Financial Performance - For the year ended March 31, 2023, the Group recorded revenue of approximately HK$367 million, a decrease of approximately HK$154 million compared to HK$521 million in 2022[25]. - The gross profit for the year decreased by approximately HK$3 million to approximately HK$162 million, down from HK$165 million in 2022[25]. - The Group recorded a profit of approximately HK$126 million for the year, an increase from HK$42 million in 2022, mainly due to a net gain on the derecognition of financial assets and liabilities of approximately HK$63 million and a decrease in fair value loss on preferred shares of approximately HK$19 million[27]. - The Group's revenue for the year was approximately HK$367 million, down from HK$521 million in 2022, with rental income from Port and Storage Facilities contributing approximately HK$157 million and agency services and trading of oil and liquefied chemical products contributing approximately HK$209 million[28]. - The Group's revenue from trading of oil and liquefied chemical products decreased from approximately HK$364 million in 2022 to approximately HK$209 million[28]. - The Group's revenue for the year ended 31 March 2023 was HK$366,770,000, a decrease of 29.4% compared to HK$520,579,000 in 2022[139]. - Profit attributable to owners of the Company for the year was HK$89,308,000, significantly up from HK$12,762,000 in the previous year[139]. Corporate Governance - The annual report provides a detailed overview of the company's corporate governance practices[12]. - The Board has adopted and complied with the Corporate Governance Code, with the exception of a deviation from Code Provision C.1.6[66]. - The Company emphasizes a commitment to high standards of corporate governance, focusing on transparency, honesty, and accountability[64]. - The Board considers that effective corporate governance practices are crucial for the company's sustainable development[68]. - The Company has adopted a proactive approach to corporate governance, ensuring compliance with applicable laws and regulations[116]. - The Company is committed to high standards of business ethics and corporate governance across all activities[79]. Risk Management - The company is subject to risks and uncertainties as discussed in the management analysis section of the annual report[6]. - The Board considers the Group's risk management and internal control systems effective and adequate for the year ended March 31, 2023, with no material internal control failings identified[104]. - The Company emphasizes risk management for Directors' liabilities and has arranged appropriate liability insurance for Directors and senior management, with annual reviews of the insurance coverage[96]. - The Group's management indicated potential future developments in business operations, focusing on risk management and strategic growth initiatives[128]. Market Expansion and Strategy - The Group continues to explore opportunities for market expansion and operational efficiency[25]. - Future strategies may include further development of the Port and Storage Facilities and enhancement of service offerings in insurance brokerage[25]. - With the lifting of COVID-19 restrictions in China, the Group is optimistic about the investment environment and plans to explore opportunities for expanding its existing business and entering different industries[27]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share within the next two years[57]. - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase market penetration[58]. Employee and Board Composition - The Group employed 58 full-time employees as of March 31, 2023, down from 71 in 2022[41]. - The Board comprises nine members, including six executive Directors and three independent non-executive Directors[80]. - The gender ratio of male to female in the workforce is 43:15, with a goal to achieve at least 20% female workforce[90]. - The Company aims to nominate at least one female director to the Board by December 31, 2024, to enhance gender diversity[90]. Financial Position - As of March 31, 2023, the Group's total assets were approximately HK$1,999 million, down from HK$2,349 million in 2022, while total liabilities decreased to approximately HK$826 million from HK$1,109 million, resulting in a gearing ratio of 0.41 compared to 0.47 in 2022[39]. - The current ratio improved significantly to 1.95 as of March 31, 2023, up from 0.73 in 2022, indicating better short-term financial health[39]. - The total liabilities of the Group decreased to HK$825,662,000 from HK$1,109,402,000, a reduction of 25.5%[140]. - The net assets of the Group as of March 31, 2023 were HK$1,173,139,000, down from HK$1,239,868,000, indicating a decrease of 5.4%[140]. Investments and Acquisitions - The Group derecognized equity instruments at fair value through other comprehensive income and recorded a net gain of approximately HK$63 million due to the completion of the acquisition of Ever Rosy Ventures Limited[31]. - The Group's investment in Tai'an Wanyue Real Estate Company Limited has underperformed due to construction delays caused by the COVID-19 pandemic[31]. - The investment in Tai'an Wanyue was rescinded during the year, leading to a classification of the investment as equity instruments at FVOCI[197]. Dividends - The company reported no dividends for the year[5]. - The Group did not recommend any dividend for the year, maintaining a conservative approach amid fluctuating market conditions[135].
能源国际投资(00353) - 2023 - 年度财报