Financial Performance - The company recorded total revenue of approximately HKD 48,251,000 for the fiscal year ending March 31, 2024, a 300-fold increase from HKD 160,000 in the previous fiscal year, primarily due to the sale of 94 kilograms of gold in the metal trading business[52]. - Other income and gains for the year were approximately HKD 3,694,000, down from HKD 4,670,000 in the previous year, mainly consisting of interest and rental income[52]. - The company incurred a loss of approximately HKD 21,312,000 for the year, compared to a restated loss of HKD 9,785,000 in the previous fiscal year[52]. - The mining and metals business generated revenue of HKD 48,251,000, while the software and innovation business did not generate any revenue, down from HKD 160,000 in the previous year[52]. - The loss from the mining and metals segment was approximately HKD 3,206,000, a 36% reduction from HKD 5,015,000 in the previous year, attributed to a gross profit of HKD 1,260,000 from metal trading[52]. - The company reported a pre-tax loss of HKD 21,096,000 for the year[192]. - Revenue from gold sales reached HKD 48,251 thousand in 2024, compared to HKD 160 thousand in 2023, indicating a substantial increase[200]. Assets and Liabilities - As of March 31, 2024, the group's cash and cash equivalents amounted to approximately HKD 82,618,000, a decrease from HKD 90,885,000 in 2023[27]. - The group's current assets net value was HKD 71,516,000 as of March 31, 2024, down from HKD 90,466,000 in 2023[27]. - The current ratio as of March 31, 2024, was 4.64, compared to 5.05 in 2023[28]. - The group had outstanding borrowings of approximately HKD 9,800,000 as of March 31, 2024, an increase from HKD 9,003,000 in 2023[29]. - The group has no mortgaged assets as of the report date[11]. - The group's debt-to-equity ratio as of March 31, 2024, was approximately 24.47%, up from 17.65% in 2023, based on total borrowings of approximately HKD 9,800,000 and equity attributable to owners of approximately HKD 40,054,000[56]. - As of March 31, 2024, the carrying value of exploration and evaluation assets was approximately HKD 13,713,000, down from HKD 13,932,000 in 2023[189]. - The company’s financial assets amounted to HKD 1,926,000, a decrease from HKD 15,893,000 in 2023[190]. - The total assets of the reportable segments were HKD 122,476,000 for mining and metal business and HKD 146,873,000 for software and innovation business[194]. Investments and Acquisitions - There were no significant investments, acquisitions, or disposals during the year ending March 31, 2024[13]. - The company has no major investment plans recently[14]. - The company holds a 1.25% stake in Trip Guru Holdings Limited, which generated a fair value gain of HKD 853,000 during the year, up from HKD 782,000 in the previous year[50]. - The company holds a 41.45% stake in Nano Bubble Limited, up from 36.04% in 2023, focusing on the development of sanitation and disinfection products using nano-ozone technology[163]. - The company acquired additional equity in Nano Bubble for a cash consideration of HKD 195,000[177]. - The company is actively negotiating with potential buyers to divest its investment in CGA Holdings due to a complex market environment[165]. Corporate Governance - The audit committee has reviewed the accounts audited by Guowei CPA for the year ending March 31, 2024, and has recommended the reappointment of Guowei CPA as the company's auditor[87]. - The remuneration committee held one meeting during the year ending March 31, 2024, to review and recommend the share option plan for directors and employees, and to assess the performance of executive directors[100]. - The company adopted a board diversity policy in January 2019, emphasizing the importance of diversity in achieving strategic goals and sustainable development[97]. - The nomination committee is responsible for identifying and recommending qualified candidates for board appointments, ensuring a balanced skill set and diverse perspectives[89]. - The company has established a mechanism to ensure compliance with insider information regulations, regularly reminding directors and employees of their obligations[104]. - The remuneration committee's share option grants do not have performance targets, as the recipients are directly contributing to the group's performance and business development[102]. - The nomination committee evaluates candidates based on their expected contributions and the ability to devote sufficient time and energy to the company's affairs[109]. - The board's composition is reviewed annually from a diversity perspective, monitoring the implementation of the diversity policy[113]. - The company ensures that all disclosure responsibilities related to appointments or re-elections comply with GEM listing rules[106]. - The nomination committee assesses whether retiring directors continue to meet the selection criteria outlined in the nomination policy[107]. - The remuneration committee was established in March 2006 to develop transparent procedures for setting employee compensation and benefits[116]. Operational Insights - The group had no orders on hand as of March 31, 2024[12]. - The company completed a share placement on March 19, 2024, raising net proceeds of approximately HKD 9,300,000, with a net price per share of HKD 0.166[31]. - The company confirmed a one-year lease order for hydroponic machines, which are used for disinfection and sterilization[163]. - The company has allocated approximately HKD 567,000 for drilling work, completing about 1,030 meters of drilling during the year[155]. - The company anticipates that the second phase of mining operations could commence in the second half of 2026, subject to feasibility study approvals[158]. - The company is focusing on the development of its metal-related business and seeking opportunities to enhance shareholder value[152]. - The company has engaged professionals for additional exploration work at the Baishiquan copper-nickel mine to identify additional resources[150]. - The group plans to expand the production scale of the Baishiquan copper-nickel mine upon the renewal of its mining license in December 2024, aiming for lower average unit costs[130]. - The latest resource estimate for the Baishiquan copper-nickel mine includes 7,078,000 tons of ore, with nickel content of 40,322 tons and copper content of 23,905 tons[151]. Risk Management - The board conducted an annual review of the effectiveness of risk management and internal control systems, which are designed to enhance operational efficiency and ensure compliance with relevant laws and regulations[125]. - The audit committee has appointed experienced staff to monitor internal controls and audit functions, ensuring effective risk management[124]. - The group is committed to maintaining high standards of transparency, integrity, and accountability across all levels of employees[126]. - No incidents of fraud or misconduct were reported in the financial statements or overall operations for the year ending March 31, 2024[121]. - The chairman's report highlighted the challenges faced in 2023, including geopolitical uncertainties and a slow economic recovery in China[136].
天时资源(08028) - 2024 - 年度财报