Financial Performance - The company's revenue decreased by approximately HKD 213.6 million or 45.6% from HKD 468.2 million in the previous fiscal year to approximately HKD 254.6 million in the current fiscal year[5]. - The group recorded a loss of approximately HKD 51.5 million, compared to a profit of approximately HKD 23.7 million in the previous year, representing a decrease of approximately HKD 75.2 million[5]. - Revenue from projects where the company acted as the main contractor remained stable at approximately 97% of total revenue[10]. - The uncompleted project revenue as of March 31, 2021, was approximately HKD 7.3 million, down from HKD 280.1 million the previous year[10]. - Revenue from the newly established construction machinery rental business was approximately HKD 36.0 million, accounting for about 14.1% of total revenue[12]. - The decrease in revenue was primarily due to the completion of several larger contracts in the previous year and a significant reduction in the number of foundation engineering tenders[15]. - Direct costs decreased by approximately 30.5% from HKD 419.1 million in FY2020 to HKD 291.3 million in FY2021[16]. - Gross profit fell from approximately HKD 49.1 million in FY2020 to a gross loss of about HKD 36.6 million in FY2021, a decrease of approximately HKD 85.7 million[17]. - Gross margin shifted from approximately 10.5% in FY2020 to a gross loss margin of about 14.4% in FY2021[18]. - Other income decreased from approximately HKD 9.9 million in FY2020 to about HKD 5.8 million in FY2021, primarily due to a reduction in machinery leasing income[19]. - Financial asset impairment losses increased to approximately HKD 10.1 million in FY2021 from HKD 8.0 million in FY2020[20]. - Administrative expenses decreased by approximately 36.0% from HKD 14.2 million in FY2020 to HKD 9.1 million in FY2021[21]. - Net financing costs decreased by approximately 25.2% from HKD 8.8 million in FY2020 to HKD 6.6 million in FY2021[22]. - The company's equity attributable to shareholders fell from a profit of approximately HKD 23.7 million in FY2020 to a loss of about HKD 51.5 million in FY2021, a decrease of approximately HKD 75.2 million[26]. Capital and Financing - Capital expenditure for the year was approximately HKD 5.9 million, significantly down from HKD 47.1 million in FY2020[35]. - The net proceeds from the share issuance amounted to approximately HKD 82.7 million after deducting listing expenses[39]. - The actual usage of the net proceeds as of March 31, 2021, included HKD 34.0 million for performance guarantees, HKD 17.4 million for machinery purchases, and HKD 20.3 million for bank loan repayments[40]. - As of March 31, 2021, the group provided guarantees for performance bonds amounting to approximately HKD 5.7 million[41]. - The carrying value of machinery and equipment pledged for bank loans was approximately HKD 13.2 million as of March 31, 2021[42]. - The total bank financing obtained for specific projects was approximately HKD 89.0 million, with HKD 66.4 million yet to be utilized[42]. Employee and Operational Metrics - The total employee cost for the year was approximately HKD 28.0 million, down from HKD 43.3 million in the previous year[45]. - Employee turnover rate increased to 126.09% in 2021 from 64.71% in 2020, indicating a significant rise in workforce mobility[85]. - The company emphasizes the importance of employee training and development to enhance professional skills and service quality[87]. - The company has established a transparent labor policy to ensure fair labor practices, with no incidents of child or forced labor reported[88]. Environmental Responsibility - Total greenhouse gas emissions decreased from 3,339.77 tons in 2020 to 925.51 tons in 2021, a reduction of approximately 72.2%[69]. - Nitrogen oxides (NOx) emissions slightly increased from 9.11 kg in 2020 to 9.15 kg in 2021, while sulfur dioxide (SO2) emissions significantly decreased from 19.72 kg to 5.38 kg[68]. - The company generated no hazardous waste during the reporting period, with non-hazardous waste primarily consisting of paper[73]. - The total amount of recycled paper decreased from 116 kg in 2020 to 73 kg in 2021[73]. - Carbon emissions per employee reduced from 65.49 tons to 40.24 tons, reflecting improved operational efficiency[69]. - The company actively promotes environmental responsibility among employees and encourages the use of eco-friendly products[64]. - The company has implemented energy-saving measures to reduce greenhouse gas emissions associated with energy consumption[69]. - Total energy consumption decreased from 12,422.21 thousand kWh in 2020 to 3,410.33 thousand kWh in 2021, a reduction of approximately 72.6%[75]. - Water usage reduced from 32,847 cubic meters in 2020 to 13,803 cubic meters in 2021, representing a decrease of about 58.0%[76]. - The intensity of energy consumption per employee improved from 243.57 thousand kWh in 2020 to 148.28 thousand kWh in 2021, a reduction of approximately 39.1%[75]. - The company promotes environmental awareness among stakeholders to mitigate resource waste[78]. - The company is committed to enhancing resource efficiency and has adopted guidelines to improve energy and water utilization[74]. Governance and Compliance - The board of directors consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced and independent governance structure[109]. - The company has established a fraud prevention framework and reporting mechanisms to manage fraud and corruption risks[97]. - The company respects intellectual property rights and actively registers and protects its trademarks[93]. - The board of directors is responsible for leading and controlling the company, reviewing operational and financial performance[108]. - The board aims to hold at least four meetings annually, with notifications sent at least 14 days in advance[120]. - The independent non-executive directors possess qualifications in architecture, accounting, and finance, providing strong support for the board's responsibilities[115]. - The company maintains a focus on compliance with regulatory requirements and internal policies[161]. - The company has implemented a risk management system defined by its approved risk management policies[159]. - The internal control measures are supervised by the management team, which is responsible for identifying risks and implementing additional controls as necessary[159]. - The board conducted an annual review of the effectiveness of risk management and internal control systems, covering financial, operational, and compliance controls[160]. Shareholder Relations - The company is committed to open and sincere communication with shareholders, ensuring reasonable information disclosure[155]. - The company will notify all shareholders regarding proposals presented at the annual general meeting, ensuring transparency in decision-making[153]. - The company has established a process for shareholders to submit proposals and nominations for directors, ensuring compliance with regulations[152]. - The company will hold a special general meeting if a valid request is made by qualified shareholders within two months[147]. Corporate Social Responsibility - The company encourages employee participation in charitable activities and environmental initiatives to enhance social responsibility[99]. - The company made charitable donations of approximately HKD 0.3 million during the year[198]. - The company does not recommend the payment of a final dividend for the year[197]. - The company emphasizes the importance of maintaining good relationships with employees, customers, subcontractors, and suppliers[195].
VICON HOLDINGS(03878) - 2021 - 年度财报