Financial Performance - The company reported a revenue of HKD 283.148 million for the year ended March 31, 2020, a decrease of 33.5% from HKD 425.773 million in 2019[6]. - The company incurred a loss before tax of HKD 935,000 compared to a profit of HKD 22.383 million in the previous year[6]. - The loss attributable to shareholders was HKD 2.051 million, translating to a loss per share of HKD 0.26, down from a profit of HKD 16.824 million and earnings per share of HKD 2.33 in 2019[6]. - The group's gross profit for the fiscal year ended March 31, 2020, was approximately HKD 20.1 million, a decrease of about HKD 24.9 million or approximately 55.3% from approximately HKD 45.0 million for the fiscal year ended March 31, 2019[18]. - The overall gross profit margin decreased to approximately 7.1% for the fiscal year ended March 31, 2020, down from approximately 10.6% for the fiscal year ended March 31, 2019[18]. - Other income for the fiscal year ended March 31, 2020, was approximately HKD 1.8 million, a decrease of about HKD 2.7 million or 60.0% compared to approximately HKD 4.5 million for the fiscal year ended March 31, 2019[19]. - Administrative and other expenses for the fiscal year ended March 31, 2020, were approximately HKD 19.8 million, a decrease of about HKD 7.2 million or 26.7% from approximately HKD 27.0 million for the fiscal year ended March 31, 2019[20]. - The group reported a loss attributable to owners of the company of approximately HKD 2.1 million for the fiscal year ended March 31, 2020, compared to a profit of approximately HKD 16.8 million for the fiscal year ended March 31, 2019[21]. - For the fiscal year ended March 31, 2020, the group's revenue was approximately HKD 283.1 million, a decrease of about HKD 142.7 million or 33.5% compared to approximately HKD 425.8 million for the fiscal year ended March 31, 2019[17]. Revenue Sources and Projects - The company had five upper structure construction projects contributing approximately HKD 260.4 million in revenue, down from eight projects contributing about HKD 285.5 million in 2019[15]. - The decline in revenue was attributed to ongoing projects nearing completion, resulting in reduced revenue contributions[10]. - The local economy has entered a technical recession since the third quarter of 2019, severely impacting the construction industry and reducing the number of available tender projects[10]. - The company is exploring potential business development and investment opportunities in the construction industry to broaden revenue sources and enhance shareholder value[11]. - The company is committed to prudently bidding for new projects with better profit margins in the upcoming fiscal year[11]. Economic Outlook - The company anticipates a challenging economic environment in Hong Kong, with expectations of a downturn in the coming year[11]. - The increase in expected credit losses on long-term trade receivables has contributed to the overall financial challenges faced by the company[10]. Cash and Capital Management - As of March 31, 2020, the group's cash and cash equivalents totaled approximately HKD 109.0 million, an increase from approximately HKD 75.4 million as of March 31, 2019[22]. - The current ratio increased from approximately 2.7 as of March 31, 2019, to approximately 2.8 as of March 31, 2020, primarily due to an increase in cash and bank balances[22]. - Capital expenditure for the fiscal year ended March 31, 2020, was approximately HKD 0.2 million, a significant decrease from approximately HKD 2.0 million for the fiscal year ended March 31, 2019[23]. - The group has no significant capital commitments as of March 31, 2020[24]. - The net proceeds from the IPO amounted to HKD 78.5 million, with actual usage as of March 31, 2020, being HKD 65.2 million, leaving an unutilized amount of HKD 13.3 million[29]. Dividend and Shareholder Information - The company proposed a final dividend of HKD 0.01 per share for the year ended March 31, 2020, compared to no dividend in 2019[41]. - Directors and key executives hold a total of 540,000,000 shares, representing approximately 67.5% of the company's equity[75]. - Shiny Golden holds 540,000,000 shares, representing 67.5% of the company's equity[78]. - UG China Venture II Limited and UG Capital Limited each hold 40,000,000 shares, accounting for 5% of the company's equity[78]. Corporate Governance - The company has adopted and complied with the corporate governance code as per the listing rules for the fiscal year ending March 31, 2020[84]. - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of skills and experience[90]. - The roles of the chairman and CEO are separated to ensure a balance of power and authority[89]. - The company has committed to continuous professional development for all directors to enhance their knowledge and skills[88]. - All independent non-executive directors have confirmed their independence according to the listing rules[90]. - The board held a total of 6 meetings, with all directors attending 100% of the meetings[96]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with listing rules and corporate governance standards[98]. - The Remuneration Committee reviewed the remuneration policy and monitored the compensation of executive directors and senior management, with 4 individuals earning between HKD 1,000,001 and HKD 1,500,000 in 2020[99][100]. - The Nomination Committee is responsible for evaluating the board's structure and diversity, and it includes two independent non-executive directors[101]. Environmental, Social, and Governance (ESG) Practices - The group has implemented an integrated management system certified to ISO 9001, ISO 14001, and ISO 45001 standards to monitor and manage environmental, social, and governance risks[127]. - The group aims to enhance stakeholder engagement and improve sustainability practices to create long-term value[127]. - The group has established a governance framework where the board is responsible for environmental, social, and governance strategies and risk assessments[128]. - The group has not reported any violations of environmental regulations during the reporting period, ensuring compliance with local laws[135]. - The group plans to continue monitoring air pollutant emissions and improve data collection systems for future reduction targets[136]. - The company has implemented measures to reduce emissions and manage waste effectively[185]. Employee and Workplace Safety - The total number of employees as of March 31, 2020, was 62, an increase from 59 in the previous year, with a male to female ratio of 46 to 16[161]. - The employee turnover rate decreased to 11% in 2019/2020 from 31% in 2018/2019, with male turnover at 13% and female turnover at 6%[161]. - The group adheres to ISO 45001:2018 standards for occupational health and safety management, ensuring a safe working environment for employees and subcontractors[162]. - Safety training is recognized as a crucial factor in preventing workplace injuries, with external training providers engaged to deliver safety courses[166]. - The group has established a corporate safety management committee to oversee the implementation of safety policies and procedures[163]. - The company maintained a zero fatality rate with no deaths reported during the reporting period[169]. Community Engagement and Contributions - The company donated HKD 17,000 to support community initiatives, including the "Star Program" for students in need and the "Hong Kong and Mainland Charity Fund" for underprivileged communities[183]. - The company focuses on sustainable community development and encourages employee volunteerism through strategic donations and capacity-building activities[183]. - The company has established a framework for community investment, sponsorship, and donation activities to contribute positively to community welfare[183]. - The company emphasizes long-term cooperation with stakeholders based on mutual trust and respect[183].
晋景新能(01783) - 2020 - 年度财报