Income Statement Asia Cassava Resources Holdings Limited

Stocks

841 KYG053931062

Food Retail & Distribution

Delayed Hong Kong S.E. 04:08:14 2026-09-23 EDT			5-day change	1st Jan Change
0.1680 ^HKD	0.00%		+4.35%	-35.38%

07-14	Asia Cassava Resources Holdings Limited Reports Earnings Results for the Full Year Ended March 31, 2026	CI
11-30	Asia Cassava Resources Holdings Limited Reports Earnings Results for the Half Year Ended September 30, 2025	CI

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Published financial data: ASIA CASSAVA RESOURCES HOLDINGS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Revenues	3.59B	3.97B	1.19B	978M	1.28B
Total Revenues	3.59B	3.97B	1.19B	978M	1.28B
Cost of Goods Sold, Total	3.15B	3.52B	1.04B	897M	1.18B
Gross Profit	438M	451M	152M	81.15M	97.87M
Selling General & Admin Expenses, Total	364M	433M	188M	129M	103M
Other Operating Expenses	337K	2.57M	941K	-	-
Other Operating Expenses, Total	364M	436M	189M	129M	103M
Operating Income	73.91M	15M	-36.53M	-47.47M	-5.58M
Interest Expense, Total	-13.14M	-35.88M	-41.22M	-44.74M	-36.15M
Interest And Investment Income	54K	1.08M	4.18M	2.8M	9.44M
Net Interest Expenses	-13.09M	-34.8M	-37.04M	-41.94M	-26.72M
Other Non Operating Income (Expenses)	11.77M	2.59M	19.34M	1.44M	2.43M
EBT, Excl. Unusual Items	72.59M	-17.22M	-54.23M	-87.97M	-29.86M
Gain (Loss) On Sale Of Investments	-	-	-	1.7M	940K
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-14.24M	-110M	-85.56M	-89.94M	5.64M
Other Unusual Items	-	11.72M	-	14.16M	22.98M
EBT, Incl. Unusual Items	58.35M	-115M	-140M	-162M	-301K
Income Tax Expense	23.86M	29.58M	9.23M	5.98M	-4.08M
Earnings From Continuing Operations	34.49M	-145M	-149M	-168M	3.78M
Net Income to Company	34.49M	-145M	-149M	-168M	3.78M
Minority Interest	10.48M	49.88M	37.66M	37.3M	-6.31M
Net Income - (IS)	44.97M	-94.71M	-111M	-131M	-2.53M
Net Income to Common Incl Extra Items	44.97M	-94.71M	-111M	-131M	-2.53M
Net Income to Common Excl. Extra Items	44.97M	-94.71M	-111M	-131M	-2.53M
Per Share Items
Net EPS - Basic	0.08	-0.16	-0.19	-0.22	-0
Basic EPS - Continuing Operations	0.08	-0.16	-0.19	-0.22	-0
Basic Weighted Average Shares Outstanding	585M	585M	585M	585M	585M
Net EPS - Diluted	0.08	-0.16	-0.19	-0.22	-0
Diluted EPS - Continuing Operations	0.08	-0.16	-0.19	-0.22	-0
Diluted Weighted Average Shares Outstanding	585M	585M	585M	585M	585M
Normalized Basic EPS	0.1	0.07	0.01	-0.03	-0.04
Normalized Diluted EPS	0.1	0.07	0.01	-0.03	-0.04
Supplemental Items
EBITDA	88.67M	31.26M	-22.56M	-28.63M	16M
EBITA	73.91M	15M	-36.53M	-47.47M	-5.58M
EBIT	73.91M	15M	-36.53M	-47.47M	-5.58M
EBITDAR	101M	44.44M	-15.3M	-26.34M	17.5M
Effective Tax Rate - (Ratio)	40.89	-25.72	-6.6	-3.69	1.36K
Current Domestic Taxes	20.49M	18.31M	9.11M	5.74M	-3.07M
Current Foreign Taxes	3.35M	9.43M	-	-	556K
Total Current Taxes	23.84M	27.74M	9.11M	5.74M	-2.52M
Deferred Domestic Taxes	19K	1.84M	117K	234K	-
Total Deferred Taxes	19K	1.84M	117K	234K	-1.56M
Normalized Net Income	55.85M	39.11M	3.77M	-17.68M	-24.98M
Interest on Long-Term Debt	4K	9K	-	-	-
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	-	-
Selling and Marketing Expenses	281M	280M	113M	36.7M	52.58M
General and Administrative Expenses	82.4M	153M	74.2M	91.92M	50.86M
Net Rental Expense, Total	12.65M	13.18M	7.27M	2.3M	1.5M
Imputed Operating Lease Interest Expense	716K	2.36M	2.29M	809K	435K
Imputed Operating Lease Depreciation	11.93M	10.83M	4.98M	1.49M	1.06M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Assets
Cash And Equivalents	101M	264M	49.42M	57.8M	24.76M
Short Term Investments	2.94M	1.82M	-	-	-
Trading Asset Securities, Total	5.98M	5.53M	4.14M	5.84M	-
Total Cash And Short Term Investments	110M	272M	53.56M	63.65M	24.76M
Accounts Receivable, Total	549M	209M	20.08M	159M	105M
Total Receivables	549M	209M	20.08M	159M	105M
Inventory	869M	391M	277M	335M	172M
Prepaid Expenses	63.44M	58.93M	60.3M	104M	79.67M
Restricted Cash	4.09M	2.94M	6M	49.79M	15.23M
Total Current Assets	1.59B	934M	417M	712M	397M
Gross Property Plant And Equipment	1.33B	1.2B	1.19B	1.17B	1.06B
Accumulated Depreciation	-68.08M	-134M	-168M	-214M	-59.68M
Net Property Plant And Equipment	1.26B	1.07B	1.02B	956M	1.01B
Long-term Investments	38.9M	25.85M	20.66M	18.33M	18.91M
Other Intangibles, Total	2.24M	2.24M	2.24M	1.15M	1.15M
Deferred Tax Assets Long-Term	2.62M	69K	-	-	-
Other Long-Term Assets, Total	21.68M	9.51M	8.79M	8.86M	8.86M
Total Assets	2.92B	2.04B	1.47B	1.7B	1.43B
Liabilities
Accounts Payable, Total	7.76M	13.01M	4.13M	38.93M	4.48M
Accrued Expenses, Total	9.85M	6.26M	4.88M	5.63M	66.97M
Short-term Borrowings	1.26B	541M	160M	475M	158M
Current Portion of Long-Term Debt	8M	8M	8M	404M	26M
Current Portion of Leases	38K	23K	-	-	-
Current Income Taxes Payable	66.66M	93.88M	100M	109M	104M
Unearned Revenue Current, Total	6.17M	3.13M	3.22M	3.5M	1.76M
Other Current Liabilities	9.63M	13.78M	5.23M	8.46M	21.56M
Total Current Liabilities	1.37B	679M	285M	1.04B	383M
Long-Term Debt	702M	688M	687M	295M	634M
Long-Term Leases	45K	-	-	-	-
Deferred Tax Liability Non Current	13.34M	12.06M	11.53M	7.3M	9.93M
Total Liabilities	2.09B	1.38B	984M	1.35B	1.03B
Common Stock, Total	58.47M	58.47M	58.47M	58.47M	58.47M
Additional Paid In Capital	433M	433M	433M	433M	433M
Retained Earnings	595M	485M	374M	272M	311M
Comprehensive Income and Other	-214M	-225M	-254M	-259M	-274M
Total Common Equity	872M	752M	611M	505M	529M
Minority Interest	-39.25M	-89.13M	-127M	-155M	-125M
Total Equity	833M	663M	484M	349M	404M
Total Liabilities And Equity	2.92B	2.04B	1.47B	1.7B	1.43B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	585M	585M	585M	585M	585M
ECS Total Common Shares Outstanding	585M	585M	585M	585M	585M
Book Value / Share	1.49	1.29	1.04	0.86	0.9
Tangible Book Value	870M	749M	608M	503M	528M
Tangible Book Value Per Share	1.49	1.28	1.04	0.86	0.9
Total Debt	1.97B	1.24B	855M	1.17B	818M
Net Debt	1.86B	966M	801M	1.11B	794M
Debt Equivalent Oper. Leases	101M	105M	58.14M	18.36M	12M
Minority Interest, Total (Incl. Fin. Div)	-39.25M	-89.13M	-127M	-155M	-125M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Finished Goods, Total	869M	391M	277M	335M	172M
Land - (BS)	39.58M	38.24M	11.28M	14.26M	15.87M
Buildings, Total	-	-	24.5M	14.77M	30.1M
Machinery, Total	58.42M	56.26M	54.74M	58.48M	112M
Full Time Employees	250	250	250	220	200
Assets on Operating Lease - Gross	626M	511M	501M	186M	209M
Accumulated Allowance for Doubtful Accounts (Supple)	10.13M	17.74M	16.98M	17.24M	18.15M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Net Income	44.97M	-94.71M	-111M	-131M	-2.53M
Depreciation & Amortization - CF	18.9M	17.9M	15.24M	20.1M	22.45M
Depreciation & Amortization, Total	18.9M	17.9M	15.24M	20.1M	22.45M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-	942K	-	-	328K
(Gain) Loss on Sale of Investments - (CF)	383K	432K	941K	-1.7M	-940K
Asset Writedown & Restructuring Costs	14.24M	167M	85.56M	89.94M	-7.64M
Provision and Write-off of Bad Debts	897K	8.05M	-	-	-
Other Operating Activities, Total	26.43M	5.6M	-5.16M	-1.12M	7.57M
Change in Trading Asset Securities	-	-	447K	-	-
Change In Accounts Receivable	-59.98M	332M	189M	-139M	53.04M
Change In Inventories	-176M	478M	94.09M	-38.58M	163M
Change In Accounts Payable	-11.89M	-254M	-16.57M	36.94M	29.87M
Change in Other Net Operating Assets	-11.28M	14.54M	-1.35M	-40.18M	24.6M
Cash from Operations	-153M	676M	251M	-204M	290M
Capital Expenditure	-3.26M	-5.59M	-2.1M	-35.79M	-37.2M
Sale of Property, Plant, and Equipment	977K	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-820K	-	-50.56M	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	6.78M
Other Investing Activities, Total	203K	1.27M	-2.86M	-43.52M	34.67M
Cash from Investing	-2.9M	-4.32M	-55.52M	-79.31M	4.24M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	2.15B	1.98B	434M	969M	658M
Total Debt Issued	2.15B	1.98B	434M	969M	658M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-1.95B	-2.45B	-812M	-650M	-999M
Total Debt Repaid	-1.95B	-2.45B	-812M	-650M	-999M
Other Financing Activities, Total	-13.14M	-35.87M	-29.5M	-28.92M	11.65M
Cash from Financing	191M	-506M	-408M	290M	-329M
Foreign Exchange Rate Adjustments	-666K	-1.15M	-2.08M	2.13M	2.05M
Net Change in Cash	34.43M	164M	-215M	8.38M	-33.04M
Supplemental Items
Cash Interest Paid	13.14M	35.88M	29.5M	29.12M	22.19M
Cash Income Tax Paid (Refund)	-	276K	93K	92K	184K
Levered Free Cash Flow	-213M	852M	250M	-311M	269M
Unlevered Free Cash Flow	-204M	875M	276M	-283M	292M
Change In Net Working Capital	266M	-853M	-286M	237M	-310M
Net Debt Issued / Repaid	205M	-471M	-379M	319M	-341M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Profitability
Return on Assets	1.65	0.38	-1.3	-1.88	-0.22
Return on Total Capital	1.73	0.4	-1.41	-2.07	-0.25
Return On Equity %	4.22	-19.34	-26	-40.32	1
Return on Common Equity	5.29	-11.66	-16.35	-23.44	-0.49
Margin Analysis
Gross Profit Margin %	12.21	11.35	12.74	8.3	7.67
SG&A Margin	10.14	10.91	15.73	13.15	8.11
EBITDA Margin %	2.47	0.79	-1.89	-2.93	1.25
EBITA Margin %	2.06	0.38	-3.06	-4.85	-0.44
EBIT Margin %	2.06	0.38	-3.06	-4.85	-0.44
Income From Continuing Operations Margin %	0.96	-3.64	-12.49	-17.18	0.3
Net Income Margin %	1.25	-2.39	-9.33	-13.37	-0.2
Net Avail. For Common Margin %	1.25	-2.39	-9.33	-13.37	-0.2
Normalized Net Income Margin	1.56	0.99	0.32	-1.81	-1.96
Levered Free Cash Flow Margin	-5.93	21.48	20.98	-31.77	21.12
Unlevered Free Cash Flow Margin	-5.7	22.04	23.14	-28.91	22.89
Asset Turnover
Asset Turnover	1.28	1.6	0.68	0.62	0.82
Fixed Assets Turnover	2.81	3.41	1.14	0.99	1.3
Receivables Turnover (Average Receivables)	6.91	10.48	10.4	10.91	9.65
Inventory Turnover (Average Inventory)	4.03	5.59	3.12	2.93	4.64
Short Term Liquidity
Current Ratio	1.16	1.37	1.46	0.68	1.04
Quick Ratio	0.48	0.71	0.26	0.21	0.34
Operating Cash Flow to Current Liabilities	-0.11	0.99	0.88	-0.2	0.76
Days Sales Outstanding (Average Receivables)	52.84	34.84	35.18	33.45	37.83
Days Outstanding Inventory (Average Inventory)	90.6	65.35	117.46	124.72	78.7
Average Days Payable Outstanding	2.7	1.25	3.38	8.23	7.81
Cash Conversion Cycle (Average Days)	140.74	98.95	149.26	149.94	108.72
Long Term Solvency
Total Debt/Equity	237.05	186.72	176.57	336.14	202.67
Total Debt / Total Capital	70.33	65.12	63.84	77.07	66.96
LT Debt/Equity	84.28	103.82	141.88	84.5	156.98
Long-Term Debt / Total Capital	25	36.21	51.3	19.37	51.87
Total Liabilities / Total Assets	71.48	67.55	67.02	79.4	71.78
EBIT / Interest Expense	5.62	0.42	-0.89	-1.06	-0.15
EBITDA / Interest Expense	7.06	0.92	-0.52	-0.61	0.47
(EBITDA - Capex) / Interest Expense	6.81	0.76	-0.57	-1.41	-0.56
Total Debt / EBITDA	21.27	37.6	-40.14	-42.92	48.5
Net Debt / EBITDA	20.09	29.35	-37.63	-40.59	47.03
Total Debt / (EBITDA - Capex)	22.05	45.3	-36.54	-18.6	-40.26
Net Debt / (EBITDA - Capex)	20.82	35.35	-34.25	-17.59	-39.04
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	32.02	10.72	-69.94	-18.03	30.41
Gross Profit, 1 Yr. Growth %	65.47	2.92	-66.26	-46.63	20.6
EBITDA, 1 Yr. Growth %	64.48	-64.74	-125.36	26.89	-155.88
EBITA, 1 Yr. Growth %	50.64	-79.71	-150.25	29.97	-88.26
EBIT, 1 Yr. Growth %	50.64	-79.71	-150.25	29.97	-88.26
Earnings From Cont. Operations, 1 Yr. Growth %	-171.12	-519.21	3.07	12.75	-102.25
Net Income, 1 Yr. Growth %	-730.83	-310.6	17.58	17.39	-98.06
Normalized Net Income, 1 Yr. Growth %	-17.12	-29.97	-95.44	195.03	41.26
Diluted EPS Before Extra, 1 Yr. Growth %	-730.83	-310.6	17.58	17.39	-98.06
Accounts Receivable, 1 Yr. Growth %	12.07	-61.85	-90.41	692.73	-33.9
Inventory, 1 Yr. Growth %	25.4	-55.03	-29.04	20.96	-48.66
Net Property, Plant and Equip., 1 Yr. Growth %	-2.06	-15.07	-4.86	-6.14	5.14
Total Assets, 1 Yr. Growth %	9.38	-30.09	-28.12	15.62	-15.65
Tangible Book Value, 1 Yr. Growth %	5.15	-13.85	-18.81	-17.27	4.78
Common Equity, 1 Yr. Growth %	5.14	-13.81	-18.75	-17.38	4.77
Cash From Operations, 1 Yr. Growth %	-28.02	-540.47	-62.84	-181.38	-241.94
Capital Expenditures, 1 Yr. Growth %	-3.04	71.65	-62.43	1.6K	3.94
Levered Free Cash Flow, 1 Yr. Growth %	-56.08	-501.13	-71.83	-224.12	-186.7
Unlevered Free Cash Flow, 1 Yr. Growth %	-57.06	-528.24	-69.7	-202.4	-203.27
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	58.68	20.9	-42.31	-50.36	3.39
Gross Profit, 2 Yr. CAGR %	65.69	30.5	-41.08	-57.57	-19.77
EBITDA, 2 Yr. CAGR %	172.15	-23.85	-49.55	-43.27	-15.79
EBITA, 2 Yr. CAGR %	225.87	-44.71	-29.7	-19.19	-60.93
EBIT, 2 Yr. CAGR %	225.87	-44.71	-29.7	-19.19	-60.93
Earnings From Cont. Operations, 2 Yr. CAGR %	-24.2	72.67	107.86	7.8	-84.07
Net Income, 2 Yr. CAGR %	14.39	264.49	57.36	17.48	-84.92
Normalized Net Income, 2 Yr. CAGR %	68.78	-23.81	-74.04	-53.71	104.15
Diluted EPS Before Extra, 2 Yr. CAGR %	14.39	264.49	57.36	17.48	-84.92
Accounts Receivable, 2 Yr. CAGR %	17.01	-34.61	-80.87	-12.79	128.91
Inventory, 2 Yr. CAGR %	83.46	-24.91	-43.51	-7.35	-21.19
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.3	-8.8	-10.11	-5.5	-0.66
Total Assets, 2 Yr. CAGR %	11.45	-12.56	-29.12	-8.84	-1.25
Tangible Book Value, 2 Yr. CAGR %	2.29	-4.82	-16.36	-18.04	-6.89
Common Equity, 2 Yr. CAGR %	2.29	-4.81	-16.32	-18.07	-6.96
Cash From Operations, 2 Yr. CAGR %	66.32	78.06	27.94	-45.01	7.48
Capital Expenditures, 2 Yr. CAGR %	80.62	29.01	-19.69	153.06	320.91
Levered Free Cash Flow, 2 Yr. CAGR %	97.64	32.73	8.52	-40.87	3.74
Unlevered Free Cash Flow, 2 Yr. CAGR %	124.08	35.6	16.24	-44.29	2.84
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	30.31	40.74	-23.98	-35.15	-31.51
Gross Profit, 3 Yr. CAGR %	32.39	41.37	-16.87	-42.99	-39.89
EBITDA, 3 Yr. CAGR %	52	37.71	-25.2	-31.4	-43.55
EBITA, 3 Yr. CAGR %	28.84	29.16	-9.37	-13.72	-57.51
EBIT, 3 Yr. CAGR %	28.84	29.16	-9.37	-13.72	-57.51
Earnings From Cont. Operations, 3 Yr. CAGR %	-18.77	34.05	45.38	69.52	-70.32
Net Income, 3 Yr. CAGR %	19.89	40.2	149.98	42.71	-70.1
Normalized Net Income, 3 Yr. CAGR %	-4.28	25.89	-61.77	-31.85	-32.85
Diluted EPS Before Extra, 3 Yr. CAGR %	19.9	40.2	149.98	42.71	-70.1
Accounts Receivable, 3 Yr. CAGR %	24.36	-19.46	-65.51	-33.8	-20.49
Inventory, 3 Yr. CAGR %	38.26	14.81	-26.31	-27.19	-23.9
Net Property, Plant and Equip., 3 Yr. CAGR %	-5	-8.04	-7.5	-8.81	-2.08
Total Assets, 3 Yr. CAGR %	7.79	-4.6	-18.09	-16.56	-11.17
Tangible Book Value, 3 Yr. CAGR %	-0.19	-3.4	-9.73	-16.67	-11.05
Common Equity, 3 Yr. CAGR %	-0.1	-3.39	-9.7	-16.68	-11.07
Cash From Operations, 3 Yr. CAGR %	-33.26	130.1	5.62	10.03	-24.57
Capital Expenditures, 3 Yr. CAGR %	-6.01	77.58	-14.48	122.35	88.11
Levered Free Cash Flow, 3 Yr. CAGR %	-25.66	150.23	-19.73	13.49	-32.83
Unlevered Free Cash Flow, 3 Yr. CAGR %	-27.1	178.07	-16.6	11.43	-31.57
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.51	11.83	-5.94	-7.24	-14.03
Gross Profit, 5 Yr. CAGR %	13.83	12.32	-4.23	-12.64	-18.04
EBITDA, 5 Yr. CAGR %	27.36	-0.08	-2.22	19.05	-21.57
EBITA, 5 Yr. CAGR %	31.96	-6.63	1.12	46.81	-35.27
EBIT, 5 Yr. CAGR %	31.96	-6.63	1.12	46.81	-35.27
Earnings From Cont. Operations, 5 Yr. CAGR %	15.12	34.25	18.29	22.86	-39.97
Net Income, 5 Yr. CAGR %	21.4	23.36	33.67	30.63	-18.7
Normalized Net Income, 5 Yr. CAGR %	34.7	16.93	-43.2	-2.05	-18
Diluted EPS Before Extra, 5 Yr. CAGR %	21.4	23.36	33.67	30.63	-18.7
Accounts Receivable, 5 Yr. CAGR %	5.63	-10.78	-41.18	-16.86	-26.47
Inventory, 5 Yr. CAGR %	14.71	-13.3	-3.35	5.37	-24.3
Net Property, Plant and Equip., 5 Yr. CAGR %	37.89	31.41	-7.08	-7.03	-4.82
Total Assets, 5 Yr. CAGR %	16.54	3.54	-8.85	-6.32	-11.73
Tangible Book Value, 5 Yr. CAGR %	1.77	-2.4	-7	-9.55	-8.61
Common Equity, 5 Yr. CAGR %	1.82	-2.35	-6.94	-9.55	-8.62
Cash From Operations, 5 Yr. CAGR %	110.42	21.3	-13.42	29.8	6.36
Capital Expenditures, 5 Yr. CAGR %	3.54	41.65	-11.74	104.61	61.77
Levered Free Cash Flow, 5 Yr. CAGR %	66.56	25.73	-13.52	41.68	-11.06
Unlevered Free Cash Flow, 5 Yr. CAGR %	70.41	26.69	-12.15	47.35	-9.31