Financial Performance - The Group achieved a net profit of HK$26 million this year, down 41% from HK$44 million last year[17]. - The Group's revenue for the year amounted to HK$705 million, comparable to HK$711 million in the previous year, with sales in China at HK$693 million, down from HK$700 million[107][119]. - Profit attributable to owners of the Company decreased by 41% to HK$26 million from HK$44 million[118]. - Basic earnings per share fell by 40% to 3.51 HK cents from 5.84 HK cents[118]. - Profit before taxation decreased to HK$65,094,000, down 25.4% from HK$87,209,000 in 2023[162]. - Profit for the year attributable to the owners of the Company was HK$26,201,000, a decline of 40.2% compared to HK$43,654,000 in 2023[162]. - Other net losses amounted to HK$1 million this year, a decrease from net gains of HK$4 million in the previous year[27]. Cash and Debt Management - Total cash balance as of March 31, 2024, was HK$165 million, a decrease from HK$194 million as of March 31, 2023, primarily due to loan repayments and dividend payments[17]. - Bank loans amounted to HK$159 million as of March 31, 2024, down from HK$174 million as of March 31, 2023[17]. - The gearing ratio was 36% as of March 31, 2024, compared to 38% as of March 31, 2023[17]. - Finance costs increased by 22% to HK$11 million this year from HK$9 million last year due to rising interest rates on bank borrowings[16]. Operational Overview - The Group currently operates 5 stores in China and aims to enhance cost efficiency while facing challenges from the slowing economy[17]. - The Group is developing its "Properties leasing" segment and has acquired two residential properties in London in previous years[17]. - The total number of stores remained stable, with locations in Beijing, Shanghai, Xiamen, and Nantong[121]. Shareholder Information - The Directors recommended a final dividend of HK$0.0348 per share for the year ended March 31, 2024, compared to HK$0.0469 in 2023[4]. - The Company has a dividend policy that allows dividends to be paid out of profits or share premium account, subject to the Directors' recommendations[63]. - As of March 31, 2024, certain individuals hold 5% or more of the Company's issued share capital, as disclosed under the SFO[45]. - As of March 31, 2024, Century Hero International Limited holds approximately 38.98% of the issued share capital of the Company[68]. - Goodideal Industrial Limited holds approximately 6.84% of the issued share capital of the Company[68]. - Covenhills Limited holds approximately 8.60% of the issued share capital of the Company[68]. Compliance and Governance - The Group has complied with all relevant laws and regulations in China, Switzerland, and Hong Kong that significantly impact its operations as of March 31, 2024[63]. - The Company has maintained the prescribed public float under the Listing Rules as of the date of the annual report[73]. - No Directors have interests in competing businesses according to the Listing Rules as of the report date[66]. - The company disclosed that there were no interests or short positions in shares by Directors or chief executives that required notification under the SFO as of March 31, 2024[135]. Environmental and Social Responsibility - The environmental, social, and governance report is detailed on pages 38 to 45 of the annual report, highlighting initiatives to reduce disposable product usage and water consumption[60]. - The Group emphasizes environmental protection and sustainable development, implementing measures such as energy-saving practices and recycling initiatives[73]. - The Group recognizes employees as valuable assets and regularly reviews staff benefits for improvement, ensuring compliance with labor laws in Hong Kong and China[63]. - The Group made charitable donations during the year, reflecting its commitment to social responsibility[63]. Financial Statements and Reporting - The financial statements comply with all applicable Hong Kong Financial Reporting Standards (HKFRSs) and disclosure requirements of the Hong Kong Companies Ordinance[143]. - The consolidated financial statements for the year ended 31st March 2024 include the Company and its subsidiaries[143]. - The financial statements are presented in thousands of Hong Kong dollars (HK$'000)[143]. - The analysis of the Group's performance during the year using financial key performance indicators is included in the "Management Discussion and Analysis" section[4]. Lease and Asset Management - The Group recognizes a right-of-use asset and a lease liability at the lease commencement date, except for short-term leases of 12 months or less and leases of low-value assets[184]. - Lease liability is initially recognized at the present value of lease payments, discounted using the interest rate implicit in the lease or a relevant incremental borrowing rate[184]. - The cost of right-of-use assets includes the initial amount of lease liabilities plus any rent paid before the commencement date, minus any lease incentives received[189]. - The Group presents lease liabilities as a separate line item on the consolidated statement of financial position[200].
ASIA COMM HOLD(00104) - 2024 - 年度财报