Financial Performance - Revenue from continuing operations for 2023 was HK$80.1 million, a slight decrease of 0.7% compared to HK$80.7 million in 2022[12]. - Profit for the year from continuing operations was HK$16.9 million, down 65.9% from HK$49.6 million in the previous year[12]. - The company reported a loss attributable to owners of the Company of HK$36.9 million, compared to a loss of HK$1.5 million in 2022[12]. - Earnings per share for 2023 was a loss of HK$0.64, compared to a loss of HK$0.03 in 2022[12]. - The discontinued operation reported a loss of HK$60.7 million, slightly higher than the loss of HK$56.4 million in 2022[12]. - The Group's revenue from continuing operations decreased by 0.8% from HK$80,741,000 (Restated) last year to HK$80,068,000 for the Year[30]. - The Group recorded fair value losses on listed equity investments amounting to HK$13,578,000, up from HK$1,671,000 last year, impacting overall profitability[42]. - The economic environment remains challenging, with ongoing uncertainties affecting overall profitability and revenue streams[28]. - The Group's revenue from continuing operations slightly decreased by 0.8% to HK$80,068,000 from HK$80,741,000 in the previous year, primarily due to an increase in fair value losses on listed equity investments amounting to HK$13,578,000[45]. Business Operations - The company is focusing on property investment, securities trading, and money lending as its core business areas[11]. - The management is exploring new strategies for market expansion and product development to enhance future performance[12]. - The company aims to improve operational efficiency and reduce costs in response to the challenging market conditions[12]. - The Group aims to diversify income streams and enhance operational efficiencies moving forward[38]. - The Group's strategic focus will be on bolstering profitability across core segments after ceasing non-core operations[35]. - The cruise ship charter services business was disposed of on 28 April 2023 due to prohibitive operational costs, ceasing all related operations[33]. - The Group divested all securities investments during the Year to mitigate exposure to market volatility[34]. - The Group recorded a loss attributable to owners of the Company of HK$36,866,000 for the Year, a significant increase from HK$1,501,000 in 2022[63]. - The cruise ship "Aegean Paradise" was disposed of on April 28, 2023, as part of the decision to discontinue the cruise ship charter services business[62]. Income and Expenses - Revenue from the money lending business increased by 18.7% to HK$72,491,000, with interest income from mortgage loans rising by 20.4% to HK$69,384,000[29]. - Other income rose significantly to HK$7,386,000 for the Year, compared to HK$796,000 in the previous year, driven by increased bank interest income and government grants[43]. - Administrative and operating expenses primarily included employee benefits, depreciation, and advertising costs[44]. - Administrative and operating expenses rose by 5.3% to HK$44,104,000 from HK$41,865,000, mainly due to a 6.4% increase in employee benefit expenses to HK$20,704,000 and a 30.8% rise in advertising and promotion expenses to HK$5,499,000[49]. - The Group recorded a net provision for impairment losses of HK$2,265,000 on mortgaged loans due to a decrease in the fair value of mortgaged properties[74]. - A net provision for impairment losses on loan and interest receivables was recognized at HK$2,794,000, compared to a net reversal of HK$498,000 in the previous year[56]. - The Group recorded a provision of HK$1,941,000 for impairment losses on repossessed assets of mortgage loans, compared to a reversal of overprovision of HK$11,000 in the previous year[59]. Assets and Liabilities - As of March 31, 2023, the Group had net current assets of HK$1,060,608,000, an increase from HK$921,104,000 in the previous year[101]. - The Group's equity attributable to owners decreased to HK$1,548,147,000 from HK$1,579,704,000 year-on-year[101]. - The Group had outstanding guarantees of HK$70,000,000 as of March 31, 2023, down from HK$130,000,000 in the previous year[97]. - As of March 31, 2023, the Group's cash and cash equivalents totaled approximately HK$456,027,000, an increase of 13.5% from HK$401,548,000 in 2022[102]. - The gearing ratio increased to 9.8% as of March 31, 2023, compared to 7.1% in 2022, reflecting a rise in total indebtedness[110]. - The Group had an amount due to an intermediate holding company of HK$80,000,000 as of March 31, 2023, up from HK$40,000,000 in 2022[108]. - Loan and interest receivables increased by 11.7% to HK$823,423,000 as of March 31, 2023, compared to HK$737,298,000 in 2022[69]. Corporate Governance - The Board of Directors consists of eleven members, including six executive directors and five independent non-executive directors[149]. - The Company held four regular board meetings during the year to review and approve annual and interim results, as well as quarterly management accounts[156]. - All independent non-executive directors confirmed their independence in accordance with the guidelines set out in the Listing Rules[153]. - The Company has complied with all code provisions of the Corporate Governance Code for the year ended 31 March 2023[143]. - The attendance of the Board members at meetings was high, with most directors attending 100% of the board meetings[160]. - The Company has adopted the Model Code for Securities Transactions by Directors and all directors confirmed compliance during the year[144]. - The Board has delegated day-to-day management responsibilities to senior management while overseeing strategic decisions and performance[147]. - The Company has arranged appropriate insurance cover for potential legal actions against its directors, reviewed annually[155]. - The Company has not officially appointed a chief executive officer since March 2, 2012, and the Board will continue to assess the need for such a position as the business grows[167]. Employee and Diversity - The Group's employee count remained stable at 31 staff as of March 31, 2023, compared to the previous year[133]. - The total workforce of the group as of March 31, 2023, consists of 42% male (13 employees) and 58% female (18 employees)[189]. - The gender ratio of the company's directors as of March 31, 2023, is 56% male (5 directors) and 44% female (4 directors)[185]. - The company adopted a board diversity policy in September 2013 to enhance performance through diverse perspectives[184]. - The Nomination Committee reviewed the structure, size, and composition of the Board and found it appropriately structured with no changes required[185]. - The company emphasizes meritocracy in board appointments, considering various diversity perspectives[184]. Share Options and Remuneration - As of March 31, 2023, there were 116,200,000 outstanding share options under the Share Option Scheme, representing approximately 2.0% of the total issued shares[129]. - The Share Option Scheme expired on September 3, 2022, and no further options will be offered under this scheme[128]. - The remuneration of senior management members for the year includes 3 individuals earning between HK$1,000,001 to HK$1,500,000, 2 individuals earning between HK$1,500,001 to HK$2,000,000, and 1 individual earning between HK$2,000,001 to HK$2,500,000[181]. - The Remuneration Committee is responsible for making recommendations on the remuneration packages of individual executive directors and senior management[176]. - The Remuneration Committee's major roles include reviewing management's remuneration proposals and ensuring no director is involved in deciding their own remuneration[179].
新世纪集团(00234) - 2023 - 年度财报