Revenue Performance - The Group's revenue from Hong Kong was approximately HK$85.0 million for the year ended 31 March 2020, a decrease of 15.5% from approximately HK$100.7 million in 2019[17]. - Revenue from the Macau market was approximately HK$10.0 million, down 41.3% from approximately HK$17.2 million in 2019[17]. - For the year ended March 31, 2020, the Group recorded total revenue of approximately HK$95.0 million, a decrease of 19.4% compared to approximately HK$117.9 million for the year ended March 31, 2019[49]. - Revenue from the Hong Kong market was approximately HK$85.0 million, down from approximately HK$100.7 million in 2019, while revenue from the Macau market dropped to approximately HK$10.0 million from approximately HK$17.2 million in 2019[49]. - The significant drop in revenue from the Macau market was primarily caused by the outbreak of COVID-19 in early 2020[49]. Impact of COVID-19 - The decline in revenue was primarily due to project delays caused by social unrest in Hong Kong and the COVID-19 outbreak[17]. - The ongoing COVID-19 pandemic has led to precautionary measures affecting contractors and suppliers, impacting project timelines[17]. - The delays in project timelines were primarily due to social unrest in Hong Kong and the ongoing COVID-19 pandemic, which affected the operations of contractors and suppliers[21]. - The impact of COVID-19 caused delays in project progress and settlement of account receivables since February 2020[73]. - The Group is assessing the impacts of COVID-19 on its performance for the next financial year and will monitor the situation closely[18]. Business Operations and Services - The Group specializes in car park flooring services, including proprietary floor coating applications and ancillary services like texture painting and waterproofing[16]. - The Group provides car park flooring services, including proprietary floor coating products, specialized texture painting, and waterproofing works[49]. - The target market segment ranges from mid to high-end projects in the car park flooring industry[16]. - The Group's flooring services are designed to provide a colorful, slip-resistant, and durable surface resistant to water and petrochemicals[16]. Financial Performance - The Group's net profit decreased from approximately HK$9.9 million for the year ended March 31, 2019, to approximately HK$6.1 million for the year ended March 31, 2020[49]. - The gross profit dropped by approximately HK$3.3 million, or 10.2%, from approximately HK$32.7 million for the year ended March 31, 2019, to approximately HK$29.4 million for the year ended March 31, 2020[49]. - The gross profit margin increased from 27.8% for the year ended March 31, 2019, to 30.9% for the year ended March 31, 2020[52]. - The net profit of the Group decreased from approximately HK$9.9 million for the year ended March 31, 2019, to approximately HK$6.1 million for the year ended March 31, 2020, primarily due to a decrease in revenue[55]. Management and Governance - The Group's executive directors have over 35 years of experience in the construction industry, with Mr. Kwong being a sole shareholder since 2013[31]. - The independent non-executive directors bring diverse expertise, including over 35 years in accountancy and legal fields, enhancing governance[35]. - The Group's governance structure includes a mix of executive and independent non-executive directors, promoting accountability and transparency[35]. - The Board is committed to maintaining high levels of corporate governance to ensure transparency and accountability[80]. - The Company has taken out director and officer liability insurance to cover liabilities arising from legal actions against the Directors[94]. Future Plans and Strategies - The company plans to focus on diversifying its business and exploring new opportunities in the car park flooring market in Hong Kong and Macau[25]. - The company aims to expand its ancillary services, including specialized texture painting and waterproofing works[25]. - The Group plans to focus on diversifying its business and expanding ancillary services in response to market challenges and competition[62]. - Future opportunities and challenges will be influenced by the market and economic environment, particularly affecting the property market and construction schedules[61]. Financial Position - The Group's current ratio improved to approximately 2.4 times as at 31 March 2020, compared to approximately 2.2 times at 31 March 2019[63]. - As at 31 March 2020, the Group had cash and cash equivalents of approximately HK$19.6 million, down from approximately HK$23.6 million in 2019[63]. - Total interest-bearing borrowings as at 31 March 2020 were approximately HK$10.8 million, a decrease from approximately HK$11.6 million in 2019[64]. - The Group's total assets increased to approximately HK$119.2 million as at 31 March 2020, compared to approximately HK$117.8 million in 2019[65]. - The gearing ratio of the Group as at 31 March 2020 was approximately 11.3%, a decrease from 12.2% in 2019[69]. Corporate Governance and Compliance - The Company has complied with the principles and applicable code provisions of the CG Code for the year ended 31 March 2020, except for the deviation from CG Code provision A.2.1 until 1 September 2019[83]. - The Board consists of three independent non-executive directors, representing at least one-third of the Board, ensuring independent judgment[98]. - The Company encourages directors to attend relevant seminars for continuous professional development and maintains training records for each director[108]. - The Audit Committee was established on September 24, 2016, to review and supervise the Company's financial reporting process and internal control system[117]. - The Group's internal audit function reviewed key operational, financial, compliance, and risk management controls during the year ended March 31, 2020, with no material inadequacies found[169][171].
邝文记(08023) - 2020 - 年度财报