Financial Performance - The group's revenue decreased by approximately HKD 59.2 million, or about 60.8%, from approximately HKD 97.3 million for the year ended April 30, 2023, to approximately HKD 38.1 million for the reporting period[4]. - The net loss for the reporting period was approximately HKD 11.4 million, a reduction from a net loss of approximately HKD 31.7 million for the year ended April 30, 2023[4]. - Gross profit fell by approximately HKD 1.3 million, or about 65.0%, from approximately HKD 2.0 million to about HKD 0.7 million, with a gross margin decrease from about 2% to approximately 1.9%[13]. - Total revenue for the year ended April 30, 2024, was HKD 38,132,000, a decrease of 60.9% compared to HKD 97,332,000 in the previous year[127]. - Operating loss for the year was HKD 11,409,000, a significant improvement from the loss of HKD 31,489,000 in the previous year, indicating a reduction of 63.7%[127]. - The total comprehensive loss attributable to owners of the company was HKD 11,409,000, compared to HKD 31,749,000 in the previous year, a reduction of 64.0%[127]. - The company reported a pre-tax loss of HKD 11,409,000 for the year, an improvement from a loss of HKD 31,749,000 in the previous year, indicating a reduction of 64.1%[131]. - The company reported no income tax expenses for the year, consistent with the previous year[127]. Business Strategy and Market Expansion - The company plans to expand its business into other markets in the Asia-Pacific region, including Japan, Thailand, and Singapore, while continuing to focus on site preparation and renovation works in Hong Kong[6]. - The company aims to enhance its competitive advantages in the construction industry and expand its operations to increase shareholder returns[6]. - The Hong Kong government's commitment to develop the construction industry includes annual basic engineering expenditures exceeding HKD 100 billion, with overall construction volume projected to increase to approximately HKD 300 billion per year[5]. - The company operates as a single business segment focusing on construction projects in Hong Kong, with no geographical segment reporting due to the concentration of revenue and non-current assets in this region[85]. Corporate Governance - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a balance of skills and experience necessary for the group's business[45]. - The company has adopted a board diversity policy, with two female directors among the five, promoting diversity in gender, professional background, and skills[46]. - The board has committed to maintaining high standards of corporate governance, recognizing its importance for shareholder trust and long-term value creation[42]. - The company has complied with the GEM listing rules regarding corporate governance, although it acknowledges a temporary shortfall in the number of independent non-executive directors[41]. - The board is responsible for leading and monitoring the group, setting overall strategy, and approving development plans and budgets[43]. - The company emphasizes the importance of transparency and accountability in its corporate governance practices since its listing[41]. - The board believes that effective corporate governance is essential for achieving business growth and fostering a healthy corporate culture[42]. Financial Position and Assets - As of April 30, 2024, the company's cash and bank balances increased by approximately HKD 9.0 million, from about HKD 1.5 million to approximately HKD 10.5 million[21]. - The total equity attributable to the company's owners as of April 30, 2024, was approximately HKD 64.8 million, down from approximately HKD 76.2 million in 2023[19]. - The group's financial assets measured at fair value through profit or loss amounted to HKD 22.8 million, with significant investments including HKD 5.6 million in Harbour Digital Capital Limited and HKD 5.0 million in China Integrated Holdings Limited[29]. - The company’s total liabilities increased from HKD 17,794,000 to HKD 19,120,000, an increase of 7.4%[131]. - The company’s equity attributable to owners decreased from HKD 76,196,000 to HKD 64,787,000, a reduction of 15.0%[129]. Employee and Compensation - As of April 30, 2024, the group had 22 employees, with total employee costs amounting to approximately HKD 2.2 million, a decrease from HKD 11.9 million for the year ended April 30, 2023[28]. - The company has established a competitive compensation structure to attract and retain employees, regularly reviewing salaries based on industry benchmarks and individual performance[83]. - Total remuneration for directors and senior management amounted to HKD 678,000 for the year 2024, compared to HKD 750,000 in 2023, showing a decrease of 10%[189]. Risk Management and Internal Controls - The Audit Committee reviewed the effectiveness of the company's risk management and internal control systems, as well as the adequacy of resources and qualifications of accounting staff[54]. - The board is responsible for overseeing the risk management and internal control systems, ensuring they are effective in managing business risks[66]. - An independent review of the internal control system was conducted, with no significant issues identified that could impact financial, operational, compliance, or risk management[66]. Revenue Recognition and Credit Risk - The group recognizes revenue when control of the service is transferred to the customer, which occurs upon the fulfillment of performance obligations[158]. - The expected credit loss provision for trade receivables and other financial assets is calculated using a provision matrix based on historical default rates, which are reassessed at each reporting period[176]. - The group assesses expected credit losses based on the expected credit loss model, reflecting changes in credit risk since initial recognition[149]. Share Capital and Dividends - The total issued share capital as of April 30, 2024, was 246,400,000 shares, with each share having a par value of HKD 0.05[90]. - The company did not declare or pay any dividends during the year, consistent with the previous year[187]. - The company has adopted a dividend policy that allows shareholders to share in profits while retaining funds for future development[76]. Compliance and Legal Matters - The company has engaged external compliance and legal advisors to ensure adherence to applicable laws and regulations[81]. - The company has revised its organizational articles to comply with GEM listing rules and applicable laws in the Cayman Islands[75]. - There were no related party transactions that required disclosure under GEM Listing Rules during the reporting period[105].
泰锦控股(08321) - 2024 - 年度财报