Financial Performance - The group recorded revenue of approximately HKD 125.1 million for the year ended March 31, 2024, a decrease of about 3.0% from approximately HKD 128.9 million in the previous year [10] - Gross profit for the year was approximately HKD 57.8 million, down about 9.0% from approximately HKD 63.5 million in the previous year [10] - The group's profit after tax decreased by approximately 56.9% to about HKD 8.6 million for the year ended March 31, 2024, compared to approximately HKD 20.0 million in the previous year [10] - The revenue from the performance announcement and financial report segment was approximately HKD 63.8 million, a decrease of about 7.8% from approximately HKD 69.2 million in the previous year [19] - The revenue from the company announcements and shareholder circulars segment increased by approximately 7.2% to about HKD 43.0 million, compared to approximately HKD 40.2 million in the previous year [20] - The revenue from the bond circulars and IPO prospectuses segment increased by approximately 11.7% to about HKD 9.4 million, up from approximately HKD 8.4 million in the previous year [21] - The group's net profit margin for the year was approximately 6.9%, a decrease from about 15.5% in the previous year [10] - The revenue from the fund document segment decreased by approximately HKD 4,000,000, representing a decline of about 65.4%, contributing to only 1.1% of total revenue for the year ended March 31, 2024 [24] - Other income for the year ended March 31, 2024, was approximately HKD 3,400,000, down from approximately HKD 10,600,000 for the previous year, a decrease of about 67.9% [29] Cost and Expenses - The group's service costs increased from approximately HKD 65,500,000 for the year ended March 31, 2023, to approximately HKD 67,300,000 for the year ended March 31, 2024, an increase of about 2.8% [27] - The administrative expenses remained relatively stable, with approximately HKD 30,300,000 for the year ended March 31, 2024, compared to approximately HKD 29,600,000 for the previous year [31] - The financing costs increased from approximately HKD 100,000 for the year ended March 31, 2023, to approximately HKD 300,000 for the year ended March 31, 2024 [33] Dividends and Shareholder Returns - The board does not recommend any final dividend for the year ended March 31, 2024 [14] - The total reserves available for distribution to shareholders as of March 31, 2024, is approximately HKD 69.3 million, an increase from HKD 60.7 million in 2023 [78] - The company did not recommend any final dividend for the year ending March 31, 2024, consistent with the previous year [75] Market Conditions and Future Outlook - The financial printing industry is expected to continue facing uncertainties, particularly with the expansion of paperless listing mechanisms in Hong Kong [11] - The group is prepared to capture new market opportunities in both hardware and services despite the challenges faced [11] Employee and Management Information - The average number of employees decreased from 85 for the year ended March 31, 2023, to 80 for the year ended March 31, 2024 [42] - The company’s financial director, Mr. Wen Junwei, has over 18 years of experience in accounting, auditing, and finance [68] - The company’s independent non-executive director, Mr. Liang Zhaokang, has over 24 years of experience in accounting, auditing, finance, and compliance [67] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and complied with all provisions for the year ending March 31, 2024 [118] - The board of directors is responsible for the overall management of the group and regularly reviews the delegation of authority to ensure it meets the company's needs [119] - The company has established a formal and transparent procedure for the appointment and succession of directors [129] - The audit committee is composed entirely of independent non-executive directors, ensuring compliance with listing rules [136] - The audit committee's responsibilities include reviewing financial statements and overseeing the financial reporting process [137] Risk Management and Internal Controls - The company has adopted a risk management system that identifies and assesses risks related to its business operations, with no significant risks identified in the 2023 risk assessment [165] - The internal control system is aligned with the 2013 framework sponsored by the Treadway Commission, ensuring operational effectiveness, financial reporting reliability, and compliance with applicable laws [166] - The board confirmed that the risk management and internal control systems are effective and adequate, with no significant monitoring failures or weaknesses identified during the reporting period [173] Goodwill and Revenue Recognition - The goodwill of the group as of March 31, 2024, is approximately HKD 11,423,000, which is significant relative to the group's net assets [199] - Revenue recognition for financial printing services is based on measuring the progress towards fulfilling performance obligations over time [196] - Management uses significant judgments and estimates to determine the progress towards fulfilling performance obligations as of the reporting date [196] - The assessment of goodwill impairment is identified as a key audit matter due to the degree of judgment and the scale of goodwill involved [200]
优越集团控股(01841) - 2024 - 年度财报