Financial Performance - The Group's net loss decreased from approximately HK$41.2 million for the year ended March 31, 2023, to approximately HK$37.8 million for the year ended March 31, 2024[14]. - Interest income increased from approximately HK$3.5 million last year to approximately HK$5.1 million this year, contributing to the reduction in net loss[14]. - Revenue increased by approximately 48.1% to approximately HK$5.3 million from approximately HK$3.6 million last year[17]. - The audited consolidated net assets of the Group as of March 31, 2024, amounted to approximately HK$158.9 million, down from approximately HK$196.6 million in 2023[17]. - The net asset per share decreased to approximately HK$0.39 from approximately HK$0.48 in the previous year[17]. - The Group recorded a net loss on listed investments of approximately HK$32.2 million for the year, compared to a net loss of approximately HK$30.7 million last year[14]. - Impairment loss related to expected credit loss assessment increased to approximately HK$2.7 million from approximately HK$1.2 million last year[14]. - Administrative expenses decreased from approximately HK$9.9 million last year to approximately HK$7.1 million this year[14]. - The Group's cash and cash equivalents have decreased to HK$7,112,000 from HK$27,585,000, indicating a decline of approximately 74.2%[105]. - Total equity decreased to HK$158,862,000 in 2024 from HK$196,631,000 in 2023, representing a decline of approximately 19.2%[124]. Investment Portfolio - The Group's investment portfolio was valued at approximately HK$155.3 million as of March 31, 2024, comprising listed and unlisted securities and bonds[24]. - Significant investments include equity investments in WLS Holdings Limited (fair value HK$13.2 million, 7.8% of total assets), Minerva Group Holding Limited (fair value HK$15.6 million, 9.3% of total assets), and bonds investments in Hao Wen Holdings Limited (fair value HK$17.2 million, 10.2% of total assets)[35]. - The Group's investment portfolio as of March 31, 2024, is valued at approximately HK$155.3 million, comprising unlisted securities, listed securities, and bonds investments in Hong Kong and China[76]. - The Group plans to invest in certain unlisted securities, listed securities, and fixed income products to further diversify market risk[112]. - The Group is exploring the adoption of mixed scaffolds and metal scaffolds in response to market demand, indicating a strategic shift in business direction[75]. Economic Outlook - The Hong Kong economy is expected to grow more slowly than previously anticipated in 2023 and 2024 due to uncertainties in China's economy and high interest rates, leading to a decline in the Hong Kong property market[37]. - The Hong Kong Government revised its economic growth forecast for 2023 down to 3.2% from a previous estimate of 4% to 5%[51]. - For 2024, Minerva maintains an optimistic outlook for the Hong Kong economy, anticipating a gradual recovery as global economic stability is achieved[52]. - The Directors anticipate that the global market will continue to face challenges and uncertainties, particularly in the context of high inflation and potential recession[111]. Corporate Governance - The Group's compliance with the Corporate Governance Code was maintained throughout the year, with some deviations noted[170]. - The audit committee reviewed the consolidated results for the year ended March 31, 2024, focusing on accounting principles and practices[153]. - The Group has adhered to the corporate governance code as per the Stock Exchange listing rules, with a noted deviation from rule C.2.1[195]. - The audit committee consists of three independent non-executive directors: Mr. Han Liang, Mr. Luk Simon, and Ms. Liu Xiaoyin[197]. Human Resources - The total number of employees remains stable at 17, with a turnover rate of 0%[132]. - The employee distribution includes 11 males and 6 females, with all employees being full-time[133]. - The company maintains a zero employee turnover rate across all categories, including gender and employment type[134]. - The recruitment and promotion processes are conducted fairly and openly, ensuring compliance with statutory requirements[136]. - The company emphasizes equal opportunity and diversity in its employment policy, with a commitment to a respectful workplace[138]. - The Group has implemented a staff training management system to enhance employee development and competitiveness[192]. - The Group has encouraged participation in external programs for continuous professional development and skillset enhancement[193]. Strategic Direction - WLS is reviewing its asset structure and business strategies to consolidate resources and adapt to future uncertainties, while adhering to strict cost control policies[40]. - WLS plans to actively explore suitable investment opportunities to diversify its business and align with the Hong Kong Government's strategic development plans for property construction and infrastructure investment[41]. - The scaffolding industry faces challenges due to rising labor costs, declining productivity, and an aging workforce, leading to a lack of confidence in its future prospects[32]. - The shift towards metal scaffolding over bamboo scaffolding is expected to dominate the market due to its durability and reduced training time for workers[39]. Financial Health - The Group's amounts due to brokers increased to approximately HK$6.2 million as of March 31, 2024, compared to approximately HK$5.0 million in 2023[114]. - The debt-to-equity ratio is 3.9%, indicating a very low leverage level compared to 2.6% in 2023[119]. - The total gross amount of debt investments measured at amortised cost is approximately HK$54,468,000, with an accumulated impairment provision of approximately HK$9,651,000 as of March 31, 2024[90]. - The Group held listed securities valued at approximately HK$104.2 million as of March 31, 2024, down from approximately HK$132.5 million in 2023, which is around 16.8 times the amounts due to brokers[114]. - The unrealized loss for the year was approximately HK$43.9 million, primarily attributed to specific stocks, with no other stocks generating unrealized gains over HK$3.0 million[110]. Losses and Dividends - As of March 31, 2024, the Group reported accumulated losses of HK$927,087,000, an increase from HK$889,318,000 as of March 31, 2023, reflecting a loss of HK$37,769,000 for the year[107]. - The Company does not recommend a payment of final dividend for the year[113]. - Total staff costs for the year were approximately HK$0.7 million, significantly reduced from approximately HK$4.2 million in 2023, primarily due to the absence of share-based payments this year[163].
中国投融资(01226) - 2024 - 年度财报