Financial Performance - For the fiscal year ending March 31, 2024, the total comprehensive loss amounted to HKD 17,674,000, compared to a loss of HKD 12,712,000 in the previous year, representing a year-on-year increase of approximately 39%[29]. - The company reported a basic loss per share of HKD (3.11), compared to HKD (2.38) in the previous year, indicating a deterioration in earnings performance[28]. - As of March 31, 2024, the total equity attributable to the owners of the company was HKD (133,217,000), a decline from HKD (118,788,000) in the previous year, reflecting a decrease of approximately 12.1%[38]. - The company reported a net loss attributable to owners of HKD 16,439,000 for the year, compared to HKD 10,451,000 in the previous year, which is an increase of approximately 57%[33]. - The total annual loss was HKD 16,304,000, an increase from HKD 14,025,000 in the prior year, reflecting a 16.2% rise in losses[53]. - The company reported a revenue of HKD 99,391,000 for the year ending March 31, 2024, a decrease of 38.9% compared to HKD 162,508,000 in the previous year[52]. - Gross profit for the same period was HKD 48,186,000, down 44.6% from HKD 86,977,000 year-over-year[52]. - The company incurred an operating loss of HKD 12,017,000, compared to an operating loss of HKD 9,406,000 in the previous year, indicating a worsening performance[52]. - The company reported other income of HKD 850,000, a substantial decrease from HKD 8,838,000 year-over-year[52]. - The financial expenses for the year were HKD 3,906,000, down from HKD 5,519,000, showing a reduction in financial costs[52]. - The pre-tax loss for the year 2024 was approximately HKD 15,923,000, compared to a loss of HKD 14,925,000 in 2023, reflecting an increase of 6.7%[107]. - The basic loss per share for 2024 was HKD 16,205,000, compared to HKD 12,391,000 in 2023, indicating a rise of 30.5%[109]. Cash Flow and Assets - The company’s cash and cash equivalents decreased to HKD 21,233,000 from HKD 31,390,000, representing a decline of approximately 32.4% year-on-year[35]. - The company’s total assets less current liabilities stood at HKD (131,485,000), worsening from HKD (71,724,000) in the previous year[58]. - The company’s trade receivables amounted to HKD 693,000, down from HKD 1,937,000 in 2023, reflecting a decrease of approximately 64.2%[146]. - The company's cash and cash equivalents were approximately HKD 10,208,000 as of March 31, 2024, compared to HKD 1,232,000 in 2023, indicating a significant increase[153]. - The company has unrecognized tax losses of approximately HKD 71,908,000 in Hong Kong, which can be carried forward indefinitely, compared to HKD 57,775,000 in 2023[108]. Liabilities and Equity - The company’s total liabilities net of current liabilities stood at HKD (133,217,000), an increase from HKD (118,788,000) in the previous year, reflecting a worsening financial position[37]. - The net liabilities as of March 31, 2024, were approximately HKD 149,492,000, indicating a significant increase from HKD 95,350,000 in the previous year[56]. - The company’s total liabilities classified as current liabilities amounted to HKD 30,746,000 in 2024, compared to HKD 24,065,000 in 2023, reflecting an increase of approximately 27.5%[154]. - Total liabilities, including trade payables and accrued expenses, rose to HKD 30,746,000 in 2024 from HKD 24,190,000 in 2023, representing an increase of about 27.5%[154]. - The company’s trade payables increased significantly to HKD 16,556,000 in 2024 from HKD 6,379,000 in 2023, marking an increase of approximately 159.5%[154]. Revenue and Sales - Revenue from catering services and others decreased to HKD 20,786,000 in 2024 from HKD 32,055,000 in 2023, representing a decline of approximately 35.5%[99]. - Revenue from cake sales dropped to HKD 78,605,000 in 2024 from HKD 130,263,000 in 2023, a decrease of about 39.6%[99]. - Total revenue for the year was HKD 99,391,000, down from HKD 162,508,000 in the previous year, indicating a decline of approximately 38.8%[99]. - The group recorded total revenue of approximately HKD 99.4 million for the reporting period, a decrease of about 38.8% compared to HKD 162.5 million in the previous fiscal year, primarily due to a reduction in customer numbers and intense competition in the dining market[179]. Operational Challenges - The company’s revenue from restaurant services was impacted by various factors, including the ongoing effects of the pandemic and market conditions, leading to a significant increase in operational challenges[31]. - The total segment loss for the restaurant division was HKD 5,130,000, compared to a loss of HKD 3,513,000 in the previous year[159]. - The total segment loss for the healthcare division was HKD 870,000, compared to a loss of HKD 6,090,000 in the previous year[159]. - The number of restaurant closures in Hong Kong reached 401 in October 2023, 406 in November, and 314 in December, indicating a challenging operating environment[167]. Strategic Decisions and Future Outlook - The company has decided to terminate its healthcare product business due to intense competition and high industry barriers in the domestic market[76]. - The company anticipates having sufficient financial resources to meet its financial obligations in the foreseeable future, based on projected cash flows[71]. - The group is focusing on improving restaurant design and menu options to enhance brand appeal and attract local customers[171]. - The group has shifted its focus towards renewable energy sectors, particularly in photovoltaic precision mesh and hydrogen titanium fiber felt, to drive future growth[177]. - The group remains cautious about the e-cigarette industry due to stricter regulations and is reallocating resources to more promising renewable energy businesses[179]. Cost Management - The group implemented effective cost control measures, leading to a reduction in operating expenses during the reporting period[166]. - The total operating expenses decreased by approximately 38.2% to about HKD 65.3 million, down from HKD 105.6 million in the previous year, due to optimized cost structures[180]. Market Conditions - The global economic growth rate is projected to remain at 3.2% for 2024 and 2025, according to the International Monetary Fund (IMF)[166]. - Hong Kong's GDP grew by 2.7% in Q1 2024, down from 4.3% in Q4 2023, indicating economic recovery challenges[196]. - Private consumption expenditure in Hong Kong increased by only 1% in Q1 2024, a decline of 2.5% compared to Q4 2023[196]. - China's GDP grew by 5.2% in 2023 compared to 2022, with a 5.3% increase in Q1 2024 over Q4 2023, signaling a rebound in industrial and service sectors[197]. - The global e-cigarette market faces significant regulatory challenges, with 121 countries and regions implementing regulatory frameworks for electronic nicotine delivery systems[200].
荣晖控股(08213) - 2024 - 年度业绩