Workflow
医汇集团(08161) - 2023 - 年度财报
MEDINET GROUPMEDINET GROUP(HK:08161)2023-06-30 11:04

Financial Performance - The group's revenue for the fiscal year 2022/23 was approximately HKD 110.4 million, a decrease of about 8.8% or HKD 10.7 million compared to HKD 121.1 million in 2021/22[15]. - The loss attributable to the company's owners for the fiscal year 2022/23 was approximately HKD 24.9 million, compared to a loss of HKD 6.2 million in 2021/22, primarily due to impairment losses on goodwill[15]. - Revenue from medical solutions provided to contract clients fell from approximately HKD 29.3 million to approximately HKD 27.7 million, a decrease of about 5.6%[18]. - Revenue from dental solutions provided to contract clients increased from approximately HKD 6.3 million to approximately HKD 7.1 million, an increase of about 12.5%[18]. - Other income rose significantly from approximately HKD 1.2 million to approximately HKD 3.5 million, mainly due to additional income from the Hong Kong government's employment support scheme of about HKD 2.0 million[19]. - Other losses increased from approximately HKD 138,000 to approximately HKD 17.9 million, primarily due to the recognition of goodwill impairment loss of about HKD 17.6 million in the fiscal year 2022/23[20]. - Employee costs for the fiscal year 2022/23 were approximately HKD 37.8 million, down from HKD 42.5 million in 2021/22, representing a decrease of about 16.5%[46]. - The group's total assets as of March 31, 2023, were approximately HKD 42.9 million, down from approximately HKD 68.5 million in 2022[31]. - The current ratio as of March 31, 2023, was approximately 0.9 times, compared to approximately 1.0 times in 2022[32]. - The company reported a total reserve available for distribution to shareholders of approximately HKD 3.1 million as of March 31, 2023[156]. Business Operations - Patient visit rates began to improve gradually in March 2023 following the lifting of COVID-19 social distancing restrictions and the reopening of borders between Hong Kong and China[15]. - The company aims to continue focusing on providing medical and dental services to corporate clients and the general public in the future[12]. - Management is committed to enhancing business development efforts and expanding revenue sources while managing expenses prudently[15]. - The company operates six dental clinics, two medical centers, and one genetic testing center in Hong Kong, as well as one dental clinic in Shenzhen[15]. - The overall economic activity has started to recover gradually during the year, despite the ongoing impact of the COVID-19 pandemic[9]. - The company has been actively exploring business opportunities to broaden its revenue sources while maintaining close relationships with existing clients[10]. - The management team expresses confidence that business will regain momentum as the pandemic is brought under control and all COVID-19 restrictions are lifted[11]. Corporate Governance - The board of directors consists of five members, including two executive directors and three independent non-executive directors, responsible for overseeing business operations and financial planning[52]. - The company emphasizes the importance of good corporate governance for long-term success and sustainable development[68]. - The board is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[69]. - The company has adhered to the corporate governance code throughout the fiscal year ending March 31, 2023, with one exception regarding the separation of roles between the chairman and CEO[71]. - The management team has over 25 years of operational experience within the company, ensuring effective implementation of business strategies[65]. - The company has established a corporate governance framework and a series of policies and procedures to enhance governance and oversight[70]. - The company will regularly review and improve its corporate governance practices in line with the latest developments[72]. - The board has established a governance policy and is satisfied with its performance[75]. - The company has adopted a standard code for securities trading for directors, ensuring compliance with GEM listing rules[81]. - The nomination committee is responsible for reviewing board composition and assessing the independence of non-executive directors[77]. Risk Management - The company faces various risks, including strategic, reputational, and compliance risks, which could adversely affect its financial performance and business outlook[47][49][50]. - The Audit Committee is responsible for overseeing financial controls and risk management systems[96]. - The company has implemented controls to ensure the accuracy of data transferred from operational systems to accounting systems[195]. - The management's assessment of the recoverable amounts of assets involved significant judgment and estimation[196]. - The company will continue to hire independent professionals annually to review its internal control and risk management systems[114]. Shareholder Communication - The company has established a shareholder communication policy to ensure shareholder opinions and concerns are properly addressed[130]. - The company has maintained effective communication with shareholders through various channels, including annual general meetings and company announcements[131]. - Shareholders have the right to submit proposals for consideration at the annual general meeting, subject to verification by the company’s share transfer office[126]. - The company encourages investors to share their opinions and inquiries through its website and direct communication channels[137]. Environmental Responsibility - The company emphasizes environmental responsibility by encouraging resource conservation and recycling among employees[143]. Financial Compliance - The company has maintained compliance with the Securities and Futures Ordinance and GEM Listing Rules during the fiscal year 2022/23[148]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the company's financial position as of March 31, 2023[189]. - The company has no significant related party transactions that require disclosure under the GEM Listing Rules[180]. - The company has no provisions for preemptive rights for existing shareholders regarding the issuance of new shares, except as required by the stock exchange[185]. Employee Management - The total number of employees decreased from 114 in 2022 to 112 in 2023, with a notable reduction in employed and contracted dentists from 19 to 18[45]. - Employee costs decreased from approximately HKD 42.5 million to approximately HKD 37.8 million, a reduction of about 11.1% due to a decrease in the number of employees[22]. Audit and Financial Oversight - The Audit Committee held 5 meetings in the 2022/23 fiscal year to review financial statements and internal control systems[98]. - The Nomination Committee held 1 meeting in the 2022/23 fiscal year to assess board diversity and the performance of directors[100]. - The Remuneration Committee held 1 meeting in the 2022/23 fiscal year to review the compensation of directors and senior management[104].