] - Reportable segment revenue decreased to HK$3,667,218,000 for the six months ended September 30, 2021, down from HK$4,470,034,000 in the same period of 2020, representing a decline of approximately 18%[99] - Profit from operations for reportable segments showed a loss of HK$123,003,000 in 2021, compared to a profit of HK$986,255,000 in 2020, indicating a significant decrease in operational performance[98] Financial Management and Compliance - The interim financial report is unaudited but has been reviewed by KPMG, ensuring compliance with Hong Kong accounting standards[76] - The Group's accounting policies remain consistent with those adopted in the 2020/2021 annual financial statements, except for new amendments[78] - The Group has not adopted any new accounting standards that are not yet effective for the current accounting period[82] Shareholder Information - The total number of ordinary shares issued by the company is 1,070,009,500 as of September 30, 2021[200] - Mr. Winston Yau-lai LO holds 166,820,600 shares, representing 15.59% of the total issued shares[200] - Mr. Peter Tak-shing LO has 130,855,000 shares, accounting for 12.23% of the total issued shares[200] - Ms. Yvonne Mo-ling LO owns 92,084,750 shares, which is 8.61% of the total issued shares[200]