Financial Performance - For the fiscal year ending June 30, 2023, the total revenue of the company decreased by 61.5% to approximately HKD 81,500,000, down from HKD 211,600,000 in the previous fiscal year[15]. - The solar energy business generated revenue of approximately RMB 34,200,000 (about HKD 38,500,000), a decrease of 32.2% compared to RMB 47,900,000 (about HKD 56,800,000) in the previous year[16]. - The distribution system business contributed revenue of approximately RMB 38,300,000 (about HKD 43,000,000), representing a significant decline of 72.0% from RMB 129,500,000 (about HKD 153,600,000) in the prior year[17]. - The company reported a loss attributable to equity holders of approximately HKD 61,600,000, with a loss per share of HKD 0.877, compared to a loss of HKD 44,000,000 and HKD 0.633 per share in the previous fiscal year[15]. - The group's gross profit margin decreased from 10.6% for the fiscal year ending June 30, 2022, to 6.7% for the fiscal year ending June 30, 2023, primarily due to a reduction in the gross profit margin of the distribution system business[18]. - The operating loss increased from approximately HKD 44 million for the fiscal year ending June 30, 2022, to approximately HKD 61.6 million for the fiscal year ending June 30, 2023, mainly due to a decrease in gross profit from about HKD 22.5 million to about HKD 5.4 million[18]. - Other income and losses improved from a net loss of approximately HKD 1.1 million for the fiscal year ending June 30, 2022, to a net income of approximately HKD 900,000 for the fiscal year ending June 30, 2023[20]. - The fair value loss of financial assets decreased by 43.8% to approximately HKD 1.9 million for the fiscal year ending June 30, 2023, compared to HKD 3.3 million for the fiscal year ending June 30, 2022[21]. - Administrative expenses decreased by 5.6% to approximately HKD 27.3 million for the fiscal year ending June 30, 2023, down from HKD 28.9 million for the fiscal year ending June 30, 2022[22]. - Total assets decreased by 18.9% to approximately HKD 250.7 million as of June 30, 2023, compared to HKD 309.3 million as of June 30, 2022[26]. - Total liabilities increased by 10.2% to approximately HKD 69.6 million as of June 30, 2023, compared to HKD 63.2 million as of June 30, 2022[29]. - The company's total equity decreased by 26.4% to approximately HKD 181 million as of June 30, 2023, from HKD 246.1 million as of June 30, 2022, primarily due to a loss of approximately HKD 53.1 million during the fiscal year[29]. - The group reported a net cash outflow from operating activities of approximately HKD 39.8 million for the fiscal year ending June 30, 2023, compared to a net cash inflow of HKD 6.3 million in 2022[49]. - Financing activities generated a net cash inflow of approximately HKD 16.9 million, attributed to proceeds from share issuance and bank borrowings[49]. Business Strategy and Operations - The company is establishing a new subsidiary in Guangzhou focused on the research and development of cosmetics and personal care products, expected to commence operations in the next fiscal year[6]. - The company aims to balance resources between its solar energy and distribution system businesses to optimize operations and seek new customers and contracts[6]. - Future strategies include identifying stable return businesses with high potential, particularly in the production and supply of distribution equipment and energy storage systems[7]. - The company anticipates a gradual recovery in domestic business as social distancing measures are lifted, although initial customer demand remains weak[5]. - The company is facing ongoing operational pressure in its solar energy business due to government policies promoting large-scale photovoltaic power stations[6]. - The company has not secured any new projects in Singapore's power engineering services due to a conservative approach amid a sluggish construction market[11]. - The company continues to monitor regulatory developments in China, Hong Kong, and Singapore to ensure compliance with local laws and regulations, which could impact financial performance[63]. - The company faces risks related to changes in government policies regarding renewable energy in China, which could affect revenue and profitability[63]. - The company is exploring new opportunities in non-government housing sectors to diversify its business[63]. - The company’s operations in Singapore are highly dependent on projects planned by the Housing and Development Board, and any adverse changes in government housing policies may negatively impact financial performance[63]. Risk Management and Compliance - The company actively manages risks by identifying and assessing key project and business risks across all levels[65]. - The company continues to monitor credit risk associated with trade receivables, which typically have a maturity of 180 to 360 days[56]. - Economic conditions in China and Singapore are critical to the company's operational performance, with potential negative impacts from any economic contraction in China[60]. - The company faces operational risks related to the availability and cost of skilled labor in Singapore, which could adversely affect financial performance[60]. - The company has established an effective and sufficient risk management and internal control system, with independent consultants conducting reviews every two years to enhance the system's effectiveness[154]. Corporate Governance - The company has complied with all applicable corporate governance codes as per the listing rules[95]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[100]. - The company has arranged for liability insurance for its directors and senior officers for the fiscal year ending June 30, 2023[83]. - The board consists of two executive directors, one non-executive director, and three independent non-executive directors as of June 30, 2023[124]. - The company has adopted the corporate governance code principles as per the Hong Kong Stock Exchange and has complied with all applicable provisions for the fiscal year ending June 30, 2023[119]. - The board is responsible for determining the applicable corporate governance standards and ensuring processes are in place to achieve governance objectives[121]. - The audit committee has reviewed the annual performance and consolidated financial statements for the fiscal year ending June 30, 2023, and believes they are prepared in accordance with applicable accounting standards[138]. - The remuneration committee is responsible for reviewing the financial controls and internal risk management systems of the group[139]. - The company provides appropriate insurance for directors and senior officers to protect against risks arising from the group's business[135]. - The company has established procedures for directors to seek independent professional advice at the company's expense when necessary[128]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report highlights the company's policies and performance for the fiscal year ending June 30, 2023, ensuring fair representation of significant ESG matters[167]. - The company generated a total of 20.0 tons of CO2 emissions for the fiscal year ending June 30, 2023, a decrease from 47.6 tons in the previous year[176]. - Water consumption per employee decreased to 2.92 cubic meters in 2023 from 5.39 cubic meters in 2022[179]. - Electricity consumption per employee reduced to 1,210 kWh in 2023 from 2,042 kWh in 2022[179]. - The company reported a significant reduction in paper usage per employee, down to 1.3 kg in 2023 from 11.2 kg in 2022[179]. - The company did not encounter any violations of environmental laws and regulations during the fiscal year ending June 30, 2023[170]. - The company implemented measures to reduce energy consumption, including the use of energy-efficient lighting and encouraging public transport[171]. - The company has established clear and measurable environmental goals communicated to employees[172]. - The company reported zero significant hazardous waste generated during the fiscal year ending June 30, 2023[178]. - The company aims to promote environmental awareness among employees through training and communication[171]. Workforce and Employee Relations - The company has increased its workforce to 35 full-time employees as of June 30, 2023, up from 23 in 2022, indicating a growth in human resources[186]. - The gender ratio of employees is approximately 1.5:1 (male to female), slightly down from 1.6:1 in 2022, reflecting a commitment to equal opportunity hiring[195]. - About 20% of the workforce is aged 35 or below, an increase from 17% in 2022, showcasing a diverse age distribution among employees[197]. - The company has implemented additional resources to monitor health and safety risks for workers in hot climates, ensuring adequate breaks and hydration[183]. - There have been no recorded incidents of workplace injuries or fatalities in the past three years, demonstrating a strong focus on employee safety[200]. - The company adheres to health and safety regulations across multiple regions, including Hong Kong, Singapore, and China, to provide a safe working environment[200]. - The company has developed its solar energy business to provide cleaner resources, aligning with global efforts to reduce emissions[183]. - The company emphasizes a multicultural work environment by focusing on candidates' abilities and strengths during the recruitment process[190]. - The company has established a comprehensive safety policy in its employee handbook to minimize workplace accidents[200].
工盖有限公司(01421) - 2023 - 年度财报