Financial Performance - The Group reported a revenue of HK$262.70 million for the year ended April 30, 2024, a decrease of 16.05% compared to HK$312.93 million in the previous year[10]. - The consolidated loss for the year amounted to HK$61.39 million, compared to a loss of HK$34.32 million in the previous year[10]. - Basic and diluted loss per share was HK21.26 cents, an increase from HK13.30 cents in the previous year[10]. - The Group's EBITDA for the year was negative HK$24.65 million, a significant decline from positive HK$17.29 million in the previous year[10]. - The Group faced challenges in a tough business environment, contributing to the decrease in turnover[15]. - The Group's financial results indicate a need for strategic adjustments to address the declining revenue and increasing losses[10]. Dividends and Reserves - The Directors do not recommend the payment of a dividend for the year, consistent with the previous year[14]. - As of April 30, 2024, the Company did not have reserves available for distribution to shareholders[140]. - The Company established a Dividend Policy in January 2019, aiming to provide stable and sustainable returns to shareholders while maintaining adequate working capital[143]. - The Company retains the right to update or amend its Dividend Policy at any time[145]. Operational Efficiency and Strategy - The Company continues to focus on its core business while exploring opportunities for improvement and potential market expansion[10]. - The Group aims to enhance production efficiency and capacity to improve operational performance and competitiveness[19]. - The Group plans to upgrade and restructure existing plants and machinery to meet different production requirements[21]. - The Group will continue to explore other business opportunities to expand its principal manufacturing business and improve returns to shareholders[22]. Financial Assets and Liabilities - As of April 30, 2024, the Group's gross loan receivables totaled HK$80.93 million, with an allowance for expected credit losses of HK$36.88 million[23]. - The Group experienced net fair value losses on financial assets at FVTPL amounting to HK$22.0 million, primarily from investments in SunCorp Technologies Limited and WLS Holdings Limited[18]. - As of April 30, 2024, the Group's financial assets at fair value through profit or loss (FVTPL) amounted to approximately HK$62.58 million, a decrease from HK$80.66 million in 2023, representing a decline of about 22.5%[30]. - Total outstanding debts as of April 30, 2024, were HK$52.34 million, down from HK$58.77 million in 2023, including collateralised bank borrowings of HK$35.37 million[39]. - Interest-bearing outstanding debts amounted to HK$38.32 million as of April 30, 2024, down from HK$43.14 million in 2023[39]. Corporate Governance - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors, ensuring a balanced composition of skills and experience[68]. - The Company has complied with the Listing Rules by having at least three independent non-executive Directors, representing at least one-third of the Board[70]. - The independent non-executive Directors have confirmed their independence annually, with no involvement in daily management or material relationships that could affect their judgment[71]. - The Company has established three Board committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the Group's affairs[66]. - The Board has adopted its own code on corporate governance practices, incorporating principles from the Corporate Governance Code contained in Appendix 14 to the Listing Rules[61]. - The Company emphasizes transparency, independence, and accountability to all shareholders as part of its corporate governance framework[60]. Risk Management - The Group's risk management system aims to manage risks associated with not achieving business objectives rather than eliminating them entirely[122]. - The Board has overall responsibility for establishing a sound risk management and internal control system to safeguard the Group's assets and ensure reliable financial statements[119]. - Management is tasked with evaluating the adequacy of the risk management and internal control system, reporting deficiencies to the Audit Committee[120]. - The risk management review and internal audit report identified significant risks and recommended action plans presented to the Board[121]. - The Board will conduct an annual review of the risk management and internal control system to ensure significant risks are effectively monitored[122]. Employee and Director Information - The total number of employees decreased to approximately 730 as of April 30, 2024, from 870 in 2023[48]. - The Group's policy ensures employee remuneration is competitive and commensurate with job nature, qualifications, and experience[48]. - The emolument policy for employees is based on merit, qualifications, and market conditions, with a share option scheme adopted as an incentive[175]. - The Company did not purchase, sell, or redeem any listed securities during the year[174]. - The total number of share options granted to Directors is 5,124,998, with 2,083,332 options remaining unexercised as of April 30, 2024[163]. Audit and Compliance - The Audit Committee consists of three independent non-executive Directors, ensuring oversight of the Group's financial reporting and compliance with statutory requirements[99]. - The auditor's report confirmed that the consolidated financial statements provide a true and fair view of the Group's financial position as of April 30, 2024, in accordance with Hong Kong Financial Reporting Standards[183]. - Key audit matters included the allowance for expected credit losses on trade receivables and loan receivables, which involved significant management judgments and estimates[187]. - The Group's management assessed the creditworthiness of counterparties as part of the controls over the allowance for ECL on trade receivables[190]. - McMillan Woods (Hong Kong) CPA Limited was appointed as the auditor of the Company following the resignation of HLB Hodgson Impey Cheng Limited[182].
QPL INT'L(00243) - 2024 - 年度财报