Financial Performance - The group's revenue for the year ended March 31, 2020, was HKD 231.7 million, an increase of approximately 25.5% from HKD 184.6 million in the previous fiscal year[31]. - The gross profit for the same period was approximately HKD 17.6 million, a decrease of about 21.4% from HKD 22.4 million in the previous fiscal year, resulting in a gross margin decline from approximately 12.2% to 7.6%[32]. - Other income for the year ended March 31, 2020, was approximately HKD 2.5 million, an increase from HKD 2.4 million in the previous year, primarily due to increased management fee income[33]. - The group turned a net loss of approximately HKD 2.6 million for the year ended March 31, 2019, into a profit of approximately HKD 2.9 million for the year ended March 31, 2020, primarily due to strict cost control on administrative expenses and recognition of share of profits from associates[39]. - Share of profits from associates amounted to HKD 8.7 million for the year ended March 31, 2020, compared to a loss of HKD 0.2 million in 2019, related to a 20.3% stake in an associate providing light vessel chartering and coal transshipment services in Pakistan[37]. Administrative and Operational Efficiency - The company reported a reduction in administrative expenses from approximately HKD 27.4 million to about HKD 25.1 million[15]. - Administrative expenses for the year ended March 31, 2020, were approximately HKD 25.1 million, a decrease of 8.6% from approximately HKD 27.4 million in the previous fiscal year, mainly due to reduced employee costs and tender expenses[35]. - The group faced challenges due to delays in contract completions and increased construction costs attributed to supply chain disruptions caused by COVID-19 and other factors[27]. - The company aims to maintain sufficient cash flow and workforce to effectively operate and expand its business[17]. - The company is closely monitoring material supply to negotiate better prices and terms for key materials[15]. Safety and Employee Welfare - The company achieved a zero fatality rate and a significantly lower accident rate compared to industry statistics[16]. - The company emphasizes the importance of employee safety and professional development as a top priority[16]. - The company has a commitment to fulfilling all employee responsibilities, including salary payments, leave, compensation, insurance, and medical benefits[200]. - The company has established fair and comprehensive employment policies, ensuring equal opportunities and career development for all employees[197]. - The company has not faced any disputes or litigation related to employment during the reporting period[200]. Environmental Management - The company has established an Environmental, Health, and Safety Committee to implement internal environmental policies and has obtained ISO 14001:2015 certification for its environmental management system[177]. - The group aims to reduce waste generation and improve operational efficiency, which will provide economic and financial benefits[190]. - The group has implemented measures to reduce waste and improve resource utilization as part of its environmental management practices[177]. - Total greenhouse gas emissions amounted to 1,015 tons of CO2 equivalent, with Scope 1 emissions at 792 tons and Scope 2 emissions at 223 tons[195]. - The group processed 4 old diesel vehicles in the last fiscal year as part of its efforts to reduce emissions[178]. Corporate Governance - The board emphasizes the importance of stakeholder participation in its dividend policy, which considers various factors before declaring dividends[74]. - The board consists of both executive and non-executive directors, with a third of the existing directors required to retire and stand for re-election[82]. - The company has established a nomination committee, remuneration committee, and audit committee, with their roles and responsibilities outlined on the company's and stock exchange's websites[125]. - The independent non-executive directors have confirmed their independence according to the Hong Kong Stock Exchange Listing Rules[83]. - The company has adopted a share option scheme to reward and retain directors and employees for sustainable development[89]. Market and Competitive Position - The company has a 20.3% stake in a coal transshipment service and light ship leasing project in Pakistan, which has successfully transshipped over 2.2 million tons of coal[15]. - The company anticipates an increase in coal transshipment volume in the upcoming operational seasons due to rising local electricity demand[15]. - The group is optimistic about its core competitiveness and future prospects despite the challenging market conditions[27]. - The group has maintained good relationships with major subcontractors and suppliers, with satisfactory annual performance evaluations[22]. - The company is focused on diversifying its business beyond Hong Kong to mitigate external event impacts[17]. Shareholder Relations - The company has committed to engaging in active dialogue with shareholders and providing timely updates on significant developments[162]. - The company has suspended share transfer registration from August 14 to August 19, 2020, for the upcoming annual general meeting[77]. - The company has no arrangements in place for directors to benefit from acquiring shares or debt securities of the company or any other corporation[90]. - The company has a stock option plan that allows for options to be granted up to 10% of the issued share capital at the time of grant[101]. - The company has established a non-competition agreement with its controlling shareholders to mitigate potential competition[106].
万景控股(02193) - 2020 - 年度财报