Financial Performance - For the year ended March 31, 2020, the Group recorded revenue of HK$299.8 million, a decrease of 20.4% compared to HK$376.6 million for the year ended March 31, 2019[29]. - The decline in revenue was primarily due to delays in the master programmes of certain projects and the suspension of installation works caused by supply chain disruptions from COVID-19 in Mainland China[29]. - The Group's financial highlights indicate a trend of fluctuating revenues over the past years, with a peak of HK$514.9 million in 2019[25]. - The consolidated profit attributable to owners of the Company totaled HK$24.2 million for the year ended March 31, 2020, compared to HK$22.9 million in 2019, reflecting a drop of HK$21.3 million or 46.8% from the previous year's profit of HK$45.5 million[69]. - The basic earnings per share for the year was HK$0.06, a significant drop from HK$1.06 in the previous year, based on a weighted average number of shares of 436,332,630[35]. - The Group's impairment loss for trade debtors and contract assets was HK$1.3 million for the current year, compared to a reversal of impairment loss of HK$3.1 million in the previous year[30]. - The gain on change in fair value of investment properties decreased from HK$3.2 million last year to HK$0.5 million this year[30]. - The Group reported a net cash inflow of HK$15.1 million from operating activities, HK$5.7 million from investing activities, and a net cash outflow of HK$27.2 million from financing activities for the year ended March 31, 2020[80][84]. Future Outlook - Future outlook and guidance were not detailed in the provided content, indicating a need for further information on recovery strategies and market conditions[29]. - The Company may need to focus on enhancing supply chain resilience and project management to mitigate future disruptions[29]. - Market expansion strategies were not discussed, highlighting a possible gap in the current strategic approach[29]. - The construction industry in Hong Kong is expected to grow due to the undersupply of residential properties, which may benefit the aluminium windows and curtain wall works industry[43]. Corporate Governance - The Board is responsible for the formulation of business strategies and policies, monitoring business performance, and overseeing corporate governance functions[109]. - The Company has arranged appropriate directors' and officers' liabilities insurance coverage for the year ended March 31, 2020[114]. - The Board Diversity Policy was adopted on February 22, 2019, focusing on diversity in gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge, and length of service[130]. - The Nomination Committee will review the Board Diversity Policy at least annually to ensure its effectiveness[134]. - The Company aims for a balanced development through increasing diversity at the Board level, which is essential for achieving strategic objectives[133]. - The Board's composition is characterized by diversity in cultural and educational background, professional experience, skills, knowledge, and length of service as of March 31, 2020[134]. - The Policy of Nomination of Directors ensures that all nominations are fair and transparent, facilitating a balance of skills and experience appropriate to the Company's business requirements[140]. - The ultimate responsibility for the selection and appointment of directors rests with the entire Board, despite the delegation of authority to the Nomination Committee[140]. - The Company’s independent non-executive directors are free from any business or other relationships with the Company, ensuring their impartiality[127]. - The Chairman and Joint Managing Directors are responsible for the overall strategic planning and development of the Group, ensuring effective Board operations[156]. Employee and Remuneration Policies - The Group employs 235 full-time employees, with 116 located in Mainland China[99]. - The Group offers competitive remuneration packages, including discretionary bonuses and cash allowances based on position[99]. - The Group conducts an annual review on salary increases, discretionary bonuses, and promotions based on employee performance and Group profitability[99]. - The Group emphasizes attracting and retaining skilled personnel to ensure its continuing success[99]. Risk Management and Internal Controls - The Group's risk management and internal control systems were reviewed for effectiveness during Board meetings[178]. - The Audit Committee assisted the Board in evaluating and maintaining effective risk management and internal control systems[187]. - The Audit Committee reviewed the Group's operating, financial, and accounting policies and practices[187]. - The Audit Committee reported to the Board on the adequacy and effectiveness of the Group's financial reporting system[187]. Board Meetings and Training - The Board held four regular meetings during the year ended March 31, 2020, focusing on approving the Group's budget, interim and final results, and reviewing risk management effectiveness[178]. - All directors participated in continuous professional development, receiving training in areas such as corporate governance, accounting, and financial management[169]. - The company secretary completed no less than 15 hours of relevant professional training during the year ended March 31, 2020[176]. - Notices for regular Board meetings were provided at least 14 days in advance, ensuring directors could attend in person[179]. - Board papers were distributed at least 3 days prior to meetings, allowing directors to make informed decisions[180].
美亨实业(01897) - 2020 - 年度财报