Financial Performance - Revenue increased by 5.6% to HKD 45,100,000[3] - Gross profit margin decreased from 59.4% to 50.9%[3] - Loss attributable to equity shareholders increased by 657.2% to HKD 490,100,000[3] - Basic loss per share was HKD 10.2 cents, compared to HKD 1.3 cents in the previous fiscal year[3] - Total comprehensive loss for the year amounted to HKD 491,003,000, compared to HKD 66,332,000 in the previous year[5] - The company reported an operating loss of HKD 445,368,000, compared to HKD 68,469,000 in the previous year[4] - The company reported a net loss before tax of 490,770 thousand HKD for the year ending March 31, 2025, compared to a loss of 65,019 thousand HKD in 2024[18] - Basic and diluted loss per share for 2025 is 101.36 HKD, significantly higher than 13.41 HKD in 2024, reflecting the increased losses[20] - The group recorded a gross profit of HKD 22,900,000, a decrease of HKD 2,400,000 or 9.5%, with the gross profit margin dropping from 59.4% to 50.9%[61] - The group reported an EBITDA loss of HKD 464,800,000, an increase of approximately HKD 421,600,000 from the previous year's loss of HKD 43,200,000, due to impairment losses and increased losses from associates[63] Assets and Liabilities - Non-current assets decreased from HKD 688,361,000 to HKD 224,986,000[6] - Current assets decreased from HKD 83,223,000 to HKD 56,581,000[6] - Total equity attributable to equity shareholders decreased from HKD 710,932,000 to HKD 220,554,000[6] - Non-current assets in Hong Kong decreased to 168,104 thousand HKD in 2025 from 559,478 thousand HKD in 2024, a decline of 70.0%[14] - The company has a loan receivable from an associate amounting to HKD 32,432,000 as of March 31, 2025[31] - The net carrying value of right-of-use assets related to leasehold land was HKD 22,500,000 as of March 31, 2025, down from HKD 25,351,000 in 2024[29] - The company's total property, plant, and equipment as of March 31, 2025, was HKD 667,215,000, reflecting the impact of impairments and disposals[26] - The company’s total liabilities from loans to an associate company increased to RMB 27,646,000 in 2025 from RMB 23,072,000 in 2024, reflecting a rise in financial commitments[37] Revenue Streams - Revenue for the year ending March 31, 2025, is approximately 23,337,000 thousand HKD, an increase from 16,157,000 thousand HKD in 2024, representing a growth of 44.0%[14] - The total revenue from major product lines for 2025 is 45,089 thousand HKD, up from 42,698 thousand HKD in 2024, indicating a growth of 5.4%[13] - Revenue from the sale of recycled paper increased by 21.2% to HKD 25.9 million, while total sales of recycled materials rose by 20.9% to HKD 26.0 million[56] - The logistics service revenue increased by 10.3% to HKD 2.5 million, contributing to an overall revenue increase of 5.6% to HKD 45.1 million[56] Impairments and Losses - As of March 31, 2025, the carrying amount of land and buildings was reduced to a recoverable amount of HKD 151,000,000, resulting in an impairment loss of HKD 352,683,000 recognized in profit or loss[28] - The carrying amount of machinery was written down to a recoverable amount of HKD 38,000, resulting in an impairment loss of HKD 3,886,000 recognized in profit or loss[27] - The company recognized a loss of HKD 20,876,000 related to a profit guarantee arrangement with a seller, with a receivable of approximately HKD 4,259,000 recorded[32] - The company recognized an impairment loss of HKD 33.8 million related to its equity in a joint venture due to ongoing losses in the hazardous waste treatment business[55] - The company’s share of losses from a joint venture increased by HKD 48.3 million, attributed to the negative performance of its hazardous waste treatment operations[55] Dividends and Capital - The company did not recommend any dividend for the fiscal year ending March 31, 2025[2] - The company has not declared any dividends for the year ending March 31, 2025, consistent with the previous year[24] - The company’s issued and paid-up capital remains at RMB 482,301,000, with no new shares issued under the share option scheme as of March 31, 2025[47] Operational Changes and Strategies - The company has proposed to return the lease of its headquarters in Tseung Kwan O to the Hong Kong Science Park at zero cost, as part of measures to alleviate long-term financial pressure[50] - The company plans to relocate its CMDS operations to new facilities to maintain high standards of safety, confidentiality, and service continuity[50] - The group decided to cease production of household paper due to rising operational costs and declining sales, shifting to order-based trading of paper products[58] - The group aims to leverage the expansion of the Hong Kong Waste Electrical and Electronic Equipment Producer Responsibility Scheme to increase collection and processing volumes, anticipating significant growth in the waste electrical and electronic products segment[81] Employee and Governance - Employee costs for 2025 totaled 41,850 thousand HKD, slightly down from 42,665 thousand HKD in 2024, indicating a reduction of 1.9%[18] - The group employed a total of 114 employees as of March 31, 2025, with total employee costs amounting to HKD 41,900,000 for the fiscal year 2025[75] - Customer satisfaction rate reached 87.6% based on 500 distributed surveys during the reporting period[77] - The group maintained a strong commitment to corporate governance, adhering to the principles and code provisions of the Corporate Governance Code throughout the fiscal year[85] - The audit committee consists of three independent non-executive directors and two non-executive directors, overseeing the financial statements for the year ending March 31, 2025[88] Environmental and Social Responsibility - The group conducted audits on 12 major suppliers, all of which passed the evaluation, ensuring compliance with environmental and social responsibility standards[78] - The group expanded the installation of water flow controllers, resulting in a significant 31% reduction in water usage during the reporting period[72] - The group emphasizes operational efficiency in core segments while integrating ESG principles to minimize environmental impact[81] - A total of 68 employees completed online anti-corruption training, accumulating 34 hours of training during the reporting period[79] Financial Reporting and Compliance - The annual performance announcement will be published on the designated website of the Stock Exchange and the company's website, containing all information required by listing rules[90] - The audit committee reviewed the accounting principles adopted by the group and confirmed consistency with the preliminary announcement of the consolidated financial statements for the year ending March 31, 2025[89] - No purchases, sales, or redemptions of the company's shares were made by the company or its subsidiaries during the fiscal year ending March 31, 2025[84]
综合环保集团(00923) - 2025 - 年度业绩