Financial Performance - The Group's revenue for the year ended March 31, 2021, was approximately HK$268.1 million, representing an increase of 81.2% compared to HK$147.9 million in 2020[11]. - The loss attributable to the owners of the Company was approximately HK$15.0 million, a significant improvement from a loss of HK$88.1 million in the previous year[11]. - The basic loss per share for the year was HK4.8 cents, compared to HK29.6 cents in 2020, indicating a reduction in losses per share[11]. - The revenue for the year ended 31 March 2021 was approximately HK$268.1 million, representing an increase of 81.2% compared to HK$147.9 million in 2020[24]. - The loss attributable to the owners of the Company was approximately HK$15.0 million, a significant decrease from HK$88.1 million in 2020[24]. - The basic loss per share improved to HK4.8 cents from HK29.6 cents in the previous year[24]. - The Group's loss for the year decreased by HK$73.6 million compared to the previous year, primarily due to the absence of a one-off loss from discontinued operations of approximately HK$56.5 million recorded in 2020[24]. - Administrative expenses for the Group amounted to approximately HK$19.5 million, representing a decrease of 36.8% from HK$30.8 million in 2020[24]. - The reduction in loss from continuing operations was approximately HK$17.1 million compared to the previous year[24]. Business Segments - The Milk Products Business, a newly established segment, has achieved satisfactory performance and is expected to maintain rapid growth in the coming years, particularly in the Asian market, especially China[19]. - The Mobile Business, which focuses on ODM mobile handsets, has seen a deterioration in performance due to increased competition and the impact of COVID-19, leading to a need for enhanced internal management and cost reduction strategies[19]. - The profits from the Milk Products Business contributed to the full-year impact, contrasting with only two months of profit recorded in the previous year[24]. - The Mobile Business experienced a slight increase in loss, affected by the impact of COVID-19 compared to the previous year[24]. - The revenue of the Milk Products Business for the year ended March 31, 2021, was approximately HK$229.0 million, a significant increase of 648.0% compared to HK$30.6 million in 2020[26]. - Revenue from sales of milk powder and baby foods was approximately HK$227.7 million, accounting for 99.4% of the Milk Products Business revenue, with a gross profit of approximately HK$22.4 million[26]. - The Mobile Business revenue for the year ended March 31, 2021, was approximately HK$38.8 million, representing a decrease of 66.9% compared to HK$117.3 million in 2020[26]. - The Mobile Business recognized a write-down of inventories amounting to approximately HK$18.7 million during the year, adversely affecting the Group's results[26]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended 31 March 2021, except for certain deviations due to the resignation of Mr. Cui Songhe as an independent non-executive Director[54]. - Following the appointment of Mr. Ngai Wah Sang as an independent non-executive Director on 28 October 2020, the Company has met the requirements under the Listing Rules[55]. - The Board currently consists of six Directors, including three executive Directors and three independent non-executive Directors[60]. - The Company has received annual confirmations of independence from all independent non-executive Directors, continuing to consider them independent[60]. - The company held five Board meetings during the year, with all Executive Directors attending 100% of the meetings[68]. - The Chairman and Chief Executive Officer roles are held separately by Mr. Xiong Jianrui and Mr. Yi Peijian, ensuring a clear division of responsibilities[73]. - All Directors confirmed participation in continuous professional development training during the year, enhancing their knowledge and skills[77]. - The Company has adopted a Board diversity policy to enhance performance quality through diverse Board composition[83]. - The Company has arranged liability insurance for Directors against legal actions[83]. - The Nomination Committee will review the Diversity Policy to ensure its effectiveness[83]. Risk Management - The Group conducted an annual risk assessment identifying strategic, operational, financial, and compliance risks, leading to a three-year audit plan prioritizing identified risks into annual audit projects[89]. - The Board acknowledges its responsibility for reviewing the adequacy and effectiveness of the Group's risk management and internal control systems[89]. - The Group has taken steps to enhance its risk management and internal control systems based on weaknesses identified during risk assessments[89]. - The Group's risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[89]. Shareholder Information - The Company adopted a Dividend Policy, which allows for special dividends in addition to interim and annual dividends, based on financial performance and other relevant factors[106]. - Shareholders holding at least one-tenth of the paid-up capital can request the Board to convene a special general meeting within two months of their written requisition[106]. - The Company established a shareholders' communication policy to ensure timely, transparent, and accurate communication with Shareholders[106]. - Corporate information is disseminated through annual reports, interim reports, and the Company's website, where financial reports are available[106]. - The Company encourages Shareholders to propose resolutions and convene special general meetings as needed[106]. Financial Position - The Group's current assets increased to approximately HK$189.8 million as of 31 March 2021, compared to HK$160.5 million in 2020, while current liabilities rose to approximately HK$87.7 million from HK$53.2 million[31]. - The liquidity ratio (current assets over current liabilities) decreased to 2.16 times as of 31 March 2021, down from 3.01 times in 2020[31]. - The Group had no outstanding borrowings as of 31 March 2021, compared to HK$10.0 million in 2020[31]. - The Group's total debt was HK$89,015,000, with net debt at HK$18,636,000, compared to HK$70,379,000 and HK$26,948,000 in 2020 respectively[35]. - Total equity increased to HK$150,492,000 in 2021 from HK$111,423,000 in 2020[35]. - The Group's financial key performance indicators are discussed in the "Management Discussion and Analysis" section of the annual report[125]. Audit and Compliance - The consolidated financial statements for the year ended March 31, 2021, were prepared in compliance with International Financial Reporting Standards (IFRSs) and the Hong Kong Companies Ordinance[184]. - The auditor expressed a qualified opinion due to inconsistencies in third-party documents related to revenue transactions[187]. - The audit was conducted in accordance with Hong Kong Standards on Auditing (HKSAs) issued by the Hong Kong Institute of Certified Public Accountants (HKICPA)[192]. - The auditors expressed that their opinion on the consolidated financial statements does not cover other information included in the annual report[193]. - The Audit Committee reviewed and approved the audited consolidated financial statements for the year ended March 31, 2021[93]. Employee Information - As of March 31, 2021, the Group had 23 employees, with total staff costs from continuing operations approximately HK$9.1 million, a decrease from HK$10.0 million in 2020[40]. - The Group maintains competitive remuneration for employees, which includes salary and discretionary performance bonuses based on Group results and individual contributions[125].
阿尔法企业(00948) - 2021 - 年度财报