Financial Performance - The entertainment education segment generated revenue and net profit of approximately HKD 154.8 million and HKD 95.2 million, representing year-on-year growth of 19.8% and 6.7% respectively, contributing 45.4% and 132.4% to the group's total revenue and net profit [9]. - Revenue from existing civil engineering and building works in Hong Kong was approximately HKD 184.6 million, a decrease of about HKD 37.7 million or 17.0% compared to the previous year, with a net loss of approximately HKD 34.9 million, an increase of about HKD 30.0 million or 8.7 times [10]. - The group's revenue decreased by approximately 3.05% from about HKD 351.6 million to approximately HKD 340.8 million due to project delays caused by COVID-19 and no new projects awarded during the year [16]. - Gross profit fell from approximately HKD 108.0 million to about HKD 94.5 million, with the gross profit margin decreasing from 30.7% to 27.7% primarily due to reduced revenue and increased direct labor costs [17]. - The group recorded a profit attributable to equity shareholders of approximately HKD 62.2 million, down from HKD 80.5 million in the previous year [21]. Strategic Initiatives - The group established a new wholly-owned subsidiary in Hainan for arts education, expanding operations to Xiamen, which is expected to contribute significantly to business diversification and long-term benefits for shareholders [13]. - The group is actively seeking strategic partnerships in new energy development and researching aromatic plants, particularly agarwood in Hainan, to enhance its market position in mainland China [9]. - The board remains cautiously optimistic about the gradual recovery of the construction business in Hong Kong, despite ongoing challenges from COVID-19 and rising costs [14]. - The group continues to monitor market conditions closely and adapt strategies to address challenges in the construction sector [14]. Cost Management - The group is implementing cost control measures and resource management policies to mitigate adverse market conditions and maintain competitiveness [10]. - General and administrative expenses rose from approximately HKD 25.1 million to about HKD 30.4 million, primarily due to increased employee salaries in the education and training business in mainland China [19]. - The total employee cost, including directors' salaries, increased to approximately HKD 58.7 million from HKD 36.4 million, reflecting a rise in workforce size from 106 to 249 employees [31]. Liquidity and Capital Structure - The current ratio improved from 3.0 to 5.0, and the quick ratio also increased from 3.0 to 5.0, indicating better liquidity [22]. - Cash and cash equivalents increased to approximately HKD 166.2 million from HKD 110.5 million, while borrowings rose to about HKD 21.6 million from HKD 16.3 million [23]. - The capital debt ratio remained stable at approximately 8.5% for both years, indicating consistent capital structure [25]. Corporate Governance - The board of directors is committed to maintaining high standards of corporate governance to enhance shareholder value [53]. - The company has adopted the corporate governance code as per the Listing Rules, ensuring compliance during the review period [54]. - The board consists of three independent non-executive directors, providing diverse perspectives and expertise [63]. - The company has established a shareholder communication policy to enhance accountability and responsiveness of the board [63]. - The company has a robust anti-corruption policy in place, allowing employees and stakeholders to report concerns to the audit committee [63]. Environmental, Social, and Governance (ESG) Initiatives - The company has identified key ESG issues based on stakeholder expectations and prioritized them accordingly during the reporting year [182]. - The board is responsible for overseeing and approving ESG policies and strategies, ensuring effective risk management [180]. - The company has adopted a top-down management approach to promote ecological and environmental protection [179]. - The group has committed to reducing emissions, conserving resources, and providing a safe and healthy work environment [179]. - The company aims to achieve its ESG goals, focusing on reducing pollutant emissions and creating a diverse and safe working environment [184]. Operational Challenges - The company faces significant business risks, including the inability to attract new students and project clients, which could adversely affect financial performance [112]. - Cost overruns in training and project execution may occur due to uncontrollable factors, impacting profit margins [114]. - The company faced increased risks from extreme weather events in Hong Kong, such as typhoons and flooding, impacting its civil engineering operations [199]. Shareholder Matters - The board does not recommend the payment of a final dividend for the year [45]. - The company has implemented a dividend policy allowing shareholders to share in profits while reserving sufficient reserves for future development, with any proposed dividends subject to board discretion and shareholder approval [73].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1034） 截至二零二二年十二月三十一日止年度的全年業績公告 富匯國際集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的綜合業績，連同截至 二零二一年十二月三十一日止年度之比較數字。 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 3 340,828 351,550 直接成本 (246,288) (243,540) 毛利 94,540 108,010 其他收入 4 27,174 5,325 一般及行政開支 (30,396) (25,110) 融資成本 5 (48) (121) 除稅前溢利 91,270 88,104 所得稅開支 6 (19,421) (8,929) — 1 — 二零二二年 二零二一年 ...

Financial Performance - The company's revenue decreased by 6.0% from approximately HKD 169.2 million to about HKD 159.1 million during the reporting period[17]. - Gross profit increased from approximately HKD 29.0 million to about HKD 30.2 million, with the gross profit margin improving from 17.2% to 19.0%[18]. - The group recorded a profit attributable to equity shareholders of approximately HKD 13.1 million for the reporting period, consistent with the previous period[24]. - Revenue for the six months ended June 30, 2022, was HKD 159,060,000, a decrease of 6.7% from HKD 169,188,000 in the same period of 2021[69]. - Operating profit for the period was HKD 22,612,000, up from HKD 18,087,000, representing a growth of 25.9%[69]. - Profit before tax rose to HKD 22,591,000, compared to HKD 18,015,000 in the prior year, indicating a year-on-year increase of 25.5%[69]. - Net profit for the period was HKD 13,098,000, slightly up from HKD 13,053,000, showing a marginal increase[69]. - Total comprehensive income for the period was HKD 7,709,000, down from HKD 13,065,000, reflecting a decrease of 41.1%[69]. - Basic and diluted earnings per share remained stable at HKD 0.82, unchanged from the previous year[69]. - The company reported a net profit of HKD 13,098,000 for the six months ended June 30, 2022, compared to a loss of HKD 5,389,000 in the same period of the previous year, indicating a turnaround in profitability[75]. Revenue Sources - The construction contracts and related services revenue was HKD 86,734, down 34.0% from HKD 131,549 in the previous year[93]. - Tuition revenue increased significantly to HKD 71,393, up 89.5% from HKD 37,639 in the prior year[93]. - Revenue from external customers for the six months ended June 30, 2022, was HKD 159,060 million, a decrease from HKD 169,188 million in the same period of 2021[123]. - Other income rose by 296.7% from approximately HKD 1.0 million to about HKD 4.1 million, primarily due to revenue from waste sales[21]. Expenses and Costs - General and administrative expenses slightly decreased from approximately HKD 12.0 million to about HKD 11.7 million, mainly due to reduced rental costs[22]. - Financing costs decreased from approximately HKD 0.07 million to about HKD 0.02 million, attributed to a significant reduction in average borrowings[23]. - Total employee costs, including directors' salaries, amounted to approximately HKD 24.7 million, up from HKD 19.6 million in the previous period[32]. - The company incurred a tax expense of HKD 9,493 million for the six months ended June 30, 2022, compared to HKD 4,962 million in the previous year[137]. - Depreciation expense for property, plant, and equipment was HKD 3,028 million for the six months ended June 30, 2022, down from HKD 3,460 million in the same period of 2021[136]. Assets and Liabilities - As of June 30, 2022, the group's cash and cash equivalents amounted to approximately HKD 215.1 million, an increase from HKD 110.5 million as of December 31, 2021[25]. - The total equity as of June 30, 2022, was HKD 199,412,000, compared to HKD 191,703,000 as of December 31, 2021, reflecting an increase of about 4.0%[72]. - The total liabilities increased to HKD 160,828,000 as of June 30, 2022, from HKD 76,361,000 as of December 31, 2021, representing an increase of approximately 110.7%[72]. - The group’s total liabilities as of June 30, 2022, were approximately HKD 133,083,000, compared to HKD 50,921,000 as of December 31, 2021[157]. - The group has no bank borrowings as of June 30, 2022, with all borrowings fully repaid by June 30, 2021[162]. Strategic Initiatives - The company has expanded its new business activities in the performing arts education sector to Xiamen, Fujian Province, enhancing business diversification[16]. - The board remains cautiously optimistic about the gradual recovery of the construction business in Hong Kong, despite ongoing challenges[14]. - The company continues to strengthen cost control measures and resource management policies to maintain market competitiveness[14]. - The group plans to utilize the remaining unutilized proceeds by December 31, 2022, depending on market and economic conditions[47]. - The company continues to focus on resource allocation based on internal reports reviewed by the executive directors, indicating a strategic approach to performance evaluation[97]. Employee and Management - The group employed a total of 154 employees as of June 30, 2022, an increase from 106 employees as of December 31, 2021[32]. - Total remuneration for key management personnel increased to HKD 1,185,000 in 2022 from HKD 893,000 in 2021, reflecting a growth of approximately 32.6%[170]. - The group did not recommend an interim dividend for the six months ended June 30, 2022, consistent with the same period in 2021[143]. Corporate Governance - The company has adopted the corporate governance code and has complied with its provisions throughout the reporting period[51]. - The company maintained sufficient public float as per listing rules during the reporting period[65]. - No share buybacks or repurchases of listed securities occurred during the reporting period[62].

Revenue and Profitability - Fullwealth International Group Holdings Limited reported total revenue of approximately HKD 129.2 million from its new arts education business, accounting for 36.8% of the group's total revenue for the year[11]. - The net profit from the arts education segment was approximately HKD 89.2 million, representing 112.7% of the group's total profit for the year[11]. - The group's revenue for the current year was approximately HKD 351.6 million, an increase of about 29.5% from HKD 271.4 million in the previous year[24]. - The group recorded a gross profit of approximately HKD 108.0 million, improving from a gross loss of about HKD 54.9 million in the previous year, resulting in a gross profit margin of 30.7%[25]. - The group recorded a profit attributable to equity shareholders of approximately HKD 80.5 million, a turnaround from a loss of HKD 73.4 million in the previous year[29]. Business Operations and Strategy - The company has established a wholly-owned subsidiary in Hainan, China, to engage in arts and cultural performance education and training, which commenced operations in May 2021[11]. - Fullwealth is actively seeking strategic partnerships with major enterprises and provincial organizations in Hainan for new energy development to enhance its market position in mainland China[11]. - The group plans to focus on diversifying its business and expanding into new opportunities in Hong Kong and mainland China, which is expected to benefit the company and its shareholders in the long term[13]. - The group has secured one new construction project with a total initial contract value of approximately HKD 181.2 million as of December 31, 2021[18]. Financial Position and Ratios - As of December 31, 2021, the current ratio was 3.0, up from 2.1 in 2020[31]. - The capital debt ratio increased to 8.5% in 2021 from 8.1% in 2020[34]. - The return on equity improved to 41.3% in 2021, compared to a loss of 66.0% in 2020[31]. - Cash and cash equivalents reached approximately HKD 110.5 million as of December 31, 2021, significantly up from HKD 34.9 million in 2020[32]. - Total borrowings, including lease liabilities and bank loans, were approximately HKD 16.3 million as of December 31, 2021, compared to HKD 9.1 million in 2020[32]. - The total asset return was 29.5% in 2021, improving from a loss of 40.7% in 2020[31]. - The interest coverage ratio was 729.1 times, indicating strong ability to cover interest expenses[31]. Expenses and Cost Management - General and administrative expenses increased to approximately HKD 25.1 million from HKD 19.9 million in the previous year, mainly due to increased marketing expenses for new education and training businesses in mainland China[27]. - Financing costs decreased significantly to approximately HKD 0.1 million from HKD 0.7 million in the previous year, attributed to a substantial reduction in average borrowings[28]. - The total employee cost, including directors' salaries, was approximately HKD 36.4 million in 2021, down from HKD 47.4 million in 2020[38]. - The company employed 106 staff members as of December 31, 2021, a decrease from 122 in 2020[38]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance throughout the reporting period[62]. - The board composition includes 4 Executive Directors and 7 Independent Non-Executive Directors, enhancing the board's independence[65][66]. - The company recognizes the benefits of board diversity and has established a policy to maintain diversity in terms of gender, age, experience, and educational background[68][69]. - The Nomination Committee will evaluate the board composition annually and report on the implementation of the diversity policy[71][76]. - The company has a nomination policy in place to ensure a balanced selection of directors based on skills, experience, and diversity[72]. Risk Management - The company has identified potential strategic, operational, financial, and compliance risks through an annual risk assessment, implementing relevant internal control measures to mitigate these risks[106]. - The company faces risks related to cost overruns in training and project costs due to uncontrollable factors, which could reduce profit margins[115]. - The company has implemented an internal audit function through external consultants to assist the audit committee in conducting independent annual evaluations of the risk management and internal control systems[106]. Shareholder Relations and Dividends - The company does not recommend a final dividend for the year, consistent with the previous year[52]. - The board may declare an interim dividend if it reasonably believes that profits are available for distribution[78]. - The company reported a reserve available for distribution to shareholders of approximately HKD 82,020,000 as of December 31, 2021[135]. Audit and Compliance - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2021[177]. - The audit committee reviewed the effectiveness of the group's internal control system and financial reporting processes[90]. - The group has complied with applicable disclosure requirements under the Hong Kong Companies Ordinance[177]. - The financial reporting is in compliance with the requirements set forth by the Hong Kong Institute of Certified Public Accountants[198]. Employee and Talent Management - The company views employees as valuable assets and provides competitive compensation and training opportunities to attract and retain talent[124]. - All directors participated in continuous professional development to enhance their knowledge and skills[83].

Financial Performance - The company's revenue increased by 33.0% from approximately HKD 127.2 million for the six months ended June 30, 2020, to approximately HKD 169.2 million for the reporting period[16]. - Gross profit improved to approximately HKD 29.0 million with a gross profit margin of 17.2%, compared to a gross loss of approximately HKD 32.2 million and a gross loss margin of 25.3% in the previous period[17]. - The company recorded a profit attributable to equity shareholders of approximately HKD 13.1 million for the reporting period, compared to a loss of approximately HKD 43.8 million for the six months ended June 30, 2020[24]. - Operating profit for the six months was HKD 18,087,000, a recovery from an operating loss of HKD 43,377,000 in the prior year[68]. - The company achieved a profit before tax of HKD 18,015,000, compared to a loss before tax of HKD 43,780,000 in the same period last year[68]. - The net profit for the period was HKD 13,053,000, a significant improvement from a net loss of HKD 43,780,000 in the previous year[68]. - Basic and diluted earnings per share for the period were HKD 0.82, compared to a loss per share of HKD 2.74 in the same period last year[68]. Cash Flow and Assets - As of June 30, 2021, the company's cash and cash equivalents amounted to approximately HKD 74.4 million, an increase from HKD 34.9 million as of December 31, 2020[25]. - The company reported a net cash inflow from operating activities of HKD 44,666 million for the six months ended June 30, 2021, compared to a cash outflow of HKD 8,746 million in the same period of 2020[82]. - Cash and cash equivalents at the end of the period were HKD 74,417 million, significantly up from HKD 28,569 million at the end of June 2020, representing a growth of 160.5%[82]. - Total assets amounted to HKD 149,785 million, an increase of 15.7% from HKD 129,434 million as of December 31, 2020[70]. - The net current assets increased to HKD 84,152 million, up from HKD 68,464 million, reflecting a growth of 22.9%[70]. - The total equity increased to HKD 124,251 million as of June 30, 2021, compared to HKD 111,186 million at the end of 2020, marking an increase of 11.7%[70]. Expenses and Liabilities - General and administrative expenses decreased from approximately HKD 15.9 million to approximately HKD 12.0 million, mainly due to a reduction in impairment losses on other receivables[22]. - Financing costs decreased significantly from approximately HKD 0.4 million to approximately HKD 0.07 million, attributed to a substantial reduction in average borrowings during the reporting period[23]. - Total employee costs for the reporting period, including director salaries, amounted to approximately HKD 19.6 million, compared to HKD 26.5 million for the six months ended June 30, 2020[32]. - Total liabilities were HKD 73,604,000, with segment liabilities of HKD 31,454,000 for civil engineering and HKD 38,931,000 for entertainment education[106]. Business Operations and Projects - The company currently has three ongoing projects with a total initial contract value of approximately HKD 111.9 million as of June 30, 2021[12]. - The company has commenced new business activities in the education and training sector related to performing arts in Hainan, China, which began operations in May 2021[15]. - The board remains cautiously optimistic about the gradual recovery of the construction business in Hong Kong, despite ongoing challenges from the COVID-19 pandemic[13]. - The company is actively participating in tenders to maintain its market competitiveness and is enhancing cost control measures[13]. - The company has expanded its operations into the cultural and educational sectors in mainland China during the reporting period[84]. - The company plans to continue its investment in civil engineering and building projects in Hong Kong, aiming for further market penetration[84]. Government Support and Subsidies - Other income decreased by 78.0% from approximately HKD 4.7 million to approximately HKD 1.0 million, primarily due to a reduction in government subsidies related to COVID-19[21]. - The company received government subsidies related to COVID-19 amounting to HKD 931,000 during the reporting period[109]. Shareholder and Equity Information - As of June 30, 2021, the major shareholder, Victory Way Global Company Limited, held 1,200,000,000 shares, representing 75% of the company's equity[60]. - The company maintained sufficient public float as required by the listing rules during the reporting period[65]. - The company did not recommend the payment of dividends for the reporting period[47]. - The company did not declare an interim dividend for the six months ended June 30, 2021, consistent with the previous year[122]. Accounting and Compliance - The audit committee was established on October 8, 2018, to oversee the financial reporting and internal control systems of the group[66]. - The company has adopted new accounting standards that did not have a significant impact on the financial reporting for the current period[90].

Financial Performance - The company's revenue for the year ended December 31, 2020, was approximately HKD 271.4 million, a decrease of about HKD 282.0 million or 51.0% compared to the previous year[9]. - The company reported a loss of approximately HKD 73.4 million for the year, compared to a profit of HKD 7.2 million in the previous year[9]. - The group recorded a gross loss of approximately HKD 54.9 million, compared to a gross profit of approximately HKD 13.7 million in the previous year, primarily due to intensified market competition and increased construction costs caused by COVID-19[13]. - Other income decreased by 44.1% from approximately HKD 11.5 million to approximately HKD 6.4 million, mainly due to reduced rental income from factories and equipment[13]. - The group recorded contract revenue of approximately HKD 271,374,000 for the year ended December 31, 2020[167]. - Total revenue for the year 2020 was HKD 271,374,000, a decrease of 51% compared to HKD 553,357,000 in 2019[178]. - The company reported a gross loss of HKD 54,912,000 for 2020, compared to a gross profit of HKD 13,718,000 in 2019[178]. - Operating loss for the year was HKD 73,569,000, a significant decline from an operating profit of HKD 10,326,000 in the previous year[178]. - The net loss for the year amounted to HKD 73,403,000, compared to a profit of HKD 7,179,000 in 2019[178]. - Basic and diluted loss per share for 2020 was HKD (4.59), compared to earnings of HKD 0.45 per share in 2019[179]. Business Strategy and Operations - The company plans to focus on existing business while seeking new business opportunities to enhance profitability[10]. - The company is actively monitoring market conditions and taking appropriate measures to mitigate adverse factors affecting its operations[9]. - The impact of the COVID-19 pandemic has posed significant challenges to the company's business environment[9]. - The group has a cautious optimistic outlook for the construction business recovery based on long-term housing development and land policies in Hong Kong[12]. - The group has secured 5 new projects with an initial contract value of approximately HKD 187.7 million during the year[12]. - The group will continue to strengthen cost control measures and resource management policies to maintain market competitiveness[12]. Corporate Governance - The company has maintained compliance with the corporate governance code throughout the reporting period, ensuring effective governance structures are in place[56]. - The board consists of a majority of independent non-executive directors, enhancing its independence and accountability[55]. - The company emphasizes the importance of effective corporate governance to protect shareholder interests and enhance shareholder value[55]. - The board has adopted a diversity policy to enhance the composition of the board, considering factors such as gender, age, experience, and professional skills[60]. - The nomination committee will annually disclose the composition of the board in the corporate governance report and monitor the implementation of the diversity policy[63]. - The audit committee consists of three independent non-executive directors, responsible for overseeing the group's financial reporting and internal control systems[80]. Financial Position - Total assets decreased to HKD 129,434,000 in 2020 from HKD 206,908,000 in 2019, reflecting a decline of approximately 37%[182]. - Current liabilities were HKD 73,224,000, up from HKD 60,970,000 in 2019, indicating an increase of about 20%[182]. - Cash and cash equivalents at the end of 2020 were HKD 34,925,000, down from HKD 47,451,000 at the beginning of the year, representing a decrease of 26%[187]. - The total equity as of December 31, 2020, was HKD 184,589,000, an increase from HKD 111,186,000 in 2019, reflecting a growth of approximately 66%[182]. Shareholder Information - The board does not recommend a final dividend for the year[33]. - The company has no arrangements for dividend payments for the current year, consistent with the previous year[110]. - As of December 31, 2020, the distributable reserves available for shareholders were approximately HKD 87,948,000[115]. - The company adopted a dividend policy on March 29, 2019, allowing shareholders to share in profits while reserving sufficient reserves for future development[70]. Risk Management - The company has established a risk management and internal control system to manage potential strategic, operational, financial, and compliance risks[98]. - The company faces business risks including the inability to secure new projects and potential cost overruns due to uncontrollable factors[101]. - The company has maintained compliance with applicable laws and regulations without significant violations impacting its operations[104]. Leadership Changes - The company appointed Mr. Liu Xin Yi as the CEO on January 14, 2021, and Mr. Ma Xiao Qiu as the non-executive chairman on the same date[59]. - The board of directors has undergone changes, with several appointments and resignations noted as of January 14, 2021[117]. - 鄭女士於2018年1月19日被任命為執行董事，並於2021年1月14日辭任[38]. - 馬女士於2021年1月14日被任命為公司主席及非執行董事，並擔任提名委員會主席及薪酬委員會成員[40]. Environmental Commitment - The company is committed to environmental protection and aims to reduce energy and resource usage to minimize environmental impact[103].

Financial Performance - The group's revenue decreased by 49.9% from approximately HKD 253.9 million for the six months ended June 30, 2019, to approximately HKD 127.2 million for the same period in 2020[12]. - Gross profit fell by 393.9% from approximately HKD 11.0 million to a gross loss of approximately HKD 32.2 million, resulting in a gross loss margin of approximately 25.3%[13]. - The group recorded a loss attributable to equity shareholders of approximately HKD 43.8 million, compared to a profit of approximately HKD 6.3 million in the previous year[18]. - The company reported a net loss of HKD (43,780,000) for the six months ended June 30, 2020, compared to a profit of HKD 6,308,000 in the same period last year[68]. - The company reported a pre-tax loss of HKD 43,780,000 for the six months ended June 30, 2020, compared to a profit of HKD 6,308,000 in the same period of 2019[91]. - Basic and diluted loss per share for the period was HKD 2.74, compared to earnings of HKD 0.39 per share in the same period last year[62]. - Operating loss for the period was HKD 43.377 million, a significant decline from an operating profit of HKD 8.124 million in the previous year[62]. Cash Flow and Liquidity - As of June 30, 2020, the group's cash and cash equivalents were approximately HKD 28.6 million, down from HKD 47.5 million as of December 31, 2019[19]. - Cash and cash equivalents decreased from HKD 67,021,000 to HKD 28,569,000, a decline of approximately 57.4%[71]. - Net cash used in operating activities was HKD (8,746,000), compared to HKD (3,918,000) in the previous year, indicating a worsening cash flow situation[71]. - The company had a cash outflow from financing activities of HKD (9,101,000), compared to an inflow of HKD 26,410,000 in the previous year[71]. Assets and Liabilities - Total liabilities decreased from HKD 206,908,000 to HKD 163,543,000, a reduction of approximately 20.9%[66]. - Total equity decreased from HKD 184,589,000 to HKD 140,809,000, a decline of approximately 23.7%[68]. - Non-current assets decreased from HKD 60,717,400 to HKD 58,544,000, a decline of approximately 3.6%[66]. - Current assets decreased from HKD 61,117,000 to HKD 58,544,000, a decline of approximately 4.3%[66]. - The company’s total assets less current liabilities decreased from HKD 194,801,000 to HKD 150,270,000, a decline of approximately 22.8%[66]. Operational Metrics - The group had a total of 9 projects on hand with an initial contract value of approximately HKD 340.73 million as of June 30, 2020[10]. - Employee costs, including director salaries, amounted to approximately HKD 26.5 million for the reporting period, an increase from HKD 25.0 million in 2019[26]. - The group employed a total of 149 staff as of June 30, 2020, an increase from 127 staff as of December 31, 2019[26]. - The company has delayed construction project timelines due to the impact of the COVID-19 pandemic, affecting operational and financial conditions[116]. Income and Expenses - Other income decreased by 7.7% from approximately HKD 5.1 million to approximately HKD 4.7 million due to reduced rental income from leased properties and equipment[14]. - General and administrative expenses increased from approximately HKD 7.9 million to approximately HKD 15.9 million, primarily due to higher depreciation and legal costs[15]. - Financing costs rose from approximately HKD 0.2 million to approximately HKD 0.4 million, attributed to higher average borrowings during the period[17]. - Total other income for the six months ended June 30, 2020, was HKD 4,673,000, a decrease of 7.7% compared to HKD 5,063,000 in the same period of 2019[81]. - Bank interest income increased to HKD 389,000 from HKD 97,000, representing a growth of 301% year-over-year[81]. - Depreciation expenses decreased to HKD 3,980,000 from HKD 6,110,000, reflecting a reduction of 34.8%[87]. Shareholder Information - The major shareholder, Miracle Investments, holds 1.2 billion shares, representing 75% of the company's equity[53]. - The board does not recommend the payment of dividends for the reporting period, consistent with the previous period[39]. - The company did not declare an interim dividend for the six months ended June 30, 2020, consistent with the previous year[94]. - The company’s total issued and paid-up share capital remained stable at HKD 16,000,000 as of June 30, 2020, consistent with the previous period[107]. COVID-19 Impact - The board remains cautiously optimistic about the gradual recovery of the construction business in Hong Kong, despite challenges posed by COVID-19[10]. - The company has implemented various measures in response to the COVID-19 pandemic, closely monitoring its impact on business operations[116].

Financial Performance - The company's revenue for the year ended December 31, 2019, was approximately HKD 553.4 million, an increase of 74.8% compared to approximately HKD 316.6 million for the previous year[7][13]. - The total profit and comprehensive income for the year was approximately HKD 7.2 million, a decrease of 41.3% from the previous year due to economic uncertainties and increased construction costs[7]. - The overall gross profit margin decreased from approximately 13.8% in the previous year to about 2.5% in the current year, primarily due to strategic reductions in bid amounts and rising construction costs[11]. - The group's gross profit decreased by 68.5% from approximately HKD 43.6 million for the year ended December 31, 2018, to approximately HKD 13.7 million for the year ended December 31, 2019[14]. - The gross profit margin fell from approximately 13.8% for the year ended December 31, 2018, to approximately 2.5% for the year ended December 31, 2019, primarily due to increased market competition and rising construction costs[14]. - The net profit for the year was HKD 12,236,000, compared to HKD 7,179,000 in 2018, showing an increase of approximately 70.5%[176]. - Basic and diluted earnings per share for 2019 were both HKD 0.45, down from HKD 0.96 in 2018, representing a decrease of about 53.1%[176]. - The company reported a net profit of HKD 7,179,000 for the year ended December 31, 2019, compared to a profit of HKD 12,236,000 in 2018, reflecting a decrease of approximately 41.2%[183]. Project and Contract Management - The company secured five new projects during the year with a total initial contract value of approximately HKD 173.7 million, while completed projects had a total initial contract value of approximately HKD 665.2 million[11]. - As of December 31, 2019, the company had seven ongoing projects with a total initial contract value of approximately HKD 330.6 million, all of which were building engineering projects[11]. - The company faces business risks related to the inability to secure new projects, which are primarily obtained through project-based bidding and direct invitations from non-recurring clients[105]. Financial Position and Ratios - The current ratio improved to 2.8 for the year ended December 31, 2019, compared to 2.6 for the year ended December 31, 2018[19]. - The capital debt ratio increased to 14.3% as of December 31, 2019, from 2.0% as of December 31, 2018[22]. - Cash and cash equivalents increased to approximately HKD 47.5 million as of December 31, 2019, from approximately HKD 42.3 million as of December 31, 2018[20]. - The total equity as of December 31, 2019, was HKD 184,589,000, up from HKD 177,410,000 in 2018, representing an increase of approximately 4.9%[179]. - The company reported a decrease in trade and other payables to HKD 49,203,000 in 2019 from HKD 68,014,000 in 2018, a reduction of about 27.6%[179]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of corporate governance[58]. - The company emphasizes the importance of effective corporate governance to enhance shareholder value[57]. - The board consists of five directors, including two executive directors and three independent non-executive directors[60]. - The company has maintained a diverse board composition to enhance independence and accountability[58]. - The company adopted a board diversity policy on October 8, 2018, aiming to maintain diversity in gender, age, experience, culture, education background, professional experience, skills, and knowledge[62]. Risk Management - The company identified potential strategic, operational, financial, and compliance risks during its annual risk assessment, categorizing them by severity and proposing internal control measures to mitigate impacts[98]. - The company has implemented a three-year audit plan prioritizing identified risks for annual audit projects to assist the board and audit committee in evaluating the effectiveness of the risk management system[98]. - The company’s operations are influenced by market conditions, including skilled labor shortages and the approval of funding for public works projects, which could adversely affect its financial performance[108]. Shareholder Relations and Dividends - The company does not recommend a final dividend for the year ending December 31, 2019[38]. - The company has established a dividend policy on March 29, 2019, allowing shareholders to share in the profits while reserving sufficient reserves for future development[72]. - Any proposed dividend payment is subject to the board's discretion and must be approved by shareholders at the general meeting[72]. Compliance and Legal Matters - The company has not encountered any significant violations of applicable laws and regulations that would materially affect its business operations during the reporting period[111]. - The company has arranged appropriate insurance to cover any legal actions against directors[75]. Accounting Standards and Financial Reporting - The company has adopted the revised Hong Kong Financial Reporting Standards effective January 1, 2019, which did not require restatement of comparative information[184]. - The group has adopted the new Hong Kong Financial Reporting Standard 16 "Leases" effective from January 1, 2019, which introduces a single accounting model for lessees[198]. - The financial statements reflect a true and fair view of the group's financial position as of December 31, 2019, in accordance with Hong Kong Financial Reporting Standards[163].

TET FULLWEALTH CONSTRUCTION HOLDINGS COMPANY LIMITED 富 匯 建 築 控 股 有 限 公 司 (於剛曼群島註冊成立之有限公司) 股份代號：1034 中期報告 ２０１９ 目 錄 公司資料 . 2 管理層討論與分析 . 4 企業管治及其他資料. 10 簡明綜合損益及其他全面收益表 . 14 簡明綜合財務狀況表 15 簡明綜合權益變動表 16 簡明綜合現金流量表 17 簡明綜合財務報表附註 . 18 董事委員會 審核委員會 胡耀忠先生（於二零一九年四月一日獲委任） 莫裕庭先生（於二零一九年四月一日辭任） 公司資料 | --- | |----------------------------------------| | | | | | 董事會 | | 執行董事 羅富強先生 （主席兼行政總裁） | | 鄭鳳儀女士 | 獨立非執行董事 李安梨女士 沈詠婷女士 羅錦全先生 香港總部及主要營業地點 香港新界 元朗 屏輝徑2-44號 良材大樓地下 11-12號商舖 開曼群島註冊辦事處 PO Box 1350 Clifton House 75 Fort Street Grand ...

Financial Performance - The company's revenue for the year ended December 31, 2018, was approximately HKD 316.6 million, a decrease of 20.3% compared to the previous year[23]. - The total profit and comprehensive income for the year was approximately HKD 12.2 million, which, after excluding one-time listing expenses, amounted to approximately HKD 29.7 million, a decrease of 39.5% year-on-year[23]. - The group's revenue decreased by 20.3% from approximately HKD 397.3 million for the year ended December 31, 2017, to approximately HKD 316.6 million for the year ended December 31, 2018, primarily due to delays in project site deliveries[29]. - Gross profit fell by 25.9% from approximately HKD 58.8 million in 2017 to approximately HKD 43.6 million in 2018, aligning with the revenue decline[30]. - Other income decreased by 67.4% from approximately HKD 4.3 million in 2017 to approximately HKD 1.4 million in 2018, mainly due to a reduction in the number of leased factories and equipment[31]. - The total profit and comprehensive income decreased by 73.2% from approximately HKD 45.6 million in 2017 to approximately HKD 12.2 million in 2018, with a normalized profit of approximately HKD 29.7 million after excluding one-time listing expenses[34]. Project Management - The company was awarded 10 projects during the year with a total initial contract value of approximately HKD 371.6 million, and completed 8 projects with a total initial contract value of approximately HKD 154.8 million[26]. - As of December 31, 2018, the company had 13 ongoing projects with a total initial contract value of approximately HKD 822.1 million, including 11 civil engineering projects and 2 building projects[26]. - The company faced challenges in the construction industry due to project delays, global economic uncertainties, and rising construction costs[23]. - The company remains cautiously optimistic about future business prospects due to ongoing government infrastructure projects and increased land supply policies[23]. - The company aims to maintain its competitive advantage and solidify its market position for long-term sustainable development[23]. Corporate Governance - The company has adopted the corporate governance code as per the Listing Rules Appendix 14, ensuring compliance since the listing date[78]. - The board believes that the dual role of the Chairman and CEO held by Mr. Lo enhances leadership consistency and maximizes strategic planning and execution efficiency[78]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance shareholder value[77]. - The company has a diverse board composition, with more independent non-executive directors than executive directors, enhancing board independence[78]. - The board consists of five members, including two executive directors and three independent non-executive directors[80]. Financial Position - The current ratio improved to 2.6 in 2018 from 1.4 in 2017, indicating better liquidity[36]. - The capital debt ratio significantly decreased to 2.0% in 2018 from 37.2% in 2017, reflecting a stronger equity position[40]. - Cash and cash equivalents increased to approximately HKD 42.3 million in 2018 from HKD 27.8 million in 2017, while borrowings decreased to approximately HKD 3.5 million from HKD 28.4 million[38]. - As of December 31, 2018, the company had distributable reserves of approximately HKD 99,688,000[143]. Risk Management - The company faced major risks including the inability to secure new projects, which are essential for maintaining business volume[127]. - Project cost overruns were identified as a risk due to uncontrollable factors such as material shortages and adverse geological conditions[128]. - The company has implemented a risk management and internal control system to manage potential strategic, operational, financial, and compliance risks[119]. Shareholder Relations - The company expresses gratitude to its shareholders, clients, subcontractors, suppliers, and business partners for their support during the year[24]. - The board of directors is committed to maintaining effective communication with shareholders, particularly through annual general meetings[117]. Employee Management - The company employed 125 staff as of December 31, 2018, up from 115 in 2017, with total employee costs rising to approximately HKD 38.3 million from HKD 28.9 million[44]. - The company has provided competitive compensation and development opportunities to attract and retain talented employees[135]. Listing and Capital Structure - The company successfully listed on the Hong Kong Stock Exchange on October 30, 2018, marking a significant milestone in its history[22]. - As of December 31, 2018, the company received net proceeds of approximately HKD 94.2 million from the share sale after deducting listing and related expenses[55]. - The planned use of the net proceeds includes HKD 42.7 million for purchasing plant and equipment, HKD 29.5 million for funding building projects, and HKD 11.1 million for strengthening project management teams[55]. - The company has utilized HKD 52.5 million of the net proceeds, leaving HKD 41.7 million unutilized as of the report date[55]. Audit and Compliance - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2018[190]. - The audit committee reviewed the effectiveness of the internal control system and the independence of the external auditor[105]. - The audit committee held two meetings since the listing date, with all members attending both meetings, and approved a three-year internal audit plan for 2018 to 2020[105]. Environmental and Social Responsibility - The company emphasized the importance of environmental protection and efforts to reduce energy and resource usage[132]. - There were no significant violations of applicable laws and regulations that could materially affect the company's operations during the year[133].