Financial Performance - The net loss for the fiscal year ending March 31, 2024, was approximately HKD 24.2 million, a decrease of about 61.3% compared to the net loss of approximately HKD 62.5 million in the previous year[13]. - The group reported a net loss attributable to the company's owners of approximately HKD 24,209,000 for the year ended March 31, 2024[181]. - The group experienced a net cash outflow from operating activities of approximately HKD 6,893,000 during the same period[181]. - The company reported a pre-tax loss of HKD 24,209,000 for the year 2024, a significant improvement from a loss of HKD 62,549,000 in 2023, representing a reduction of approximately 61%[158]. - Total revenue for 2024 was HKD 6,000, while other income and gains decreased to HKD 8,000 from HKD 132,000 in 2023, indicating a decline of about 93%[158]. - The basic and diluted loss per share improved to HKD 18.88 in 2024 from HKD 48.77 in 2023, marking a reduction of approximately 61%[158]. - The total equity attributable to owners decreased to HKD (79,776,000) in 2024 from HKD (67,497,000) in 2023, indicating a decline in equity position[160]. Assets and Liabilities - As of March 31, 2024, the total assets and net liabilities of the group were approximately HKD 90.4 million and HKD 79.8 million, respectively, compared to HKD 91.1 million and HKD 67.5 million in 2023, indicating a slight decrease in total assets[15]. - The group had current liabilities of approximately HKD 21,592,000 and total liabilities of approximately HKD 79,776,000[148]. - The group’s debt-to-asset ratio as of March 31, 2024, was approximately 188.3%, up from 174.1% in 2023, reflecting an increase in financial leverage[15]. - Current assets increased to HKD 90,398,000 in 2024 from HKD 82,900,000 in 2023, representing a growth of about 9%[160]. - Current liabilities decreased to HKD 111,990,000 in 2024 from HKD 128,249,000 in 2023, a reduction of approximately 13%[160]. Casino Operations and Agreements - The company announced a three-year casino agreement with LongBay Entertainment for the operation of a VIP room, which is expected to generate stable revenue[7]. - The VIP room will cover approximately 650 square meters and will feature seven gaming tables, focusing on baccarat operations[7]. - The group has entered into a new casino agreement to lease and operate a high-margin VIP room for three years, with plans to open in early July 2024, aiming to capitalize on the growing tourism market[21]. - The rental fee for the VIP room is set at USD 35,000 per month, with the group entitled to all casino winnings and responsible for all losses and related costs[21]. - The group plans to lease a VIP room in a casino located in Cambodia to resume its gaming operations, pending regulatory and shareholder approvals[148]. - The group has not yet obtained the necessary approvals to resume table gaming operations at the new casino in Dara Sakor investment zone, Cambodia[151]. Market and Economic Outlook - Cambodia's economic growth is projected to be 5.8% in 2024 and 6% in 2025, driven by the recovery of the tourism sector and strong industrial exports[9]. - The Cambodian government's "5-BUILD" tourism strategy is expected to enhance the country's appeal as a destination for business and leisure travelers[6]. - In 2023, Cambodia welcomed 5.43 million international tourists, a significant increase of 139% from 2.27 million in the previous year, indicating a strong recovery in the tourism sector[17]. - The economic growth forecast for Cambodia is 5.8% in 2024 and 6.0% in 2025, driven by the recovery of the tourism and manufacturing sectors[23]. Corporate Governance - The company maintains high standards of corporate governance, focusing on transparency and accountability to enhance shareholder value and stakeholder interests[31]. - The board consists of four members, including one executive director and three independent non-executive directors[43]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations, with no significant non-compliance issues reported during the review period[28]. - The company has received annual independence confirmation from all independent non-executive directors, affirming their independence[48]. - The board has established formal procedures for the appointment and re-election of directors, with a transparent process in place[53]. - The company has a clear strategy for monitoring and assessing risks, which is part of the CEO's responsibilities[44]. Employee Relations and Development - The company actively manages employee relations, emphasizing the importance of developing skilled human resources through internal training and knowledge exchange[29]. - The group employed 9 permanent employees as of March 31, 2024, with a gender ratio of approximately 56% male and 44% female[135]. - The company has a stock option plan to reward outstanding employees contributing to its success[135]. - The company encourages all directors to participate in continuous professional development to enhance their knowledge and skills[54]. Environmental and Social Responsibility - The company is committed to promoting environmental conservation and sustainable development, implementing energy-saving measures such as installing energy-efficient lighting in offices[27]. - The company has implemented a zero-tolerance anti-corruption policy, including measures against bribery and fraud[76]. - The company is committed to considering diversity, including gender diversity, in its hiring practices[135]. Financial Instruments and Reporting - The company issued convertible bonds worth HKD 32,000,000 with a conversion price of HKD 0.256 per share on December 31, 2023, after all conditions were met and approved by shareholders[127]. - The group has changed its accounting policy regarding long service payments, no longer applying the optional approach, which has not resulted in significant cumulative adjustments[175]. - The application of revised Hong Kong Financial Reporting Standards is not expected to have a significant impact on the group's financial performance and position[179]. - The consolidated financial statements include the financial statements of the company and its subsidiaries under its control[187].
世纪娱乐国际(00959) - 2024 - 年度财报