松龄护老集团2023年报

Contents 2Corporate Information4Key Focus6Business Information8Our Service Offerings10Chairman’s Statement14Management Discussion and Analysis25Directors and Senior Management Profiles33Corporate Governance Report55Environmental, Social and GovernanceReport 20232023120Report of the Directors140Independent Auditor’s Report147Consolidated Statement of Profit or Loss148Consolidated Statement of Comprehensive Income149Consolidated Statement of Financial Position151Consolidated Statement of Changes in Equity153Consolidated Statement of Cash Flows155Notes to Financial Statements240Financial Summary Corporate Information BOARD OF DIRECTORSNon-executive directors Mr. Choi Wun Hing Donald(Chairman)Mr. Wong Hung HanMr. Tsang Tin ForMr. Wu Tat Ming DameinMs. Hui Wai Man Executive directorMr. Chan Yip Keung(Chief Executive Officer) Independent non-executive directorsMr. Yuen Tak Tim AnthonyMr. Lam Cheung WaiMr. Wong Kam PuiMr. Wong Kit Loong AUDIT COMMITTEE Mr. Yuen Tak Tim Anthony(Chairman)Mr. Lam Cheung WaiMr. Wong Kam PuiMr. Wong Kit Loong NOMINATION COMMITTEE Mr. Choi Wun Hing Donald(Chairman)Mr. Yuen Tak Tim AnthonyMr. Lam Cheung Wai REMUNERATION COMMITTEE Mr. Yuen Tak Tim Anthony(Chairman)Mr. Choi Wun Hing DonaldMr. Lam Cheung Wai AUTHORISED REPRESENTATIVES Mr. Tsang Tin ForMr. Chan Yip Keung COMPANY SECRETARYMr. Lo Sze Hung PRINCIPAL PLACE OF BUSINESS IN HONG KONG 68–721 G/F, 1 Koon Wah Lane,68–72 Yuk Wah Street,Tsz Wan Shan,Kowloon, Hong Kong REGISTERED OFFICE Cricket Square, Hutchins Drive,PO Box 2681, Grand Cayman KY1-1111,Cayman Islands Cricket Square, Hutchins Drive,PO Box 2681, Grand Cayman KY1-1111,Cayman Islands Corporate Information PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN THE CAYMAN ISLANDS Conyers Trust Company (Cayman) LimitedCricket Square,Hutchins Drive, PO Box 2681,Grand Cayman KY1-1111,Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square,Hutchins Drive, PO Box 2681,Grand Cayman KY1-1111,Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17th Floor, Far East Finance Centre,16 Harcourt Road, Hong Kong INDEPENDENT AUDITOR 22 PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s Building, Central, Hong Kong LEGAL ADVISER (as to Hong Kong law)Chiu & Partners40/F, Jardine House,1 Connaught Place, Hong Kong 140 PRINCIPAL BANKERS 83 Hang Seng Bank Limited83 Des Voeux Road Central, Hong Kong Nanyang Commercial Bank Limited10/F,151 Des Voeux Road Central, Central, Hong Kong 15110 The Hongkong and Shanghai Banking Corporation Limited1 Queen’s Road Central, Hong Kong 1 20 Bank of Communications (Hong Kong) Limited20 Pedder Street, Central, Hong Kong Fubon Bank (Hong Kong) LimitedFubon Bank Building, 38 Des Voeux Road, Central, Hong Long 38 328 China Construction Bank (Asia) Corporation Limited28/F, CCB Tower, 3 Connaught Road Central,Central, Hong Kong 1989 STOCK CODE1989 COMPANY WEBSITEwww.pinecaregroup.com www.pinecaregroup.com Key Focus Business Information Our Business Footprintin Hong Kong Core Business Silverage Collection Residential Care Service Voucher (RCSV) Enhanced Bought Place Scheme (EBPS) —Category EA1 Contract Home Our Service Offerings We stand out in the senior care sector with our unique and ever-expanding range offacilities, services and professional care offerings that fulfill the various needs ofseniors at different stages of life. ResidentialCare Home Chairman’s Statement Dear Shareholders, On behalf of the board (the “Board”) of directors (“Directors”) of Pine CareGroup Limited (the “Company”), I am pleased to present the annual report ofthe Company and its subsidiaries (the “Group” or “Pine Care Group”) for theyear ended 31 March 2023 (“FY2023”). 20233312023 OVERVIEW FY2023 continues to be a challenging year across many industries, includingour own. I am pleased to report that our business continued to demonstrate agreat degree of agility and resilience during the atypical times in FY2023. 20232023 FY2023 was still a challenging year for the Group financially which recorded aloss of HK$27.8 million due to the unfavourable impact brought forward by theCOVID-19 situation. Performance in relation to our operations and ourinvestments had been adversely affected, resulting in the impairment ofassets. 202327.8 Despite all the hardships and the challenges posed by the COVID-19 situation,we remained committed to delivering quality healthcare services and placingthe well-being of our residents at the forefront. With our perseverance, I ampleased to report that our core business of our 8 EA1(Note)residential carehomes for the elderly (“RCHEs”) remains strong with an average occupancyrate of 88.9% for FY2023 as compared to 92.7% for the year ended 31 March2022 (“FY2022”), while the occupancy rate of our Silverage Collection,comprising Pine Care Place in Yoho Mall, Yuen Long; and Pine Care Point inShek Kip Mei, also re