EPRINT集团(01884) - 2025 - 年度业绩

Financial Highlights The Group's revenue declined, but losses narrowed due to improved gross margin, and no final dividend was proposed Financial Highlights for the Year Ended March 31, 2025 | Indicator | FY2025 (HK$'000) | FY2024 (HK$'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 292,600 | 316,300 | -7.5% | | Gross Profit | 114,200 | 119,217 | -4.2% | | Gross Profit Margin | 39.0% | 37.7% | +1.3pp | | Loss for the year attributable to equity holders | (6,100) | (8,306) | Loss narrowed by 26.6% | | Cash and cash equivalents (at year-end) | 103,100 | 100,035 | +3.1% | - The Board did not recommend the payment of a final dividend for the year ended March 31, 2025[2] Consolidated Financial Statements The statements detail a revenue decline offset by cost controls leading to narrower losses and a stable financial position Consolidated Statement of Comprehensive Income For the year ended March 31, 2025, the Group's revenue decreased by 7.5% while the loss attributable to equity holders narrowed significantly Key Data from Consolidated Statement of Comprehensive Income (HK$'000) | Item | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 292,593 | 316,277 | -7.5% | | Gross Profit | 114,218 | 119,217 | -4.2% | | Operating loss | (4,535) | (8,537) | Loss narrowed by 46.9% | | Loss before income tax | (4,872) | (6,084) | Loss narrowed by 19.9% | | Loss for the year | (5,714) | (6,900) | Loss narrowed by 17.2% | | Loss attributable to equity holders of the Company | (6,130) | (8,306) | Loss narrowed by 26.2% | | Basic loss per share (HK cents) | (1.11) | (1.51) | Loss narrowed | Consolidated Statement of Financial Position As of March 31, 2025, total assets remained stable, with a significant increase in borrowings to fund property acquisitions Key Data from Consolidated Statement of Financial Position (HK$'000) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Property, plant and equipment | 175,446 | 134,589 | | Loans receivable | 19,949 | – | | Cash and cash equivalents | 103,056 | 100,035 | | Total Assets | 378,843 | 378,654 | | Equity | | | | Total Equity | 243,244 | 244,068 | | Liabilities | | | | Borrowings | 71,128 | 40,951 | | Total Liabilities | 135,599 | 134,586 | Notes to the Consolidated Financial Statements These notes provide detailed breakdowns of segment performance, key income statement and financial position items, and the recent business combination Segment Information The Group operates three segments, with revenue declines in printing offset by profits from the new yacht financing business Segment Revenue and Results for FY2025 (HK$'000) | Business Segment | Revenue from external customers | Segment results | | :--- | :--- | :--- | | Paper printing | 197,608 | (8,297) | | Inkjet printing | 90,315 | 2,306 | | Yacht financing | 4,670 | 2,019 | - Compared to FY2024, revenue from the paper printing segment decreased from HK$224 million to HK$198 million, while inkjet printing revenue slightly fell from HK$92.71 million to HK$90.32 million[16][17] - The Group primarily operates and holds its assets in Hong Kong, hence no geographical segment information is presented[13] Analysis of Key Income Statement Items Other net income turned positive due to asset disposal gains, while cost control measures reduced material and subcontracting expenses - Other net income was HK$443 thousand, a turnaround from a loss of HK$6.187 million last year, driven by gains on disposal of assets and fair value gains on financial assets[20] Changes in Major Expense Items (HK$'000) | Expense Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Cost of materials | 54,807 | 65,312 | | Employee benefit expenses | 103,143 | 104,333 | | Subcontracting charges | 34,822 | 43,799 | - Finance income decreased significantly from HK$4.95 million to HK$1.625 million, mainly due to lower interest income from financial assets and bank deposits[22] Analysis of Key Financial Position Items The Group initiated a loans receivable business, significantly reduced trade payables, and increased bank borrowings for property acquisition - A new loans receivable business was added, with a year-end net balance of HK$19,949 thousand, secured by pledged yachts[28] - Trade payables decreased from HK$10,734 thousand to HK$5,435 thousand, with a significant reduction in payables aged 31-60 days[33] - Total bank borrowings increased from HK$40,951 thousand to HK$71,128 thousand due to new property mortgages, all classified as current liabilities[35] Business Combination The Group acquired a 77.5% stake in Beifang Dingsheng Investment, which contributed positively to revenue and profit post-acquisition - The Group acquired a 77.5% equity interest in Dingsheng Investment for HK$14,500 thousand, resulting in a business combination[37] - A loss of approximately HK$563 thousand was recognized from the remeasurement of the previously held equity interest at fair value[37][39] - From the acquisition date to year-end, the new subsidiary contributed revenue of HK$4,670 thousand and net profit of HK$669 thousand[40] Management Discussion and Analysis This section reviews the Group's business and financial performance, liquidity position, and strategic outlook Business Review and Outlook Core printing business revenue declined, prompting diversification into yacht financing, with a future focus on operational efficiency Review of Revenue by Business Segment (HK$'000) | Business Segment | FY2025 Revenue | FY2024 Revenue | | :--- | :--- | :--- | | Paper Printing | 197,600 | 223,600 | | Inkjet Printing | 90,300 | 92,700 | | Yacht Financing | 4,700 | - | - Looking ahead, the Group will focus on investing in advanced printing facilities, enhancing operational efficiency, and implementing strict cost controls[51] Financial Review Despite a 7.5% revenue decrease, effective cost control improved gross margin and significantly narrowed the net loss attributable to equity holders - The Group's revenue decreased by 7.5% from HK$316 million to HK$293 million[52] - Gross profit margin increased from 37.7% to 39.0%, primarily due to the Group's cost control measures[53] - Loss for the year attributable to equity holders was approximately HK$6.1 million, a decrease of about HK$2.2 million from the previous year[62] Liquidity and Financial Resources The Group maintained a stable cash position, while increased borrowings for property acquisition led to a higher gearing ratio Key Financial Ratios | Ratio | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 1.1 | 1.2 | | Gearing Ratio | 40.8% | 36.1% | - Total bank borrowings increased from approximately HK$41 million to HK$71.1 million, mainly due to mortgage loans for new property acquisitions[67] - At year-end, properties with a total carrying amount of approximately HK$124 million were pledged to secure the Group's mortgage loans[75] Human Resources and Others The Group reduced its workforce, slightly decreased employee expenses, and significantly increased capital expenditure for property additions - As of March 31, 2025, the Group had 310 full-time employees, a decrease from 340 in the prior year[77] - Employee benefit expenses for the year were approximately HK$103.1 million, a slight decrease from HK$104.3 million last year[77] - Capital expenditure on property, plant and equipment was approximately HK$49.8 million, a significant increase from HK$27.5 million last year, mainly for property additions[76] Events After the Reporting Period Post year-end, the Group's subsidiary entered into two secured loan agreements totaling HK$11.8 million to expand its yacht financing business - On May 9, 2025, a secured yacht loan of HK$7.8 million was granted[79] - On May 21, 2025, another 12-month secured yacht loan of HK$4.0 million was granted[80] Other Corporate Matters This section covers the company's dividend policy and adherence to corporate governance standards Dividend Policy The Board does not recommend the payment of a final dividend for the year ended March 31, 2025 - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025 (2024: Nil)[81] Corporate Governance The company complied with the Corporate Governance Code, with the exception of the combined role of Chairman and CEO - The company deviated from the Corporate Governance Code's provision on separating the roles of Chairman and CEO, with Mr. Shea Siu Kee serving in both capacities[85] - The Board believes the current arrangement ensures consistent leadership and strategic efficiency without compromising the balance of power[85]