Financial Performance - The group's revenue for the year was approximately HKD 320.3 million, an increase of about 24.9% compared to the previous year's revenue of approximately HKD 256.5 million[12]. - Profit for the year increased by approximately 24.6% to about HKD 99.1 million, up from approximately HKD 79.5 million in the previous year, primarily due to increased revenue from elderly care services and community care services[12]. - Total revenue increased by approximately HKD 63.8 million or 24.9% to approximately HKD 320.3 million for the year ended March 31, 2022, compared to HKD 256.5 million for the previous year[30]. - Revenue from elderly care services rose from approximately HKD 209.6 million to approximately HKD 218.4 million, attributed to increased average prices for personal customer accommodation and related products[31]. - Employee benefit expenses rose from approximately HKD 82.4 million to approximately HKD 119.8 million, mainly due to an increase in staff numbers and the absence of non-recurring wage subsidies from the government[32]. - The group's net assets increased to approximately HKD 292.2 million as of March 31, 2022, from approximately HKD 233.2 million in the previous year[37]. - The company's distributable reserves as of March 31, 2022, amounted to approximately HKD 252.6 million, a substantial increase from HKD 23.0 million in the previous year[151]. Operational Highlights - The average occupancy rate of the elderly care homes was approximately 95%, compared to 97% in the previous year, indicating strong and stable demand[11]. - The group operates eight nursing homes with a total of 1,129 elderly care beds as of March 31, 2022, unchanged from the previous year[20]. - The average monthly occupancy rate for the group was 94.9% in 2022, down from 96.6% in 2021[26]. - The highest occupancy rate was recorded at 嘉濤耆樂苑 with 98.5%, while 輝濤護老院 (安麗) had the lowest at 91.2%[26]. - The group has expanded its community care services since May 2020, providing home-based services to alleviate financial and caregiving pressures on families[27]. - The group is an approved service provider under the community care voucher pilot scheme, with a total capacity of 120 center-based service slots and 1,000 home-based service voucher holders[27]. - The group has completed the acquisition of several properties in Lam Tin and Yuen Long, which are expected to provide a total of approximately 530 beds for elderly care services[60]. Future Plans - The company completed the acquisition of suitable properties to establish a nursing home with approximately 250 beds, expected to commence operations in Q4 2023[15]. - The company also acquired four plots of land in Yuen Long to establish another nursing home with approximately 280 beds, anticipated to start operations by the end of 2025[15]. - The company plans to establish a new nursing home with 250 beds and another with 280 beds, expected to commence operations in early 2025[48]. - The company plans to utilize approximately HKD 86.3 million of unutilized proceeds for the acquisition of suitable properties to establish nursing homes, with full utilization expected by 2023[57]. Governance and Management - The board consists of two executive directors, one non-executive director, and three independent non-executive directors[94]. - The company has complied with all corporate governance codes during the reporting period[93]. - The company has a risk management monitoring system in place[93]. - The board held six meetings during the fiscal year ending March 31, 2022, to review and approve various financial forecasts and audited results[108]. - The audit committee reviewed the audited consolidated financial statements for the year ending March 31, 2022, ensuring compliance with applicable accounting principles and full disclosure[113]. - The company has adopted a board diversity policy, emphasizing the importance of diverse skills, experiences, and backgrounds among board members[107]. - The company emphasizes the importance of board diversity and has adopted measurable objectives to achieve it[118]. Employee and Community Engagement - The company expresses gratitude to its employees for their dedication and professionalism during the COVID-19 pandemic[16]. - The company offers comprehensive benefits and career development opportunities for all employees, including retirement plans and medical insurance[167]. - The company is actively involved in community service and has received multiple awards for volunteer contributions[65]. - The group has engaged in community initiatives related to elderly care, providing home-based and center-based support services since May 2020[59]. Risks and Challenges - The company reported a significant reliance on the Social Welfare Department for most of its revenue, indicating potential vulnerability to changes in government support[144]. - The company faced risks related to the potential suspension or non-renewal of licenses for elderly care homes, which could hinder operational expansion[144]. - The company is experiencing challenges in hiring and retaining qualified staff due to a labor shortage in the elderly care sector, which may affect labor costs[144]. - The company operates all its properties for elderly care on a rental basis, exposing it to risks associated with fluctuations in the Hong Kong real estate rental market[144]. Shareholder Information - The company proposed a final dividend of HKD 0.025 per share for the year, an increase from HKD 0.020 per share in the previous year[141]. - The company paid an interim dividend of HKD 0.020 per share on December 23, 2021, consistent with the previous year's interim dividend[141]. - The company emphasizes the importance of effective communication with shareholders to enhance understanding of business performance and strategies[30]. - The company maintains transparency and timely disclosure of information to assist shareholders in making informed investment decisions[30].
嘉涛(香港)控股(02189) - 2022 - 年度财报