Financial Performance - Revenue for FY2023 increased to HK$143,779,000, up 12.6% from HK$127,730,000 in FY2022[11] - Gross profit for FY2023 was HK$60,789,000, representing a 4.8% increase from HK$57,924,000 in FY2022[11] - Profit before taxation decreased to HK$28,103,000, down 32.2% from HK$41,432,000 in FY2022[11] - Profit for the year was HK$22,039,000, a decline of 36.6% compared to HK$34,929,000 in FY2022[11] - Total comprehensive income for the year was HK$20,095,000, down 33.1% from HK$30,034,000 in FY2022[11] - Basic and diluted earnings per share were approximately HK5.5 cents, down from HK8.7 cents in 2022[39] - Net profit attributable to equity holders for the year was approximately HK$22.0 million, and excluding non-recurring expenses, the profit would have been approximately HK$34.4 million[39] Assets and Liabilities - Non-current assets decreased to HK$24,863,000 from HK$26,422,000 in FY2022[16] - Current assets increased to HK$139,994,000, up from HK$122,766,000 in FY2022[16] - Current liabilities rose significantly to HK$17,049,000 from HK$5,544,000 in FY2022[16] - Net current assets improved to HK$122,945,000, compared to HK$117,222,000 in FY2022[16] - Net assets increased to HK$147,660,000 from HK$143,565,000 in FY2022[16] - The Group's total current assets were approximately HK$140.0 million, while current liabilities were HK$17.0 million, resulting in a current ratio of 8.2 times[133] - The current ratio decreased from 22.3 times in 2022 to 8.2 times in 2023, indicating a significant change in liquidity position[133] Revenue Breakdown - Revenue from slewing rings decreased by 6.7% to HK$70,302,000, with ODM revenue at HK$56,718,000, down 0.1%[18] - Revenue from machineries surged by 82.5% to HK$49,864,000, up from HK$27,320,000 in the previous year[18] - Revenue from mechanical parts and components slightly decreased by approximately 5.8% year-on-year, from HK$25.1 million in FY2022 to HK$23.6 million in FY2023[101] - Revenue from heavy-duty machinery sales increased by approximately HK$22.6 million, or 82.5%, from HK$27.3 million in FY2022 to HK$49.9 million for the Reporting Period[105] - Revenue from the Filipino market surged by approximately 162.7% or HK$20.8 million, increasing from approximately HK$12.8 million in FY2022 to approximately HK$33.6 million for the Reporting Period[113] - Revenue from the Singaporean market decreased by approximately 14.0% or HK$7.2 million, from approximately HK$51.2 million in FY2022 to approximately HK$44.0 million for the Reporting Period[113] Listing and Market Presence - The company successfully transferred its listing from GEM to the Main Board of The Stock Exchange of Hong Kong on September 29, 2023[22] - The Group successfully transferred its listing from GEM to the Main Board on September 29, 2023, with the last trading day on GEM being September 28, 2023[60] - The Group aims to promote its brand and seize more business opportunities in various regions following its listing[33] - The Group has established a strong international customer base, including leading Japanese manufacturers, enhancing its market position[68] Operational Developments - The Group expanded its manufacturing capabilities to include mechanical parts such as sprockets, track shoes, and rollers, in addition to slewing rings[46] - The Group plans to broaden its product coverage to include minerals and related products to enhance revenue and profitability in the foreseeable future[51] - The Group aims to enhance factory automation to mitigate the impact of rising labor costs and overheads in the PRC[52] - The Group has installed robotic arms and acquired an automatic packaging machine and a CNC Coordinate Measuring Machine to enhance automation and production efficiency[152] Strategic Initiatives - The Group is committed to enhancing its product offerings and expanding its market presence through strategic initiatives[85] - Strategies include acquiring and replacing machinery to enhance production capacity, increasing market share, and establishing an ERP system[184] - The Group intends to enhance its competitiveness in the fragmented slewing ring manufacturing industry through increased automation and staff training[184] Human Resources and Management - The Group increased its workforce in the sales department to strengthen sales support and hired a consultant for web page design and promotion strategies[149] - As of December 31, 2023, the Group had 96 employees, an increase from 82 employees as of December 31, 2022[160] - The company has a focus on human resources management under Mr. LP Chan's leadership[194] Corporate Governance - The company emphasizes the importance of corporate governance and independent advice through its committees[198] - Mr. LP Chan is also the chairman of the Corporate Governance Committee and a member of the Remuneration Committee[194] Dividends - A final dividend of HK4.0 cents per share has been recommended, subject to shareholder approval[40] - No interim dividend was paid during the year; a final dividend of HK4.0 cents per share is recommended, totaling HK$16,000,000 for the year ended December 31, 2023[177]
永联丰控股(09882) - 2023 - 年度财报