Financial Performance - Revenue for the year ended March 31, 2023, was HK$132,421,000, a decrease of 60% compared to HK$332,610,000 in 2022[8] - Cost of sales and services for the same period was HK$154,996,000, down from HK$352,713,000 in 2022, indicating a significant reduction in operational costs[8] - The gross loss for the year was HK$22,575,000, compared to a gross loss of HK$20,103,000 in the previous year[8] - Loss before taxation was HK$22,772,000, slightly improved from a loss of HK$23,876,000 in 2022[8] - The total loss for the year was HK$22,544,000, compared to HK$24,032,000 in 2022, showing a reduction in losses[8] - The Group recorded a net gross loss of approximately HK$22.8 million, compared to approximately HK$23.7 million in 2022, primarily due to an unexpected increase in material costs in a construction project[19] - The Group recorded total revenue of approximately HK$132.4 million for the Reporting Period, representing a decrease of 60.2% from approximately HK$332.6 million in 2022[44][48] - The total gross loss for the Reporting Period was approximately HK$22.6 million, an increase of 12.3% from approximately HK$20.1 million in 2022[45][49] - The loss and total comprehensive expense for the Reporting Period were approximately HK$22.5 million and HK$22.7 million, respectively, compared to approximately HK$24.0 million for both in 2022[53] Assets and Liabilities - Non-current assets decreased to HK$791,000 from HK$2,038,000 in 2022, reflecting a decline in long-term asset value[8] - Current assets totaled HK$67,252,000, down from HK$88,822,000 in 2022, indicating a decrease in liquidity[8] - Trade and other receivables decreased to HK$14,176,000 from HK$24,115,000 in 2022, showing improved collection or reduced sales[8] - Contract assets increased to HK$46,209,000 from HK$42,788,000 in 2022, suggesting growth in ongoing projects[8] - The Group's total equity as of March 31, 2023, was recorded at (HK$901,000), a significant decrease from HK$21.8 million in 2022[9] - The Group's net current liabilities amounted to (HK$1.7 million), a decline from HK$19.9 million in 2022[9] - The Group's non-current liabilities included lease liabilities of HK$125,000 and deferred tax liabilities of HK$180,000[9] Operational Highlights - The Group was awarded 1 new project (2022: 2) and had 5 prior years' projects carried forward, resulting in a turnover of approximately HK$127.2 million (2022: HK$227.0 million)[18] - The Trading Segment contributed approximately HK$5.2 million to the Group's revenue, a decrease of approximately 95.1%, attributed to high LNG prices and COVID-19 related disruptions[21] - As of 31 March 2023, the company had 3 projects on hand with a total contract sum of approximately HK$436.7 million, down from HK$575.8 million in 2022[31][33] - For the year ended 31 March 2023, 3 projects were completed with a total contract sum of approximately HK$152.7 million, contributing approximately HK$25.8 million in turnover, a decrease from HK$81.0 million in 2022[31][33] Cost Management and Efficiency - The Group continues to strengthen its cost control measures and resource management policies to maintain market competitiveness despite challenges[20] - Administrative expenses decreased by 30.5% to approximately HK$6.9 million, down from approximately HK$9.9 million in 2022[52] - The total staff costs for the year, including directors' emoluments, amounted to approximately HK$69.0 million, a slight decrease from approximately HK$70.8 million in 2022[64] - The Group employed 124 staff as of March 31, 2023, down from 147 staff in 2022, with an average of 136 staff during the year[64] Corporate Governance - The Company emphasizes the importance of achieving high standards of corporate governance to safeguard shareholder interests and enhance corporate value[104] - The Board is committed to maintaining effective internal control measures and upholding high standards of ethics and transparency in all business aspects[104] - The Company has a strong focus on corporate governance practices to ensure compliance with applicable laws and regulations[105] - The Company recognizes the need for transparency and accountability to shareholders as part of its governance framework[105] - The Company has appointed independent non-executive directors to enhance governance and oversight[97] - The Company’s audit committee is chaired by an independent non-executive director, ensuring rigorous financial oversight[97] - The Company has a remuneration committee and a nomination committee to address compensation and board member selection[97] - The Company’s directors have extensive experience in finance, accounting, and corporate governance, contributing to effective management[100][99] - The Company aims to promote a culture of integrity and responsibility across its operations[104] - The Company has adopted a Securities Dealing Code that complies with the Model Code for Securities Transactions by Directors of Listed Issuers, ensuring all Directors confirmed compliance during the Reporting Period[106] - The Company has complied with all provisions of the Corporate Governance Code during the Reporting Period, except for the separation of roles between the Chairman and CEO[114] Board Composition and Responsibilities - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, maintaining a balance of skills and experience[125] - The Chairman is Mr. Wang Feng, and the CEO position is currently vacant, with responsibilities shared by the executive directors[132] - The roles of Chairman and CEO are not separated, which deviates from the CG Code provision C.2.1[136] - The Company has three independent non-executive directors, with at least one possessing appropriate professional accounting expertise[138] - All independent non-executive directors have confirmed their independence in accordance with Listing Rules[142] - The Board is responsible for directing and supervising the Company's affairs and ensuring sound internal control and risk management systems[150] - The Audit Committee held two meetings during the Reporting Period, with full attendance from all three Independent Non-Executive Directors[177] - The Audit Committee is responsible for reviewing the overall effectiveness of internal control and risk management systems, ensuring the completeness, accuracy, and fairness of financial statements[169] - The Board reviews the effectiveness of mechanisms ensuring independent views and input annually[143] - The Company believes that the current board composition provides a strong independent element for effective decision-making[129] Risk Management and Compliance - The Group is committed to improving operational efficiency and strengthening risk control measures as core competitiveness[124] - The Company has adopted anti-corruption and whistleblowing policies to uphold business integrity[123] - The Board will continue to review and monitor corporate governance practices to ensure compliance with the Corporate Governance Code[116] - The Company has arranged appropriate insurance coverage for Directors and senior management against legal actions arising from corporate activities, reviewed annually[158] Committees and Meetings - The Audit Committee reviewed financial reporting matters, including interim and annual results, and assessed the effectiveness of risk management and internal control systems during the Reporting Period[181] - The Remuneration Committee met once during the Reporting Period to review the remuneration policy and packages for all Directors[193] - The Nomination Committee is responsible for reviewing the structure, size, and composition of the Board at least annually, ensuring alignment with the Board Diversity Policy[195] - The Remuneration Committee's recommendations for Directors' remuneration are based on prevailing market conditions and individual responsibilities[184] - The Nomination Committee comprises three Independent Non-Executive Directors, with Mr. Chung Man Lai serving as the chairman[200] - The Audit Committee's terms of reference align with the Corporate Governance Code and are available on the Company and Stock Exchange websites[182] - The Remuneration Committee's attendance for the meeting was 100% for all members[192]
世纪集团国际(02113) - 2023 - 年度财报