Financial Performance - The group's consolidated revenue for the year ended March 31, 2022, was HKD 87 million, a decrease from HKD 168 million in the previous year[16]. - The group recorded a loss of HKD 39 million for the year, compared to a profit of HKD 31 million in the previous year, with a loss attributable to ordinary shareholders of HKD 35 million[16]. - Basic and diluted loss per share for the year was HKD 0.093, compared to earnings per share of HKD 0.010 in the previous year[16]. - The group's bank deposits and cash as of March 31, 2022, amounted to HKD 110 million, representing 6.9% of total assets, down from 23.9% in the previous year[18]. - The group increased its capital commitment in Rykadan Real Estate Fund LP to HKD 15.75 million, raising its indirect partnership interest from approximately 3.53% to 5.26%[17]. - The group's total assets to total borrowings ratio was 20.8% as of March 31, 2022, compared to 15.6% in the previous year[34]. - The net asset liability ratio was 17.9% as of March 31, 2022, with a net debt of HKD 221 million, compared to a net cash position of HKD 129 million in the previous year[34]. Asset Management and Investment Strategy - The company is focusing on diversifying its property portfolio across Hong Kong, the UK, and the US, with ongoing projects in Wong Chuk Hang and Cheung Sha Wan expected to complete in summer 2022[10]. - The company is actively seeking and evaluating investment opportunities, particularly in high-potential luxury residential and mixed-use projects overseas[13]. - The company continues to manage two private closed-end funds and is exploring various fixed-income investment opportunities to enhance shareholder value[13]. - The company has successfully monetized early completed assets despite industry headwinds, supporting its long-term investment strategy[13]. - The group is actively seeking new property redevelopment opportunities and evaluating existing projects for timely monetization[28]. - The group plans to complete the Yellow Bamboo and Shek Pai Tau projects by summer 2022, despite some delays due to the COVID-19 pandemic[27]. Corporate Governance - The board of directors has authorized the delegation of daily management and operational functions to the CEO and senior management, while retaining decision-making power on significant matters[44]. - The board consists of executive directors including the CEO and COO, and independent non-executive directors, ensuring a diverse composition[45][46]. - The company has maintained at least one independent non-executive director with appropriate professional accounting qualifications throughout the fiscal year ending March 31, 2022[49]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring effective governance[50]. - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience to promote sustainable development[48]. - The chairman and CEO roles are held by the same individual, which deviates from corporate governance guidelines, but the board believes this arrangement serves the company's best interests[51]. - The company has established three committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee to oversee specific matters[60]. Risk Management - The board has adopted a risk management policy to manage risks associated with achieving business objectives, ensuring effective internal controls[76]. - The company has established a risk reporting procedure to ensure timely action on risks exceeding the board's risk tolerance levels[77]. - The board is responsible for evaluating the nature and extent of risks the group is willing to take to achieve strategic goals[76]. - An external consultant was hired to review certain internal control procedures, and the results were discussed and approved by management[76]. Employee Management and Development - Total employee count is 91, with an overall turnover rate of 11.1%[132]. - Male employee turnover rate is 23.1%, while female employee turnover rate is 0.0%[132]. - Average training hours for management in the office is 27.42 hours, while for non-management it is 4.07 hours[126]. - The company provides up to 6,000 HKD per year for training-related expenses[125]. - The company emphasizes continuous employee development and training opportunities[125]. - The company has a zero-tolerance policy towards any form of harassment and ensures compliance with labor laws[129]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes its commitment to corporate social responsibility and sustainable development[92]. - The environmental, social, and governance (ESG) report includes key performance indicators that are quantifiable for assessing the company's policies and management systems[91]. - The company integrates sustainability concepts into all aspects of its operations to minimize environmental and social impacts[97]. - The company achieved a green building certification (BEAM Plus Unclassified Rating) for the Cheung Sha Wan project in the fiscal year 2021/2022[106]. - The company has not reported any significant violations of environmental emission laws related to its operations during the review year[155]. Community Engagement and Charitable Contributions - The company contributed a total of HKD 125,000 to various charitable activities in the fiscal year 2021/2022, up from HKD 50,000 in the previous year[159]. - Community investment resources were allocated to focus areas such as education, health, and environmental issues[165]. Compliance and Legal Matters - The company emphasizes the importance of maintaining strong relationships with employees, customers, suppliers, and business partners for sustainable development[180]. - The company has a significant focus on compliance with applicable laws and regulations, with no major violations reported during the year[182]. - The company has not reported any significant changes in its financial risk management practices during the year[187].
宏基资本(02288) - 2022 - 年度财报