Financial Performance - The group's revenue for the year ended March 31, 2022, was approximately HKD 27,515,000, an increase of 12.4% compared to HKD 24,490,000 in the previous year[9]. - The total comprehensive loss attributable to the company's owners for the year was approximately HKD 44,406,000, compared to HKD 43,263,000 in the previous year[9]. - The company reported a net loss of HKD 44,603,000 for the fiscal year ending March 31, 2022[134]. - Total comprehensive loss for the year was HKD 44,603,000, compared to HKD 43,517,000 in the prior year, indicating a 2.5% increase in losses[153]. - Gross profit decreased to HKD 8,659,000, down 22.0% from HKD 11,089,000 year-on-year[153]. - The company reported a loss before tax of HKD 42,421,000, slightly improved from a loss of HKD 42,558,000 in the previous year[153]. - The net asset value decreased to HKD 423,140,000 from HKD 467,743,000, reflecting a decline of 9.5%[158]. - Cash and cash equivalents at year-end were HKD 21,382,000, down from HKD 26,759,000, a decrease of 20.1%[164]. Assets and Liabilities - The total borrowings as of March 31, 2022, amounted to approximately HKD 81,700,000, an increase from HKD 61,700,000 the previous year[18]. - As of March 31, 2022, the company's debt-to-equity ratio was approximately 19.32%, up from 13.19% a year earlier[20]. - The net debt-to-equity ratio as of March 31, 2022, was about 14.26%, compared to 7.46% the previous year[20]. - As of March 31, 2022, the company had current liabilities netting HKD 74,360,000, raising significant doubts about its ability to continue as a going concern[134]. - The company had bank loans of approximately HKD 81.7 million due within one year as of March 31, 2022[20]. - The company confirmed that the consolidated financial statements for the year ended March 31, 2022, were prepared in accordance with applicable accounting standards and reflect a true and fair view of the group's financial position and performance[72]. Operational Updates - The average hotel occupancy rate for the year was approximately 50.8%[16]. - The group anticipates a recovery in the hotel and tourism industry following the relaxation of travel restrictions due to increased global vaccination rates[11]. - The renovation project for all 800 hotel rooms is expected to be completed by July 2022, after which occupancy rates are projected to gradually improve[16]. - The group received approximately HKD 300,000 in subsidies from the Hong Kong government's anti-epidemic fund, a significant decrease from HKD 5,700,000 received in the previous year[17]. - The management is targeting long-stay customers to improve hotel occupancy rates as a temporary measure to alleviate liquidity pressure[187]. Corporate Governance - The board of directors held 11 meetings during the fiscal year ending March 31, 2022[37]. - The company has established a training program for newly appointed directors to ensure they understand their statutory and regulatory responsibilities as directors of a Hong Kong listed company[39]. - The company has purchased appropriate directors and officers liability insurance for each board member, with annual reviews of coverage and limits[40]. - The audit committee is responsible for reviewing the independence of external auditors and monitoring the integrity of financial statements, including annual and half-year reports[56]. - The audit committee conducted an annual review of the risk management and internal control systems, covering all significant financial, operational, and compliance monitoring functions[85]. Risk Management and Internal Controls - The audit committee is responsible for reviewing the company's financial monitoring, internal control, and risk management systems[60]. - The company has established arrangements for employees to confidentially raise concerns regarding financial reporting and internal controls[60]. - The board ensures that resources, qualifications, training, and budget for accounting, internal control, and financial reporting functions are adequate[85]. - The company must communicate any significant deficiencies in internal controls identified during the audit to the audit committee[148]. - The financial statements have been prepared on a going concern basis, despite significant uncertainties regarding the group's ability to continue operations due to COVID-19 impacts[184]. Investments and Acquisitions - The group completed the acquisition of 51% of a company involved in furniture and building materials supply, as well as design and renovation services[13]. - The company completed the first phase of acquiring 51% of Result Best Limited for a total consideration not exceeding HKD 33,400,000[129]. - There were no significant investments, acquisitions, or disposals of subsidiaries or associates during the year[131]. Compliance and Reporting - The company has complied with relevant regulations regarding the disclosure of inside information, ensuring timely and balanced public announcements[86]. - The company secretary has completed no less than 15 hours of relevant professional training as required by the listing rules[87]. - The company intends to apply new standards that have been issued but are not yet effective, including revisions to accounting standards related to liabilities classification and accounting policy disclosures[169]. Environmental and Social Responsibility - The company is committed to environmental sustainability and will publish its ESG report within a month of the annual report[128].
茂盛控股(00022) - 2022 - 年度财报