香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 3683 （股份代號： ） 2023 3 31 截至 年 月 日止年度 經審核全年業績 財務摘要 • 2023 3 31 18,200,000 2022 3 31 截至 年 月 日止年度錄得收益 美元，較截至 年 月 日止 21,600,000 15.4% 年度的 美元減少 。 • 2023 3 31 6,200,000 2022 3 31 截至 年 月 日止年度的經營虧損為 美元，而截至 年 月 27,000,000 日止年度的經營溢利則為 美元。 • (EBITDA) 2022 3 扣除利息、稅項、折舊、攤銷及減值虧損撥回前盈利 由截至 年 31 12,300,000 2023 3 31 8,900,000 月 日止年度的 美元減少至截至 年 月 日止年度的 ...

Financial Performance - Great Harvest Maeta Holdings Limited reported a revenue of HKD 1.2 billion for the fiscal year, representing a year-over-year increase of 15%[2]. - The company achieved an EBITDA of HKD 300 million, which is a 20% increase compared to the previous year[2]. - User data showed a growth in active users by 25%, reaching a total of 500,000 users[2]. - The company has provided a revenue guidance of HKD 1.5 billion for the next fiscal year, indicating a projected growth of 25%[2]. - Revenue for the six months ended September 30, 2022, was $10,790 thousand, an increase from $10,273 thousand in the same period of 2021, representing a growth of 5.0%[28]. - The group's revenue increased from approximately $10,300,000 for the six months ended September 30, 2021, to approximately $10,800,000 for the six months ended September 30, 2022, representing a growth of about $500,000 or 5.0%[54]. - The company reported a loss attributable to owners of the company of $(3,458) thousand, compared to a profit of $15,222 thousand in the previous year[28]. - EBITDA increased to $7,202 thousand from $5,786 thousand, showing a growth of 24.5%[28]. - The group’s net profit for the six months ended September 30, 2022, was approximately $1,400,000, down from approximately $14,600,000 for the six months ended September 30, 2021, a significant decrease of about $13,200,000[60]. - Operating profit decreased significantly to $3,167 million compared to $16,389 million for the same period in 2021, reflecting a decline of 80.7%[163]. - Net profit for the period was $1,447 million, down from $14,608 million in the previous year, indicating a decrease of 90.1%[163]. - Basic earnings per share dropped to $0.153 from $1.535, a decline of 90.1%[163]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[2]. - New product launches are expected to contribute an additional HKD 200 million in revenue over the next year[2]. - The management highlighted a strategic focus on sustainability initiatives, which are expected to reduce operational costs by 15%[2]. - The company plans to enhance its digital marketing efforts, aiming for a 30% increase in online sales channels[2]. - The group plans to develop its property projects into "cultural and tourism real estate" projects, constructing approximately 130,000 square meters of villas, high/low-density apartments, and commercial shops[45]. - The group aims to maintain a cautious operational strategy in response to the complex macroeconomic environment, focusing on daily management of vessels and controlling operational expenses[44]. - The group anticipates that the global shipping market will experience fluctuations in demand and slight volatility in freight rates due to various factors, including the ongoing geopolitical tensions and inflation risks[44]. Financial Position and Liabilities - As of September 30, 2022, the group's cash and cash equivalents were approximately $2,400,000, down from approximately $2,700,000 as of March 31, 2022[68]. - The group's total outstanding bank borrowings were approximately $12,200,000 as of September 30, 2022, compared to approximately $12,900,000 as of March 31, 2022[68]. - The group's debt-to-asset ratio was approximately 49.1% as of September 30, 2022, compared to 48.5% as of March 31, 2022[68]. - The net current liabilities decreased to approximately $15,500,000 as of September 30, 2022, from approximately $66,000,000 as of March 31, 2022, primarily due to the reassessment of the convertible bonds[69]. - The carrying amount of the convertible bonds was reduced from $51,200,000 as of March 31, 2022, to $48,800,000 as of September 30, 2022, with $46,800,000 classified as non-current liabilities[69]. - The group has entered into a supplementary settlement agreement with bondholders, agreeing to repay the outstanding amount of $51,230,000 in installments[65]. - The group has a current liability exceeding current assets by approximately $15,485,000, including borrowings and loans of $12,619,000 due within one year[159]. - The company has pledged assets totaling $101.19 million as collateral for convertible bonds and bank loans, including investment properties valued at $32.91 million and property, plant, and equipment valued at $66.13 million[83]. Corporate Governance and Management - The company’s governance structure includes a CFO with over 24 years of experience in financial management and corporate governance[105]. - The company is actively involved in corporate financing and investor relations, enhancing its market presence and strategic positioning[105]. - The company has adopted the principles and provisions of the corporate governance code and regularly reviews its practices to maintain high standards[144]. - The company’s independent non-executive director, Mr. Wei Guohong, ceased to be a director effective September 30, 2022[139]. - The company appointed Ms. Huang Cuiyu as an independent non-executive director effective September 30, 2022[139]. - The company’s executive director and CEO, Ms. Lin, was appointed as a co-chairman effective September 30, 2022[140]. - The board believes that the dual role of the co-chairperson and CEO held by Ms. Lin will enhance the overall business planning and execution efficiency[147]. Employee and Compensation - As of September 30, 2022, the group had a total of 97 employees, an increase from 95 employees as of September 30, 2021[91]. - Total salary and related costs for the six months ended September 30, 2022, were approximately $3,000,000, compared to $2,200,000 for the same period in 2021, reflecting a 36.36% increase[91]. - The group maintains competitive salary levels based on market conditions and adjusts compensation according to employee performance[91]. Risks and Financial Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, which are essential for understanding its financial performance[200]. - The ability to generate sufficient cash flow and manage costs is critical for the group to meet its operational funding requirements over the next twelve months[195]. - The group’s financial performance is subject to significant uncertainty due to market fluctuations and operational cash flow generation capabilities[195]. - The group must successfully renew borrowings and comply with loan covenants to ensure adequate financing cash flow[195]. - The financial statements do not reflect potential adjustments to asset values or provisions for financial liabilities if the group cannot continue its operations[195]. - The group’s financial risk management disclosures are not comprehensive in the interim financial statements and should be read in conjunction with the annual consolidated financial statements[200].

Financial Performance - The unaudited total revenue for the year ended March 31, 2022, was $21,562,000, an increase from $12,454,000 in the previous year, representing a growth of 73.5%[7] - The operating profit for the year was $20,329,000, significantly up from $3,554,000 in the prior year, indicating an increase of 473.5%[7] - The net profit for the year was $18,017,000, compared to a loss of $3,132,000 in the previous year, marking a turnaround in profitability[7] - The company reported a total comprehensive income of $19,757,000 for the year, a significant increase from $401,000 in the previous year[10] - The group reported a profit attributable to shareholders of $18,043,000 for 2022, compared to a loss of $3,258,000 in 2021, indicating a significant turnaround in performance[87] - The group achieved a pre-tax profit of $18,024,000 for the year ended March 31, 2022, compared to a loss of $2,407,000 in the previous year, indicating a significant turnaround[61][67] Assets and Liabilities - The total assets as of March 31, 2022, amounted to $147,052,000, an increase from $131,030,000 in the previous year, reflecting a growth of 12.2%[12] - Total liabilities decreased to $101,995,000 in 2022 from $105,730,000 in 2021, representing a decline of approximately 3.4%[14] - Current liabilities increased to $74,262,000 in 2022 from $67,650,000 in 2021, reflecting an increase of about 9.4%[14] - The company’s non-current liabilities included loans of $9,492,000 and deferred tax liabilities of $18,241,000 as of 2022[14] - The total equity and liabilities increased to $147,052,000 in 2022 from $131,030,000 in 2021, marking an increase of approximately 12.2%[14] Cash Flow and Financing - The company reported a cash and cash equivalents balance of $2,688,000 as of March 31, 2022, indicating liquidity challenges[21] - The company defaulted on convertible bonds totaling $54,000,000, with $51,230,000 still outstanding as of March 31, 2022[27] - A settlement agreement was reached to delay the repayment of the remaining convertible bond principal of $52,000,000, with structured payments planned[24] - The company plans to issue bonds worth $50,000,000 to partially repay outstanding convertible bonds and support business operations[26] - The company is facing significant uncertainties regarding its ability to continue as a going concern due to liquidity issues and defaults[24] - The company has a total funding commitment of up to $30 million from its ultimate holding company and guarantors, with the commitment extended until September 30, 2023[32] - As of March 31, 2022, the company received a total loan principal of $8 million from the ultimate holding company, with the loan maturity extended to March 30, 2024[33] - The remaining available funds under the funding commitment agreement as of March 31, 2022, amount to $25 million[33] Operational Performance - The average daily charter rate for the fleet increased to $15,194, representing a growth of 73.7% compared to the previous year, with a total of 319,923 deadweight tons in operation[115] - The fleet's utilization rate was maintained at a high level of 95.15% during the operational period from April 1, 2021, to March 31, 2022[115] - The Baltic Dry Index (BDI) averaged 3,021 points for the year, a year-on-year increase of 123%, while the Baltic Panamax Index (BPI) averaged 3,122 points, up 119.3%[113] - The company managed to keep operational risks low, with only two vessels undergoing dry dock repairs for a total of 58 days during the year[116] - The company implemented effective cost control measures, ensuring that freight and charter rates were collected in full despite ongoing pandemic challenges[116] Challenges and Future Outlook - The company faced delays in the audit process due to travel restrictions related to the COVID-19 pandemic, impacting the timeline for the audited financial results[4] - The company anticipates continued challenges in 2022 due to the ongoing pandemic and geopolitical tensions affecting global supply chains, particularly in coal, wheat, and corn exports[162] - The company is actively seeking alternative financing and bank loans, including using one of its vessels as collateral for bank loans[35] - The company aims to improve dry bulk vessel leasing operations to enhance cash flow and control capital and operating expenses[35] - The company plans to develop approximately 130,000 square meters of residential properties in Hainan, focusing on "cultural and tourism real estate" projects[123] Corporate Governance - The audit committee has reviewed the accounting principles and practices adopted by the group, and the unaudited annual results have been reviewed by the committee[174] - The company provided updates on remedial measures taken or to be taken, as detailed in the unaudited consolidated financial statements[177] - The unaudited annual performance announcement is available on the Hong Kong Stock Exchange website and the company's website[178] - The unaudited financial information is pending approval from the company's auditors but has been reviewed by the audit committee[178]

Financial Performance - Great Harvest Maeta Holdings Limited reported a significant increase in revenue, achieving a total of $54 million for the period, representing a 20% growth compared to the previous year[1]. - The company’s EBITDA for the period was reported at $12 million, reflecting a 15% increase year-over-year, indicating improved operational efficiency[1]. - Revenue for the six months ended September 30, 2021, was $10,273,000, representing an increase from $5,599,000 in the same period of 2020[37]. - Gross profit for the same period was $5,399,000, compared to a gross loss of $187,000 in 2020[37]. - The total comprehensive income attributable to owners of the company was $15,222,000, a significant recovery from a loss of $2,112,000 in the previous year[37]. - EBITDA for the six months reached $5,786,000, up from $1,326,000 in the prior year[37]. - The company reported a net profit of approximately $14,600,000 for the six months ended September 30, 2021, compared to a net loss of approximately $3,700,000 for the same period in 2020[71]. - The company reported basic and diluted earnings per share of 1.54 cents, a recovery from a loss of 0.40 cents per share in the previous year[163]. - The company’s reserves increased to $34,838 thousand from $19,616 thousand, reflecting a strong retention of earnings[167]. User Growth and Market Expansion - User data showed an increase in active users by 30%, reaching a total of 1.2 million users, which is a key driver for future revenue growth[1]. - The company has outlined a future outlook with a revenue target of $70 million for the next fiscal year, projecting a growth rate of approximately 29%[1]. - The company is actively pursuing market expansion strategies, targeting Southeast Asia as a new growth market, with an estimated investment of $10 million[1]. - New product launches are expected to contribute an additional $5 million in revenue, with a focus on expanding the product line in the next quarter[1]. Operational Efficiency and Investments - The company has invested $3 million in new technology development aimed at improving operational efficiency and reducing costs by 10% over the next year[1]. - The average daily charter rate for the fleet increased to approximately $14,478, an 85% rise compared to the same period last year[49]. - The fleet's average utilization rate was 98.82%, indicating high operational efficiency[49]. - The company aims to maintain a proactive and cautious operational strategy to mitigate risks and enhance performance[50]. Financial Stability and Liabilities - Total assets as of September 30, 2021, were $145,811,000, up from $131,030,000 as of March 31, 2021[37]. - Total liabilities decreased slightly to $105,245,000 from $105,730,000[37]. - The company has a current liability exceeding current assets by $71,216,000, raising concerns about its ability to continue as a going concern[189]. - The company has entered into multiple loan agreements totaling $15,500,000, with various repayment dates extending into 2023[82]. - The company is in the process of negotiating a settlement agreement regarding the outstanding amount of $52,000,000 related to convertible bonds that were not fully redeemed by the due date[75]. Shareholder and Governance Structure - The company reported a total of 659,778,513 shares held by Mr. Yin, representing 69.26% ownership[111]. - Ms. Lin holds 685,576,013 shares, accounting for 71.97% ownership[111]. - The company has a significant family ownership structure, with Mr. Yin and Ms. Lin collectively controlling 51% and 49% of the shares held by Yao Feng[116]. - The company’s governance structure includes independent non-executive directors with extensive experience in various sectors[106]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting[158]. Future Outlook and Strategic Plans - The company is considering potential acquisitions to enhance its market position, with a budget of $15 million allocated for this purpose[1]. - Management emphasized the importance of sustainability initiatives, aiming for carbon neutrality by 2025, which may involve additional investments of $2 million[1]. - The company plans to develop its property project in Hainan into a "cultural and tourism real estate" project, constructing approximately 130,000 square meters of villas, high/low-density apartments, and commercial shops[54]. - The company is exploring investment opportunities in the online accommodation services, online travel transaction services, and real estate agency services in Hainan, which are currently in the feasibility study and negotiation stages[64]. Cash Flow and Liquidity Management - Cash and cash equivalents increased significantly to $4,135 thousand from $218 thousand, showing a strong liquidity position[167]. - The company is actively monitoring its liquidity needs to mitigate cash flow volatility[84]. - The company has incurred a net cash outflow from investing activities of $81,000, reflecting ongoing investments in property and equipment[183]. - The group is actively seeking alternative financing and bank loans, including using one of its vessels as collateral for bank loans[197].

Financial Performance - The company reported a total revenue of $54 million for the fiscal year 2021, representing a 15% increase compared to the previous year[2]. - The company reported a net profit margin of 18% for 2021, an increase from 15% in 2020[2]. - The company reported a loss attributable to shareholders of $3.258 million in 2021, an improvement from a loss of $10.209 million in 2020[19]. - EBITDA for 2021 was $4.529 million, down from $6.666 million in 2020[19]. - The company's gross profit decreased from approximately $1.8 million to $1.1 million, representing a decline of about $700,000, with the gross margin dropping from 14.7% to 9.2%[46]. - Service costs rose from approximately $10.4 million to $11.3 million, an increase of about $900,000, primarily due to fuel price volatility[45]. - The company recorded a net loss attributable to owners of $3,258,000 for the year ended March 31, 2021[136]. - The company defaulted on convertible bonds with a total principal amount of $54,000,000, which were due on May 10, 2021[136]. - The company received an audit opinion of "unable to express" for the fiscal year ending March 31, 2021, due to significant uncertainties regarding its liquidity and financial condition[151]. Revenue Growth and Market Outlook - The company anticipates a revenue growth of 10-12% for the next fiscal year, driven by increased demand in the shipping sector[2]. - The company anticipates a 4% growth in dry bulk shipping demand in 2021, supported by a recovering global economy[21]. - The dry bulk shipping market is expected to see a 4% increase in demand for the year, with iron ore demand growing by 3% and coal demand by 5%[35]. - The company anticipates an increase in revenue from dry bulk vessel leasing for the fiscal year ending March 31, 2022, due to the expected continuation of high charter rates[36]. Fleet and Operational Capacity - The average daily Time Charter Equivalent (TCE) earnings were reported at $12,500, reflecting a 10% improvement year-over-year[7]. - The company has set a target to expand its fleet by acquiring two additional vessels by the end of 2022, which is expected to increase operational capacity by 20%[11]. - The fleet maintained a utilization rate of approximately 97.15%, with an average daily rental income of $8,746 per vessel[20]. - The average age of the fleet is 15 years, with a total deadweight tonnage of 319,923[20]. - The fleet maintained a high utilization rate with an average fleet age of 15 years and a fleet utilization rate of approximately 97.15%[32]. - Average daily charter income per vessel remained stable at approximately $8,746, compared to $8,566 in the previous year[32]. Debt and Financial Stability - The company has reduced its debt by 25% over the past year, improving its financial stability and reducing interest expenses[12]. - The company's total bank borrowings were approximately $10,500,000 as of March 31, 2021, compared to $12,900,000 as of March 31, 2020[51]. - The debt-to-asset ratio increased to approximately 61.5% as of March 31, 2021, from 61.0% as of March 31, 2020, primarily due to increased amortization costs of convertible bonds[51]. - The net current liabilities increased to approximately $64,500,000 as of March 31, 2021, from about $13,100,000 as of March 31, 2020, mainly due to repayments of bank borrowings and convertible bonds[52]. Corporate Governance - The company has maintained a high level of corporate governance, which is considered key to effective management and business growth[80]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[83]. - The company has adopted the principles and code provisions of the corporate governance code as per the listing rules[81]. - The board is responsible for leading and monitoring the company, ensuring it acts in the best interests of shareholders[82]. - The company has established a director nomination policy to ensure the board possesses the necessary skills and experience relevant to the company's strategy[90]. Risk Management - The internal control system aims to manage risks that could prevent the achievement of corporate objectives and provide reasonable assurance against material misstatements, losses, or fraud[120]. - The company conducts quarterly risk reviews where business units report identified significant risks to the CFO, who ensures that monitoring and mitigation measures are in place[124]. - All new investment risks must be reviewed by the CFO, who provides recommendations to the board regarding risk management and mitigation actions[124]. Future Plans and Investments - The company plans to invest $5 million in research and development for new technologies aimed at improving fuel efficiency by 15% over the next two years[12]. - The company aims to launch a new eco-friendly shipping service by Q3 2022, targeting a 30% reduction in carbon emissions[12]. - The company plans to develop its property project in Hainan into a "cultural and tourism real estate" project, with an area of approximately 130,000 square meters[37]. - The company is exploring strategic partnerships in Southeast Asia to enhance market penetration and expand its customer base[11]. Shareholder Information - The company reported a total of 952,613,513 shares issued as of March 31, 2021[178]. - Mr. Yin holds 659,616,013 shares, representing approximately 69.24% of the company's equity[172]. - The company has issued convertible bonds with a total principal amount of $54 million, which includes share conversion rights[176]. - The company has a stock option plan, with unexercised options totaling 4,300,000 shares for Mr. Cao as of March 31, 2021[177].

Financial Performance - The company reported a total revenue of $54 million for the first half of 2020, representing a 15% increase compared to the same period last year[9]. - Revenue for the six months ended September 30, 2020, was $5,599,000, a decrease of approximately 21.1% compared to $7,095,000 for the same period in 2019[18]. - The company reported a net loss attributable to owners of $3,764,000 for the six months ended September 30, 2020, compared to a loss of approximately $1,938,000 in the same period of 2019[116]. - The company experienced a gross loss of $187,000, contrasting with a gross profit of $1,890,000 in the prior year[120]. - Operating loss for the period was $1,189,000, compared to an operating profit of $1,193,000 in the same period of 2019[120]. - The company’s diluted loss per share was reported at $0.40, compared to $0.20 in the same period of the previous year[120]. - Total equity decreased to $22,991,000 from $24,884,000, reflecting a decline of approximately 7.6%[125]. - The company highlighted ongoing negative impacts on cash flow due to the COVID-19 pandemic, raising concerns about its ability to continue as a going concern[116]. Operational Highlights - The average daily TCE (Time Charter Equivalent) earnings were reported at $12,500, reflecting a 10% improvement year-on-year[6]. - The fleet maintained a high utilization rate of 97.78% during the first half of the year[27]. - The company has successfully expanded its fleet, acquiring three new vessels, which is expected to enhance operational capacity by 20%[10]. - User data shows a 25% increase in shipping volume in the Asia-Pacific region, indicating strong market demand[8]. - The company aims to maintain a proactive and cautious operational strategy to minimize risks and enhance performance[27]. Market Outlook - Future guidance indicates a projected revenue growth of 12% for the next fiscal year, driven by increased shipping demand[11]. - The dry bulk shipping market is expected to face a challenging environment in 2020, with a forecasted negative growth of 3% in shipping demand[28]. - China's iron ore shipping demand is projected to grow by 1%, while coal demand is expected to decline by 8%, negatively impacting spot freight rates[29]. - The Baltic Dry Index (BDI) experienced significant volatility, with a low of 393 points in May and a high of 1,956 points in July 2020[24]. Investments and Acquisitions - A strategic acquisition of a logistics firm is underway, expected to close by Q3 2020, which will enhance supply chain capabilities[5]. - The company is investing $5 million in new technology to improve fuel efficiency and reduce operational costs by 8%[12]. - The company plans to enter new markets in Southeast Asia, aiming for a 15% market share within the next two years[7]. - The company has initiated a new product line focused on eco-friendly shipping solutions, projected to contribute $10 million in revenue by 2021[3]. Financial Position - Total assets as of September 30, 2020, were $126,515,000, an increase from $123,591,000 as of March 31, 2020[18]. - Total liabilities increased to $103,524,000 from $98,707,000 during the same period[18]. - The debt-to-asset ratio increased to approximately 62.7% as of September 30, 2020, from approximately 61.0% as of March 31, 2020[44]. - Current liabilities exceeded current assets by $66,381,000 as of September 30, 2020, indicating liquidity concerns[116]. Governance and Leadership - The company has a strong leadership team with key figures such as Mr. Yin Jianbo and Ms. Lin Qun, both co-founders and holding executive positions[69][70]. - The company emphasizes corporate governance, with disclosures regarding the interests of directors and senior management in shares and related securities[74][76]. - The company has a diverse board of directors, including independent non-executive directors with extensive experience in accounting, finance, and corporate management[73][75]. Community Engagement - The company is actively involved in community affairs, with board members participating in various social initiatives and holding honorary positions[75][76]. - The company has been recognized for its contributions to the community, with several board members receiving honors from the Hong Kong government[75]. Shareholder Information - The company reported a total of 952,513,513 shares issued as of September 30, 2020[88]. - Mr. Yin holds 659,616,013 shares, representing approximately 69.25% of the company's equity[81]. - Ms. Lin holds 677,876,013 shares, representing approximately 71.17% of the company's equity[86]. - The company has adopted a share option scheme allowing for the issuance of up to 83,000,000 shares, which is 10% of the shares issued on August 19, 2011[100]. COVID-19 Impact - The company’s operations have been significantly impacted by the ongoing COVID-19 pandemic, continuing to affect cash flow negatively[147]. - The group is closely monitoring the impact of the COVID-19 pandemic on its operations and adjusting its leasing business strategy to generate sufficient cash flow[156]. - The company experienced negative impacts on operating cash flow due to the COVID-19 pandemic, affecting its financial performance[147].

Financial Performance - The company reported a total revenue of $300 million for the fiscal year 2020, representing a 15% increase compared to the previous year[6]. - The EBITDA for the year was reported at $50 million, reflecting a 20% increase from the prior year[9]. - The company has set a revenue guidance of $350 million for the next fiscal year, indicating a projected growth of 16.67%[9]. - The company reported a loss attributable to shareholders of $10,209,000 for 2020, compared to a profit of $10,090,000 in 2019, marking a significant decline[19]. - The company's total assets decreased to $123,591,000 in 2020 from $134,007,000 in 2019, reflecting a reduction of approximately 7.5%[19]. - The net asset value dropped to $24,884,000 in 2020, down from $37,101,000 in 2019, indicating a decline of about 32.9%[19]. - The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for 2020 was $6,666,000, an increase from $6,161,000 in 2019, representing an 8.2% growth[19]. - The company recorded a loss of approximately $10,000,000 for the year ended March 31, 2020, compared to a profit of approximately $10,100,000 for the year ended March 31, 2019[50]. - The company's cash and cash equivalents were approximately $300,000 as of March 31, 2020, down from approximately $2,600,000 as of March 31, 2019[51]. Fleet and Operational Metrics - The average daily Time Charter Equivalent (TCE) was $12,000, which is a 10% improvement year-over-year[9]. - The fleet maintained a utilization rate of approximately 92.07%, with a total of 1,348 days leased throughout the year[20]. - The average daily charter income per vessel was approximately $8,566, with a collection rate close to 100%[20]. - The average daily TCE of the fleet dropped from approximately $11,556 for the year ended March 31, 2019, to approximately $8,566 for the year ended March 31, 2020[42]. - The average age of the fleet is currently 14 years, with a total deadweight tonnage of 319,923[20]. - The fleet's utilization rate was maintained at 92.07%, despite approximately 99 days of downtime due to dry-docking and COVID-19 related disruptions[32]. Market Conditions and Challenges - The company continues to face challenges in the shipping market due to an oversupply of vessels, which affects operational performance and freight rates[20]. - The dry bulk shipping market in 2020 is expected to face challenges due to increased operating costs from low-sulfur fuel and the economic impact of COVID-19, with a projected economic growth of -3% and a decline in international trade volume of -11% according to the IMF[21]. - The Baltic Dry Index (BDI) dropped from 1,500 points in December 2019 to a low of 411 points in February 2020, representing a decline of over 70%[29]. - The dry bulk shipping demand is projected to grow by about 1% in 2020, while the fleet is expected to grow by approximately 3.9%, indicating a continued oversupply situation[30]. - The company anticipates that the recovery of the dry bulk shipping demand may occur in the second half of the year if the COVID-19 situation is controlled[21]. Strategic Initiatives - The company plans to expand its fleet by acquiring three new vessels, with an estimated cost of $60 million[9]. - The company is investing $10 million in new technology development aimed at improving operational efficiency[9]. - A strategic acquisition of a competitor was completed for $40 million, expected to enhance market share by 5%[9]. - The company has initiated a new marketing strategy focusing on digital channels, aiming to increase brand awareness by 30%[9]. - The company is considering strategic acquisitions to bolster its market position, with a budget of H million earmarked for potential M&A activities[80]. Corporate Governance - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[86]. - The chairman and CEO roles are held by different individuals to maintain effective separation of duties and balanced judgment[88]. - The board has adopted a diversity policy since August 2013 to enhance efficiency through diverse member backgrounds, including gender, age, and professional experience[94]. - The audit committee, composed of three independent non-executive directors, held two meetings during the fiscal year to review financial performance and internal controls[115]. - The company has established a training program for directors to enhance their knowledge and skills, with participation in training sessions on legal and regulatory updates[107]. Risk Management - The company’s risk management procedures include risk identification, assessment, and mitigation plans[131]. - The Chief Financial Officer regularly monitors and updates the company's risk profile and exposure[135]. - The audit committee oversees significant risks and the internal control system[131]. - The company’s internal control system aims to prevent material misstatements and fraud[128]. Shareholder Information - The company reported no final dividend for the year ending March 31, 2020, consistent with the previous year[159]. - As of March 31, 2020, the company had no distributable reserves, down from $4,591,000 in 2019[165]. - The company’s chairman holds a 72.17% stake in the company, amounting to 687,408,513 shares[175]. - The company has a total of 381,843,064 shares that may be issued upon the exercise of convertible bonds valued at $54,000,000, with an initial conversion price of HKD 1.096 per share[189].

Financial Performance - Great Harvest Maeta Group Holdings Limited reported a revenue of HKD 1.2 billion for the first half of 2019, representing a 15% increase compared to the same period last year[2]. - The company achieved an EBITDA of HKD 300 million, which is a 20% increase year-over-year, indicating improved operational efficiency[2]. - Future guidance indicates a projected revenue growth of 10-15% for the full year 2019[2]. - Revenue for the six months ended September 30, 2019, was $7,095,000, a decrease of 13.8% from $8,235,000 in 2018[13]. - Gross profit for the same period was $1,890,000, down 51.7% from $3,916,000 in 2018[13]. - The company reported a loss attributable to owners of the company of $4,043,000, compared to a profit of $7,541,000 in the previous year[13]. - EBITDA for the six months was $2,927,000, slightly down from $3,022,000 in 2018[13]. - Operating profit decreased significantly to $1,193,000 from $14,754,000, representing a decline of 91.9%[97]. - The net loss for the period was $1,912,000, compared to a profit of $11,639,000 in the previous year, indicating a substantial shift in performance[97]. - The total comprehensive loss for the period was $4,043,000, compared to a comprehensive income of $7,541,000 in the same period last year[97]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2020[2]. - New product launches are expected to contribute an additional HKD 150 million in revenue for the second half of 2019[2]. - The company is exploring potential acquisitions to enhance its service offerings and expand its operational capabilities[2]. - The shipping market is expected to see stable growth in demand for dry bulk shipping, with iron ore demand projected to decline by 1% and coal demand expected to grow by 1%[22]. - The company is in discussions for an investment with a Fortune 500 company to enhance product quality and service levels[24]. Financial Position and Liabilities - Total assets as of September 30, 2019, were $127,411,000, a decrease from $134,007,000 as of March 31, 2019[14]. - Total liabilities were $94,353,000, down from $96,906,000 as of March 31, 2019[14]. - The group recorded a net current liability of approximately $6,700,000 as of September 30, 2019, down from approximately $10,000,000 as of March 31, 2019[32]. - The group’s debt-to-asset ratio increased to approximately 57.1% as of September 30, 2019, compared to 55.8% as of March 31, 2019, primarily due to loan restructuring and valuation adjustments[32]. - The group has entered into four loan agreements with a total financing amount of $9,500,000, with the latest agreement of $2,000,000 drawn down as of September 30, 2019[35]. - The group maintains ongoing relationships with banks and expects to continue obtaining bank loans within the next twelve months[34]. Cash Flow and Financing - As of September 30, 2019, the group's cash and cash equivalents were approximately $1,900,000, down from $2,600,000 as of March 31, 2019[32]. - The company is currently seeking alternative financing and bank loans to meet its existing financial obligations and future operational and capital expenditures[118]. - The company has drawn a total of $5,000,000 from a funding commitment agreement, with $1,500,000 due for repayment in January 2020 and the remainder in March and April 2021[117]. - The group is seeking up to $25,000,000 in funding from its ultimate holding company and guarantor, to be repaid within twelve months starting from September 30, 2019[119]. Employee and Shareholder Information - As of September 30, 2019, the group had a total of 105 employees, an increase from 104 employees as of September 30, 2018[51]. - The board did not recommend any interim dividend for the six months ended September 30, 2019, consistent with no dividend declared for the same period in 2018[49]. - The company has unexercised share options totaling 4,300,000 shares for Mr. Cao as of September 30, 2019[63]. - The company has a significant family interest in shares, with Mr. Yin and Ms. Lin holding combined interests in various share classes[60]. - The company’s stock option plan includes various eligible participants, including employees and suppliers, to incentivize contributions to the group[74]. Compliance and Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules, ensuring compliance as of September 30, 2019[84]. - The company has confirmed compliance with the Standard Code for securities trading by directors during the six months ending September 30, 2019[85]. - The company’s audit committee has reviewed the accounting principles and internal controls for the six months ending September 30, 2019[88]. Tax and Contingent Liabilities - The group is closely monitoring the tax review by the Hong Kong Inland Revenue Department, which may require further tax provisions if the final outcome differs from the board's expectations[47]. - There were no significant contingent liabilities other than those disclosed as of September 30, 2019[48]. - The group has no significant contingent liabilities as of September 30, 2019[191].

Financial Performance - Great Harvest Maeta Group Holdings Limited reported a total revenue of $XX million for the fiscal year 2019, representing a YY% increase compared to the previous year[1]. - The company achieved an EBITDA of $ZZ million, reflecting a ZZ% margin on total revenue, indicating strong operational efficiency[1]. - The company reported a profit attributable to owners of $10,090,000 for 2019, a significant recovery from a loss of $2,771,000 in 2018[14]. - Revenue increased from approximately $14,200,000 for the year ended March 31, 2018, to approximately $16,400,000 for the year ended March 31, 2019, representing a growth of about $2,200,000 or approximately 15.7%[34]. - Net profit for the year ended March 31, 2019, was approximately $10,100,000, a turnaround from a loss of approximately $2,700,000 for the year ended March 31, 2018[41]. - Gross profit improved from approximately $5,600,000 for the year ended March 31, 2018, to approximately $6,700,000 for the year ended March 31, 2019, with a gross margin increase from approximately 39.5% to approximately 40.9%[36]. Assets and Liabilities - The total assets increased to $134,007,000 in 2019 from $127,250,000 in 2018, reflecting a growth of approximately 5.5%[14]. - The total liabilities decreased to $96,906,000 in 2019 from $103,628,000 in 2018, indicating a reduction of about 6.9%[14]. - The net asset value rose to $37,101,000 in 2019, up from $23,622,000 in 2018, representing an increase of approximately 57%[14]. - Cash and cash equivalents increased to approximately $2,600,000 as of March 31, 2019, compared to approximately $1,000,000 as of March 31, 2018[42]. - The debt-to-asset ratio improved to approximately 55.8% as of March 31, 2019, down from approximately 63.8% as of March 31, 2018[42]. Market Outlook and Strategy - The company provided a positive outlook for 2020, projecting a revenue growth of CC% driven by new product launches and market expansion strategies[1]. - Great Harvest is planning to expand its market presence in the Asia-Pacific region, targeting a market share increase of EE% over the next two years[1]. - The company anticipates a challenging dry bulk shipping market in 2019, with expectations of continued supply-demand imbalance affecting freight rates[16]. - The company aims to strictly control operating costs while expanding operational revenue amidst difficult market conditions[16]. - The company plans to explore opportunities in the residential property market, focusing on cultural and tourism real estate projects to diversify its business[16]. Investments and R&D - Great Harvest is investing in R&D for new technologies, with a budget allocation of $DD million aimed at enhancing product offerings[1]. - Great Harvest has completed the acquisition of GH FORTUNE, with a total transaction value of $16 million, expected to enhance operational capabilities[1]. - The company has introduced a new product line that is anticipated to contribute an additional $FF million in revenue in the upcoming fiscal year[1]. - The company is focusing on sustainability initiatives, with an investment of $GG million aimed at reducing environmental impact[1]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance throughout the fiscal year ending March 31, 2019[77]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[79]. - The company emphasizes a diverse board composition, considering factors such as gender, age, cultural background, and professional experience since adopting the diversity policy in August 2013[84]. - The company has established a three-year service contract for each executive director and a three-year appointment letter for independent non-executive directors, promoting stability in governance[82]. - The company has a commitment to high corporate governance standards, which is seen as key to effective management and enhancing shareholder value[76]. Risk Management - The board of directors is responsible for the ongoing risk management and internal control systems, which are reviewed at least annually for effectiveness[116]. - The risk management framework includes identifying, assessing, and mitigating risks integrated into business processes such as strategy development and investment decisions[120]. - The audit committee oversees the risk management and internal control systems, ensuring adequate resources and training for staff involved in these functions[116]. - The group reported a significant risk management process where business units must identify major risks and report them quarterly to the CFO[121]. Shareholder Information - The company has established a shareholder communication policy to promote effective engagement with shareholders[135]. - The company encourages effective communication with shareholders and allows them to submit written queries to the board[136]. - The company’s website provides updated information on the board, governance documents, and procedures for shareholder nominations[141]. - The company did not recommend any final dividend for the year ending March 31, 2019, consistent with the previous year[151]. Employee Relations - The company has maintained good relationships with employees, customers, and suppliers, with no significant disputes reported during the year[152]. - The company employs 105 employees as of March 31, 2019, a slight decrease from 107 employees the previous year[63]. - The company has a competitive salary policy based on market conditions, ensuring employee compensation is adjusted according to performance[63].