2023-06-30-港交所-Ｆ８企业_2023年报_235页_3mb

F8 Enterprises (Holdings) Group Limited 2023 Annual Report Summary

Core Content

F8 Enterprises (Holdings) Group Limited (「F8」) is a company incorporated in the Cayman Islands with limited liability, listed on the GEM (The Stock Exchange of Hong Kong Limited). The company's stock code is 8347. The report covers the financial and operational performance for the year ended 31 March 2023, and provides an overview of the company's business, financial status, and strategic direction.

Key Information

Company Information

• Registered Office: Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands
• Hong Kong Headquarters: Unit 3304, 33/F, Tower 1, Enterprise Square Five, 38 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong
• Share Registrar (HK): Boardroom Share Registrars (HK) Limited, Room 2103B, 21/F, 148 Electric Road, North Point, Hong Kong
• Share Registrar (Cayman): Conyers Trust Company (Cayman) Limited
• Auditors: HLB Hodgson Impey Cheng Limited
• Legal Adviser: D. S. Cheung & Co.
• Principal Banker: The Hongkong and Shanghai Banking Corporation Limited
• Company Website: www.f8.com.hk

Board Members

• Executive Directors:

  • Mr. Fong Chun Man (Chairman)
  • Ms. Lo Pui Yee (Vice Chairlady)
  • Mr. Chan Chi Fai (Chief Executive Officer)

• Independent Non-Executive Directors:

  • Mr. Chui Chi Yun, Robert
  • Mr. Kwong Yuk Lap
  • Mr. Wang Anyuan

• Committees:

  • Audit Committee: Mr. Chui Chi Yun, Robert (Chairman), Mr. Kwong Yuk Lap, Mr. Wang Anyuan
  • Remuneration Committee: Mr. Wang Anyuan (Chairman), Mr. Chui Chi Yun, Robert, Mr. Fong Chun Man
  • Nomination Committee: Mr. Kwong Yuk Lap (Chairman), Mr. Chui Chi Yun, Robert, Mr. Fong Chun Man

• Authorised Representatives: Mr. Fong Chun Man, Ms. Lo Pui Yee

• Compliance Officer: Mr. Fong Chun Man

• Company Secretary: Ms. Leung Yin Fai (HKICPA, ACCA, CPA Australia)

Financial Highlights

• Revenue: Increased by approximately HK$72.4 million (20.3%) from HK$357.5 million (2022) to HK$429.9 million (2023)
• Net Loss: Reduced to HK$4.8 million (2023) from HK$31.9 million (2022), a decrease of HK$27.1 million
• Gross Profit: Increased by HK$11.3 million to HK$16.2 million
• Gross Profit Margin: Improved from 1.4% to 3.8%
• Net Profit Margin: Negative 1.1% (2023) vs. Negative 8.9% (2022)
• Current Assets: HK$129.0 million (2023) vs. HK$131.4 million (2022)
• Current Liabilities: HK$82.2 million (2023) vs. HK$85.3 million (2022)
• Current Ratio: 1.6 (2023) vs. 1.5 (2022)
• Gearing Ratio: 45.0% (2023) vs. 46.2% (2022)
• Equity Attributable to Owners: HK$101.3 million (2023) vs. HK$95.4 million (2022)

Business Overview

• The Group primarily engages in the sale and transportation of diesel oil and related products, as well as marine diesel oil and lubricant oil for construction and logistics sectors.
• The Group's main customers are construction companies requiring diesel oil for their machinery and vehicles.
• As of 31 March 2023, the Group operates with eight diesel tank wagons, a marine oil barge, and one vessel.
• Marketing and promotional activities have been carried out to secure purchase orders for marine diesel oil.

Business Development and Strategic Plans

• The Group has been focusing on expanding and improving its fleet of diesel tank wagons.
• In 2022, the Group completed the disposal of Meijia Shell Group, which was a significant shift in its business model, ending the steel product sales business.
• The Group has implemented share consolidation and rights issue in 2022, which increased the share capital and adjusted the share structure.
• The Group has also been enhancing operational efficiency and cost control to improve profitability.

Risk Management

• The Group has no significant investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year.
• The Group is exposed to foreign exchange risk due to transactions in Renminbi and foreign operations, but no derivatives agreements were engaged in to hedge this risk.
• The Group has a prudent approach to treasury management, maintaining a healthy liquidity position throughout the year.

Future Prospects

• The Group anticipates improved business performance due to the relaxation of pandemic-related restrictions and economic recovery in Hong Kong, particularly in public infrastructure and maritime construction projects such as the Hong Kong International Airport's third runway project.
• The Group plans to deploy more resources into talent recruitment, business development, and marketing strategy.
• It aims to proactively seek new business opportunities to increase revenue sources and enhance shareholder value.
• The Group also plans to maintain strict cost control to improve operational efficiency and profitability.

Dividend Policy

• No dividend recommendation was made for the year ended 31 March 2023.
• In 2022, no dividend was also recommended.

Summary of Implementation Plans

Conclusion

The Group has experienced improved financial performance in 2023 compared to 2022, with a reduction in net loss and increase in revenue and gross profit. Despite challenges posed by the pandemic and market volatility, the Group is optimistic about future prospects due to economic recovery and ongoing business development. The Group remains committed to strategic growth, risk management, and enhancing shareholder value through cost control and market expansion.