展 程 控 股 有 限 公 司 GOAL FORWARD HOLDINGS LIMITED (於開曼群島註冊成立之有限公司) 股份代號：1854 2020 年 報 目錄 | --- | |--------------------------| | | | 公司資料 | | 主席報告 | | 管理層討論及分析 | | 環境、社會及管治報告 | | 董事及高級管理層履歷詳情 | | 企業管治報告 | | 董事會報告 | | 財務資料概要 | | 獨立核數師報告 | | 綜合全面收益表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 綜合財務報表附註 | 2 3 5 13 31 34 45 56 57 62 63 65 66 67 1 展程控股有限公司 2020年年報 公司資料 | --- | --- | |---------------------------------------------------------------------|---------------------------------------------------------------------- ...

Financial Performance - Revenue for the six months ended September 30, 2019, was HKD 84,374,000, a decrease of 5.6% compared to HKD 89,869,000 for the same period in 2018[2] - Gross profit for the same period was HKD 11,719,000, down 39.2% from HKD 19,342,000 in 2018[2] - The company reported a net loss of HKD 1,239,000 for the six months ended September 30, 2019, compared to a profit of HKD 6,175,000 in the prior year[2] - Basic and diluted loss per share was HKD 0.10, compared to earnings of HKD 0.48 per share in 2018[2] - Miscellaneous income for the six months ended September 30, 2019, was HKD 94 million, down from HKD 354 million in 2018, indicating a decrease of approximately 73%[23] - The cost of goods sold for the six months ended September 30, 2019, was HKD 54,078 million, compared to HKD 52,533 million in 2018, reflecting an increase of approximately 2.9%[24] - Net financing costs for the six months ended September 30, 2019, amounted to HKD 320 million, up from HKD 206 million in 2018, representing an increase of approximately 55.3%[26] - For the six months ended September 30, 2019, the company reported a loss attributable to equity holders of HKD 1,233,000 compared to a profit of HKD 6,175,000 for the same period in 2018, representing a significant decline[29] - The basic and diluted loss per share for the period was HKD 0.10, down from a profit of HKD 0.48 per share in the previous year[29] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 147,083,000, down from HKD 150,736,000 as of March 31, 2019[3] - Non-current assets amounted to HKD 84,320,000, slightly up from HKD 84,073,000 as of March 31, 2019[3] - Current assets decreased to HKD 62,763,000 from HKD 66,663,000 in the previous period[3] - Total equity attributable to the company's equity holders was HKD 109,828,000, down from HKD 111,061,000 as of March 31, 2019[4] - As of September 30, 2019, total trade receivables amounted to HKD 33,073,000, a decrease from HKD 37,788,000 as of March 31, 2019[37] - The company’s total borrowings as of September 30, 2019, were HKD 25,759,000, slightly down from HKD 26,650,000 as of March 31, 2019[39] - The net book value of property, plant, and equipment as of September 30, 2019, was HKD 81,281,000, down from HKD 83,181,000 as of March 31, 2019[33] - The company’s total liabilities included employee costs accrued of HKD 3,007,000 as of September 30, 2019[41] Cash Flow - Operating cash flow for the six months ended September 30, 2019, was HKD 3,138,000, compared to HKD 15,810,000 in 2018, representing a decrease of 80.2%[6] - Net cash from operating activities decreased to HKD 1,717,000 from HKD 14,714,000, a decline of 88.3% year-over-year[6] - Net cash used in investing activities was HKD 2,164,000, compared to HKD 9,016,000 in the previous year, indicating a reduction of 76.0%[6] - Cash and cash equivalents decreased by HKD 1,338,000 during the period, with ending cash and cash equivalents at HKD 23,364,000, up from HKD 21,392,000 in 2018[6] - The company’s total cash and cash equivalents at the beginning of the period were HKD 24,702,000, compared to HKD 16,133,000 in 2018, reflecting an increase of 53.2%[6] - The company’s financing cash flow showed a net outflow of HKD 891,000, compared to a net inflow of HKD 439,000 in the previous year, indicating a shift in financing activities[6] - The company’s total cash outflow from financing activities increased to HKD 891,000 from HKD 439,000, indicating a significant change in financing strategy[6] Corporate Governance - The company has adopted sound corporate governance practices emphasizing a strong board, effective internal controls, and transparency to stakeholders[83] - The company is committed to achieving and maintaining high levels of corporate governance, which is crucial for gaining and retaining the trust of shareholders and stakeholders[85] - The board believes that effective corporate governance practices are essential for accountability and transparency, contributing to the group's ongoing success and enhancing shareholder value[85] - The company has adhered to the principles and code provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules throughout the period[85] - The company complies with Listing Rule 3.21, ensuring that the audit committee consists of at least three members, with the chairman being an independent non-executive director[85] Future Plans and Strategies - The company plans to focus on improving operational efficiency and exploring new market opportunities moving forward[2] - The company is in discussions with existing and potential new customers, including large-scale operating groups, to expand its supply range and support new store developments[51] - The company has successfully developed new sources for vegetable and fruit supply, and the operation of the Kwai Chung factory is expected to maintain market competitiveness[51] - The company plans to expand its logistics team by acquiring additional vehicles and hiring more distribution staff, although these plans have faced delays due to labor shortages[58] - The company aims to improve its sales channels, including upgrading mobile sales applications and developing an internet sales platform, although these modifications are taking longer than expected[58] Shareholder Information - The major shareholder, Classic Line, holds 720,000,000 shares, equivalent to 56.25% of the total equity[78] - As of September 30, 2019, Mr. Liao and Ms. Hu each hold a beneficial interest in 720,000,000 shares, representing 56.25% of the total equity[76] - The company repurchased 20,000,000 shares at an average price of HKD 0.24 per share, totaling approximately HKD 4.8 million, which is about 1.56% of the issued share capital[79] - The company's issued share capital decreased from 1,280,000,000 shares to 1,260,000,000 shares following the share repurchase[79] - The board did not recommend the payment of an interim dividend for the six months ended September 30, 2019[73] Accounting Standards - The company has adopted new accounting standards, including HKFRS 16, which may impact the classification of lease liabilities and assets[10] - The company is evaluating the impact of new accounting standards that will come into effect in future periods, which may affect financial reporting[9] - The group has chosen not to apply certain provisions of HKFRS 16 regarding the recognition of lease liabilities and right-of-use assets for leases that end within 12 months of the initial application date[14]

Financial Performance - Total revenue for the year ended March 31, 2019, was approximately HKD 185.9 million, an increase from HKD 176.8 million for the previous year[7]. - Net profit for the year ended March 31, 2019, was approximately HKD 16.1 million, down from HKD 22.9 million in the previous year, primarily due to professional fees related to the transfer listing of about HKD 4.5 million[11]. - Adjusted net profit for the year ended March 31, 2019, was approximately HKD 20.6 million, representing a decrease of about 10.0% compared to the previous year's adjusted net profit[11]. - The group's revenue for the year ended March 31, 2019, was approximately HKD 185.9 million, an increase of about 5.1% from HKD 176.8 million for the year ended March 31, 2018[13]. - The profit attributable to equity holders for the year ended March 31, 2019, was approximately HKD 16.1 million, a decrease of about 29.7% from HKD 22.9 million for the year ended March 31, 2018[20]. - Gross profit for the year ended March 31, 2019, was approximately HKD 44.0 million, a decrease of about 1.3% from HKD 44.6 million for the year ended March 31, 2018, with a gross margin of approximately 23.7%, down 1.5 percentage points from 25.2%[16]. - Profit before tax was HKD 20,353,000, down 26.1% from HKD 27,523,000 in the previous year[192]. - Total assets increased to HKD 150,736,000, up 15.4% from HKD 130,688,000 in 2018[192]. - Total liabilities were HKD 39,675,000, an increase of 11.3% from HKD 35,653,000 in 2018[192]. Operational Developments - The company successfully completed renovations and equipment installation at the Kwai Chung factory, which commenced full operations in January 2019, aimed at improving food processing efficiency[8]. - The group acquired a new processing base in Kwai Chung, which commenced full operations in January 2019, and has purchased additional facilities and machinery[21]. - The company anticipates continued operational pressures in the catering service industry, leading to increased demand for outsourced processing services[8]. - The company is in discussions with existing and potential clients, including large operating groups, to expand its current supply range and support new store openings[12]. - The company aims to further penetrate the market and expand its product offerings, particularly in processed fruit categories, to strengthen its position in the food service industry[8]. Cost and Expenses - The cost of sales for the year ended March 31, 2019, was approximately HKD 142.0 million, up about 7.3% from HKD 132.3 million for the year ended March 31, 2018[14]. - The selling and administrative expenses for the year ended March 31, 2019, were approximately HKD 23.6 million, an increase of about 38.0% from HKD 17.1 million for the year ended March 31, 2018[17]. - Employee costs totaled approximately HKD 22.3 million for the year ended March 31, 2019, up from HKD 18.5 million for the year ended March 31, 2018[36]. - The financing costs increased by approximately 22.3% to about HKD 526,000 for the year ended March 31, 2019, from HKD 430,000 for the year ended March 31, 2018[18]. Environmental and Social Responsibility - The company aims to reduce greenhouse gas emissions and improve waste management as part of its environmental goals[49]. - The company has implemented policies to monitor and control resource usage, including energy and water[55]. - The company promotes community engagement and ethical business practices as part of its social objectives[49]. - The company encourages the use of energy-efficient appliances and clean energy sources in its operations[56]. - The company has established a system for measuring and reporting its environmental and social performance through KPIs[50]. - The company is committed to protecting the environment and minimizing negative impacts on ecosystems[53]. - The company generated 30 tons of non-hazardous waste during the reporting period, of which approximately 7 tons were recycled[71]. - Total greenhouse gas emissions amounted to 436 tons of CO2 equivalent, a decrease from 808 tons in the previous year, representing a reduction of approximately 46%[74]. Corporate Governance - The board is committed to maintaining high standards of corporate governance to create long-term value for shareholders[112]. - The company has adopted sound corporate governance practices, emphasizing an excellent board, effective internal controls, and transparency[113]. - The board consists of a chairman, an executive director, and independent non-executive directors, ensuring a balance of experience and skills[117]. - The independent non-executive directors have confirmed their independence and possess relevant qualifications and experience[119]. - The company has established three board committees: remuneration, nomination, and audit, each with clear written terms of reference[126]. - The audit committee reviewed the consolidated financial statements for the year ending March 31, 2019, and confirmed compliance with applicable accounting standards and listing rules[135]. - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[150]. Risk Management - The group faces various risks and uncertainties, which are discussed in the management discussion and analysis section[156]. - The group has identified and assessed major risks that could impact the achievement of its objectives[146]. - The group maintained an effective internal control and risk management system to safeguard shareholder investments and group assets[146]. Shareholder Information - The board did not recommend a final dividend for the year ended March 31, 2019[35]. - The company has a dividend policy that considers financial performance, shareholder interests, and future capital needs before proposing any dividends[139]. - The company maintains discretion over its dividend policy and is not legally bound to declare any specific amount[141]. - The group made charitable donations of approximately HKD 2,000 for the year ended March 31, 2019, significantly down from HKD 24,000 in the previous year[160].