Financial Performance - The total revenue for the year ended March 31, 2019, was approximately HKD 72,000,000, an increase of 16% compared to HKD 62,000,000 in the previous year[11]. - The group recorded a profit attributable to owners of approximately HKD 1,270,000 for the year, compared to a loss of approximately HKD 110,000 in the previous year[12]. - The hotel room sales revenue for the year was HKD 68,134,000, up from HKD 58,246,000 in the previous year[18]. - Revenue for the year ended March 31, 2019, was HKD 72,195,000, an increase of 16.4% from HKD 62,164,000 in 2018[146]. - Gross profit for the same period was HKD 46,739,000, representing a gross margin of 64.7%, up from HKD 36,883,000 in 2018[146]. - The net profit for the year was HKD 1,105,000, compared to a loss of HKD 264,000 in the previous year, indicating a turnaround[146]. - The company reported a loss of HKD 107,000 for the year ended March 31, 2018, which was improved to a profit of HKD 1,267,000 for the year ended March 31, 2019[156]. Financial Position - The total borrowings as of March 31, 2019, were approximately HKD 31,000,000, down from HKD 40,000,000 in the previous year due to partial repayment of bank loans[20]. - The cash and bank balances as of March 31, 2019, were approximately HKD 30,000,000, an increase from HKD 23,000,000 in the previous year[20]. - The net asset value as of March 31, 2019, was approximately HKD 582,000,000, an increase from approximately HKD 421,000,000 in the previous year, primarily due to the acquisition of office properties[20]. - The total equity attributable to owners as of March 31, 2019, was approximately HKD 584,000,000, compared to approximately HKD 423,000,000 in the previous year, reflecting an increase due to the completion of a public offering[25]. - Total assets as of March 31, 2019, amounted to HKD 594,849,000, an increase from HKD 432,034,000 in 2018[152]. - Non-current assets increased to HKD 619,036,000 from HKD 469,926,000, reflecting a growth of 32%[150]. - The company's equity increased to HKD 582,078,000 in 2019 from HKD 420,585,000 in 2018, showing a growth of 38.4%[154]. - The total liabilities decreased to HKD 59,016,000 from HKD 67,075,000, reflecting a reduction of 12.3%[152]. Governance and Management - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a balanced governance structure[40]. - The company has adopted a set of terms for directors' securities trading that meets or exceeds the standards set forth in the listing rules[38]. - The company believes that the current governance arrangements benefit the overall interests of the company and its shareholders[35]. - The board held a total of 11 meetings during the fiscal year ending March 31, 2019, with all directors attending at least 10 meetings[42]. - The executive committee, consisting of two executive directors, held 3 meetings, with full attendance from both members[51]. - The remuneration committee conducted 2 meetings, with all members present, discussing individual director remuneration based on their responsibilities and the company's performance[56]. - The company has implemented appropriate directors' and officers' liability insurance to protect board members against claims arising from corporate actions[46]. - Continuous professional development was provided to directors, with all participating in training related to their statutory and regulatory responsibilities[45]. - The independent non-executive directors' term lasted from April 19, 2018, to April 18, 2020, ensuring compliance with company bylaws[48]. - The audit committee, established in 1999, consists of three independent non-executive directors, ensuring a diverse skill set in operations, accounting, and financial management[58]. - The company emphasizes the importance of transparency in its remuneration policies to attract and retain qualified directors and senior management[54]. - The company has received annual confirmations regarding the independence of its independent non-executive directors[101]. Audit and Compliance - The Audit Committee held two meetings during the year, with the external auditor attending one of them[64]. - The Audit Committee reviewed the audited financial statements for the year ending March 31, 2019, and the interim financial statements for the six months ending September 30, 2018[64]. - The Audit Committee monitored the integrity of the company's financial statements and reviewed significant judgments related to financial reporting[62]. - The Audit Committee ensured compliance with accounting standards and listing rules, as well as other legal requirements related to financial reporting[62]. - The Audit Committee reviewed the company's financial and accounting policies and practices[65]. - The Audit Committee discussed the internal control systems with management to ensure effective implementation[62]. - The Audit Committee recommended the reappointment of the external auditor[64]. - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2019[128]. Shareholder Information - The company raised approximately HKD 163,866,000 from the public offering, resulting in an increase in issued share capital of about HKD 13,110,000 and a share premium increase of approximately HKD 147,278,000 after deducting related issuance costs of about HKD 3,478,000[26]. - As of March 31, 2019, the chairman holds 1,358,055,354 shares, representing approximately 69.06% of the company's equity[111]. - The company did not recommend the payment of a final dividend for the fiscal year ending March 31, 2019, consistent with the previous year[88]. - The company maintained the required public float as per listing rules as of the report date[122]. Environmental and Social Responsibility - The company is committed to environmental sustainability and will disclose its environmental, social, and governance policies within three months of the annual report publication[124]. Changes in Accounting Policies - The adoption of HKFRS 9 has led to changes in the classification and measurement of financial instruments, with trade receivables now measured at amortized cost[177]. - The group has shifted from an incurred loss model to an expected credit loss model for impairment, impacting trade receivables and other financial assets[185]. - The expected credit loss model requires the recognition of losses earlier than the previous standard, with provisions based on either 12-month or lifetime expected credit losses[185]. - The group applies the simplified approach under HKFRS 9 to measure expected credit losses for trade receivables, confirming lifetime expected credit losses[192]. - The transition to HKFRS 9 did not result in changes to the loan provisions for trade receivables as of April 1, 2018[192].
茂盛控股(00022) - 2019 - 年度财报