Financial Performance - The Group reported a turnover of HK$282.74 million for the year ended 30 April 2019, a decrease of 10.49% compared to HK$315.86 million in the previous year[12]. - The consolidated loss for the year was HK$45.42 million, significantly improved from a loss of HK$211.42 million in the previous year, representing a reduction of HK$166.00 million[8]. - Basic loss per share was HK2.01 cents, compared to HK9.37 cents in 2018, indicating a substantial improvement in per-share performance[12]. - Adjusted LBITDA for the year was HK$21.20 million, an improvement from HK$24.85 million in the previous year, reflecting a decrease in operational losses[12]. - The unfavorable business environment contributed to the decrease in turnover, prompting the Group to tighten expenditures to mitigate rising operational costs[14]. - The Group experienced a net fair value loss on financial assets at FVTPL of approximately HK$13.29 million during the year, including losses of HK$0.42 million from unlisted equity securities and HK$9.80 million from listed equity securities[21][25]. - The Group's bank balances and cash amounted to HK$131.28 million as of April 30, 2019, down from HK$150.25 million in 2018[33][37]. - Total outstanding debts increased to HK$13.05 million as of April 30, 2019, compared to HK$5.20 million in 2018, with HK$12.60 million being interest-free[33][37]. - Capital expenditure for the year was HK$10.79 million, significantly lower than HK$141.51 million in 2018, primarily financed from internal resources[42]. Employee and Operational Efficiency - Staff costs decreased by 10.87% to HK$84.61 million, representing 29.93% of the Group's turnover, slightly down from 30.05% in 2018[15]. - The total number of employees decreased to approximately 1,010 as of April 30, 2019, from 1,230 in 2018[43]. - The Group plans to continue monitoring market conditions and adjust its workforce to enhance labor efficiency[15]. - The Group plans to enhance production efficiency and capacity by upgrading and restructuring existing plants and machinery[23][26]. Corporate Governance - The company emphasizes best practice standards in corporate governance, focusing on a quality Board, effective internal controls, and transparency to shareholders[62]. - The Board is responsible for the overall strategy and policies of the group, including monitoring operational and financial performance, and approving major capital expenditures and investments[64]. - The company has established three Board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to oversee specific aspects of the group's affairs[66]. - The Company has complied with Listing Rules by having at least three independent non-executive Directors, representing at least one-third of the Board[80]. - The Company Secretary ensures that Board procedures are followed and that Board activities are conducted efficiently and effectively[105]. - The Company Secretary is responsible for the Group's compliance with all obligations under the Listing Rules, including timely preparation and dissemination of annual and interim reports[107]. - The Group's external auditor, HLB Hodgson Impey Cheng Limited, confirmed their independence and objectivity in their engagement letter for the year ended April 30, 2019[130]. - The Audit Committee consists of three independent non-executive Directors, ensuring oversight of the Group's financial reporting and compliance with statutory requirements[117]. Risk Management and Internal Control - The Board has overall responsibility for establishing and maintaining an effective risk management and internal control system to safeguard the Group's assets and ensure the reliability of financial statements[154]. - The Group's risk management and internal control systems are deemed effective and sufficient as of April 30, 2019[160]. - An independent internal control review advisor was engaged to perform internal audits, covering major financial, operational, and compliance controls[156]. - For the year ended 30 April 2019, the Board reviewed the risk management and internal control system and deemed them effective and adequate[157]. - The Board will conduct an annual review of the risk management and internal control systems to ensure significant risks are effectively monitored[158]. Shareholder Relations and Dividends - The Directors do not recommend the payment of a dividend for the year, consistent with the previous year[13]. - The Company has established a Dividend Policy in January 2019 to provide stable and sustainable returns to shareholders[184]. - The Group's capital and debt levels, market conditions, and future development plans are considered when evaluating dividend payments[185]. - The Group encourages shareholders to attend all general meetings and has adopted a policy on shareholder communication[165]. Customer and Supplier Relationships - Sales to the Group's five largest customers accounted for approximately 52% of total sales for the year, up from 45% in 2018[199]. - Sales to the largest customer represented approximately 14% of total sales, an increase from 11% in 2018[199]. - Purchases from the Group's five largest suppliers accounted for approximately 70% of total purchases, slightly down from 71% in 2018[200]. - Purchases from the largest supplier accounted for approximately 24% of total purchases, compared to 23% in 2018[200]. - The Group maintains good relationships with employees, customers, and suppliers, contributing to its operational stability[194].
QPL INT'L(00243) - 2019 - 年度财报