Company Overview - The company is incorporated in the Cayman Islands and listed on the GEM of the Hong Kong Stock Exchange under stock code 8601[1] - The company’s headquarters is located in Tsim Sha Tsui, Kowloon, Hong Kong[12] - The principal banker for Boltek Holdings Limited is Bank of China (Hong Kong) Limited[15] - The auditor for the company is Grant Thornton Hong Kong Limited, ensuring the accuracy of financial reporting[15] Financial Performance - For the year ended 31 December 2021, Boltek Holdings Limited recorded total revenue of approximately HK$129.9 million, representing an increase of approximately 16.1% compared to HK$111.9 million for the year ended 31 December 2020[18] - The profit attributable to equity holders of the Company for the year was approximately HK$20.2 million, a decrease from approximately HK$24.0 million for the year ended 31 December 2020[18] - The decrease in profit was mainly due to a reduction in COVID-19 related government subsidies received and expected credit loss provisions[18] - The Group's gross profit for the Year was approximately HK$45.4 million, remaining stable compared to HK$45.4 million for the year ended 31 December 2020[79] - Other income and gains decreased by approximately HK$6.8 million, from HK$8.1 million in 2020 to approximately HK$1.3 million for the Year, primarily due to a reduction in government subsidies related to COVID-19[79] - Administrative expenses decreased to approximately HK$22.8 million, down by approximately HK$3.3 million or 12.8% from HK$26.1 million for the year ended 31 December 2020[79] - The Group recorded a profit of approximately HK$20.2 million for the Year, a decrease from HK$24.0 million in the previous year, primarily due to a reduction in COVID-19 related government subsidies[68] - Revenue increased to approximately HK$129.9 million for the Year, up by approximately HK$18.0 million or 16.1% from HK$111.9 million for the year ended 31 December 2020, mainly due to an increase in projects awarded[75] - Cost of services rose to approximately HK$84.5 million for the Year, an increase of approximately HK$18.4 million or 27.9% from HK$66.1 million in the previous year, driven by higher salaries and bonuses for technical staff[76] Market and Business Strategy - The Group's management discussion highlights key strategies for market expansion and potential new product developments[8] - Boltek Holdings Limited plans to utilize the net proceeds from the Listing to expand its service capacity and improve operational efficiency and profitability[22] - The Group aims to expand its team of professionals to enhance technical capabilities for future project bids[22] - The Group focuses on infrastructure developments, covering civil engineering, traffic engineering, and building engineering[66] - The Group's strategy includes undertaking more projects to enhance shareholder value[70] - The Board remains cautiously optimistic about the Group's business outlook based on accumulated expertise and experiences in the industry[22] - Boltek Holdings Limited will take appropriate measures to improve operating efficiency and proactively seek profitable projects to mitigate adverse impacts[22] - The Group aims to improve operational efficiency and profitability while seeking opportunities to expand its customer base and market share[70] Corporate Governance - The report outlines the composition of the Board of Directors and various committees overseeing corporate governance[10] - The company emphasizes the importance of independent judgment in its governance structure to ensure transparency and accountability[46] - The company aims to enhance its corporate governance and compliance through the expertise of its independent directors[46] - The board includes members with significant legal and engineering backgrounds, enhancing its decision-making capabilities[44] Human Resources and Employee Welfare - The Group employed a total of 179 employees as of December 31, 2021, all based in Hong Kong, with a higher proportion of male employees due to the nature of the business[164] - The turnover rate for the Group was 25% during the year, totaling 44 permanent employees, with a turnover rate of approximately 25% for male employees and 22% for female employees[171] - The Group has implemented a fair recruitment policy, assessing candidates based solely on performance, experience, and skills, regardless of gender, age, race, family status, religion, or disability[164] - Employees are entitled to various types of leave, including sickness, marriage, funeral, maternity leave, and statutory holidays, along with a day of vaccination leave introduced during the year[174] - The Group aims to enhance employee welfare and belonging through comprehensive benefits and a supportive work environment[174] - The Group's training participation rates were 50% for male employees and 51% for female employees, with average training durations of 4.5 hours and 5.7 hours respectively[180] - The Group offers training sponsorship for courses relevant to employees' job duties to encourage self-learning and development[180] - The Group has implemented measures to ensure staff health and safety during the COVID-19 pandemic, including hygiene requirements and temperature checks[180] Environmental, Social, and Governance (ESG) Initiatives - The Group is committed to improving standards of Corporate Social Responsibility (CSR) and complies with ESG reporting requirements[97] - The Group identified key ESG topics including emissions, energy saving, waste management, employment, development and training, anti-corruption, and community investment[121] - Nitrogen Oxides (NOX) emissions decreased from 3,520.57 grams in FY2020 to 2,795.49 grams in FY2021, representing a reduction of approximately 20.6%[129] - Sulphur Oxides (SOX) emissions decreased from 62.30 grams in FY2020 to 31.87 grams in FY2021, a reduction of approximately 48.9%[129] - Direct GHG emissions from mobile combustion sources decreased from 10.61 tonnes in FY2020 to 5.12 tonnes in FY2021, a reduction of approximately 51.7%[133] - The Group aims to reduce GHG emissions by 2% by the year 2026, using FY2021 as the baseline, by transitioning to hybrid vehicles[133] - The Group's electricity-related CO2 emissions decreased from 83.80 tonnes in FY2020 to 59.94 tonnes in FY2021, a reduction of approximately 28.5%[133] - The Group did not receive any notices of non-compliance regarding emissions or pollution regulations during the year[133] - The Group encourages employees to use public transportation, contributing to a reduction in vehicle emissions[133] - The Group is committed to environmental protection and aims to control emissions, energy consumption, and paper waste during daily operations to support sustainable development[200] Community Engagement and Donations - The Group made a donation of approximately HK$130,000 to Lifewire, a crowdfunding platform for healthcare in Hong Kong, to support urgent medical care for children with rare diseases[197] - The Group donated over HK$100,000 to Sing Tao Charitable Foundation, which provides financial assistance to those in need, including educational opportunities for young people through loans and scholarships[199] Compliance and Risk Management - The Group regularly reviews its human resource policies to ensure compliance with laws and regulations[87] - The Group did not have any contingent liabilities as of 31 December 2021, consistent with the previous year[85] - The Group maintained a conservative treasury policy, ensuring a healthy liquidity position throughout the Year[85] - The Group did not have any significant investments or material acquisitions during the year[87] - The Group's capital management aims to maximize returns to shareholders while ensuring ongoing operations[91] - All of the Group's assets and liabilities are mainly denominated in Hong Kong dollars or Renminbi, with no significant foreign exchange risk identified[94]
宝燵控股(08601) - 2021 - 年度财报