Financial Performance - The Group recorded an operating profit before valuation changes in investment properties of HK$177.7 million for the year ended March 31, 2022, down from HK$316.2 million in 2021[5]. - The loss attributable to equity shareholders was HK$1,120.8 million, compared to a loss of HK$1,525.5 million in the previous year[5]. - Valuation losses on investment properties amounted to HK$1,266.5 million, a decrease from HK$1,788.0 million in 2021[5]. - The valuation losses will only affect accounting profit or loss and not the cash flows of the Group[5]. - Rental income is a key driver of valuation, which is currently under downward pressure due to increased volatility in rental levels and occupancy rates[96]. Dividends and Shareholder Communication - The Board recommended a final dividend of HK$0.21 per share, up from HK$0.19 per share in 2021, making the total distribution HK$0.40 per share for the year[6]. - The Company paid an interim dividend of HK$0.19 per share during the year, down from HK$0.25 per share in 2021[6]. - The Company has adopted a shareholders' communication policy to ensure timely dissemination of information and maintain ongoing dialogue with shareholders[99]. - The Company encourages shareholder participation in general meetings, which are held at least annually, to facilitate direct interaction with the Board[101]. - The Company has adopted a dividend policy aimed at providing Shareholders with a sustainable dividend stream, considering factors such as financial performance and future development plans[116]. Corporate Governance - The Company is committed to maintaining a high standard of corporate governance and has reviewed its practices accordingly[15]. - The Company complied with all applicable code provisions in the Corporate Governance Code throughout the financial year[16]. - The roles of chairman and chief executive are held by the same individual, with day-to-day management shared among Executive Directors[17]. - The company has complied with all applicable provisions of the Corporate Governance Code, except for the lack of insurance arrangements for directors facing legal actions[18]. - The company does not currently have an internal audit function, and the Board reviewed the need for one in March 2022, concluding that it was not immediately necessary due to the Group's operational simplicity and management oversight[21]. Risk Management and Internal Controls - The Group's risk management and internal control systems were evaluated, with recommendations made to the Board based on the assessment of identified risks[81]. - The audit committee oversees the financial reporting system and ensures proper arrangements for employees to raise concerns about possible improprieties[73]. - The Company updated the general code of conduct for employees and Directors during the financial year[79]. - The Group has established procedures for approval and control of operating expenditures, with capital expenditures requiring management approval prior to commitment[87]. - The management provides the Board with an annual confirmation on the effectiveness of the risk management and internal control systems[90]. Sustainability and Environmental Responsibility - The corporate social responsibility report reviews the group's performance in environmental and social responsibilities for the financial year ended March 31, 2022[120]. - The group adopted an environmental policy focusing on long-term carbon emission reduction targets and enhancing staff awareness through internal communication[126]. - iSQUARE's electricity purchased decreased by approximately 22.74% compared to the financial year ended 31 March 2015, totaling 10,464.57 MWh in 2022[135]. - Total greenhouse gas emissions (Scopes 1, 2, and 3) amounted to 4,133.68 tonnes in 2022, up from 3,502.67 tonnes in 2021[139]. - The Group has set reduction targets for emissions, waste disposal, energy use, and water consumption not exceeding their respective baseline years[152]. Employee Relations and Training - The Group's overall employee satisfaction rate reached 90.32%, an increase from 84.38% in the previous year[171]. - The Group provides job-related training subsidies to all full-time employees, with additional funding for senior management[174]. - The Group conducts annual employee satisfaction surveys to gather feedback and improve workplace conditions[169]. - The Group encourages a work-life balance by promoting task completion within office hours and organizing staff gatherings[172]. - 66.67% of employees received internal/external training, a decrease from 75.76% in 2021[178]. Supplier Relationships - The Group has 29 direct suppliers as of March 31, 2022, indicating a stable supply chain[187]. - Over 60% of direct suppliers have been partners for over a decade, reflecting strong supplier relationships[193]. - Environmental considerations are integrated into the supplier selection process, with a focus on green procurement where feasible[192]. - The Group maintains ongoing communication with suppliers to evaluate environmental and social risks along the supply chain[188]. - The Group prioritizes existing suppliers with quality performance during contract terms to ensure business continuity[191].
凯联国际酒店(00105) - 2022 - 年度财报