Business Performance - The Group has actively negotiated and secured new projects and tenders to enhance its business performance[20]. - The economic activities and operations have gradually returned to normal following the lifting of COVID-19 restrictions in early 2023[19]. - The Company is focused on executing its business strategies and utilizing its competitive strengths to strengthen its core business[20]. - The Group aims to look for appropriate investment opportunities to further enhance its business performance[20]. - The Group recorded total revenue of approximately HK$170.4 million, representing an increase of approximately 14.1% compared to HK$149.3 million for the year ended December 31, 2022[25]. - Profit attributable to equity holders of the Company was approximately HK$28.2 million, up from approximately HK$18.5 million for the year ended December 31, 2022[25]. - The increase in profit was mainly due to an increase in awarded projects and enhanced productivity following the lifting of all COVID-19 restrictions by the Hong Kong Government in early 2023[29]. - There has been an increasing number of project quotation invitations received from potential and current customers, indicating a strong demand in the infrastructure development market[26]. - The Group plans to utilize net proceeds from the Listing to expand service capacity and improve operational efficiency and profitability[27]. - The Group aims to expand its team of professionals to enhance technical capabilities for future project bids[27]. - The Group is proactively seeking opportunities to expand its customer base and market share, undertaking more building projects to enhance shareholder value[27]. - The Directors are cautiously optimistic about the Group's business outlook based on accumulated expertise and experiences in the industry[28]. - Economic activities are returning to normal after three years of the pandemic, leading to more active project launches by infrastructure developers[26]. - The Group is focused on executing its business strategy and leveraging its competitive advantages to secure new projects[24]. Financial Overview - The Group recorded a profit attributable to equity holders of approximately HK$28.2 million for the Year, an increase of approximately 52.4% from HK$18.5 million in the previous year[76]. - Revenue increased to approximately HK$170.4 million, up by approximately HK$21.1 million or 14.1% from HK$149.3 million for the year ended December 31, 2022[78]. - Gross profit rose to approximately HK$60.4 million, an increase of approximately HK$17.8 million or 41.7% from HK$42.6 million for the previous year[84]. - Other income decreased by approximately HK$2.2 million or 36.1% to approximately HK$3.9 million, primarily due to the absence of government subsidies related to COVID-19[85]. - Administrative expenses increased to approximately HK$32.3 million, up by approximately HK$5.0 million or 18.3% from HK$27.3 million in the previous year[87]. - Income tax expense increased by approximately HK$1.9 million or 67.9% to approximately HK$4.7 million, mainly due to an increase in taxable profit[88]. - The cost of services remained stable at approximately HK$110.1 million compared to the previous financial year[79]. - As of December 31, 2023, the Group's cash and bank balances and short-term time deposits amounted to approximately HK$67.5 million, down from HK$136.0 million in 2022[101]. - The Group had net current assets of approximately HK$146.4 million as of December 31, 2023, compared to HK$186.0 million in 2022[102]. - Total equity attributable to owners of the Company was approximately HK$153.1 million as of December 31, 2023, down from HK$189.9 million in 2022[103]. - The Board does not recommend the payment of a final dividend for the Year, with a total cash dividend of HK$0.08125 per ordinary share for the Year, compared to nil in 2022[96][99]. - The Group had a total of 455 employees as of December 31, 2023, an increase from 349 in 2022[107][114]. - There were no significant investments or material acquisitions and disposals of subsidiaries, associates, or joint ventures during the Year[118][122]. - The Group maintained a conservative treasury policy, ensuring a healthy liquidity position throughout the Year[105]. - As of December 31, 2023, Boltek Holdings Limited's gearing ratio was nil, consistent with the previous year[125][131]. - The Group's assets, liabilities, and transactions are primarily denominated in Hong Kong dollars, with no material foreign currency exchange risk identified[126][132]. Corporate Governance and Management - The immediate and ultimate holding company of the Group is Waywin Investment Holding Limited, incorporated in the British Virgin Islands[18]. - The ultimate controlling shareholder of the Group is Mr. Cheung Kwan Tar[18]. - Boltek Holdings Limited appointed Mr. Chan Yu Sum Sam as an independent non-executive director on August 20, 2018, who is responsible for providing independent judgment to the Board[46]. - Ms. Chik Wai Chun, appointed on September 9, 2021, has over 10 years of experience in auditing, accounting, and corporate governance[54]. - Mr. Shek Man Wah serves as the chief operating officer, overseeing project execution and completion since joining Mannings in May 2006[56]. - Mr. So William has been with Mannings since September 2006, managing project execution and completion, and was promoted to divisional director in April 2014[63]. - Mr. Lam Chi Chiu has been a divisional director of Mannings since September 2016, responsible for managing project execution and completion[65]. - Ms. Chiu Chui Ping, the chief administrative officer, oversees human resources and administrative functions since October 2005[61]. - Mr. Chan Kai Kow Macksion has been an independent non-executive director since August 20, 2018, providing independent judgment to the Board[48]. - Mr. Chan Yu Sum Sam holds a Bachelor of Science in Engineering and a Master of Business Administration, enhancing the Board's expertise[47]. - Ms. Chik Wai Chun obtained a master’s degree in corporate governance, contributing to the company's governance practices[54]. - The company has a diverse board with members holding qualifications from various professional institutions, enhancing its governance and operational capabilities[46][54][61]. Environmental, Social, and Governance (ESG) Initiatives - The Group has committed to enhancing its corporate social responsibility standards and adhering to relevant ESG laws and regulations[136][141]. - The ESG report includes quantitative key performance indicators (KPIs) that are comparable to the previous year[139]. - The Board oversees the Group's ESG strategy, ensuring alignment with business goals and compliance with legal requirements[144][145]. - Regular ESG meetings are conducted to monitor the implementation of strategies and assess compliance status[147][149]. - The Group has established a framework for ESG governance, involving the Board, ESG Working Group, and operational personnel[144][148]. - The Group emphasizes the importance of reducing emissions to protect the environment and promote sustainable economic development, focusing on carbon emissions from unleaded petrol, electricity, and paper consumption[171]. - The Group promotes the use of public transportation among staff and prioritizes unleaded petrol for vehicles to lower greenhouse gas emissions[171]. - Future efforts will include minimizing petrol consumption and transitioning to alternative fuels, such as electric or hydrogen-powered vehicles, when practicable[171]. - A materiality assessment has been conducted to identify and prioritize significant ESG topics for stakeholders, focusing on environmental and social responsibilities[165]. - Key environmental aspects identified include energy saving and waste management, while social aspects include employment, employee compensation, and customer satisfaction[167]. - The Group maintains close communication with stakeholders to understand their concerns and expectations regarding sustainable development[155]. - Stakeholder engagement methods include corporate website disclosures, annual financial reports, and direct communication with employees and investors[157]. - The Group is committed to compliance with laws and regulations, ensuring transparency and ethical business practices[153]. - The Group's governance framework includes regular reviews of ESG-related policies and targets by the Board[155]. - The Group acknowledges its responsibility to balance the interests of all stakeholders while fulfilling its social responsibilities[155]. Emission and Energy Management - The Group reduced nitrogen oxides (NOX) emissions from 3,422.32 grams in FY2022 to 3,014.37 grams in FY2023, a decrease of approximately 11.9%[175]. - Sulphur oxides (SOX) emissions decreased from 36.82 grams in FY2022 to 33.35 grams in FY2023, representing a reduction of about 9.9%[175]. - Respiratory suspended particles (PM) emissions fell from 251.98 grams in FY2022 to 221.94 grams in FY2023, a decline of approximately 11.9%[175]. - Direct greenhouse gas (GHG) emissions from mobile combustion sources decreased from 5.91 tonnes in FY2022 to 5.35 tonnes in FY2023, a reduction of about 9.5%[177]. - The Group aims to decrease GHG emissions intensity by 2% by 2026 compared to the 2021 baseline, primarily through transitioning to hybrid cars[181]. - Total emissions for Scope 1 and Scope 2 increased slightly from 69.86 tonnes in FY2022 to 72.00 tonnes in FY2023[177]. - Emission intensity per staff member improved from 0.47 tonnes in FY2022 to 0.42 tonnes in FY2023, indicating a reduction of approximately 10.6%[177]. - The Group generated 4.48 tonnes of non-hazardous waste paper in FY2023, a slight increase from 4.47 tonnes in FY2022[185]. - The Group maintained a zero-business air travel policy, promoting video conferencing to reduce carbon emissions from unnecessary travel[180]. - The Group implemented stricter energy-saving measures, including setting air conditioning to energy-saving temperatures and encouraging staff to switch off idle equipment[180]. - Total electricity consumption increased to 178,285 kWh in FY2023 from 170,814 kWh in FY2022, reflecting a growth of approximately 2.8%[195]. - Electricity usage intensity decreased to 1,042.60 kWh per staff member in FY2023 from 1,162.00 kWh in FY2022, a reduction of about 10.3%[195]. - The company aims to reduce electricity usage intensity to around 900 kWh per staff member in the coming year[196]. - The increase in energy consumption is attributed to the expansion of office space to enhance the working environment for staff[196]. - The company promotes energy conservation practices among employees, including turning off lights and equipment when not in use[197]. - The office temperature is set at an energy-saving level of around 25°C[197]. - The company regularly investigates water leaks and employs water-saving techniques to minimize unnecessary water consumption[198]. - The management of water consumption records for other areas is handled by the property management company, limiting access to data[199]. - The company aims to reduce water consumption in monitored areas for the upcoming year[200]. - Routine inspections for leaks in pipes and toilets will continue to prevent water wastage[200].
宝燵控股(08601) - 2023 - 年度财报