Financial Performance - The group recorded a net loss of RMB 54.36 million for the year ended March 31, 2024, with cash outflow from operating activities amounting to RMB 15.22 million[1]. - Revenue decreased by 80.5% to approximately RMB 116 million, while the pre-tax consolidated loss increased by 5.0% to approximately RMB 54.3 million[13]. - The company reported a pre-tax loss of RMB 54.36 million for the fiscal year, compared to a pre-tax loss of RMB 51.77 million in the previous period[37]. - The company reported a loss attributable to owners of approximately RMB 52,978,000 for the year ended March 31, 2024, compared to a loss of RMB 50,799,000 for the fifteen months ended March 31, 2023[44]. - The total comprehensive expenses attributable to the owners of the company for fiscal year 2024 were approximately RMB 53.0 million, remaining stable compared to the previous year, with basic loss per share of RMB 5.8 cents, an improvement from RMB 6.9 cents in 2023[178]. Assets and Liabilities - Total assets decreased by 44.4% to RMB 82.28 million compared to RMB 148.08 million in the previous year[6]. - The group's total liabilities decreased by 24.6% to RMB 91.95 million from RMB 122.01 million[9]. - Total current liabilities decreased to approximately RMB 917 million as of March 31, 2024, from approximately RMB 1,148 million as of March 31, 2023, primarily due to reductions in trade and other payables, amounts due to related parties, and borrowings[38]. - The company's asset-liability ratio was not applicable as of March 31, 2024, due to negative assets, while it was approximately 171.5% as of March 31, 2023[118]. - As of March 31, 2024, the group held current assets of approximately RMB 40.6 million, a decrease from RMB 71.5 million as of March 31, 2023[149]. Revenue Sources - The plywood and related services segment accounted for approximately 73.3% of the total revenue for the year[17]. - Rental income represented about 26.7% of total revenue for the year[19]. - Total revenue from rental income decreased from RMB 59,487,000 to RMB 11,611,000, with rental income from plywood-related referral services contributing RMB 8,511,000 in the year ended March 31, 2024[56]. - The group generated referral income of approximately RMB 8.5 million from a significant property project in Thailand during fiscal year 2024, indicating a successful collaboration with alliance factories[176]. Cost Management - The group aims to improve financial performance by reducing low-margin orders and outsourcing non-core tasks to lower production costs[16]. - The company plans to scale down its plywood product business due to intense competition, which has resulted in minimal or no profits[37]. - Total sales and administrative expenses for the fiscal year 2024 are approximately RMB 19.5 million, a significant decrease from RMB 22.9 million in the fiscal year 2023[146]. - Financial costs for the fiscal year 2024 are approximately RMB 3.9 million, down from approximately RMB 7.1 million, reflecting the level of interest-bearing liabilities during the periods[147]. Cash Flow and Financing - The company successfully raised additional funds through financing from major shareholders and directors, as well as potential asset sales, to improve its working capital situation[52]. - The company has implemented measures to ensure sufficient operating funds for the next twelve months, although there remains significant uncertainty regarding the execution of these plans[40]. - The board has reviewed the cash flow forecast prepared by management, indicating sufficient operating funds for the next twelve months[198]. - The company is confident in its ability to meet financial obligations due within the next twelve months[198]. Strategic Initiatives - The strategic alliance with a factory in Jiangmen, Guangdong, aims to expand the plywood business and increase service revenue from referrals[15]. - The company formed a strategic alliance with manufacturing factories to expand its timber business, generating referral fee income of approximately RMB 8.5 million from a Thai property project in the fiscal year 2024[115]. - The group has initiated discussions regarding two property projects with alliance factories, expecting to generate increasing revenue from this business by March 31, 2025[176]. Impairments and Provisions - The company recorded a loss of RMB (1,469,000) from inventory impairment, which was a significant increase compared to RMB (140,000) in the previous period[58]. - The expected net credit loss provision for fiscal year 2024 is approximately RMB 31.7 million, a significant increase from RMB 19.9 million in 2023, reflecting further impairment losses on long-term overdue receivables carried over from the previous year[177]. - The group’s inventory balance decreased from approximately RMB 1.9 million as of March 31, 2023, to approximately RMB 0.4 million as of March 31, 2024, primarily due to impairment provisions for obsolete inventory[180]. Governance and Compliance - The group has established an audit committee to oversee financial reporting and internal controls, ensuring compliance with applicable laws and regulations[175]. - The company's financial statements are prepared in accordance with International Financial Reporting Standards and the Hong Kong Companies Ordinance[25]. - The preparation of consolidated financial statements on a going concern basis is deemed appropriate by the board[198].
大森控股(01580) - 2024 - 年度业绩