Financial Performance - The total revenue for the fiscal year ending March 31, 2024, was approximately HKD 16.1 million, a decrease from HKD 61.4 million in the previous year[9]. - The loss before tax was approximately HKD 19.3 million, down from HKD 34.5 million in the previous year[9]. - The loss attributable to the owners of the company for the year was approximately HKD 19.6 million, compared to HKD 28.9 million in the previous year[9]. - The reduction in losses was primarily due to the closure of several loss-making restaurants, leading to a decrease in operating costs, including inventory costs, employee benefits, rent, and other operating expenses[9]. - The net impairment loss on financial instruments and contract assets decreased by approximately HKD 2.6 million compared to the previous year, attributed to a reduction in significant loss provisions from early repayment of contract assets[9]. - The group's revenue for the year ended March 31, 2024, was approximately HKD 16.1 million, a decrease of about 73.8% from HKD 61.4 million in the previous year[21]. - Revenue from the food supply service was approximately HKD 12.0 million, down 77.7% from approximately HKD 53.8 million in the previous year[22]. - The financial institution cooperation service generated revenue of approximately HKD 4.1 million, a decline from HKD 7.6 million in the previous year[24]. Operational Changes - The group has actively expanded its food sales business, generating approximately HKD 11.99 million in revenue from frozen meat sales since its launch in November 2022[16]. - The organic vegetable consulting service has not generated any revenue due to its small scale and limited customer base[17]. - The group plans to focus on developing a zero-fertilizer, zero-chemical pesticide, and zero-chemical hormone supply chain for organic vegetables in the upcoming year[17]. - The group will continue to seek long-term partnerships with food suppliers and customers to mitigate the negative impact of the restaurant business[16]. - The financial services platform's revenue was significantly affected by the macroeconomic environment, leading to no new loans being facilitated during the year[19]. - The group is exploring whether to continue its restaurant operations due to ongoing operational challenges[15]. Cost Management - Sales and cost of goods sold for the year amounted to approximately HKD 12.0 million and HKD 20.5 million, representing 74.3% and 33.5% of total revenue for the respective periods[25]. - Employee benefits expenses decreased from approximately HKD 30.0 million to about HKD 3.7 million, a reduction of approximately 87.7% due to restaurant closures and organizational streamlining in China[27]. - Other expenses decreased from approximately HKD 15.9 million to HKD 4.5 million, accounting for 28.0% and 25.9% of total revenue for the respective periods, primarily due to restaurant closures and cost control measures[30]. Assets and Liabilities - Total assets as of March 31, 2024, were approximately HKD 122.2 million, down from HKD 139.3 million in the previous year, with cash and cash equivalents at HKD 1.3 million[36]. - The company's current liabilities totaled approximately HKD 131.08 million, resulting in a current ratio of 0.31, unchanged from the previous year[36]. - The debt ratio increased to approximately 792.5% from 244.4% in the previous year, with net debt at HKD 134.7 million[36]. - The company raised approximately HKD 43.5 million from a rights issue, with a net amount of about HKD 41.5 million after expenses, allocated for general corporate and operational funding[38]. Corporate Governance - The company has adopted a new memorandum and articles of association following its re-registration in Bermuda, effective September 6, 2022[40]. - The company announced a capital restructuring effective September 27, 2022, which included a reduction of the par value of shares from $0.01 to $0.001 and a subsequent share split[41]. - The board emphasizes high standards of corporate governance, focusing on transparency, independence, accountability, and fairness[65]. - The board consists of seven directors, including newly appointed independent directors, enhancing governance and oversight capabilities[72]. - The board held 4 regular meetings during the year ending March 31, 2024, with attendance rates for executive directors ranging from 100% to 29%[73]. - The company has three independent non-executive directors, all of whom have confirmed their independence according to GEM listing rules[75]. - The roles of the chairman and CEO were not separated during the year, with Xu Qiang serving as both, which the board believes provides strong and consistent leadership[77]. Risk Management - The company faces various risks, including market, credit, liquidity, and compliance risks, which may impact its financial condition and performance[45]. - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks[91]. - The board confirmed the effectiveness and adequacy of the risk management and internal control systems[92]. - The company has established a risk management policy to identify and mitigate climate-related risks that could affect its operations[190]. Environmental and Social Responsibility - The company is committed to sustainable development and has established a governance framework to monitor environmental, social, and governance (ESG) performance[179]. - The company reported a total greenhouse gas emissions of 324.80 tons of CO2 equivalent for the fiscal year ending March 31, 2024, down from 472.90 tons in the previous year, representing a reduction of approximately 31.3%[184]. - Energy consumption decreased significantly to 237,420 kWh in the fiscal year 2023/24 from 599,205 kWh in 2022/23, marking a reduction of about 60.4%[183]. - The company aims to reduce greenhouse gas emissions by 3% and electricity consumption by 3% by the fiscal year 2025/26, using the fiscal year 2023/24 as a baseline[183]. - The company is transitioning to eco-friendly packaging, gradually replacing plastic with paper materials for takeout[196]. - The company has implemented a strict supplier selection mechanism to ensure food safety and compliance with sustainability standards[196]. Employee Relations - The group employed a total of 28 employees as of March 31, 2024, with 20 males and 8 females[192]. - The employee distribution by age includes 8 under 30 years, 12 between 30 and 50 years, and 10 over 50 years[192]. - The company has a total of 15 full-time employees and 13 part-time employees[192]. - There were zero workdays lost due to occupational injuries or diseases during the reporting year, with no reported work-related fatalities in the past three years[193]. - The company encourages employees to report any discriminatory practices and has a zero-tolerance policy for child labor and forced labor[191]. Customer Satisfaction - No service complaints were received for the year ending March 31, 2024, indicating strong customer satisfaction[197]. - The group has established multiple feedback channels, including a customer service hotline and social media, to enhance communication with customers[197].
生活概念(08056) - 2024 - 年度财报