Financial Performance - For the fiscal year ending June 30, 2022, the total revenue of the group decreased by 44.3% to approximately HKD 211.6 million from HKD 380.1 million in the previous year[20]. - The solar power business generated revenue of approximately RMB 47.9 million (about HKD 56.8 million), a decrease of 65.6% compared to RMB 144.2 million (about HKD 165.2 million) in the previous year[21]. - The distribution system business contributed revenue of approximately RMB 129.5 million (about HKD 153.6 million), down 27.1% from RMB 183.8 million (about HKD 210.6 million) in the previous year[22]. - The power engineering services segment recorded low revenue of approximately SGD 200,000 (about HKD 1.1 million), significantly lower than SGD 800,000 (about HKD 4.3 million) in the previous year[23]. - The group reported a loss attributable to equity holders of approximately HKD 44 million, with a loss per share of HKD 3.17, compared to a loss of approximately HKD 30.1 million and HKD 2.17 per share in the previous year[20]. - Operating losses increased from approximately HKD 30.1 million for the fiscal year ending June 30, 2021, to approximately HKD 44 million for the fiscal year ending June 30, 2022, primarily due to a decrease in gross profit from about HKD 37.8 million to about HKD 22.5 million[25]. - Other income and losses decreased from a net income of approximately HKD 5.2 million for the fiscal year ending June 30, 2021, to a net loss of approximately HKD 1.1 million for the fiscal year ending June 30, 2022[26]. - The fair value loss on financial assets decreased by 46.9% to approximately HKD 3.3 million for the fiscal year ending June 30, 2022, compared to HKD 6.3 million for the fiscal year ending June 30, 2021[27]. - Income tax expenses rose by 141.3% from approximately HKD 8 million for the fiscal year ending June 30, 2021, to approximately HKD 19.3 million for the fiscal year ending June 30, 2022, mainly due to an increase in domestic withholding tax provisions[33]. - Total assets decreased by 27.4% to approximately HKD 309.3 million as of June 30, 2022, down from HKD 426.2 million as of June 30, 2021[36]. - Total liabilities decreased by 22.7% to approximately HKD 63.2 million as of June 30, 2022, compared to HKD 81.8 million as of June 30, 2021[36]. - The company's total equity decreased by 28.5% to approximately HKD 246.1 million as of June 30, 2022, from HKD 344.3 million as of June 30, 2021, primarily due to a loss of approximately HKD 51.8 million during the fiscal year[37]. Operational Efficiency - The group is optimizing resource allocation between its solar and distribution system businesses to maintain operational efficiency[9]. - The average collection period increased to 431.6 days in the fiscal year ending June 30, 2022, compared to 254.8 days in the previous year[56]. - The average accounts receivable period increased by 176.8 days due to reduced revenue in the second half of the fiscal year and delayed customer repayments[57]. - The group has implemented strict budget control measures to mitigate risks associated with project delays and cost overruns, which typically last between 6 to 48 months[63]. - The company has established a framework for internal controls and risk management, which is reviewed by the Compensation Committee[149]. Market and Business Strategy - The company aims to seek stable return and high-potential businesses, including but not limited to the production and supply of distribution equipment[10]. - The company remains confident in the recovery of its business in China despite ongoing pressures from government policies on solar energy[17]. - The board is committed to creating value for shareholders by maintaining its core business and seeking new opportunities[19]. - The company is exploring new opportunities in non-government housing sectors to diversify its business amid potential adverse changes in government housing policies in Singapore[69]. - The company’s revenue is non-recurring and relies on competitive bidding for new projects, which could adversely affect its business and financial performance if it fails to maintain customer relationships[69]. - The company continues to explore profitable business opportunities and expand its market presence despite the challenges faced in the financial year[48]. Corporate Governance - The company has complied with all applicable corporate governance code provisions[99]. - The independent non-executive directors confirmed their independence under the listing rules[105]. - The company is committed to maintaining high standards of corporate governance, believing it provides a sustainable foundation for managing business risks and enhancing accountability[124]. - The board believes that the current structure facilitates strong and consistent leadership, allowing for efficient operations[127]. - The company has established procedures for directors to seek independent professional advice at the company's expense when necessary[136]. - The board actively participates in meetings and makes independent judgments on matters concerning the company's strategy and performance[134]. - Continuous professional development is provided to directors to keep them informed of legal and regulatory developments relevant to their roles[144]. Environmental and Social Responsibility - The company reported a total carbon dioxide (CO2) emission of 47.6 tons for the fiscal year ending June 30, 2022, an increase from 40.8 tons in the previous year[187]. - The company has implemented policies to reduce energy consumption and effectively utilize resources, including measures to minimize greenhouse gas emissions[182]. - The company encourages employees to protect the environment through training and communication initiatives[182]. - The company has established clear and measurable environmental goals, including compliance with applicable laws and regulations[183]. - The company aims to enhance corporate social responsibility in response to evolving societal demands[177]. - The company has implemented various measures to promote environmental awareness among employees, including green office practices and water-saving initiatives[190]. Employee and Workforce Management - Approximately 10.0% of the workforce consisted of foreign labor as of June 30, 2022, highlighting reliance on skilled labor amidst local labor shortages[63]. - As of June 30, 2022, the company employed 23 full-time employees, an increase from 18 in 2021[197]. - Employee diversity includes 9 from Singapore, 13 from India, and 1 from the Greater China region in 2022[198]. - The company has invested additional resources to monitor health and safety risks for workers in hot climates due to climate change[194].
工盖有限公司(01421) - 2022 - 年度财报