MECOM POWER(01183)

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澳能建设(01183) - 2023 - 年度财报
2024-04-25 09:02
New Energy and Electric Vehicles - The company plans to expand its new energy business and accelerate its layout in the Southeast Asian market, focusing on electric vehicle and charging system sales[4]. - The company has established a strategic partnership with Wuling Motors Group, becoming the exclusive distributor for several electric motorcycles and logistics vehicles in Hong Kong and Macau, with sales expected to grow significantly in 2024[31]. - The company anticipates steady revenue growth from its charging systems starting in 2024, aiming for breakeven in 2025 and profitability in 2026[31]. - The company has initiated the installation of electric vehicle charging stations in Macau and China, contributing to the growing demand for electric vehicles[7][8]. - The company is actively planning to expand its electric bicycle battery swapping system business into the Southeast Asian market[87]. - The electric vehicle business generated revenue of MOP 1.7 million, maintaining a 0.1% contribution to total revenue[83]. - The electric vehicle segment reported a gross loss of 4.6 million MOP in FY2023, up from 2.3 million MOP in FY2022, with material and installation costs for charging facilities and lithium iron phosphate battery cabinets amounting to approximately 2.589 million MOP[95]. - The group plans to expand its electric vehicle charging services, having signed contracts for multiple projects in Macau and Guangdong Province[76]. - The company expanded its electric vehicle business and charging infrastructure in Macao and Guangdong Province, aiming to enhance energy efficiency and contribute to a net-zero future[183]. Environmental, Social, and Governance (ESG) Initiatives - The company has identified 14 key environmental, social, and governance (ESG) themes, including greenhouse gas emissions and employee development, to guide its sustainability efforts[21]. - The company emphasizes compliance with environmental regulations and has implemented measures to ensure adherence to local laws regarding environmental protection and noise pollution[29][26]. - The company has obtained ISO 14001:2015 certification for its environmental management system, demonstrating its commitment to sustainable practices[36]. - The company is actively exploring opportunities in sustainable development projects and seeking green solutions to address sustainability challenges[36]. - The group aims to incorporate "low carbon" into its investment strategy by 2025 and ensure emissions intensity aligns with business growth[150]. - The group will monitor paper consumption intensity and ensure it correlates with business growth by 2025[150]. - The group is committed to energy efficiency in procurement criteria for electronic equipment by 2025[150]. - The company has adopted proactive management policies to assess climate change risks and mitigate their impact on operations[182]. - The company has invested in climate-related projects to support a low-emission future[183]. - The company emphasizes the importance of environmental performance management and has established a system for assessing and improving its environmental impact[187]. Financial Performance - The group's revenue increased by 11.5% to MOP 1,496.4 million in the fiscal year 2023, up from MOP 1,341.9 million in 2022[62]. - Revenue from the steel structure business reached MOP 1,030.4 million, accounting for 68.9% of total revenue, compared to 45.9% in the previous fiscal year[62]. - The gross profit margin for the steel structure business improved significantly to 10.0%, up from 6.6% in the previous year, while the overall gross profit margin decreased to 8.1% from 10.5%[70]. - The group reported a net profit margin of only 0.4% for fiscal year 2023, down from 6.8% in 2022, primarily due to increased interest expenses and a trade receivable impairment loss of MOP 25.0 million[70]. - The group's annual profit decreased by MOP 86.1 million or 93.9%, with the net profit margin dropping from 6.8% in FY2022 to 0.4% in FY2023[152]. Construction and Infrastructure Development - The company has completed the first phase of its steel structure production base in Jiangmen, Guangdong, which will officially commence operations in January 2024, expanding its business from sales to production and manufacturing[38]. - The company plans to focus on entering the Hong Kong and overseas markets in 2024, aiming to increase the profitability of its steel structure business[38]. - The Macau government aims to improve local housing issues and will continue to implement the "ladder housing policy" while promoting major public works in 2024, which aligns with the company's infrastructure and engineering business development[39]. - The company aims to enhance its revenue and profit from construction, renovation, and mechanical engineering projects in 2024[39]. - The group secured new contracts valued at approximately MOP 191.8 million for various construction and maintenance projects, including structural engineering for a comprehensive resort and HVAC systems for public housing[74]. - The construction business will focus on participating in government infrastructure projects and renovations for major gaming companies, expecting stable development[135]. - The group anticipates a significant increase in demand for renovation and construction projects due to over MOP 1 billion in non-gaming investment commitments from six major gaming companies[129]. - The group expects to see more business opportunities from ongoing infrastructure projects in Macau and Hong Kong in 2024[130]. Human Resources and Employee Management - The number of employees increased to 366 as of December 31, 2023, compared to 281 in the previous fiscal year[128]. - The company has established a structured recruitment and termination process based on fair assessment criteria to attract and retain qualified talent[169]. - The company has implemented a comprehensive evaluation mechanism for employee performance to determine promotions and compensation[180]. - The percentage of trained employees in 2023 was 83% for males and 17% for females, compared to 75% and 25% in 2022 respectively[190]. - The average training hours per employee increased for males to 26.7 hours from 25.7 hours in 2022, and for females to 34.0 hours from 27.0 hours[190]. - The company reported no direct employee fatalities over the past three years, maintaining a strong safety record[195]. - The company has implemented measures to promote gender diversity in recruitment and aims to maintain current female representation levels[186]. - The board of directors comprised 20% female members, with 25% in senior management roles, and 16% of the total workforce being female[186]. - Employee turnover rate for males decreased from 38% in 2022 to 32% in 2023, while for females it increased from 15% to 45%[177]. Strategic Partnerships and Collaborations - A strategic cooperation agreement was signed with Zhongnan Steel Group to enhance support for project orders in the Hong Kong and Macau regions and to develop the green building market in Belt and Road countries[65]. - Aoneng International has entered into a collaboration with Tongji University to establish a research center aimed at improving product technology and market uniqueness in prefabricated construction materials[71]. - The group is deepening technical cooperation with Tongji University to meet market demands for assembly construction methods[135]. Operational and Capital Management - The group has made capital commitments of approximately MOP 63.87 million for the construction of new production and R&D facilities in Jiangmen, Guangdong Province[127]. - The group's outstanding bank borrowings as of December 31, 2023, were 267.2 million MOP, up from 90.6 million MOP in FY2022, with unused credit facilities of 120.5 million MOP[105]. - The group's capital debt ratio was 55.7% as of December 31, 2023, compared to 18.8% in FY2022[105]. - The group has pledged bank deposits of MOP 24.8 million and land leases of MOP 48.0 million as collateral for credit financing[120]. - The group has entered into foreign exchange hedging contracts totaling HKD 120 million and HKD 100 million to mitigate currency risk from RMB to HKD[112].
澳能建设(01183) - 2023 - 年度业绩
2024-03-27 13:42
Financial Performance - The group's total revenue for the year reached 102,058 thousand MOP, a significant increase compared to the previous year's performance[1] - The pre-tax profit for the year was reported at 102,537 thousand MOP, indicating strong operational efficiency[3] - The group's revenue increased by 11.5% to MOP 1,496.4 million in 2023, up from MOP 1,341.9 million in 2022[44] - Total revenue for the year 2023 was MOP 1,496,393,000, an increase from MOP 1,341,916,000 in 2022, representing a growth of approximately 11.5%[124] - Revenue from the steel structure business reached MOP 1,030.4 million, accounting for 68.9% of total revenue, compared to 45.9% in the previous year[44] - The construction business generated revenue of MOP 464,326,000 in 2023, down from MOP 724,576,000 in 2022, reflecting a decline of about 36%[124] - The electric vehicle business reported revenue of MOP 1,676,000 in 2023, compared to MOP 1,219,000 in 2022, marking an increase of approximately 37.5%[124] - The steel structure business achieved revenue of MOP 1,030,391,000 in 2023, up from MOP 616,121,000 in 2022, indicating a significant growth of around 67%[124] Profitability and Margins - The overall gross profit margin decreased by 2.4 percentage points from 10.5% in FY2022 to 8.1% in FY2023, despite the steel structure business's gross margin increasing to 10.0% from 6.6%[1] - The net profit margin fell significantly from 6.8% in FY2022 to 0.4% in FY2023, reflecting a decrease in net profit of 86.1 million MOP or 93.9%[61] - Gross profit decreased by 13.9% to MOP 120.9 million, primarily due to a decline in gross margin from construction and renovation services[103] - The company recorded a net loss attributable to the company’s owners for the year of MOP 11,585,000, compared to a profit of MOP 81,344,000 in the previous year[115] Liquidity and Financial Position - The net current assets as of December 31, 2023, were 255.3 million MOP, down from 356.3 million MOP in the previous year, reflecting a decrease in liquidity[22] - The company’s liquidity ratio was reported at 1.4 times for 2023, down from 1.7 times in 2022, suggesting a tighter liquidity position[22] - The cash and bank balances decreased to 57.6 million MOP from 74.8 million MOP in FY2022, indicating a tighter liquidity position[54] - The company’s bank borrowings increased to 267.2 million MOP from 90.6 million MOP in FY2022, resulting in higher interest expenses[54] - The capital debt ratio increased significantly to 55.7% from 18.8% in FY2022, indicating a higher leverage position[54] Business Expansion and Strategy - The company plans to expand its steel structure business into Hong Kong and overseas markets in 2024, aiming to increase its market share and profitability[29] - The company has completed the first phase of its production base in Jiangmen, Guangdong, which is set to commence operations in January 2024, enhancing its production capabilities[29] - The company plans to expand its electric bicycle battery swapping system business into the Southeast Asian market, complementing the sales of Wuling electric bicycles[98] - The company plans to continue expanding its electric vehicle services, including charging solutions and battery production[118] - The company aims to expand its new energy business, particularly in electric vehicles and charging systems, capitalizing on increasing global environmental awareness and government support[165] Project and Contract Management - The company’s contract assets amounted to 111,423 thousand MOP in 2023, up from 84,312 thousand MOP in 2022, indicating growth in project backlog[10] - The group has secured several large construction and renovation projects, with a total contract value of approximately MOP 191.8 million[47] - As of December 31, 2023, the value of uncompleted construction and renovation contracts was 574.4 million MOP, down from 742.9 million MOP in FY2022[1] - The total value of uncompleted contracts in the construction and steel structure businesses was MOP 574.4 million and MOP 466.8 million, respectively[103] Employee and Governance - The group’s employee count increased to 405 as of December 31, 2023, up from 281 in the previous fiscal year[159] - The company has been compliant with the corporate governance code throughout the year, ensuring transparency and accountability[179] - The audit committee has reviewed the group’s consolidated financial statements, including accounting principles and risk management systems[194] Future Outlook - The company expects significant business opportunities in 2024 due to ongoing infrastructure projects in Macau and Hong Kong, which will enhance its participation and contribution[167] - The group anticipates a significant increase in demand for renovation and construction projects due to over 1,000 billion MOP investment commitments from major gaming companies[161] - The company plans to focus on participating in government infrastructure projects and renovations for major gaming companies, expecting stable growth in its construction business[161]
澳能建设(01183) - 2023 - 中期财报
2023-09-25 08:30
Financial Performance - The group's revenue increased by 35.1% year-on-year to MOP 800.1 million, driven by construction and steel structure businesses contributing MOP 262.9 million and MOP 536.0 million respectively[7]. - The gross profit margin for the period was 13.3%, stable compared to the previous period's 12.3%[7]. - The net profit margin decreased by 4.3 percentage points to 4.8% due to increased interest expenses from bank loans and a foreign exchange loss of MOP 9.7 million[7]. - The gross profit for the group increased by 45.9% to MOP 106.2 million, with a slight increase in gross profit margin to 13.3%[17]. - The group's profit for the period decreased by 15.8 million MOP or 29.3%, with a net profit margin dropping from 9.1% to 4.8%[169]. - The group recognized a loss of 9.7 million MOP from the fair value changes of foreign exchange forward contracts due to the depreciation of RMB against HKD[167]. Business Segments - The total revenue for the construction business was MOP 262.9 million, a decrease of 32.9% compared to MOP 382.5 million in the same period last year[36]. - The steel structure business revenue increased by 156.1% to MOP 536.0 million, with approximately 92,452 tons of steel delivered during the period[16]. - The steel structure business generated MOP 536.0 million, representing 67.0% of total revenue, an increase of 35.3% from MOP 209.3 million in the previous year[36]. - The electric vehicle business reported revenue of MOP 1.2 million, a slight increase from MOP 0.4 million, maintaining a 0.1% share of total revenue[36]. - The electric vehicle business segment recorded a gross loss of 1.4 million Macanese Patacas during the period[50]. Contracts and Projects - The total value of uncompleted contracts for construction and steel structure businesses was MOP 765.8 million and MOP 550.4 million respectively as of June 30, 2023[7]. - The company secured several large construction projects with a total contract value of approximately MOP 176.5 million during the period[33]. - The construction and renovation projects include significant contracts for public housing and infrastructure, aligning with the government's accelerated construction plans[42]. Investments and Partnerships - A memorandum of understanding was signed with Guodian Investment for a three-year partnership in energy management and electric vehicle business, expected to accelerate development in this area[15]. - The group is collaborating with Tongji University to establish a research center for prefabricated construction technology to enhance competitiveness in the steel structure business[9]. - The company is expanding its electric vehicle business, having signed a distribution agreement with Liuzhou Wuling Motors Industry Co., covering multiple regions including Hong Kong and Southeast Asia[45]. Financial Position - As of June 30, 2023, the company's trade payables amounted to MOP 183,891,000, a decrease of 18.7% from MOP 226,241,000 as of December 31, 2022[85]. - The company reported bank loans of MOP 229,811,000 as of June 30, 2023, compared to MOP 90,640,000 as of December 31, 2022, indicating a significant increase[87]. - The group’s capital debt ratio was 44.1% as of June 30, 2023, compared to 18.8% as of December 31, 2022[190]. - The group's outstanding bank loans as of June 30, 2023, amounted to 229.8 million MOP, an increase from 90.6 million MOP as of December 31, 2022[190]. Employee and Management - The total short-term employee benefits for key management personnel was MOP 7,047,000 for the six months ended June 30, 2023, slightly up from MOP 7,039,000 for the same period in 2022[98]. - The company has 295 employees as of June 30, 2023, an increase from 281 employees on December 31, 2022[199]. Future Outlook - The company aims to leverage the recovery of economic activities post-COVID-19 to enhance its market position in both the steel structure and electric vehicle sectors[41]. - The company is actively seeking new business opportunities to enhance market share and competitiveness in integrated resort construction and management[200]. - The company anticipates that the unutilized net proceeds will be fully utilized by December 31, 2023[196]. Compliance and Governance - The audit committee has reviewed the accounting principles and practices adopted by the group for the six months ending June 30, 2023[143]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[150]. - The group’s management confirmed compliance with the standards set forth in the Securities Trading Code during the reporting period[105].
澳能建设(01183) - 2023 - 中期业绩
2023-08-30 10:09
Revenue and Profitability - Revenue increased by 35.1% to MOP 800.1 million compared to MOP 592.2 million in the previous period[2] - The company reported a total comprehensive income of MOP 38.2 million, down from MOP 54.0 million in the previous period[21] - The gross profit margin for the period was 13.3%, up from 12.3% in the previous period, while the net profit margin decreased to 4.8% from 9.1% due to increased sales and administrative expenses[62] - The group’s profit decreased by 15.8 million MOP or 29.3%, with a net profit margin dropping from 9.1% in the previous period to 4.8%[85] - Basic and diluted earnings per share were MOP 0.81, down from MOP 1.29 in the previous period[21] Business Segments Performance - The construction business generated revenue of MOP 262,921,000, down 29.5% from MOP 382,499,000 in the previous year[27] - The electric vehicle business reported revenue of MOP 93,000, a significant decrease of 62% compared to MOP 245,000 in the prior year[25] - The steel structure business achieved revenue of MOP 1,186,000, up from MOP 357,000, marking a 232.5% increase year-over-year[25] - The construction business reported a segment profit of MOP 36,125,000, down from MOP 54,121,000 in the previous year, a decrease of 33.2%[27] - The electric vehicle segment recorded a gross loss of MOP 1.4 million, with costs related to installation of charging facilities amounting to approximately MOP 393,000[76] Assets and Liabilities - Current assets included inventory of MOP 89.3 million and contract assets of MOP 156.2 million as of June 30, 2023[5] - Total assets less current liabilities amounted to MOP 564.5 million, an increase from MOP 483.4 million[8] - The company’s contract assets amounted to MOP 156,207,000 as of June 30, 2023, compared to MOP 84,312,000 at the end of 2022, representing an 85.1% increase[35] - The group’s total liabilities as of June 30, 2023, were MOP 341,744,000, down from MOP 403,095,000 as of December 31, 2022, reflecting a reduction of approximately 15.2%[45] - The group’s trade payables as of June 30, 2023, totaled MOP 183,891,000, down from MOP 226,241,000 as of December 31, 2022, indicating a decrease of approximately 18.7%[45] Cash Flow and Financing - The total cash and bank balance as of June 30, 2023, was 31.7 million MOP, down from 74.8 million MOP on December 31, 2022[87] - The group's outstanding bank borrowings as of June 30, 2023, amounted to 229.8 million MOP, an increase from 90.6 million MOP on December 31, 2022[87] - The capital debt ratio as of June 30, 2023, was 44.1%, significantly up from 18.8% on December 31, 2022[87] - The net proceeds from the global offering amounted to 261.6 million HKD (approximately 269.4 million MOP) after deducting underwriting fees and related expenses[92] Strategic Initiatives and Future Outlook - The group secured several large construction and renovation projects with a total contract value of approximately MOP 176.5 million during the period[65] - The investment in the production plant in Jiangmen, Guangdong, has been completed, which will accelerate the expansion of the steel structure business to meet the growing demand in local, Hong Kong, and Southeast Asian markets[66] - The group plans to leverage technological research advantages to quickly capture the market for new building materials in response to the rapid demand growth for prefabricated construction materials[66] - The group anticipates increased demand for construction services and prefabricated steel materials in Hong Kong and Southeast Asia, supported by government policies promoting the high-quality development of the new energy vehicle industry[103] - The company plans to leverage its experience in integrated resort construction and facility management to explore new business opportunities and enhance market share and competitiveness[101] Shareholder and Governance Matters - As of June 30, 2023, the board proposed a bonus share issuance of 1,332,083,725 new shares to existing shareholders based on a ratio of one bonus share for every two shares held, completed on June 29, 2023[107] - The company has established an audit committee to provide independent oversight of financial reporting, internal controls, and risk management systems[117] - The group’s financial statements for the six months ending June 30, 2023, have been reviewed by the audit committee and external auditors, Deloitte[118] - The company has not proposed an interim dividend for the period[112]
澳能建设(01183) - 2022 - 年度财报
2023-04-25 08:51
Financial Performance - The company's overall gross profit margin decreased from 19.0% in 2021 to 10.5% in 2022, primarily due to increased costs related to employees and procurement transportation caused by the COVID-19 pandemic[9][18] - The company's net profit margin dropped from 13.9% in 2021 to 6.8% in 2022, mainly due to increased administrative expenses and interest expenses from bank loans[10] - Net current assets of the group amounted to MOP 356.3 million as of December 31, 2022, compared to MOP 386.5 million in the previous fiscal year[24] - The group's equity and capital stood at MOP 483.4 million and MOP 27.4 million respectively as of December 31, 2022, up from MOP 447.5 million and MOP 18.4 million in 2021[25] - The group has utilized MOP 102.8 million of the net proceeds for providing performance guarantees as of the reporting date[30] - The group held MOP 34.4 million in pledged bank deposits as collateral for credit facilities as of December 31, 2022, up from MOP 31.2 million in 2021[31] - The group's outstanding bank borrowings stood at MOP 90.6 million as of December 31, 2022, with unused credit facilities of MOP 187.1 million[52] - The group's capital gearing ratio (total debt divided by total equity) was 18.8% as of December 31, 2022, compared to zero in 2021[52] - The group's net proceeds from the global offering amounted to HK$261.6 million (approximately MOP 269.4 million) after deducting underwriting fees, commissions, and related expenses[54] - The net proceeds from fundraising are expected to be fully utilized by December 31, 2023, due to delays in project approvals and permits since 2018, which resumed normalcy in the second half of 2019[55] Business Segments and Revenue - The steel structure business contributed MOP 616.1 million in revenue, accounting for 45.9% of the total revenue, becoming the second largest revenue source after the construction business[12][16] - The company delivered approximately 93,869 tons of steel materials, including rebar, sheet piles, and galvanized sheets, generating MOP 616.1 million in revenue[12][17] - The company's construction business revenue decreased from MOP 911.9 million in 2021 to MOP 724.6 million in 2022, with the construction and decoration engineering segment contributing MOP 448.2 million, accounting for 33.4% of total revenue[16] - The company's electric vehicle business revenue increased from MOP 75,000 in 2021 to MOP 1.2 million in 2022, but still only accounted for 0.1% of total revenue[16] - The company signed memorandums with GSS Energy Limited and Coastal Contracts Bhd. in February 2023 to expand its electric vehicle business in Southeast Asia[14] - The company plans to install 2,500 to 3,500 charging stations (including 75,000 to 105,000 sets of lithium iron phosphate batteries) in Guangdong Province, involving an investment of approximately RMB 200 million[15] - The company's new production base in Jiangmen, Guangdong Province is expected to be operational in the third quarter of 2023, expanding its business scope to include production and manufacturing[4] - The company secured orders for 183,347 tons of steel materials from April 2022 to August 2024, with a total value of MOP 616.1 million[12] - Capital commitment for the construction of a new production and R&D facility in Jiangmen, Guangdong Province, China amounted to approximately MOP 146.2 million as of December 31, 2022[33] Environmental, Social, and Governance (ESG) - The company is focusing on environmental, social, and governance (ESG) goals, including reducing carbon emissions and improving energy efficiency by 2025[78] - The company has established a three-tier management framework to integrate sustainability into its value chain, overseen by the Board of Directors[76] - The company is closely monitoring compliance with environmental regulations, including noise pollution control and water conservation[82] - The company has identified 14 key ESG themes, including greenhouse gas emissions, waste management, and employee development, aligning with stakeholder concerns and industry trends[81] - The company is committed to enhancing stakeholder engagement and creating value for the broader community through its products and services[79] - The company's ESG report has been reviewed by the ESG working group and approved by the Board of Directors, ensuring compliance with reporting guidelines[81] - Direct Scope 1 greenhouse gas emissions decreased to 38.71 tons of CO2 equivalent in 2022 from 45.44 tons in 2021[85] - Direct Scope 1 greenhouse gas emission intensity improved to 0.00003 tons of CO2 equivalent per thousand MOP of revenue in 2022 from 0.00005 in 2021[85] - Indirect Scope 2 greenhouse gas emissions slightly decreased to 23.93 tons of CO2 equivalent in 2022 from 24.44 tons in 2021[85] - Indirect Scope 2 greenhouse gas emission intensity improved to 0.00002 tons of CO2 equivalent per thousand MOP of revenue in 2022 from 0.00003 in 2021[85] - The company's greenhouse gas emissions mainly come from vehicle usage and office electricity consumption[106] - The company implemented dust control measures including covering construction materials, water spraying, and weekly dust inspections[106] - The company encourages subcontractors to use low-sulfur diesel vehicles and conducts regular inspections to ensure compliance with emission standards[106] - The company is transitioning to a paperless work environment through digital operations and encourages double-sided printing and recycled paper usage[109] - The company strictly controls potential hazardous waste from subcontractors and conducts regular pH tests on wastewater[110] - Electricity consumption increased due to the conversion of warehouses into temporary staff dormitories during COVID-19 restrictions[110] - Gasoline consumption decreased to 16,401 liters in 2022 from 19,252 liters in 2021, with gasoline intensity dropping to 0.0123 liters per thousand MOP revenue from 0.0211 liters[130] - Electricity consumption increased to 38,589 kWh in 2022 from 29,802 kWh in 2021, while electricity intensity decreased to 0.0290 kWh per thousand MOP revenue from 0.0327 kWh[130] - Paper waste reduced to 3.41 tons in 2022 from 4.25 tons in 2021[129] - Nitrogen oxide emissions increased slightly to 97.48 kg in 2022 from 95.80 kg in 2021, while sulfur dioxide emissions decreased to 0.24 kg from 0.28 kg[125] - The company promotes the use of energy-efficient appliances, such as LED lighting systems with a Grade 1 energy label[112] - The company has implemented an ISO 14001:2015 certified environmental management system to minimize environmental impact[116] - The company encourages subcontractors to adopt energy-saving policies and use energy-efficient equipment[113] - The company actively monitors subcontractors' environmental performance and conducts carbon emission reviews and environmental impact assessments[126] - The company avoids using ozone-depleting refrigerants like HCFC and promotes the use of environmentally friendly alternatives[128] - The company has implemented energy-saving and water-saving systems, such as energy-efficient motors and multi-speed fans for ventilation systems, water-cooled heat dissipation systems, and condensate collection systems, contributing to global climate change mitigation efforts[132] - The company has established a comprehensive environmental management system, conducting regular environmental assessments to identify potential risks and ensure compliance with legal requirements and contractual obligations[135] - The company has adopted a forward-looking management approach to assess climate change risks and has developed emergency response plans to mitigate the impact of climate-related hazards on its products, services, and operations[136] Human Resources and Employee Management - The group had 281 employees as of December 31, 2022, including 104 Macau residents and 177 non-Macau residents, compared to 295 employees in 2021[34] - In 2022, women accounted for 20% of the board members, 25% of senior management, and 16% of the total workforce, with the company aiming to maintain or increase the current level of female representation[139] - The company has 281 employees, with 235 males and 46 females, and a turnover rate of 38% for males and 15% for females[143] - The company has established a structured recruitment and termination process, ensuring fair evaluation based on interview performance, relevant experience, and academic and professional qualifications[152] - The company has implemented a comprehensive performance evaluation mechanism to determine promotions and compensation based on employees' goal achievement, strengths, and development opportunities[153] - The average training hours completed per employee were 25.7 hours for males and 27.0 hours for females[173] - The company sponsors academic awards and scholarships for 10 outstanding graduates annually, providing MOP 10,000 per recipient[168] - The company collaborated with the University of Macau to develop an intelligent crawling robot platform aimed at improving window cleaning efficiency and safety[169] - The company maintains a certified Occupational Health and Safety Management System under OHSAS 18001:2007[157] - The company has no record of employee fatalities due to work-related incidents in the past three years[160] - The company provides personal protective equipment to construction workers to minimize the risk of workplace injuries and occupational diseases[158] - The company recorded 92 days of lost workdays due to workplace injuries in 2022[160] Corporate Governance and Compliance - The company has no significant contingent liabilities as of December 31, 2022 (2021: none)[56] - The company strictly adheres to local laws and regulations regarding personal data protection and intellectual property rights[178] - No serious violations of service quality or data privacy laws and regulations in Macau were reported during the year[179] - The company maintains a zero-tolerance policy towards bribery, extortion, fraud, and money laundering, with an internal control system to monitor key business activities[181] - Employees are prohibited from having financial or personal interests in transactions between the company and its business partners to prevent conflicts of interest[182] - The company actively engages in community work and encourages employee participation in volunteer services to support underprivileged groups[183] - The company’s Chairman, Mr. Kwok, has over 40 years of experience in the construction industry and founded Hung Yip Engineering in 2000[185] - The company’s CFO and Company Secretary, Ms. Tam, has over 19 years of experience in accounting and auditing, joining the company in 2017[192] - The company’s Board of Directors is committed to maintaining good corporate governance practices to protect shareholder interests and enhance transparency[195] - The board is responsible for overseeing and monitoring the management of business matters and the overall performance of the group[200] - The board has established three committees to oversee various aspects of the company: the Audit Committee, the Nomination Committee, and the Remuneration Committee[200] - The board is responsible for formulating, reviewing, and monitoring the corporate governance policies and practices of the company[199] - The board reviews and monitors the training and continuous professional development of directors and senior management[199] - The board reviews and monitors the company's policies and practices in compliance with laws and regulatory requirements[199] - The board formulates, reviews, and monitors the code of conduct and compliance manuals for employees and directors[199] - The board reviews the company's compliance with the Corporate Governance Code and the relevant disclosures in the annual report[199] - The board is responsible for making all major financial and operational decisions[200] - The board formulates, monitors, and reviews the corporate governance of the group[200] - The board handles shareholder concerns at the general meeting[200] Supply Chain and Quality Management - The company has 85 subcontractors and 47 suppliers in Macau, 4 subcontractors and 20 suppliers in Hong Kong, and 1 subcontractor and 29 suppliers in Mainland China[176] - The company requires all suppliers and subcontractors to operate in an environmentally responsible manner to reduce pollution and waste[162] - The company has implemented strict quality control measures for suppliers and subcontractors, including regular on-site inspections[175] - The company has established a quality management system certified by ISO 9001:2015 to ensure service quality and compliance with relevant standards and regulations[178] - No complaints related to product or service safety and health issues were received during the year[178] Electric Vehicle and Charging Infrastructure - The company's lithium iron phosphate sheet batteries have passed comprehensive safety tests and are fully insured by a renowned Chinese insurance company, with discharge capacity exceeding 90% at -20°C compared to 70% for standard batteries[37] - China's new energy passenger vehicle retail sales reached 5.674 million units in 2022, a year-on-year increase of 90.0%, with projected sales of 8.5 million units in 2023 and a penetration rate of 36%[60] - The company has strategically developed electric vehicle charging infrastructure in the Greater Bay Area, positioning itself to benefit from the explosive growth in demand for charging stations[60] - The company has expanded its electric vehicle charging infrastructure in Macau and Guangdong Province, including the installation of charging cabinets with lithium iron phosphate batteries, primarily serving delivery riders[149]
澳能建设(01183) - 2022 - 年度业绩
2023-03-30 12:17
Financial Performance - The group generated revenue of MOP 616.1 million from new business segments, accounting for 45.9% of total revenue for the fiscal year 2022[2] - The total comprehensive income for the year was MOP 75.98 million, down from MOP 126.84 million in the previous year[5] - The gross profit margin decreased to 10.5% in 2022 from 19.0% in 2021, with net profit of MOP 91.67 million compared to MOP 126.47 million in 2021[16] - Basic and diluted earnings per share were both MOP 3.05, a decrease from MOP 4.72 in the previous year[5] - Total revenue for the year ended December 31, 2022, was MOP 1,341,916, a decrease from MOP 1,341,982 in 2021[59] - The profit before tax for the year was MOP 102,537, compared to MOP 144,504 in 2021, indicating a decline in profitability[59] - The company’s net profit decreased by 34.8 million Macanese Patacas or 27.5%, resulting in a net profit margin decline from 13.9% in 2021 to 6.8% in 2022[130] Revenue Breakdown - The construction business generated total revenue of 724,576 thousand Macanese Patacas in 2022, down 20.5% from 911,907 thousand Macanese Patacas in 2021[1] - The electric vehicle business saw significant growth, with sales of electric vehicle charging systems reaching 677 thousand Macanese Patacas in 2022, compared to only 46 thousand Macanese Patacas in 2021[1] - The steel structure business reported revenue of 1,341,916 thousand Macanese Patacas in 2022, an increase of 47% from 911,982 thousand Macanese Patacas in 2021[1] - Revenue from external customers in Macau was 1,205,124 thousand Macanese Patacas in 2022, up 32.1% from 911,954 thousand Macanese Patacas in 2021[1] Assets and Liabilities - The group reported cash and bank balances of MOP 74.8 million, down from MOP 224.8 million in the previous year[3] - The net asset value increased to MOP 483.4 million from MOP 447.5 million in the previous year[25] - The group’s trade receivables amounted to 557,734 thousand Macanese Patacas in 2022, compared to 234,763 thousand Macanese Patacas in 2021, indicating a significant increase in receivables[1] - The group reported overdue trade receivables of 246,004 thousand Macanese Patacas as of December 31, 2022, compared to 28,160 thousand Macanese Patacas in 2021[1] - The company reported a total of MOP 403,095 in trade and other payables for 2022, significantly higher than MOP 209,332 in 2021[70] Business Expansion and Diversification - The group diversified its operations into the steel structure business, involving metal material sales and processing[28] - The group has formed strategic partnerships with multiple listed automotive companies to develop electric vehicle businesses in Singapore, Thailand, Indonesia, and Malaysia[76] - The group is expanding its electric vehicle business, which includes providing charging services and manufacturing battery packs[90] - The company plans to expand its operations with a new production base in Jiangmen, Guangdong, expected to commence production in Q3 2023, enhancing its capabilities in construction and electric vehicle sectors[75] - The group plans to install approximately 2,500 to 3,500 charging stations in Guangdong Province, involving an investment of around 200 million RMB[99] Shareholder Actions - The board proposed a bonus issue of shares at a ratio of one new share for every two existing shares held, and a warrant issue at a ratio of one warrant for every ten existing shares held[3] - The board proposed a bonus share issuance of one new share for every two existing shares held, pending necessary approvals, with expected distribution around June 29, 2023[146] - The company plans to issue 2024 bonus warrants, with eligibility based on holding ten shares to receive one warrant, pending approval from the Stock Exchange[177] - The company repurchased 9,384,000 shares during the year at a total cost of approximately HKD 19.407 million, all of which were cancelled[154] Operational Challenges - The construction business revenue decreased by 187.3 million Macanese Patacas or 20.5% due to delays in large construction projects caused by the COVID-19 pandemic[121] - The gross profit margin for construction and renovation projects decreased from 19.6% in 2021 to 10.0% in 2022, primarily due to increased project costs[102] - The group recorded a gross loss of 2.3 million MOP in the electric vehicle business during the fiscal year[104] Future Outlook - The group plans to leverage its advanced engineering technology and management capabilities to capture new construction and renovation opportunities in the gaming and resort sectors in Macau[1] - The demand for construction services and prefabricated steel in Macau and Hong Kong is anticipated to increase as the global economy recovers[144] - The global steel demand is expected to grow by 1% to 1.8147 billion tons in 2023, according to the World Steel Association[142] Corporate Governance - The company has maintained a strong focus on corporate governance to protect shareholder interests and enhance business value[193] - The audit committee has been established with three independent non-executive directors, ensuring compliance with corporate governance codes[198]
澳能建设(01183) - 2022 - 中期财报
2022-09-22 08:54
Financial Performance - The company's revenue increased by 42.7% year-on-year to MOP 592.2 million, compared to MOP 414.8 million in the previous period[13] - Gross profit recorded was MOP 72.8 million, down from MOP 79.0 million in the previous period, resulting in a gross margin of 12.3% compared to 19.0% previously[13] - Net profit remained stable at MOP 54.0 million, slightly down from MOP 54.6 million in the previous period, with a net profit margin of 9.1% compared to 13.2% previously[13] - The company's revenue increased by 177.3 million MOP or 42.7% to 592.2 million MOP, with 209.3 million MOP contributed from steel structure sales and processing[23] - The gross profit for the period was 72.8 million MOP, a decrease of 7.8% year-on-year, with the gross profit margin dropping from 19.0% to 12.3%[27] - The construction business revenue decreased by 32.3 million MOP or 7.8%, primarily due to significant progress made in large projects in the previous year[24] - The company reported a basic and diluted earnings per share of MOP 1.94 for the six months ended June 30, 2022, compared to MOP 2.03 for the same period in 2021[66] - The company reported a total profit before tax of MOP 59,295,000 for the six months ended June 30, 2022, compared to MOP 63,235,000 for the same period in 2021[86] - The company reported a profit of MOP 51,910 thousand for the period, contributing to a total comprehensive income of MOP 47,704 thousand[71] Business Operations and Expansion - The company secured contracts for various construction and renovation projects, including a contract valued at approximately MOP 380 million for structural engineering services for a new integrated resort[14] - The company diversified its business by entering the steel structure sector, involving the sale and processing of metal materials[11] - The company is also engaged in providing electric vehicle charging solutions, including the supply and installation of charging devices and infrastructure[11] - The company renewed three facility management service agreements for energy centers and mechanical, electrical, and plumbing systems for several hotel complexes[14] - The company's operating income from construction and renovation projects is expected to contribute significantly to future revenue growth[14] - The company plans to continue expanding its market presence and exploring new business opportunities in the construction and engineering sectors[11] - The company plans to expand its electric vehicle charging business and battery production into other cities in the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing its market competitiveness[58] - The company has successfully secured land use rights in Jiangmen, Guangdong Province, to establish a production facility, thereby extending its business into manufacturing[59] - The company is actively involved in major urban infrastructure projects in Macau, which are expected to create significant demand for construction services[57] - The company is developing various charging systems and smart charging networks to meet the needs of different drivers in Macau and the Greater Bay Area, aligning with national carbon neutrality goals[58] Financial Position and Assets - The total value of uncompleted contracts as of June 30, 2022, amounted to MOP 884 million[14] - As of June 30, 2022, the group's current assets net value was MOP 408.0 million, up from MOP 386.5 million on December 31, 2021, with a current ratio of 1.9 times[36] - The total cash and bank balance as of June 30, 2022, was MOP 145.8 million, down from MOP 224.8 million on December 31, 2021[36] - The group had unused credit facilities of MOP 187.5 million as of June 30, 2022, with no bank borrowings reported[37] - As of June 30, 2022, total assets amounted to MOP 851,652 thousand, an increase of 37% compared to MOP 621,780 thousand in the previous year[69] - Trade and other receivables rose significantly to MOP 517,619 thousand, up 102% from MOP 256,423 thousand year-on-year[69] - Current liabilities increased to MOP 443,673 thousand, compared to MOP 235,259 thousand in the previous year, reflecting a 88% rise[69] - The net asset value as of June 30, 2022, was MOP 473,909 thousand, up from MOP 447,528 thousand, indicating a growth of 6%[69] - The company’s inventory was reported at MOP 45,806 thousand, with no previous year comparison available[69] Employee and Operational Costs - The total employee costs for the period amounted to MOP 60,392,000, up from MOP 45,791,000 in the previous year, reflecting an increase in salaries and other allowances[97] - Administrative expenses increased by MOP 1.9 million or 12.1%, primarily due to salaries, consultancy fees, and other promotional costs related to the electric vehicle charging business and steel structure metal materials trading and processing[33] - The group’s accrued employee costs were MOP 10,775,000 as of June 30, 2022, down from MOP 15,164,000 as of December 31, 2021, reflecting a decrease of approximately 29%[126] Shareholder and Equity Information - The company declared an interim dividend of HKD 1.5 per share for the six months ended June 30, 2022, totaling approximately HKD 40,097,000, compared to HKD 2.8 per share and HKD 49,999,000 for the same period in 2021[102] - The group issued 891,039,150 new shares as bonus shares on June 29, 2022, based on a ratio of one bonus share for every two existing shares held[137] - The company has no preferential rights for existing shareholders to subscribe for new shares according to its articles of association[163] - As of June 30, 2022, Mr. Guo and Mr. Su each held 1,352,160,000 shares, representing approximately 50.58% of the total issued shares of 2,673,117,550[166][167] - Major shareholder Mr. Kwan held 335,475,000 shares, representing approximately 12.55% of the total issued shares[173][174] Tax and Compliance - Income tax expenses decreased by MOP 3.4 million or 39.2%, mainly due to a reduction in gross profit and a reversal of an overprovision from previous years amounting to MOP 1.8 million[34] - The company incurred a tax expense of MOP 7,022,000 for the six months ended June 30, 2022, compared to MOP 8,641,000 in the same period of 2021[92] - The company has unutilized tax losses of MOP 7,131,000 available to offset future profits, with losses expiring in 2024 to 2027 totaling MOP 6,106,000[95] Corporate Governance - The company established an audit committee consisting of three independent non-executive directors, with Ms. Chen Bao-yi as the chairperson, who possesses the appropriate professional qualifications as per listing rules[179] - The audit committee and external auditor Deloitte reviewed the group's accounting principles and practices, as well as the condensed consolidated financial statements for the six months ended June 30, 2022[180]
澳能建设(01183) - 2021 - 年度财报
2022-04-25 08:53
Financial Performance - The company's revenue increased by 28.9% year-on-year to MOP 912.0 million, compared to MOP 707.3 million in the previous fiscal year[14]. - Net profit surged by 148.4% to MOP 126.5 million, up from MOP 50.9 million in the previous fiscal year[14]. - Gross profit rose by 98.5% to MOP 173.4 million, compared to MOP 87.4 million in the previous fiscal year[14]. - The gross margin improved to 19.0%, up from 12.4% in the previous fiscal year, while the net profit margin increased to 13.9% from 7.2%[14]. - The company's total revenue for the fiscal year 2021 increased by MOP 204.7 million or 28.9%, reaching MOP 911.98 million, compared to MOP 707.31 million in 2020[21]. - Revenue from construction and renovation projects rose by MOP 170.7 million or 36.7%, while electromechanical engineering services revenue increased by MOP 36.3 million or 23.8%[21]. Electric Vehicle Charging Business - The company secured contracts to provide electric vehicle charging systems for approximately 5,100 private and public parking spaces in the Greater Bay Area, including Guangdong Province and Macau[9]. - The electric vehicle charging business has achieved significant breakthroughs and has not been adversely affected by the pandemic[9]. - The electric vehicle charging business has established projects covering approximately 5,100 private and public parking spaces in Guangdong and Macau[17]. - The company acquired a 49% stake in MS E.Mobi, enhancing its capabilities in electric vehicle charging infrastructure and technology[18]. - The electric bicycle battery swapping system was successfully launched in Q4 2021, with 2,070 lithium iron phosphate batteries assembled for users in Guangzhou[19]. - The electric vehicle charging business recorded a loss of MOP 1.55 million, attributed to installation costs of approximately MOP 1.1 million for charging facilities[24]. Construction Industry Outlook - The Macau government's policy emphasizes pandemic prevention, economic recovery, and urban planning, which is favorable for the company's construction business development[8]. - The Macao government announced an investment of MOP 20 billion in construction projects, surpassing the MOP 10 billion allocated for casino construction projects[48]. - The government plans to build approximately 15,400 social and economic housing units in the first phase of the Macao New City Area from 2022 to 2024, indicating significant demand for the construction industry[48]. - The Macao government intends to invest MOP 400 billion in infrastructure projects in Hengqin over the next decade, which is expected to increase demand for construction services[49]. - The construction industry in Macao is expected to see increased investment from operators following the issuance of new gaming licenses in 2022, further driving demand[49]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to enhance stakeholder value and ensure sustainable growth through a three-tier management framework focused on environmental, social, and governance (ESG) initiatives[71]. - The company is committed to achieving carbon peak by 2030, aligning with national environmental strategies and promoting clean energy alternatives[50]. - The company has received ISO 14001:2015 certification for its environmental management system, demonstrating its commitment to promoting green practices[79]. - The company emphasizes compliance with environmental regulations and has established a framework to monitor adherence to local and international standards[79]. - The company has established an ISO 14001:2015 certified environmental management system to minimize its environmental impact[95]. Corporate Governance - The company has adopted the corporate governance code as a framework to protect shareholder interests and enhance transparency[137]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced skill set for effective leadership[143]. - The board has established three committees to oversee various aspects of the company's affairs: the Audit Committee, Nomination Committee, and Remuneration Committee[142]. - The company has implemented appropriate insurance for directors and senior management against legal claims arising from company activities[153]. - The company has a commitment to corporate governance and regularly hires independent consultants to evaluate the effectiveness of its internal control systems[117]. Employee and Labor Practices - The total number of employees as of December 31, 2021, was 295, a decrease from 355 in the fiscal year 2020[47]. - The employee turnover rate was 64% for males and 24% for females, with the highest turnover rate of 73% among other staff categories[103]. - The company has a commitment to equal opportunity and diversity, strictly prohibiting any form of discrimination in the workplace[98]. - The company encourages work-life balance by providing reasonable working hours and organizing employee gatherings to enhance morale[100]. - The company has implemented an OHSAS 18001:2007 certified occupational health and safety management system to ensure compliance with safety regulations and improve safety performance[105]. Financial Management and Reporting - The total value of contracts in hand as of December 31, 2021, was approximately MOP 873.6 million, with an expected total of MOP 1 billion for Q1 2022[16]. - The net proceeds from the global offering amounted to MOP 269.4 million, with actual utilization as of December 31, 2021, totaling MOP 239.9 million[41]. - The company reported a proposed final dividend of HKD 0.033 per share for the year ended December 31, 2021, subject to shareholder approval at the upcoming annual general meeting[192]. - The company issued 595,741,000 bonus shares based on a ratio of one bonus share for every two existing shares held, completed on June 29, 2021[194]. - The company’s financial summary for the past five fiscal years is detailed on page 140 of the annual report, providing insights into performance, assets, and liabilities[196].
澳能建设(01183) - 2021 - 中期财报
2021-09-23 08:42
Financial Performance - The company reported a revenue increase of 43.2% to approximately MOP 414.8 million for the six months ended June 30, 2021, compared to MOP 289.6 million in the same period last year[13]. - Net profit surged by 319.7% to about MOP 54.6 million, up from MOP 13.0 million in the previous period[13]. - Gross profit increased by 199.1% to MOP 79.0 million, compared to MOP 26.4 million in the prior period, with a gross margin of 19.0%[13]. - The company’s net profit margin improved to 13.2% from 4.5% in the previous period[13]. - Revenue for the six months ended June 30, 2021, increased by MOP 125.2 million or 43.2%, primarily due to increases in construction and renovation projects and electromechanical engineering services[17]. - The gross profit margin improved from 9.1% in the previous period to 19.0% in the current period, attributed to significant project completions and improved cost efficiency[20]. - The company reported a profit increase of MOP 41.6 million or 319.7% for the period, driven by various factors including project progress and revenue growth[27]. - Basic and diluted earnings per share increased to 3.05 MOP from 0.72 MOP, showing strong earnings growth[54]. - The company’s total profit for the six months ended June 30, 2021, was 54,566 thousand Macanese Patacas, a significant increase compared to the previous year[86]. Business Operations - The company operates in four main business areas: construction and renovation, high-voltage substation construction, electromechanical engineering services, and facility management services[10]. - The company completed significant construction progress on major contracts, including a hotel complex project in Cotai with a total contract value of approximately HKD 6.5 billion[13]. - The company diversified its business by introducing electric vehicle charging solutions and systems during the reporting period[10]. - The company has diversified its existing business by launching electric vehicle charging solutions and system services[73]. - The electric vehicle charging business generated revenue of MOP 28,000, marking the introduction of new services in this segment[76]. Market and Economic Conditions - The number of inbound tourists to Macau reached 4 million in the first half of 2021, showing a significant recovery from the previous year[13]. - Macau's gaming revenue rose approximately 45.4% year-on-year to about MOP 49 billion in the first half of 2021[13]. - The overall economic situation in Macau is gradually improving, with the government announcing multiple new construction projects valued at nearly MOP 35.2 billion[46]. - The group anticipates that existing license holders will increase facility renovations and potentially build more large-scale integrated resorts, benefiting the company directly[46]. - The central government is promoting the "Guangdong-Macau Cooperation Framework Agreement," which will allow Macau construction companies to enter the Hengqin area for projects, presenting significant opportunities[47]. - The group plans to leverage opportunities in the Greater Bay Area market, using Hengqin as a base for expansion[47]. Financial Position - As of June 30, 2021, the company's current assets net value was MOP 389.0 million, with a current ratio of 2.6 times[28]. - The company has not utilized credit financing amounting to MOP 178.0 million as of June 30, 2021, maintaining a capital debt ratio of zero[29]. - The total value of uncompleted contracts as of June 30, 2021, reached MOP 1.2 billion, with new contracts valued at approximately MOP 300 million[14]. - Total assets as of June 30, 2021, were MOP 631,478,000, compared to MOP 558,543,000 at the end of 2020, indicating a growth of 13.0%[57]. - The company's equity totalled MOP 444,508,000 as of June 30, 2021, compared to MOP 439,032,000 at the end of 2020, a slight increase of 1.6%[57]. - The company reported a significant increase in contract assets to MOP 107,889,000 from MOP 77,369,000, a growth of 39.5%[57]. - As of June 30, 2021, the group had no significant contingent liabilities, maintaining a stable financial position[42]. Shareholder Information - The company repurchased a total of 3,450,000 shares during the reporting period, with a total cost of approximately MOP 4,256,000[120]. - As of June 30, 2021, the total issued and paid-up share capital was MOP 18,409,000, with 1,787,223,000 shares outstanding[118]. - The board declared an interim dividend of 2.8 Hong Kong cents per share, expected to be paid around September 29, 2021[138]. - The company issued 595,741,000 new shares as bonus shares on June 29, 2021, based on a ratio of one bonus share for every two existing shares held[143]. - The shareholding structure indicates a strong control by major shareholders, with MECOM Holding Limited also holding 50.44%[153]. Governance and Compliance - The company confirmed compliance with all corporate governance codes during the reporting period[136]. - The company has adopted the corporate governance code as a basis for its governance practices, enhancing transparency and accountability[135]. - The audit committee consists of three independent non-executive directors, ensuring effective financial reporting and internal control[160]. - The company has not disclosed any interests or short positions in shares or debentures by directors or senior management as of June 30, 2021[153].
澳能建设(01183) - 2020 - 年度财报
2021-04-26 09:08
Economic Impact of COVID-19 - In 2020, Macau's total gaming revenue dropped by 79.3% to MOP 60.4 billion from MOP 292.5 billion in 2019 due to the COVID-19 pandemic[9] - The number of visitors to Macau plummeted from 2.9 million in January 2020 to 660,000 by December 2020[9] - The GDP of Macau fell by 63.8% year-on-year in Q3 2020, significantly impacting the construction industry[9] Company Performance and Revenue - The company's revenue increased by 41.8% year-on-year to MOP 707.3 million in 2020, compared to MOP 498.9 million in 2019[18] - Over 60% of the revenue came from core civil engineering and steel construction services, followed by electromechanical engineering and maintenance services[18] - The company's total revenue for 2020 was MOP 707.3 million, an increase of MOP 208.4 million or 41.8% compared to 2019[20] Profitability and Margins - The gross profit margin decreased to 12.4% in 2020 from 20.5% in 2019, while the net profit margin fell to 7.2% from 11.3%[18] - The gross profit for the year was MOP 87.4 million, a decrease of 14.5% from MOP 102.2 million in 2019, with the gross profit margin dropping from 20.5% to 12.4%[22] - The gross profit margin for construction and renovation projects fell from 23.9% in 2019 to 12.6% in 2020, primarily due to supply chain disruptions caused by the COVID-19 pandemic[23] Electric Vehicle Initiatives - The company signed a memorandum of understanding with a US-listed gaming operator to establish and operate electric vehicle charging systems covering approximately 3,100 parking spaces in Macau[12] - The company aims to continue developing its electric vehicle charging business in Macau, Hong Kong, and the Greater Bay Area to enhance profitability and market leadership[12] - The number of electric vehicles in Macau increased by 64.4% from 685 in 2019 to approximately 1,126 in the first nine months of 2020, suggesting a growing market for electric vehicle charging solutions[49] Corporate Governance and Compliance - The company has adopted the corporate governance code as the basis for its governance practices, ensuring compliance with all relevant standards[126] - The board believes that good corporate governance standards are essential for safeguarding shareholder interests and enhancing corporate value[125] - The company has a zero-tolerance policy towards bribery and corruption, implementing internal controls to monitor key business activities and mitigate fraud risks[105] Environmental, Social, and Governance (ESG) Practices - The company emphasizes the importance of environmental, social, and governance (ESG) reporting, ensuring high-quality disclosures and stakeholder engagement[63] - The company has received ISO 14001:2015 certification for its environmental management system, ensuring robust mechanisms for promoting green practices[74] - The company has implemented measures to reduce direct greenhouse gas emissions by optimizing construction plans and monitoring vehicle usage[79] Financial Position and Cash Flow - Net cash generated from operating activities increased to MOP 37.6 million in 2020 from MOP 13.1 million in 2019, reflecting better cash flow management[36] - As of December 31, 2020, the group's cash and bank balances totaled MOP 175.3 million, down from MOP 223.7 million in 2019[37] - The group had undrawn credit facilities amounting to MOP 367.4 million as of December 31, 2020, up from MOP 312.0 million in 2019[38] Future Growth and Expansion Plans - The company anticipates further expansion in facility management contracts with the opening of new casinos and resorts in the future[11] - The company plans to actively seize opportunities in large-scale development projects, including the "Macau New Neighborhood" and new reclamation area projects, while enhancing talent training[50] - The company is positioned to benefit from the diversification of Macau's economy beyond gaming, supported by government initiatives[10] Community Engagement and Support - The company donated MOP 20,000 to support disaster relief efforts for COVID-19 in Wuhan, showcasing its community support initiatives[110] - The company provides scholarships of MOP 10,000 each to 10 outstanding graduates annually, demonstrating its commitment to supporting the younger generation[108] Risk Management and Internal Controls - The board is responsible for the risk management and internal control systems, ensuring they are effective and appropriate for achieving strategic objectives[166] - The company has established a risk management and internal control policy covering various operational areas, including revenue collection and financial reporting[167] - The board regularly reviews the effectiveness of the risk management and internal control systems, with no significant concerns identified that could impact financial or operational controls[169]