Financial Performance - The loss attributable to owners of the Company for the year is HK$39,232,000, compared to HK$58,249,000 in 2021, with no dividend recommended[12]. - The Group recorded a consolidated revenue of HK$78,218,000, down from HK$95,588,000 in 2021, and a gross profit of HK$38,573,000, compared to HK$41,047,000 in the previous year[12]. - Revenue from the Group's channel operations segment dropped from approximately HK$56 million to approximately HK$41 million, primarily due to the completion of the exclusive content supply contract with HBO Asia since June 2021[12]. - The contribution of revenues from the Group's film exhibition and film rights licensing was approximately HK$12 million[16]. - Revenue from the cinema segment dropped from approximately HK$26 million to HK$24 million due to COVID-19 impacts[19]. - The segment loss for cinema operations decreased from HK$53 million to HK$30 million[19]. - The Group incurred a net loss of HK$39,333,000 for the year ended 31st March 2022[186]. - The Group's current liabilities exceeded its current assets by HK$82,115,000 as of 31st March 2022[186]. - Cash and bank balances amounted to HK$11,624,000 as at 31st March 2022[186]. Business Operations - The media industry is transitioning from traditional media to new media, with a significant audience shift towards fast-growing OTT services[12]. - The Group is positioned as a key content provider of Chinese movies and dramas for both traditional and new media companies[12]. - In Hong Kong, the Group supplies a Chinese movie channel to TVB's new media platform myTV SUPER, providing hundreds of movies[12]. - In Taiwan, the Group offers a Chinese movie/drama channel through the telecom/OTT platform of Chung Hwa Telecom[12]. - The Group started a new media business on YouTube in November 2021, providing local movies in Cantonese[16]. - The Group has entered into agreements with major new media platforms like iQiyi, Youku, and Disney+ to expand its content distribution[19]. - The Group plans to reactivate its concert performance segment in the second half of 2022, with the next concert expected to be held soon[21]. - The Group's media businesses in Hong Kong and Taiwan maintained stable viewership and revenues during the year[16]. Future Outlook - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 25%[39]. - New product launches are expected to contribute an additional $100 million in revenue, with a focus on innovative technology[39]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of the next fiscal year[39]. - The board of directors emphasized the importance of corporate governance and strategic planning in driving future growth[39]. - The Company will continue to seek investment opportunities that create synergies with existing businesses to maximize returns for shareholders[26]. Corporate Governance - The Company has complied with the Corporate Governance Code for the year ended March 31, 2022, with some deviations noted[50]. - The Board of Directors consists of seven members, including three executive directors and four independent non-executive directors[54]. - The Company has established an audit committee to review financial statements and internal controls, consisting of three independent non-executive directors[67]. - The Company received annual confirmations of independence from all independent non-executive directors, complying with Listing Rules[54]. - The audit committee's primary duties include reviewing financial reports and discussing audit findings with external auditors[67]. - The Company has established formal procedures for developing remuneration policy, ensuring alignment with corporate goals[73]. - The nomination committee is responsible for assessing the independence of non-executive directors and making recommendations on their appointments[75]. Shareholder Information - As of March 31, 2022, the company's distributable reserves amounted to HK$56,450,000, consisting of a contributed surplus of HK$235,020,000 minus accumulated losses of HK$178,570,000[107]. - The company has a diverse shareholder base, with significant holdings from both individual and institutional investors[161]. - The interests and short positions of each director and chief executive in the shares and debentures of the Company were recorded as of March 31, 2022[148]. - The Company is subject to retirement by rotation and re-election of directors at the forthcoming Annual General Meeting[144]. Risk Management - The Group faced various risks and uncertainties, which are disclosed in the annual report[104]. - Significant uncertainties regarding the group's ability to continue as a going concern have been highlighted due to financial losses and liabilities[188]. - The independent auditor's report emphasizes the importance of the key audit matters identified during the audit process[192]. - Management performed sensitivity analysis on key assumptions for forecast revenue and estimated circulation and distribution costs related to impairment of film and program rights[199]. Impairment and Financial Health - Provisions for impairment of property, plant, and equipment in the cinema operation segment amounted to HK$5.8 million, down from HK$16 million in the previous year[19]. - Impairment of film and program rights and films in progress recognized for the year ended March 31, 2022 amounted to HK$3,586,000[196]. - Management's significant judgments and estimates on the recoverability of film and program rights were found to be supportable based on available evidence[199].
美亚娱乐资讯(00391) - 2022 - 年度财报