Financial Performance - Revenue for the year ended March 31, 2022, was HK$332,610,000, an increase of 34.3% compared to HK$247,530,000 in 2021[11]. - Gross loss for the year was HK$20,103,000, an improvement from a gross loss of HK$28,454,000 in the previous year[11]. - Loss for the year amounted to HK$24,032,000, compared to a loss of HK$31,862,000 in 2021, reflecting a reduction in losses by 24.5%[11]. - Administrative expenses decreased to HK$9,898,000 from HK$13,926,000, representing a reduction of 29.0%[11]. - The Group sustained a net gross loss of approximately HK$20.1 million during the Reporting Period, an improvement from a loss of approximately HK$28.5 million in the previous year[24]. - The total comprehensive loss for the year was approximately HK$24.0 million, a decrease of 25% from HK$31.8 million in 2021, driven by reductions in gross loss and administrative expenses[57][62]. - Other income, gains, and losses netted approximately HK$6.1 million, representing a 31% decrease from HK$8.8 million in the previous year, mainly due to the absence of government subsidies and provisions for onerous contracts[55][60]. Revenue Segmentation - The Trading Segment contributed approximately HK$105.6 million to the Group's revenue, representing an increase of approximately 77.6% from the previous year (2021: approximately HK$59.5 million)[26]. - The Construction Segment generated revenue of approximately HK$227.0 million, an increase of approximately HK$38.9 million or 20.7% compared to the previous year (2021: approximately HK$188.1 million)[18]. - The revenue from the Trading Segment, specifically Liquefied Natural Gas (LNG) business, was approximately HK$105.6 million, an increase of approximately 77.6% compared to HK$59.5 million in 2021[35][48]. - The Group's revenue for the Reporting Period was primarily contributed by 10 projects, a decrease from 16 projects in the previous year, with total contract sums of approximately HK$47.8 million compared to HK$294.6 million last year[53][58]. Asset Management - Current assets totaled HK$88,822,000 as of March 31, 2022, down from HK$107,191,000 in 2021, indicating a decrease of 17.1%[11]. - Non-current assets decreased to HK$2,038,000 from HK$3,602,000, a decline of 43.4%[11]. - Total net assets decreased to HK$21.8 million from HK$45.8 million in the previous year[18]. - The Group's total equity also decreased to HK$21.8 million from HK$45.8 million in the previous year[18]. Cost Control and Management - The Group continues to strengthen its cost control measures and resource management policies to maintain market competitiveness despite challenges[25]. - The total staff costs for the year amounted to approximately HK$71.4 million, a decrease from HK$77.2 million in 2021, with an average employment of 179 staff[66][71]. - Administrative expenses decreased by approximately 29% to HK$9.9 million from HK$13.9 million in 2021, primarily due to reduced staff costs and depreciation[56][61]. Strategic Initiatives - The company has plans for market expansion and new product development, although specific figures were not disclosed in the report[11]. - The management anticipates continued improvement in financial performance in the upcoming fiscal year[11]. - The Group plans to focus on existing businesses while exploring new business opportunities for diversification and expansion[27]. - The Group plans to actively participate in tenders for government projects due to long-term housing development policies in Hong Kong[47]. - The Group aims to enhance its bidding capabilities to improve success rates in a competitive market[47]. Corporate Governance - The Company has adopted a corporate governance policy aligned with the Corporate Governance Code, ensuring high standards of accountability and transparency[113]. - During the reporting period, the Company complied with all code provisions of the Corporate Governance Code, except for provisions C.1.8 and C.2.1, with explanations provided[115]. - The Company has implemented adequate systems of internal controls and risk management procedures as part of its corporate governance practices[128]. - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, ensuring a reasonable balance to protect shareholders' interests[122]. - The independent non-executive Directors play a crucial role in the governance structure, contributing to the oversight of the Company's operations[123]. Board Composition and Changes - The company has undergone significant changes in its board composition, with new appointments and resignations among executive and independent non-executive directors[85][98]. - Mr. Ip Wai Sing resigned as an executive director, and Mr. Man Wai Lun was appointed as the new executive director[85]. - Mr. Lo Wing Sang resigned as company secretary, and Mr. Lee Cheuk Man was appointed as the new company secretary[86]. - The new board members bring diverse experiences from various sectors, enhancing the company's governance and strategic direction[91][99]. Risk Management - The Company has implemented a framework for managing business risks, enhancing transparency, and achieving accountability[113]. - The Board is responsible for reviewing and monitoring compliance with legal and regulatory requirements[196]. - The Company has established processes to ensure compliance with statutory and regulatory requirements[128]. Future Outlook - The Group expects the COVID-19 pandemic to soon be over, which will benefit the economies of Hong Kong and the PRC[27].
世纪集团国际(02113) - 2022 - 年度财报