Financial Performance - The Group recorded a loss of HK$36.8 million from continuing operations, a significant improvement from a loss of HK$176.4 million in the previous year[8]. - Revenue from continuing operations was approximately HK$21.7 million, representing a 42.1% increase compared to the previous year[9]. - Revenue from film investment and distribution decreased from HK$14.0 million to HK$12.6 million, while segment loss reduced from HK$91.1 million to HK$8.4 million[11]. - The manufacturing and trading of optical frames and sunglasses generated HK$16.4 million in revenue before its disposal, down from HK$40.9 million in the previous year[16]. - The Group's property investment segment maintained stable rental income at approximately HK$1.3 million[12]. - The Group did not generate any revenue from the energy business during the year[20]. - The discontinued segment of property investment generated revenue of HK$0.3 million during the year, down from HK$0.6 million[17]. - The company has implemented cost-saving measures, resulting in improved financial conditions after divesting its eyewear frame and sunglasses manufacturing business[21]. - Following the easing of social distancing restrictions, cinema attendance has rebounded significantly, leading to a substantial increase in box office revenue[21]. - As of March 31, 2023, the group had cash and cash equivalents of approximately HK$7.4 million, down from HK$18.8 million in 2022[32]. - The group's debt to equity ratio improved to approximately 1.9% as of March 31, 2023, compared to 13.2% in 2022[32]. - The group’s current liabilities exceeded its current assets by HK$2.8 million as of March 31, 2023, a shift from a surplus of HK$15.7 million in 2022[32]. Business Strategy and Operations - The Company plans to undertake new film investments in the coming financial year and is in preliminary discussions with potential projects[19]. - The Directors believe that shifting from production to sourcing finished goods will minimize unnecessary production costs and improve the Group's financial position in the long run[18]. - The Group is actively seeking new film investment opportunities for the next fiscal year and is in preliminary discussions regarding potential projects[21]. - The Group is exploring potential acquisitions or mergers to broaden its asset and revenue base[42]. - The Board is actively exploring investment and business opportunities to expand the Group's asset and revenue base, including potential acquisitions or mergers[46]. - Economic conditions and market risks may impact consumer confidence and purchasing habits, affecting the Group's sales and performance[47]. - The Group is exposed to credit and liquidity risks through its financial instruments, including receivables and cash equivalents[48]. - Interest rate risk arises from changes in rates affecting interest-bearing financial assets and liabilities, with no current hedging in place[50]. - The Group primarily conducts transactions in Hong Kong dollars, Renminbi, and US dollars, with minimal expected foreign exchange risk due to the peg of the Hong Kong dollar to the US dollar[51]. Environmental, Social, and Governance (ESG) Performance - The ESG report highlights the Group's performance in environmental and social areas, adhering to the ESG Reporting Guide[55]. - Stakeholder engagement is crucial for the Group's sustainable development, with regular communications to understand stakeholder concerns[69]. - The Board oversees the Group's ESG strategies and performance, delegating day-to-day responsibilities to senior management[75]. - The Group's ESG report is the fourth of its kind, ensuring consistency in methodologies for meaningful comparisons in future reports[60]. - Total greenhouse gas emissions for the Group were 1,515.8 tonnes of CO2 equivalent, a decrease of 45.5% from 2,779.7 tonnes in 2022[94]. - The annual emission intensity was 0.003 tCO2e/ft², down 70.0% from 0.01 tCO2e/ft² in 2022[94]. - Electricity consumption decreased to 2,047,281 kWh from 3,809,919 kWh, with energy intensity dropping to 4.5 kWh/m² from 8.5 kWh/m²[96]. - Water consumption was 26,292 m³, down from 37,282 m³, resulting in a water intensity of 0.06 m³/m² compared to 0.08 m³/m² in 2022[95]. - Gasoline usage totaled 31,965 liters, contributing to 53.7 tonnes of CO2 equivalent, a reduction from 57.1 tonnes in 2022[97]. - The Group's total floor area coverage remained at 450,089 sq.ft., accounting for 100% of emissions from operations in the PRC and Hong Kong[89]. - The Group aims to enhance resource efficiency and reduce waste as part of its sustainability vision[79]. - The Board is committed to managing significant ESG issues and has established an effective ESG risk management system[82]. - The Group has set short-term and long-term sustainable development goals to reduce emissions in accordance with governmental requirements[83]. - The Group actively promotes water-efficient practices to minimize wastage caused by human error[95]. Employee and Workplace Management - As of March 31, 2023, the Group had 40 employees, a decrease from 194 in 2022, with 100% being full-time staff[119]. - The employee structure includes 21 males and 19 females, with 25 employees aged between 36-55 years[123]. - The Group offers competitive remuneration and benefits, with salaries reviewed annually based on performance and market trends[123]. - The Group has implemented various emergency plans to manage climate-related risks, ensuring no significant impact from extreme weather during the reporting period[112]. - The Group is committed to monitoring climate-related policies and regulations to mitigate transition risks associated with moving towards a lower-carbon economy[114]. - The Group's employee turnover rate is 20, with 12 males and 8 females leaving the company[134]. - 25% of employees received training during the reporting period, with an average of 3 hours for males and 2 hours for females[140]. - There were no work-related fatalities or injuries reported during the reporting period, with a total of 0 days lost due to work injury[137]. - The Group provides various paid holidays, including annual leave, sick leave, and maternity leave, in addition to statutory holidays[127]. - The Group's recruitment process ensures equal opportunities for all candidates, adhering to guidelines set by the Human Resource Department[145]. - The Group maintains a commitment to diversity and equal opportunities, ensuring no discrimination based on gender, ethnicity, or other social identities[128]. - The Group's working hours are structured to promote work-life balance, with a five to six-day workweek depending on operational needs[127]. - Comprehensive professional training is provided to employees to enhance service delivery to customers[140]. - The Group has a sustainable workforce strategy in response to the aging population trend in Hong Kong[138]. - The Group regularly reviews its employee health and safety procedures to ensure a safe working environment[139]. Corporate Governance and Compliance - The Group maintained a zero product recall record this year, demonstrating its commitment to consumer safety and protection[161]. - During the reporting period, the Group had 57 suppliers, all located in Hong Kong and the PRC[159]. - The Group employs a comprehensive enterprise resources planning system for finance-related operations to ensure data privacy and maintain information confidentiality[163]. - The Group has not made any donations during the reporting period, consistent with the previous year[170]. - The Group is committed to managing all business without undue influence, adhering to core values of honesty, integrity, and fairness[164]. - The Group actively sources energy-saving appliances and materials, considering opportunities for collaboration with charity partners[172]. - The Group's procurement policy helps screen out undesirable products, ensuring high-quality raw materials and equipment[155]. - The Group has a strict tendering process in place for procurement, ensuring a fair and transparent selection of suppliers[157]. - There were no concluded legal cases regarding corrupt practices against the Group or its employees during the reporting period[165]. - The Group recognizes the trend of applying digital technologies in operations and marketing strategies to enhance sustainability and attract future talent[172]. - The company reported a commitment to high standards of corporate governance practices, ensuring transparency and accountability throughout the year ended March 31, 2023[192]. - The company has complied with the Corporate Governance Code, with the exception of not appointing a Chairman after the resignation of Mr. Yu Baodong on October 11, 2022[193]. - The Board will review the current situation regarding the Chairman position in upcoming regular meetings[193]. - The Company has outsourced its internal audit function to independent professional firms for the analysis and appraisal of risk management and internal control systems in the optical frames and sunglasses segment[196]. - The Board plans to perform internal audit functions across all segments in the coming year[196]. - The Company emphasizes a corporate culture focused on customer orientation, product excellence, people-first approach, and legal compliance[197]. - The Company's purpose is to strive for the success of its stakeholders, guided by values such as cooperation, legal compliance, motivation, clear objectives, and responsibility[198]. - The corporate culture aims to enable employees to thrive and achieve their full potential through lawful and ethical conduct[200].
高雅光学(00907) - 2023 - 年度财报