Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of HKD 17,499,000, a decrease from HKD 13,502,000 in the previous year[3]. - The company experienced a significant operating loss of HKD 1,182,250,000, compared to an operating loss of HKD 812,216,000 in the prior year, reflecting a deterioration of approximately 45.4%[4]. - The net loss for the year was HKD 1,070,002,000, which is an increase of 47.1% from the net loss of HKD 726,978,000 in the previous year[4]. - The total loss before tax was HKD 1,276,533,000, compared to a loss of HKD 919,821,000 for the previous year[21]. - The company reported a loss attributable to shareholders of HKD (1,069,359) thousand for the year ended March 31, 2023, compared to a loss of HKD (726,372) thousand for the previous year, representing an increase in loss of approximately 47%[34]. - The basic loss per share for the year ended March 31, 2023, was HKD (30.54), compared to HKD (21.18) for the previous year, indicating a decline of about 44%[34]. - The company recorded other income of HKD 12,641,000 for the fiscal year ending March 31, 2023, compared to a loss of HKD 5,825,000 in the previous year[30]. - The company reported a tax credit of HKD 206,531,000 for the fiscal year ending March 31, 2023, compared to HKD 192,843,000 for the previous year[32]. Assets and Liabilities - The company's total assets decreased to HKD 1,656,507,000 from HKD 2,972,705,000, indicating a decline of approximately 44.3%[5]. - The total liabilities as of March 31, 2023, were HKD 1,492,989,000, compared to HKD 1,660,265,000 as of March 31, 2022[29]. - The company's cash and cash equivalents increased to HKD 2,481,000 from HKD 714,000, showing a significant improvement in liquidity[5]. - The group has approximately HKD 2,481,000 in available cash and cash equivalents as of March 31, 2023[11]. - As of March 31, 2023, the group's financial obligations amounted to approximately HKD 1,482,219,000, with HKD 799,876,000 in bank loans due for repayment[11]. - The total liabilities, including trade payables and other payables, were HKD 611,842 thousand as of March 31, 2023, slightly up from HKD 607,862 thousand in the previous year[41]. Business Operations - The company is engaged in multiple business segments, including property investment, development, hotel operations, premium liquor trading, and health management services[8]. - The group operates in various segments, including property investment, property development, hotel operations, premium liquor trade, and health management services[16]. - The company has initiated the trade and development of premium liquor business in 2023, targeting the large market in China[57]. - The health management service business has been steadily developing since its launch in 2020, focusing on providing planning, research, and management services to health care operators[77]. Project Developments - The group anticipates that the pre-sale of the Weihai project will occur in 2025, based on current progress[11]. - The company is currently developing a hotel project in Weihai, which will include approximately 200 hotel suites, in collaboration with an internationally renowned hotel group[46]. - The company plans to complete the construction and decoration of the service apartment units by the second half of 2024, with expected revenue recognition in the 2024/2025 fiscal year[52]. - The hotel property under development is expected to be completed by the second half of 2025, delayed from 2021 due to the COVID-19 pandemic[55]. - The group’s property development project in Weihai, initially expected to be completed in Q4 2021, is now estimated to be completed in the second half of 2024 due to delays caused by the COVID-19 pandemic[75]. - The hotel project in Weihai is under construction and is expected to be completed and opened in 2025, becoming the first international five-star hotel managed by a well-known hotel management company in the region[75]. Financial Management and Strategy - The group has communicated with banks to remedy overdue repayment issues and has restructured payment terms for remaining loans[11]. - The company plans to enhance cash flow management and control costs to improve project funding efficiency in the future[64]. - The group is exploring diversification and expansion into other profitable businesses beyond property development[14]. - The group is exploring an environmentally friendly high-tech investment to convert fly ash into metals in the coming years[78]. Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and risk management[89]. - The board continues to enhance the group's monitoring environment and procedures for risk management and internal controls[90]. - The group has maintained a public float of no less than 25% of its issued shares as required by listing rules[99]. Employee Information - As of March 31, 2023, the group had a total of 19 employees, down from 31 employees as of March 31, 2022, with employee costs approximately HKD 5.9 million compared to HKD 17.9 million in the previous year[74]. - As of March 31, 2023, employees were granted stock options totaling 102,900,000 shares, which remain unexercised[80]. - The company has adopted a stock option plan allowing for the issuance of up to 343,000,000 shares, equivalent to 10% of the issued share capital at the time of adoption[81]. Dividends - The company did not declare any dividends for the fiscal year ending March 31, 2023, consistent with the previous year[4]. - The board does not recommend the payment of a final dividend for the year ending March 31, 2023, consistent with the previous year[79]. Other Information - The company plans to submit its financial statements for the fiscal year ending March 31, 2023, to the Hong Kong Companies Registry in due course[10]. - The annual report for the fiscal year ending March 31, 2023, will be published on the company's website and the Hong Kong Stock Exchange website[98]. - No significant events affecting the group's operational and financial performance occurred after the fiscal year-end[82].
皇冠环球集团(00727) - 2024 - 年度业绩