Financial Performance - The Group recorded an operating profit before valuation changes in investment properties of HK$316.2 million for the year ended March 31, 2021, down from HK$477.0 million in 2020, representing a decrease of 33.7%[4] - The loss attributable to equity shareholders was HK$1,525.5 million, compared to a loss of HK$912.9 million in 2020, indicating an increase in loss of 67.2%[4] - Valuation losses on investment properties amounted to HK$1,788.0 million, up from HK$1,306.3 million in 2020, reflecting a 37% increase in valuation losses[4] - The decrease in profit was primarily due to rental concessions granted to most tenants of iSQUARE throughout the financial year due to the ongoing COVID-19 pandemic[199] - The occupancy rate and rental income from iSQUARE declined, further impacting overall rental income for the year[199] - The Group maintains a solid financial position with strong cash flows and a low gearing ratio as part of its fundamental strategy[198] - The Group's financial performance showed no significant change during the year under review, reflecting the ongoing challenges in the local economic climate[96] Dividends - The total dividend distribution for the year is HK$0.44 per share, down from HK$0.81 per share in 2020, marking a decrease of 45.7%[5] - The interim dividend paid during the year was HK$0.25 per share, compared to HK$0.56 per share in 2020, a reduction of 55.4%[5] - An interim dividend of HK$0.25 per share was paid, and a final dividend of HK$0.19 per share is recommended for the year ended March 31, 2021[195] - The proposed final dividend is subject to approval at the upcoming annual general meeting[195] Corporate Governance - The Company complied with all applicable provisions of the Corporate Governance Code during the financial year ended 31 March 2021, with specific deviations noted[18] - The Board of Directors is responsible for the leadership and control of the Group, including formulating objectives and overseeing financial performance[32] - All Directors confirmed compliance with the Model Code for Securities Transactions during the financial year ended 31 March 2021[27] - The Company organized in-house training courses for Directors on corporate governance and regulatory obligations at the Company's expense during the financial year[40] - The Board has established three committees: remuneration, nomination, and audit, to focus on specific areas[36] Risk Management - The Group's risk management policy includes measures for handling inside information and ensuring compliance with relevant laws[82] - The Board oversees the risk management process, integrating it into daily operations and involving all departments in identifying operational risks[74] - Risk assessments are conducted on a half-yearly basis, with department heads required to maintain a risk register and develop mitigating strategies[74] - The audit committee reviewed the effectiveness of the Group's risk management and internal control systems, assessing the adequacy of mitigating strategies and their impact on the Group[66] - The management is responsible for the design and implementation of risk management systems, while the Board and audit committee oversee the process[83] Environmental Responsibility - The Corporate Social Responsibility Report reviews the Group's performance in environmental and social responsibilities for the financial year ended 31 March 2021[123] - The Group's environmental policy includes setting long-term carbon emission reduction targets and enhancing staff awareness through internal communication[129] - Total greenhouse gas emissions decreased to 3,502.67 tonnes in the year ended March 31, 2021, down from 6,130.59 tonnes in 2020, representing a reduction of approximately 42.5%[140] - iSQUARE reduced electricity purchased from power company by approximately 30.95% compared to the baseline year ended 31 March 2015[132] - The Group recognizes the impact of its business conduct on the environment and society, striving for sustainable development[121] Employee Management - The total number of employees increased to 33 in 2021 from 31 in 2020, all of whom are full-time staff based in Hong Kong[156] - Employee turnover rate remained at 0% in 2021, unchanged from 2020[157] - Overall employee satisfaction increased to 84.38% in 2021 from 83.87% in 2020[163] - The absence rate decreased to 0.87% in 2021 from 1.50% in 2020[163] - The Group provides job-related training subsidies to all full-time employees, including additional funding for senior management[164] Community Engagement - The Group made donations totaling HK$204,000 to various charities during the financial year ended March 31, 2021, supporting community development and helping underprivileged groups[185] - The Group's commitment to community support includes becoming a Diamond Sponsor for Po Leung Kuk, allowing for continuous charitable engagement throughout the year[186] - The Group established a community policy focusing on enhancing community development (97.45%), improving quality of life (2.35%), and helping underprivileged groups (0.20%) through its charitable activities[184] Tenant Relations - The Group continued to offer rent relief to tenants during the financial year ended March 31, 2021, due to the challenging operating environment caused by the COVID-19 pandemic[173] - The management team conducts daily walk-throughs of iSQUARE to maintain communication with shop tenants and address their concerns efficiently[173] - The Group has established a formal complaint-handling mechanism to ensure timely resolution of tenant dissatisfaction[173] - Direct engagement with tenants and close monitoring of their financial performance and payment records are prioritized to manage leasing risks[94]
凯联国际酒店(00105) - 2021 - 年度财报