Financial Performance - The company's total assets as of March 31, 2024, amounted to HKD 204,702,000, an increase from HKD 193,268,000 in the previous year, representing a growth of approximately 5.4%[35] - The company's net asset value decreased to HKD 108,743,000 from HKD 113,182,000, a decline of approximately 3.9%[35] - The total equity as of March 31, 2024, was HKD 108,743,000, down from HKD 113,182,000, reflecting a decrease of about 3.9%[35] - The company reported a loss of HKD 18,663,000 for the year, impacting retained earnings which decreased to HKD (1,316,000) from HKD 3,123,000[36] - Cash flow from operating activities before tax loss adjusted items improved to HKD 33,437 thousand in 2024 from a loss of HKD 2,401 thousand in 2023[37] - The net cash flow from operating activities was HKD 33,437 thousand, a significant recovery compared to a net cash outflow of HKD 2,401 thousand in the previous year[37] - The company reported a significant increase in revenue over the past five fiscal years, with a detailed summary available on page 108 of the report[102] Assets and Liabilities - Trade and other receivables decreased to HKD 28,918,000 from HKD 45,206,000, reflecting a decline of about 36.0%[35] - Cash and bank balances significantly increased to HKD 49,527,000 from HKD 17,087,000, marking a growth of approximately 189.5%[35] - Current liabilities rose to HKD 96,847,000 from HKD 28,101,000, indicating an increase of about 244.0%[35] - The available reserves for distribution as of March 31, 2024, were approximately HKD 75.3 million[5] - The expected credit loss provision for contract assets increased significantly to HKD 2,551 thousand in 2024 from HKD 40 thousand in 2023[37] - The company reported a decrease in trade and other payables by HKD 73,779 thousand in 2024 compared to a decrease of HKD 83,543 thousand in 2023[37] Shareholder and Governance - The company has a major shareholder, Yuanfeng, holding 75% of the issued share capital, which translates to 360,000,000 shares[82] - The company confirmed that it maintained sufficient public float as per listing rules throughout the review year[91] - There were no significant transactions or contracts involving directors or senior management that could impact the group's business during the review year[75] - The company has established a remuneration committee to review and recommend the remuneration policy for all directors and senior management based on market benchmarks[80] - The board of directors has undergone changes, with several members resigning and new appointments made on November 29, 2023[98] - The company has confirmed the independence of all independent non-executive directors as per the listing rules[98] Accounting Policies and Financial Instruments - Financial assets are primarily measured at fair value, with specific conditions outlined for amortized cost measurement[104] - The company has adopted a simplified approach for calculating expected credit losses based on historical loss experience and external indicators[112] - Contract liabilities are recognized when customers pay consideration before the company recognizes the related revenue[116] - The company has outlined its accounting policies regarding lease liabilities and financial assets in the report[108] - The group recognizes right-of-use assets and lease liabilities at the commencement date of the lease, with the cost of right-of-use assets including initial direct costs and estimated costs for dismantling and removing related assets[119] - The group reassesses lease liabilities based on revised lease terms and discounted rates at the effective date of the revision[121] Revenue Recognition - Revenue is recognized when control of the product transfers to the customer, typically upon delivery[150] - The company recognizes revenue when control of goods or services is transferred to customers, using the output method for gradual recognition based on the value of completed performance obligations[174] Risk Management and Provisions - The company reported a provision based on the present value of expected expenditures related to its obligations, using a pre-tax rate that reflects current market measures[190] - Contingent liabilities may arise from past events and are recognized only if future events, which are not fully controlled by the group, confirm their existence[192] - Deferred tax liabilities are generally recognized for all taxable temporary differences, while deferred tax assets are recognized for all deductible temporary differences and unused tax credits, subject to the likelihood of future taxable profits[195] Employee Benefits and Contributions - The company has a defined contribution retirement benefit plan, with contributions made based on a fixed percentage of employees' basic salaries[186] - The company participated in the Mandatory Provident Fund Scheme as per Hong Kong legislation but did not engage in any other pension plans during the review year[92] Corporate Social Responsibility - The company made charitable donations amounting to approximately HKD 14,000 in 2024, an increase from HKD 11,000 in 2023[52] - The company has arranged appropriate liability insurance for directors and staff against legal claims arising from corporate activities[178]
耀高控股(01796) - 2024 - 年度财报