ENVISION GREEN(01783)

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晋景新能(01783) - 董事会会议召开日期
2024-11-12 14:00
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 ENVISION GREENWISE HOLDINGS LIMITED 晉景新能控股有限公司(「本公司」,連同其附屬公司統稱「本集團」)董事(「董事」)會(「董 事會」)宣佈,董事會將於2024年11月22日(星期五)舉行董事會會議,藉以(其中包括)批 准本集團截至2024年9月30日止六個月之中期業績公告以供刊發,並考慮建議派發中期股 息(倘有)。 承董事會命 晉景新能控股有限公司 主席兼執行董事 郭晋昇 香港,2024年11月12日 於本公告日期,董事會包括四名執行董事,即郭晋昇先生、鄧志堅先生、詹志豪先生及郭 可兒女士,以及四名獨立非執行董事,即侯穎承先生、余仲良先生、藍章華先生及薛永恒 教授。 晉景新能控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號:1783) 董事會會議召開日期 ...
晋景新能(01783) - 2024 - 年度财报
2024-07-31 11:40
Financial Performance - Revenue for the year 2024 was HKD 452,192,000, an increase from HKD 401,352,000 in 2023, representing a growth of approximately 12.5%[14] - The company reported a pre-tax loss of HKD 78,915,000 for 2024, compared to a loss of HKD 38,838,000 in 2023, indicating a deterioration in financial performance[14] - Loss attributable to owners of the company was HKD 78,875,000 in 2024, up from HKD 38,065,000 in 2023, reflecting an increase of 106.5%[14] - The basic and diluted loss per share for 2024 was 6.61 HK cents, compared to 4.01 HK cents in 2023, marking a rise of 64.5%[14] - The gross profit for the year ended March 31, 2024, was approximately HKD 28.0 million, an increase of about HKD 6.6 million or 30.8% compared to HKD 21.4 million for the previous year[23] - The overall gross profit margin increased to approximately 6.2% for the year ended March 31, 2024, up from approximately 5.3% for the previous year[23] - Other income, gains, and losses recorded a profit of approximately HKD 5.4 million, a significant increase of about HKD 8.1 million or 300% compared to a loss of HKD 2.7 million for the previous year[24] - Total operating expenses for the year ended March 31, 2024, were approximately HKD 110.0 million, an increase of about HKD 54.0 million or 96.4% compared to approximately HKD 56.0 million for the year ended March 31, 2023[25] - Adjusted EBITDA for the year ended March 31, 2024, was approximately HKD (40.1) million, an increase from approximately HKD (17.8) million for the year ended March 31, 2023[30] - As of March 31, 2024, the company's cash and cash equivalents were approximately HKD 67.6 million, down from approximately HKD 87.9 million as of March 31, 2023[31] - The current ratio decreased from approximately 1.3 as of March 31, 2023, to approximately 1.1 as of March 31, 2024, primarily due to increases in trade payables and contract liabilities[31] Business Strategy and Development - The company is focusing on developing green infrastructure and energy management solutions, leveraging nearly 40 years of expertise in the industry[15] - Future growth opportunities are anticipated in the green building and new energy vehicle sectors, driven by the global shift towards a low-carbon economy[16] - The company plans to expand its battery energy storage systems and integrate digital energy solutions into building energy management[16] - Collaboration with Zhuhai Ruizhu Construction Technology Co., a subsidiary of Midea Real Estate, aims to provide comprehensive green prefabricated building solutions[16] - The company is committed to enhancing its core competitiveness and customer satisfaction to ensure sustainable growth and profitability[16] - The development of new battery storage systems is underway, with applications in various sectors including commercial, residential, microgrids, and electric vehicle charging stations[16] - The group plans to construct Hong Kong's first power battery processing facility, contributing to local battery recycling and the circular economy in the Greater Bay Area[17] - The group is optimistic about future growth in reverse supply chain management and environmental services, which began generating significant revenue in the second fiscal year[21] - The group aims to leverage government investments of approximately USD 30 billion over the next 15 to 20 years for green transformation initiatives[17] - The group is actively participating in the Hong Kong government's EV charging initiatives and plans to integrate energy storage systems with EV charging solutions[17] - The group is exploring new sustainable business models and growth opportunities globally, focusing on the acceleration of the power battery recycling industry[17] Corporate Governance and Management - The company appointed Mr. Guo Jinsheng as Chairman and Executive Director on January 11, 2023, with over 25 years of experience in the environmental technology and renewable energy sectors[39] - Mr. Zhan Zhihao was appointed as CEO on January 11, 2023, bringing nearly 10 years of experience in the green technology industry[39] - The company has a strong focus on environmental improvement, as evidenced by Ms. Guo receiving the Green Elite Award at the 2021 Hong Kong Environmental Excellence Awards[40] - The company is committed to compliance and governance, with independent directors providing oversight on strategy, policy, and performance[41] - The management team is well-rounded, with members holding advanced degrees and professional qualifications, including chartered financial analyst status[39][40] - The company is actively involved in various industry associations, enhancing its network and influence in the green technology and environmental sectors[40] - The company emphasizes the importance of transparency and accountability in its corporate governance practices[106] - The board of directors includes Mr. Guo as the chairman and Mr. Zhan as the CEO[108] - Independent non-executive directors accounted for over one-third of the board, ensuring strong independent oversight[114] - The company has established effective mechanisms for independent opinions and advice through regular meetings of independent directors[114] Environmental, Social, and Governance (ESG) Initiatives - The company is committed to integrating environmental, social, and governance (ESG) factors into its operations to create sustainable value for stakeholders[154] - The board has established a cross-departmental ESG working group to enhance collaboration and ensure consistent performance aligned with stakeholder expectations[155] - The company has implemented a comprehensive management system that includes ISO 9001, ISO 14001, and ISO 45001 standards to monitor and manage ESG-related risks[154] - The ESG report is prepared in accordance with the Hong Kong Stock Exchange's guidelines, ensuring transparency and adherence to reporting principles[150] - The company aims to continuously improve its internal data collection processes and expand the scope of disclosures in future reports[154] - The board regularly reviews the company's ESG performance and adjusts action plans as necessary to address identified risks and opportunities[155] - The company has set clear short-term and long-term sustainability goals to reduce emissions in compliance with government regulations[155] - The company emphasizes the importance of risk management and internal control systems to address ESG and climate-related risks[155] Employee Relations and Development - The company maintains good relationships with employees, offering competitive compensation packages to attract and retain talent[52] - The company has a structured annual review system to assess employee performance, influencing decisions on salary increases and bonuses[52] - The company recognizes the importance of employee development and growth, regularly assessing current human resources to determine staffing needs[194] - The company ensures all employees are entitled to public holidays and additional leave such as annual leave, maternity leave, and sick leave[195] - Employee turnover rate for the year 2023/2024 is 44%, down from 59% in 2022/2023, indicating improved employee retention[198] - The company employs a total of 45 employees as of March 31, 2024, a decrease from 51 in the previous year[198] - The company has established a health and safety policy to ensure a safe working environment, adhering to ISO 45001:2018 standards[199] - The company provides various benefits to employees, including mandatory contributions to the MPF scheme, medical insurance, and discretionary bonuses[197] Risk Management - The company employs an external independent consulting firm to review the effectiveness of its risk management and internal control systems annually[131] - The risk management system includes a risk register to track identified risks and assess their impact[132] - The company has adopted a continuous risk management approach to identify and evaluate inherent risks affecting its objectives[132] - The board will review the need for an internal audit function at least annually, considering the scale and complexity of the business[131] Shareholder and Capital Management - The company did not recommend any dividend for the year ending March 31, 2024, consistent with the previous year[48] - The company issued a total of 103,650,000 new shares at a capitalization price of HKD 0.40 per share, raising approximately HKD 41.46 million to settle a promissory note[68] - The net proceeds from the March subscription amounted to approximately HKD 18.0 million, intended for electric vehicle charging station infrastructure projects[70] - The net proceeds from the July subscription were approximately HKD 35.91 million, also allocated for electric vehicle charging station infrastructure and energy storage system projects[72] - The company changed its name from "Golden Ponder Holdings Limited" to "Envision Greenwise Holdings Limited" effective October 9, 2023[69] Environmental Impact and Sustainability Goals - The company aims to reduce various emissions by 50% by the fiscal year ending March 31, 2035, compared to the baseline year ending March 31, 2023[169] - The total greenhouse gas emissions intensity was approximately 0.33 tons of CO2 equivalent per million HKD in revenue, a reduction of 37% compared to the baseline year[171] - The company has implemented an environmental management system certified to ISO 14001:2015 standards to mitigate adverse environmental impacts[166] - The company plans to replace traditional gasoline or diesel vehicles with electric vehicles and install charging stations at workplaces[171] - The company has set a target to reduce greenhouse gas emissions intensity by 50% by the fiscal year ending March 31, 2035, compared to the baseline year[171] - The company has taken measures to reduce emissions, including regular vehicle maintenance and using energy-efficient lighting products[171] - The company has not reported any violations of environmental regulations during the reporting period[167] - The company will continue to monitor and record emissions and improve data collection systems for future reporting[169]
晋景新能(01783) - 2024 - 年度业绩
2024-06-26 14:34
Financial Performance - For the fiscal year ending March 31, 2024, the group recorded revenue of approximately HKD 452.2 million, an increase of about HKD 50.8 million or 12.7% compared to HKD 401.4 million for the fiscal year ending March 31, 2023[2]. - The gross profit for the fiscal year ending March 31, 2024, was approximately HKD 28.0 million, up by about HKD 6.6 million or 30.8% from HKD 21.4 million in the previous year, resulting in a gross margin of approximately 6.2%[2]. - The loss attributable to the owners of the company for the fiscal year ending March 31, 2024, was approximately HKD 78.9 million, compared to a loss of HKD 38.1 million for the fiscal year ending March 31, 2023[2]. - Basic and diluted loss per share for the fiscal year ending March 31, 2024, was approximately HKD 6.61, compared to HKD 4.01 for the previous year[5]. - The group reported other income of HKD 5.37 million for the fiscal year ending March 31, 2024, compared to a loss of HKD 2.66 million in the previous year[4]. - The company reported a net loss before tax of HKD 45.372 million for the year ending March 31, 2024[31]. - The adjusted EBITDA loss increased from approximately HKD 17.8 million for the fiscal year ending March 31, 2023, to approximately HKD 40.1 million for the fiscal year ending March 31, 2024[61]. - Operating expenses for the fiscal year ending March 31, 2024, totaled approximately HKD 110.0 million, an increase of about HKD 54.0 million or 96.4% from approximately HKD 56.0 million in the previous year[57]. Revenue Breakdown - The group reported segment revenue from external customers of HKD 452.192 million, with contributions of HKD 223.495 million from upper structure construction services and HKD 228.697 million from reverse supply chain management and environmental services[19]. - Revenue from construction and renovation services was HKD 223.495 million, down 40.1% from HKD 373.132 million in 2023[26]. - Revenue from reverse supply chain management and environmental services surged to HKD 228.697 million, compared to HKD 28.220 million in the previous year[26]. - The increase in total revenue was primarily driven by a rise of approximately HKD 200.5 million in revenue from reverse supply chain management and environmental services, offset by a decrease of approximately HKD 149.7 million in revenue from superstructure construction and renovation services[51]. - The reverse supply chain management and environmental services segment generated revenue of approximately HKD 228.7 million for the fiscal year ending March 31, 2024, compared to HKD 28.2 million for the previous year[53]. Assets and Liabilities - The total assets less current liabilities as of March 31, 2024, amounted to HKD 241.15 million, compared to HKD 197.88 million as of March 31, 2023[7]. - The company's equity attributable to owners increased to HKD 234.01 million in 2024 from HKD 188.46 million in 2023[8]. - As of March 31, 2024, the company had contract liabilities amounting to approximately HKD 393.5 million, which includes trade deposits from new customers for the sale of industrial materials and recycled battery black powder[46]. - Trade receivables increased to HKD 61,161,000 in 2024 from HKD 40,205,000 in 2023, with a provision for losses of HKD 384,000 compared to HKD 2,392,000 in the previous year[41]. - The total amount of trade payables rose to HKD 124,684,000 in 2024 from HKD 49,788,000 in 2023, with accrued contract retention payable at HKD 27,979,000 compared to HKD 22,661,000 in 2023[44]. Share Capital and Dividends - The company has issued a total of 1,255,027,500 shares as of March 31, 2024, with a total issued and paid-up capital of HKD 12,550,000[47]. - The company approved an increase in its authorized share capital from HKD 15 million to HKD 30 million, allowing for the issuance of up to 3 billion shares[47]. - The company did not recommend the payment of a final dividend for the fiscal year ending March 31, 2024, consistent with the previous year[2]. - The company did not declare any dividends for the year 2024, consistent with 2023[34]. Strategic Initiatives - The company has expanded its operations in Hong Kong, focusing on construction and maintenance services, as well as environmental-related services[9]. - The company underwent a name change to Envision Greenwise Holdings Limited effective October 9, 2023, reflecting its strategic focus on green and sustainable initiatives[9]. - The company is engaged in reverse supply chain management, including the recycling of retired electric vehicle batteries, utilizing self-developed technology to redesign batteries into energy storage systems[51]. - The company has secured deposits of approximately HKD 7,939,000 for a 20-year land lease in Hong Kong, reflecting strategic investment in future operations[43]. Governance and Compliance - The group’s financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, with no significant impact from the application of new and revised standards this year[17]. - The audit committee has reviewed the financial results for the fiscal year ending March 31, 2024, confirming compliance with applicable accounting standards[86]. - The company has adopted corporate governance codes and confirmed compliance with the standards for securities trading by directors[84][85]. - No significant events requiring disclosure have occurred since March 31, 2024, up to the announcement date[82]. Employee and Operational Metrics - The company employed a total of 44 employees as of March 31, 2024, down from 51 employees a year earlier[69]. - As of March 31, 2024, the total salary and related costs for employees amounted to approximately HKD 45.6 million, slightly up from HKD 45.4 million in 2023[69].
晋景新能(01783) - 2024 - 中期财报
2023-12-04 13:45
Financial Performance - For the six months ended September 30, 2023, the group recorded revenue of approximately HKD 237.5 million, a decrease of about HKD 28.4 million or 10.7% compared to HKD 265.9 million for the same period in 2022[17]. - Gross profit for the same period was approximately HKD 10.5 million, down by about HKD 5.1 million or 32.9% from HKD 15.6 million in the prior year, resulting in a gross margin of approximately 4.4%[17]. - The loss attributable to owners of the company for the six months was approximately HKD 23.1 million, compared to a loss of HKD 5.2 million for the same period in 2022[17]. - Basic and diluted loss per share for the period was approximately HKD 0.0204, compared to HKD 0.0055 for the same period in 2022[17]. - The group reported revenue of HKD 237,520 thousand for the six months ended September 30, 2023, a decrease of 10.6% compared to HKD 265,875 thousand in the same period of 2022[30]. - Gross profit for the same period was HKD 10,475 thousand, down 32.5% from HKD 15,617 thousand year-on-year[30]. - The group incurred a loss of HKD 23,124 thousand for the period, compared to a loss of HKD 5,195 thousand in the previous year, reflecting a significant increase in losses[30]. - Total comprehensive expenses for the period amounted to HKD 24,638,000, up from HKD 8,104,000 in the previous year, indicating a year-over-year increase of approximately 204%[31]. - The company reported a loss of HKD 23,124,000 for the six months ended September 30, 2023, compared to a loss of HKD 5,195,000 for the same period in 2022, representing a significant increase in losses[31]. - The group reported a loss attributable to shareholders of approximately HKD 23,123,000, compared to a loss of HKD 5,165,000 for the same period in 2022, representing a significant increase in loss[57]. Revenue Breakdown - Revenue from structural construction and renovation services was HKD 171,430,000, down 33.5% from HKD 258,039,000 year-on-year[50]. - Revenue from reverse supply chain management and environmental services increased significantly to HKD 66,090,000 from HKD 7,836,000, representing a growth of 742.5%[50]. - Revenue from superstructure construction and renovation services contributed approximately HKD 171.4 million, down from HKD 258.0 million in 2022, while revenue from reverse supply chain management and environmental services increased to approximately HKD 66.0 million from HKD 7.8 million[91][92]. Expenses and Liabilities - Administrative and other expenses rose to HKD 33,603 thousand, up 40.8% from HKD 23,886 thousand in the prior period[30]. - The company incurred depreciation expenses of HKD 2,641,000 for property, plant, and equipment, and HKD 3,834,000 for right-of-use assets, compared to HKD 1,624,000 and HKD 2,090,000 respectively in the previous year, indicating an increase in asset utilization costs[53]. - Employee benefits expenses decreased to HKD 13,635,000 from HKD 24,817,000 year-on-year, reflecting a reduction in workforce costs[53]. - Current liabilities rose to HKD 214,883,000 from HKD 169,686,000, representing an increase of about 27%[33]. Cash Flow and Assets - The net cash used in operating activities for the six months ended September 30, 2023, was HKD (37,743) thousand, compared to HKD (7,657) thousand for the same period in 2022, indicating a significant increase in cash outflow[35]. - Cash flows from investing activities resulted in a net outflow of HKD (11,621) thousand, slightly improved from HKD (12,281) thousand in the previous year[35]. - Financing activities generated cash inflow of HKD 33,674 thousand, a turnaround from a cash outflow of HKD (1,730) thousand in the prior period, primarily due to proceeds from share issuance of HKD 42,963 thousand[35]. - The total cash and cash equivalents decreased by HKD 15,690 thousand, compared to a decrease of HKD 21,668 thousand in the previous year, reflecting improved cash management[35]. - Non-current assets as of September 30, 2023, totaled HKD 141,480,000, a decrease from HKD 145,768,000 as of March 31, 2023[32]. - Current assets increased significantly to HKD 340,855,000 from HKD 221,802,000, reflecting a growth of approximately 54%[32]. Strategic Focus and Development - The group is focused on developing green infrastructure businesses both domestically and internationally, providing integrated smart energy management solutions[20]. - The group aims to capitalize on the global shift towards a low-carbon economy, particularly in green building and new energy vehicle development in Hong Kong[21]. - The group is exploring potential business development and collaboration opportunities to enhance its core competitiveness and customer satisfaction[21]. - The group continues to innovate in areas such as energy-efficient building renovations, electric vehicle charging infrastructure, and new energy storage systems[20]. - The group is actively developing new energy infrastructure projects, including the EHSS and industrial battery storage systems, to support the government's green initiatives[25]. - The group plans to expand its battery storage system solutions to various sectors, including commercial, residential, microgrids, and electric vehicle charging stations[23]. Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules appendix 14 for the six months ended September 30, 2023[129]. - All directors have adhered to the prescribed trading code for securities transactions as per the listing rules appendix 10 for the six months ended September 30, 2023[130]. - The audit committee, established on July 25, 2018, consists of four independent non-executive directors and is responsible for reviewing financial statements and overseeing external auditors[131]. - The unaudited condensed consolidated financial statements for the six months ended September 30, 2023, have been reviewed and approved by the audit committee, ensuring compliance with applicable accounting standards[132]. Share Capital and Equity - The company issued shares under a placement arrangement, raising HKD 53,897,000 during the period[34]. - The company increased its authorized share capital from HKD 15,000,000 to HKD 30,000,000, allowing for a total of 3,000,000,000 shares at HKD 0.01 each as of September 30, 2023[76]. - As of September 30, 2023, the total issued and fully paid shares amounted to 1,255,027,500, reflecting an increase from 827,487,500 shares on April 1, 2022[76]. - The largest shareholder, Jin Ye International Investment Limited, holds 545,510,000 shares, representing approximately 43.5% of the company's equity[127]. Name Change and Rebranding - The company has undergone a name change from "Golden Ponder Holdings Limited" to "Envision Greenwise Holdings Limited," effective October 9, 2023, reflecting a strategic rebranding effort[36]. - The company’s new English stock abbreviation changed from "Golden Ponder" to "ENVISION GREEN" effective November 16, 2023[115].
晋景新能(01783) - 2024 - 中期业绩
2023-11-21 13:00
Company Information - Envision Greenwise Holdings Limited clarified a typographical error in their interim results announcement, correcting the English stock abbreviation to "ENVISION GREEN" from "EVS Greenwise" [1] - The company is registered in the Cayman Islands and trades under the stock code 1783 [1] - The board of directors includes three executive directors and four independent non-executive directors [1] Announcement Details - The interim results announcement covers the six-month period ending September 30, 2023 [1] - The announcement was made on November 21, 2023, by the chairman and executive director, Guo Jinsheng [1] - The announcement is related to the Hong Kong Stock Exchange and its responsibilities [1] Content and Disclaimers - The company maintains that all other information and content in the interim results announcement remain unchanged [1] - No financial performance metrics or user data were disclosed in the provided content [1] - There is no mention of future outlook, performance guidance, new products, or market expansion strategies in the announcement [1] - The company emphasizes the accuracy and completeness of the announcement while disclaiming responsibility for any losses incurred from reliance on its content [1]
晋景新能(01783) - 2024 - 中期业绩
2023-11-17 12:23
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並明確表示,概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ENVISION GREENWISE HOLDINGS LIMITED 晉景新能控股有限公司 (前稱金侖控股有限公司 ) (於開曼群島註冊成立的有限公司) Golden Ponder Holdings Limited (股份代號:1783) 截至2023年9月30日止六個月之 中期業績公告 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截至 2023 年 9 月 30 日止六個月 ...
晋景新能(01783) - 2023 - 年度财报
2023-07-07 14:33
Financial Performance - Revenue for 2023 decreased to HK$401.352 million from HK$591.900 million in 2022, a significant decline[6] - Net loss for 2023 increased to HK$38.065 million from HK$19.391 million in 2022, primarily due to reduced revenue and increased administrative expenses[8] - Revenue for the fiscal year ending March 31, 2023, was approximately HKD 401.4 million, a decrease of HKD 190.5 million or 32.2% compared to the previous year[12][17] - Gross profit for the fiscal year ending March 31, 2023, was approximately HKD 21.4 million, a decrease of HKD 5.4 million or 20.2% compared to the previous year[18] - Gross margin increased to 5.3% for the fiscal year ending March 31, 2023, up from 4.5% in the previous year, driven by profitability from certain acquired subsidiaries[18] - Other income, gains, and losses decreased by HKD 3.0 million or 878.4% to a loss of HKD 2.7 million in FY2023 compared to a gain of HKD 0.3 million in FY2022[19] - Administrative and other expenses increased by HKD 30.1 million or 116.2% to HKD 56.0 million in FY2023 compared to HKD 25.9 million in FY2022[20] - Loss attributable to owners of the company increased by HKD 18.7 million to HKD 38.1 million in FY2023 compared to HKD 19.4 million in FY2022[21] - Cash and cash equivalents plus pledged bank deposits totaled HKD 87.9 million as of March 31, 2023, compared to HKD 87.2 million as of March 31, 2022[22] - Capital expenditures for property, plant, and equipment acquisition totaled HKD 9.6 million in FY2023 compared to HKD 7.5 million in FY2022[25] - Equity increased to HKD 188.4 million as of March 31, 2023, compared to HKD 155.9 million as of March 31, 2022[22] - Debt (lease liabilities) stood at HKD 48.7 million as of March 31, 2023, compared to none as of March 31, 2022[22] - Current ratio decreased to 1.3 as of March 31, 2023, compared to 1.7 as of March 31, 2022[22] - The company did not recommend paying any dividends for the fiscal year ending March 31, 2023[37] Business Development and Strategy - The company secured multiple large-scale contracts during the fiscal year ending March 31, 2023, but remains cautiously optimistic due to uncertain economic conditions[9] - The company is exploring potential business development and investment opportunities in other construction sectors to diversify risks and enhance shareholder returns[9] - The company secured projects under the HKD 3.5 billion "EV屋苑充電易資助計劃" (EHSS), which is expected to cover approximately 140,000 private parking spaces over three years[10] - The company is focusing on integrating green and smart technologies into its core business to enhance competitiveness in green building and sustainable development[10][16] - The company is exploring opportunities in the electric vehicle (EV) aftermarket, including EV charging infrastructure and battery recycling, leveraging its construction expertise[16] - The company is actively seeking new business opportunities in environmental, social, and governance (ESG) related areas to drive long-term growth[10][16] - The company is optimizing its cost structure and exploring diversified financing methods to prepare for business expansion over the next two to three years[10] - The company completed the acquisition of Jin Yang International (Hong Kong) Limited and Cornerstone Energy Limited, expanding its reverse supply chain management and environmental-related services business[115] - The company has acquired an environmental services business, which may provide climate-related opportunities and potential revenue growth through sustainable services[157] Environmental, Social, and Governance (ESG) - The company is committed to environmental sustainability, implementing measures to reduce emissions, waste, and improve resource efficiency[39] - The company released its Environmental, Social, and Governance (ESG) report for the fiscal year ending March 31, 2023, highlighting efforts to improve sustainability practices[113] - The company's ESG report covers all operations, including office, construction projects, and environmental-related services, with a commitment to improving internal data collection procedures and gradually expanding disclosure scope[115] - The company adheres to the four reporting principles of materiality, quantification, balance, and consistency in its ESG report[116][118][119] - The company has implemented an integrated management system, including ISO 9001, ISO 14001, and ISO 45001 standards, to monitor and manage ESG-related risks[122] - The company has established a cross-departmental ESG working group to coordinate efforts and ensure consistent performance across departments[123] - The company has set clear short-term and long-term sustainability goals, including emission reduction targets, and integrates sustainability factors into strategic planning and decision-making processes[123] - The company's Board of Directors is responsible for overseeing ESG strategies and ensuring the establishment of effective risk management and internal control systems[124] - The ESG working group is tasked with collecting ESG data, monitoring risks, and reporting on the implementation of ESG initiatives to the Board[124] - NOx emissions increased to 110.88 kg in 2022/2023, up from 29.81 kg in the previous period due to new business acquisitions[138] - SOx emissions rose to 0.16 kg in 2022/2023, compared to 0.06 kg in the prior period[138] - PM emissions reached 10.72 kg in 2022/2023, up from 2.76 kg in the previous period[138] - The company aims to reduce air pollutant emissions by 50% from 2023 levels by 2035[137] - The company's environmental management system is certified to ISO 14001:2015 standards[134] - The company received the Hong Kong Green Organization Award for its environmental practices[134] - The company has implemented measures to reduce vehicle emissions, including regular maintenance and prohibiting engine idling[136] - The company's environmental policy includes guidelines for air pollution, noise control, and waste disposal[134] - The company has identified key environmental, social, and governance (ESG) issues through a materiality assessment[128] - The company engages with stakeholders through various channels, including annual reports, meetings, and surveys[127] - Total greenhouse gas emissions decreased by 39% to 210.88 tons of CO2 equivalent, with emissions density reduced by 10% to 0.53 tons of CO2 equivalent per million HKD revenue[139][141] - Scope 1 emissions decreased to 95.86 tons of CO2 equivalent, primarily due to reduced emissions from construction projects (78.82 tons)[141] - Scope 2 emissions decreased to 115.02 tons of CO2 equivalent, with a significant reduction in emissions from construction projects (65.52 tons)[141] - Construction projects accounted for approximately 68% of total greenhouse gas emissions during the reporting period[143] - Non-hazardous waste generation decreased by 12% to 2,344 tons, but waste density increased by 30% to 5.85 tons per million HKD revenue[145][146] - Total energy consumption decreased by 32% to 620 MWh, with energy consumption density increasing by 1% to 1.55 MWh per million HKD revenue[149] - The company aims to reduce greenhouse gas emissions density by 50% by 2035 compared to the baseline year ending March 31, 2023[140] - The company targets a 50% reduction in waste density by 2035 compared to the fiscal year ending March 31, 2023[145] - The company plans to reduce energy consumption density by 50% by 2035 compared to the fiscal year ending March 31, 2023[149] - Total energy consumption decreased to 620.34 MWh in 2022/2023 from 906.50 MWh in 2021/2022, with a density of 1.55 MWh per million HKD revenue[150] - Total water consumption decreased to 6,747 cubic meters in 2022/2023 from 7,275 cubic meters in 2021/2022, with a density of 16.83 cubic meters per million HKD revenue, a 7% decrease in consumption but a 37% increase in density[151][152] - The company aims to reduce water usage by 50% from the 2023 baseline by 2035[151] - The company plans to reduce carbon-related energy usage density by 50% from the 2023 baseline by 2035[157] - The company is committed to sustainable timber procurement, using only FSC-certified or recycled wood in construction projects[153] - The company has implemented water-saving measures, including reusing water for dust suppression and promoting water conservation education among employees[151] - The company is enhancing data collection systems to monitor and record water and energy usage more effectively[151][157] - The company is focusing on reducing emissions and waste, improving resource efficiency, and minimizing environmental impact through various sustainability measures[155] - The company is aligning with international and local certification standards to assess climate change risks and update mitigation strategies regularly[157] - Extreme weather conditions such as floods and typhoons pose risks of business and supply chain disruptions, potentially reducing revenue and causing severe asset damage[158] - High temperatures could increase operational costs, with long-term impacts expected over 4 to 10 years[158] - Changes in environmental regulations may lead to increased operational costs to comply with stricter laws, with medium and long-term impacts[158] - Emerging technologies could increase operational costs due to the adoption of new methods or technologies, with medium and long-term impacts[159] - Consumer preference shifts towards more environmentally friendly products and services could reduce demand and competitiveness, with long-term impacts[159] - Development and expansion of low-emission products and services could increase revenue and attract more investors, with short and medium-term opportunities[160] Corporate Governance and Board Composition - Mr. Hou Yingsheng, aged 50, was appointed as an Independent Non-Executive Director on July 24, 2018, and is a member of the Audit Committee and Nomination Committee[30] - Mr. Zhang Jue, aged 37, was appointed as an Independent Non-Executive Director on January 14, 2022, and serves as the Chairman of the Audit Committee and a member of the Remuneration Committee[31] - Mr. Wen Yaoxiang, aged 55, was appointed as an Independent Non-Executive Director on July 24, 2018, and is the Chairman of the Remuneration Committee and a member of the Audit Committee and Nomination Committee[31] - Mr. Lan Zhanghua, aged 68, was appointed as an Independent Non-Executive Director on June 2, 2023, and is a member of the Audit Committee[33] - Mr. Hou Yingsheng has extensive experience in commercial transactions, litigation, banking, and bankruptcy matters, and has been a senior partner at Hou Yingsheng Zhou Mingbao Law Firm since May 2006[30] - Mr. Zhang Jue holds a Bachelor's degree in Financial Management from Shanghai University of Finance and Economics and a Master's degree in Accounting from Tsinghua University[31] - Mr. Wen Yaoxiang has over 26 years of experience in sales and marketing of building materials and interior decoration products[31] - Mr. Lan Zhanghua has extensive experience in banking, property development, and property investment, and has held senior positions at HSBC Canada and Hang Seng Bank[33] - Mr. Lan Zhanghua is an Independent Non-Executive Director of several listed companies, including Winland Real Estate Development Limited and Blue River Holdings Limited[33] - Mr. Wen Yaoxiang currently serves as the Regional Manager for Asia at Sebel Pty Ltd., a leading manufacturer and supplier of educational and school furniture[32] - The company's consolidated financial statements for the year ended March 31, 2023, were approved by the Board of Directors on June 23, 2023[75] - The company has adopted and complied with the Corporate Governance Code as set out in Appendix 14 of the Listing Rules for the year ended March 31, 2023[76] - The Board of Directors held 10 meetings, the Audit Committee held 3 meetings, the Remuneration Committee held 3 meetings, the Nomination Committee held 3 meetings, and the Annual General Meeting was held once during the year ended March 31, 2023[82] - The company has established an effective mechanism to ensure the Board of Directors receives independent insights and recommendations, including having three independent non-executive directors who account for more than one-third of the Board[83] - The roles of the Chairman and the Chief Executive Officer are separate, with Mr. Kwok serving as the Chairman responsible for overall strategic planning and business development, and Mr. Chan serving as the CEO responsible for corporate and business strategy and major operational decisions[84] - The company has appointed four independent non-executive directors, accounting for more than one-third of the board members, with at least one possessing appropriate professional qualifications or expertise in accounting or financial management[85] - The audit committee reviewed and discussed the group's consolidated financial statements for the fiscal year ending March 31, 2023, and the unaudited interim results for the six months ending September 30, 2022[88] - The remuneration committee reviewed and approved the group's salary adjustments and discretionary bonus policies, which are applicable to directors and senior management[89] - The number of senior management members receiving remuneration in the range of HKD 0 to HKD 1,000,000 increased from 2 in 2022 to 4 in 2023[90] - The nomination committee discussed board composition, board diversity, and the re-election of directors at the upcoming annual general meeting, providing recommendations to the board[91] - The company's employee gender ratio as of March 31, 2023, is 2.4 males to 1 female[93] - The company plans to add a female director to the board by December 2024 to achieve board diversity[93] - The company has adopted a dividend policy to balance shareholder profit sharing with reserving sufficient funds for future growth[96] - The company has purchased appropriate liability insurance for directors and senior officers, with no claims made against them in the fiscal year ending March 31, 2023[97] - The company's risk management and internal control systems were deemed effective, with sufficient resources allocated for implementation in the fiscal year ending March 31, 2023[99] - The company uses a risk matrix to determine risk levels (L=Low, M=Medium, H=High) and has adopted a continuous risk management approach[100] - External auditors' fees for annual audit services amounted to HKD 0.8 million, while non-audit services fees were approximately HKD 0.6 million for the fiscal year ending March 31, 2023[103] - The company has established a whistleblowing policy to address fraud, unethical behavior, or violations of laws and policies, ensuring confidentiality and anonymity for reporters[109] - The company has implemented an anti-corruption policy to ensure compliance with Hong Kong and mainland China laws, covering all directors, employees, and external parties[110] - The company's risk management process involves identifying and assessing inherent risks, with residual risks reported to the board for oversight[101] - The company has developed internal control procedures for handling and disclosing insider information, ensuring compliance with disclosure regulations[102] - The company's shareholder communication policy was reviewed and deemed effective, with multiple communication channels established during the fiscal year[111] - The company plans to revise its articles of association to align with Cayman Islands laws and listing rules, with details to be disclosed in an upcoming announcement[112] - Shareholders holding at least 10% of the company's paid-up share capital can request a special general meeting, with procedures outlined in the company's articles of association[105] - The company secretary received at least 15 hours of professional training during the fiscal year, in compliance with listing rules[104] Human Resources and Employee Management - Total number of employees decreased to 51 as of March 31, 2023, compared to 72 as of March 31, 2022[27] - Total salaries and related costs (including directors' remuneration) increased to HKD 45.4 million in FY2023 compared to HKD 37.9 million in FY2022[27] - The company has established a robust human resources management policy, including fair recruitment, promotion, and performance evaluation systems[163] - The company provides comprehensive employee benefits, including salaries, bonuses, and contributions to the Mandatory Provident Fund (MPF) scheme[166] - Employee turnover rates for 2022/2023 were 59% overall, with higher rates among females (87%) and those under 30 years old (80%)[167] - The company has implemented an occupational health and safety management system certified under ISO 45001:2018 to ensure a safe working environment[168] - The company implemented safety measures including providing personal protective equipment, pre-employment training, and monthly recognition for safety performance among contractors[170] - The company received the "Occupational Safety and Health Star Enterprise" and "Outstanding Safety Performance Award" from the Occupational Safety and Health Council during the reporting period[170] - The company conducted safety training courses, including risk assessment and safety supervision, for various employee groups[173] - In the 2022/2023 fiscal year, the company reported 4 work-related injuries, a decrease from 9 in the previous year[175] - The company provided COVID-19 response measures, including flexible work arrangements and additional insurance coverage for employees[176] - 18% of the company's employees received training during the reporting period, with an average of 46 training hours per employee[177] - Male employees accounted for 44% of those trained, while female employees accounted for 56% in the 2022/2023 fiscal year[178] - General employees received the highest percentage of training at 67%, compared to 22% for senior management and 11% for middle management[178] - The average training hours per employee were 0.90 hours in 2022/2023, down from 9.49 hours in the previous year[180] - Employee headcount is categorized by gender, employment type (full-time or part-time), age group, and region[197] - Employee turnover rates are segmented by gender, age group, and region[197] - Over the past three years, the company has tracked annual work-related fatalities and their ratios[197] - Training activities are described, with percentages of trained employees broken down by gender and employee category (e.g., senior management, middle management)[197] Supply Chain and Quality Management - The company has
晋景新能(01783) - 2023 - 年度业绩
2023-06-23 14:30
Financial Performance - For the fiscal year ended March 31, 2023, the group recorded revenue of approximately HKD 401.4 million, a decrease of about HKD 190.5 million or 32.2% compared to HKD 591.9 million for the fiscal year ended March 31, 2022[2] - The gross profit for the fiscal year ended March 31, 2023, was approximately HKD 21.4 million, down by about HKD 5.4 million or 20.2% from HKD 26.8 million in the previous year, resulting in a gross margin of approximately 5.3%[2] - The loss attributable to owners of the company for the fiscal year ended March 31, 2023, was approximately HKD 38.1 million, compared to a loss of HKD 19.4 million for the fiscal year ended March 31, 2022[2] - The basic and diluted loss per share for the fiscal year ended March 31, 2023, was approximately HKD 4.01, compared to HKD 2.42 for the previous year[2] - The company reported a net loss of HKD 38.1 million for the year, which included a fair value gain of HKD 4.05 million from derivative financial liabilities[4] - The company reported a net loss attributable to shareholders of HKD 38,065,000 for the year, compared to a loss of HKD 19,391,000 in the previous year[24] - Administrative and other expenses increased significantly to approximately HKD 56.0 million, up about HKD 30.1 million or 116.2% from approximately HKD 25.9 million in the previous year[57] Assets and Liabilities - The total assets less current liabilities as of March 31, 2023, amounted to HKD 197.9 million, compared to HKD 155.9 million as of March 31, 2022[6] - Non-current assets increased to HKD 145.8 million as of March 31, 2023, from HKD 11.3 million in the previous year[6] - Current liabilities decreased to HKD 169.7 million as of March 31, 2023, from HKD 204.6 million as of March 31, 2022[6] - The company’s equity attributable to owners increased to HKD 188.5 million as of March 31, 2023, from HKD 155.9 million in the previous year[7] - The total trade receivables as of March 31, 2023, amount to HKD 37,813,000, down from HKD 49,170,000 in 2022, with a provision for losses of HKD 2,392,000[30] - Trade payables decreased significantly to HKD 49,788,000 in 2023 from HKD 138,820,000 in 2022, indicating improved cash flow management[35] - The accumulated contract retention money payable as of March 31, 2023, is HKD 22,661,000, down from HKD 31,033,000 in 2022, reflecting a reduction in outstanding obligations[35] Dividends and Shareholder Returns - The company did not recommend the payment of a final dividend for the fiscal year ended March 31, 2023, consistent with the previous year[2] - The company did not declare or recommend any dividends for the year ending March 31, 2023, consistent with the previous year[23] - No dividends were declared or proposed for the year 2023, consistent with 2022[65] Government Support and Expenses - The company received government subsidies totaling HKD 2,288,000 during the reporting period, primarily related to employment support programs[19] - The company reported a total depreciation and amortization expense of HKD 14,005,000, significantly higher than HKD 2,009,000 in the previous year[21] - The company’s financing costs increased to HKD 1,901,000 in 2023 from HKD 36,000 in 2022, primarily due to interest expenses on promissory notes[20] - The actual interest expense for the issued promissory notes was HKD 1,477,000 for the year ended March 31, 2023[39] - Total salary and related costs for the year ended March 31, 2023, amounted to approximately HKD 45.4 million, up from HKD 37.9 million in 2022[64] Business Segments and Revenue Sources - For the fiscal year ending March 31, 2023, the company reported total segment revenue of HKD 401,352,000, with HKD 373,132,000 from construction services and HKD 28,220,000 from reverse supply chain management and environmental services[14] - The company recognized a significant decrease in revenue from construction services, down 37% from HKD 591,900,000 in 2022 to HKD 373,132,000 in 2023[17] - Revenue from superstructure construction projects contributed approximately HKD 370.8 million, down from approximately HKD 589.7 million in 2022[50] - The group generated revenue of approximately HKD 28.2 million from reverse supply chain management and environmental services, a new business segment introduced in the current year[52] Strategic Focus and Future Outlook - The board remains cautiously optimistic about industry recovery while acknowledging ongoing competitive pressures on profit margins[53] - The group plans to focus on accelerating its transformation towards green building, aiming to help clients reduce carbon emissions and explore potential business opportunities in the electric vehicle aftermarket[53] Employee and Operational Metrics - The company employed a total of 51 employees as of March 31, 2023, down from 72 employees in the previous year[64] - The company had no significant contingent liabilities or claims as of March 31, 2023[62] - There were no significant investments, acquisitions, or disposals of subsidiaries or associated companies during the year ended March 31, 2023[62] Acquisitions and Investments - The company completed the acquisition of a 40% stake in Jin Yang for approximately HKD 42,750,000 on April 29, 2022, with an initial equity recognized at HKD 27,720,000[38] - On August 8, 2022, the company acquired an additional 60% stake in Jin Yang, making it a wholly-owned subsidiary, with the total consideration for this acquisition being HKD 41,460,000[41] - The goodwill generated from the acquisition of Jin Yang amounted to HKD 53,197,000[44] - The total identifiable net assets acquired from Jin Yang were valued at HKD 14,882,000[43] - The cash and cash equivalents acquired from Jin Yang amounted to HKD 15,605,000[44] Compliance and Governance - The audit committee reviewed the annual performance for the fiscal year ended March 31, 2023, confirming compliance with applicable accounting standards[70] - The company maintained sufficient public float as per listing rules as of March 31, 2023[66] - The company entered into a subscription and debt capitalization agreement with its ultimate holding company on March 21, 2023, to issue 103,650,000 capitalization shares[65] - The company has adopted a share option scheme to incentivize and reward directors and eligible employees[64]
晋景新能(01783) - 2023 - 中期财报
2022-12-12 12:44
Financial Performance - For the six months ended September 30, 2022, the group recorded revenue of approximately HKD 265.9 million, an increase of about HKD 42.5 million or 19.0% compared to HKD 223.4 million for the same period in 2021[6]. - Gross profit for the same period was approximately HKD 15.6 million, up by about HKD 4.0 million or 34.4% from HKD 11.6 million in the previous year, with a gross margin of approximately 5.9%[6]. - The loss attributable to owners of the company for the six months was approximately HKD 5.2 million, compared to a loss of HKD 0.3 million for the same period in 2021[6]. - Revenue for the six months ended September 30, 2022, was HKD 265,875,000, representing an increase of 18.9% compared to HKD 223,408,000 for the same period in 2021[21]. - Gross profit for the same period was HKD 15,617,000, up from HKD 11,616,000, indicating a gross margin improvement[21]. - The net loss for the six months ended September 30, 2022, was HKD 5,195,000, compared to a loss of HKD 331,000 in the prior year, reflecting a significant increase in losses[22]. - The group reported a loss attributable to owners of the company of HKD 5,165,000 for the six months ended September 30, 2022, compared to a loss of HKD 331,000 for the same period in 2021[57]. Dividends and Shareholder Returns - The board has resolved not to declare any interim dividend for the six months ended September 30, 2022, consistent with the previous year[6]. - The company issued shares worth HKD 42,750,000 related to the acquisition of an associate during the period[27]. - The company issued 90,000,000 shares to finance the acquisition of the 40% stake in Junyang, reflecting a strategic move to expand its investment portfolio[78]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to HKD 289,419,000, down from HKD 349,294,000 as of March 31, 2022[24]. - Current liabilities increased to HKD 214,973,000 from HKD 204,640,000, indicating a rise in short-term financial obligations[24]. - Cash and cash equivalents decreased to HKD 65,532,000 from HKD 87,200,000, reflecting a decline in liquidity[24]. - Trade receivables decreased to HKD 33,306,000 from HKD 49,170,000, indicating a reduction in outstanding customer payments[24]. - Total assets less current liabilities increased to HKD 223,153,000 as of September 30, 2022, compared to HKD 155,930,000 as of March 31, 2022, representing a growth of 43.1%[25]. - The net assets amounted to HKD 210,411,000 as of September 30, 2022, up from HKD 155,896,000 as of March 31, 2022, indicating a 35% increase[25]. - The company's equity attributable to owners increased to HKD 210,522,000 as of September 30, 2022, compared to HKD 155,896,000 as of March 31, 2022, reflecting a growth of 35%[27]. Operational Highlights - The group aims to accelerate its transformation into the green building sector, focusing on eco-friendly materials and designs to help clients reduce carbon emissions[10]. - The company is actively exploring potential business opportunities in the electric vehicle aftermarket, including the construction and installation of EV chargers and battery recycling[10]. - The anticipated rise in electric vehicle adoption is expected to create significant growth opportunities for the company[10]. - The board remains cautiously optimistic about industry recovery despite ongoing competitive pressures affecting profit margins[10]. - The group plans to invest in research and development to enhance its competitive edge and diversify its existing construction business[12]. Expenses and Cost Management - The company reported a significant increase in administrative and other expenses, which rose to HKD 23,886,000 from HKD 11,913,000[21]. - The group’s employee benefits expenses, including directors' remuneration, increased to HKD 25,306,000 from HKD 17,987,000 year-on-year[54]. - Administrative and other expenses rose to approximately HKD 23.9 million, an increase of about HKD 12.0 million or 100.5% from approximately HKD 11.9 million in 2021[104]. Acquisitions and Investments - The company completed the acquisition of a 40% stake in Junyang International (Hong Kong) Limited for approximately HKD 42,750,000 on April 29, 2022[74]. - The total consideration for the acquisition of 60% of Junyang was HKD 41,460,000, with the fair value of identifiable net assets acquired amounting to HKD 14,882,000[88]. - The goodwill generated from the acquisition of Junyang was HKD 53,197,000, leading to a total acquisition cost of HKD 68,079,000[88]. - The acquisition of 95% of Cornerstone Energy was completed for a consideration of approximately HKD 19,950,000, paid through the issuance of 42,000,000 new shares[91]. Compliance and Governance - The company has complied with the corporate governance code as per the listing rules during the six-month period ending September 30, 2022[130]. - All directors have adhered to the prescribed trading code during the six-month period ending September 30, 2022[131]. - The Audit Committee was established on July 25, 2018, in accordance with Listing Rule 3.21, consisting of three independent non-executive directors[132]. - The Group's interim financial statements for the six months ended September 30, 2022, were reviewed and approved by the Audit Committee, ensuring compliance with applicable accounting standards and regulations[133]. - The independent auditor, BDO Limited, conducted the review of the interim financial information in accordance with the Hong Kong Institute of Certified Public Accountants' standards[133].
晋景新能(01783) - 2022 - 年度财报
2022-07-14 22:08
Financial Performance - The company reported revenue of HKD 591.9 million for the year ended March 31, 2022, compared to HKD 210.66 million in the previous year, representing an increase of approximately 180.5%[7]. - The net loss attributable to the owners of the company was HKD 19.39 million for the year ended March 31, 2022, compared to a net loss of HKD 12.31 million in the previous year, indicating an increase in loss of approximately 57.5%[7]. - The basic and diluted loss per share was HKD 2.42 cents for the year ended March 31, 2022, compared to HKD 1.54 cents in the previous year[7]. - The company's revenue for the year ended March 31, 2022, was approximately HKD 591.9 million, an increase of about HKD 381.2 million or 180.9% compared to HKD 210.7 million for the year ended March 31, 2021[16]. - The increase in total revenue was primarily due to a rise in revenue from superstructure construction projects by approximately HKD 379.5 million and from renovation, maintenance, and alteration projects by approximately HKD 1.7 million[21]. - The gross profit for the year ended March 31, 2022, was approximately HKD 26.8 million, an increase of about HKD 23.7 million or approximately 764.5% compared to HKD 3.1 million for the year ended March 31, 2021[22]. - The overall gross profit margin increased to approximately 4.5% for the year ended March 31, 2022, compared to approximately 1.5% for the year ended March 31, 2021[22]. - Other income, gains, and losses for the year ended March 31, 2022, amounted to approximately HKD 0.3 million, a decrease of about HKD 3.1 million or 91.2% compared to approximately HKD 3.4 million for the year ended March 31, 2021[23]. - Administrative and other expenses for the year ended March 31, 2022, were approximately HKD 25.9 million, an increase of about HKD 5.3 million or 25.7% compared to approximately HKD 20.6 million for the year ended March 31, 2021[25]. - Loss attributable to owners of the company increased by approximately HKD 7.1 million to about HKD 19.4 million for the year ended March 31, 2022, compared to approximately HKD 12.3 million for the year ended March 31, 2021[26]. Business Operations and Strategy - The company has successfully secured multiple large-scale building construction contracts, indicating a cautious optimism for maintaining competitiveness in the construction industry[11]. - The company anticipates increased pressure on profitability and profit margins due to intensified competition in the industry as the economic situation improves[11]. - The company is actively exploring business expansion opportunities and the feasibility of extending its operations[11]. - The company is exploring the integration of more environmental technology elements into the construction industry, focusing on the development and application of green building materials[20]. - The Hong Kong Environmental Protection Department launched a HKD 2 billion "Electric Vehicle Charging Subsidy Scheme," expected to cover approximately 60,000 private parking spaces over three years, which may lead to more construction projects available for tender[20]. - The company successfully secured a construction contract related to the subsidy scheme as a subcontractor during the reporting period[20]. - The board remains cautiously optimistic about the future, anticipating a gradual recovery of the Hong Kong economy and construction industry as the pandemic situation improves[20]. - The company is actively seeking business expansion opportunities to diversify its revenue sources and enhance long-term growth, particularly in the environmental sector[20]. - The company will continue to monitor the impact of the pandemic on its construction and renovation projects and other emerging construction opportunities[20]. Cash Flow and Financial Position - As of March 31, 2022, the total cash and cash equivalents amounted to approximately HKD 87.2 million, a slight decrease from approximately HKD 89.0 million as of March 31, 2021[27]. - The current ratio decreased from approximately 3.2 as of March 31, 2021, to about 1.71 as of March 31, 2022, primarily due to an increase in trade payables and accrued contract liabilities[27]. - Capital expenditures for the year ended March 31, 2022, totaled approximately HKD 7.5 million, a significant increase from approximately HKD 0.2 million for the year ended March 31, 2021[29]. - The total salary and related costs for the year ended March 31, 2022, were approximately HKD 37.9 million, compared to approximately HKD 30.0 million for the year ended March 31, 2021[36]. - The net proceeds from the IPO amounted to approximately HKD 78.5 million, which have been fully utilized as of March 31, 2022[35]. Governance and Management - The company appointed Mr. Tang Zhi Jian as an executive director on January 24, 2022, who has over 30 years of experience in the construction industry[40]. - Mr. Hou Ying Cheng has been an independent non-executive director since July 24, 2018, and is a member of the audit and nomination committees, providing independent judgment on strategy and performance[41]. - Mr. Zhang Jue, appointed as an independent non-executive director on January 14, 2022, has over 13 years of experience in investment and financial management[42]. - Mr. Wen Yao Xiang, independent non-executive director since July 24, 2018, has over 26 years of experience in sales and marketing of construction materials[42]. - The company’s contract manager, Mr. Wen Shi Xue, has over 41 years of experience in the construction industry, managing overall bidding and contract control[44]. - The company is focused on expanding its business network and exploring new development opportunities under the leadership of its experienced management team[40]. - The independent directors are responsible for ensuring compliance and providing independent assessments of the company's strategies and policies[41][42]. - The company has a strong emphasis on maintaining business growth through regional and local expansion plans in key market segments[43]. - The management team has extensive experience in various construction activities, ensuring effective project execution and compliance with industry standards[44]. Risk Management - The group has faced several risks, including reliance on winning non-recurring projects and potential cost overruns due to inaccurate project cost estimates[53]. - The group has experienced a competitive market environment, which may affect operations if the Hong Kong property market deteriorates further[53]. - The group has a financial risk management policy in place, with performance analysis based on key financial performance indicators[50]. - The board is responsible for evaluating risks associated with achieving strategic goals and ensuring effective risk management and internal control systems are in place[126]. - An external independent consulting firm was engaged to review the effectiveness of the company's risk management and internal control systems during the fiscal year ending March 31, 2022[126]. - The company has established a risk management and internal control system that includes a risk register to track and record identified risks, assess and evaluate risks, and develop and update response measures[128]. - The risk assessment process involves capturing and identifying inherent risks that affect the achievement of objectives, with risks categorized into low (L), medium (M), and high (H) levels based on a risk matrix[129]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report outlines the group's policies, measures, and performance regarding key ESG issues during the reporting period from April 1, 2021, to March 31, 2022[142]. - The report scope and boundaries remain consistent with the previous year's ESG report, focusing on core and significant business operations in Hong Kong[143]. - The company is committed to improving internal data collection processes and gradually expanding the scope of disclosures related to environmental and social key performance indicators[143]. - The company has implemented a comprehensive management system that includes ISO 9001, ISO 14001, and ISO 45001 standards to monitor and manage ESG-related risks[147]. - The company aims to continuously reduce emissions in accordance with government regulations across different countries and regions, with clear short-term and long-term sustainability goals[148]. - Stakeholder engagement is considered a solid foundation for the company's sustainable development and success, enhancing risk identification capabilities[150]. - The company has committed to integrating ESG factors into its long-term business strategy and operational decision-making processes[148]. - The report adheres to the "comply or explain" provisions and includes selective disclosures as recommended by ESG guidelines[145]. - The company emphasizes the importance of internal and external assessments to identify key ESG reporting issues[152]. - The board regularly reviews the effectiveness of management and adjusts action plans based on the company's ESG performance[148]. Employee and Labor Practices - As of March 31, 2022, the total number of employees is 72, an increase from 66 in the previous year[185]. - The employee turnover rate for the year is 29%, up from 17% in the previous year[185]. - The company is committed to complying with all relevant laws and regulations regarding employment and labor practices[179]. - The company provides various benefits to employees, including medical insurance and a mandatory provident fund[184]. - The company has adopted an occupational health and safety management system based on ISO 45001:2018 standards[186]. - The workforce consists of 48 males and 24 females, with a notable increase in female employees from 18 to 24[185]. - The company emphasizes the importance of employee development and conducts regular performance assessments[181]. - The company has established emergency plans for extreme weather conditions to ensure employee safety[177]. - The company conducted safety training for 21% of its employees, totaling 683 hours of training during the reporting period[195]. - The average training hours per employee was 9.49 hours, with male employees receiving an average of 11.09 hours and female employees 6.27 hours[197]. - The company reported zero fatalities during the reporting period, maintaining a death rate of 0.00 per 100,000 working hours[193]. - The number of lost workdays due to injuries was 399, resulting in a loss rate of 29.23 per 100,000 working hours[193]. - The company has established a safety management committee to oversee the implementation of safety policies and procedures[188]. - Monthly recognition programs were held to honor contractors with outstanding safety performance, enhancing safety awareness among employees[188]. - The company plans to continue reviewing and improving its occupational health and safety management systems to enhance safety awareness among employees and subcontractors[193]. Supply Chain Management - The group has 237 suppliers and subcontractors in 2021/2022, an increase from 187 in 2020/2021, all located in Hong Kong[199]. - The group strictly prohibits child labor and forced labor, with no violations reported during the reporting period[198]. - Procurement decisions are based on price, quality, delivery capability, service reputation, and integrity, ensuring ethical practices[200]. - The group evaluates suppliers and subcontractors based on their environmental and social performance to manage supply chain risks[200]. - The approved supplier list is regularly reviewed and updated based on performance assessments[200]. - Subcontractors must be legally employable individuals, with measures in place to prevent illegal labor on construction sites[198]. - The group has implemented strict identity verification processes for workers on construction sites[198]. - The group maintains constructive relationships with supply chain partners, focusing on long-term collaboration[199]. - The group’s procurement policy emphasizes objective and fair practices in sourcing materials and services[200]. - The group has not encountered any cases related to child labor, forced labor, or illegal immigrant workers during the reporting period[198].