Financial Performance - The Company reported a significant increase in operational and financial performance, with a year-on-year revenue growth of 15%[15] - Revenue from continuing and discontinued operations for the year ended March 31, 2024, was HK$47,543,000, a decrease from HK$132,421,000 in 2023, representing a decline of approximately 64.1%[55] - Loss for the year ended March 31, 2024, was HK$12,913,000, compared to a loss of HK$22,544,000 in 2023, indicating an improvement of about 42.5%[55] - The Group recorded revenue of approximately HK$47.5 million for the Reporting Period, representing a decrease of approximately HK$79.7 million or 62.6% compared to approximately HK$127.2 million for the corresponding period in 2023[71] - The Group's total gross loss amounted to approximately HK$5.4 million for the Reporting Period, a decrease of approximately HK$17.4 million or 76.4% compared with approximately HK$22.8 million for the corresponding period in 2023[72] User Growth and Market Outlook - User data showed a 20% increase in active users, reaching a total of 2 million users by the end of the reporting period[15] - The Company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[15] - New product launches are expected to contribute an additional $50 million in revenue over the next year[15] - Market expansion plans include entering three new international markets by the end of the next fiscal year[15] Corporate Governance - The Board has implemented mechanisms to ensure independent views are available, enhancing decision-making processes[9] - Attendance at Board meetings was satisfactory, indicating strong governance practices[9] - The Company maintains a balanced power structure within the Board, consisting of two executive directors and three independent non-executive directors[15] - The Company has maintained a high standard of regulatory reporting and ensures a balance in the Board for effective independent judgment on corporate actions[17] - The Board has a balanced composition of Executive Directors and Independent Non-Executive Directors, ensuring strong independent judgment[31] - The Company has adopted an anti-corruption and whistleblowing policy to uphold business integrity in its operations[27] - The Board will continue to regularly review and monitor its corporate governance practices to ensure compliance with the CG Code[46] - The Directors are responsible for disclosing details of other offices held, ensuring transparency in governance[19] - The Company has arranged appropriate insurance coverage for Directors and senior management against legal actions arising from corporate activities[22] - The Board believes that its current composition satisfies corporate governance requirements regarding expertise, skills, and experience[24] Operational Efficiency and Risk Management - The Group is committed to improving operational efficiency and strengthening risk control measures, which are core competitive advantages[28] - The company has a commitment to maintaining strong internal controls and risk management procedures as part of its governance framework[49] - The Group aims to strengthen its competitive edge and increase shareholder returns by enhancing cost control measures and resource management policies[58] - The Group has been actively monitoring market conditions and taking appropriate measures to mitigate the impact of unfavorable market factors[58] - The Group is committed to stringent cost control measures and enhancing workflow efficiency to address uncertainties in the Hong Kong economy and competition in the site formation market[88] Audit and Compliance - The Audit Committee held two meetings during the Reporting Period, with full attendance from all members[115] - The Audit Committee reviewed financial reporting matters, including interim and annual results, and assessed the effectiveness of risk management and internal control systems[115] - The company has three independent non-executive directors on the Audit Committee, with Ms. Lam Yuen Man Maria serving as the chair[132] - The company ensures all directors are informed of statutory and regulatory developments to enhance their understanding of good corporate governance practices[126] - The company encourages continuous professional development for all directors, covering relevant training costs[126] Financial Position and Assets - Non-current assets decreased to HK$256,000 in 2024 from HK$551,000 in 2023, reflecting a decline of approximately 53.6%[55] - Current assets totaled HK$41,627,000 in 2024, down from HK$67,252,000 in 2023, a decrease of about 38.2%[55] - The Group's net current liabilities amounted to HK$14.157 million as of 31 March 2024[56] - Total equity attributable to owners of the Company was reported as (HK$13.901 million) as of 31 March 2024[56] - As of March 31, 2024, the Group had bank balances of approximately HK$2.1 million, down from approximately HK$6.9 million in 2023[72] Project and Business Operations - The Group was awarded 1 new project with a total contract sum of approximately HK$1.0 million (2023: approximately HK$13.6 million) during the Reporting Period[66] - As of 31 March 2024, approximately HK$23.5 million has been recognized as revenue from ongoing projects, with approximately HK$5.6 million generated from previously completed projects[66] - The Group continues to focus on site formation works in the Hong Kong construction industry despite facing increasing operational costs and market competition[58] - The Group ceased operating the Trading Segment during the Reporting Period, which recorded a loss of approximately HK$5.4 million[72] - As of March 31, 2024, the Group had 2 projects on hand with a total contract sum of approximately HK$323.6 million (2023: approximately HK$436.7 million)[91] Financial Instruments and Risks - The Group's financial instruments include trade and other receivables, with associated risks including credit risk, interest rate risk, and liquidity risk[165] - The Group's credit risk on bank balances is limited as counterparties are reputable banks with high credit ratings[166] - The Group's liquidity risk is managed by maintaining floating interest rate deposits, which minimizes cash flow interest rate risk[177] - The Group's trade receivables and contract assets are subject to individual credit evaluations before tender proposals are submitted[166] - The Group's policy is to ensure follow-up actions are taken to recover overdue debts, minimizing credit risk[166]
世纪集团国际(02113) - 2024 - 年度财报