Financial Performance - The revenue for the year ended March 31, 2023, was approximately HK$363.1 million, a decrease of 17.2% from HK$438.4 million in 2022[12] - The profit for the year, including both continuing and discontinued operations, was approximately HK$1.3 million, a turnaround from a loss of approximately HK$31.6 million in the previous year[12] - Basic earnings per share for the year were HK0.4 cents, compared to a basic loss per share of HK10.1 cents in 2022[12] - The revenue of the Milk Products Business was approximately HK$361.2 million, a decrease from HK$436.6 million in 2022[20] - The gross profit for the Milk Products Business increased to approximately HK$41.1 million, up from HK$33.0 million in 2022, reflecting a purchase discount of approximately HK$25.4 million from the subscription of 9,541,620 Bubs Shares[20] - The reportable segment profit (adjusted EBITDA) for the Milk Products Business was approximately HK$23.0 million, compared to HK$25.3 million in 2022[20] - The revenue from the Logistics Business was approximately HK$0.3 million for the year ended March 31, 2023, compared to nil in 2022[22] - The revenue from the discontinued Mobile Business was approximately HK$4.3 million for the year ended March 31, 2023, a decrease of 81.6% compared to HK$23.4 million in 2022[30] - The loss for the year from the Mobile Business was approximately HK$1.0 million, significantly reduced from HK$43.4 million in 2022[30] Assets and Liabilities - The fair value of the Group's investment property was estimated at approximately AUD8.0 million (equivalent to approximately HK$42.1 million) as at 31 March 2023, representing approximately 15.6% of the total assets of the Group[27] - The Group's current assets increased to approximately HK$212.9 million as of March 31, 2023, from HK$130.1 million in 2022[40] - The current liabilities also rose to approximately HK$111.6 million as of March 31, 2023, compared to HK$61.3 million in 2022[40] - The liquidity ratio (current assets over current liabilities) was 1.91 times as of March 31, 2023, down from 2.12 times in 2022[40] - The Group's outstanding borrowing was approximately HK$47.5 million as of March 31, 2023, with no outstanding borrowing from the previous year[46] - The gearing ratio as of March 31, 2023, was 61.7%, an increase from 35.7% in 2022[48] - The trade and other receivables increased to approximately HK$194.7 million as of March 31, 2023, from HK$104.4 million in 2022, primarily due to longer credit terms granted to customers[41] Business Strategy and Operations - The Group's focus on cross-border milk powder trading in the PRC, Hong Kong, and Australia continues to drive its Milk Products Business[18] - The Group has launched a Logistics Business in March 2023 to provide low-cost warehouse storage and logistics services, aimed at supporting the Milk Products Business and increasing the number of downstream customers[83][90] - The Group plans to diversify its product portfolio and enhance marketing efforts in mainland China to meet increasing customer demands in the Milk Products Business[90] - The Group's strategy includes reinforcing existing business foundations and actively seeking opportunities for business development and diversification[88][91] - The Group has achieved a stable earning base in the Milk Products Business through enhanced relationships with key brands, contributing positively to financial results[90] - The Milk Products Business has stabilized and is expected to continue growing, supported by partnerships with brands like "Bubs" and "Bellamy" for quality product supply[92] Corporate Governance - The Board of Directors consists of five members, including two executive directors and three independent non-executive directors, ensuring independent judgment on strategic issues[106] - The Company has complied with the Corporate Governance Code throughout the year, except for the vacancy in the roles of Chairman and Chief Executive Officer since October 2022[99] - The independent non-executive directors represent over one-third of the board, providing independent judgment on strategies and policies[111] - The Company aims to maintain at least the current level of female representation on the Board and ultimately increase the proportion of female members over time[138] - The Company has adopted a Board diversity policy to enhance the quality of its performance and support strategic objectives[134] Risk Management - The Group conducted an annual risk assessment identifying strategic, operational, financial, and compliance risks, leading to a three-year audit plan prioritizing identified risks into annual audit projects[181] - The Board acknowledges its ultimate responsibility for overseeing the management of risk management and internal control systems, ensuring their adequacy and effectiveness[177] - The Group maintains risk management and internal control systems designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[178] Audit and Financial Reporting - The Audit Committee, consisting of three independent non-executive Directors, is responsible for reviewing financial statements, risk management, and internal control systems[187] - The Group's financial reporting is designed to present a balanced and clear assessment of its performance and prospects[171] - The Audit Committee approved the audited consolidated financial statements for the year ended March 31, 2023[195] - The external auditor confirmed its independence in accordance with the requirements of the Hong Kong Institute of Certified Public Accountants[198]
阿尔法企业(00948) - 2023 - 年度财报