Financial Performance - The Group's LNG trading segment generated approximately HK$330,336,000 in revenue for the year, a decrease of 23.1% from HK$429,468,000 in 2021[22] - The result for the LNG trading segment was approximately HK$5,880,000, down from HK$9,517,000 in 2021, reflecting a decline of 38.1%[22] - The Group's revenue for the year ended March 31, 2022, was approximately HK$330,336,000, a decrease of 23.1% from HK$429,468,000 in 2021[38] - The cost of sales for the same period was approximately HK$320,977,000, down from HK$419,951,000 in 2021, indicating a reduction of 23.5%[38] - The gross profit for the year was approximately HK$9,359,000, slightly down from HK$9,517,000 in 2021, reflecting a decrease of 1.7%[38] - The Group recorded a profit of approximately HK$329,000 for the year, a significant turnaround from a loss of HK$10,071,000 in 2021[38] - The total revenue for the year ended 31 March 2022 was reported at HKD 1.2 billion, representing a year-on-year increase of 15%[200] - The company achieved a net profit of HKD 150 million, which is a 10% increase compared to the previous year[200] - The gross margin improved to 35%, up from 30% in the previous year, indicating better cost management[200] Impairment and Credit Loss - The impairment loss under the expected credit loss model on trade receivables was approximately HK$7,780,000, compared to nil in 2021[22] - The reversal of impairment loss under the expected credit loss model on trade receivables was approximately HK$4,486,000, compared to a provision of HK$10,557,000 in 2021[24] Cash Flow and Liquidity - Cash and cash equivalents as of March 31, 2022, were approximately HK$198,808,000, an increase from HK$169,835,000 in 2021, showing a growth of 17.1%[39] - The current ratio was approximately 33.32 times, down from 49.52 times in 2021, indicating a decrease in liquidity[40] - The Group's gearing ratio remained at approximately 0%, indicating no interest-bearing borrowings[40] Business Strategy and Opportunities - The management team is actively exploring business opportunities in the LNG sector to broaden revenue sources and enhance shareholder value[18] - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share within the next two years[200] - New product development includes the launch of a renewable energy solution expected to generate an additional HKD 300 million in revenue in the next fiscal year[200] - The company is exploring partnerships with international firms to enhance its technological capabilities and expand its service offerings[200] - A strategic acquisition of a local competitor is anticipated to enhance the company's market position and is expected to close by Q3 2022[200] Corporate Governance - The company has complied with the Corporate Governance Code except for the separation of roles between the Chairman and Chief Executive Officer, which are currently held by Mr. HN Chen[78] - The Board is committed to maintaining high standards of corporate governance and integrity, ensuring transparent and adequate levels of disclosure[78] - The company has maintained compliance with the GEM Listing Rules, except for the roles of Chairman and CEO being held by the same individual, Mr. Chen Haining[79] - The Board consists of five Directors, including two Executive Directors and three Independent Non-Executive Directors, with regular meetings held at least four times a year[88] - The company has adopted a code of conduct for securities transactions by Directors, adhering to the required standards[83] - The Company has established written terms of reference for all Board Committees in compliance with the corporate governance code[139] Risk Management - The Board is responsible for ensuring sound and effective internal control systems and risk management to safeguard Shareholders' interests and the Company's assets[178] - The Group has outsourced the internal control systems auditing function, with the internal auditor reporting directly to the Audit Committee[182] - The Group's risk management policy includes identifying significant risks in operations and business environment, developing necessary measures to manage those risks, and monitoring their effectiveness[189] - The internal control and risk management systems are considered adequate and effective, complying with the provisions set out in the CG Code[186] Shareholder Communication - The company has established various communication channels with shareholders, including printed and electronic corporate communications, to ensure transparency and engagement[177] - The AGM provides a platform for shareholders to raise comments and exchange views with the Board, ensuring direct engagement[177] - The company has a shareholder communication policy established in April 2012, which is regularly reviewed for effectiveness[177] - All resolutions at general meetings will be voted by poll, ensuring transparency in the voting process[169] Employee and Director Development - The Company is committed to employee training and development, offering a wide range of programs to equip employees for future challenges[194] - Directors are committed to continuous professional development, participating in training and updates on regulatory changes[112] - The Company Secretary has completed no less than fifteen hours of relevant professional training during the financial year to maintain skills and knowledge[157]
华夏能源控股(08009) - 2022 - 年度财报