Financial Performance - Total revenue for the year ended March 31, 2023, was HKD 109,332,000, a decrease of 9.8% from HKD 120,521,000 in 2022[5] - The company reported a loss attributable to owners of HKD 26,642,000 for the year, compared to a loss of HKD 60,495,000 in the previous year, indicating a 55.9% improvement[5] - Revenue decreased by 9.3% from approximately HKD 120.5 million for the year ended March 31, 2022, to approximately HKD 109.3 million for the year ended March 31, 2023[30] - Gross profit increased from approximately HKD 2.4 million for the year ended March 31, 2022, to approximately HKD 6.6 million for the year ended March 31, 2023[31] - The company recorded a pre-tax loss of approximately HKD 26.7 million for the year ended March 31, 2023, compared to a pre-tax loss of approximately HKD 54.6 million for the year ended March 31, 2022[35] - The net loss attributable to owners of the company was HKD 26,642,000, down from HKD 60,495,000 in the previous year, showing a significant reduction in annual losses[195] - The company reported a basic and diluted loss per share of HKD 2.78, an improvement from HKD 6.30 in the previous year[195] Assets and Liabilities - Total assets as of March 31, 2023, were HKD 321,646,000, a slight increase from HKD 313,528,000 in 2022[5] - The total liabilities increased to HKD 311,389,000 in 2023 from HKD 282,017,000 in 2022, reflecting a 10.4% rise[5] - The net asset value decreased to HKD 10,257,000 in 2023 from HKD 31,511,000 in 2022, a decline of 67.5%[5] - Total non-current assets increased to HKD 67,001,000 from HKD 59,421,000, indicating growth in long-term asset investments[197] - Current assets remained stable at HKD 254,645,000, slightly up from HKD 254,107,000, reflecting consistent liquidity[197] - The company's equity decreased to HKD 10,257,000 from HKD 31,511,000, reflecting a decline in net assets[200] Revenue Breakdown - Revenue from building construction services increased by 10.2% to HKD 11,164,000, compared to HKD 10,134,000 in the previous year[21] - Revenue from renovation, addition, and alteration works accounted for 74.9% of total revenue, totaling HKD 81,777,000, down from 84.3% and HKD 101,535,000 in the previous year[21] - Revenue from property development and investment increased significantly from approximately HKD 1.08 million to approximately HKD 3.66 million due to improvements in the Japanese tourism market[30] - The expected total revenue from ongoing projects as of March 31, 2023, is approximately HKD 118.4 million[21] - The group recognized revenue of HKD 101,843,000 from construction and engineering services for the year ended March 31, 2023[178] Strategic Initiatives - The company is focusing on developing suitable real estate projects in Hong Kong or Southeast Asia as part of its property development and investment strategy[15] - The company plans to continue expanding its business through new projects and strategic initiatives[20] - The company aims to leverage future opportunities to overcome challenges and maintain competitiveness in the market[17] - The company is engaged in property development and investment primarily in Hong Kong and Japan, and in marketing consumer products in China[22] Corporate Governance - The board believes that the economic stimulus measures implemented by the Hong Kong government will help mitigate adverse macroeconomic impacts[39] - The board emphasizes the importance of corporate governance and has adopted the principles and code provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange[64] - As of March 31, 2023, the company has complied with the principles and code provisions of the Corporate Governance Code[65] - The board is responsible for safeguarding and enhancing shareholder value and overseeing the management, business, strategy, and financial performance of the group[70] - The company has established several board committees, including the audit, remuneration, and nomination committees, each with specific written terms of reference[79] Risk Management - The board's risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance of achieving business objectives[91] - The audit committee is responsible for reviewing the effectiveness of risk management and internal control systems annually and reporting significant matters to the board[93] - The company has identified risks related to fraud and errors that could lead to significant misstatements in financial reporting, emphasizing the importance of internal controls[194] Employee and Administrative Expenses - The company reported an increase in employee count to 98 as of March 31, 2023, up from 57 a year earlier, primarily due to the acquisition of a subsidiary[43] - Employee costs for the year ended March 31, 2023, were approximately HKD 24.3 million, a decrease from HKD 32.3 million for the previous year[43] - The company’s administrative expenses decreased from approximately HKD 33.2 million for the year ended March 31, 2022, to approximately HKD 29.9 million for the year ended March 31, 2023[33] Compliance and Auditing - The independent auditor has confirmed that the consolidated financial statements reflect the group's financial position accurately as of March 31, 2023[174] - The audit committee has reviewed the accounting principles and policies adopted by the group for the fiscal year ending March 31, 2023[171] - The auditor's report provides reasonable assurance that the financial statements are free from material misstatement due to fraud or error[188] Environmental and Quality Management - The group has obtained ISO 14001:2015 certification for its environmental management system, ensuring compliance with environmental regulations[158] - The company has established a Quality Management System (QMS) certified to ISO 9001 standards to ensure service quality[153] - The group has implemented measures to control air pollution, including monitoring vehicle leaks and prohibiting high-emission machinery[158] - Waste disposal practices include using designated containers for controlled waste and conducting regular inspections of waste bins[160]
迪米生活控股(01667) - 2023 - 年度财报