Financial Performance - The Group's revenue for the year ended March 31, 2023, was approximately HK$55.353 million, representing an increase of approximately 2.06% compared to HK$54.238 million in 2022[20] - The operating loss for the year was approximately HK$5.237 million, an improvement from the operating loss of approximately HK$5.891 million in 2022[20] - The net loss attributable to owners of the Company for the year was approximately HK$5.881 million, significantly reduced from a net loss of approximately HK$12.689 million in 2022[20] - Gross profit was approximately HK$27.009 million, an increase of approximately 1.31% from HK$26.660 million in the previous year[30] - Other revenue, including government subsidies and bank interest income, amounted to approximately HK$5.235 million, significantly up from HK$2.132 million in 2022[35] - Selling and distribution expenses decreased by approximately 35.16% to HK$13.553 million from HK$20.902 million due to the disposal of Edinburgh Hospital Management[41] - Administrative expenses decreased by approximately 42.69% to HK$23.754 million from HK$41.447 million, also attributed to the disposal[42] - Finance costs decreased by approximately 74.98% to HK$0.414 million from HK$1.655 million, reflecting reduced interest expenses on lease liabilities[43] Operational Changes - The Group operates one general hospital in Beijing, down from two hospitals in Putian and Beijing in 2022, focusing on expanding hospital services[21] - The Group's revenue primarily came from the provision of general hospital services during the year ended March 31, 2023[76] - The Group plans to enhance its services and explore new business opportunities in response to the recovering healthcare market in the PRC[53] - The Group plans to invest resources in training medical personnel and upgrading existing medical equipment to enhance competitiveness[56] - The Group aims to explore new business development directions and potential collaborations with various partners in the healthcare sector[56] Financial Position - As of 31 March 2023, the Group had total cash and bank balances of approximately HK$17.685 million, an increase from HK$16.795 million in 2022[54] - The Group's total current assets were approximately HK$27.062 million, down from approximately HK$39.753 million in 2022[58] - The Group's total current liabilities as of March 31, 2023, were approximately HK$20.325 million, compared to approximately HK$29.228 million in 2022[62] - The current ratio of the Group was approximately 1.33 as of March 31, 2023, slightly down from 1.36 in 2022[58] - The Group had no material capital commitments as of March 31, 2023[60] - The Group's gearing ratio was not applicable as of March 31, 2023, based on outstanding debts[59] Employee Information - The group employed 139 full-time staff as of March 31, 2023, an increase from 137 in 2022, with staff costs amounting to approximately HK$25.757 million, down from HK$31.487 million in 2022, reflecting a decrease of about 18%[82][83] Legal Matters - A civil complaint was filed against Edinburgh Hospital Management, seeking the termination of a cooperation agreement and the refund of approximately RMB12.13 million (approximately HK$14.973 million)[95] - The court ordered Edinburgh Hospital Management to return approximately RMB4.9 million (approximately HK$5.8 million) to China Merchants, along with liquidated damages and costs amounting to approximately RMB1.4 million (approximately HK$1.728 million)[98][99] - The Shenzhen Intermediate Court upheld the Civil Judgment, rejecting appeals from both parties on March 31, 2023[100] - A new civil complaint was filed on June 13, 2023, seeking the refund of approximately RMB3.2 million (approximately HK$3.625 million) from Edinburgh International Diabetes[101] - The company is currently seeking legal advice regarding ongoing litigation and will keep shareholders informed of significant developments[102] - China Merchants is seeking the refund of approximately RMB 12.13 million (equivalent to approximately HK$ 13.86 million) through a civil appeal filed with the Shenzhen Intermediate People's Court[104] - On June 13, 2023, Edinburgh International Diabetes received a civil complaint seeking the refund of the remaining investment balance of approximately RMB 3.2 million (equivalent to approximately HK$ 3.625 million)[108] - The Shenzhen Intermediate People's Court dismissed the appeal on March 31, 2023, maintaining the original civil judgment[104] Governance and Compliance - The Company has complied with the applicable code provisions in the Corporate Governance Code throughout the year ended March 31, 2023[139] - The Company has adopted a set of code for the required standard of dealings in securities by Directors, confirming full compliance for the year ended March 31, 2023[140] - The Board is collectively responsible for promoting the success of the Company and its business by directing and supervising the Company's affairs[146] - Management must report to the Board and obtain prior approval before making decisions for key matters or entering into commitments on behalf of the Company[149] - The Board has established three committees: the Audit Committee, the Nomination and Corporate Governance Committee, and the Remuneration Committee, each with defined written terms of reference[150] - Appropriate directors' liability insurance cover has been arranged to indemnify the Directors for liabilities arising out of corporate activities[151] - The Company is committed to achieving high standards of corporate governance to protect and promote the interests of all shareholders[138] - The Board has a balance of skill and experience appropriate for the requirements of the Company's business[149] - All Directors have full and timely access to relevant information and the advice of the company secretary[147] - The Company acknowledges the importance of corporate governance as a key element in creating shareholder value[138] - The Board currently comprises two executive Directors and three independent non-executive Directors, with eight full Board meetings held during the year ended March 31, 2023[154] - Each independent non-executive Director has provided a written annual confirmation of their independence, satisfying the requirements of the GEM Listing Rules[163] - All Directors have access to operational and financial reports reflecting the Group's performance, position, and prospects[164] - The Company has provided training to Directors in the form of seminars and reading materials to ensure they understand their responsibilities and the latest regulatory requirements[166] - A total of 100% attendance was recorded for all Board meetings by the executive Directors during the year[170] - The Company will review the effectiveness of its corporate governance structure periodically and consider necessary changes[170] - One-third of the Directors are required to retire by rotation at least once every three years, ensuring a refresh of the Board[172] - Each independent non-executive Director has a one-year appointment term, subject to retirement by rotation and re-election at annual general meetings[173] - The Company has established three committees: Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee to oversee specific areas of governance[154] - The Company has arranged suitable Directors' liability insurance to protect Directors from liabilities incurred while conducting Company activities[153] - The Group's audited consolidated financial results for the year ended 31 March 2023 were reviewed by the Audit Committee, confirming compliance with applicable accounting standards and adequate disclosures[199] - The Audit Committee held four meetings during the year ended 31 March 2023 to review financial results and oversee risk management and internal control systems[196] - The Company has no chief executive officer, with daily operations managed by executive Directors and senior management, ensuring a balance of power and authority[179] - The Board regularly meets to discuss strategic direction and approve annual, interim, and quarterly results[180] - The Audit Committee's primary duties include ensuring the adequacy of financial controls and monitoring the integrity of financial statements[194] - Independent non-executive Directors are present to monitor operations and ensure compliance with governance practices[179] - The Company Secretary assists in preparing notices and agendas for Board meetings, ensuring compliance with corporate governance practices[184] - All Directors have access to Board papers and related materials to make informed decisions[187] - The roles of chairman and chief executive are separated, with Mr. Ng Chi Lung serving as the chairman[178] - The Audit Committee reviews the relationship with external auditors and makes recommendations regarding their appointment[197] - The Nomination and Corporate Governance Committee was established on February 11, 2014, replacing the previous nomination committee[200] - The committee consists of four members: one executive Director and three independent non-executive Directors[200]
金威医疗(08143) - 2023 - 年度财报