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万励达(08482) - 2019 - 年度财报
WAN LEADERWAN LEADER(HK:08482)2019-06-28 08:31

Sales Performance - The Group's sales performance recorded a marginal decrease, primarily due to a reduction in revenue from warehousing and related value-added services[18] - The Group's total revenue decreased by approximately 2.5% from approximately HK$197.9 million for the year ended 31 March 2018 to approximately HK$193.0 million for the Year[38] - Revenue from air freight forwarding and related logistics services amounted to approximately HK$152.2 million, accounting for approximately 78.9% of the Group's total revenue[39] - Revenue from sea freight forwarding and related logistics services decreased to approximately HK$16.0 million, accounting for approximately 8.3% of total revenue[40] - Revenue from warehousing and related value-added services amounted to approximately HK$24.8 million, accounting for approximately 12.8% of total revenue[41] - The Group's total revenue decreased by approximately 2.5% from HK$197.9 million in the Previous Year to approximately HK$193.0 million for the Year[42] - Revenue from air freight forwarding and related logistics services was approximately HK$152.2 million, accounting for about 78.9% of total revenue, showing slight growth compared to the Previous Year[42] - Revenue from sea freight forwarding and related logistics services decreased to approximately HK$16.0 million, representing about 8.3% of total revenue, primarily due to a reduction in sales orders from a Chinese customer[43] - Warehousing and related value-added services generated revenue of approximately HK$24.8 million, accounting for about 12.8% of total revenue, with a decrease attributed to reduced income from warehousing and repackaging services[43] Financial Performance - The Group recorded a loss before taxation of approximately HK$15.5 million for the Year, compared to a profit of approximately HK$15.0 million for the Previous Year[67] - Gross profit decreased by approximately 37.2% from HK$42.7 million to HK$26.8 million, with the gross profit margin dropping from 21.6% to 13.9%[46] - The Group's cost of services increased by approximately 7.0% from HK$155.3 million to HK$166.2 million, mainly due to higher rental and management fees[45] - Administrative and operating expenses rose significantly from approximately HK$15.6 million to approximately HK$27.2 million, driven by increased staff costs and rental expenses[54] - Listing expenses for the Year amounted to approximately HK$9.5 million, up from approximately HK$8.3 million in the Previous Year[59] - The Group recognized an impairment loss of approximately HK$0.9 million on trade receivables during the Year, reflecting an increase in expected credit losses[60] - Other income increased due to bank interest income from fixed deposits, with the Group placing two fixed deposits during the Year[49] - The Group's total cost for employee compensation and benefits was approximately HK$19.9 million, up from approximately HK$11.6 million in the previous year[111] Market Conditions - The Group's performance was partially affected by increased air freight and sea freight costs due to global political instability[17] - The financial year ended March 31, 2019, was marked by unpredictable events that impacted the export market and consumer sentiment[17] - The logistics industry is affected by trade disputes between the U.S. and PRC, leading to reduced orders from certain direct shippers[32] - The Group anticipates that increased purchase costs for air and sea cargo space, staff costs, rental costs, and compliance costs will continue to affect financial performance in the first quarter of the financial year 2019-2020[33] - The Group faced uncertainties due to the US-PRC trade war, which may lead to sluggish demand and intense international competition[105] Strategic Initiatives - The Group diversified its business into China and Taiwan to maintain competitiveness in the freight forwarding and logistics industry[18] - The Group plans to enhance service capacities and offer diversified services to meet the demand for quality third-party logistics services in Hong Kong, China, and Taiwan[19] - The Group will strengthen its sales and marketing efforts while closely monitoring customer needs and controlling service costs to expand its customer base[19] - The Group plans to enhance its sales and marketing efforts to expand its customer base and achieve sustainable business growth[34] - The Group aims to collaborate with business partners such as airlines and freight forwarders to strengthen its sales force in the upcoming financial year[106] - The Group plans to tighten cost control and expand the scope of services to cope with market challenges[105] Operational Developments - Fu Yo Warehouse Logistics Company Limited's facility was registered as a Regulated Air Cargo Screening Facility, enabling it to provide security screening services[18] - The Group installed two large dual view scanners in its warehouse facility, expected to begin commercial operation around July to September 2019, enhancing security screening services[31] - The Group successfully entered into charter flight agreements with three freight forwarders during the Year, contributing to slight growth in air freight forwarding services[39] Corporate Governance - The Company has complied with the corporate governance guidelines as per the GEM Listing Rules from the Listing Date up to 31 March 2019[191] - The Company has adopted the Required Standard of Dealings for Directors in accordance with GEM Listing Rules, confirming compliance throughout the specified period[192] - The Company has established three Board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee[193] - The Board of Directors comprises three Executive Directors and three Independent Non-executive Directors, with Independent Non-executive Directors representing more than one-third of the Board[193] - The current composition of the Board reflects a balance of academic, professional qualifications, skills, experience, and diversity appropriate for the business requirements[198] - The Chairman and Chief Executive Officer roles are clearly divided, with Mr. Thomas Loy as Chairman and Mr. HM Loy as Chief Executive Officer, ensuring effective operation of the Board[199] - The company emphasizes the importance of corporate governance, with independent directors participating in key decisions and advising on remuneration and nominations[158] - The independent directors are involved in various committees, including audit, remuneration, and nomination committees, ensuring comprehensive oversight and governance[161] Employee Relations - The Group employed 45 employees as of March 31, 2019, compared to 42 employees a year earlier[115] - The Group acquired medical insurance for eligible employees and provided various types of training to enhance their skills[120] - The management actively communicated with employees and maintained good relations with customers and suppliers[120] - The total employee compensation and benefits cost for the Group was approximately HK$19.9 million, an increase from HK$11.6 million in the previous year[115] Financial Position - The Group's cash and cash equivalents increased to approximately HK$43.6 million at 31 March 2019, up from HK$7.0 million at 31 March 2018[78] - The gearing ratio decreased to approximately 0.3% at 31 March 2019 from approximately 7.4% at 31 March 2018 due to the full repayment of bank borrowings[80] - Trade receivables decreased by 28.8% from approximately HK$38.6 million at 31 March 2018 to approximately HK$27.5 million at 31 March 2019[68] - Trade payables decreased by 17.8% from approximately HK$19.7 million at 31 March 2018 to approximately HK$16.2 million at 31 March 2019[70] - Other payables and accrued expenses increased by 19.4% from approximately HK$3.1 million at 31 March 2018 to approximately HK$3.7 million at 31 March 2019[71] Use of Proceeds - The Group received net proceeds from the Share offer of approximately HK$40.0 million during the Year[77] - As of March 31, 2019, HK$13.5 million of the net proceeds was allocated for further expanding warehouses in Hong Kong, but no suitable premises have been identified yet[130] - The Group has utilized HK$415,000 for attracting and retaining talented personnel, with two sales staff already recruited[130] - HK$8.1 million is allocated for developing the trucking fleet, with negotiations ongoing with potential suppliers[130] - The total net proceeds from the listing amount to HK$40,013,000, with HK$2,887,000 utilized as of March 31, 2019[131] Management Team - The Group's management team has extensive experience in the logistics industry, with over 30 years of experience for Mr. Thomas Loy and over 25 years for Mr. HM Loy[135][138] - The Group's strategic focus includes corporate development, strategic planning, and financial activities, led by Mr. Lo Wing Sang[139] - The financial planning and risk management are overseen by a qualified CFO with extensive experience in the field[179] - The company has a structured management team with diverse expertise in logistics, sales, and financial management, ensuring effective operational oversight[177] - The management team is focused on strategic planning and decision-making to achieve profitable results for the group[177] - The company is committed to continuous professional development for its management team to adapt to industry changes and regulations[180]