Financial Performance - The Group reported a revenue of HK$274.58 million for the year ended 30 April 2020, a decrease of 2.89% compared to HK$282.74 million in the previous year[9]. - The consolidated loss for the year amounted to HK$68.15 million, an increase from a loss of HK$45.42 million in the previous year[13]. - Basic and diluted loss per share was HK36.24 cents, compared to HK24.16 cents in the previous year[13]. - The unfavorable business environment impacted the Group's turnover during the year[15]. - The Group's revenue decreased by 2.89% to HK$274.58 million in the reviewed year, down from HK$282.74 million in 2019[20]. Cost Management - Staff costs decreased by 6.31% to HK$79.27 million, representing 28.87% of the Group's turnover[16]. - Other expenses decreased by 7.81% to HK$82.07 million, representing 29.89% of the Group's turnover[16]. - Employee costs reduced by 6.31% to HK$79.27 million, accounting for 28.87% of the Group's revenue, compared to 29.93% in 2019[20]. - Other operating expenses decreased by 7.81% to HK$82.07 million, representing 29.89% of the Group's revenue, down from 31.48% in 2019[20]. Impairment and Losses - The Group recorded a non-cash impairment expense of HK$24.74 million for property, plant, and equipment, significantly higher than HK$1.37 million in 2019[22]. - A net fair value loss on financial assets at FVTPL amounted to HK$11.38 million during the year, including losses of approximately HK$3.29 million and HK$3.88 million from investments in CPI and CIF, respectively[22]. Debt and Cash Position - As of April 30, 2020, the Group's bank balances and cash totaled HK$154.89 million, an increase from HK$131.28 million in 2019[35]. - The total outstanding debts increased to HK$59.65 million as of April 30, 2020, compared to HK$13.06 million in 2019[35]. - The gearing ratio increased to 14.9% from 2.8% in the previous year[9]. - Total outstanding debts as of April 30, 2020, were HK$59,650,000, compared to HK$13,060,000 in 2019, including lease liabilities of HK$37,630,000[40]. - The capital debt ratio as of April 30, 2020, was 14.9%, significantly higher than 2.8% in 2019[40]. Corporate Governance - The Company has adopted its own corporate governance code (the "QPL Code") in line with the Corporate Governance Code (the "CG Code")[68]. - The Company has complied with all code provisions set out in the CG Code during the year ended April 30, 2020, except for certain deviations explained in relevant paragraphs[69]. - The Board consists of seven Directors, including four executive Directors and three independent non-executive Directors as of April 30, 2020[79]. - The Company emphasizes quality governance, effective internal controls, and transparency to all Shareholders[67]. - The Audit Committee, Remuneration Committee, and Nomination Committee oversee specific aspects of the Group's affairs[72]. Board Composition and Responsibilities - The Board is responsible for formulating the Group's strategy, setting corporate targets, and monitoring operational and financial performance[70]. - The Board's composition is reviewed periodically to ensure a balanced mix of skills and experience[78]. - The Company has established a policy allowing Directors to seek independent professional advice at the Company's expense[77]. - The Board has at least three independent non-executive Directors, representing at least one-third of the Board[86]. - The Company Secretary assists in preparing meeting agendas and ensures compliance with applicable rules and regulations[91]. Risk Management and Internal Controls - The Board has reviewed the risk management and internal control system and considers them effective and adequate for the year ended April 30, 2020[164]. - The Group has engaged an independent internal control review advisor to perform systematic reviews of major financial, operational, and compliance controls[163]. - The Audit Committee's work includes monitoring corporate governance and compliance with statutory requirements[132]. Environmental and Social Responsibility - The Group is committed to reducing greenhouse gas emissions by implementing green office practices and encouraging employees to adopt environmentally friendly behaviors[168]. - The Group regularly reviews its environmental practices to make further improvements[169]. Shareholder Relations - Shareholders are encouraged to attend all general meetings, with provisions for requisitioning special general meetings if certain capital thresholds are met[172]. - The Group actively promotes investor relations and communications with the investment community during financial results announcements[170]. Dividend Policy - The Directors do not recommend the payment of a dividend for the year ended April 30, 2020[188]. - The Company did not have reserves available for distribution to shareholders as of April 30, 2020[191]. - The Board established a dividend policy in January 2019, aiming to provide stable and sustainable returns to shareholders[191]. - The Company cannot declare or pay a dividend if it is unable to pay its liabilities as they become due or if the realizable value of its assets would be less than the aggregate of its liabilities and issued share capital[195]. - The declaration and payment of dividends are subject to restrictions under the Companies Act of Bermuda and other applicable laws[197].
QPL INT'L(00243) - 2020 - 年度财报