Financial Performance - Revenue for the year ended March 31, 2022, was HKD 339,198,000, an increase of 11.8% from HKD 303,366,000 in the previous year[7] - Net profit attributable to equity holders was a loss of HKD 18,385,000, compared to a profit of HKD 21,821,000 in the previous year, representing a significant decline[7] - The group recorded a revenue increase of approximately 11.8% to HKD 339,200,000 for the fiscal year ending March 31, 2022, compared to HKD 303,400,000 in the previous year[20] - The group reported a loss of HKD 18,385,000 for the fiscal year, compared to a profit of HKD 21,821,000 in the previous year, largely due to the impact of rising fuel costs and the fifth wave of the COVID-19 pandemic[16] - The basic loss per share for the year was HKD 0.0676, compared to a basic earnings per share of HKD 0.0803 in the previous year[17] - Other income decreased by HKD 54,645,000 or approximately 83.3% to HKD 10,966,000 (2021: HKD 65,611,000), primarily due to a significant reduction in government subsidies[37] - Direct costs increased by HKD 26,051,000 or approximately 9.4% to HKD 304,462,000 (2021: HKD 278,411,000), with labor costs rising by HKD 10,375,000 or approximately 7.9% to HKD 141,353,000[37] - Fuel costs surged by HKD 16,484,000 or approximately 40.2% to HKD 57,467,000 (2021: HKD 40,983,000) due to rising international fuel prices[40] Passenger and Service Metrics - Passenger volume increased by 9.6% to 50.2 million, up from 45.8 million in the previous year[10] - The overall passenger volume increased by 9.6% to approximately 50,200,000 passengers, up from about 45,800,000 passengers in the previous year[20] - The group experienced a 19.2% increase in passenger volume for the first three quarters of the year, but a decline of 18.3% in the last quarter compared to the same period last year[35] - The number of public minibuses in service at year-end was 354, unchanged from the previous year, while the number of public buses decreased by 12.5% to 7[10] - The group completed several route restructuring plans, increasing the number of public minibus routes to 72 as of March 31, 2022, up from 70 in the previous year[29] Liquidity and Financial Position - The company reported a current ratio of 0.37, down from 0.59 in the previous year, indicating a decline in liquidity[7] - The equity attributable to shareholders decreased by 44.9% to HKD 45,839,000 from HKD 83,258,000[7] - The total current liabilities of the group increased to HKD 122,353,000 from HKD 104,416,000 in 2021, primarily due to an increase in short-term borrowings[50] - The net current liabilities rose to HKD 77,506,000 as of March 31, 2022, compared to HKD 42,431,000 in 2021, resulting in a current ratio of 0.37, down from 0.56 in the previous year[50] - The capital debt ratio increased to approximately 252.4% as of March 31, 2022, from 118.3% in 2021, mainly due to a decrease in shareholders' equity by HKD 37,419,000 or about 44.9%[52] Environmental and Sustainability Initiatives - The company plans to maintain or reduce greenhouse gas emissions density next year to improve roadside air quality and comply with government environmental protection policies[70] - The company aims to replace 24 Euro IV diesel minibuses with new LPG minibuses by the end of 2022[70] - The group aims to achieve carbon neutrality by 2050, aligning with government policies[74] - The company is actively seeking methods to minimize fuel usage and greenhouse gas emissions in its operations[70] - The group reported a significant increase in waste metal, with 74,013 kg collected this year compared to 8,627 kg last year, due to the recycling replacement program[79] Governance and Risk Management - The board of directors has implemented a governance framework that complies with all code provisions and some recommended best practices[130] - The company has established a risk management and internal control system that includes environmental, social, and governance risks[67] - The board is responsible for determining the business strategy, objectives, and risk tolerance of the group[181] - The internal audit function is outsourced to a professional accounting firm, ensuring independence and thorough annual audits based on risk assessment methods[195] - The company has established a shareholder communication policy to ensure timely and effective information dissemination to shareholders and potential investors[200] Employee and Community Engagement - The total number of employees as of March 31, 2022, was 1,166, a decrease from 1,196 in 2021[92] - The overall employee turnover rate increased to 23.8% in 2022 from 20.0% in 2021[93] - The company has implemented a diversity policy since 2013 to eliminate discrimination in hiring processes[92] - The company actively participates in community service and has received recognition for its contributions to social activities[117] - The company donated and sponsored a total of HKD 201,000 in the year, down from HKD 298,000 in 2021 due to cancellations of events related to the COVID-19 pandemic[118]
进智公共交通(00077) - 2022 - 年度财报