Financial Performance - Revenue decreased by 15.3% from HKD 74.4 million for the year ended March 31, 2023, to HKD 63.0 million for the year ended March 31, 2024[6]. - Loss attributable to owners of the company decreased from HKD 16.6 million for the year ended March 31, 2023, to HKD 15.7 million for the year ended March 31, 2024[6]. - Basic loss per share improved from HKD 4.29 cents for the year ended March 31, 2023, to HKD 3.96 cents for the year ended March 31, 2024[6]. - Gross profit decreased by 30.5% from HKD 7.9 million for the year ended March 31, 2023, to HKD 5.5 million for the year ended March 31, 2024[12]. - Gross margin decreased from 10.6% for the year ended March 31, 2023, to 8.7% for the year ended March 31, 2024, primarily due to discounts offered to customers[12]. - Other income increased from HKD 2.9 million for the year ended March 31, 2023, to HKD 3.8 million for the year ended March 31, 2024[13]. - The total comprehensive loss attributable to the owners of the company decreased from HKD 16.6 million for the year ended March 31, 2023, to HKD 15.7 million for the year ended March 31, 2024[18]. Retail and Market Trends - The total retail sales value in Hong Kong decreased by 7% in March 2024 compared to the previous year, with a total sales volume decrease of 8.6%[10]. - Online retail sales value was HKD 31.7 billion for the year ended March 31, 2024, a decrease of 2.7% compared to the previous year[10]. - The company implemented various strategic sales and marketing activities to adapt to the changing wine market in Hong Kong[7]. - The total revenue for the Hong Kong spirits market in 2024 is projected to reach USD 556 million, with household income expected to grow at a CAGR of 3.61% from 2024 to 2028[51]. - The wine industry in Hong Kong is expected to reach USD 622 million in revenue by 2022, with a return to pre-pandemic levels anticipated in 2023[52]. - The mainland China wine industry revenue is projected to reach USD 25.7 billion in 2022, with an annual growth rate of 6.76% from 2022 to 2025[53]. Strategic Initiatives - The company raised approximately HKD 30.2 million through a rights issue, with a net amount of HKD 29 million after expenses[58]. - The company plans to allocate HKD 3.0 million for the startup costs of a new retail store in China, including renovation and employee costs[62]. - An additional HKD 14.5 million is designated for procuring quality wine for the new store in China[62]. - HKD 9.7 million is allocated for purchasing high-end quality wines for the company's Hong Kong operations[62]. - The company has successfully automated processes to improve operational efficiency and reduce costs[55]. - The company aims to become one of the leading premium wine retailers in Hong Kong through new sales strategies and marketing channels[55]. - The company is actively seeking new business opportunities to diversify its operations and enhance long-term shareholder value[56]. Financial Position and Ratios - The current ratio improved significantly from 6.90 in 2023 to 11.25 in 2024, attributed to an increase in bank balances and a decrease in bank loans[21]. - Cash and bank balances increased to HKD 26.5 million as of March 31, 2024, compared to HKD 5.9 million as of March 31, 2023[22]. - The debt-to-equity ratio decreased from 12.9% in 2023 to 3.9% in 2024, indicating a stronger financial position[22]. - The total employee costs, including director remuneration, decreased from HKD 8.4 million in 2023 to HKD 7.5 million in 2024[40]. Corporate Governance - The company continues to adhere to high standards of corporate governance and has adopted the corporate governance code as of March 31, 2024[110]. - The board of directors held a total of four meetings during the fiscal year ending March 31, 2024, with all directors attending the shareholder meeting[113]. - The company has established mechanisms to ensure independent opinions on director nomination and board diversity policies[119]. - The company has a structured approach to ensure that all employees adhere to the anti-corruption policy during business transactions[134]. - The company emphasizes high standards of business integrity and has adopted anti-corruption and whistleblowing policies to prevent fraud and bribery[131]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainable development as a key to ongoing success and integrates environmental, social, and governance (ESG) aspects into its risk management[187]. - The company has set goals to minimize environmental impact and enhance employee awareness of ESG issues[188]. - The ESG report aims to provide a balanced view of the company's performance, avoiding any misleading omissions or presentation formats[194]. - The company conducts regular assessments to identify significant ESG issues and their importance to the business and stakeholders[196]. - The board and working group review and confirm the significance of identified ESG issues, ensuring they align with stakeholder concerns[196]. Economic Outlook - Global economic growth is projected to continue at a rate of 3.2% in 2024 and 2025, consistent with 2023's growth rate[41]. - Developed economies are expected to see a slight increase in growth from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025, while emerging markets will slow from 4.3% in 2023 to 4.2% in 2024 and 2025[41]. - Global inflation is anticipated to decline from 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025, with developed economies reducing inflation faster than emerging markets[41]. - The unemployment rate in Hong Kong was 2.9% in January 2024, expected to remain stable[48].
美捷汇控股(01389) - 2024 - 年度财报