Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 2,664,883, a decrease of 15.0% compared to HKD 3,135,433 in the previous year[3] - Gross profit fell to HKD 100,397, down 64.0% from HKD 278,677 year-on-year[4] - The company reported a loss before tax of HKD 170,004, compared to a profit of HKD 4,343 in the previous year, indicating a significant decline[4] - Basic loss per share was HKD 193.13, a sharp drop from earnings of HKD 3.11 per share in the prior year[5] - For the fiscal year ending March 31, 2024, the company reported a loss of HKD 169,223,000, compared to a profit of HKD 2,716,000 in the previous year[12] - Total comprehensive loss for the year was HKD 188,064,000, which includes other comprehensive losses of HKD 18,841,000[12] - The company reported a significant reduction in cash and cash equivalents at year-end, totaling HKD 68,851,000, down from HKD 317,230,000 at the beginning of the year[15] - The company reported a loss attributable to shareholders of HKD 169.2 million for the fiscal year ending March 31, 2024, compared to a profit of HKD 2.7 million for the previous fiscal year, marking a significant decline in performance[55] - Revenue decreased by 15.0% year-on-year to HKD 2,664.9 million, down from HKD 3,135.4 million in the previous fiscal year, due to weak demand and a high-interest environment[58] Assets and Liabilities - Total assets decreased to HKD 1,869,823 from HKD 2,017,789, reflecting a reduction of 7.3%[7] - Current liabilities increased to HKD 1,341,273, up from HKD 1,292,930, indicating a rise of 3.7%[9] - The company’s equity attributable to owners decreased to HKD 502,486 from HKD 690,550, a decline of 27.3%[9] - The company’s total assets decreased, reflecting a decline in overall financial health, with total equity dropping significantly[12] - The net asset value per share decreased to HKD 573.47 from HKD 788.10 year-on-year[50] - The net asset liability ratio as of March 31, 2024, was 99.5%, up from 78.6% a year earlier, primarily due to a decrease in shareholders' equity resulting from losses recorded in the fiscal year[89] Cash Flow and Financing - Cash and cash equivalents significantly decreased to HKD 68,851 from HKD 317,230, a decline of 78.3%[7] - Financing costs increased by 20.2% to HKD 52,603 from HKD 43,750, indicating rising financial burdens[4] - The financing activities resulted in a net cash outflow of HKD 299,084,000, contrasting with a net inflow of HKD 181,552,000 in the previous year[15] - The company incurred interest expenses of HKD 52,248,000 on bank loans and trust receipts, up from HKD 43,332,000 in the previous year[14] Inventory and Trade Receivables - Inventory levels rose to HKD 707,663, up from HKD 586,266, representing an increase of 20.6%[7] - The company experienced an increase in inventory provisions amounting to HKD 83,389,000, compared to a reversal of provisions of HKD 1,000,000 in the previous year[14] - Trade receivables increased to HKD 836,007,000 in 2024, up 2.9% from HKD 816,752,000 in 2023, with a provision for credit losses of HKD 19,499,000[35] - As of March 31, 2024, the net trade receivables amounted to HKD 816,508,000, representing 44% of the total assets, with HKD 229,202,000 being overdue[127] Segment Performance - The automotive electronics segment generated sales of HKD 797.4 million, making it the largest revenue source for the company, despite a 5.7% decrease compared to the previous year[60] - The industrial segment's revenue dropped by 21.4% to HKD 595.8 million, while the home appliance segment saw a decline of 21.8% to HKD 444.0 million[59] - The electronic manufacturing services segment saw a revenue decline of 3.7% to HKD 236.0 million in FY2024, primarily due to trade tensions affecting export markets[64] - The telecommunications segment's revenue decreased by 16.1% to HKD 170.4 million in FY2024, driven by reduced consumer demand for smartphones[65] - The audio-visual segment generated revenue of HKD 157.6 million in FY2024, reflecting a year-on-year decrease of 17.9% with ongoing challenges expected[66] - The lighting segment's revenue fell by 43.7% to HKD 55.2 million, indicating weak demand in consumer and commercial lighting markets[68] Corporate Governance and Compliance - The company has complied with the corporate governance codes of Hong Kong and Singapore, ensuring adherence to high standards of corporate governance practices[102] - The audit committee, composed entirely of independent non-executive directors, has reviewed the group's audited annual results for the fiscal year ending March 31, 2024[107] - The auditor's report is addressed to all shareholders and is not intended for any other purpose[136] Future Outlook and Strategy - The group plans to focus on high-growth sectors such as automotive electronics and new energy, which will remain key development areas through the fiscal year ending March 31, 2025[91] - The group is investing in research and development of generative AI applications, anticipating that the increasing prevalence of AI will drive energy demand growth[92] - The company plans to continue supporting key customers and suppliers in the automotive electronics sector to enhance sales and market share despite current challenges[60] Dividends and Shareholder Returns - The company did not declare a final dividend for the fiscal year ending March 31, 2024, following a special dividend of HKD 0.40 per share in the previous year[47] - The board does not recommend a final dividend for the fiscal year ending March 31, 2024, aiming to retain cash for business operations and future growth[95] - The company did not declare any dividends for the fiscal year ending March 31, 2024, compared to HKD 63,964,000 in dividends declared for the previous year[115]
威雅利(00854) - 2024 - 年度业绩