Financial Performance - Revenue decreased by approximately 26.2% to HKD 114.6 million for the year ended March 31, 2021, compared to HKD 155.2 million for the previous year[11]. - The loss attributable to owners of the company reduced from approximately HKD 32.4 million to HKD 5.0 million for the same period[7]. - Basic loss per share improved from HKD 1.06 to HKD 0.15[7]. - Gross profit increased by approximately 155.9% to HKD 17.4 million, with a gross profit margin rising from 4.4% to 15.1%[12]. - Other income decreased from approximately HKD 2.6 million to HKD 1.9 million, primarily due to a reduction in warehousing income[13]. - The total retail sales value in Hong Kong decreased by approximately 13.9% year-on-year, from HKD 386.2 billion to HKD 332.7 billion[10]. - Wine sales dropped from approximately HKD 128.6 million to HKD 99.3 million during the fiscal year[11]. - The company did not recommend the payment of a final dividend for the year ended March 31, 2021[7]. Cost Management - Promotional, sales, and distribution expenses decreased by approximately 17.5% from HKD 16.0 million for the year ended March 31, 2020, to HKD 13.2 million for the year ended March 31, 2021[15]. - Administrative expenses decreased by approximately 44.2% from HKD 19.0 million for the year ended March 31, 2020, to HKD 10.6 million for the year ended March 31, 2021[15]. - As of March 31, 2021, the group had 29 full-time employees and 1 part-time employee, with employee costs amounting to approximately HKD 7.2 million, a decrease from HKD 14.3 million in 2020[39]. Financial Position - The current ratio improved from approximately 3.30 in 2020 to approximately 4.26 in 2021, primarily due to a decrease in trade receivables and bank borrowings[20]. - The company's total assets and liabilities as of March 31, 2021, were HKD 162.5 million and HKD 38.1 million, respectively[20]. - The company's bank balances and cash totaled approximately HKD 6.9 million as of March 31, 2021, compared to HKD 5.7 million in 2020[20]. - The debt-to-equity ratio improved from 32.2% in 2020 to 18.3% in 2021, indicating a stronger financial position[20]. Market Conditions - The global economic growth is projected to be 6% in 2021, with a decline to 4.4% in 2022, reflecting additional fiscal support from major economies[41]. - China's GDP is expected to grow by 2.1% in 2020, with a potential increase of 8% or more in 2021 due to a low base effect[45]. - The retail sales in China are anticipated to decrease by 4.4% for the year, while exports are expected to grow by approximately 1.8%[45]. - The trade disputes between the US and China are expected to intensify, impacting the external environment and internal economic pressures in China[46]. - The company anticipates fierce competition in the retail sector as consumers remain the main driver of economic growth in China[46]. Corporate Governance - The company has adopted high standards of corporate governance and complies with the corporate governance code[103]. - The audit committee consists of three independent non-executive directors who reviewed the audited consolidated results for the year ending March 31, 2021[96]. - The board of directors held a total of 7 meetings during the fiscal year ending March 31, 2021, with an attendance rate of 100% for all directors[106]. - The company has adopted a board diversity policy to ensure a diverse range of skills and experiences among board members[110]. - The chairman and CEO roles were separated, with Zhang Jun Tao assuming the CEO position after the resignation of Liang Zi Jian on June 10, 2021[112]. Environmental, Social, and Governance (ESG) - The company emphasizes sustainable development as a key to achieving ongoing success and incorporates environmental, social, and governance (ESG) aspects into its risk management system[150]. - The ESG report covers seven business segments, including red wine, white wine, and spirits, with plans to expand disclosure as data collection systems mature[152]. - The company has established various communication platforms with stakeholders, including annual reports and shareholder meetings, to enhance engagement[146]. - The company recognizes the importance of employee welfare, career development, and a safe working environment as key concerns for its employees[158]. - Total greenhouse gas emissions decreased by approximately 38.96% from about 155.38 tons of CO2 equivalent in 2020 to about 94.84 tons in 2021[170]. Risk Management - The company has established a risk management system that did not identify any significant risks during the risk assessment for the fiscal year ending March 31, 2021[128]. - The internal control system is aligned with the COSO 2013 framework, ensuring operational effectiveness and compliance with applicable laws[130]. - The audit committee continuously reviews the internal control system and provides opinions to the board regarding its adequacy, including resources and qualifications of staff[135]. - The company confirmed that there are no significant uncertainties affecting its ability to continue as a going concern[127]. Employee Welfare - The company has implemented various measures to protect employees and customers during the COVID-19 pandemic, including mandatory mask-wearing and temperature checks[200]. - Employee compensation is evaluated annually based on performance, efficiency, and the company's financial condition, ensuring competitive salary levels[193]. - New employees receive fire and safety training on their first day, and specific positions require certification before employment[199].
美捷汇控股(01389) - 2021 - 年度财报