Financial Performance - The company reported a revenue increase of approximately HKD 69.6 million or 16.7%, from about HKD 417.0 million in the previous fiscal year to approximately HKD 486.6 million in the current fiscal year[6]. - The profit for the current fiscal year was approximately HKD 8.3 million, compared to about HKD 2.4 million in the previous fiscal year[6]. - Revenue from projects where the company acted as the main contractor increased to approximately 95.2% of total revenue, up from 90.0% in the previous fiscal year[9]. - The company had uncompleted project revenue of approximately HKD 229.4 million as of March 31, 2024, down from HKD 448.3 million a year earlier[9]. - Direct costs rose from approximately HKD 371.3 million to about HKD 442.7 million, an increase of approximately HKD 71.4 million, primarily due to rising labor costs and inflation[15]. - The company participated in 10 projects in the current fiscal year, contributing approximately HKD 483.4 million in revenue, compared to 9 projects contributing HKD 410.6 million in the previous fiscal year[10]. - Revenue from construction machinery leasing decreased to approximately HKD 3.2 million, down from HKD 6.5 million, representing about 0.7% of total revenue compared to 1.6% previously[11]. - The gross profit decreased from approximately HKD 45.7 million in FY2023 to about HKD 44.0 million in FY2024, a reduction of approximately HKD 1.7 million[16]. - The gross profit margin declined from approximately 11.0% in FY2023 to about 9.0% in FY2024[17]. - Other income increased from approximately HKD 2.3 million in FY2023 to about HKD 6.8 million in FY2024, primarily due to interest income rising from about HKD 0.1 million to HKD 1.2 million and a one-time income of approximately HKD 4.8 million from the sale of steel working platforms[20]. - The total comprehensive income attributable to equity holders increased from approximately HKD 2.4 million in FY2023 to about HKD 8.3 million in FY2024[28]. - Cash and cash equivalents increased to approximately HKD 35.6 million in FY2024 from HKD 18.6 million in FY2023[32]. - The current ratio improved to approximately 6.1 times in FY2024 from 3.5 times in FY2023[33]. Cost Management and Operational Strategy - The management will closely monitor project costs and collaborate with subcontractors and suppliers to address any cost issues in the foundation industry[7]. - The board is committed to adjusting operational strategies to enhance shareholder returns amid a competitive construction market[7]. - Administrative expenses remained stable at approximately HKD 10.8 million in FY2024, compared to HKD 10.2 million in FY2023[25]. - Financing costs decreased by approximately 15.8% from HKD 0.7 million in FY2023 to HKD 0.6 million in FY2024[26]. - The group's capital expenditure for the year was approximately HKD 1.2 million, a decrease from HKD 3.3 million in 2023, primarily due to vehicle purchases[37]. - The total employee cost for the year was approximately HKD 20.6 million, an increase from HKD 13.9 million in 2023, with a total of 21 employees as of March 31, 2024[43]. Environmental, Social, and Governance (ESG) Initiatives - The group has established a report team to oversee ESG strategies and ensure effective risk management and internal controls[58]. - The group reported a reduction in emissions, waste generation, and resource consumption density compared to the previous fiscal year[59]. - The company emphasizes the importance of stakeholder engagement and materiality assessment in its ESG reporting process, ensuring that the content reflects stakeholder concerns and management insights[67]. - Quantified environmental and social key performance indicators will be disclosed in the ESG report, providing stakeholders with a comprehensive understanding of the company's ESG performance[63]. - The company is committed to maintaining consistency in its ESG reporting methods to enhance comparability across years, with any changes documented in detail[64]. - The company has identified 13 key ESG issues that are significant to its business and stakeholders, focusing on evaluation, control, monitoring, and reporting to meet stakeholder expectations[76]. - The environmental policy includes principles such as pollution prevention, waste reduction, and resource conservation as key considerations in management processes[80]. - The company aims to continuously improve its environmental sustainability, believing it will lead to substantial long-term growth[80]. - Regular performance reviews will be conducted to ensure environmental goals are met and stakeholder requirements are satisfied[80]. - The company engages with various stakeholders, including government, shareholders, employees, customers, suppliers, and the community, through multiple channels to gather insights and feedback[68]. - The assessment of ESG issues considers changes in the business environment and overall sustainability challenges, involving both internal and external stakeholders[69]. - The company recognizes the importance of environmental management in its daily operations and aims to provide a better environment for future generations[81]. - The company has implemented a high-level environmental management system to comply with legal requirements and improve environmental performance[20]. - During the reporting period, the company conducted environmental inspections weekly or monthly to identify any non-compliance issues at construction sites[84]. - The company aims to recycle at least 30% of the construction waste generated during projects[90]. - Air pollutant emissions for the fiscal year 2024 include 9.3 kg of nitrogen oxides, 0.25 kg of sulfur oxides, and 0.68 kg of particulate matter, showing a slight decrease in nitrogen oxides and particulate matter compared to the previous year[94]. - The company has not reported any significant environmental violations during the reporting period[92]. - The company has adopted measures to reduce greenhouse gas emissions, resulting in a decrease in overall emissions from vehicle use and purchased electricity[100]. - The company has implemented dust control measures at construction sites to mitigate air pollution, including water spraying and vacuum cleaning equipment[84]. - The company has established a four-step process for waste management, focusing on avoidance, reuse, recycling, and proper disposal[85]. - The company has taken corrective action plans in response to any identified environmental non-compliance situations[84]. - The company emphasizes the importance of employee awareness and compliance with environmental management policies[20]. - Total greenhouse gas emissions increased from 79.14 tons in FY2023 to 71.42 tons in FY2024, with a CO2 equivalent emission intensity of 2.75 tons per employee, down from 3.60 tons[103]. - The total hazardous waste generated rose significantly from 2.75 tons in FY2023 to 175.30 tons in FY2024, with a hazardous waste intensity of 6.74 tons per thousand HKD revenue[107]. - Non-hazardous waste generated increased dramatically from 798.00 tons in FY2023 to 126,945.10 tons in FY2024, with a non-hazardous waste intensity of 4,882.50 tons per employee[107]. - Energy consumption totaled 198.32 thousand kWh in FY2024, up from 164.76 thousand kWh in FY2023, with an energy consumption intensity of 7.63 thousand kWh per employee[116]. - Purchased electricity consumption increased from 21.79 thousand kWh in FY2023 to 48.09 thousand kWh in FY2024[116]. - The company implemented various environmental measures, including encouraging double-sided printing and promoting the use of electronic documents to reduce waste[107]. - The company aims to reduce energy and gasoline consumption by utilizing energy-efficient appliances and regularly maintaining air conditioning systems[111]. - The total amount of paper recycled decreased from 145 kg in FY2023 to 118 kg in FY2024[108]. - The company has established designated paper collection points to promote recycling and reduce waste generation[110]. - The increase in greenhouse gas emissions is attributed to business activity growth and an expanded workforce[103]. - Total water consumption decreased from 48,078 cubic meters in FY2023 to 10,801 cubic meters in FY2024, representing a reduction of approximately 77.6%[120]. - Water consumption intensity per employee improved significantly from 2,185.36 cubic meters in FY2023 to 415.42 cubic meters in FY2024, a decrease of about 81%[120]. Employee and Safety Management - Employee turnover rate increased to 19.23% in FY2024 from 13.64% in FY2023, with male turnover rising to 22.22%[135]. - The number of reported accidents decreased to 0 in FY2024, following 5 accidents in FY2023, indicating a significant improvement in safety performance[139]. - The company maintained an accident rate of 0.00 per 1,000 employees in FY2024, recovering from a rate of 50.47 in FY2023[139]. - The employee composition by gender at the end of the reporting period was 69% male and 31% female[128]. - The employee composition by age group showed that 12% were 30 years or younger, while 27% were 51 years or older[131]. - The company has implemented energy-saving measures to mitigate risks associated with extreme weather conditions[124]. - The company achieved ISO 45001:2018 certification for its safety and health management system, indicating a commitment to continuous improvement in safety practices[142]. - The company has established various human resource policies to ensure compliance with labor laws and promote equal opportunities among employees[125]. - The percentage of trained employees by gender and employee category for FY2023-2024 is as follows: Male 88.89%, Female 87.50%, Senior Management 100%, Middle Management 100%, General Staff 81.25%[148]. - Average training hours completed per employee by gender and employee category for FY2023-2024: Male 9.06 hours, Female 5.07 hours, Senior Management 14.0 hours, Middle Management 2.0 hours, General Staff 4.31 hours, Total 8.00 hours[148]. Corporate Governance - The board of directors is composed of five members, including two executive directors and three independent non-executive directors, ensuring a balanced and independent governance structure[169]. - The company has adopted a dividend policy that considers factors such as operating conditions, business development, and financial status before declaring dividends[167]. - The board is responsible for overall strategy formulation and reviewing the group's operational and financial performance, with regular reports from management[178]. - The company has implemented a board diversity policy to enhance equal participation opportunities, considering various objective criteria such as gender, age, and professional experience[179]. - The company has confirmed compliance with the corporate governance code, with a focus on maintaining transparency and shareholder value[163]. - The board has authorized various committees to perform specific responsibilities, ensuring effective governance and oversight[168]. - All directors participate in continuous professional development to enhance their knowledge and skills[171]. - The chairman and CEO roles are held by the same individual, which the board believes is appropriate for unified leadership at this stage[175]. - The board held 4 meetings and 1 annual general meeting for the year ending March 31, 2024[183]. - All board members attended 100% of the meetings, with the chairman and CEO, Mr. Chau Kwok Chun, attending all 4 regular board meetings[183]. - The Nomination Committee held 1 meeting during the year, focusing on board diversity and qualifications of potential candidates[189]. - The Remuneration Committee also held 1 meeting, reviewing the compensation policies for directors and senior management[193]. - Senior management compensation ranged from HKD 1,000,001 to HKD 5,000,000, with 1 individual in the HKD 1,000,001 to HKD 2,000,000 range and 1 in the HKD 3,000,001 to HKD 4,000,000 range[196]. - The Audit Committee conducted 2 meetings, ensuring the integrity of financial statements and compliance with accounting standards[199]. - The company has established appropriate insurance coverage for legal actions against its directors[184]. - The Nomination Committee's responsibilities include evaluating the independence of non-executive directors and recommending changes to the board structure[186]. - The company emphasizes board diversity in terms of gender, age, cultural background, and professional experience[188]. - The Audit Committee is responsible for reviewing the group's financial controls and risk management systems annually[200].
VICON HOLDINGS(03878) - 2024 - 年度财报