Financial Performance - For the fiscal year ending March 31, 2024, the group recorded revenue of approximately HKD 51.7 million, an increase of about 74.1% compared to HKD 29.7 million for the same period last year[3]. - The group reported a net loss of approximately HKD 32.1 million for the fiscal year ending March 31, 2024, compared to a net loss of approximately HKD 22.3 million for the previous year, representing an increase of about 43.9%[14]. - The basic and diluted loss per share for the fiscal year ending March 31, 2024, was HKD 1.15, compared to HKD 0.83 for the previous year[4]. - The gross profit for the fiscal year ending March 31, 2024, was HKD 30.7 million, up from HKD 20.8 million in the previous year[6]. - The total comprehensive expenses for the year amounted to HKD 30,382,000, which includes a foreign exchange difference of HKD 8, indicating currency impact on financial results[44]. - The group reported a pre-tax loss of HKD 29,409,000 for 2024, compared to a pre-tax loss of HKD 15,689,000 in 2023, reflecting a deterioration in performance[82]. - The group recorded a net loss of approximately HKD 32,064,000 for the year ending March 31, 2024, compared to a loss of HKD 22,310,000 in the previous year[55]. - The accumulated losses increased to HKD 149,523,000 as of March 31, 2024, reflecting ongoing financial challenges[44]. Revenue Breakdown - Revenue from restaurant operations for 2024 reached HKD 31,454,000, up from HKD 27,598,000 in 2023, representing a growth of 14.4%[61]. - The watch trading business generated revenue of HKD 5,499,000 in 2024, significantly increasing from HKD 2,146,000 in 2023, marking a growth of 156.1%[61]. - The wine business contributed HKD 14,776,000 in revenue for 2024, with no revenue reported in 2023[61]. - The new Chinese liquor sales business contributed approximately HKD 14.8 million to the revenue for the year ended March 31, 2024[111]. - The sales revenue from the watch trading business increased by approximately HKD 3.4 million or 161.9%, from approximately HKD 2.1 million to approximately HKD 5.5 million for the same period[111]. Expenses and Costs - The cost of goods sold for the fiscal year ending March 31, 2024, was HKD 21.0 million, compared to HKD 9.0 million for the previous year[6]. - The group incurred operating expenses of HKD 28.5 million for the fiscal year ending March 31, 2024, compared to HKD 21.3 million for the previous year[6]. - Employee benefit expenses, excluding directors' remuneration, rose to HKD 14,279,000 in 2024 from HKD 11,896,000 in 2023, an increase of 19.9%[65]. - Property rental and related expenses rose from approximately HKD 1.3 million to about HKD 4.2 million, a 223.1% increase, mainly due to new rental costs for the liquor business in China[145]. - Administrative and operating expenses for the year ended March 31, 2024, were approximately HKD 13.9 million, an increase of about HKD 3.5 million or 33.7% compared to HKD 10.4 million for the year ended March 31, 2023[172]. Financial Position - The total liabilities exceeded total assets by HKD 11.0 million as of March 31, 2024[21]. - The company reported a net asset value of HKD (8,064,000) in current liabilities/assets, reflecting financial challenges[42]. - As of March 31, 2023, the company reported a total equity of HKD 21,037,000, a decrease from HKD 43,047,000 on April 1, 2022, indicating a significant decline in financial health[44]. - As of March 31, 2024, the total current liabilities were HKD 25,935,000, compared to HKD 27,404,000 in the previous year, showing a reduction in liabilities[42]. - The group’s cash and cash equivalents as of March 31, 2024, are approximately HKD 9.1 million, a decrease of about 65.9% from HKD 26.7 million as of March 31, 2023, primarily due to increased operational funding needs and costs associated with new restaurant relocations and renovations[181]. Strategic Initiatives - The group plans to continue its market expansion and product development strategies in the upcoming fiscal year[25]. - The company has committed to providing ongoing financial support to ensure sufficient liquidity for operations[34]. - The group plans to expand its new liquor business in China, which is expected to contribute to future revenue growth[111]. - The group aims to strengthen its position as a well-known liquor supplier in China and Hong Kong, focusing on brand management, marketing, and distribution of quality liquor products[131]. - The group plans to enter the food sales and distribution sector and develop restaurant and related supply chain businesses across China, while closely monitoring market trends for potential opportunities[132]. Risk Management - The expected credit loss provision for receivables was HKD 418,000, indicating a cautious approach to credit risk management[37]. - The group is exposed to foreign exchange risks due to sales and purchases primarily denominated in HKD, RMB, and USD, which may affect financial performance[187]. - The group faces potential economic challenges in Hong Kong due to external events such as natural disasters, disease outbreaks, or civil unrest, which could adversely impact business performance[179]. Compliance and Reporting - The board anticipates that the application of revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[30]. - The company has not early adopted any of the newly issued but not yet effective revised Hong Kong Financial Reporting Standards[29]. - The group has no significant investments or future plans involving major capital assets as of March 31, 2024[160].
皇玺集团(08300) - 2024 - 年度业绩