Financial Performance - The company's revenue for the year ended March 31, 2023, was approximately HKD 46.6 million, a decrease of 42.1% from HKD 80.4 million for the year ended March 31, 2022[13]. - Gross profit for the same period was approximately HKD 27.7 million, down 14.9% from HKD 32.6 million in the previous year[14]. - The loss attributable to the company's owners for the year ended March 31, 2023, was approximately HKD 25.1 million, compared to a loss of HKD 382.1 million for the year ended March 31, 2022[14]. - Adjusted loss attributable to the company's owners, excluding certain significant non-recurring or non-operating income and expenses, decreased by 13.6% to approximately HKD 26.8 million from HKD 31.0 million in the previous year[14]. - Basic and diluted loss per share for the year ended March 31, 2023, was approximately HKD 0.011, a significant improvement from HKD 0.228 for the year ended March 31, 2022[14]. - The company reported a net loss of HKD 24,014,000 for the year, significantly improved from a loss of HKD 386,905,000 in the previous year[29]. - For the fiscal year ending March 31, 2023, the company reported a loss before tax of HKD 34,655,000, compared to a loss of HKD 395,939,000 in the previous year, indicating a significant improvement[96]. Assets and Liabilities - The company's total assets as of March 31, 2023, were approximately HKD 373.6 million, down from HKD 417.8 million in the previous year[13]. - Total liabilities decreased to approximately HKD 247.0 million from HKD 272.2 million year-over-year[13]. - The company's net asset value as of March 31, 2023, was approximately HKD 126.7 million, compared to HKD 145.6 million in the previous year[13]. - The company's total assets as of March 31, 2023, amounted to HKD 371,638,000, compared to HKD 417,811,000 in the previous year, indicating a decrease of 11.0%[31]. - Current liabilities decreased to HKD 204,271,000 from HKD 208,961,000, a reduction of 2.0%[31]. - The company's equity attributable to owners was HKD 137,718,000, down from HKD 157,960,000, representing a decline of 12.8%[32]. - The total amount payable to plan creditors as of March 31, 2023, is HKD 174,107,000, with HKD 104,399,000 to be settled through share issuance[61]. Cash Flow and Financing - The company reported a net cash outflow from operating activities of approximately HKD 9.1 million for the year ended March 31, 2023[8]. - The group reported a loss of approximately HKD 24,014,000 for the year ended March 31, 2023, with net cash used in operating activities amounting to HKD 9,094,000[40]. - The group has initiated a debt restructuring plan aimed at alleviating cash flow pressure and improving financial conditions, which received all necessary approvals and became effective on February 21, 2023[41]. - The group plans to issue convertible bonds with a principal amount of USD 15,000,000[43]. - The group’s cash and cash equivalents as of March 31, 2023, were HKD 18,608,000, raising significant doubts about its ability to continue as a going concern[40]. - The group believes it will have sufficient financial resources to fund its operations and meet its financial obligations, thus justifying the use of the going concern basis in preparing its financial statements[64]. - The group recognized a gain of approximately HKD 51.6 million from the elimination of financial liabilities for the year ended March 31, 2023, compared to a loss of approximately HKD 303.5 million for the year ended March 31, 2022[131]. Revenue Streams - Revenue from external customers for the year ended March 31, 2023, totaled HKD 46,550,000, with reported segment losses amounting to HKD 33,079,000[51]. - Revenue from energy-saving product trading was HKD 18,538,000, down from HKD 64,646,000 in the previous year, reflecting a decrease of approximately 71.3%[97]. - The company generated rental service income of HKD 20,453,000, which is an increase from HKD 6,603,000 in the previous year, representing a growth of approximately 209.5%[97]. - The company completed the installation of approximately 52,000 LED lights under the "Light in the Dark" project in Malaysia, generating revenue of about HKD 14.4 million for the year[123]. Expenses and Cost Management - The sales and distribution costs increased by approximately 126.7%, rising from about HKD 2.7 million to approximately HKD 6.1 million, primarily due to increased advertising and promotional expenses[128]. - Administrative expenses rose by approximately 25.4%, from about HKD 29.0 million to approximately HKD 36.4 million, influenced by higher foreign exchange losses and share-based payment expenses[129]. - The group's other expenses decreased from approximately HKD 60.9 million for the year ended March 31, 2022, to approximately HKD 50.7 million for the year ended March 31, 2023[186]. Credit and Impairment - The expected credit loss provision for financial assets decreased from approximately HKD 51.1 million as of March 31, 2022, to approximately HKD 46.0 million as of March 31, 2023, due to improved recoverability and reduced overall default risk[135]. - The expected credit loss provision for trade receivables and finance lease receivables as of March 31, 2023, is approximately HKD 45.0 million, reflecting a lower expected loss rate compared to March 31, 2022[163]. - The expected loss rate for trade receivables overdue for 1 to 30 days improved from 7.28% in 2022 to 5.67% in 2023[162]. - The expected loss rate for trade receivables overdue for 31 to 90 days improved from 13.61% in 2022 to 10.79% in 2023[162]. - The expected loss rate for trade receivables overdue for 181 to 365 days improved from 40.35% in 2022 to 27.34% in 2023[162]. Strategic Initiatives - The company has rebranded its service offerings to include energy-saving system and product leasing services, indicating a strategic shift in its business model[69]. - The group has established a renewable energy business segment and is actively pursuing projects in this area since May 30, 2022[49]. - The group has entered into financing agreements with suppliers to support a new energy-saving system and product leasing service project in collaboration with the Malaysian state government[43]. Tax and Regulatory Matters - The group recognized a tax credit of approximately HKD 10.6 million for the year ended March 31, 2023, compared to HKD 9.0 million for the year ended March 31, 2022[193]. - The company plans to adopt new and revised Hong Kong Financial Reporting Standards effective from April 1, 2022, which may impact future financial statements[21]. - The company has not early adopted certain new or revised financial reporting standards that are expected to be effective after January 1, 2024[24].
知行集团控股(01539) - 2023 - 年度业绩