Corporate Governance - The company has appointed two new directors, Mr. He Zhi Yuan and Mr. Liang Fu Shun, on January 18, 2023[5]. - The board recognizes the importance of gender diversity and will continue to seek female candidates to enhance board diversity[1]. - The company has established a new board of directors effective September 14, 2022, following the resignation of previous directors[134]. Business Strategy - The company plans to focus on the construction business in Hong Kong, benefiting from government housing and infrastructure stimulus plans, which aim to build 330,000 public housing units over the next ten years[16]. - The company is working on improving its operations to minimize environmental pollution[126]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of up to HKD 300 million earmarked for potential mergers and acquisitions[161]. - Market expansion plans include entering two new international markets, which are projected to increase overall market share by 5% within the next year[161]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing product features and user experience[161]. Financial Performance - The company reported a loss attributable to owners of HKD 21,707,000 for the year ended March 31, 2023, compared to a profit of HKD 19,678,000 in the previous year, representing a significant decline[77]. - Revenue from continuing operations was HKD 1,758,000, down from HKD 17,795,000 in the previous year, indicating a decrease of approximately 90.1%[77]. - Total comprehensive income attributable to owners was HKD (24,431,000) for the year, compared to HKD 20,507,000 in the previous year, reflecting a substantial drop[77]. - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year ending March 31, 2023, representing a year-on-year growth of 15%[161]. - The financial statements reflect a robust financial position, with total assets amounting to HKD 5 billion and a debt-to-equity ratio of 0.5, indicating a healthy balance sheet[161]. Risk Management - The board is responsible for evaluating the nature and extent of risks the company is willing to accept to achieve its strategic objectives[7]. - The company is committed to maintaining effective risk management and internal control systems to manage risks associated with achieving business objectives[7]. - The company acknowledges the significant risks related to environmental, social, and governance factors in its risk management framework[7]. Employee and Training - As of March 31, 2023, the total number of employees is 274, with 248 males and 26 females[23]. - The number of employees injured in occupational accidents increased to 12 from 3 in the previous year, while the number of lost workdays due to injuries was 400[29]. - A total of 192 employees received training, accumulating 1,795.75 hours, resulting in an average training time of 9.35 hours per employee[30]. - The company has implemented a salary adjustment and performance point system for production employees in mainland China to retain talent[25]. - The company has maintained compliance with all applicable health and safety laws, with no fatalities reported due to occupational accidents[29]. Environmental Impact - The total greenhouse gas emissions for the year amounted to 810.02 tons of CO2 equivalent, with a reduction of 7.5% compared to the previous year[130]. - The company planted 50 trees during the year to mitigate its environmental impact[130]. - The company has reduced greenhouse gas emissions and other major air pollutants due to decreased fuel, electricity, water consumption, and packaging usage compared to the year ending March 31, 2022[131]. - The company is committed to monitoring and revising its energy usage and logistics plans to minimize future emissions[131]. - The total amount of non-hazardous solid waste generated was 15.19 tons, with a focus on reducing and recycling waste[43]. Compliance and Policies - The company has established a robust anti-corruption policy, with no significant incidents reported during the year[34]. - The company has implemented a whistleblower policy to ensure transparency and accountability, encouraging employees and stakeholders to report any suspicious activities[167]. - The company has adopted a shareholder communication policy to ensure equal and timely access to information for shareholders, allowing them to exercise their rights and actively participate in company affairs[142]. Operational Efficiency - The company is investing in new technology development, allocating HKD 50 million towards R&D initiatives aimed at improving operational efficiency and product innovation[161]. - The company emphasizes customized products and strict quality monitoring, adhering to relevant regulations[32]. - The company has implemented a policy to limit overtime work to 20 hours per month to promote a healthy work-life balance[25]. Financial Reporting and Accounting - The group has chosen not to distinguish between lease and non-lease components in contracts, accounting for all components as a single lease component[188]. - Depreciation of property, plant, and equipment is calculated using the straight-line method over the estimated useful life, with major annual rates specified[187]. - The cost of inventory is determined using the weighted average method, including appropriate portions of materials, direct labor, and all production overheads[194].
恒益控股(01894) - 2023 - 年度财报