Financial Performance - For the fiscal year ending March 31, 2024, the group's revenue was approximately HKD 17.0 million, a decrease from approximately HKD 29.4 million for the fiscal year ending March 31, 2023, primarily due to the completion of maintenance and repair projects[14]. - The gross profit for the fiscal year ending March 31, 2024, was approximately HKD 1.1 million, an increase from a gross loss of approximately HKD 5.0 million for the fiscal year ending March 31, 2023, mainly due to a reduction in cost of revenue[14]. - The loss attributable to owners of the company for the fiscal year ending March 31, 2024, was approximately HKD 15.1 million, a decrease from a loss of approximately HKD 27.3 million for the fiscal year ending March 31, 2023, primarily due to reduced revenue costs[14]. - The group's revenue for the year ended March 31, 2024, is approximately HKD 17.0 million, a decrease from approximately HKD 29.4 million for the year ended March 31, 2023, primarily due to the completion of maintenance and repair projects[17]. - The group's pre-tax loss decreased from approximately HKD 27.4 million for the year ended March 31, 2023, to approximately HKD 15.1 million for the year ended March 31, 2024, mainly due to reduced revenue costs[17]. - The cost of revenue for the fiscal year ending March 31, 2024, was approximately HKD 15.8 million, a reduction of about 54.0% from HKD 34.4 million for the fiscal year ending March 31, 2023, mainly due to decreases in employee costs, subcontracting costs, and material costs[46]. - The company recorded a gross profit of HKD 1.1 million for the fiscal year ending March 31, 2024, compared to a gross loss of HKD 5.0 million for the fiscal year ending March 31, 2023, resulting in a gross profit margin of approximately 6.7%[47]. - The company reported a loss of approximately HKD 15.1 million for the fiscal year ending March 31, 2024, a decrease from a loss of HKD 27.3 million for the fiscal year ending March 31, 2023, mainly due to reduced revenue[54]. - The group reported a pre-tax loss of approximately HKD 15.1 million and an operating cash outflow of about HKD 7.6 million for the year ending March 31, 2024[139]. Dividends and Shareholder Returns - The board of directors does not recommend the payment of any dividends for the fiscal year ending March 31, 2024[14]. - The board did not recommend a final dividend for the year ended March 31, 2024, consistent with the previous year[74]. - The company has a dividend policy that allows the board to determine the level of dividends based on various factors, with no predetermined payout ratio[127]. - The company will continue to review its dividend policy and reserves the right to update or modify it at any time[127]. Operational Insights - The company has over 13 years of experience as a subcontractor in civil engineering projects, focusing on road and highway maintenance in Hong Kong[16]. - The company has expanded its services to include civil engineering projects, such as the construction of drainage systems in Hong Kong since 2013[16]. - Government initiatives to stimulate the economy and infrastructure investment plans are expected to benefit the construction industry, although rising labor, material, and subcontracting costs may lead to lower project profit margins[16]. - The company continues to focus on developing its maintenance and civil engineering business in Hong Kong despite ongoing challenges[16]. - The group anticipates that high operating costs, including labor, materials, and subcontracting costs, will lead to lower profit margins despite the optimistic outlook for future projects[19]. - The group will continue to adopt more cost-effective construction methods and accelerate project delivery times to address profit pressure[19]. - The group remains optimistic about securing future projects and will continue to bid for civil engineering and maintenance projects to create more profits for shareholders[19]. - The company has recently secured regular contracts for professional road maintenance and will continue to bid for civil engineering and maintenance projects to enhance profitability[162]. Governance and Compliance - The board of directors has confirmed compliance with the corporate governance code throughout the fiscal year ending March 31, 2024[84]. - The company maintains a strong focus on high standards of ethics, transparency, accountability, and integrity in its operations[83]. - The board composition includes a mix of executive and independent non-executive directors, ensuring independent judgment[97]. - The company has purchased directors' liability insurance to cover legal responsibilities arising from actions against directors[93]. - The company has not identified any instances of employees failing to comply with the trading compliance guidelines during the fiscal year[87]. - The company has conducted regular reviews of board members' contributions and time commitment to their responsibilities[90]. - The board of directors has established service agreements with an initial fixed term of three years, subject to renewal unless terminated with a three-month written notice[99]. - The audit committee held three meetings during the fiscal year ending March 31, 2024, to review the annual and quarterly financial performance of the company and its subsidiaries[112]. - The remuneration committee met twice during the fiscal year to review the remuneration of independent non-executive directors and senior management[113]. - All directors participated in training seminars related to the latest developments in GEM listing rules and corporate governance during the fiscal year ending March 31, 2024[106]. - The audit committee is composed of three independent non-executive directors, ensuring compliance with corporate governance codes[110]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, each with defined terms of reference[109]. - The board is responsible for formulating business strategies, reviewing group performance, and approving financial statements and annual budgets[102]. - The company maintains training records for all directors and provides ongoing briefings and professional development as necessary[107]. - The remuneration committee is tasked with advising the board on the remuneration of all directors and senior management, ensuring alignment with corporate governance standards[113]. - The Nomination Committee was established on September 21, 2018, to review the board structure and recommend candidates for board vacancies[115]. - The Nomination Committee consists of one executive director and three independent non-executive directors as of the fiscal year ending March 31, 2024[118]. - The company has adopted a board diversity policy to enhance competitive advantage and maintain a balanced board composition[122]. - The board aims to maintain an appropriate balance of diversity related to business growth, considering factors such as gender, age, and professional qualifications[122]. - The board believes that the risk management and internal control systems are adequate and effective as of March 31, 2024[132]. - The company has implemented a whistleblowing policy to ensure high levels of transparency, honesty, and accountability, with no significant fraud or misconduct reported affecting the financial statements for the year[133]. - The group has established a disclosure policy to guide directors and employees in handling confidential information and monitoring disclosures[132]. - The board has adopted an anti-fraud and anti-bribery policy to prevent, detect, and report fraudulent activities, applicable to all employees and business partners[134]. - The company has no internal audit unit currently, as the board deems it not cost-effective given the current operational scale[132]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes ESG risk management in its decision-making process, aiming to integrate sustainability into all operations[163]. - The board actively participates in reviewing sustainability policies to ensure alignment with industry best practices[165]. - The company is committed to continuous improvement in its ESG performance and fulfilling its responsibilities as a responsible corporate entity[165]. - The company has implemented a comprehensive ESG strategy to enhance resilience against environmental challenges and build stakeholder trust[165]. - The company’s ESG report is prepared in accordance with the GEM Listing Rules and has been approved by the board for accuracy and timeliness[156]. - The company will continue to focus on developing its maintenance and civil engineering business while considering ESG matters[162]. - The company recognizes the significance of stakeholder engagement in shaping its ESG strategies and business operations[169]. - Total construction waste generated in 2024 was 5,060.7 tons, an increase of 74.4% from 2,901.7 tons in 2023[182]. - The density of construction waste per square meter increased to 3.75 tons in 2024 from 1.11 tons in 2023[182]. - Non-inert construction waste decreased to 1.2 tons in 2024 from 215.6 tons in 2023, indicating improved waste management practices[182]. - The company emphasizes the importance of waste management and is committed to improving waste prevention and handling measures[185]. - The company aims to maximize material reuse before disposal, reducing the environmental impact of waste[186]. - The company plans to enhance collaboration with property management companies to improve data collection on non-hazardous waste[185]. - The company is focused on implementing effective waste management practices to minimize landfill waste[186]. - The company adheres to relevant laws and regulations, including the Waste Disposal Ordinance, in its waste management efforts[181]. - The company has established a waste management plan to ensure proper disposal of construction waste at designated sites[186]. - Total greenhouse gas emissions decreased to 71.2 metric tons of CO2 equivalent in 2024, down 70% from 238.2 metric tons in 2023[187]. - Direct greenhouse gas emissions (Scope 1) reduced to 60.6 metric tons of CO2 equivalent in 2024, a 71.5% decrease from 212.2 metric tons in 2023[187]. - Total energy consumption for 2024 was 277.46 MWh, a significant reduction of 67.7% from 859.07 MWh in 2023[191]. - Water consumption decreased by 64% in 2024, totaling 291.00 cubic meters compared to 810.22 cubic meters in 2023[197]. - Energy density improved to 0.21 MWh per square meter in 2024, down from 0.33 MWh per square meter in 2023, reflecting a 36.4% reduction[191]. - The company generated 2,680 kWh of electricity from the photovoltaic system installed in July 2019[196]. - The density of paper usage decreased to 0.190 kg per square meter in 2024, down from 0.154 kg per square meter in 2023[197]. - Nitrogen oxides emissions dropped to 168.0 kg in 2024, a reduction of 79.6% from 821.6 kg in 2023[187]. - The company is actively monitoring emissions and seeking new methods to reduce air pollution[190]. - The total electricity consumption was 28,731 kWh in 2024, down from 60,022 kWh in 2023, indicating a 52.2% decrease[197].
广骏集团控股(08516) - 2024 - 年度业绩