Financial Performance - For the fiscal year ending March 31, 2023, the group recorded revenue of approximately HKD 24,000,000, a decrease of about 33.0% compared to HKD 35,800,000 in the previous year[11] - The cost of subcontractors decreased from approximately HKD 22,700,000 in the previous year to about HKD 16,000,000, attributed to the decline in revenue[11] - Operating and administrative expenses reduced from approximately HKD 7,300,000 to about HKD 5,300,000, a decrease of 27.2%[11] - Financing costs decreased from approximately HKD 4,900,000 to about HKD 4,700,000, a decline of 4.6%, due to loan repayments[11] - The loss attributable to the owners of the company from continuing operations was approximately HKD 12,200,000, compared to a loss of HKD 28,100,000 in the previous year[11] - The reduction in loss was mainly due to a decrease in amortization of intangible assets, a reduction in goodwill impairment, and no significant changes in litigation provisions[12] - As of March 31, 2023, the company had a net loss of approximately HKD 12,300,000, an improvement from a net loss of HKD 28,100,000 in 2022[23] - The company reported a net loss of HKD 12,500,000 for the fiscal year ending March 31, 2023[81] - Current liabilities exceeded current assets by HKD 22,200,000 as of March 31, 2023[81] - Total liabilities surpassed total assets by HKD 71,900,000, raising significant doubts about the company's ability to continue as a going concern[81] Business Strategy and Focus - The company has shifted focus to OTT services, reallocating more resources to this segment following the sale of its professional services division[10] - The board believes that the sale will provide greater support for the OTT services segment, benefiting the group and its shareholders overall[10] - The company aims to enhance its market position through strategic resource allocation and operational adjustments in response to market conditions[10] - The company remains optimistic about the OTT services market despite recent revenue declines, citing overall market growth and a temporary impact from the end of COVID-19 restrictions[13] - The company is focused on expanding its business scope into different industries, including renewable energy and financial services, to create value for shareholders[35] Corporate Governance - The company has adopted corporate governance policies and guidelines to ensure compliance with legal and regulatory requirements[69] - The board's composition reflects a strong commitment to corporate governance and industry expertise, positioning the company for future growth[51] - The company has a remuneration committee to review and approve compensation policies for directors and senior management[90] - The audit committee ensured that the financial statements provided sufficient disclosure of all relevant items[103] - The company has established a risk management and internal control system to safeguard assets and shareholder interests[84] Board Composition and Diversity - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of power and responsibility[67] - The company has adopted a board diversity policy, considering factors such as age, gender, culture, education background, professional experience, skills, and knowledge[94] - The board currently has two female directors and is committed to increasing female representation in leadership roles[112] - The nomination committee has been established to identify suitable candidates for independent non-executive director positions[108] Risk Management and Internal Controls - The company has established a risk management and internal control system to safeguard assets and shareholder interests[84] - No significant deficiencies or weaknesses were found in the internal control system as of March 31, 2023[88] - The audit committee evaluated the adequacy of internal controls related to financial, operational, and compliance matters[103] Employee and Stakeholder Engagement - The company is actively seeking opportunities to attract more investors and expand its shareholder base to reduce accumulated losses and enhance capital flexibility[27] - The company emphasizes the importance of a healthy and capable workforce to address challenges and ensure future sustainable development[181] - The company encourages stakeholders to provide feedback on its ESG policies[183] Environmental, Social, and Governance (ESG) Initiatives - The company remains committed to integrating environmental, social, and governance (ESG) factors into its core business, establishing a foundation for long-term success[179] - The company aims to achieve net-zero emissions by 2050 and is actively supporting customers in transitioning to a carbon-neutral economy[180] - The ESG report covers the period from April 1, 2022, to March 31, 2023, detailing key performance in environmental and social aspects[186] - The board is responsible for evaluating and determining ESG-related risks and ensuring effective ESG risk management and internal control systems[193] Financial Position and Capital Structure - Current assets were approximately HKD 9,000,000 as of March 31, 2023, down from HKD 12,800,000 in 2022, with cash and bank balances increasing to HKD 2,400,000 from HKD 1,900,000[23] - Total borrowings and bonds amounted to approximately HKD 40,500,000 as of March 31, 2023, down from HKD 43,500,000 in 2022, indicating a decrease of about 6.9%[23] - The company has taken appropriate steps to remedy the issues that led to the suspension of trading and is working towards a swift resumption of trading[34] Audit and Compliance - The audit committee reviewed the consolidated financial performance for the year ending March 31, 2023, on February 7, 2023[102] - The audit committee discussed risk management and internal control systems with management[103] - The audit committee ensured that the internal audit function had adequate resources and appropriate status within the group[103] Shareholder Information - The company does not recommend the payment of any final dividend for the year ended March 31, 2023[139] - There were no reserves available for distribution to shareholders as of March 31, 2023[133] - The beneficial owner Masan Multi Strategy Fund SPC held 8,139,000 shares, representing 7.54% of the issued share capital[151]
HMVOD视频(08103) - 2023 - 年度财报