Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 39,506,000, a decrease of 4.0% from HKD 41,166,000 in the previous year[2]. - The cost of goods sold was HKD 34,425,000, resulting in a gross profit of HKD 5,081,000, down 29.9% from HKD 7,242,000 last year[2]. - The operating loss for the year was HKD 17,733,000, compared to a loss of HKD 17,190,000 in the previous year, indicating a slight increase in losses[2]. - The net loss attributable to the company's owners was HKD 21,011,000, compared to HKD 18,507,000 in the previous year, reflecting a 8.1% increase in losses[3]. - The basic and diluted loss per share was HKD 5.2, compared to HKD 4.6 in the previous year, indicating a worsening of per-share performance[3]. - Other income decreased significantly to HKD 326,000 from HKD 2,758,000, a decline of 88.2%[2]. - The company reported a total comprehensive loss of HKD 26,429,000 for the year, compared to HKD 13,694,000 in the previous year, indicating a significant increase in overall losses[5]. - The financial expenses increased to HKD 3,084,000 from HKD 1,293,000, marking a 138.5% rise[2]. - The operating loss before tax for the year ended March 31, 2024, was HKD 20,989 million, compared to a loss of HKD 18,626 million in the previous year[21]. - The group reported a 14% increase in net loss to HKD 21,011,000, compared to HKD 18,507,000 in the previous fiscal year, primarily due to an increase in financial expenses of HKD 1,791,000 and the absence of government subsidies amounting to HKD 2,461,000[49]. Revenue Breakdown - The entertainment and lifestyle business segment reported a revenue of HKD 28,594 million, while the watch and automotive segment generated HKD 10,912 million[19]. - The entertainment and lifestyle segment recorded revenue of HKD 28,594,000, down from HKD 30,452,000 in the previous fiscal year, with segment losses increasing by 20% to HKD 16,752,000[50]. - The watch and automotive business segment recorded a revenue of HKD 10,912,000, a slight increase of 2% compared to HKD 10,714,000 from the previous year[54]. Assets and Liabilities - Total assets decreased from HKD 54,479 million in 2023 to HKD 40,091 million in 2024, a decline of approximately 26.5%[9]. - Total liabilities increased from HKD 77,210 million in 2023 to HKD 89,251 million in 2024, an increase of about 15.6%[9]. - Non-current assets rose from HKD 4,937 million in 2023 to HKD 10,391 million in 2024, reflecting a growth of approximately 110.5%[7]. - Current assets decreased from HKD 44,088 million in 2023 to HKD 35,154 million in 2024, a decline of about 20.2%[7]. - Cash and cash equivalents decreased from HKD 36,480 million in 2023 to HKD 29,580 million in 2024, a reduction of approximately 18.9%[7]. - Total equity attributable to owners of the company decreased from HKD 401 million in 2023 to HKD 401 million in 2024, remaining unchanged[9]. - Cumulative losses increased from HKD 151,606 million in 2023 to HKD 172,617 million in 2024, an increase of about 13.9%[9]. - Long-term service obligations increased from HKD 1,535 million in 2023 to HKD 1,704 million in 2024, an increase of approximately 11%[9]. - Trade and other payables decreased from HKD 4,904 million in 2023 to HKD 4,713 million in 2024, a decline of about 3.9%[9]. - Contract liabilities decreased from HKD 4,314 million in 2023 to HKD 2,596 million in 2024, a significant decrease of approximately 40%[9]. Operational Strategies and Future Outlook - The company plans to focus on new product development and market expansion strategies to improve future performance[2]. - The group aims to reduce operational expenses to improve segment losses in the entertainment and lifestyle division[50]. - The group plans to enhance its digital content creation skills and attract more new customers in the upcoming fiscal year[60]. - The group will continue to optimize its print version and strengthen collaboration with digital platforms starting in March 2024[53]. - The group aims to expand its men's fashion content under the new brand "Ming's" as part of its growth strategy[53]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with these standards throughout the year[68]. - The remuneration committee consists of three independent non-executive directors and one executive director, ensuring oversight of executive compensation[71]. - The audit committee reviewed the consolidated financial statements for the year ending March 31, 2024, discussing matters related to auditing, risk management, internal control systems, and financial reporting[70]. - The company’s financial statements have been preliminarily agreed upon by the auditor, confirming consistency with the draft financial statements[74]. - The company will publish its annual report for 2023/2024 on the Hong Kong Stock Exchange website and distribute it to shareholders by the end of July 2024[77]. Employee and Operational Metrics - As of March 31, 2024, the group had approximately 88 employees, a decrease from 103 employees in 2023[67]. - The group’s employee compensation is determined based on business performance, individual performance, and comparable market statistics[67]. - The group maintains a policy of credit verification for all customers to mitigate bad debt risk[42]. - The group has a diverse customer base, reducing the concentration risk associated with trade receivables[41]. - The management noted ongoing challenges in the operating environment due to rising inflation and interest rates despite the economic recovery in Hong Kong[48].
万华媒体(00426) - 2024 - 年度业绩