Financial Performance - The Group recorded turnover of approximately RMB4,970 million for the year ended 31 March 2024, a decrease of 33.3% from approximately RMB7,447 million in 2023[30]. - The loss after tax for the Group was approximately RMB171 million for the year ended 31 March 2024, compared to a loss of approximately RMB28 million in 2023[30]. - The Group incurred a net loss of approximately RMB 170,882,000 and net operating cash outflows of approximately RMB 406,395,000 for the year ended 31 March 2024[169]. - As of 31 March 2024, the Group's total bank borrowings amounted to approximately RMB 1,187,720,000 and guaranteed notes of approximately RMB 169,094,000 will be due for repayment within the next twelve months[169]. - The Group's cash and cash equivalents were approximately RMB 10,688,000 as of 31 March 2024[169]. - The Group's financial statements for the year ended 31 March 2024 have not yet reflected the potential adjustments related to the ongoing uncertainties[171]. Corporate Governance - The Board is committed to maintaining good corporate governance standards to enhance shareholder value[49]. - The Company has complied with all applicable code provisions of the Corporate Governance Code for the year ended 31 March 2024[49]. - The Board will continuously review and improve corporate governance practices to ensure proper regulation of business activities and decision-making processes[49]. - The Corporate Governance Report outlines the need for independent resolutions for re-appointing any independent non-executive director serving over nine years[60]. - The Company emphasizes the importance of independence and integrity when appointing directors[103]. Risk Management - The Group has established a risk management organizational framework that includes the Board, audit committee, and risk management group[111]. - The internal audit function has been established to monitor the risk management and internal control systems[113]. - The Group's risk management systems are designed to provide reasonable assurance but not absolute assurance against material misstatements or losses[117]. - The Group's risk management team conducts annual assessments of significant risks affecting business objectives and develops mitigation plans accordingly[127]. - The board has conducted an annual review of the effectiveness of the Group's risk management and internal control systems, confirming their adequacy[116]. Strategic Initiatives - The Group is exploring potential strategic investors to increase fund reserves and liquidity for repayment of borrowings[19]. - The Group aims to control administrative costs through human resources optimization and management remuneration adjustments, while also constraining unnecessary capital expenditures[19]. - The Group is actively progressing with an action plan to resolve its financial difficulties[30]. - The management will continue to enhance efficiency and reduce costs while seeking profitable trading opportunities amidst uncertainties in international oil and gas prices[46]. - The Group expects that the demand for natural gas will maintain steady growth due to the PRC government's commitment to clean production and pollution control[46]. Compliance and Reporting - The Group is committed to ensuring the accuracy of financial reporting and compliance with relevant accounting standards[28]. - The Company emphasizes compliance with accounting and auditing standards in its financial reporting[64]. - The Company ensures that all disclosed information is accurate and not misleading, adhering to the Securities and Futures Ordinance and Listing Rules[147]. - The Company maintains a shareholders' communication policy to ensure timely and equal access to information regarding financial performance and strategic goals[152]. - The Company has recognized the importance of timely disclosure of information to enable informed investment decisions by shareholders and investors[152]. Employee and Board Diversity - The Company aims to appoint at least one female Board member by December 31, 2024, to enhance gender diversity[93]. - As of March 31, 2024, the employee gender ratio is 4:1, indicating a measurable target for gender diversity[108]. - The Nomination Committee conducted an annual review of the board diversity policy and confirmed its effective implementation[103]. - The Company is committed to ensuring that proper arrangements are in place for independent investigations of financial reporting concerns raised by employees[89]. - The remuneration policy of the Group is designed to reward employees and directors based on performance, qualifications, and market comparability, typically including salary, pension contributions, performance bonuses, and share options[77]. Legal and Regulatory Matters - The Group has made provisions for litigations and claims, actively seeking amicable solutions to outstanding litigations[19]. - The independent auditor has issued a disclaimer of opinion regarding the Company's ability to continue as a going concern[169]. - The Company has defaulted or cross-defaulted on certain bank borrowings and guaranteed notes as of 31 March 2024[169]. - There were no material breaches of applicable laws and regulations that significantly impacted the Group's business and operations during the year ended March 31, 2024[134]. - The Group is committed to complying with environmental standards set by the governments of the People's Republic of China and Hong Kong, recognizing the importance of sustainable business operations[135].
元亨燃气(00332) - 2024 - 年度财报