Financial Performance - The group recorded a revenue of HKD 66,200,000 for the fiscal year ending March 31, 2020, a decrease of 31.5% from HKD 96,700,000 in the previous year[14]. - The group's operating gross profit slightly decreased to HKD 6,000,000 from HKD 6,100,000 in the previous year[14]. - Other income for the year was HKD 2,800,000, down from HKD 3,400,000 in the previous year, primarily due to interest income from loans to invested companies[14]. - The group recorded a net loss of HKD 2,300,000 for other gains and losses, compared to a net gain of HKD 6,700,000 in the previous year, largely due to increased losses from the sale of financial assets[14]. - Operating expenses for the year were HKD 16,400,000, a decrease from HKD 19,500,000 in the previous year, attributed to effective cost control[15]. - The financing costs incurred during the year were HKD 800,000, down from HKD 1,300,000 in the previous year[15]. - The group reported a loss attributable to owners of approximately HKD 19,900,000, an increase of HKD 3,200,000 compared to HKD 16,700,000 in the previous year[15]. Business Strategy and Future Outlook - The group continues to focus on diversifying its business across different sectors, particularly in the fashion products market targeting the younger generation[10]. - Future business environment is expected to remain challenging due to global issues and the ongoing COVID-19 pandemic[11]. - The group aims to leverage strong business connections to develop existing operations and seize emerging opportunities for diversification[11]. Revenue Breakdown - For the year ended March 31, 2020, the group's revenue from palm oil trading was HKD 28,200,000, down from HKD 57,300,000 in 2019, reflecting the impact of COVID-19[19]. - The sales revenue of the consumer goods and fashion apparel segment was HKD 35,900,000 for the year ended March 31, 2020, compared to HKD 36,800,000 in 2019, indicating a slight decline[20]. - The group's lending business recorded revenue of HKD 2,000,000 for the year ended March 31, 2020, down from HKD 2,600,000 in 2019[23]. - The securities investment segment reported a net loss of HKD 2,600,000 for the year ended March 31, 2020, compared to a net loss of HKD 3,700,000 in 2019[24]. Assets and Liabilities - As of March 31, 2020, the group's net asset value was HKD 93,800,000, down from HKD 114,800,000 in 2019, primarily due to goodwill impairment[28]. - The total non-current assets decreased from HKD 51,100,000 as of March 31, 2019, to HKD 41,900,000 as of March 31, 2020, due to a reduction in deposits and other receivables[28]. - The group's capital debt ratio increased to approximately 11.5% as of March 31, 2020, compared to 9% in 2019[29]. - The current ratio was approximately 3.4 as of March 31, 2020, down from 5.1 in 2019, indicating a decrease in liquidity[29]. - The group had no available bank financing as of March 31, 2020, compared to zero in 2019[30]. Employee and Operational Costs - The total employee cost for the year ended March 31, 2020, was approximately HKD 3,100,000, a decrease from HKD 5,500,000 in the previous year[40]. - The company has 50 employees as of March 31, 2020, down from 57 in the previous year[40]. Corporate Governance - The company did not declare an interim dividend and does not recommend a final dividend for the year ending March 31, 2020[75]. - The company has established internal policies to manage operational risks, including standard operating procedures and reporting frameworks[67]. - The company has adopted a conservative inventory policy and uses internal resources and/or debt financing for operational funding[38]. - The company has established a nomination committee responsible for reviewing the composition of the board and developing procedures for the nomination and appointment of directors[140]. - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[187]. Risk Management - The company faces risks related to loan defaults and the value of collateral, which could adversely affect its financial condition and profitability[60]. - The company monitors liquidity risk to ensure it can meet its financial obligations in a timely manner[68]. - The company has implemented measures to protect its assets and prevent fraud[176]. - The board has confirmed the effectiveness of the risk management and internal control systems as of March 31, 2020[181]. Audit and Compliance - The independent auditor for the financial statements for the year ending March 31, 2020, was KPMG, with a resolution to reappoint them at the upcoming annual general meeting[119]. - The Audit Committee held four meetings during the year ending March 31, 2020, reviewing financial statements and internal control systems[158]. - The total fees paid and payable to the external auditor for audit and other services for the fiscal year ending March 31, 2020, amounted to HKD 670,000[183]. - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring a true and fair view of the group's financial status[198]. Shareholder Information - The company's five largest customers accounted for approximately 74.36% of total revenue, with the largest customer contributing about 28.67%[110]. - Major shareholder Shan Zumao owned 10,280,000 shares, which is about 5.00% of the total issued share capital as of March 31, 2020[93]. - The company has sufficient public float according to the GEM listing rules as of the last practicable date before the publication of the annual report[109].
富誉控股(08269) - 2020 - 年度财报