Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 23,989,000, an increase of 10.5% from HKD 21,704,000 in the previous year[3] - The cost of sales and services rose to HKD 19,115,000, up from HKD 15,335,000, resulting in a gross profit of HKD 4,874,000, down 23.4% from HKD 6,369,000[3] - Other income and gains significantly increased to HKD 13,338,000 from HKD 2,988,000, marking a growth of 346.5%[3] - The company reported a loss from continuing operations of HKD 59,359,000, compared to a loss of HKD 36,826,000 in the previous year, representing a 61.0% increase in losses[3] - The total comprehensive loss for the year was HKD 68,499,000, compared to HKD 46,190,000 in the previous year, indicating a 48.3% increase in comprehensive losses[5] - The company reported a basic loss per share of HKD 6.80 for continuing operations, compared to HKD 4.22 in the previous year, indicating a 61.0% increase in loss per share[4] - The group reported a net loss of approximately HKD 59,359,000 for the year ending March 31, 2024, compared to a net loss of HKD 45,668,000 for the previous year[13] - The company reported a pre-tax loss of HKD 59,359,000 for the year ended March 31, 2024, compared to a pre-tax loss of HKD 36,826,000 for the previous year, indicating a deterioration in financial performance[35] Assets and Liabilities - The company's net assets decreased to HKD 17,903,000 from HKD 86,402,000, reflecting a decline of 79.2%[8] - Current liabilities increased to HKD 72,784,000 from HKD 60,292,000, representing a rise of 20.5%[7] - As of March 31, 2024, current liabilities exceeded current assets by approximately HKD 35,072,000[13] - Total assets as of March 31, 2024, amounted to HKD 91,820,000, a decrease from HKD 148,350,000 reported in the previous year[35] - The company reported a total liability of HKD 73,917,000 as of March 31, 2024, compared to HKD 61,948,000 in the previous year, indicating an increase in financial obligations[35] - The total borrowings of the group as of March 31, 2024, were HKD 13,100,000, compared to zero in 2023, resulting in a debt-to-asset ratio of 14.3%[83] - Current liabilities exceeded current assets by HKD 35,100,000 as of March 31, 2024, an increase from HKD 2,800,000 in 2023[83] Operational Changes - The company has ceased operations in its previous business segment after selling its subsidiary, which primarily engaged in the manufacturing and trading of eyewear[11] - The group is implementing various measures, including optimizing its sales network and effective cost control, to improve profitability and operating cash flow[13] - The company plans to continue focusing on market expansion and new product development to enhance revenue streams in the upcoming fiscal year[38] - The company is implementing a long-term strategy to diversify its supply chain, seeking partnerships with reliable suppliers in Southeast Asia[77] Revenue Breakdown - Revenue from external customers in Europe increased to HKD 5,809,000 in 2024 from HKD 4,237,000 in 2023, reflecting a growth of approximately 37.2%[38] - Revenue from external customers in the Americas rose to HKD 5,044,000 in 2024, up from HKD 2,691,000 in 2023, marking an increase of approximately 87.7%[38] - Revenue from sales of goods at a specific point in time was HKD 12,907,000 for 2024, compared to HKD 7,773,000 in 2023, indicating a significant growth of approximately 65.5%[43] - Revenue from film distribution agency and commission income decreased to HKD 3,260,000 in 2024 from HKD 12,598,000 in 2023, a decline of about 74.1%[43] - Revenue from the eyewear segment increased from HKD 7,800,000 to HKD 12,900,000, but the segment incurred a loss of HKD 7,500,000 compared to a profit of HKD 2,600,000 in the previous year[71] - The film investment and distribution segment's revenue decreased from HKD 12,600,000 to HKD 9,700,000, with losses narrowing to HKD 4,300,000 from HKD 8,400,000[72] - Rental income from property investment remained stable at HKD 1,400,000, up from HKD 1,300,000 in the previous year[73] Impairment and Losses - The company recognized an impairment loss of HKD 5,111,000 related to investments in associates during the year ended March 31, 2024[34] - The company confirmed impairment losses on prepayments and deposits of HKD 24,200,000, significantly increasing losses in the debt and securities investment segment[75] - Impairment losses recognized for deposits paid for equity investments amounted to HKD 11,450,000 during the year[64] - The impairment loss on investments in associates was HKD 5,111,000 for 2024, down from HKD 9,648,000 in 2023, reflecting a decrease of approximately 47.1%[44] Employee and Operational Costs - The company’s employee benefits expenses, including director remuneration, rose to HKD 13,110,000 in 2024 from HKD 8,379,000 in 2023, an increase of approximately 56.5%[47] - The company incurred financial expenses of HKD 599,000 in 2024, an increase from HKD 452,000 in 2023, representing an increase of about 32.6%[45] Governance and Compliance - The independent auditor's report expressed a qualified opinion regarding the recoverability of certain deposits and investments[63] - The audit committee, composed of three independent non-executive directors, reviewed the financial statements and confirmed their compliance with applicable accounting standards[92] - The company has outsourced its internal audit function to an independent professional firm to assess risk management and internal control adequacy[88] - The company failed to meet certain listing rules regarding the composition of the board and audit committee but has since rectified this situation[90] Shareholder Information - The company has not declared any dividends for the year ending March 31, 2024, consistent with the previous year[11] - The board did not recommend any dividends for the current year, consistent with the previous year[86] - The annual report for 2023 to 2024 will be sent to shareholders and published on the stock exchange and company websites[96]
高雅光学(00907) - 2024 - 年度业绩