Financial Performance - The Group's revenue for the year ended 31 March 2024 was approximately HK$38.962 million, a decrease of approximately 29.61% compared to HK$55.353 million in 2023[22]. - The operating loss for the year was approximately HK$16.036 million, compared to an operating loss of approximately HK$5.237 million in 2023[22]. - The net loss attributable to owners of the Company for the year was approximately HK$17.110 million, compared to a net loss of approximately HK$5.881 million in 2023[22]. - The segmental revenue from general hospital services was approximately HK$16.036 million, representing a decrease of approximately 29.61% compared to the previous year[23]. - Gross profit was approximately HK$18.674 million, a decrease of approximately 30.86% from HK$27.009 million in the previous year[32]. - Other revenue, primarily including government subsidy and bank interest income, amounted to approximately HK$0.149 million, a significant decrease from approximately HK$5.235 million in 2023[36]. - The Group recorded a net loss before taxation of approximately HK$16.344 million for the year ended 31 March 2024, an increase of approximately 189.22% compared to HK$5.651 million in 2023[52]. Operational Overview - The Group continues to operate one general hospital in Beijing and is allocating resources to explore business opportunities for expanding hospital services[23]. - The Group operated one general hospital in Beijing, continuing to focus on providing comprehensive hospital services[35]. - Management anticipates diversifying hospital services in the coming years to meet various patient needs[40]. - The Group is enhancing regulatory compliance and quality assurance measures to ensure uninterrupted operations and adherence to standards[65]. - The Group aims to improve patient experience through digital health solutions and exceptional customer service[64]. Financial Position - Total cash and bank balances decreased to approximately HK$3.644 million as at 31 March 2024, down from approximately HK$17.685 million in 2023[74]. - The current ratio of the Group was approximately 0.34 as at 31 March 2024, a decline from approximately 1.33 in 2023, indicating a decrease in liquidity[80]. - The Group's gearing ratio was maintained at 610.16% as at 31 March 2024, reflecting a high level of debt relative to equity[81]. - As of March 31, 2024, the total current assets of the Group were approximately HK$8,705,000, a decrease from approximately HK$27,062,000 as of March 31, 2023[84]. - The total current liabilities as of March 31, 2024, were approximately HK$25,615,000, compared to approximately HK$20,325,000 as of March 31, 2023[84]. Staffing and Expenses - The Group had 137 full-time employees as of March 31, 2024, a slight decrease from 139 in 2023[105]. - Staff costs for the year ended March 31, 2024, amounted to approximately HK$22.669 million, down from approximately HK$25.757 million in 2023, representing a decrease of about 12.1%[110]. - Selling and distribution expenses decreased by approximately 34.20% to approximately HK$8.918 million from HK$13.553 million in 2023[44]. - Administrative expenses decreased by approximately 14.66% to approximately HK$20.271 million from HK$23.754 million in 2023[45]. - Finance costs decreased by approximately 25.60% to approximately HK$0.308 million from HK$0.414 million in 2023[46]. Legal Matters - A civil complaint was filed against the group, seeking a refund of approximately RMB12.13 million (approximately HK$14.973 million) and liquidated damages of approximately RMB1.4 million (approximately HK$1.728 million)[120]. - Following a civil judgment, the group was ordered to return approximately RMB4.9 million (approximately HK$5.9 million) to China Merchants[124]. - A second civil complaint was received, seeking the refund of approximately RMB3.2 million (approximately HK$3.625 million) by Edinburgh International Diabetes[128]. - As of the date of the report, Edinburgh Hospital Management had yet to make payment of approximately RMB5.9 million to China Merchants pursuant to the civil judgment[127]. - China Merchants is seeking the return of an investment balance of approximately RMB 3,200,000 (equivalent to approximately HK$3,625,000) from Edinburgh International Diabetes as per Civil Complaint II[131]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as its corporate governance practices[180]. - The company has complied with the applicable code provisions in the Corporate Governance Code throughout the year ended March 31, 2024[181]. - The Board currently comprises two executive Directors and three independent non-executive Directors[196]. - The company has established three committees: the Audit Committee, the Nomination and Corporate Governance Committee, and the Remuneration Committee[192]. - The company is committed to achieving a high standard of corporate governance to protect and promote the interests of all shareholders[180]. Strategic Focus and Risks - The company identified potential market risks due to recent restructuring of PRC government healthcare agencies, which may impact hospital operations and management[153]. - The financial condition and operational performance of the Group may be influenced by multiple risks and uncertainties, including recent restructuring of health-related central departments by the Chinese government[156]. - The Group's future outlook remains cautious due to the potential for evolving risks and uncertainties in the healthcare market[156]. - The Group's market promotion plans and collaborations may face risks due to potential impacts from local government policy changes[157]. - The management team includes experienced professionals with backgrounds in business management, strategic planning, and risk management, enhancing the Group's operational capabilities[160][161].
金威医疗(08143) - 2024 - 年度财报