Financial Performance - The group recorded a net loss of approximately HKD 24,200,000 for the fiscal year ending March 31, 2024, compared to a net loss of approximately HKD 62,500,000 for the previous year, representing a reduction of about 61%[3]. - The loss per share for the fiscal year ending March 31, 2024, was approximately HKD 18.88, down from HKD 48.77 in the previous year, indicating an improvement of about 61%[4]. - The group reported a pre-tax loss of HKD 24,209,000 for the year ended March 31, 2024, compared to a loss of HKD 62,549,000 for the previous year[40]. - The net loss for the year decreased by approximately 61.3% from about HKD 62,500,000 in the previous year, mainly due to the absence of impairment losses on intangible assets[53]. - The company reported a net loss attributable to shareholders of approximately HKD 24,209,000 for the year ended March 31, 2024, with a net cash outflow from operations of about HKD 6,893,000[48]. Assets and Liabilities - The group's net liabilities increased to approximately HKD 79,800,000 as of March 31, 2024, up from approximately HKD 67,500,000 the previous year, an increase of about 18%[3]. - Total assets less current liabilities showed a decrease to approximately HKD (21,548,000) compared to HKD (37,133,000) the previous year, indicating a worsening position[6]. - The company reported total liabilities of HKD 170,218,000 as of March 31, 2024, an increase from HKD 158,613,000 in the previous year[27]. - The total liabilities of the group amounted to approximately HKD 79,776,000, an increase of about HKD 12,300,000 from HKD 67,500,000 as of March 31, 2023[54]. - The asset-to-liability ratio as of March 31, 2024, was approximately 188.3%, compared to 174.1% in the previous year[56]. Cash Flow and Operating Activities - The group generated a net cash outflow from operating activities of approximately HKD 6,893,000 for the fiscal year ending March 31, 2024[12]. - The company’s unclassified income for the fiscal year ending March 31, 2024, was HKD 140,000, while unclassified corporate expenses amounted to HKD 13,409,000[26]. - The company’s financing costs for unclassified segments were HKD 8,411,000 for the fiscal year ending March 31, 2024[26]. - The total financing costs increased to HKD 10,495,000 in 2024 from HKD 8,411,000 in 2023, with interest from convertible bonds rising to HKD 7,580,000[35]. Gaming Operations and Future Plans - The group plans to resume gaming operations at a new casino in Dara Sakor, Cambodia, pending shareholder approval for a framework agreement[13]. - The group aims to restore table gaming operations at a new casino in Dara Sakor, Cambodia, but has not yet obtained the necessary approvals[51]. - The group plans to lease a VIP room in a casino in Cambodia to resume gaming operations, pending regulatory and shareholder approvals[48]. - The company is optimistic about the potential revenue contribution from the new VIP room, which is expected to open in early September 2024[60]. - A new casino agreement has been established with LongBay Entertainment for the operation of a VIP hall, with a lease term of three years and a monthly rent of USD 35,000, expected to generate revenue by the end of 2024[62]. Shareholder and Financing Support - The group has received a commitment from a major shareholder to not demand repayment of certain convertible bonds until at least June 30, 2025, providing financial support for operations[13]. - The company has secured additional financing commitments, including a personal guarantee from Mr. Wu for HKD 39,037,000 in loans from third parties[51]. - The company has a remaining balance of HKD 30,684,000 due from the chairman, which will be repaid by June 30, 2025[84]. Compliance and Governance - The company has adopted the corporate governance code as per the listing rules and believes it has taken sufficient measures to ensure compliance with the code[75]. - The Audit Committee consists of three independent non-executive directors, with responsibilities including reviewing financial reporting procedures and maintaining appropriate relationships with auditors[77]. - The Compliance Committee is responsible for formulating and monitoring compliance policies and practices, ensuring adherence to legal and regulatory requirements[78]. - The Remuneration Committee reviews the company's remuneration policies and structures, ensuring alignment with corporate strategies and objectives[79]. - The Nomination Committee evaluates the board's structure and diversity, making recommendations for director candidates to align with corporate strategies[81]. Environmental and Social Responsibility - The company has installed energy-saving lights in its offices to reduce energy consumption as part of its environmental strategy[68]. - The company employs 5 permanent staff in Hong Kong and participates in a mandatory provident fund scheme, providing competitive compensation and medical insurance[71]. - The company has no knowledge of any significant non-compliance with applicable laws and regulations for the fiscal year ending March 31, 2024[69]. Dividends and Shareholder Returns - The company did not declare any dividends for the year ended March 31, 2024, consistent with the previous year[39]. - The board does not recommend a final dividend for the fiscal year ending March 31, 2024, consistent with the previous year[73].
世纪娱乐国际(00959) - 2024 - 年度业绩