Company Operations - Kwoon Chung Bus Holdings Limited operates approximately 1,357 non-franchised public buses and 463 luxury cars as of March 31, 2021[11]. - The company has positioned itself as the largest non-franchised public bus and luxury car operator in Hong Kong[11]. - Kwoon Chung acquired 100% of the shares of various companies, including Tai Fung Bus Company and Trade Travel (Hong Kong) Limited, enhancing its market presence in the tourism bus service sector[12]. - The company has developed a network of six 24-hour cross-border shuttle bus routes since 2004, connecting designated locations in Hong Kong with the Huanggang Port[13]. - Kwoon Chung has successfully secured the operation of the Hong Kong-Zhuhai-Macao Bridge shuttle bus service, benefiting from increased traffic and business opportunities following the bridge's opening[16]. - The company has made strategic acquisitions, including 100% of the shares of You Lian Travel Bus Group and Wai Hong Travel Bus Company, further solidifying its position in the non-franchised bus market[14]. - Kwoon Chung's subsidiary, New Lantao Bus (1973) Limited, operates franchised bus services on Lantau Island and cross-border routes[12]. - The company has a strong focus on providing services for school buses, tourism, and employee transportation, catering to various customer needs[12]. Financial Performance - The total revenue for the year ended March 31, 2021, was HKD 1,083,879,000, a decrease from HKD 2,463,264,000 in the previous year, representing a decline of approximately 56%[25]. - The company's net loss for the year was HKD 43,744,000, compared to a profit of HKD 22,417,000 in the previous year[25]. - Revenue from cross-border services between mainland China and Hong Kong was HKD 10,491,000, significantly down from HKD 898,213,000 in the previous year, indicating a decline of approximately 98.8%[25]. - The local bus service revenue was HKD 729,018,000, down from HKD 838,083,000, reflecting a decrease of about 13%[25]. - The company recorded a consolidated loss of approximately HKD 44 million for the fiscal year ending March 31, 2021, compared to a consolidated profit of approximately HKD 22 million in the previous year[44]. - Revenue for the year was approximately HKD 1,084 million, a decrease of about 56% from approximately HKD 2,463 million in the previous year[44]. - The loss per share for the year was HKD 0.098, compared to earnings per share of HKD 0.043 in the previous year[44]. - The company received a total of HKD 242 million in government subsidies under the anti-epidemic fund to alleviate operating costs, including HKD 141 million from the "Employment Support Scheme" fully utilized for employee salaries[48]. Market Expansion and Future Outlook - The company continues to explore market expansion opportunities and new service offerings to enhance its competitive edge[16]. - The company is optimistic about future growth due to the implementation of key national policies such as the Guangdong-Hong Kong-Macao Greater Bay Area plan and the Belt and Road Initiative[20]. - The management anticipates a gradual recovery in demand for regular bus services as local pandemic conditions stabilize[51]. - The company is optimistic about the recovery of the tourism industry in mainland China, particularly in the Greater Bay Area, once the pandemic situation improves[59]. Governance and Compliance - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring compliance with listing rules[75][80]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with standards[72][73]. - The company has established a director nomination policy outlining the selection criteria and process for appointing directors[95]. - The company has established transparent procedures for formulating compensation policies to ensure no director participates in determining their own remuneration[102]. - The board of directors is responsible for reviewing the company's corporate governance policies and practices, ensuring compliance with legal and regulatory requirements[103]. Environmental and Social Responsibility - The group emphasizes environmental protection and has implemented strict measures to comply with current environmental laws and regulations[187]. - The group has adopted sustainable development policies and practices, focusing on reducing environmental impact through energy conservation and resource efficiency[187]. - The group is committed to using cleaner fuels and the latest technologies to minimize pollution in its bus operations[187]. - The environmental, social, and governance measures adopted by the group are detailed in a separate report to be published in accordance with listing rules[187]. Employee Relations - The group employs approximately 3,900 employees across Hong Kong, mainland China, and Macau as of March 31, 2021[64]. - The company emphasizes the importance of maintaining strong relationships with employees, customers, and suppliers for sustainable development[186].
冠忠巴士集团(00306) - 2021 - 年度财报