Financial Performance - Revenue decreased by 24.6% year-on-year to HKD 481.3 million[26] - Revenue decreased by 24.6% to HKD 481.3 million from HKD 638.0 million in the previous year[46] - Gross profit fell by 60.3% to HKD 25.8 million, with a gross profit margin of 5.4% compared to 10.2% last year[40][46] - Profit attributable to owners of the Company decreased by 97.6% to HKD 0.4 million from HKD 16.2 million in the previous year[47] - The group's profit for the year decreased from HKD 21.7 million last year to HKD 0.4 million for the year ended March 31, 2021[77] - Profit attributable to owners of the Company fell by 97.6% to HKD 0.4 million for the current year, compared to HKD 16.2 million last year[50] - Revenue from bare shell fit-out projects decreased by 53.9% to HKD 249.8 million, contributing 51.9% of total revenue for the year ended 31 March 2021[57] - Other income amounted to HKD 3.7 million for the current year, attributed to government subsidies under the Employment Support Scheme[67] Market Conditions - The number of projects awarded decreased from 234 in 2020 to 155 in 2021[26] - Vacancy rate of Grade A commercial buildings in Hong Kong rose to 9.5% in April 2021, a year-on-year increase of 4.7 percentage points[26] - The vacancy rate for Grade A offices in Hong Kong reached 9.5%, an increase of 4.7 percentage points year-on-year, impacting demand for high-end fit-out services[29] - The overall economic recovery in Hong Kong and globally is expected to drive demand in the local leasing and fit-out market[30] - The Chairman expressed confidence in the long-term demand for Grade A office space, anticipating a recovery in the fit-out business post-pandemic[35][38] Strategic Initiatives - The Group aims to explore business expansion into the Greater Bay Area while maintaining strong relationships with customers and subcontractors[36] - The Group's strategy includes tendering for new projects at lower bidding prices to increase the chances of securing contracts[46] - The Group is committed to providing high-quality fit-out services while delivering sustainable returns to shareholders[37] - The Group aims to maintain a healthy financial position while preparing for future development[26] - The Group is committed to minimizing its carbon footprint and natural resource consumption across all business operations[145] - The company plans to further expand its business into the Greater Bay Area and strengthen collaborations with property management companies and developers[107] - Fit-out services will continue to be the main driver of the company's future growth, leveraging its reputation and technical knowledge[108] Employee and Governance - The Group is committed to supporting its employees during challenging times[26] - The total number of employees as of March 31, 2021, was 87, down from 94 the previous year[105] - The Group provides competitive remuneration packages to employees to recognize their contributions and retain talent[149] - The Group's principal activity is investment holding, primarily engaged in providing interior fit-out solutions in Hong Kong and the PRC[135] - The Company’s board of directors includes both executive and independent non-executive directors, with a total of six directors listed in the report[184][187] Financial Position - The Group's net current assets as of 31 March 2021 were HKD 117.8 million, down from HKD 128.2 million in the previous year[73] - As of March 31, 2021, the Company's distributable reserves amounted to HKD 78.0 million, an increase from HKD 74.0 million in 2020, representing a growth of approximately 5.4%[170][176] - The Group's current ratio was 2.0 times, up from 1.6 times as of March 31, 2020[80] - The equity attributable to owners of the company was HKD 142.5 million as of March 31, 2021, compared to HKD 141.8 million as of March 31, 2020[81] Risks and Challenges - The Group's operations may be affected by external factors such as the pandemic, which could slow down project progress[137] - The Group relies on subcontractors for various trades, exposing it to risks associated with fluctuations in subcontracting costs and performance issues[137] - The business is project-based, with fee collection and profit margins dependent on contract terms, which may not be regular[137] - The Group's liquidity and financial position may be adversely affected if progress payments or retention money are not received in full and on time[147] - The Group's principal risks and uncertainties include dependency on subcontractors and the impact of public health incidents[137] Corporate Actions - The Board did not recommend the payment of a final dividend for the year ended 31 March 2021[72] - The Company has not recommended the payment of a final dividend for the year ended March 31, 2021[162] - The Group's dividend policy aims to balance shareholder expectations with prudent fund management[161] - Charitable and other donations made by the Group during the year were less than HKD 0.2 million, compared to less than HKD 0.1 million in 2020, indicating a slight increase in philanthropic efforts[171][177]
庄皇集团公司(08501) - 2021 - 年度财报