Financial Reporting and Governance - The Board acknowledges its responsibility in preparing the Group's consolidated financial statements for each financial year, ensuring they give a true and fair view of the Group's state of affairs, results, and cash flows [16]. - The Company has adopted a dividend policy, allowing the Board to declare and distribute dividends at its discretion, considering the Group's operational and financial performance, retained earnings, and future funding needs [17]. - The Board ensures that all Directors receive adequate information to perform their duties effectively, with access to independent professional advice when necessary [10]. - The Company Secretary and senior management attend all Board meetings to advise on corporate governance, statutory compliance, and financial matters [6]. - The Board has established procedures for handling conflicts of interest during meetings, ensuring transparency and compliance with regulations [9]. - The Company has adopted the corporate governance code as per the listing rules and complied with its provisions during the 2023 financial year [165]. - The management is committed to high standards of corporate governance and enhancing internal controls and risk management systems to protect shareholder interests [164]. - The Company has implemented an anti-corruption policy to uphold high standards of integrity and ethics in its operations [51]. - The Board conducted an annual review of the shareholders' communication policy, confirming its proper implementation during the 2023 Financial Year [105]. Internal Control and Risk Management - The Group has engaged an external internal control consultant to review various aspects of the internal control and risk management systems, with the Audit Committee overseeing these systems and reporting any material issues to the Board [20]. - The Company does not establish an internal audit function but relies on external consultants for internal control reviews [20]. - The Board is committed to maintaining effective internal control and risk management systems, which have been reviewed and deemed effective [41][42]. - The Company has engaged external consultants to review its internal control and risk management systems, ensuring adequate resources and qualifications for financial reporting functions [44]. Employee and Workforce Management - As of March 31, 2023, the Group employed 348 staff in Hong Kong, 41 in the Philippines, and 58 in China, showing a decrease in total employees from 511 to 447 year-over-year [58]. - Employee compensation expenses for continuing and discontinued operations amounted to approximately HKD 178.1 million for the 2023 Financial Year, down from HKD 190.0 million in the previous year [58]. - The total employee remuneration expense and Directors' emoluments for the 2023 Financial Year amounted to approximately HK$178.1 million, down from HK$198.0 million in the previous year, representing a decrease of about 10% [114]. - The Group has a structured annual review system for employee performance, which influences salary adjustments, bonuses, and promotions [114]. - The Group emphasizes a culture of commitment to workforce development, workplace safety, and sustainability, aiming for long-term and sustainable growth [64][68]. Financial Performance - The Group recorded consolidated revenue from continuing operations of approximately HK$707.8 million, a decrease of 3.8% from the previous year [197]. - Gross profit from continuing operations amounted to HK$76.2 million, representing a decrease of 26.7% compared to the previous year [197]. - Profit attributable to owners of the Company from continuing operations was HK$12.1 million, a decrease of 65.0% year-on-year [197]. - Earnings per share from continuing and discontinued operations was HK$0.02, down from HK$0.07 in the previous year [197]. - The Group maintains a healthy financial position with net current assets of HK$259.0 million and a net cash position at the financial year end [197]. Dividend Policy - The Company did not recommend the payment of a final dividend for the 2023 Financial Year, consistent with the previous year where no dividend was paid [56]. - No interim dividends were paid by the Group during the 2023 Financial Year, consistent with the previous year [83]. - The Board will continue to review the Dividend Policy, retaining the discretion to amend it at any time without a legally binding commitment to pay dividends [40]. - The Board does not recommend a payment of final dividend to shareholders for the 2023 Financial Year, consistent with the previous year where no dividend was paid [157]. - The Group did not declare any final dividend for the 2023 financial year, consistent with the previous year where no dividends were paid [161]. Project and Business Development - As of March 31, 2023, 96.4% of the apartments in the Birmingham Property Project have been sold, with plans to dispose of the remaining apartments in the near future [73]. - The Group plans to continue developing premises revitalization and enhancement projects in Guangzhou, focusing on improving design, convenience, and security [199]. - The Group aims to diversify its business and broaden revenue sources in line with the national "14th Five-Year Plan" to support the development of the Greater Bay Area as an international innovation and technology hub [200]. - The Group is actively involved in various subsidiaries, enhancing its operational capabilities and market presence [108]. Management and Leadership - The Group's management team includes individuals with extensive experience, such as Mr. Yan Chi Tat, who has over 25 years in the engineering and construction industry [110]. - The Group's financial management and internal control are overseen by Mr. Chong, who has over 20 years of experience in audit and finance [128]. - The Group's project management is led by Mr. Chan King Yip, who has over 20 years of experience in handling engineering and construction projects [122]. - The Group's strategic direction is influenced by its founding members, who have decades of experience in the industry [108][111]. - The Group is focused on formulating corporate strategies and business development, with key personnel responsible for these areas having significant industry experience [114].
义合控股(01662) - 2023 - 年度财报