Financial Performance - For the fiscal year ending March 31, 2024, the revenue from tutoring services decreased to approximately HKD 36.2 million, a decline of 6.0% compared to the previous fiscal year[13]. - The franchise business recorded revenue of approximately HKD 1.0 million, representing a significant increase of 78.4%, primarily due to improved pandemic conditions leading to higher enrollment[15]. - The group recorded total revenue of approximately HKD 45.8 million, an increase of about 4.9% compared to HKD 43.7 million for the year ended March 31, 2023[23]. - Revenue from management services provided to Shenzhen Jieshan Art Co., Ltd. was approximately HKD 8.6 million, representing an increase of 86.6% due to the recognition of full-year income[23]. - The group recorded a net loss attributable to owners of approximately HKD 6.0 million, compared to a loss of HKD 0.3 million in the previous year, mainly due to the absence of government subsidies related to COVID-19[28]. Assets and Liabilities - As of March 31, 2024, accounts receivable amounted to approximately HKD 4.4 million, an increase of about HKD 2.0 million compared to the previous year[29]. - Cash and cash equivalents as of March 31, 2024, were approximately HKD 6.9 million, a decrease from the previous year's balance, primarily due to cash outflows for the acquisition of financial assets[30]. - The group’s net current assets decreased from approximately HKD 20.1 million to HKD 16.2 million from March 31, 2023, to March 31, 2024[32]. - The group has no significant contingent liabilities as of March 31, 2024[31]. - The group’s debt-to-equity ratio was approximately 5.3% as of March 31, 2024, compared to 5.8% the previous year[32]. Business Strategy and Opportunities - The group plans to explore new business opportunities, including providing automated parking systems and related services in China, to diversify revenue sources[22]. - The group has no significant investments, acquisitions, or disposals planned beyond those disclosed in the annual report[41]. Shareholder Information - The company completed a placement of 151,320,000 shares at a price of HKD 0.034 per share, raising approximately HKD 5.1 million for general working capital[44]. - The company plans to implement a share consolidation, merging every five shares into one, and proposes a rights issue to raise approximately HKD 15.8 million at a subscription price of HKD 0.145 per share[45]. - The company's distributable reserves, including share premium and retained earnings, amount to approximately HKD 5,836,000 as of March 31, 2024[60]. - The board does not recommend a final dividend for the year, consistent with the previous year[51]. - The company has adopted a dividend policy to guide the distribution of profits to shareholders[52]. Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules, with some minor deviations noted[92]. - The audit committee, consisting of independent non-executive directors, has reviewed the audited consolidated financial statements for the year and confirmed compliance with applicable accounting standards[100]. - The company has established service contracts with executive directors for an initial term of three years, which will continue unless terminated with a three-month written notice[76]. - The company has established a nomination policy for selecting and recommending candidates for the board[114]. - The company has purchased liability insurance for its directors and senior officers to protect against legal liabilities arising from their duties[110]. Employee and Labor Practices - The overall employee turnover rate for the year was 48.0%, compared to 7% in the previous year, indicating a significant increase in turnover[177]. - The company has recorded zero work injury cases over the past three years, resulting in no lost workdays[178]. - The company is committed to providing competitive compensation and comprehensive benefits, including mandatory contributions to the MPF scheme for eligible employees[174]. - The company has established a non-discrimination policy applicable to all employment activities, ensuring equal treatment regardless of race, gender, or other factors[172]. - The company has complied with significant labor laws and regulations affecting compensation, recruitment, and workplace safety[180]. Environmental, Social, and Governance (ESG) Initiatives - The ESG report aims to transparently disclose the company's performance in environmental, social, and governance aspects for the fiscal year ending March 31, 2024[145]. - The board is responsible for formulating ESG strategies and ensuring effective risk management and internal controls related to ESG[148]. - The group recorded Scope 2 and Scope 3 greenhouse gas emissions of 775.7 tons CO2 equivalent and 56.9 tons CO2 equivalent respectively for the year, compared to 60.25 tons and 63.8 tons in 2023[156]. - The group has implemented various waste reduction measures, resulting in negligible amounts of non-hazardous waste generated[157]. - The group has complied with all relevant laws and regulations regarding gas and greenhouse gas emissions, as well as waste management[158]. Training and Development - The company provided 4,346 hours of training focused on compliance, accounting, and business development, with an average training duration of over 45.2 hours per employee[184]. - The company aims to achieve a 100% training coverage rate for anti-corruption training over a four-year period, starting with directors, management, and frontline sales personnel[184]. - All directors participated in continuous professional development to enhance their knowledge and skills relevant to their roles[123]. Community Engagement - The company is committed to community engagement and development[196]. - The company encourages employee participation in volunteer work as part of its corporate social responsibility initiatives[195].
GOLDWAY EDU-NEW(08160) - 2024 - 年度财报