Financial Performance - The group's revenue for the year was approximately HKD 408.3 million, an increase of about 27.5% compared to the previous year's revenue of approximately HKD 320.3 million[14]. - Profit for the year increased by approximately 26.9% to about HKD 125.8 million, up from approximately HKD 99.1 million in the previous year, primarily due to growth in elderly care services and community care services[14]. - Total revenue increased by approximately HKD 88.0 million or 27.5% to about HKD 408.3 million for the year ended March 31, 2023, compared to HKD 320.3 million for the previous year[30]. - Revenue from elderly care services decreased from approximately HKD 218.4 million to about HKD 211.9 million, primarily due to a decline in average monthly occupancy rates[31]. - Revenue from community care services for the elderly increased to HKD 8.0 million from HKD 6.6 million, reflecting a growth in service demand[30]. - Revenue from providing care support services to isolated individuals surged to HKD 178.2 million, up from HKD 86.4 million, driven by the establishment of three additional isolation centers[30]. - Medical and testing services generated revenue of HKD 4.0 million, marking the first contribution from this segment as it was previously non-existent[31]. - Net profit for the year increased by approximately 26.9% to about HKD 125.8 million, compared to HKD 99.1 million in the previous year[37]. Operations and Services - As of March 31, 2023, the group operated nine elderly care homes, providing a total of 1,229 beds, an increase from 1,129 beds in the previous year[10]. - The average occupancy rate of the elderly care homes dropped to 84% during the year, down from 95% in the previous year due to the impact of the COVID-19 pandemic[11]. - The group expanded its service offerings to include community care services, with a total capacity of 120 center-based service slots and 1,000 home-based service voucher holders[11]. - A new contract elderly care home with 100 beds commenced operations in February 2023[10]. - The group has expanded its community care services under the Elderly Community Care Voucher pilot scheme, providing home-based services to alleviate financial and caregiving pressures[25]. - The group’s nursing homes operate under several brand names, including "Fai To," "Kato," and "Tsuen Wan Center," all featuring the same logo[18]. - The group aims to maintain high-quality services through standardized management and operational procedures across its nursing home network[15]. Business Expansion and Diversification - The group is diversifying its business by entering the medical diagnostics and health check market, responding to the increasing public awareness of preventive healthcare[12]. - The group completed the acquisition of properties to establish a nursing home with approximately 220 beds, expected to commence operations in 2024[15]. - In July 2021, the group acquired four plots of land in Yuen Long to establish another nursing home with approximately 250 beds, anticipated to start operations by the end of 2026[15]. - The group plans to continue expanding its nursing home network in strategic locations in Hong Kong as opportunities arise[15]. - The company plans to fully utilize the net proceeds of HKD 86.3 million for the establishment of a new nursing home by 2024[57]. - The company has acquired properties in Lam Tin and Yuen Long, expected to provide approximately 220 and 250 beds respectively, with operations starting in 2024 and 2026[60]. Financial Position and Management - The group's net asset value increased to approximately HKD 372.9 million from HKD 292.2 million, primarily due to operating profits[38]. - Current assets net value rose to about HKD 52.0 million from HKD 31.5 million, including cash and cash equivalents of approximately HKD 71.4 million[38]. - The current ratio improved to approximately 1.6 times from 1.5 times in the previous year, indicating better liquidity management[38]. - As of March 31, 2023, the company's debt-to-equity ratio decreased to 51.3% from 81.0% in 2022, due to repayment of bank loans and a reduction in lease liabilities[41]. - The company's total equity increased to HKD 372,940,000 in 2023, up from HKD 292,207,000 in 2022[41]. - The company has no significant investments or acquisitions planned for the next twelve months[47]. Corporate Governance - The company has maintained compliance with all corporate governance codes, ensuring transparency and accountability[73]. - The audit committee has been restructured to enhance oversight, with the addition of two independent directors[77]. - The company has a balanced board composition with at least three independent non-executive directors, ensuring compliance with listing rules[80]. - The board conducts regular evaluations to ensure the quality of discussions and decisions made during meetings[84]. - The company has established mechanisms to provide independent opinions and input data for board performance evaluations[84]. - The board meetings are scheduled with at least 14 days' notice, and meeting documents are provided at least three days prior to the meetings[83]. - The company has adopted a board diversity policy to enhance the skills, experience, and background of its members, ensuring a balanced composition[92]. Environmental, Social, and Governance (ESG) Initiatives - The group is committed to sustainable development as a core strategy, aiming to integrate sustainability into its operations and decision-making processes[140]. - Stakeholder feedback is actively sought to improve ESG performance, with a focus on social aspects identified as critical for operational success[141]. - The group adheres to high ethical standards and business integrity, which are essential for maintaining its market position in the elder care sector[146]. - The group emphasizes community investment and social responsibility, organizing activities to foster interaction among residents[148]. - The group has established a formal code of conduct to ensure compliance with ethical standards across all levels of its operations[145]. - The total greenhouse gas emissions for the reporting period were 1,317.01 tons of CO2 equivalent, with a density of 3.23 tons of CO2 equivalent per million HKD in revenue, a decrease of 15.60% from the previous reporting period[153]. Employee Management and Workforce - As of March 31, 2023, the total number of employees is 518, with 84.36% being full-time and 15.64% part-time[179]. - The employee turnover rate for the reporting period is 31.85%, with 165 employees leaving the company[182]. - The group provided training to 518 employees, representing 100% of the workforce, with an average training duration of 5.69 hours per employee[197]. - The group reported zero work-related fatalities and a death rate of 0.00% for the reporting period[193]. - The group has implemented strict health and safety measures, with no significant violations of occupational health and safety laws reported[189]. - The group has a zero-tolerance policy for child labor and forced labor, with no violations reported during the reporting period[198].
嘉涛(香港)控股(02189) - 2023 - 年度财报