Financial Performance - The group reported a net profit of HKD 223,745,000 for the year ended December 31, 2023, compared to HKD 9,722,000 in 2022, indicating a significant increase in profitability[4] - The group reported a total comprehensive income of HKD 55,068,000 for the year, compared to a loss of HKD 17,257,000 in 2022, marking a turnaround in overall financial performance[3] - The company reported a net profit attributable to shareholders of HKD 28,685,000 for 2023, compared to HKD 9,722,000 in 2022, representing a 195% increase[33] - The total comprehensive income attributable to shareholders for 2023 was HKD 223,700,000, compared to HKD 15,163,000 in 2022[34] - The company’s net profit attributable to shareholders for 2023 was HKD 224 million, a significant increase from HKD 9.7 million in 2022[67] Revenue Growth - The confirmed revenue from toy sales for the year ended December 31, 2023, was HKD 1,109,399,000, compared to HKD 504,248,000 in 2022, representing a 119% increase[41] - Revenue from the Americas, particularly the U.S., was HKD 765,727,000 in 2023, significantly up from HKD 303,101,000 in 2022, marking a 153% increase[42] - The global revenue for the fiscal year ending 2023 was HKD 1.109 billion, a 120% increase from HKD 540 million in 2022, driven by the successful re-launch of the "Teenage Mutant Ninja Turtles" toy series[83] Expenses and Costs - The cost of goods sold for 2023 was HKD 437,726,000, up from HKD 243,563,000 in 2022, indicating an increase of 80%[25] - Research and development expenses rose to HKD 30,803,000 in 2023 from HKD 18,348,000 in 2022, reflecting a 68% increase[25] - The company experienced a 122% increase in operating expenses year-over-year, reflecting rising variable costs in line with revenue growth[50] Liquidity and Financial Ratios - The current ratio decreased to 3.8 as of December 31, 2023, down from 6.6 in the previous year, indicating a decline in short-term liquidity[7] - Cash and bank deposits stood at HKD 1,002.82 million as of December 31, 2023, compared to HKD 927.92 million in 2022, indicating a strong liquidity position[72] - The group’s total assets less current liabilities amounted to HKD 1,176,589,000, compared to HKD 1,006,969,000 in 2022, showing an increase in net asset value[15] Shareholder Returns - The company declared an interim dividend of HKD 0.03 per share for the second half of the year, totaling HKD 35.42 million, alongside a special interim dividend of HKD 35.42 million[61] - The board declared an interim dividend of HKD 0.02 per share, paid on September 29, 2023[82] - A second interim dividend of HKD 0.03 per share and a special interim dividend of HKD 0.03 per share will be paid on April 24, 2024, to shareholders listed on April 9, 2024[85] Market and Product Development - The successful release of the animated film "Teenage Mutant Ninja Turtles: Mutant Mayhem" significantly boosted toy sales for the year 2023[5] - The company plans to leverage the success of the "Teenage Mutant Ninja Turtles: Mutant Mayhem" movie with a new animated series on Paramount+ in 2024[32] - The company plans to leverage the upcoming release of "Godzilla x Kong: New Empire" to boost toy sales in 2024[69] - The company is actively developing new products to align with the release of the "Teenage Mutant Ninja Turtles" sequel and the related series on Paramount+[79] Corporate Governance and Compliance - The company maintained a strong focus on corporate governance to protect shareholder interests and enhance overall performance[57] - The board structure is designed to ensure effective management and oversight of the company's operations and financial performance, with regular reviews to maintain robust corporate governance[75] - The group plans to adopt new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which may impact future financial reporting[17] - The group has made changes to its accounting policy regarding long service payment liabilities in response to new guidelines issued by the Hong Kong Institute of Certified Public Accountants[21] Risk Management - The company does not hedge its foreign currency risk due to the narrow exchange rate control between the Hong Kong dollar and the US dollar, which may impact overall profitability[73] - Trade receivables are analyzed based on invoice date aging, with credit terms typically ranging from 60 to 90 days[78] - The company’s customer base includes two customers whose transactions accounted for over 10% of total revenue, generating approximately HKD 292,271,000 and HKD 262,184,000 in sales[42] Other Financial Metrics - The weighted average number of ordinary shares issued during the year was 1,180,265,000, slightly up from 1,180,000,000 in 2022[4] - The group’s non-current liabilities include lease liabilities of HKD 1,458,000 as of December 31, 2023, compared to HKD 20,165,000 in the previous year, indicating a reduction in long-term obligations[15] - Trade receivables as of December 31, 2023, amounted to HKD 328.83 million, significantly up from HKD 60.96 million in 2022, reflecting increased shipment volumes and customer orders[54] - The gross profit margin for toy sales increased to 57% in 2023 from 47% in 2022, attributed to a better product mix and reduced shipping costs[50] - The company recorded an operating profit of HKD 210 million in 2023, compared to HKD 34.5 million in 2022[67] - The operating profit for 2023 was HKD 26,904,000, down from HKD 34,532,000 in 2022, showing a decrease of 22%[33]
彩星玩具(00869) - 2023 - 年度业绩