Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of HKD 71,399,000, a decrease of 27.4% compared to HKD 98,271,000 in the previous year[7]. - The company incurred a loss of HKD 54,104,000 for the fiscal year, which is a 16.5% improvement from the loss of HKD 64,324,000 in the prior year[7]. - Total assets decreased to HKD 188,730,000 from HKD 225,133,000, reflecting a decline of 16.2% year-over-year[7]. - The company’s total equity stood at HKD 171,706,000, down from HKD 203,370,000, representing a decrease of 15.5%[7]. - Retail and wholesale business revenue for the year ended March 31, 2023, was approximately HKD 49,300,000, down 30.2% from HKD 70,700,000 in 2022[34][35]. - The lending business generated revenue of about HKD 22.1 million in the fiscal year, down from HKD 27.5 million in 2022[17]. Business Strategy and Development - The company plans to continue developing its own brand products, including various food and beverage lines, to meet changing customer demands[11]. - The company aims to expand its retail and online sales business, which has been in development since 2015[11]. - The group plans to expand its lending and retail businesses by hiring more sales and delivery personnel and upgrading its online platform[15]. - The group aims to diversify its business by exploring different industry sectors for suitable investment opportunities[15]. - The company is committed to sourcing a variety of products from local and overseas suppliers to enhance its offerings[11]. - The company aims to maximize shareholder returns by improving existing operations and exploring new investment opportunities[40]. Risk Management and Compliance - The company is adopting a more cautious approach to lending due to the potential for increased bad debts in a weak economic environment[17]. - The company is committed to complying with anti-money laundering regulations and enhancing customer awareness of lending regulations[19]. - The company regularly monitors the financial status of borrowers and collateral values to mitigate credit risk[26]. - The company has established standard procedures for handling overdue payments, including proactive communication with borrowers within two days of missed payments[29]. - The impairment assessment of receivables is conducted in accordance with the Hong Kong Financial Reporting Standards, considering various factors for expected credit losses[30]. - The company has established three lines of defense for risk management, with the first line being the operational management responsible for direct assessment and mitigation of risks[123]. Corporate Governance - The company has maintained high standards of corporate governance throughout the fiscal year ending March 31, 2023, adhering to the GEM listing rules[100]. - The board is responsible for establishing and reviewing the company's corporate governance policies and practices[101]. - The company has a diverse board with members having extensive experience in various sectors, including finance, media, and retail[93][99]. - The company emphasizes continuous professional development for its directors and senior management[101]. - The company has implemented a code of conduct and compliance manual applicable to employees and directors[101]. - The company has established a remuneration committee consisting of 4 independent non-executive directors and 3 executive directors[107]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the integration of environmental, social, and governance (ESG) factors into its daily operations for sustainable business development[167]. - The board of directors prioritizes sustainable development as a key aspect of the company's future growth strategy[168]. - The company conducts annual corporate risk assessments to identify current and potential risks, including ESG-related risks[168]. - The company aims to achieve carbon neutrality through the implementation of green strategies[168]. - The total greenhouse gas emissions for the year were approximately 501.11 tons, a decrease of 29.1 tons or 5% compared to the previous fiscal year[182]. - The company is committed to sustainable business practices, aiming to contribute positively to environmental protection and social welfare[171]. Shareholder Engagement and Financial Management - The company emphasizes effective communication with shareholders through various channels, including annual general meetings and financial reports[127]. - The company has adopted a shareholder communication policy to ensure timely and relevant information dissemination[130]. - The company did not recommend the payment of any dividends for the year ending March 31, 2023, consistent with the previous year[86]. - The company completed a rights issue on September 21, 2022, issuing 120,179,677 shares at a subscription price of HKD 0.12 per share, raising approximately HKD 14.42 million before expenses, with a net amount of about HKD 12.62 million[78]. - The company reported a monthly cash outflow of approximately HKD 1.07 million, necessitating the need to raise funds for operational and business expansion[79]. - The company has no contingent liabilities as of March 31, 2023, and has not provided any corporate guarantees to third parties[85].
仍志集团控股(08079) - 2023 - 年度财报