Financial Performance - The company's revenue for the year ended March 31, 2024, was approximately HKD 76,066,000, a decrease of about HKD 86,464,000 or 53.2% compared to HKD 162,530,000 for the year ended March 31, 2023[7]. - The loss attributable to the company's owners for the year ended March 31, 2024, was approximately HKD 9,160,000, a reduction of about HKD 49,004,000 or 84.3% from a loss of HKD 58,164,000 for the year ended March 31, 2023[7]. - The gross profit for the year ended March 31, 2024, was HKD 20,861,000, compared to HKD 13,452,000 for the previous year, indicating an increase in gross profit[8]. - The total comprehensive loss for the year ended March 31, 2024, was HKD 13,811,000, down from HKD 77,990,000 in the previous year[10]. - The company reported a basic and diluted loss per share of HKD 2.77 for the year ended March 31, 2024, compared to HKD 17.61 for the previous year[8]. - The company incurred a loss of HKD (9,240,000) before tax in 2024, a significant improvement from a loss of HKD (69,461,000) in 2023[43]. - The reported segment loss for 2024 was HKD (7,034,000), significantly improved from a loss of HKD (55,573,000) in 2023[38]. - The group reported a net loss of approximately HKD 8,186,000 and a net cash outflow from operations of HKD 669,000 for the year ended March 31, 2024[84]. Revenue and Income Sources - The group generated total revenue of HKD 76,066,000 for the year 2024, a decrease of 53.3% compared to HKD 162,530,000 in 2023[26]. - The group’s revenue from mobile advertising media services was HKD 73,116,000 in 2024, down 48.6% from HKD 142,228,000 in 2023[26]. - Revenue from agricultural and consumer products was approximately HKD 1,961,000 for the fiscal year ending March 31, 2024, down 89.3% from HKD 18,316,000 in 2023[66]. - The supply chain business reported zero revenue for the fiscal year ending March 31, 2024, compared to HKD 846,000 in 2023, indicating a significant decline[68]. - The group reported other income of HKD 1,422,000 for 2024, compared to HKD 378,000 in 2023, with government subsidies related to COVID-19 accounting for HKD 360,000 in the previous year[28]. Expenses and Cost Management - The administrative and other operating expenses decreased to HKD 19,402,000 from HKD 46,198,000 year-on-year[8]. - Employee costs, including director remuneration, amounted to HKD 10,120,000 in 2024, down from HKD 15,344,000 in 2023, a decrease of approximately 34%[43]. - Administrative and other operating expenses decreased from approximately HKD 46,198,000 to about HKD 19,402,000, a reduction of approximately 58% due to decreased R&D spending on programmatic advertising and content operations systems[58]. - The group’s management is closely monitoring administrative and capital expenditures to control costs[25]. Assets and Liabilities - Non-current assets decreased from HKD 83,993 thousand in 2023 to HKD 76,799 thousand in 2024, a decline of approximately 8.5%[12]. - Current assets decreased from HKD 145,928 thousand in 2023 to HKD 128,865 thousand in 2024, a decline of about 11.7%[12]. - Total liabilities decreased from HKD 206,768 thousand in 2023 to HKD 191,158 thousand in 2024, a reduction of approximately 7.6%[12]. - The company's total assets as of March 31, 2024, were HKD 205,664 thousand, down from HKD 229,921 thousand in 2023, a decrease of approximately 10.5%[12]. - The company's equity attributable to owners increased from HKD 13,245 thousand in 2023 to HKD 18,091 thousand in 2024, an increase of about 36.5%[13]. - The accounts receivable as of March 31, 2024, amounted to HKD 37,132,000, down from HKD 49,627,000 in the previous year[55]. - The accounts payable as of March 31, 2024, totaled HKD 40,740,000, a slight decrease from HKD 43,958,000 in the previous year[56]. Cash Flow and Financing - The company is focusing on improving operational cash flow and monitoring operating expenses closely to enhance business performance[60]. - The group is implementing measures to manage cash flow needs and improve financial conditions, including negotiating with creditors to extend repayment dates[25]. - The group has obtained agreement from relevant lenders not to demand immediate repayment of outstanding amounts and is seeking alternative debt and/or equity financing[25]. - As of March 31, 2024, the group's cash and bank deposits were approximately HKD 8,160,000, representing a decrease of about 25% from HKD 10,882,000 as of March 31, 2023[70]. - The group recorded current liabilities of approximately HKD 188,418,000 and cash and cash equivalents of approximately HKD 8,160,000[21]. Going Concern and Audit Opinion - The independent auditor's report issued on June 27, 2024, expressed a "disclaimer of opinion" regarding the company's ability to continue as a going concern, prompting the board to implement measures to improve liquidity and financial conditions[59]. - There is significant uncertainty regarding the group's ability to continue as a going concern, which may impact its future cash flows[87]. - The independent auditor's report indicates that sufficient appropriate audit evidence could not be obtained to support the financial statements[83]. - The financial statements were prepared on a going concern basis, contingent on the effectiveness of the board's measures[86]. - The audit committee has reviewed the auditor's disclaimer of opinion and agrees with management's actions to address the concerns raised[61]. Strategic Initiatives and Future Outlook - The board is considering alternative financing arrangements to enhance the company's capitalization and support ongoing growth[60]. - The company is actively exploring investment opportunities in the traditional Chinese medicine sector to penetrate the mass market and unlock additional growth potential[66]. - The company aims to diversify its revenue sources by expanding into vertical markets and leveraging synergies across its business segments[63]. - The group is actively seeking opportunities to sell its property due to unfavorable market conditions, while remaining optimistic about its future prospects[69]. - The group is exploring high-tech investment opportunities, including blockchain and Web3.0 projects, to provide innovative solutions and open new market possibilities[67].
世大控股(08003) - 2024 - 年度业绩