Financial Performance - Revenue from continuing and discontinued operations for the year ended March 31, 2025, was HK$15,904,000, a decrease of 66.6% compared to HK$47,543,000 in 2024[8] - Gross loss for the year was HK$3,431,000, improving from a gross loss of HK$5,375,000 in the previous year[8] - Loss before taxation decreased to HK$1,601,000 from HK$12,913,000 in 2024, indicating a significant improvement in financial performance[8] - The Group recorded revenue of approximately HK$15.9 million for the Reporting Period, representing a decrease of approximately HK$31.6 million or 66.6% compared to HK$47.5 million in 2024[23][29] - The total gross loss for the Group amounted to approximately HK$3.4 million, a decrease of approximately HK$2.0 million or 36.2% from HK$5.4 million in 2024[25][31] - The Group's loss for the Reporting Period was approximately HK$1.6 million, a significant decrease from approximately HK$12.9 million in 2024[34][41] Assets and Liabilities - Total assets as of March 31, 2025, were HK$35,797,000, down from HK$41,627,000 in 2024[11] - Current liabilities decreased to HK$51,334,000 from HK$55,784,000 in 2024, reflecting better management of short-term obligations[11] - Net current liabilities increased to HK$15,537,000 from HK$14,157,000 in 2024, indicating a slight deterioration in liquidity position[11] - As of 31 March 2025, the Group had bank balances of approximately HK$1.5 million, down from approximately HK$2.1 million in 2024[35] - The total interest-bearing borrowing of the Group was approximately HK$8.9 million as of 31 March 2025, an increase from approximately HK$5.1 million in 2024[35] - The group's interest-bearing debt as of March 31, 2025, was approximately HK$8,900,000, an increase from HK$5,100,000 in 2024[42] Operational Efficiency - Administrative expenses were reduced to HK$3,739,000 from HK$4,810,000, showcasing cost control efforts[8] - The total employee cost for the year was approximately HK$12,700,000, significantly reduced from HK$33,200,000 in 2024[45] - The Group employed 33 staff as of March 31, 2025, a decrease from 118 staff in 2024, with total staff costs amounting to approximately HK$12.7 million, down from approximately HK$33.2 million in 2024[39] - The Group is committed to improving operational efficiency and strengthening risk control measures, which are considered core competitive advantages[104] Corporate Governance - The Company has implemented stringent corporate governance practices to safeguard shareholder interests and enhance corporate value[84] - The roles of Chairman and CEO are currently held by the same individual, which is a deviation from CG Code provision C.2.1[95] - The Board is committed to regularly reviewing and monitoring corporate governance practices to ensure compliance with the CG Code[96] - The Company has maintained compliance with all code provisions of the CG Code during the reporting period, except for the separation of roles between Chairman and CEO[94] - The Board consists of four Directors, including one Executive Director and three Independent Non-Executive Directors, ensuring a balanced composition for effective governance[105] - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance during the reporting period ending March 31, 2025[86] Board Composition and Diversity - The Nomination Committee consists of three independent non-executive directors who review and monitor the implementation of the board diversity policy annually[193] - The Group adopted a Board Diversity Policy in April 2016, emphasizing diversity in gender, age, ethnicity, knowledge, and length of service[178][183] - The Company has established measurable objectives for Board diversity, considering various perspectives such as gender, age, and professional experience[185] - The Board is characterized by significant diversity in terms of age, length of service, and professional background[186] - The Company has achieved its board diversity policy, ensuring a diverse composition based on various criteria including gender, age, and professional experience[194] Committees and Meetings - The Audit Committee held two meetings during the Reporting Period, with full attendance from all members[151] - The Remuneration Committee held one meeting during the Reporting Period, with full attendance from all members[160] - The Nomination Committee also conducted one meeting during the Reporting Period, with all members present, focusing on the structure and diversity of the Board[172][176] - The Board held two meetings during the Reporting Period to discuss overall strategy and financial performance[191] - Attendance at board meetings was as follows: Mr. Man Wai Lun attended 4 out of 4 meetings, while Mr. Wang Feng attended 1 out of 2 meetings before his resignation[198] Compliance and Ethics - The Company ensures compliance with legal and regulatory requirements as part of its corporate governance practices[189] - The Company has a high standard of ethics, transparency, and integrity in all business aspects[84] - The Group has adopted anti-corruption and whistleblowing policies to uphold business integrity and provide forums for reporting misconduct[103] - All Directors confirmed compliance with the required standards set out in the Model Code during the reporting period[86] - The Company has not noted any incidents of non-compliance with the Securities Dealing Code by relevant employees[87]
世纪集团国际(02113) - 2025 - 年度财报