Financial Performance - The company's revenue for the fiscal year ending March 31, 2021, was approximately HKD 24,490,000, a decrease of 43.8% compared to HKD 43,541,000 in the previous year[9]. - The total comprehensive loss attributable to the company's owners for the year was approximately HKD 43,263,000, down from HKD 70,661,000 in the previous year[9]. - The group reported an annual loss of HKD 43,517,000 for the year ended March 31, 2021[131]. - Revenue for the year was HKD 24,490,000, down from HKD 43,541,000 in the previous year, indicating a decline of 43.9%[151]. - The gross profit decreased to HKD 11,089,000 from HKD 19,454,000, reflecting a decline of 43.1% year-over-year[151]. - The total comprehensive loss for the year ended March 31, 2021, was HKD 70,661,000, compared to a loss of HKD 43,263,000 for the previous year[161]. Visitor Statistics - The total number of visitors to Hong Kong from April 2020 to March 2021 was 96,203, representing a decline of 99.77% compared to 41,170,000 visitors in the same period the previous year[15]. - The average hotel occupancy rate for the year was approximately 49.2%[15]. Financial Position - As of March 31, 2021, the total borrowings of the group amounted to approximately HKD 61,700,000, an increase from HKD 30,500,000 as of March 31, 2020[18]. - The cash and bank balance as of March 31, 2021, was approximately HKD 26,800,000, compared to HKD 7,800,000 the previous year[18]. - The net asset value as of March 31, 2021, was approximately HKD 467,700,000, a decrease from HKD 511,300,000 as of March 31, 2020, primarily due to depreciation and impairment losses on investment properties[18]. - The debt-to-equity ratio as of March 31, 2021, was approximately 13.19%, up from 5.96% the previous year[18]. - The net debt-to-equity ratio as of March 31, 2021, was approximately 7.46%, compared to 4.44% the previous year[18]. - The total equity as of March 31, 2021, was approximately HKD 467,700,000, down from HKD 511,300,000 as of March 31, 2020, mainly due to losses recorded during the year[21]. Cost Management - Direct costs, administrative, and other operating expenses decreased by approximately HKD 9,100,000 compared to the previous year[16]. - The company plans to continue strict cost control and remain proactive towards any business opportunities in the upcoming year[13]. COVID-19 Impact - The ongoing COVID-19 pandemic continues to create a highly challenging business environment with significant uncertainty[11]. - The company is focusing on long-stay guests due to the drastic reduction in inbound travelers[15]. - Management has implemented measures to target long-stay customers to improve hotel occupancy rates amid cash flow pressures caused by COVID-19[193]. - The group’s financial performance has been negatively impacted by reduced traveler numbers due to global travel restrictions[189]. Governance and Board Structure - The board consists of five members, including two executive directors and three independent non-executive directors[33]. - The board held a total of 12 meetings during the fiscal year ending March 31, 2021, with full attendance from all directors[39]. - The company has established an executive committee to handle all financial, business, legal, management, and administrative matters[45]. - The Remuneration Committee held three meetings during the year, with all members attending all meetings[51]. - The Audit Committee also held three meetings, with all members present, and reviewed the audited financial statements for the year ending March 31, 2021[59]. Risk Management - The board is responsible for evaluating the risk nature and extent acceptable for achieving strategic objectives, ensuring effective risk management and internal control systems are in place[76]. - The company has established a risk management and internal control system to ensure effective risk management responsibilities are fulfilled by management[84]. - The company has a framework in place for identifying, assessing, managing, monitoring, and reporting risks, including strategic, credit, operational, market, liquidity, legal, and regulatory risks[78]. - The board believes that the risk management and internal control systems are effective and adequate[76]. Environmental Commitment - The company is committed to environmental sustainability and will publish its Environmental, Social, and Governance report within three months of the annual report[126]. Shareholder Communication - The company has established a shareholder communication policy to ensure effective communication with shareholders through various methods[72].
茂盛控股(00022) - 2021 - 年度财报