Financial Performance - Revenue for the year ended March 31, 2024, was $13,452,000, a decrease of 26.5% from $18,233,000 in 2023[14] - Gross profit for the year was $510,000, compared to $2,046,000 in the previous year, reflecting a significant decline[14] - The net loss attributable to the owners of the company for the year was $7,126,000, compared to a loss of $17,093,000 in 2023, indicating an improvement[14] - EBITDA decreased from $8,775,000 in 2023 to $3,118,000 in 2024, a reduction of approximately 64.5%[25] - The basic and diluted loss per share for the year was $0.75, compared to $1.79 in the previous year, indicating a reduction in loss per share[14] Assets and Liabilities - Total assets decreased to $115,213,000 in 2024 from $132,992,000 in 2023, a reduction of approximately 13.5%[16] - Non-current assets, including property, plant, and equipment, decreased to $111,075,000 from $126,631,000, a decline of about 12.3%[16] - Cash and cash equivalents dropped to $1,058,000 from $2,041,000, a decrease of 48.2%[16] - The company’s total equity decreased to $22,468,000 from $30,737,000, a decline of approximately 26.9%[16] - Total liabilities decreased to $(92,745,000) in 2024 from $(102,255,000) in 2023[25] - Net assets fell to $22,468,000 in 2024, down from $30,737,000 in 2023, indicating a decline of 26.9%[25] Operational Efficiency and Strategy - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[14] - The group will continue to maintain an active and prudent operational strategy to reduce operational risks and improve performance[59] - The company has not entered into any arrangements to hedge against fluctuations in the cost of funds arising from floating-rate borrowings[48] Employee and Management - The group has 79 employees as of March 31, 2024, down from 103 employees as of March 31, 2023[49] - The total salary and related costs for the year ended March 31, 2024, were approximately $5,600,000, compared to $6,000,000 in 2023[49] - Senior management is invited to attend all board meetings to enhance communication between the board and management[199] Corporate Governance - The board has adopted a policy for board member diversity to enhance efficiency, considering factors such as gender, age, cultural background, and professional experience[100] - The company has established a shareholder communication policy to ensure timely information dissemination to shareholders and potential investors[97] - The board is responsible for leading and monitoring the company, ensuring actions are in the best interests of the company and its shareholders[117] - The company has adopted corporate governance principles as per the listing rules, with some deviations noted[116] - The board has a risk management framework in place to communicate and assess major risks[102] Financial Obligations and Debt Management - The company has agreed to a supplementary settlement agreement with bondholders, involving a total repayment of $51,230,000, with $5,000,000 to be paid in ten quarterly installments of $500,000 each, and a final payment of $46,230,000 due on December 31, 2024[74] - The company must repay the remaining fifth quarterly payment of $400,000 by December 31, 2023, and the sixth quarterly payment of $500,000 is due by the same date[166] - The group had outstanding bank borrowings of approximately $500,000 as of March 31, 2024, down from about $11,400,000 as of March 31, 2023[70] Market Outlook - The international dry bulk shipping market is expected to perform slightly better in 2024 compared to 2023, supported by a supply-demand imbalance[60] - The company expects a slight improvement in the global economic situation for the fiscal year 2024, with the international dry bulk shipping market remaining in a relatively good state[107] Risk Management - The company has established a risk management framework that integrates risk management into business processes, including strategic development and investment decisions[176] - The board of directors is responsible for the effectiveness of the risk management and internal control systems, which are reviewed at least annually[179] - The risk management procedures are integrated into strategy development, business planning, and daily operations, including risk identification and assessment[146] Internal Controls and Compliance - The company has a comprehensive internal control system aimed at managing risks rather than eliminating them, providing reasonable assurance against material misstatements[179] - The company is committed to maintaining high standards of business ethics and compliance with applicable laws in Hong Kong[123] - The company is committed to high standards of business integrity and transparency in all its transactions[171]
荣丰亿控股(03683) - 2024 - 年度财报