Financial Performance - Other income increased from approximately HK$4.4 million for the year ended 31 March 2023 to approximately HK$5.2 million for the year ended 31 March 2024, representing an increase of approximately 18.2%[26] - The Group reported a net loss of approximately HK$6.2 million for the year ended 31 March 2024, an increase of approximately HK$3.9 million compared to HK$2.3 million for the year ended 31 March 2023[26] - Selling and distribution expenses represented approximately 10.4% of revenue for the year ended 31 March 2024, up from approximately 9.5% for the year ended 31 March 2023[26] - Administrative expenses decreased by approximately HK$9.7 million, mainly due to the absence of share-based payment expenses of approximately HK$17.1 million from the grant of share options in December 2022[26] - The significant increase in net loss was mainly attributable to losses on disposals of property, plant, and equipment of approximately HK$4.4 million[26] - For the year ended March 31, 2024, the Group reported revenue of approximately HK$316.3 million, a slight decrease from approximately HK$317.4 million for the year ended March 31, 2023[46] - The gross profit for the year ended March 31, 2024, was approximately HK$119.2 million, representing a decrease of approximately 3.5% compared to the previous year[46] - The gross profit margin decreased from approximately 38.9% for the year ended March 31, 2023, to approximately 37.7% for the year ended March 31, 2024[46] - The current ratio as of March 31, 2024, was 1.2, down from 1.9 as of March 31, 2023[49] - The gearing ratio increased to 36.1% as of March 31, 2024, compared to 27.4% as of March 31, 2023[49] Cash and Investments - As of March 31, 2024, the Group's bank balances and cash were approximately HK$100.0 million, a decrease of approximately HK$25.0 million compared to HK$125.0 million as of March 31, 2023, primarily due to property acquisitions during the year[27] - The Group's cash and cash equivalents decreased mainly due to the acquisition of properties, indicating a strategic focus on property investment[27] - The Group has no plans for any material investments or capital assets as of March 31, 2024[30] - The Group had capital commitments of approximately HK$9.5 million as of 31 March 2024, compared to nil as of 31 March 2023[52] - The Group holds various investments classified as financial assets at fair value through profit or loss, in addition to investments in subsidiaries, joint ventures, and an associate[52] Acquisitions - On June 1, 2023, e-banner Limited agreed to acquire 10,000 shares in WAB2 Group (HK) Limited for HK$28,861,000, representing the entire issued share capital of WAB2[30] - The completion of the acquisition of WAB2 took place on July 13, 2023, and WAB2's financial results are now consolidated into the Group's financial statements[30] - The principal assets of WAB2 include properties located at Kwun Tong Industrial Centre, with specific units identified[30] - The Group had no material acquisition or disposal of subsidiaries, associates, and joint ventures during the year ended March 31, 2024[30] Employee and Workplace Policies - The Group employed a total of 340 employees as of March 31, 2024[33] - Employees at officer and managerial grades are entitled to 11 days and 14 days of annual leave respectively in their first year of employment[32] - The Group has established "Human Resources Operation Procedures" to ensure compliance with labor laws and regulations affecting recruitment, promotion, and working hours[32] - The Group has established an "Anti-discrimination Policy" to ensure a fair working environment for all employees[38] - The company emphasizes a positive corporate culture and a friendly, inclusive work environment to enhance employee well-being and job satisfaction[84] - The company received recognition for promoting workplace happiness, indicating a focus on employee engagement and satisfaction[85] - The new Employee Lounge inaugurated in November 2023 spans 1,701 square feet and is equipped with essential amenities and recreational options for employees[56] Governance and Board Structure - The Board held four meetings during the year ended 31 March 2024, allowing Directors to include matters in the agenda and review documents in advance[65] - One general meeting was held during FY2023/24, specifically the 2023 annual general meeting on 22 August 2023[77] - The Board consists of independent non-executive Directors with diverse qualifications and experience, ensuring effective governance and independence[106] - All Directors are required to participate in continuous professional development to keep their knowledge and skills relevant[104] - The company has a balanced board composition to ensure strong independence and effective leadership[89] - The company has established mechanisms to obtain independent opinions and ensure the Board's responsibilities are fulfilled effectively[99] - The company is committed to reviewing its Board structure and diversity policy annually to comply with Listing Rules[98] - The company has appointed a new independent non-executive Director effective from July 1, 2023, to maintain board independence[94] - The Nomination Committee held one meeting during FY2023/24 to review the structure, size, and diversity of the Board, assess the independence of each independent non-executive Director, and discuss the re-election of Directors[120] - The Company aims to promote female staff with long and relevant experience in the printing industry to senior management or directorship positions[117] - The Nomination Committee emphasizes the importance of candidates' qualifications and experience in the printing business for Board nominations[144] Audit and Compliance - The Audit Committee reviewed the annual results for FY2022/23, confirming compliance with applicable accounting standards and Listing Rules[161] - The accounts for FY2023/24 were audited by PricewaterhouseCoopers (PwC), with a recommendation for re-appointment at the 2024 AGM[162] - The Audit Committee held three meetings in FY2023/24, with all members in attendance[159] - The Audit Committee is responsible for overseeing the financial reporting system and risk management of the Group[179] - The existing risk management and internal control systems will be reviewed annually by the Audit Committee[186] - The Company established an Audit Committee on 13 November 2013, with its terms of reference revised to comply with the CG Code[178] - The audit fee for the year included HK$1,522,000 for audit services and HK$140,000 for non-audit services[191] - The Company engaged Greenfield Services Limited for compliance and company secretarial services to adapt to regulatory changes[191] Shareholder Rights and Communication - The board considers a balance between retaining adequate reserves for future growth and rewarding shareholders when declaring dividends[193] - Shareholders have the right to convene an extraordinary general meeting if they hold at least 10% of the paid-up capital[198] - Shareholders can send written inquiries to the Company Secretary at the principal place of business in Hong Kong[199]
EPRINT集团(01884) - 2024 - 年度财报