Financial Performance - Revenue for the fiscal year ended March 31, 2024, was HKD 239,055,000, a decrease of 13.4% compared to HKD 276,007,000 in the previous year[15] - The company reported a loss before tax of HKD 60,700,000 for the fiscal year, compared to a profit of HKD 32,037,000 in the previous year[15] - For the fiscal year ending March 31, 2024, the group reported a loss of approximately HKD 66.5 million, compared to a profit of approximately HKD 27.2 million in the previous year[48] - Revenue decreased from approximately HKD 276.0 million for the year ending March 31, 2023, to approximately HKD 239.1 million for the year ending March 31, 2024, representing a decline of about 13.4%[50] - The financial communications services segment generated revenue of approximately HKD 235.4 million for the year ending March 31, 2024, down about 14.7% from approximately HKD 276.0 million in the previous year[52] - The profit for the financial communications services segment was approximately HKD 78.0 million for the year ending March 31, 2024, a decrease of about 9.9% from approximately HKD 86.6 million in the previous year[52] - The international roadshow service recorded a revenue of approximately HKD 3.7 million for the year ended March 31, 2024, compared to HKD 0 for the previous year[55] - The profit from the international roadshow service division for the year ended March 31, 2024, was approximately HKD 1.9 million, while the previous year showed a loss of approximately HKD 25,000[55] - Interest income from bond securities for the year ended March 31, 2024, was approximately HKD 5.3 million, down from HKD 16.5 million in the previous year[68] - The group recorded a loss of approximately HKD 53.0 million from the termination of recognition/sale of bond securities, compared to a loss of approximately HKD 37.1 million in the previous year[68] - The net loss from fair value changes of debt instruments recognized in other comprehensive income was approximately HKD 32.4 million for the year ended March 31, 2024, compared to a net gain of approximately HKD 52.7 million in the previous year[68] - The total comprehensive loss for the year ended March 31, 2024, was HKD (17,782) thousand, compared to a comprehensive income of HKD 83,807 thousand for the previous year[187] - Basic and diluted loss per share for the year was (5.78) HK cents, a decline from earnings of 2.36 HK cents per share in the previous year[187] - Other comprehensive income for the year was HKD 48,718 thousand, down from HKD 56,585 thousand in the previous year[187] Assets and Liabilities - Total assets as of March 31, 2024, were HKD 1,577,881,000, a decrease from HKD 1,612,127,000 in the previous year[19] - Total liabilities decreased to HKD 120,636,000 as of March 31, 2024, down from HKD 137,100,000 in the previous year[19] - The equity attributable to owners of the company was HKD 1,457,245,000 as of March 31, 2024, compared to HKD 1,475,027,000 in the previous year[19] - As of March 31, 2024, the group's cash and bank balances totaled approximately HKD 213.7 million, compared to HKD 75.5 million in the previous year[70] - The group had no bank loans or overdrafts as of March 31, 2024, resulting in a net debt ratio of 0%[70] - The group has pledged properties worth approximately HKD 525.4 million as of March 31, 2024, down from HKD 547.9 million in the previous year[72] Corporate Governance - The company maintained compliance with the public float requirements as per the listing rules throughout the fiscal year[9] - The company is committed to high standards of corporate governance and has adhered to the corporate governance code throughout the year[25] - The chairman and CEO roles are held by the same individual, which the board believes provides strong leadership for the company's strategy implementation[25] - The board consists of five members, including two executive directors and three independent non-executive directors[30] - The independent non-executive directors have confirmed their independence and have provided annual declarations to the company[42] - The board held a total of 4 meetings during the fiscal year ending March 31, 2024[30] - The company has arranged appropriate insurance for its directors against potential legal actions arising from corporate activities[41] - The company has adopted a share option scheme since March 7, 2012, with no options granted or exercised by directors during the year[4] Compliance and Risk Management - The company has maintained compliance with regulatory requirements, ensuring effective communication with regulators throughout the year[154] - The compliance department conducted an assessment of the company's risk management and internal control systems, indicating no significant weaknesses in internal controls[81] - The company has allocated personnel to ensure ongoing compliance with rules and regulations, highlighting the importance of regulatory adherence[154] - The group faces significant operational and market risks, influenced by macroeconomic conditions and financial instability, particularly due to inconsistent financial policies globally[192] - The group has identified key audit matters that are significant to the audit of the financial statements, which are addressed in the overall audit process[164] - The audit identified the impairment assessment of trade receivables as a key audit matter due to its significant impact on the financial statements[165] Employee and Social Responsibility - As of March 31, 2024, the group had 204 full-time employees, with total employee costs amounting to approximately HKD 45.5 million, a decrease from HKD 53.5 million in 2023[77] - The company provides competitive compensation and discretionary bonuses based on individual and business performance, along with medical insurance for employees[126] - The company has complied with occupational safety and health regulations, ensuring a safe working environment for employees[127] - The company offers on-the-job training and professional membership reimbursements to enhance employee skills and morale[129] - The company engages in corporate social responsibility through charitable donations and encouraging employee participation in community activities[139] Environmental Initiatives - The company emphasizes environmental protection, implementing measures such as a paperless office and energy-efficient appliances to reduce energy consumption[152] - The company consumed approximately 302,205 kWh of electricity during the year, resulting in CO2 equivalent emissions of about 244,959 kg, with an energy consumption intensity of approximately 8.25 kWh per square foot[121] - The total gasoline consumption for the company's vehicles was approximately 4,990 liters during the year[122] - The company printed a total of approximately 464,000 sheets of paper during normal business operations in the year[121] Business Outlook - The Hong Kong IPO market is expected to recover in 2024, with approximately 80 IPOs projected and a fundraising amount reaching HKD 100 billion, positioning Hong Kong back among the top five global IPO markets[76] - The group maintained a stable market share in the Hong Kong IPO market and aims to leverage new opportunities during the market rebound[76] - The company aims to enhance shareholder value by promoting business development for sustainable profit growth while considering cash flow and future expansion needs[200] - The main business of the group remains investment holding and securities investment, with no significant changes in business nature during the year[149] Supplier and Customer Relations - The company has established a supplier management system to evaluate and ensure compliance with legal and ethical standards among suppliers[133] - The company emphasizes maintaining close communication with suppliers to monitor their performance and ensure service consistency[134] - The company has established various channels to strengthen communication with customers, primarily those listed on the Hong Kong Stock Exchange or undergoing IPO processes[197] - The group emphasizes the importance of maintaining good relationships with major service providers to improve cost efficiency and promote long-term business interests[198] Financial Statements and Audit - The independent auditor's report confirms that the financial statements reflect the group's financial position accurately as of March 31, 2024[160] - The annual report includes a discussion on the group's key financial performance indicators and business outlook[149] - The group recognized a net reversal of impairment loss on trade receivables of HKD 8,177,000 for the current year[165] - The expected credit loss for trade receivables as of March 31, 2024, was estimated at HKD 37,000,000[165] - The fair value of debt instruments measured at fair value through other comprehensive income was HKD 87,508,000 as of March 31, 2024[169] - The group made a provision for impairment of HKD 30,521,000 for the current year related to debt instruments[169] - Management utilized external credit ratings and macroeconomic data to adjust the estimates of expected credit losses[169] - The group’s internal credit ratings and aging analysis of trade receivables were considered in estimating expected credit losses[165]
皓天财经集团(01260) - 2024 - 年度财报