Financial Performance - Total revenue from external customers reached HKD 3,952,226,000, with hotel and serviced apartment income contributing HKD 11,291,000 and rental income totaling HKD 5,759,000, leading to a combined total of HKD 3,969,276,000[74]. - The adjusted profit before tax for the group was reported as a loss of HKD 115,003,000, reflecting the financial challenges faced during the period[74]. - Total revenue for the year ended March 31, 2023, was HKD 3,963,517, an increase from HKD 3,578,667 in the previous year, representing a growth of approximately 10.7%[121]. - Revenue from cassava chips sales was HKD 3,952,226, up from HKD 3,556,152, indicating an increase of about 11.1% year-over-year[119]. - Hotel and serviced apartment revenue decreased to HKD 11,291 from HKD 22,515, reflecting a decline of approximately 50%[119]. - The company reported revenue from external customers of HKD 3,969,276 thousand, a significant increase compared to HKD 3,585,019 thousand in the previous period[137]. Assets and Liabilities - The group’s total liabilities amounted to HKD 1,379,229,000, with a significant portion attributed to property investment and hotel operations[74]. - The total assets of the company amounted to HKD 2,920,781, with total liabilities at HKD 88,484[110]. - The group's investment properties and buildings had a book value of HKD 510,900,000 as of March 31, 2023, down from HKD 625,679,000 in 2022, indicating a decrease of approximately 18.3%[67]. Impairment and Provisions - The group evaluates indications of impairment losses at each reporting period, estimating recoverable amounts if signs are present[2]. - The group’s receivables impairment amounted to HKD 8,050,000, reflecting the need for provisions against potential credit losses[74]. - The company reported a net loss of HKD 57,702 related to property, plant, and equipment impairment[133]. - The impairment loss of HKD 57.7 million was recognized in the profit and loss statement due to the deterioration of hotel business performance and a general decline in market sentiment for properties in Hong Kong[194]. Revenue Recognition - Revenue from customer contracts is recognized when control of goods or services is transferred to customers, reflecting the expected consideration for the exchange[32]. - Revenue is confirmed as contract liabilities when customers make payments before the transfer of goods or services[35]. - The group recognizes contract liabilities as revenue when it fulfills the contract by transferring control of goods or services to customers[35]. - Rental income is recognized on a time proportion basis during the lease term, with variable lease payments recognized as income when incurred[33]. Financial Instruments and Risks - The group uses derivative financial instruments to hedge foreign currency risks, initially recognizing them at fair value[26]. - The group assesses significant risks and estimates related to the valuation of investment properties, considering market prices of similar properties[46]. - The group adjusts historical default rates in the provision matrix based on forward-looking information, such as anticipated economic conditions[48]. Governance and Compliance - The company has established a governance framework to ensure compliance with legal and regulatory requirements, reflecting its commitment to corporate governance[152]. - The board has a responsibility to prepare financial statements that fairly present the group's financial position, adhering to applicable accounting standards[154]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee, all comprising independent non-executive directors[174]. Shareholder Engagement - The company aims to maintain a sustainable dividend distribution aligned with profit growth and long-term development strategies[135]. - The board is committed to enhancing shareholder value and ensuring transparent communication regarding financial performance and future prospects[155]. - The company encourages shareholder participation through annual meetings and other channels to facilitate informed investment decisions[135]. Employee Compensation - The total remuneration for executive directors for the year ended March 31, 2023, amounted to HKD 3,159,000, compared to HKD 3,137,000 for the previous year, representing an increase of approximately 0.7%[180]. - The total remuneration for directors, including salaries, allowances, and benefits in kind, was HKD 2,774,000 for the year ended March 31, 2023, compared to HKD 2,747,000 in the previous year[180]. - The remuneration for the highest-paid non-director employee ranged between HKD 1,000,001 and HKD 1,500,000, with total compensation of HKD 4,046,000 for the year[185].
木薯资源(00841) - 2023 - 年度财报