Revenue and Profitability - The group's revenue from the procurement and sale of dried cassava chips increased by approximately HKD 867.1 million or about 32.2% to approximately HKD 3,556.2 million compared to the previous year[4]. - The group's hotel and serviced apartment operating revenue rose by approximately HKD 4.5 million or about 21.0% to approximately HKD 22.5 million during the year[4]. - The gross profit from the procurement and sale of dried cassava chips increased by approximately HKD 169.9 million to approximately HKD 415.4 million, with a gross profit margin rising from about 9.1% to 11.7%[4]. - The hotel business's gross profit margin improved from approximately 60.7% to about 72.0% during the year[4]. - The group's annual profit attributable to shareholders for the year is approximately HKD 45,000,000, compared to a loss of HKD 7,100,000 in the previous year[6]. - Revenue for the year 2022 reached HKD 3,585,019 thousand, a significant increase of 32% compared to HKD 2,715,508 thousand in 2021[138]. - Gross profit for 2022 was HKD 437,903 thousand, up from HKD 264,643 thousand in 2021, reflecting a gross margin improvement[138]. - Net profit for the year was HKD 34,490 thousand, compared to a net loss of HKD 48,496 thousand in 2021, indicating a strong recovery[138]. Costs and Expenses - The cost of sales for the procurement and sale of dried cassava chips was approximately HKD 3,140.8 million, an increase of about HKD 697.2 million or 28.5% from approximately HKD 2,443.6 million in the previous year[4]. - Sales and distribution costs for the year amounted to approximately HKD 281,300,000, an increase from HKD 149,100,000 in the previous year, primarily due to increased shipping costs and sales volume of cassava chips[6]. - Administrative expenses increased to approximately HKD 82,400,000 from HKD 61,700,000, mainly due to depreciation related to the conversion of investment properties to serviced apartments and inflation adjustments[6]. - Financing costs rose to approximately HKD 13,100,000 from HKD 12,900,000, attributed to an increase in average bank loan interest rates[6]. Assets and Liabilities - Current assets as of March 31, 2022, were approximately HKD 1,594,700,000, up from HKD 1,312,000,000 in the previous year[6]. - The group's non-current liabilities include non-current bank loans of approximately HKD 420,000,000, compared to zero in the previous year[6]. - The net asset value increased by approximately HKD 32,100,000 to about HKD 832,900,000, primarily due to the current year's profit and other comprehensive income[6]. - The group's current liabilities were approximately HKD 1,372,600,000, down from HKD 1,578,800,000 in the previous year[6]. - Inventory increased to approximately HKD 869,200,000 from HKD 693,100,000 in the previous year[6]. - The company's total liabilities decreased from HKD 1,578,802 thousand in 2021 to HKD 1,372,557 thousand in 2022, improving its financial position[143]. Operational Efficiency - The inventory turnover was approximately 90.6 days as of March 31, 2022, compared to 70.8 days on March 31, 2021, an increase of about 19.8 days[10]. - The accounts receivable turnover was approximately 52.8 days as of March 31, 2022, compared to 59.8 days in the previous year[10]. - The logistics division reported a 10% increase in efficiency, attributed to improved management systems implemented over the past year[19]. Market and Growth Strategy - The company has a procurement network for cassava chips in Thailand, Cambodia, and Laos, with a total storage capacity of about 600,000 tons[10]. - The company plans to continue expanding its procurement facilities and networks in Thailand, Laos, and Cambodia to meet the anticipated increase in demand for cassava chips[10]. - The company aims to enhance its market coverage and maintain long-term business growth through its integrated business model covering procurement, processing, storage, logistics, and sales of cassava chips[10]. - The company is exploring the feasibility of other commodity trading opportunities and potential investment projects, including the hotel and real estate sectors[10]. - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming for $187.5 million[19]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on expanding the product line in the next quarter[19]. - Market expansion plans include entering two new international markets, which are projected to generate an additional $10 million in revenue within the first year[19]. Corporate Governance and Compliance - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's Listing Rules, ensuring shareholder interests are protected[73]. - The board consists of six members, including three independent non-executive directors, ensuring compliance with the Listing Rules[80]. - The independent non-executive directors have provided annual confirmations of their independence as required by the Listing Rules[80]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, all composed of independent non-executive directors[89][90][94]. - The board is responsible for developing and reviewing corporate governance policies and ensuring compliance with legal and regulatory requirements[98]. Financial Reporting and Audit - The financial statements for the year ending March 31, 2022, were prepared in accordance with applicable Hong Kong Financial Reporting Standards[100]. - The total fees paid to the external auditor, Ernst & Young, for audit and non-audit services amounted to HKD 1,200,000 for the year ended March 31, 2022[104]. - The Audit Committee is tasked with overseeing the quality of financial reporting and ensuring compliance with accounting standards and regulatory requirements[102]. - The company has implemented a standard code of conduct for directors' securities trading, aligning with the Listing Rules[74]. Risk Management - The company has implemented foreign exchange hedging policies to monitor and mitigate significant foreign currency risks[9]. - The company currently faces foreign currency risk due to its operations in RMB, USD, and THB, but has no hedging strategies in place[10]. - The company faced significant risks and uncertainties, which are discussed in detail in the management discussion and analysis section of the annual report[26]. Employee and Compensation - The total employee cost for the year was approximately HKD 27,300,000[10]. - The total employee compensation cost, including director remuneration, was approximately HKD 27,347,000[36]. - The company employed approximately 250 staff members as of March 31, 2022[36].
木薯资源(00841) - 2022 - 年度财报