沿海家园(01124) - 2024 - 年度业绩

Financial Summary The group experienced a significant decline in revenue and a substantial increase in loss attributable to owners in FY2024, while maintaining a controlled net debt to total equity ratio Key Financial Data for FY2024 | Metric | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 4,200 | 211,400 | | Loss Attributable to Owners of the Company | (1,399,500) | (426,500) | | Net Debt to Total Equity Ratio | 33% | - | - The net debt to total equity ratio remained at a controllable level of 33% as of March 31, 2024[4] Consolidated Financial Statements This section presents the group's consolidated financial performance and position, highlighting significant changes in revenue, losses, assets, and liabilities Consolidated Statement of Profit or Loss and Other Comprehensive Income The group's revenue significantly decreased to HKD 4.2 million in FY2024 from HKD 211.4 million last year, with loss attributable to owners expanding to HKD 1,399.5 million, primarily due to impairment losses and write-downs Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 4,177 | 211,406 | | Gross Profit / (Loss) | 3,665 | (49,997) | | Other Income and Gains | 290,174 | 17,297 | | Net Impairment Loss on Prepayments, Deposits and Other Receivables | (491,038) | (319,856) | | Write-down of Land Held for Property Development for Sale | (779,358) | – | | Loss Before Tax | (1,475,075) | (479,227) | | Loss for the Year | (1,399,520) | (418,946) | | Loss Attributable to Owners of the Company | (1,399,453) | (426,485) | | Basic and Diluted Loss Per Share (HK cents) | (337.54) | (102.87) | - Gross profit turned positive this year, from a gross loss of HKD 49.997 million last year to a gross profit of HKD 3.665 million[5] - Other income and gains significantly increased to HKD 290.2 million, primarily due to gains on settlement of compensation and reversal of accounts payable[5] Consolidated Statement of Financial Position As of March 31, 2024, the group's total assets and net assets significantly decreased, mainly due to impairment of amounts due from associates and joint ventures, and write-downs of prepayments and land held for property development Key Data from Consolidated Statement of Financial Position | Metric | As of March 31, 2024 (HKD thousands) | As of March 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | 348,437 | 862,959 | | Current Assets | 1,442,196 | 5,907,595 | | Current Liabilities | 416,246 | 2,831,158 | | Net Current Assets | 1,025,950 | 3,076,437 | | Net Assets | 1,288,611 | 2,802,706 | | Equity Attributable to Owners of the Company | 1,350,629 | 2,856,065 | - Prepayments, deposits and other receivables significantly decreased from HKD 5.285 billion to HKD 503 million[8] - Interest-bearing bank and other borrowings (non-current portion) significantly decreased from HKD 1.114 billion to HKD 53.615 million[9] Notes to the Financial Statements This section provides detailed explanations and disclosures regarding the group's accounting policies, financial performance, and financial position General Information Coastal Greenland Limited is an exempted company incorporated in Bermuda with shares listed on the Hong Kong Stock Exchange, primarily engaged in property development, investment, and project services - The group's principal activities include property development, property investment, project management services, and project investment services[12][14] Basis of Preparation and Presentation The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, measured at historical cost with some assets at revalued or fair value, and presented in HKD - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in HKD[13] Going Concern Assumption Despite significant losses and short-term debt pressure in FY2024, the directors believe the group can continue as a going concern based on detailed forecasts, potential financing, creditor negotiations, and major shareholder support - The group recorded a loss of approximately HKD 1.3995 billion in FY2024, with interest-bearing borrowings and amounts due to a major shareholder totaling approximately HKD 437.4 million, of which HKD 383.8 million is due within the next 12 months, while available cash and bank balances are only approximately HKD 9 million[15] - The Board has reviewed working capital forecasts for at least the next 15 months and plans to address liquidity needs through equity financing, long-term debt financing, negotiating repayment extensions with creditors, generating cash flows, and ongoing financial support from a major shareholder[16][17] - The major shareholder has pledged not to demand repayment of approximately HKD 170.3 million until the group's financial position can support it, and further advanced HKD 17 million in May 2024[17] Application of New and Revised Hong Kong Financial Reporting Standards Several new and revised HKFRSs were first applied this year without significant impact on the group's financial position or performance, and future adoptions are not expected to have a material effect - The new and revised Hong Kong Financial Reporting Standards applied this year had no significant impact on the group's financial position and performance[19] - Revised standards issued but not yet effective are not expected to have a material impact on the group's results and financial position[21] Segment Information The group's operating segments include property development, property investment, project management, and project investment services, with revenue and results primarily from China, and property development and investment as key income sources Business Segments The group's business segments include property development, property investment, project management, and project investment services, with property development revenue significantly declining and no revenue from project management or investment services in FY2024 Revenue and Loss by Business Segment | Segment | FY2024 Revenue (HKD thousands) | FY2023 Revenue (HKD thousands) | FY2024 Loss (HKD thousands) | FY2023 Loss (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 363 | 207,110 | (1,057,911) | (418,083) | | Property Investment | 3,814 | 4,296 | (329) | (14,867) | | Project Management Services | – | – | (1,155) | (817) | | Project Investment Services | – | – | – | – | | Consolidated Total | 4,177 | 211,406 | (1,059,395) | (433,767) | - Property development segment revenue significantly decreased from HKD 207.1 million to HKD 0.363 million[26] - Property investment segment revenue slightly decreased from HKD 4.296 million to HKD 3.814 million[26] Geographical Information The group's non-current assets are primarily located in China and Hong Kong, with a significant reduction in non-current assets in China during FY2024 Non-current Assets by Geographical Location | Region | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | China | 146,209 | 271,546 | | Hong Kong | 112,462 | 145,413 | | Total | 258,671 | 416,959 | - Non-current assets in China decreased from HKD 271.5 million to HKD 146.2 million[28] Revenue The group's total revenue for FY2024 was HKD 4.177 million, a significant decrease from HKD 211.4 million last year, with property sales revenue becoming a minimal contributor and rental income as the primary source Revenue Source Breakdown | Revenue Source | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Sales of properties | 363 | 207,110 | | Rental income - fixed payments | 3,814 | 4,296 | | Total | 4,177 | 211,406 | - Property sales revenue plummeted from HKD 207.1 million to HKD 0.363 million[30] - Rental income slightly decreased but its proportion of total revenue significantly increased[30] Other Income and Gains Other income and gains significantly increased to HKD 290.2 million this year, primarily driven by gains on settlement of compensation, excess provision for sales tax, and reversal of accounts payable Composition of Other Income and Gains | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Gain on settlement of compensation | 141,793 | – | | Excess provision for sales tax and other taxes | 27,896 | – | | Excess provision for construction costs and operating expenses | 38,433 | – | | Reversal of accounts payable and other payables | 80,460 | 14,517 | | Total | 290,174 | 17,297 | - Gain on settlement of compensation of HKD 141.8 million was the primary driver of the increase in other income and gains this year[31] Finance Costs Finance costs before capitalization were HKD 59.6 million this year, a decrease of approximately 34.4% from HKD 90.9 million last year, with interest expenses charged to profit or loss slightly increasing due to reduced capitalization Composition of Finance Costs | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank borrowings | 41,303 | 81,636 | | Interest on other borrowings | 18,296 | 9,254 | | Less: Amounts capitalized on qualifying assets | (31,740) | (68,159) | | Interest expense charged to profit or loss | 27,859 | 22,741 | - Interest on bank borrowings significantly decreased, while interest on other borrowings increased[31] Income Tax A tax credit of HKD 75.555 million was recorded this year, primarily from the reversal of excess corporate income tax provisions from prior years and changes in deferred tax, with no taxable profits in Hong Kong and a 25% statutory rate for Chinese subsidiaries Composition of Income Tax | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Corporate income tax - excess provision in prior years | (133,402) | – | | Deferred tax | 57,847 | (60,281) | | Tax credit for the year | (75,555) | (60,281) | - A tax credit of HKD 75.555 million was obtained this year, compared to a tax credit of HKD 60.281 million last year[33] - The statutory corporate income tax rate for the company's Chinese subsidiaries is 25%[33] Components of Loss Before Tax This year's loss before tax was primarily driven by various impairment losses and write-downs, including land held for property development for sale, prepayments, and amounts due from associates and joint ventures Major Components of Loss Before Tax | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Write-down of land held for property development for sale | 779,358 | – | | Write-down of completed properties held for sale | 18,281 | 8,532 | | Net impairment loss on prepayments, deposits and other receivables | 491,038 | 319,856 | | Impairment loss on amounts due from associates and joint ventures | 249,289 | – | | Impairment loss on interests in joint ventures | 134,256 | – | - Land held for property development for sale in Shenyang was written down by HKD 779.4 million[36] - An impairment loss of approximately HKD 254.4 million was recognized for guaranteed dividends receivable from Tianjin Hexie Jiayuan Real Estate Development Co., Ltd[40] Dividends The Board does not recommend the payment of dividends for the years ended March 31, 2024, and 2023 - No dividends were recommended for distribution for both the current and prior years[37] Loss Per Share Basic and diluted loss per share for the year significantly increased to 337.54 HK cents from 102.87 HK cents last year, primarily due to the expanded loss attributable to owners of the company Loss Per Share Data | Metric | FY2024 | FY2023 (Restated) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (HKD thousands) | 1,399,453 | 426,485 | | Basic and Diluted Loss Per Share (HK cents) | (337.54) | (102.87) | | Weighted average number of ordinary shares in issue during the year | 414,602,028 | 414,602,028 | - Diluted loss per share is equal to basic loss per share as there are no potential dilutive ordinary shares[38] Prepayments, Deposits and Other Receivables Total prepayments, deposits, and other receivables significantly decreased from HKD 5.6087 billion to HKD 944.5 million, while impairment provisions increased from HKD 323.9 million to HKD 441.4 million Composition of Prepayments, Deposits and Other Receivables | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Other receivables | 909,793 | 1,911,271 | | Deposits for future acquisition of land use rights | – | 3,640,905 | | Impairment provision | (441,375) | (323,896) | | Net amount | 503,134 | 5,284,847 | - Deposits for future acquisition of land use rights were nil, compared to HKD 3.6409 billion last year[41] Accounts Payable Total accounts payable significantly decreased from HKD 85.566 million to HKD 7.277 million, with the largest proportion being accounts overdue by more than 90 days Accounts Payable Ageing Analysis | Ageing | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 days | – | 1,996 | | Over 90 days | 7,277 | 83,570 | | Total | 7,277 | 85,566 | - The average credit period is 90 days, and the group has a policy to ensure payables are settled within the credit period[42] Other Payables and Accrued Liabilities Total other payables and accrued liabilities significantly decreased from HKD 2.1364 billion to HKD 22.916 million, mainly due to a substantial reduction in advances from third parties for redevelopment projects and accrued operating expenses Composition of Other Payables and Accrued Liabilities | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Sales tax and other taxes payable | – | 34,248 | | Other payables | 17,769 | 266,529 | | Advances from a third party for a redevelopment project | – | 1,553,863 | | Other accrued operating expenses | 4,939 | 265,863 | | Total | 22,916 | 2,136,430 | - Advances from a third party for a redevelopment project were nil, compared to HKD 1.5539 billion last year[44] Share Capital The company implemented a share consolidation on December 15, 2023, merging 10 ordinary shares of HKD 0.10 each into 1 ordinary share of HKD 1.00, reducing the total number of issued ordinary shares but maintaining the total share capital Changes in Share Capital | Item | Number of ordinary shares | Share capital (HKD thousands) | | :--- | :--- | :--- | | Ordinary shares of HKD 0.10 each as at March 31, 2023 and April 1, 2023 | 4,146,020,285 | 414,602 | | Share consolidation | (3,731,418,257) | – | | Ordinary shares of HKD 1.00 each as at March 31, 2024 | 414,602,028 | 414,602 | - The share consolidation was approved by shareholders on December 13, 2023, and became effective on December 15, 2023[44] Post Balance Sheet Events Subsequent to the reporting period, the group entered into an agreement on March 27, 2024, to dispose of its entire interest in the wholly-owned subsidiary, Kai Fung Development Limited, and its subsidiaries for HKD 10,000, pending shareholder approval - The group agreed to dispose of its entire interest in the wholly-owned subsidiary, Kai Fung Development Limited, and its subsidiaries for HKD 10,000[45] - The disposal constitutes a very substantial disposal under Chapter 14 of the Listing Rules, aiming to realize the investment[45] Independent Auditor's Report Summary This section summarizes the independent auditor's opinion on the financial statements and highlights significant uncertainties regarding the group's ability to continue as a going concern Opinion The independent auditor believes the consolidated financial statements present a true and fair view of the group's financial position, performance, and cash flows in accordance with HKFRSs and are properly prepared in compliance with the Hong Kong Companies Ordinance - The auditor issued an unmodified opinion on the consolidated financial statements, believing they present a true and fair view of the group's financial position and performance[48] Material Uncertainty Related to Going Concern The auditor draws attention to a material uncertainty regarding the group's ability to continue as a going concern, primarily due to significant losses and short-term debt exceeding available cash, despite the Board's mitigating actions - The group recorded a loss of approximately HKD 1.3995 billion in FY2024, with interest-bearing borrowings and amounts due totaling approximately HKD 383.8 million due in the short term, while available cash and bank balances are only approximately HKD 9 million[49] - These conditions indicate a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern, but the auditor's opinion is not modified in respect of this matter[49] Management Discussion and Analysis This section provides management's perspective on the group's business operations, financial performance, liquidity, and future outlook Business Review The group's business strategy involves developing mid-to-high-end residential properties, investing in commercial and residential properties, providing project management services, and seeking project investment opportunities, with significant declines in property development sales and a phased withdrawal from project management services in FY2024 Property Development The group's property development strategy focuses on mid-to-high-end residential properties, with contract sales of only HKD 0.4 million and a total GFA of approximately 84 square meters in FY2024, a significant decrease from the prior year Property Development Business Performance | Metric | FY2024 | FY2023 | | :--- | :--- | :--- | | Contract Sales (HKD millions) | 0.4 | 19.5 | | Total Gross Floor Area (square meters) | 84 | 6,000 | Property Investment The group holds commercial and residential properties in China for investment purposes, with rental income primarily derived from properties in Shenzhen this year - The group's property investment portfolio includes commercial and residential properties in China, with rental income primarily from Shenzhen[52] Project Management Services The group acted as project manager for two completed development projects this year but generated no revenue and is gradually withdrawing from this business segment - No project management service revenue was generated this year, and the group is gradually withdrawing from this business[53][59] Project Investment Services The project investment services segment generated no profit this year, and the group will continue to seek relevant investment and disposal opportunities - Project investment services generated no profit this year, and the group will continue to seek opportunities to invest in and dispose of property development/land development projects[54] Financial Review The group experienced a significant decline in revenue and a substantial increase in net loss in FY2024, with a shift in revenue structure from property sales to rental income, improved gross margin, but increased impairment losses and write-downs, and reduced finance costs Overall Performance The group's FY2024 revenue was HKD 4.2 million, with a net loss of HKD 1.3995 billion, loss attributable to owners of HKD 1.3995 billion, and basic loss per share of 337.54 HK cents, all significantly worse than the prior year Overall Financial Performance | Metric | FY2024 | FY2023 | | :--- | :--- | :--- | | Revenue (HKD millions) | 4.2 | 211.4 | | Net Loss (HKD billions) | 1.3995 | 0.4189 | | Loss Attributable to Owners of the Company (HKD billions) | 1.3995 | 0.4265 | | Basic Loss Per Share (HK cents) | 337.54 | 102.87 | Revenue Analysis The group's revenue structure underwent a significant change, with property sales revenue decreasing from 98% to 9% of total revenue, and rental income increasing from 2% to 91%, while project management services generated no revenue - In FY2024, property sales revenue accounted for approximately 9% of total revenue (2023: 98%), while property rental income accounted for approximately 91% (2023: 2%)[56] - Property sales revenue was HKD 0.4 million, with a total gross floor area of 84 square meters delivered, primarily from inventory sales in Dalian[57] - Rental income slightly decreased to HKD 3.8 million, mainly impacted by the depreciation of RMB against HKD[58] Gross Profit (Loss) The gross profit margin for the year was approximately 88%, a significant improvement from last year's negative 24%, primarily due to the increased proportion of higher-margin property investment income - The gross profit margin for the year was approximately 88%, compared to negative 24% last year, primarily benefiting from higher-margin property investment income[60] - Last year's negative gross profit margin was mainly due to lower-than-expected sales revenue from Jixi Sailuocheng affordable housing[60] Other Income and Gains Other income and gains significantly increased to HKD 290.2 million this year, primarily comprising approximately HKD 141.8 million from the Hengxiang Real Estate legal settlement and approximately HKD 80.5 million from the reversal of accounts payable and other payables - Other income and gains increased from HKD 17.3 million to HKD 290.2 million[61] - The main drivers of growth were gains on settlement of compensation of approximately HKD 141.8 million and reversal of accounts payable and other payables of approximately HKD 80.5 million[61] Marketing, Sales and Administrative Expenses There were no marketing and sales expenses this year, and administrative expenses decreased by approximately 20.6% to HKD 60.6 million, reflecting the group's ongoing cost control measures - There were no marketing and sales expenses this year, and administrative expenses decreased by approximately 20.6% to HKD 60.6 million[62] - The group will continue to implement cost control measures to enhance operational efficiency[62] Impairment Losses and Write-downs Net impairment losses and total write-downs significantly increased to HKD 491.0 million and HKD 797.6 million, respectively, this year, primarily due to a substantial decline in property values in the severely downturned Chinese property market Total Impairment Losses and Write-downs | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Net impairment loss on prepayments, deposits and other receivables | 491,000 | 319,900 | | Write-down of land held for property development for sale, properties under development and completed properties held for sale | 797,600 | 20,000 | - Impairment losses and write-downs significantly increased, primarily attributable to the severe downturn in the Chinese property market leading to a decline in property values[64] Finance Costs Finance costs before capitalization decreased by approximately 34.4% to HKD 59.6 million this year, primarily due to a reduction in the average outstanding balance of bank and other borrowings - Finance costs before capitalization decreased by approximately 34.4% to HKD 59.6 million[66] - The reduction in finance costs was primarily due to a lower average outstanding balance of bank and other borrowings compared to last year[66] Financial Resources and Liquidity The group's funding sources primarily include property sales and rental cash flows, supplemented by bank and other borrowings; while cash and bank balances significantly decreased in FY2024, total borrowings and net debt also substantially declined, maintaining a controllable net debt to total equity ratio Cash and Bank Balances As of March 31, 2024, the group's cash and bank balances (including pledged bank deposits) were approximately HKD 9.1 million, a significant decrease from HKD 157.6 million last year Cash and Bank Balances by Currency Type | Currency | As of March 31, 2024 (HKD thousands) | As of March 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | RMB | 6,564 | 147,207 | | HKD | 1,931 | 7,767 | | USD | 617 | 2,599 | | Total | 9,112 | 157,573 | Borrowings and Pledges The group's total borrowings significantly decreased from HKD 1.3962 billion to HKD 267.1 million, with short-term borrowings increasing from 20% to 80% and long-term borrowings decreasing from 80% to 20%, while the net debt to total equity ratio decreased from 50% to 33% Borrowing Structure and Ratios | Metric | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | Total Borrowings (HKD billions) | 0.2671 | 1.3962 | | Proportion of Long-term Borrowings | 20% | 80% | | Proportion of Short-term Borrowings | 80% | 20% | | Net Debt to Total Equity Ratio | 33% | 50% | - Effective annual interest rates ranged from 12.00% for fixed-rate borrowings to 4% to 6.15% for floating-rate borrowings[70] - Borrowings are secured by certain assets with a total carrying value of HKD 253.3 million, personal guarantees from a major shareholder, and corporate guarantees[72] Major Acquisitions and Disposals The group is undertaking two significant disposals: a 66.67% equity interest in Zhuhai Coastal and a 100% equity interest in Kai Fung Development Limited, aiming to realize investments, with no other major investment or capital asset increase plans currently - The group conditionally agreed to dispose of a 66.67% equity interest in Zhuhai Coastal[73] - The group conditionally agreed to dispose of a 100% equity interest in Kai Fung Development Limited[73] Contingent Liabilities As of March 31, 2024, the group had no contingent liabilities - The group had no contingent liabilities as of March 31, 2024[74] Exchange Rate Fluctuation Risk The group primarily operates in China with most income and expenses denominated in RMB, limiting the impact of exchange rate fluctuations on its operations, and currently has no foreign currency hedging policy but continuously monitors foreign exchange risk - The group primarily conducts business in China, with most income and expenses denominated in RMB, thus exchange rate fluctuations have limited impact on its operations[76] - The group currently has no foreign currency hedging policy but continuously monitors foreign exchange risk[76] Employees and Remuneration Policy As of March 31, 2024, the group had approximately 46 employees, with employee costs of about HKD 20.7 million, and its remuneration policy is based on performance, skills, experience, and industry practices, offering various benefits Employee and Remuneration Data | Metric | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | Number of Employees | 46 | 41 | | Employee Costs (HKD millions) | 20.7 | 36.9 | - Remuneration is based on employee performance, skills, experience, and industry practices, with benefits including mandatory provident fund, medical insurance, and housing allowances[77] Outlook Facing a challenging business environment, the group will cautiously monitor the real estate market and adjust its business strategy according to government policies, continuing to seek urban old village or factory redevelopment opportunities and exploring new AI-related businesses through its wholly-owned subsidiary, Coastal AI Industrial Application Limited - The overall Chinese economy shows signs of improvement, but consumer confidence remains cautious, and the real estate sector is still in a short-term adjustment cycle[79] - The group will continue to identify opportunities for redevelopment of old urban villages or factory premises to replenish low-cost land reserves[80] - The company has established a wholly-owned subsidiary, Coastal AI Industrial Application Limited, which will primarily engage in AI-related projects, currently in the initial R&D stage with uncertain development outcomes[80] Other Information This section covers corporate governance practices, directors' dealings, share-related activities, auditor's scope, and other administrative details Compliance with Corporate Governance Code The company complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with a deviation where the roles of Chairman and Chief Executive are held by the same person, which the Board believes does not impair the balance of power and facilitates quick responses to the business environment - The company complies with the Corporate Governance Code, but there is a deviation as the roles of Chairman and Chief Executive are held by Mr. Jiang Ming[82] - The Board believes this structure facilitates more accurate and prompt responses to rapidly changing business environments[82] Directors' Securities Transactions The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all directors confirmed compliance throughout the year - All directors confirmed compliance with the Model Code for Securities Transactions by Directors throughout the year[83] Purchase, Sale or Redemption of Listed Securities Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares during the year - Neither the company nor its subsidiaries engaged in any share purchases, sales, or redemptions during the year[85] Scope of Work of Independent Auditor The company's auditor, SHINEWING (HK) CPA Limited, confirmed that the financial figures in this announcement align with the audited consolidated financial statements, but their work does not constitute an assurance engagement, thus no opinion or assurance conclusion is expressed on this announcement - The auditor confirmed that the financial figures contained in this announcement are consistent with the audited consolidated financial statements[86] - The auditor has not expressed any opinion or assurance conclusion on this announcement[86] Audit Committee The company's Audit Committee has reviewed the group's accounting policies and practices, discussed and reviewed the internal audit department's objectives, scope, and reports, and reviewed the full-year results for the current year - The Audit Committee has reviewed the group's accounting policies, internal audit work, and the full-year results for the current year[87] Annual General Meeting The company intends to convene its upcoming Annual General Meeting on Tuesday, September 10, 2024, with the relevant notice to be published and dispatched to shareholders in due course - The 2024 Annual General Meeting is scheduled to be held on Tuesday, September 10, 2024[88] Dividends The Board does not recommend the payment of dividends for the year ended March 31, 2024 - The Board does not recommend the payment of dividends for the current year[89] Share Consolidation The company implemented a 10-for-1 share consolidation on December 15, 2023, reducing the total number of issued ordinary shares accordingly while maintaining the total share capital - A 10-for-1 share consolidation was implemented on December 15, 2023[91] - The total number of issued ordinary shares was converted from 4,146,020,285 shares to 414,602,028 shares[91] Closure of Register of Members To determine shareholders' eligibility to attend and vote at the 2024 Annual General Meeting, the company will suspend its share transfer registration from September 5 to September 10, 2024 - The share transfer registration will be suspended from September 5 to September 10, 2024, to determine shareholders' eligibility to attend the Annual General Meeting[92] Publication of Annual Report The group's FY2024 annual report will be dispatched to shareholders and published on the HKEX and company websites in due course - The annual report will be published on the HKEX website (http://www.hkex.com.hk) and the **company's website (http://www.coastal.com.cn)**[93](index=93&type=chunk) Board of Directors The company's Board of Directors comprises executive directors Mr. Jiang Ming (Chairman and Managing Director), Dr. Li Ting, Mr. Lin Zhenxin, and Ms. Tong Xinhua; non-executive directors Mr. Qiu Guizhong and Mr. Zhou Xiya; and independent non-executive directors Mr. Wong Kai Cheung, Mr. Yang Jiangang, and Mr. Huang Xihua - The Board of Directors includes executive directors, non-executive directors, and independent non-executive directors[94] - Mr. Jiang Ming serves as the Chairman and Managing Director of the company[94]