Revenue Growth - The group reported total revenue from external customers of HKD 202,136 thousand for the year ended March 31, 2023, compared to HKD 127,674 thousand for the previous year, representing a growth of 58.2%[4]. - The green food supply division generated revenue of HKD 196,462 thousand in 2023, compared to HKD 127,674 thousand in 2022, marking a significant increase of 53.8%[4]. - The group's revenue from external customers in Hong Kong was HKD 139,166 thousand in 2023, up from HKD 127,674 thousand in 2022, an increase of 9.0%[12]. - The group's revenue from external customers in China was HKD 62,970 thousand in 2023, with no revenue reported in 2022, indicating a new market entry[12]. - The group's revenue for the year was approximately HKD 202.1 million, an increase of about 58.3% compared to HKD 127.7 million for the year ended March 31, 2022[151]. Profit and Loss - The group reported a net loss of HKD 27,728 thousand for the year ended March 31, 2023, compared to a net loss of HKD 10,958 thousand in 2022, representing an increase in loss of 153.1%[4]. - The company reported a loss attributable to equity holders of HKD 27,728,000, compared to a loss of HKD 10,955,000 in the previous year, representing a deterioration in financial performance[26]. - The total comprehensive loss for the year was HKD 27,612 thousand, compared to HKD 10,958 thousand in the previous year, highlighting ongoing challenges[62]. - The company reported a basic and diluted loss per share of HKD 1.68, compared to HKD 0.72 in the prior year[57]. Assets and Liabilities - The total assets of the group as of March 31, 2023, amounted to HKD 216,330 thousand, up from HKD 155,450 thousand in the previous year, indicating a growth of 39.1%[7]. - The group’s liabilities increased to HKD 104,643 thousand in 2023 from HKD 35,426 thousand in 2022, representing a growth of 195.5%[7]. - Non-current assets increased to HKD 133,806 thousand from HKD 80,895 thousand, primarily due to investments in property, plant, and equipment[59]. - The company's total equity attributable to equity holders decreased to HKD 111.687 million in 2023 from HKD 120.024 million in 2022, representing a decline of approximately 7.7%[65]. Expenses - Cost of goods sold rose to HKD 137,044,000, up from HKD 83,526,000, representing a 64.2% increase[15]. - Employee benefits expenses increased to HKD 34,408,000 from HKD 18,382,000, marking an increase of 87.3%[15]. - Administrative expenses rose by approximately 116.0% to about HKD 50.2 million, mainly due to the establishment of a headquarters in the Greater Bay Area and related costs[155]. - Sales expenses increased by approximately 268.1% to about HKD 2.2 million, primarily due to increased promotional and delivery service platform costs[155]. Business Expansion - The group has initiated a new business in China involving the trading of live cattle, food materials, and seafood, which is expected to contribute to future revenue growth[50]. - The group aims to develop the live cattle breeding and trading business, targeting the Greater Bay Area market to create a comprehensive live cattle industry chain[104]. - The group plans to fully deploy the green food supply chain, capitalizing on the growing demand for green food products in China[103]. - The group has initiated two new business segments in China focusing on green dining services and environmental technology services[54]. Government Support and Other Income - Government subsidies received amounted to HKD 1,440,000, significantly up from HKD 33,000 in the previous year, reflecting a substantial increase in support for employee salaries under the pandemic relief fund[14]. - Total miscellaneous income increased to HKD 2,979,000 from HKD 263,000 year-on-year, indicating a strong growth in other revenue streams[14]. - Other income and gains for the year were approximately HKD 3.0 million, a significant increase from about HKD 0.3 million in the previous year, primarily due to a one-time government subsidy of approximately HKD 1.4 million[111]. Share Capital and Financing - The company issued 252,000,000 new shares in August 2021, increasing the total issued share capital to 1,547,520,000 shares as of March 31, 2023[40]. - The company issued 309,504,000 rights shares on June 13, 2023, increasing the total number of issued shares from 1,547,520,000 to 1,857,024,000[173]. - The net proceeds from the rights issue are approximately HKD 101.7 million, allocated for various business expansions and debt repayment[190]. - The group’s financing costs netted approximately HKD 1.0 million, an increase of about 62.2% from HKD 0.6 million in the same period last year, mainly due to new lease agreements[154]. Market Position and Strategy - The group aims to become a leading supplier of green food and services in China, emphasizing the integration of upstream, midstream, and downstream operations[107]. - The group is focused on enhancing its financial position and capital base through the rights issue, benefiting the overall interests of the company and its shareholders[106]. - The group successfully expanded its restaurant business in 中山市, enhancing brand recognition and increasing customer base and market share[100]. - The group anticipates continued growth in beef demand due to rising consumer spending levels in China, presenting opportunities and challenges for the beef industry[104]. Operational Challenges - The group experienced a rise in logistics costs and labor shortages due to ongoing pandemic impacts, affecting the fresh food supply industry[98]. - The group continues to promote green agriculture technology and environmental protection initiatives through urban farming projects[126]. - The group anticipates that the recovery of the food supply and dining industry will continue, driven by the easing of pandemic measures and the resumption of offline consumption activities[122].
中国万天控股(01854) - 2023 - 年度业绩