Governance and Board Structure - The board currently consists of two executive directors and three independent non-executive directors, ensuring a diverse governance structure [11]. - The independent non-executive directors have confirmed their independence throughout the year, contributing positively to the company's strategy and policies [5]. - The company has maintained a sufficient public float as per regulatory requirements, ensuring compliance with listing rules [3]. - The board has established clear guidelines on the division of roles between the board and management, enhancing operational efficiency [8]. - Continuous professional development for directors has been emphasized, ensuring they remain updated on regulatory changes and governance practices [12]. - The company has implemented a diversity policy for its board members, promoting varied perspectives in decision-making [13]. - Attendance records for board meetings indicate active participation, with some directors attending up to 17 meetings [14]. - The company is committed to transparency, with all directors' roles and functions disclosed on its website and the Stock Exchange [11]. - The board has collectively accepted responsibility for the accuracy of the information presented in the annual report [18]. - The Company has complied with all provisions of the Corporate Governance Code throughout the year ended March 31, 2024 [117]. - The Board is committed to maintaining a balanced composition in terms of diversity of experience, expertise, and independence [132]. - The Company has adopted procedures for the nomination, appointment, and re-appointment of directors since April 2006 [160]. - The Company emphasizes the importance of good corporate governance to maximize shareholder returns [1]. - The Board ensures that directors have sufficient resources to fulfill their duties, including access to independent professional advice [164]. - The Company will continue to review the composition of the Board to ensure a good balance of skills and experience [159]. - The Audit Committee consists of independent non-executive Directors with relevant experience for financial statement reviews [200]. - The Company recommends the re-appointment of the Independent Auditor at the upcoming annual general meeting [176]. Financial Performance - The company reported audited consolidated results for the fiscal year ending March 31, 2024, with a focus on performance metrics compared to the previous year [17]. - As of 31 March 2024, the total assets of the Group reached approximately HK$1,438.2 million, with a loss attributable to shareholders of approximately HK$126.8 million, a decrease of approximately HK$942.6 million compared to the previous financial year [37]. - The Group's revenue for the year ended March 31, 2024, was HK$183,461,000, compared to no revenue in the previous year [52]. - Loss attributable to owners of the Company decreased to HK$126,785,000 from HK$1,069,359,000 in the previous year, representing a reduction of approximately 88.2% [52]. - The Group recorded a net loss attributable to owners of approximately HK$126.8 million for the Current Year, compared to a loss of approximately HK$1.069 billion in the Last Year, indicating a significant reduction in losses [99]. - Revenue for the Current Year was approximately HK$183.5 million, a notable increase from nil revenue in the Last Year, attributed to the development of trading and premium white spirit [97]. - The Group's cash and bank balances increased to approximately HK$179.2 million as of March 31, 2024, compared to approximately HK$4.3 million as of March 31, 2023 [99]. - Finance costs for the Current Year were approximately HK$47.4 million, representing a decrease of approximately 49.7% from HK$94.3 million in the Last Year [99]. - The Group incurred a loss of HK$127.2 million for the year ended March 31, 2024, with current liabilities including an entrusted loan of HK$541.95 million [78]. - The Group has cash and cash equivalents of HK$177.59 million as of March 31, 2024 [102]. Business Operations and Development - The Group is primarily engaged in property investment, development, hotel operations, financial advisory services, and health management services [40]. - The Group's property development project, Golden Beach No. 1, is now expected to be completed in 2024/2025, with a total gross floor area of approximately 195,000 square meters, including over 1,600 apartment suites and a market value of approximately RMB800 million [42]. - The Group plans to launch a new business in premium white spirit trading and development in China, which is expected to provide sustainable business development opportunities [42]. - The Group's comprehensive healthcare business segment aims to build the "Grandlife Healthcare Group" brand, focusing on planning and management services for healthcare operators [51]. - The Group started trading and developing premium white spirit in 2023, recognizing the significant market potential in China [51]. - The Group's investment in property development includes approximately 1,400 serviced apartment units in the Weihai Property, which is wholly owned by the Group [64]. - The hotel operations in the Weihai Property will consist of approximately 200 hotel suites, currently under construction, with completion expected to be delayed to 2024/2025 due to COVID-19 [48][49]. - The Group aims to generate stable cash flow from the Weihai property, which is expected to become a new source of income [42]. - The Group plans to adjust its financial consultancy service model to include building financing platforms for various enterprises, not just real estate developers, to capture market opportunities [50]. - The Group is exploring options to remedy late payment issues and restructure payment terms for the entrusted loans, considering the realizable value of the Weihai Runhe construction-in-progress [83]. - The Group is developing partnerships with property owners to convert properties into high-end healthcare projects, leveraging capital from insurance companies and financial institutions [136]. Challenges and Risks - The impact of the coronavirus pandemic has significantly affected global economic activities, leading to strict isolation measures that are still in place [38]. - The Group's construction progress for the Golden Beach No. 1 project was substantially delayed due to the pandemic [42]. - The Group's operations are significantly impacted by China's macro-control policies on the real estate industry, which pose risks to its business [112]. - Changes in taxation policies in China, particularly for the real estate industry, could significantly impact the Group's profitability due to the high tax burden [138]. - The Group's assets are primarily located in China and denominated in RMB, making them susceptible to currency rate changes between RMB and HKD [138]. - The management is closely monitoring the financial consultancy service business, which remains dormant due to the weak global economy [136]. Employee and Remuneration - As of March 31, 2024, the Group had a total of 19 employees, with remuneration and staff costs approximately HK$5.1 million, a decrease from HK$5.9 million in the previous year [135]. - The Group's employment and remuneration policy is determined by the remuneration, quality, and nomination committee, with discretionary bonuses and medical insurance provided [135]. - The Group's executive Directors and senior management remuneration packages are reviewed annually, while other employees' packages are approved by the CEO [135]. Future Outlook - The Group anticipates recognizing sales revenue from the Golden Beach No. 1 Project phase I in the financial year 2024/25 [135]. - The hotel of the Golden Beach No. 1 Project phase I in Weihai, Shandong province is under construction and expected to start operating in 2025, becoming the highest building in the city and the first international five-star hotel [136]. - The comprehensive healthcare planning and management services business, established in 2020, is progressing steadily and includes services such as preliminary planning, research, and staff training for healthcare operators [136]. - Starting from 2023, the Group has engaged in trading and developing premium white spirit, significantly increasing cash flow and revenue [136]. - The Group's future principal business includes property investment, property development, hotel operations, and trading of premium white spirit in the PRC [135].
皇冠环球集团(00727) - 2024 - 年度业绩