COVID-19 Impact - The company faced unprecedented challenges due to COVID-19, impacting its operations and financial performance during the fiscal year ending March 31, 2021[11] - The company will closely monitor the developments of COVID-19 and its potential impact on future financial performance[12] - The company is positioned to capitalize on the rising demand for small parcel delivery and postal services driven by the e-commerce boom due to COVID-19[16] Logistics and Operations - A new warehouse was established at the Asia Cargo Logistics Center in Kwai Chung to enhance logistics capabilities, responding to the strong demand for cargo security services[11] - The company aims to increase the known cargo security inspection percentage to 100% by June 30, 2021, in line with new policies from the International Civil Aviation Organization[11] - The establishment of new warehouses has improved logistics capabilities, enabling the company to offer one-stop logistics services, including local transportation, warehousing, and cargo security services[16] - The group purchased ten 24-ton heavy trucks to meet business needs, exceeding the initial target of twelve 16-ton light and heavy trucks[47] - The group acquired two X-ray inspection systems for warehouse operations, surpassing the initial plan to purchase one system[47] - The company reported a significant increase in operational efficiency, leading to a 15% reduction in logistics costs year-over-year[58] Financial Performance - Total revenue increased by approximately HKD 59.1 million or 18.5% from HKD 319.4 million for the year ended March 31, 2020, to HKD 378.4 million for the year ended March 31, 2021[19] - Revenue from air cargo terminal operations decreased by approximately HKD 15.7 million or 9.2% to HKD 155.3 million, primarily due to the impacts of COVID-19 and trade wars[22] - Revenue from warehousing and other value-added services increased by approximately HKD 73.4 million or 202.4% to HKD 109.7 million, driven by new customer business[22] - Net loss for the year ended March 31, 2021, was approximately HKD 7.7 million, compared to a net loss of HKD 2.4 million for the year ended March 31, 2020[32] - Other income decreased by approximately HKD 3.7 million or 66.0% to HKD 1.9 million, primarily due to the absence of government subsidies received in the previous year[19] - The net profit margin for the fiscal year ending March 31, 2021, was approximately -2.0%, compared to -0.7% in 2020[146] - The return on equity for the same period was approximately -10.6%, down from -5.7% in 2020[146] - The net cash used in operating activities was approximately HKD 14.6 million, an increase from HKD 10.5 million in 2020[146] - Cash and cash equivalents at the end of the fiscal year were approximately HKD 23.7 million, up from HKD 15.4 million in 2020[146] Employee and Operational Costs - Employee benefits expenses decreased by approximately HKD 2.4 million or 4.8% to HKD 47.2 million, mainly due to government subsidies offsetting salary increases[21] - Transportation costs increased by approximately HKD 22.9 million or 15.2% to HKD 173.5 million, attributed to higher service fees paid to external transportation providers[26] - As of March 31, 2021, the group employed 222 full-time employees, with total employee costs (excluding director remuneration) amounting to approximately HKD 45.1 million, a decrease from HKD 48.4 million for the year ended March 31, 2020[38] Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced governance structure[80] - The company has adopted the corporate governance code as per GEM listing rules, ensuring compliance and proper regulation of its operations[76] - The company has established an audit committee, nomination committee, and remuneration committee to ensure effective governance and oversight[76] - The independent non-executive directors have confirmed their independence, meeting the requirements set by GEM listing rules[80] - The board is responsible for reviewing and approving key financial and business strategies, including major acquisitions and financial restructuring[87] Future Outlook and Strategy - The company anticipates a revenue growth of 10% for the upcoming fiscal year, projecting total revenues to reach approximately $150 million[61] - New product launches are expected to contribute an additional $5 million in revenue, with a focus on enhancing service offerings in the logistics sector[61] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[61] - A strategic acquisition of a local logistics firm is in progress, which is expected to enhance operational capabilities and increase market penetration[61] - The company has invested $2 million in research and development for new technologies aimed at improving supply chain transparency[61] - The management team emphasized a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[61] Shareholder Relations - The company expresses gratitude to shareholders, business partners, and employees for their continued support and contributions[13] - The company encourages shareholders to attend meetings and vote, ensuring all resolutions are voted on, except for procedural matters[119] - The company has established multiple communication channels with shareholders and investors, including publishing reports and announcements on its website[127] Risk Management - The company has a structured process for risk assessment and management, which is regularly reviewed by the board[87] - The board of directors has concluded that the risk management and internal control systems are effective and adequate, having reviewed them annually[117] - The company has a dedicated internal audit function to review the adequacy and effectiveness of its risk management and internal control systems[117]
亚洲速运(08620) - 2021 - 年度财报