Financial Performance - The total revenue for the fiscal year ending March 31, 2023, was approximately HKD 239.0 million, a decrease of about 30.6% from HKD 344.3 million for the previous fiscal year[10]. - The decrease in revenue was primarily due to the selection of clients with a good track record of receivables to improve credit control in response to the challenging business environment caused by the COVID-19 pandemic[14]. - The group recorded a net loss of approximately HKD 30.0 million for the year ended March 31, 2023, compared to a net profit of approximately HKD 2.2 million for the same period in 2022[27]. - Direct costs for the year ended March 31, 2023, were approximately HKD 245.5 million, a decrease of about 23.2% from approximately HKD 319.5 million for the year ended March 31, 2022[22]. - Other income increased from approximately HKD 2.6 million for the year ended March 31, 2022, to approximately HKD 2.9 million for the year ended March 31, 2023, mainly due to an increase in government subsidies under the employment support scheme[24]. - Administrative expenses rose by approximately 27.7% to about HKD 27.4 million for the year ended March 31, 2023, compared to approximately HKD 21.4 million for the year ended March 31, 2022, primarily due to increased provisions for employee bonuses amid a tight labor market in Hong Kong[25]. - The company's bank balance as of March 31, 2023, was approximately HKD 12.6 million, compared to approximately HKD 10.1 million as of March 31, 2022[30]. - The total debt as of March 31, 2023, was approximately HKD 102.4 million, down from approximately HKD 114.2 million as of March 31, 2022[30]. - The capital debt ratio as of March 31, 2023, was approximately 133.3%, compared to approximately 106.9% as of March 31, 2022[31]. - The total employee cost for the year ended March 31, 2023, was approximately HKD 54.1 million, down from approximately HKD 66.2 million for the year ended March 31, 2022, reflecting a reduction in the number of employees from 172 to 98[40]. - The board of directors did not recommend the payment of a final dividend for the year ended March 31, 2023[41]. Strategic Initiatives - The company anticipates continued intense price competition in the private foundation sector as competitors seek to attract new business for recovery[11]. - A project team has been established to target well-known clients with a substantial number of construction projects, indicating optimism for satisfactory performance in this business sector[11]. - The company plans to maintain prudent financial management in project selection and cost control while enhancing its financial resources for bidding on suitable private projects[15]. - The company aims to invest in human resources and information systems to improve operational capabilities and efficiency[15]. - The company anticipates a revenue growth of 10% for the upcoming fiscal year, driven by new project acquisitions and market expansion strategies[49]. - Investment in new technology and product development has increased by 25%, focusing on innovative construction solutions[50]. - The company is exploring potential mergers and acquisitions to enhance its market position, targeting a 5% increase in market share[51]. - A new strategic partnership has been established, expected to generate an additional $2 million in annual revenue[52]. - The company has successfully completed several high-profile projects, contributing to a 30% increase in brand recognition[46]. - Employee training programs have been enhanced, resulting in a 40% improvement in workforce productivity[47]. - The company plans to expand its operations into two new regions, aiming for a 15% increase in overall market reach[48]. Governance and Compliance - The board believes that compliance with relevant laws and regulations has been maintained without any significant violations during the fiscal year[16]. - The company has adopted the corporate governance code principles and has fully complied with the corporate governance code for the fiscal year ending March 31, 2023[58]. - The company has implemented an anti-corruption policy since April 2017 to prevent, detect, and report fraudulent activities[58]. - The board of directors is composed of a majority of independent non-executive directors, exceeding the minimum requirement of one-third as per listing rules[79]. - The company has established a whistleblowing policy to report confirmed cases to designated senior staff and the audit committee since 2017[60]. - The company has a shareholder communication policy to maintain effective and ongoing dialogue with shareholders[60]. - The financial operations, compliance, and strategic management are overseen by the Chief Financial Officer, who has approximately 10 years of experience in accounting, auditing, and financial management[55]. - The board is responsible for overseeing the company's overall strategy and business performance, including financial performance and risk management[76]. - The company has purchased liability insurance for its directors and senior management to cover potential legal liabilities arising from their duties[77]. - The nomination committee is chaired by the chairman of the board and consists mainly of independent non-executive directors[67]. - The company has established a commitment to employee development, workplace safety, and sustainability, which is essential for attracting and retaining talent[72]. - The independent non-executive directors play a crucial role in providing impartial opinions on the company's strategy and performance[81]. - The company has renewed service contracts for its executive directors and independent non-executive directors for a period of three years[82]. - The company held two meetings of the Remuneration Committee during the fiscal year ending March 31, 2023, to review the remuneration of directors and senior management, concluding that the compensation was fair and reasonable[91]. - The Nomination Committee conducted two meetings to review and recommend the re-election of directors, including the appointment of Mr. Ling and Mr. Li as executive directors[92]. - The Audit Committee held three meetings to review the company's annual performance for 2022, interim results, and the audit plan for the fiscal year ending March 31, 2023, ensuring compliance with applicable accounting standards and listing rules[93]. Environmental, Social, and Governance (ESG) Performance - The environmental, social, and governance (ESG) strategy and performance details are reported in the annual report[18]. - The company emphasizes transparency in its Environmental, Social, and Governance (ESG) report, detailing measures and performance in sustainability to enhance stakeholder confidence[132]. - The ESG report covers the period from April 1, 2022, to March 31, 2023, reflecting the company's performance in environmental management and social responsibility[134]. - The company has identified several key ESG issues and performance indicators after establishing a comprehensive data collection system[135]. - The board is responsible for ensuring the effectiveness of the company's ESG policies and overseeing risk management related to ESG matters[136]. - The company engages with stakeholders through various channels to gather feedback on significant environmental and social issues[138]. - A total of 17 major ESG issues were identified and assessed for their importance to the company's business and stakeholders[140]. - The company identified key issues such as occupational health and safety, labor practices, and waste management as critical areas for improvement in its environmental, social, and governance (ESG) performance[143]. - The company aims to reduce greenhouse gas emissions through various environmental policies and measures, focusing on operational emissions and engaging suppliers to lower supply chain emissions[144]. - In 2023, the company reported nitrogen oxide emissions of 1.935 tons, sulfur oxide emissions of 0.001 tons, and particulate matter emissions of 0.134 tons, maintaining stable levels compared to 2022[150]. - The company has implemented measures to enhance vehicle efficiency, including avoiding travel during peak hours and encouraging public transport use[150]. - The company has established a comprehensive data collection system to monitor greenhouse gas emissions and maintain optimal vehicle usage efficiency[153]. - Total greenhouse gas emissions increased from 265.03 tons in 2022 to 356.42 tons in 2023, representing a 34.5% increase[157]. - The density of greenhouse gas emissions per project rose from 16.56 tons in 2022 to 23.76 tons in 2023, a 43.5% increase[157]. - Total non-hazardous waste generated increased significantly from 18,924 tons in 2022 to 46,209 tons in 2023, marking a 143.5% increase[159]. - The density of non-hazardous waste per project rose from 1,183 tons in 2022 to 3,081 tons in 2023, an increase of 160.5%[159]. - Total water consumption decreased from 15,141 cubic meters in 2022 to 2,544 cubic meters in 2023, a reduction of 83.2%[165]. - Total energy consumption increased from 891,639 kWh in 2022 to 1,110,560 kWh in 2023, a rise of 24.6%[166]. - The density of total energy consumption per project increased from 55,727 kWh in 2022 to 74,037 kWh in 2023, a 32.8% increase[166]. Employee and Workplace Management - The company has implemented a risk assessment plan to manage health and safety risks in the workplace[180]. - The company reported zero fatal accidents during the reporting period, consistent with the previous year[182]. - The company continues to prioritize health and safety measures, including regular cleaning and adherence to safety guidelines[181]. - The company adheres to local employment laws and regulations, ensuring compliance with labor standards[175]. - The company has established a comprehensive training program to enhance employee skills and management capabilities[185]. - The percentage of employees receiving training was 85% for senior management, 52% overall, and 15% for female employees in 2023[185]. - The average training hours for male employees in 2023 was 1.6 hours, while female employees averaged 1.8 hours[188]. - The average training hours for employees decreased from 7 hours in 2022 to 6 hours in 2023[188]. - Employee injury rate was 0.85 per 100 employees in 2023, down from 1.16 in 2022[184]. - The number of workplace injuries reported was 1 in 2023, compared to 2 in 2022[184]. - Total employee turnover rate increased to 80.3% in 2023 from 61.6% in 2022[177]. - The company maintains a low employee turnover rate, with new hires and turnover percentages remaining relatively low[176]. - The company has implemented a quality management system certified by ISO9001 and ISO14001, ensuring high standards in project construction[197]. - The company conducts annual reviews of each subcontractor and supplier, ensuring compliance with regulatory requirements[193]. - The company has a systematic recruitment process to prevent illegal employment of child labor[190]. - The company emphasizes the importance of protecting intellectual property and consumer privacy, complying with relevant laws and regulations[196]. - The company has a whistleblowing procedure in place to report any misconduct, including corruption and fraud[198]. - The company has established a commitment to employee development, workplace safety, and sustainability, which is essential for attracting and retaining talent[72]. - The number of key suppliers in Hong Kong increased from 32 in 2022 to 50 in 2023, representing a 56.25% growth[195].
凌锐控股(00784) - 2023 - 年度财报