Financial Performance - The group's revenue for the fiscal year ending March 31, 2020, decreased by approximately HKD 16,000,000 or 34.9% to about HKD 29,800,000[10] - The group reported a gross loss margin of 19.2% for the fiscal year ending March 31, 2020, compared to a gross profit margin of 11.3% for the previous fiscal year[10] - The group confirmed a loss of approximately HKD 34,300,000 for the fiscal year ending March 31, 2020, compared to a loss of about HKD 5,200,000 for the previous fiscal year[11] - The increase in losses was primarily due to a rise in losses from associated companies by approximately HKD 2,500,000 and one-time expenses increasing by about HKD 12,200,000[11] - General and administrative expenses increased by approximately HKD 3,100,000 during the fiscal year ending March 31, 2020[11] - The decrease in revenue was mainly attributed to the completion of a design and construction project in 2019, which did not contribute to revenue in 2020[10] - The company's total revenue for the fiscal year ended March 31, 2020, was approximately HKD 29,800,000, a decrease of HKD 16,000,000 or 34.9% compared to HKD 45,800,000 in the previous year[17] - The net loss attributable to the company's owners for the fiscal year was approximately HKD 34,300,000, an increase of HKD 29,100,000 compared to a loss of HKD 5,200,000 in the previous year[21] - General and administrative expenses totaled approximately HKD 13,600,000, an increase of HKD 3,100,000 or 29.5% from HKD 10,500,000 in the previous year[20] Corporate Governance - The board consists of 2 executive directors and 3 independent non-executive directors, ensuring compliance with GEM listing rules[36] - The company achieved a gender ratio of 40:60 for female to male board members as of March 31, 2020, promoting diversity[44] - The board held 14 meetings during the fiscal year ending March 31, 2020, to review financial performance and strategic decisions[48] - The company has adopted a board diversity policy to enhance performance and ensure sustainable development[39] - All directors confirmed compliance with the trading standards set forth in GEM listing rules for the fiscal year ending March 31, 2020[35] - The company has established appropriate insurance coverage for legal actions against directors[38] - Independent non-executive directors constitute at least one-third of the board, ensuring adherence to financial reporting standards[45] - The company has implemented a continuous professional development plan for directors to keep them informed of operational and regulatory updates[53] - The board is responsible for leading and controlling the company, aiming to maximize long-term shareholder value[47] - The company has a structured approach to evaluate board diversity, considering factors such as gender, age, and professional experience[42] - The company has not adopted the corporate governance code A.2.1, which states that the roles of the chairman and CEO should be separate and clearly defined in writing[56] - Currently, the company does not have a chairman or CEO, with daily operations managed by executive directors and senior management[57] - The audit committee has been established and consists of three independent non-executive directors, with a total of four meetings held in the fiscal year ending March 31, 2020[64] - The nomination committee, also composed of three independent non-executive directors, held one meeting during the fiscal year and reviewed the board's structure and composition[65] - The company has adopted a nomination policy outlining the principles and procedures for selecting and evaluating board candidates[66] - The independent non-executive directors are appointed for an initial term of three years, subject to re-election at the annual general meeting[60] - The executive directors have service contracts without a fixed term, with a notice period of at least three months for termination[59] - The audit committee is responsible for reviewing the company's financial statements and overseeing the financial reporting system[64] - The company plans to elect a new chairman at an appropriate time[58] - The board has established an audit committee, nomination committee, and remuneration committee to maintain high standards of corporate governance[61] - The remuneration committee has reviewed and made recommendations regarding the compensation of the group's directors and senior management for the year ended March 31, 2020[71] - The remuneration committee held one meeting during the year ended March 31, 2020[71] - The board is responsible for establishing and reviewing corporate governance policies and practices[75] - The company has received annual confirmations from certain directors regarding compliance with non-competition agreements, with no violations reported[78] - The board believes that the risk management and internal control systems are adequate and effective as of March 31, 2020[84] - Management provides quarterly financial updates to the board, ensuring timely information on the company's performance and outlook[83] - The company has established a remuneration committee composed of three independent non-executive directors[71] - The board has not identified any significant uncertainties that may cast doubt on the company's ability to continue as a going concern[80] - The company will continue to assess and revise its risk management and internal control systems as necessary[84] Environmental and Social Responsibility - The company is primarily engaged in providing construction consulting services in Hong Kong, with a focus on low energy and resource consumption[98] - The board believes that the group's direct impact on the environment during daily operations is minimal[99] - The company is committed to enhancing environmental protection and fulfilling social responsibilities[99] - The report covers the fiscal year ending March 31, 2020, focusing on the operations related to construction consulting services[102] - The report adheres to the Hong Kong Stock Exchange's guidelines on environmental, social, and governance reporting, emphasizing principles of materiality, quantification, balance, and consistency[103] - The company has engaged an independent consultant, Sejong CPA & Company, to assist in preparing the report[103] - The greenhouse gas emissions from electricity consumption amounted to 44,132 tons of CO2 equivalent for the fiscal year 2020, with a density of 1.48 tons per HKD 29.8 million in operating revenue[111] - Paper consumption reached 316.86 kg for the fiscal year 2020, with a density of 10.63 kg per HKD 29.8 million in operating revenue[111] - The company has implemented energy-saving measures, including maintaining comfortable indoor temperatures and turning off idle lights and equipment[110] - The company has complied with all applicable environmental laws and regulations during the reporting period[109] - The company has not received any significant complaints during the reporting period and has strictly complied with all applicable laws and regulations regarding service quality and safety[131] - The company has implemented anti-corruption procedures and maintains high standards of business ethics, with no recorded cases of corruption during the reporting period[136] - The company is committed to community investment, focusing on supporting reputable non-profit organizations that assist impoverished elderly individuals and improve education for children from low-income families[137] - The company has adhered to environmental performance indicators, including compliance with waste management and resource efficiency policies[145] - The total amount of non-hazardous waste generated is reported as zero, indicating effective waste management practices[145] - The company has implemented energy efficiency plans and has reported compliance with energy consumption metrics[148] - The company has not faced significant issues regarding water usage, indicating effective resource management[148] - The company has taken necessary measures to prevent infringement of its intellectual property rights[131] - The company has complied with employment and labor standards, including policies on compensation, recruitment, and equal opportunities[150] - The company has adhered to health and safety regulations, ensuring a safe working environment for employees[150] - The company has implemented training policies to enhance employee skills and knowledge[150] - The company has established policies to prevent child and forced labor, complying with relevant standards[150] - The company has managed environmental and social risks in its supply chain effectively[150] - The company has policies in place to ensure product safety and compliance with advertising and privacy regulations[153] - The company has adhered to anti-corruption principles, including measures against bribery and fraud[153] - The company is considering developing a future community investment policy to address community needs[153] Future Plans and Development - The company plans to expand its range of construction-related services and actively seek new business opportunities to lay the foundation for long-term development[15] - The company aims to reduce risk exposure by negotiating with subcontractors, cutting costs, and closely monitoring receivables due to the uncertain impact of COVID-19[16] - The company aims to enhance its position in the Hong Kong construction services industry to achieve sustainable business growth and long-term shareholder value[181] - The company plans to improve its order-taking capabilities through investor networks prior to the IPO and by upgrading recruitment plans and computer systems and software[184] - The net proceeds from the placement transactions amount to approximately HKD 25,100,000, with about HKD 2,500,000 allocated for general operating funds, including HKD 900,000 for director remuneration and employee salaries, and HKD 1,600,000 for compliance and professional fees[186] - Approximately HKD 6,500,000 has been used to pay salaries for newly hired employees to support business expansion, and about HKD 5,700,000 has been allocated for the purchase of new properties, factories, and equipment, as well as the development and upgrade of BIM systems[186] - Since the IPO, the company has hired an additional 16 employees to enhance order-taking capabilities[185] - The company is currently developing construction-related systems and other support systems to improve project management and service delivery efficiency, with these systems still in the development phase[185] - The company continues to seek valuable opportunities despite risks associated with general market conditions, including interest rate, political, and supply-demand risks[185] - The board of directors and senior management are committed to providing high-level services to clients[185] - The company plans to maintain the intended use of proceeds as disclosed in the prospectus without any changes[186] - The company has not made any donations during the fiscal year ending March 31, 2020[194] - There are no significant contracts with the controlling shareholder during the fiscal year ending March 31, 2020, apart from those disclosed in the prospectus[194] - The annual general meeting is scheduled for September 25, 2020, with a suspension of share transfer registration from September 22 to September 25, 2020[199] - The company’s directors and senior management hold a total of 194,800,000 shares, representing approximately 46.60% of the issued share capital[200] - Energetic Way Limited, controlled by the directors, holds 196,000,000 shares, with each director owning 50%[200] - Both directors have a beneficial interest in 2 shares of Energetic Way Limited, representing 100% ownership[200]
中国来骑哦(08039) - 2020 - 年度财报