Financial Performance - The company reported a total revenue of $54 million for the fiscal year 2021, representing a 15% increase compared to the previous year[2]. - The company reported a net profit margin of 18% for 2021, an increase from 15% in 2020[2]. - The company reported a loss attributable to shareholders of $3.258 million in 2021, an improvement from a loss of $10.209 million in 2020[19]. - EBITDA for 2021 was $4.529 million, down from $6.666 million in 2020[19]. - The company's gross profit decreased from approximately $1.8 million to $1.1 million, representing a decline of about $700,000, with the gross margin dropping from 14.7% to 9.2%[46]. - Service costs rose from approximately $10.4 million to $11.3 million, an increase of about $900,000, primarily due to fuel price volatility[45]. - The company recorded a net loss attributable to owners of $3,258,000 for the year ended March 31, 2021[136]. - The company defaulted on convertible bonds with a total principal amount of $54,000,000, which were due on May 10, 2021[136]. - The company received an audit opinion of "unable to express" for the fiscal year ending March 31, 2021, due to significant uncertainties regarding its liquidity and financial condition[151]. Revenue Growth and Market Outlook - The company anticipates a revenue growth of 10-12% for the next fiscal year, driven by increased demand in the shipping sector[2]. - The company anticipates a 4% growth in dry bulk shipping demand in 2021, supported by a recovering global economy[21]. - The dry bulk shipping market is expected to see a 4% increase in demand for the year, with iron ore demand growing by 3% and coal demand by 5%[35]. - The company anticipates an increase in revenue from dry bulk vessel leasing for the fiscal year ending March 31, 2022, due to the expected continuation of high charter rates[36]. Fleet and Operational Capacity - The average daily Time Charter Equivalent (TCE) earnings were reported at $12,500, reflecting a 10% improvement year-over-year[7]. - The company has set a target to expand its fleet by acquiring two additional vessels by the end of 2022, which is expected to increase operational capacity by 20%[11]. - The fleet maintained a utilization rate of approximately 97.15%, with an average daily rental income of $8,746 per vessel[20]. - The average age of the fleet is 15 years, with a total deadweight tonnage of 319,923[20]. - The fleet maintained a high utilization rate with an average fleet age of 15 years and a fleet utilization rate of approximately 97.15%[32]. - Average daily charter income per vessel remained stable at approximately $8,746, compared to $8,566 in the previous year[32]. Debt and Financial Stability - The company has reduced its debt by 25% over the past year, improving its financial stability and reducing interest expenses[12]. - The company's total bank borrowings were approximately $10,500,000 as of March 31, 2021, compared to $12,900,000 as of March 31, 2020[51]. - The debt-to-asset ratio increased to approximately 61.5% as of March 31, 2021, from 61.0% as of March 31, 2020, primarily due to increased amortization costs of convertible bonds[51]. - The net current liabilities increased to approximately $64,500,000 as of March 31, 2021, from about $13,100,000 as of March 31, 2020, mainly due to repayments of bank borrowings and convertible bonds[52]. Corporate Governance - The company has maintained a high level of corporate governance, which is considered key to effective management and business growth[80]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[83]. - The company has adopted the principles and code provisions of the corporate governance code as per the listing rules[81]. - The board is responsible for leading and monitoring the company, ensuring it acts in the best interests of shareholders[82]. - The company has established a director nomination policy to ensure the board possesses the necessary skills and experience relevant to the company's strategy[90]. Risk Management - The internal control system aims to manage risks that could prevent the achievement of corporate objectives and provide reasonable assurance against material misstatements, losses, or fraud[120]. - The company conducts quarterly risk reviews where business units report identified significant risks to the CFO, who ensures that monitoring and mitigation measures are in place[124]. - All new investment risks must be reviewed by the CFO, who provides recommendations to the board regarding risk management and mitigation actions[124]. Future Plans and Investments - The company plans to invest $5 million in research and development for new technologies aimed at improving fuel efficiency by 15% over the next two years[12]. - The company aims to launch a new eco-friendly shipping service by Q3 2022, targeting a 30% reduction in carbon emissions[12]. - The company plans to develop its property project in Hainan into a "cultural and tourism real estate" project, with an area of approximately 130,000 square meters[37]. - The company is exploring strategic partnerships in Southeast Asia to enhance market penetration and expand its customer base[11]. Shareholder Information - The company reported a total of 952,613,513 shares issued as of March 31, 2021[178]. - Mr. Yin holds 659,616,013 shares, representing approximately 69.24% of the company's equity[172]. - The company has issued convertible bonds with a total principal amount of $54 million, which includes share conversion rights[176]. - The company has a stock option plan, with unexercised options totaling 4,300,000 shares for Mr. Cao as of March 31, 2021[177].
荣丰亿控股(03683) - 2021 - 年度财报