Financial Performance - Revenue for the fiscal year ended June 30, 2023, decreased by 16% to HKD 5,119 million, primarily due to a decline in sales volume in the food segment and depreciation of the RMB [3]. - Net profit for the year decreased by 67% to HKD 85 million, driven by reduced sales and profits in the company's largest food segment [3]. - The food segment's revenue declined by 18% to HKD 4,326 million, with operating profit dropping 81% to HKD 52 million due to rising raw material costs and decreased sales [20]. - The group reported a net profit of HKD 85 million for the year, down from HKD 257 million in the previous year [35]. - The group’s total comprehensive income before tax was HKD 90,571,000, down from HKD 285,431,000 in the previous year, reflecting a decrease of approximately 68.3% [79]. - The operating profit for the reportable segments was HKD 125,351,000, down from HKD 329,949,000 in the previous year, indicating a decline of about 62.0% [79]. - Basic earnings per share for the year were HKD 85,349,000, a significant drop of 67% from HKD 257,260,000 in the previous year [109]. Equity and Assets - The total equity as of June 30, 2023, was HKD 2,786 million, a decrease of 6% from HKD 2,959 million in the previous year [2]. - The total equity of the group decreased from HKD 2,959,124,000 in 2022 to HKD 2,786,313,000 in 2023, a decline of about 5.8% [68]. - The group reported a net current asset value of HKD 1,919,437,000, down from HKD 1,997,999,000 in the previous year, indicating a decrease of approximately 3.9% [68]. - The group’s total assets amounted to HKD 2,793,780,000, while total liabilities were HKD 632,272,000, reflecting a liability-to-asset ratio of approximately 22.7% [78]. Dividends - The proposed final dividend for the fiscal year is HKD 0.20 per share, totaling approximately HKD 48,671,000, down from HKD 0.33 per share in the previous year [4]. - The group declared an interim dividend of HKD 0.10 per share, down from HKD 0.15 per share in the previous year, totaling HKD 23,495,000 compared to HKD 35,316,000 previously [89]. - The proposed final dividend distribution date is December 5, 2023 [119]. Cost Management and Strategy - The company is focusing on cost control and procurement discipline to mitigate risks associated with geopolitical tensions and economic uncertainties [16]. - The company plans to enhance marketing strategies cautiously to improve brand value in core markets, particularly for its "刀嘜" brand in Guangdong and Hong Kong [23]. - The group aims to enhance R&D and digital capabilities to achieve long-term sustainable growth and create shareholder value [37]. - The company is restructuring its sales team to accelerate sales recovery and create synergies between its flour and specialty oils businesses [12]. Operational Metrics - The inventory turnover period improved to 62 days in 2023 from 65 days in 2022, while trade receivables turnover period increased to 21 days from 18 days [39]. - Home care division revenue decreased by 4% to HKD 793 million, while operating profit increased by 33% to HKD 73 million [24]. - Employee costs, including wages and salaries, decreased from HKD 435,783,000 in 2022 to HKD 418,543,000 in 2023, a reduction of about 3.9% [61]. - Trade and other payables as of June 30, 2023, totaled HKD 589,238,000, a decrease of 21% from HKD 745,825,000 in 2022 [96]. - Trade receivables within three months amounted to HKD 299,742,000, down from HKD 310,011,000 in the previous year, indicating a decline of 4% [113]. Government and Regulatory Matters - The group anticipates the implementation of a subsidy program by the government to assist employers after the cancellation of the offsetting mechanism for long service payments [53]. - The company received government subsidies of HKD 1,327,000 during the year, a decrease of 51% compared to HKD 2,700,800 in 2022 [102]. - The group has assessed the impact of new accounting guidelines and decided to change accounting policies accordingly, with full implementation expected by December 31, 2023 [55]. Miscellaneous - The company plans to hold its annual general meeting on November 13, 2023 [100]. - The company will suspend the registration of share transfers from November 20, 2023, to November 21, 2023 [119]. - The deadline for share transfer registration is set for November 17, 2023, at 4:30 PM [119]. - The group has not entered into any foreign currency forward contracts for the year ending June 30, 2023, indicating a shift in risk management strategy [63]. - The group reported interest income from financial assets measured at amortized cost of HKD 14,081,000, significantly up from HKD 1,890,000 in the previous year [79]. - The group experienced an exchange loss of HKD 1,941,000, compared to a loss of HKD 1,852,000 in the previous year, indicating a slight increase in foreign exchange impact [79]. - The total tax provision for the year was HKD 13,146,000, an increase of 47% from HKD 27,825,000 in the previous year [104]. - The company did not repurchase any of its listed securities during the year [97]. - The board adopted a corporate governance code in compliance with the Hong Kong Stock Exchange rules [98].
南顺(香港)(00411) - 2023 - 年度业绩