Financial Performance - The company recorded a net loss of approximately HKD 63 million for the fiscal year, an increase of about 91.4% compared to the previous year's loss of approximately HKD 3.7 million[13]. - Revenue for the year was approximately HKD 200,000, showing no earnings due to the impact of COVID-19 and the temporary closure of all casinos in Cambodia since April 1, 2020[13]. - The group reported a net loss attributable to the owners of approximately HKD 62,549,000 for the year ended March 31, 2023[179]. - The total loss attributable to owners for the year was HKD 62,549,000, compared to a loss of HKD 3,675,000 in 2022, marking an increase of 1,600%[159]. - The company reported a gross profit of HKD 160,000, down from HKD 200,000 in the previous year, indicating a decrease of 20%[159]. - The impairment loss on intangible assets was HKD 23,452,000, significantly higher than the HKD 12,658,000 reported in 2022, reflecting an increase of 85.5%[159]. - The basic and diluted loss per share for the year was HKD 48.77, compared to a profit of HKD 12.87 in 2022, reflecting a significant downturn[159]. - The company's total equity as of March 31, 2023, was negative HKD 67,497,000, compared to negative HKD 26,670,000 in 2022, indicating a deterioration in financial position[162]. - The net cash outflow from operating activities was approximately HKD 12,466,000 during the same period[179]. - The net cash used in operating activities was HKD 12,466,000, an improvement from HKD 15,236,000 in 2022, indicating a reduction of 18.3%[168]. Assets and Liabilities - As of March 31, 2023, the total assets of the group were approximately HKD 91.1 million, down from HKD 133.6 million in 2022, while net liabilities increased to HKD 67.5 million from HKD 26.7 million in 2022[15]. - The group's total liabilities amounted to approximately HKD 26.7 million, an increase of about HKD 3.7 million from the previous year[14]. - The group's debt-to-asset ratio was approximately 174.1% as of March 31, 2023, compared to 120.0% in 2022[15]. - As of March 31, 2023, the group had a net current liability of approximately HKD 45,349,000 and a total net liability of approximately HKD 67,497,000[179]. - The company’s total liabilities decreased from HKD 160,225,000 in 2022 to HKD 128,249,000 in 2023, a reduction of 20%[162]. Business Operations and Strategy - The company is strategically executing a profit guarantee as part of a transfer agreement to ensure sufficient funding for operations[7]. - The new casino rights agreement with partners will allow the company to receive all casino winnings and bear all losses, enhancing financial stability[7]. - The total investment for the new Seven Seas International Airport and integrated resort development in Cambodia is approximately USD 3.9 billion, expected to attract tourists and boost the local economy[7]. - The tourism industry in Cambodia is projected to grow by 7.3% year-on-year in 2023, providing significant opportunities for the company[9]. - The company is exploring new growth avenues, particularly in the entertainment sector, to diversify business risks and leverage emerging opportunities[9]. - The group remains optimistic about the recovery of the Cambodian tourism industry and anticipates that its business can quickly rebound as the market improves[18]. - The group is focusing on employee training and casino renovations to strengthen its business amid a challenging operating environment[18]. - The group is exploring business restructuring and other opportunities while remaining committed to its core gaming operations[23]. - The company is focusing on its core gaming business and is actively exploring opportunities in the Southeast Asian entertainment sector to maximize revenue potential and diversify risks[25]. - The company plans to resume gaming operations at the new casino in Dara Sakor investment zone in Cambodia, pending independent shareholder approval[153]. Corporate Governance - The board of directors is committed to maintaining high standards of corporate governance, focusing on transparency and accountability[30]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations, with no significant non-compliance issues reported[27]. - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience in board member selection[38]. - The company has a nomination policy to ensure a balanced mix of skills, experience, and perspectives among board members[39]. - The board consists of five members, including two executive directors and three independent non-executive directors, with independent directors making up over one-third of the board[41]. - The independent non-executive directors have served for over nine years, and the company will appoint a new independent non-executive director by March 31, 2024, to comply with governance codes[45]. - The chairman and CEO, Mr. Wu Wenxin, is responsible for overall strategy and company development, ensuring proper business operation monitoring[42]. - The board held four meetings and two shareholder meetings in the fiscal year ending March 31, 2023, with attendance rates for executive directors at 0% and independent directors ranging from 50% to 100%[47]. - The company has received annual independence confirmation letters from all independent non-executive directors, affirming their compliance with independence guidelines[45]. - The board has established procedures to ensure that all directors can seek independent professional advice at the company's expense[47]. - The company emphasizes a culture of open debate among directors to ensure fair decision-making reflecting the consensus of the board[47]. - The chairman encourages active contributions from all directors, fostering a collaborative environment for effective governance[47]. - The company has established a formal and transparent process for the appointment and re-election of directors, with all directors serving until their retirement or re-election at the annual general meeting[50]. Compliance and Risk Management - The company has implemented a whistleblowing policy to allow employees and third parties to report potential misconduct anonymously[72]. - The company maintains a zero-tolerance anti-corruption policy, committing to operate with integrity and ethical standards[72]. - The board believes that the risk management and internal control systems are reasonable and effective as of March 31, 2023[70]. - The company has engaged external consultants to ensure the effectiveness of its risk management and internal control systems[69]. - The company has a training program for directors on environmental, social, and governance matters[54]. - The Compliance Committee monitored the training and professional development of directors and senior management[60]. - The company’s governance report includes a review of compliance with corporate governance codes and legal regulations[60]. Shareholder Information - The company has no distributable reserves available for shareholders as of March 31, 2023, consistent with the previous year[105]. - The annual general meeting is scheduled for September 29, 2023, with a suspension of share transfer registration from September 26 to September 29, 2023[86]. - The company has adopted a dividend policy that considers various factors, including actual and expected financial performance, retained earnings, and future expansion plans[88]. - The company reported no dividend payment for the fiscal year ending March 31, 2023, consistent with the previous year[85]. - Major shareholders include Zheng Huimin with 9,621,212 shares (7.50%), Huang Weiqiang with 8,690,000 shares (6.78%), and Huang Jinhuan with 8,254,212 shares (6.44%)[119]. Employee Relations - The group employs 10 permanent staff, maintaining a gender ratio of approximately 60% male and 40% female[135]. - The company actively manages employee relations, providing training and development opportunities to enhance skills and knowledge[92]. Future Outlook - The company is cautiously optimistic about future development, aiming to regain growth momentum by seizing market opportunities[25]. - The Cambodian government has lifted all travel restrictions, with expectations of receiving 4 million international tourists in 2023, boosting the local economy[25]. - The economy of Cambodia is projected to grow by 5.5% in 2023 and 6% in 2024, indicating a positive trend[25].
世纪娱乐国际(00959) - 2023 - 年度财报