Financial Performance - The operating loss for the fiscal year 2021/2022 decreased by 5.8% to approximately HKD 14.2 million from HKD 15.0 million in the previous fiscal year[9]. - The total loss and comprehensive loss for the fiscal year 2021/2022 decreased by 3.1% to approximately HKD 16.1 million[26]. - As of March 31, 2022, the net asset value of the group was approximately HKD 9.7 million, down from HKD 24.5 million a year earlier[26]. - The current ratio as of March 31, 2022, was 1.6 times, compared to 1.8 times on March 31, 2021[27]. - The debt ratio increased from 17.8% on March 31, 2021, to 39.9% on March 31, 2022, due to the withdrawal of HKD 12.0 million from loans provided by the parent company[29]. - The group recorded a total revenue of HKD 2.8 million for the fiscal year 2021/2022, with a gross profit of HKD 2.3 million, compared to HKD 2.6 million in revenue and a gross loss of HKD 0.1 million in the previous fiscal year[17]. Revenue Sources - The cryptocurrency mining business contributed approximately HKD 1.2 million in revenue but incurred a segment loss of about HKD 2.4 million during the fiscal year 2021/2022[10]. - Revenue from travel packages and related services was HKD 0.1 million, with a gross profit of HKD 0.1 million, while the previous year saw revenue of HKD 1.8 million and a gross profit of HKD 1.8 million[17]. - The cryptocurrency mining segment generated revenue of HKD 1.2 million with a corresponding gross profit of HKD 1.2 million, marking a new revenue stream for the group[17]. Cost Management - Cost-saving measures implemented included salary reductions for directors, streamlining workflows, and encouraging employees to take unpaid leave[12]. - Sales expenses increased by 143.4% to approximately HKD 3.3 million, primarily due to employee costs related to the termination of tour leader contracts and increased advertising expenses[22]. - Administrative expenses rose by 18.1% to approximately HKD 19.0 million, driven by costs associated with the new cryptocurrency mining business and impairment losses on property and equipment[23]. Liquidity and Financing - The company sold all listed equity securities held in Hong Kong, generating total proceeds of approximately HKD 9.9 million (excluding transaction costs) to alleviate liquidity pressure[11]. - The company received a loan financing of HKD 15.0 million from its ultimate parent company, with HKD 12.0 million drawn during the fiscal year 2021/2022 to further enhance liquidity[11]. - The group completed a placement of 80,000,000 new shares at a price of HKD 0.281 per share, raising approximately HKD 21.9 million for general working capital and strategic purposes[14]. Business Strategy and Outlook - The group remains optimistic about the recovery of the travel industry as more countries lift restrictions, with a focus on leveraging over 42 years of industry experience[15]. - The group is exploring opportunities to diversify its business into other sectors to expand revenue sources amid ongoing challenges in the travel sector[14]. - The group is closely monitoring the development of COVID-19 and its impact on the travel industry, with recovery prospects remaining uncertain[14]. Corporate Governance - The company reported a strong performance for the fiscal year 2021/2022, adhering to all corporate governance codes as per GEM listing rules[59]. - The board consists of three executive directors and three independent non-executive directors, ensuring compliance with GEM listing rules regarding board composition[60]. - The company has maintained a high level of corporate governance practices, focusing on quality board composition and effective accountability systems[58]. - The financial activities of the group are overseen by a qualified finance director with over 20 years of experience in accounting and auditing[54]. - The company emphasizes risk management and internal control systems as part of its strategic oversight[64]. Environmental, Social, and Governance (ESG) Initiatives - The company has published its sixth Environmental, Social, and Governance (ESG) report, detailing management principles and practices for the fiscal year 2021/2022[109]. - The company aims to reduce operational environmental burdens, including emissions and resource consumption, and promotes a "paperless office" concept[126]. - The company is committed to ensuring transparency and effective communication with shareholders regarding investment returns and corporate governance[127]. - The company has identified key environmental, social, and governance issues based on stakeholder engagement and importance assessment for the ESG report[113]. - The board of directors is fully responsible for environmental, social, and governance (ESG) matters, integrating them into the company's sustainable development strategy and reviewing key performance indicators[119]. Employee Management and Development - As of March 31, 2022, the group had 30 employees, a decrease from 91 employees as of March 31, 2021, with total employee benefits expenses amounting to approximately HKD 8.8 million for the fiscal year 2021/2022, up from HKD 5.6 million in the previous fiscal year[39]. - The group emphasizes the importance of employee training and development, offering various training programs to enhance service quality[171]. - The group has not reported any work-related fatalities in the past three years, including the fiscal year 2021/2022, and there were no lost workdays due to work-related injuries[168]. - Employee turnover was notably high among the 55-64 age group due to the challenging business environment during the COVID-19 pandemic[166]. Customer Relations and Satisfaction - The group collects customer feedback to continuously improve customer experience and satisfaction[188]. - The group has a dedicated team to handle customer inquiries and complaints through various channels, ensuring proper follow-up[191]. - The group emphasizes the importance of providing high-quality and safe travel products, adhering to local laws and regulations[186]. Compliance and Risk Management - The group has established an anti-corruption policy and reporting procedures to maintain integrity in business operations[200]. - No confirmed or suspected cases of bribery, extortion, fraud, or money laundering were found during the fiscal year 2021/2022[200]. - The group has developed an Employee Code of Conduct to regulate gifts, hospitality, money laundering, and conflicts of interest[200].
飞道旅游科技(08069) - 2022 - 年度财报