Financial Performance - For the fiscal year ending March 31, 2024, the company reported a net investment income of HKD 32,000, a decrease of 33.33% from HKD 48,000 in the previous year[2] - Total other income decreased significantly to HKD 40,000, down 67.64% from HKD 123,000 year-over-year[2] - The company's operating loss for the year was HKD 9,347,000, an improvement of 8.01% compared to an operating loss of HKD 10,161,000 in the previous year[2] - The pre-tax loss for the year was HKD 9,358,000, compared to HKD 10,172,000 in the prior year, indicating a 7.99% improvement[2] - The total comprehensive loss for the year was HKD 9,358,000, which is a decrease of 8.01% from HKD 10,172,000 in the previous year[2] - The company's net asset value decreased to HKD 12,898,000 from HKD 22,256,000, reflecting a decline of 42.99%[3] - Cash and cash equivalents decreased to HKD 18,057,000 from HKD 21,566,000, a reduction of 16.56%[3] - The company's total equity attributable to shareholders decreased to HKD 12,898,000 from HKD 22,256,000, a decline of 42.99%[3] - The company recorded an annual loss of approximately HKD 9,358,000 for the year ending March 31, 2024, a decrease of about HKD 814,000 compared to the loss of approximately HKD 10,172,000 for the previous year[29] - Net investment income for the year was approximately HKD 32,000, down from HKD 48,000 in the previous year, primarily due to fair value changes in financial assets[29] - General and administrative expenses for the year were approximately HKD 9,419,000, a reduction of about HKD 913,000 compared to the previous year, mainly due to a decrease in investment management fees[29] Shareholder Information - The basic and diluted loss per share remained at HKD 0.04, unchanged from the previous year[2] - The company's basic loss per share for 2024 was calculated based on a weighted average of 237,271,000 shares, consistent with the previous year[24] - No dividends were recommended for the year ending March 31, 2024, consistent with the previous year[27] - The company did not recommend the payment of dividends for the current year, indicating no dividends for 2023[41] Loans and Financial Agreements - The company entered into two loan agreements with Everbright Goldstone, with a maximum principal amount of HKD 2,500,000 and HKD 10,000,000, respectively, both interest-free and repayable within one year[39] - The outstanding loan amount from Everbright Goldstone as of March 31, 2024, was approximately HKD 4,030,000, including principal of HKD 4,000,000 and accrued interest of about HKD 30,000[43] - The company extended the loan maturity dates with Everbright Goldstone multiple times, with the latest extension pushing the due date to December 31, 2024[40] - The company has an unused loan amount of HKD 8,500,000 as of December 2023, which has been extended for withdrawal until December 31, 2024[40] Investment Activities - The company did not hold any significant investments as of March 31, 2024, and previously held approximately HKD 6,610,000 in U.S. Treasury bonds, which have matured[35] - The board is adopting a cautious approach towards any investment and business development due to global economic uncertainties and market volatility[34] - There are currently no plans for significant investments or capital assets, but the company will consider potential investment opportunities as they arise[38] - The company plans to conduct a rights issue in 2024 at a subscription price of HKD 0.11 per share, with the expected completion date on March 25, 2024[51] Economic Context - The Hang Seng Index declined by approximately 3.0% in the first quarter of 2024, reaching a low closing point of 14,961 on January 22, 2024[33] - The Hong Kong economy showed a recovery with a 2.7% year-on-year growth in GDP for the first quarter of 2024, despite a 1.1% decline in financial services output[33] Corporate Governance - The company has adhered to the corporate governance code and maintained high standards of corporate governance practices throughout the year[66] - The Audit Committee consists of three independent non-executive directors who reviewed the company's accounting principles and financial reporting matters[69] - The Audit Committee has reviewed the audited financial statements for the year[70] - The company confirmed compliance with the standards for directors' securities trading throughout the year[71] Employee Information - The company had four employees as of March 31, 2024, with total employee compensation of approximately HKD 2.607 million for the year[59] - Employee costs, including director remuneration, increased to HKD 4,835,000 in 2024 from HKD 4,676,000 in 2023, reflecting a rise of approximately 3.4%[19] Miscellaneous - The company has no capital commitments as of March 31, 2024[57] - There are no significant contingent liabilities or asset pledges as of March 31, 2024[55] - The company maintains a policy to keep foreign exchange risk at a relatively low level and does not use any derivative instruments for hedging purposes[54] - The company has not engaged in any acquisitions or disposals of subsidiaries, joint ventures, or associates during the year[36] - The company has not issued any securities under the 2024 rights issue, which has become ineffective[53] - The investment management agreement with INV Advisory Limited expired on May 31, 2023[64] - Ms. Chen resigned as Executive Director and Chair of the Investment Committee, with Mr. Lin appointed as the authorized representative[64] - Ms. Li was appointed as Executive Director and Chair of the Investment Committee effective April 25, 2024[65] - Financial costs from a shareholder's loan remained stable at HKD 11,000 for both 2024 and 2023[19] - Depreciation expenses for owned properties and equipment rose significantly to HKD 668,000 in 2024 from HKD 338,000 in 2023, marking a 97.6% increase[19] - The company recorded net bank interest income of HKD 40,000 in 2024, up from HKD 32,000 in 2023, representing a growth of 25%[17] - The fair value changes of financial assets measured at fair value through profit or loss decreased to HKD 32,000 in 2024 from HKD 48,000 in 2023, a decline of 33.3%[17] - The company did not recognize any income from government subsidies in 2024, compared to HKD 72,000 in 2023[17] - The total amount raised from the 2022 rights issue was approximately HKD 43.8 million, with a net amount of about HKD 41.7 million after expenses[48] - As of March 31, 2024, the unutilized net proceeds from the 2022 rights issue amounted to approximately HKD 17.2 million, which is held in a licensed bank in Hong Kong[48] - The proposed use of the net proceeds includes HKD 5.1 million for repaying loans and related interest, HKD 27.2 million for future investments and business development, and HKD 9.4 million for general working capital[48]
金石资本集团(01160) - 2024 - 年度业绩