KIN SHING HLDGS(01630)

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建成控股(01630) - 2025 - 中期业绩
2024-11-29 14:10
Financial Performance - The company reported a total profit attributable to owners of HKD 9,453,000 for the six months ended September 30, 2024, compared to a loss of HKD 6,552,000 in the same period last year[3]. - Basic and diluted earnings per share were HKD 0.63, a significant improvement from a loss of HKD 0.44 per share in the previous year[3]. - The company reported a net profit attributable to shareholders of HKD 9,453 thousand for the six months ended September 30, 2024, compared to a loss of HKD 6,552 thousand in the same period of 2023[29]. - The profit attributable to the company's owners for the six months ended September 30, 2024, was approximately HKD 9.5 million, a significant increase of about 243.9% compared to a loss of about HKD 6.6 million for the same period in 2023[44]. - Other income increased from a loss of about HKD 4.4 million to approximately HKD 19.8 million, primarily due to a fair value change in financial assets amounting to about HKD 24.6 million[40]. Revenue and Projects - Total revenue for the six months was HKD 432,088,000, down 20.6% from HKD 543,918,000 in the same period last year[3][12]. - For the six months ended September 30, 2024, revenue was approximately HKD 432.1 million, a decrease from HKD 543.9 million for the same period in 2023, attributed to a decline in the number of projects in the template market due to a challenging economic environment[37]. - Total revenue decreased by approximately HKD 111.8 million or 20.6% to about HKD 432.1 million for the six months ended September 30, 2024, compared to HKD 543.9 million for the same period in 2023[61]. - Private sector project revenue was approximately HKD 324.7 million, accounting for about 75.1% of total revenue, while public sector project revenue was approximately HKD 107.4 million, accounting for about 24.9% of total revenue[61]. - The total number of new contracts awarded during the review period was 10, with a total contract value of approximately HKD 332.0 million[63]. Assets and Liabilities - Total assets as of September 30, 2024, were HKD 381,037,000, down from HKD 483,879,000 as of March 31, 2024[5]. - The total liabilities as of September 30, 2024, were HKD 249,283 thousand, a decrease from HKD 361,578 thousand as of March 31, 2024, indicating a reduction of approximately 30.9%[1]. - Current liabilities decreased to HKD 248,181,000 from HKD 360,228,000 as of March 31, 2024[5]. - The net asset value increased to HKD 131,754,000 from HKD 122,301,000 as of March 31, 2024[5]. - Trade receivables as of September 30, 2024, amounted to HKD 59,827 thousand, with an allowance for credit losses of HKD 10,334 thousand, resulting in a net trade receivable of HKD 49,493 thousand[31]. Costs and Expenses - Gross profit decreased to HKD 1,496,000, a decline of 85.1% compared to HKD 10,023,000 in the previous year[3]. - The group's gross profit decreased by approximately 85% from about HKD 10.0 million to about HKD 1.5 million, with a gross margin decline from approximately 1.8% to 0.3% due to project delays and additional costs[39]. - The total compensation cost recognized in the income statement for the six months ended September 30, 2024, was approximately HKD 263.3 million, compared to approximately HKD 294.7 million for the same period in 2023[60]. - Administrative expenses decreased by approximately 2.3% from about HKD 9.5 million to about HKD 9.3 million, mainly due to reduced headquarters operating costs[42]. - The financing costs for the six months ended September 30, 2024, were HKD 1,424 thousand, slightly down from HKD 1,482 thousand in the same period of 2023[26]. Strategic Focus and Market Conditions - The company continues to focus on template engineering services, which accounted for the entirety of its revenue in the current period[12]. - The company plans to adopt a more competitive pricing strategy to increase market share in the infrastructure formwork market due to a decrease in project numbers[64]. - The company aims to continue expanding its client base and implementing strict cost control measures on existing projects to enhance project management efficiency[64]. - The company focused primarily on the Hong Kong market during the reporting period, with 31 projects contributing to revenue[38]. Dividends and Acquisitions - The company did not declare any dividends for the interim period, consistent with the previous year[28]. - The board did not recommend any interim dividend for the six months ended September 30, 2024, consistent with the previous year[45]. - The group did not engage in any significant acquisitions or disposals of subsidiaries or associates during the reporting period[57]. Financial Position and Risk Management - The group maintained a prudent funding and treasury policy, closely monitoring its liquidity position to meet funding needs[47]. - There were no significant contingent liabilities or major capital commitments as of September 30, 2024[51][50]. - No significant impact on financial performance was noted from the adoption of new accounting standards during the reporting period[10].
建成控股(01630) - 2024 - 年度财报
2024-07-18 09:58
[Company Information](index=2&type=section&id=Company%20Information) This section provides core company information for Build King Holdings Limited, including its directors, committee members, and essential corporate contact details - The report provides core company information for Build King Holdings Limited, including its executive and non-executive directors, committee members, company secretary, registered office, principal place of business, share registrar, principal bankers, and company website[3](index=3&type=chunk)[5](index=5&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman%27s%20Statement) The Chairman's Statement reviews the year ended March 31, 2024, highlighting a **162.1% revenue increase** but a turn to a **HKD 43.8 million loss** attributable to owners, with future plans focusing on prudent capital management and business diversification amid industry challenges FY2024 Performance Summary | Indicator | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | Approximately HKD 1,200 million | Approximately HKD 474.8 million | +162.1% | | Gross Profit | Approximately HKD 31.6 million | Approximately HKD 15.3 million | +106.5% | | (Loss) / Profit Attributable to Owners of the Company | Approximately (HKD 43.8) million | Approximately HKD 11.9 million | Turned from profit to loss | - Revenue growth was primarily driven by large tender contracts awarded in early 2023 entering their peak construction phase[7](index=7&type=chunk) - Gross margin remained at a low level, mainly due to increased wages for experienced workers, additional on-site costs, and intense competition for new contracts[7](index=7&type=chunk) - Looking ahead, the formwork engineering industry is expected to continue facing challenges from intensified market competition and uncertain labor costs; the Group will expand project types and client base while adopting prudent capital and liquidity risk management[9](index=9&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the Group's business operations, financial performance, risk management strategies, and human resources policies for the reporting period [Business Overview](index=6&type=section&id=Business%20Overview) The Group's core business is formwork engineering, supplemented by building construction and financial instrument investments, with formwork engineering contributing approximately HKD 1.245 billion in revenue in FY2024, and private sector projects accounting for 70.8% of total revenue - The Group's principal business is formwork engineering, categorized into traditional timber formwork and metal formwork systems[15](index=15&type=chunk) Revenue Distribution by Sector | Project Sector | FY2024 Revenue (million HKD) | Percentage of Total Revenue | FY2023 Revenue (million HKD) | Percentage of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Private Sector | Approximately 882 | 70.8% | Approximately 405 | 85.4% | | Public Sector | Approximately 363 | 29.2% | Approximately 69 | 14.6% | [Financial Review](index=8&type=section&id=Financial%20Review) This fiscal year, the Group's revenue significantly increased to approximately HKD 1.245 billion due to large contracts, but gross margin slightly decreased to 2.5%, leading to a loss of HKD 43.8 million from last year's profit of HKD 11.9 million, primarily due to the absence of government wage subsidies, unrealized losses from investment securities, and increased expected credit loss provisions [Revenue](index=8&type=section&id=Revenue) For the year ended March 31, 2024, the Group's revenue significantly increased from HKD 475 million to HKD 1.245 billion, driven by several large tender contracts awarded in early 2023 entering their peak construction phase, with the number of high-revenue projects (over HKD 50 million) increasing from 4 to 9 Number of Projects by Revenue Recognized | Revenue Recognized (HKD) | Number of Projects 2024 | Number of Projects 2023 | | :--- | :--- | :--- | | Over 100,000,001 | 3 | 2 | | 50,000,001 to 100,000,000 | 6 | 2 | | 10,000,001 to 50,000,000 | 6 | 5 | | 1,000,000 to 10,000,000 | 10 | 9 | | Less than 1,000,000 | 4 | 11 | | **Total** | **29** | **29** | [Gross Profit and Gross Margin](index=9&type=section&id=Gross%20Profit%20and%20Gross%20Margin) This fiscal year, gross profit increased by 107.1% to HKD 31.6 million due to higher revenue, stable raw material prices, and foreign worker employment, yet gross margin slightly decreased from 3.2% to 2.5% due to rising experienced worker wages, additional on-site costs, and intense market competition Gross Profit and Gross Margin Performance | Indicator | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Gross Profit | HKD 31.6 million | HKD 15.3 million | +107.1% | | Gross Margin | 2.5% | 3.2% | -0.7pp | [Other (Losses) / Income, Net](index=9&type=section&id=Other%20(Losses)%20%2F%20Income%2C%20Net) Other income turned into an other loss of HKD 9.4 million this year from HKD 20.6 million last year, a 145.5% decrease, primarily due to the absence of approximately HKD 16.6 million in government wage subsidies and a net loss of approximately HKD 13.8 million from trading securities investments, compared to a gain of HKD 2.4 million last year - Absence of approximately **HKD 16.6 million** in 'Employment Support Scheme' wage subsidies received in the prior year[29](index=29&type=chunk) - Trading and investment activities recorded a net loss of approximately **HKD 13.8 million**, compared to a gain of approximately **HKD 2.4 million** in the prior year[29](index=29&type=chunk) [Loss Attributable to Owners of the Company](index=10&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) The Group turned from a profit of HKD 11.9 million last year to a loss of approximately HKD 43.8 million attributable to owners of the company this year, mainly due to the absence of government wage subsidies, losses from trading securities investments, and an increase in expected credit loss provisions of approximately HKD 40.7 million - Three main reasons for the turn from profit to loss: - Absence of approximately **HKD 16.6 million** in government wage subsidies from the prior year - Trading securities investments recorded a net loss of approximately **HKD 13.8 million** (compared to a gain of HKD 2.4 million last year) - Provision for expected credit loss impairment of approximately **HKD 40.7 million** (compared to a reversal of approximately HKD 0.2 million last year)[34](index=34&type=chunk) [Company Finance and Risk Management](index=10&type=section&id=Company%20Finance%20and%20Risk%20Management) The Group maintains a sound financial position with cash and cash equivalents increasing to **HKD 169 million** and no bank borrowings, despite a rise in the gearing ratio to **125.4%**, while also disclosing a significant lawsuit, detailing its investment portfolio, and outlining key operational risks [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2024, the Group's cash and cash equivalents increased to approximately HKD 169 million from HKD 150 million last year, with no bank borrowings, while the gearing ratio (total debt/total equity) rose from 91.1% to 125.4% Liquidity and Capital Structure | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HKD 169 million | HKD 150 million | | Bank Borrowings | 0 | 0 | | Gearing Ratio | 125.4% | 91.1% | [Litigation and Claims](index=11&type=section&id=Litigation%20and%20Claims) A Group subsidiary is involved in a legal dispute with a supplier, where the Group claims approximately HKD 20.72 million for delayed material delivery, while the supplier counter-sues for approximately HKD 9.8 million for breach of contract and outstanding payments, with the case (HCA 1556/2022) proceeding to mediation without confirmed liability or claim possibility yet - The Group claims approximately **HKD 20.72 million** from a supplier, while the supplier counter-sues for approximately **HKD 9.8 million**[42](index=42&type=chunk) - The case, HCA 1556/2022, is currently in its early stages and will proceed to mediation[42](index=42&type=chunk) [Significant Investments Held by the Group](index=11&type=section&id=Significant%20Investments%20Held%20by%20the%20Group) To diversify its business, the Group invested in several Hong Kong-listed securities, including Hong Kong Exchanges and Clearing, China Construction Bank, and China Mobile, with the portfolio recording fair value losses during the reporting period, notably a **HKD 12.04 million loss** on Hong Kong Exchanges and Clearing investments Details of Significant Investments as of March 31, 2024 | Investment Name (Stock Code) | Investment Cost (thousand HKD) | Fair Value (thousand HKD) | Change in Fair Value (thousand HKD) | Dividends Received (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong Exchanges and Clearing (388) | 32,449 | 22,780 | (12,040) | 841 | | China Construction Bank (939) | 5,028 | 4,720 | (370) | 380 | | China Mobile (941) | 3,890 | 5,018 | 248 | 313 | | BOC Hong Kong (2388) | 8,400 | 6,285 | (1,050) | 431 | | Ping An Insurance (2318) | 6,426 | 4,958 | (2,707) | 366 | [Key Risks and Uncertainties](index=13&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces key risks including the non-recurring nature of its business, inaccurate project cost estimations, significant increases in construction material costs, potential construction litigation, and liquidity impacts from delayed progress payments and retention money recovery - Key risks faced by the Group include: - Revenue primarily derived from non-recurring projects, leading to uncertainty in securing new contracts - Inaccurate project cost estimations or ineffective cost management potentially adversely impacting financial performance - Significant increases in construction material costs potentially adversely impacting financial position - Construction litigation and disputes potentially adversely impacting performance - Delays in progress payments or retention money payments potentially adversely impacting liquidity[50](index=50&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2024, the Group's Hong Kong employee count significantly increased from 883 to 2,179, with total annual remuneration costs rising from HKD 176 million to HKD 579 million, and remuneration policies determined by performance, experience, and industry practice, offering discretionary bonuses, provident funds, and education subsidies Changes in Employees and Remuneration Costs | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Number of Employees | 2,179 persons | 883 persons | | Total Remuneration Costs | Approximately HKD 579 million | Approximately HKD 176 million | [Biographies of Directors and Senior Management](index=14&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section details the personal biographies of the company's executive directors, independent non-executive directors, and senior management, including their age, positions, professional experience, academic backgrounds, and roles in other listed companies - The executive director team comprises Mr. Leung Chi Kit (Chairman), Ms. Cho Yuk Ching, Mr. Chow Tik Keung (Chief Executive Officer), and Mr. Chan Sik Mau, all possessing extensive experience in the formwork engineering and construction industries[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - The independent non-executive directors are Mr. Lam Kai Yeung, Mr. Wong Yuk Lun, and Mr. Lam Wai Hung, who possess professional expertise in accounting, financial management, and corporate governance[60](index=60&type=chunk)[61](index=61&type=chunk)[64](index=64&type=chunk) - Senior management includes Executive Officer Ms. Cheng Wai Man and Company Secretary Ms. Tsui Wai Ting[68](index=68&type=chunk) [Corporate Governance Report](index=18&type=section&id=Corporate%20Governance%20Report) This section details the Group's corporate governance framework, including its adherence to best practices, the composition and functions of its Board of Directors and various committees, and the effectiveness of its internal control and risk management systems [Corporate Governance Practices](index=19&type=section&id=Corporate%20Governance%20Practices) The Company is committed to maintaining high standards of corporate governance, having adopted and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules for the year ended March 31, 2024, and all directors have confirmed compliance with the adopted Model Code for Securities Transactions - The Company has adopted and complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules[71](index=71&type=chunk)[72](index=72&type=chunk) - The Company has adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance during the reporting period[73](index=73&type=chunk) [Board of Directors](index=19&type=section&id=Board%20of%20Directors) The Board of Directors, comprising four executive and three independent non-executive directors, meets Listing Rules requirements, with distinct roles for the Chairman (Mr. Leung Chi Kit) and CEO (Mr. Chow Tik Keung), and all directors attended all four meetings during the reporting period, overseeing group leadership, strategy, and management performance - The Board of Directors comprises **4 executive directors** and **3 independent non-executive directors**, meeting Listing Rules requirements[76](index=76&type=chunk)[77](index=77&type=chunk) - The roles of Chairman and Chief Executive Officer are segregated and performed by different individuals to ensure clear division of responsibilities; Chairman Mr. Leung Chi Kit is responsible for the Board's operation and strategy formulation, while Chief Executive Officer Mr. Chow Tik Keung oversees the Group's daily management and operational decisions[86](index=86&type=chunk) Board Meeting Attendance (FY2024) | Director Name | Board Meeting Attendance Rate | | :--- | :--- | | Mr. Leung Chi Kit | 4/4 | | Ms. Cho Yuk Ching | 4/4 | | Mr. Chow Tik Keung | 4/4 | | Mr. Chan Sik Mau | 4/4 | | Mr. Lam Kai Yeung | 4/4 | | Mr. Wong Yuk Lun | 4/4 | | Mr. Lam Wai Hung | 4/4 | [Board Committees](index=23&type=section&id=Board%20Committees) The Company has established Audit, Remuneration, Nomination, and Investment Committees, each with specific responsibilities for overseeing financial reporting, internal controls, remuneration policies, board composition, and investment decisions, and all committees regularly convene to fulfill their duties - The Audit Committee, chaired by Mr. Lam Kai Yeung, comprises **three independent non-executive directors** and is responsible for reviewing financial statements, internal controls, and risk management systems[89](index=89&type=chunk)[91](index=91&type=chunk) - The Remuneration Committee, chaired by Mr. Wong Yuk Lun, comprises **two executive directors** and **three independent non-executive directors**, responsible for approving management remuneration packages and making recommendations to the Board[92](index=92&type=chunk) - The Nomination Committee, chaired by Mr. Leung Chi Kit, comprises **two executive directors** and **three independent non-executive directors**, responsible for reviewing Board composition, nominating candidates, and assessing director independence[98](index=98&type=chunk) - The Investment Committee, chaired by Mr. Chow Tik Keung, comprises **one executive director** and **two independent non-executive directors**, responsible for overseeing the Company's investment activities and strategies[109](index=109&type=chunk) [Internal Control and Risk Management](index=30&type=section&id=Internal%20Control%20and%20Risk%20Management) The Board is fully responsible for maintaining the Group's internal control and risk management systems to safeguard assets, ensure proper accounting records, and comply with regulations, and despite lacking an independent internal audit department, procedures are in place to ensure adequate resources for internal audit functions, with the Board deeming the current systems effective and adequate after review - The Board of Directors bears full responsibility for the internal control and risk management systems and regularly reviews their effectiveness[114](index=114&type=chunk) - The Group has not established an independent internal audit department but has implemented procedures to perform internal audit functions, including an annual review of the effectiveness of risk management and internal controls[114](index=114&type=chunk) - The Board of Directors considers the Group's risk management and internal control systems to be effective and adequate during the reporting period[116](index=116&type=chunk) [Environmental, Social and Governance Report](index=32&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the Group's environmental, social, and governance performance, outlining its commitment to sustainability, stakeholder engagement, and management of key ESG issues, including environmental impacts, social responsibilities, and governance practices [ESG Report Overview](index=33&type=section&id=ESG%20Report%20Overview) This report covers the Group's ESG performance in formwork engineering, building construction, and securities investment from April 1, 2023, to March 31, 2024, adhering to the HKEX ESG Reporting Guide, with the Board overseeing governance and identifying occupational health and safety, construction safety and quality control, and anti-corruption as highly material ESG issues through stakeholder engagement and materiality assessment - The report's scope aligns with the annual report, covering three major business segments: formwork engineering, building construction, and securities investment[130](index=130&type=chunk) - The Board of Directors bears overall responsibility for the Group's ESG governance and has appointed an ESG working group to assist with monitoring[131](index=131&type=chunk) - Through materiality assessment, 'Occupational Health and Safety,' 'Construction Safety and Quality Control,' and 'Anti-corruption' were identified as highly material ESG issues[143](index=143&type=chunk) [A. Environmental](index=37&type=section&id=A.%20Environmental) In environmental aspects, the Group manages operational impacts, with total emissions, greenhouse gas emissions, non-hazardous waste, and energy consumption increasing due to expanded project scale, but emissions and energy consumption intensity per revenue decreased, and the Group has established relevant policies and reduction targets while assessing and responding to climate change-related physical and transition risks FY2024 Greenhouse Gas Emissions Performance | Indicator | Unit | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Total Greenhouse Gas Emissions | tonnes of CO2 equivalent | 132.57 | 117.05 | | Intensity (per project) | tonnes of CO2 equivalent/project | 4.57 | 4.04 | | Intensity (per revenue) | tonnes of CO2 equivalent/million HKD revenue | 0.11 | 0.25 | FY2024 Energy Consumption Performance | Indicator | Unit | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Total Energy Consumption | kWh | 477,773.02 | 426,550.12 | | Intensity (per project) | kWh/project | 16,474.93 | 14,708.62 | | Intensity (per revenue) | kWh/million HKD revenue | 383.89 | 898.44 | - The Group identified physical risks (e.g., typhoons, heavy rain) and transition risks (e.g., tightening policies and regulations) from climate change and has developed response measures, including closely monitoring weather information, purchasing insurance, and tracking regulatory changes[166](index=166&type=chunk)[168](index=168&type=chunk) [B. Social](index=43&type=section&id=B.%20Social) In social responsibility, the Group's workforce increased to **2,179 persons**, committed to providing a safe work environment despite increased injuries but no fatalities, offering training, adhering to labor standards, prohibiting child and forced labor, implementing stringent policies for supply chain, quality, and anti-corruption, and making community donations - As of March 31, 2024, the total number of employees was **2,179 persons**, a significant increase from **883 persons** last year[169](index=169&type=chunk) - During the reporting period, **49 work-related injuries** were recorded, resulting in **5,206 lost workdays**, but there were no work-related fatalities in the past three years[173](index=173&type=chunk) - The Group adopts a zero-tolerance approach to forced or child labor and conducts strict verification during the recruitment process[179](index=179&type=chunk)[180](index=180&type=chunk) - The Group has established a Whistleblowing Policy to address corruption incidents and provided anti-corruption training to directors and senior management[194](index=194&type=chunk) - In January 2024, the Group donated **HKD 8,000** to the Hong Kong Construction Association, fulfilling its social responsibility[195](index=195&type=chunk) [Directors' Report](index=54&type=section&id=Directors%27%20Report) The Directors' Report outlines the Group's principal businesses, performance, financial position, and shareholder returns, noting a turn from profit to loss and no final dividend recommendation, while also disclosing directors' and major shareholders' interests, related party transactions, and compliance with non-competition undertakings, highlighting a high client concentration - The Board of Directors recommends no final dividend payment for the year ended March 31, 2024[215](index=215&type=chunk) - Controlling shareholders Mr. Leung Chi Kit, Ms. Cho Yuk Ching, and Mr. Chow Siu Yu collectively hold **75%** of the Company's issued share capital through Wuzhou Enterprise Limited[231](index=231&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk) - For the year ended March 31, 2024, the top five clients collectively accounted for **85.7%** of the Group's total turnover, with the largest client contributing **40.1%**[237](index=237&type=chunk) - During the reporting period, the Group engaged in tool and material procurement transactions totaling **HKD 2,985,000** with related party King Fook Plastic Limited, controlled by a relative of Executive Director Ms. Cho Yuk Ching[246](index=246&type=chunk) [Independent Auditor's Report](index=62&type=section&id=Independent%20Auditor%27s%20Report) Independent auditor BDO Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2024, affirming they present a true and fair view, with key audit matters including revenue recognition for construction contracts and recoverability of receivables and contract assets, and the report details the audit procedures performed - The auditor issued an **unmodified opinion** on the consolidated financial statements[259](index=259&type=chunk) - Key audit matters include: 1. **Revenue Recognition for Construction Contracts**: Due to its significant impact on the statement of profit or loss and the management's judgment involved 2. **Recoverability of Trade and Other Receivables and Contract Assets**: Due to their significant balances and the significant judgment involved in estimating expected credit losses[261](index=261&type=chunk)[264](index=264&type=chunk)[266](index=266&type=chunk) - The auditor performed corresponding procedures, including reviewing contracts, assessing budget reasonableness, testing actual costs, and evaluating the basis and judgment for expected credit losses, to address the key audit matters[265](index=265&type=chunk)[269](index=269&type=chunk) [Consolidated Financial Statements](index=67&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss, financial position, cash flows, and detailed notes, providing a comprehensive overview of its financial performance and health [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=67&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2024, the Group's revenue significantly increased to HKD 1.245 billion from HKD 475 million last year, but due to increased direct costs, impairment losses, and administrative expenses, the Group recorded a pre-tax loss of HKD 43.81 million, compared to a profit of HKD 11.89 million in the prior year, resulting in a basic loss per share of **2.92 HK cents** Consolidated Statement of Profit or Loss Summary (thousand HKD) | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 1,244,556 | 474,768 | | Gross Profit | 31,620 | 15,266 | | Impairment losses under expected credit loss model | (40,720) | 154 | | Loss / Profit before tax | (43,810) | 11,887 | | Loss / Profit for the year | (43,810) | 11,887 | | Basic Loss / Earnings per share (HK cents) | (2.92) | 0.79 | [Consolidated Statement of Financial Position](index=68&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets increased to HKD 483.88 million from HKD 425.96 million last year, primarily driven by increases in contract assets and cash, while total liabilities rose from HKD 259.85 million to HKD 361.58 million due to higher trade and other payables and amounts due to related companies, resulting in a decrease in net assets from HKD 166.11 million to HKD 122.30 million Consolidated Statement of Financial Position Summary (thousand HKD) | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 29,442 | 28,265 | | Current assets | 454,437 | 397,695 | | **Total assets** | **483,879** | **425,960** | | **Liabilities and Equity** | | | | Current liabilities | 360,228 | 259,048 | | Non-current liabilities | 1,350 | 801 | | **Total liabilities** | **361,578** | **259,849** | | **Net assets** | **122,301** | **166,111** | | **Total equity** | **122,301** | **166,111** | [Consolidated Statement of Cash Flows](index=71&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, net cash generated from operating activities significantly decreased to HKD 28 million from HKD 57.3 million last year, mainly due to a substantial increase in contract assets, while net cash used in investing activities was HKD 5.9 million, primarily for property, plant, and equipment purchases, and net cash used in financing activities was HKD 3.2 million, resulting in a net increase in cash and cash equivalents of HKD 18.9 million, with an ending balance of HKD 169.3 million Consolidated Statement of Cash Flows Summary (thousand HKD) | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Net cash generated from operating activities | 27,978 | 57,259 | | Net cash used in investing activities | (5,932) | (40,879) | | Net cash used in financing activities | (3,189) | (2,350) | | Net increase in cash and cash equivalents | 18,857 | 14,030 | | Cash and cash equivalents at beginning of year | 150,451 | 136,421 | | Cash and cash equivalents at end of year | 169,308 | 150,451 | [Notes to the Consolidated Financial Statements](index=73&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed analysis of key accounting policies, critical accounting estimates, and various statement items, highlighting revenue recognition, segment information showing formwork engineering as core, a significant increase in expected credit loss provisions, related party transactions, and financial instrument risk management - **Revenue Recognition (Note 5)**: Revenue from the Group's formwork engineering and related services is recognized over time using the output method; as of the end of the reporting period, the total amount of signed but uncompleted performance obligations (contract backlog) was approximately **HKD 1.008 billion**[376](index=376&type=chunk)[379](index=379&type=chunk)[380](index=380&type=chunk) - **Segment Information (Note 6)**: The Group is divided into three segments: formwork engineering, building construction, and trading and investment; the formwork engineering segment contributed **HKD 1.245 billion** in total revenue but recorded a segment loss of **HKD 22.9 million**, while the trading and investment segment recorded a loss of **HKD 10.95 million**[381](index=381&type=chunk)[382](index=382&type=chunk) - **Expected Credit Losses (Notes 8, 33)**: The net impairment loss on expected credit losses recognized this year was **HKD 40.72 million**, significantly higher than last year's reversal of **HKD 0.154 million**, primarily due to impairment provisions of **HKD 33.06 million** for contract assets[396](index=396&type=chunk)[459](index=459&type=chunk) - **Related Party Transactions (Note 30)**: The Group purchased **HKD 2.985 million** in tools and materials from King Fook Plastic Limited, controlled by a relative of Executive Director Ms. Cho Yuk Ching, and also paid **HKD 2.7 million** in interest expenses to a company controlled by Director Mr. Leung Chi Kit[443](index=443&type=chunk) [Five-Year Financial Summary](index=132&type=section&id=Five-Year%20Financial%20Summary) This section provides a summary of the Group's key financial data for the past five fiscal years (2020-2024), showing that while revenue generally increased to a five-year high in FY2024, profitability has been unstable with losses in three out of five years, and both total assets and liabilities expanded over the period, with net assets declining in 2024 Five-Year Performance Summary (thousand HKD) | For the year ended March 31 | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,244,556 | 474,768 | 600,863 | 523,949 | 434,647 | | Loss / Profit for the year | (43,810) | 11,887 | (12,497) | 2,631 | (10,831) | Five-Year Assets and Liabilities Summary (thousand HKD) | As of March 31 | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total assets | 483,879 | 425,960 | 379,276 | 391,130 | 366,556 | | Total liabilities | 361,578 | 259,849 | 225,052 | 224,409 | 202,466 | | Net assets | 122,301 | 166,111 | 154,224 | 166,721 | 164,090 |
建成控股(01630) - 2024 - 年度业绩
2024-06-28 14:11
[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) This section provides a concise overview of the company's key financial results and position for the reporting period [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In FY2024, Jiantao Holdings Limited reported a net loss of HKD 43.81 million, a reversal from the prior year's profit of HKD 11.89 million, despite a 162% revenue increase to HKD 1.24 billion, primarily due to lower gross margin, absence of government subsidies, and investment losses, resulting in a basic loss per share of 2.92 HK cents Key Financial Highlights | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | **Revenue** | 1,244,556 Thousand HKD | 474,768 Thousand HKD | | **Gross Profit** | 31,620 Thousand HKD | 15,266 Thousand HKD | | **(Loss) / Profit for the Year** | (43,810) Thousand HKD | 11,887 Thousand HKD | | **Basic (Loss) / Earnings Per Share** | (2.92) HK cents | 0.79 HK cents | [Consolidated Statement of Financial Position](index=2&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets and liabilities increased, leading to a decrease in net assets from HKD 166 million to HKD 122 million, while cash and cash equivalents saw an increase Key Financial Position Highlights | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | 483,879 Thousand HKD | 425,960 Thousand HKD | | **Total Liabilities** | 361,578 Thousand HKD | 259,849 Thousand HKD | | **Net Assets** | 122,301 Thousand HKD | 166,111 Thousand HKD | | **Cash and Cash Equivalents** | 169,308 Thousand HKD | 150,451 Thousand HKD | [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's operations, financial performance, and future outlook [Business Overview](index=13&type=section&id=Business%20Overview) The Group's core business involves providing formwork engineering services in Hong Kong, with minor involvement in building construction and financial instrument investments, primarily deriving revenue from private sector projects, which accounted for 70.8% of total revenue this year - The Group primarily engages in providing formwork engineering, utilizing both traditional timber formwork and metal formwork systems[13](index=13&type=chunk)[54](index=54&type=chunk)[73](index=73&type=chunk) Revenue by Sector | Revenue Source (by Sector) | Revenue (Thousand HKD) | Percentage of Total Revenue | | :--- | :--- | :--- | | Private Sector Projects | 881,617 | 70.8% | | Public Sector Projects | 362,939 | 29.2% | [Financial Review](index=14&type=section&id=Financial%20Review) This fiscal year saw a shift from profit to loss, driven by increased revenue from large contracts reaching peak construction, but pressured gross margins due to market competition and rising costs, compounded by the absence of prior-year government wage subsidies and a net loss from investment activities [Revenue](index=14&type=page&id=Revenue) Revenue increased by 162.2% year-on-year to HKD 1.24 billion, primarily due to several large contracts awarded in early 2023 reaching their peak construction phase this year, with the number of projects contributing over HKD 50 million in revenue increasing from 4 last year to 9 this year - The increase in FY2024 revenue is mainly due to several large tenders awarded to the Group in early 2023, which are currently in their peak construction phase[57](index=57&type=chunk) Project Scale by Number of Projects | Project Scale by Recognized Revenue | Number of Projects in 2024 | Number of Projects in 2023 | | :--- | :--- | :--- | | Over 100,000,001 HKD | 3 | 2 | | 50,000,001 to 100,000,000 HKD | 6 | 2 | | 10,000,001 to 50,000,000 HKD | 6 | 5 | [Gross Profit and Gross Margin](index=15&type=page&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by 107.1% year-on-year to HKD 31.62 million, but the gross margin slightly decreased from 3.2% in the prior year to 2.5%, remaining low primarily due to increased subcontractor wages from limited supply of experienced workers, additional costs from site arrangement changes, and intense market competition - Gross profit increased in absolute terms, but the gross margin decreased from **3.2% to 2.5%**, pressured by increased subcontractor wages, additional costs, and intense market competition[59](index=59&type=chunk)[78](index=78&type=chunk) [Other (Losses) / Income, Net](index=15&type=page&id=Other%20(Losses)%20%2F%20Income%2C%20Net) Other income items shifted from a net income of HKD 20.62 million in the prior year to a net loss of HKD 9.37 million this year, a decrease of 145.5%, primarily due to the absence of prior-year government wage subsidies and a net loss recorded in the trading and investment business segment - Other income turned from profit to loss, mainly due to the absence of approximately **HKD 16.6 million** in government wage subsidies from the prior year and unrealized losses recorded on trading securities[79](index=79&type=chunk) [Loss Attributable to Equity Holders of the Company](index=16&type=page&id=Loss%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) The year recorded a loss attributable to equity holders of HKD 43.81 million, compared to a profit of HKD 11.89 million last year, primarily due to the absence of government wage subsidies, the shift of investment business from profit to loss, and the recognition of significant impairment losses under the expected credit loss model - The shift from profit to loss is mainly due to: (i) the absence of approximately **HKD 16.6 million** in government wage subsidies received last year; (ii) a net loss of approximately **HKD 13.8 million** recorded in the trading and investment business segment; and (iii) the provision for impairment losses under the expected credit loss model of approximately **HKD 40.7 million**[88](index=88&type=chunk) [Outlook](index=14&type=section&id=Outlook) The company anticipates the formwork engineering industry will continue to face challenges including intensified market competition, uncertain costs for experienced labor and subcontracting fees, and will respond by expanding project types and client base to mitigate risks, while adopting prudent capital management and liquidity risk management strategies - The company anticipates future market challenges including intensified competition and cost uncertainties, and will address these by expanding its client base and project scope, while maintaining prudent capital management[75](index=75&type=chunk)[81](index=81&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's financial position remains robust, holding approximately HKD 169 million in cash and cash equivalents as of March 31, 2024, with no bank borrowings, however, the gearing ratio significantly increased from 91.1% in the prior year to approximately 125.4% Key Liquidity and Financial Resources | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 169,308 Thousand HKD | 150,451 Thousand HKD | | **Bank Borrowings** | 0 | 0 | | **Gearing Ratio** | 125.4% | 91.1% | [Significant Investments](index=18&type=section&id=Significant%20Investments) The Group holds shares in several Hong Kong-listed companies as financial assets at fair value through profit or loss, with a total market value of approximately HKD 50.6 million as of March 31, 2024, and recorded a fair value change loss of approximately HKD 16.66 million for the year Fair Value of Investments | Investment Name | Fair Value as of March 31, 2024 (Thousand HKD) | Annual Fair Value Change (Thousand HKD) | | :--- | :--- | :--- | | Hong Kong Exchanges and Clearing Limited | 22,780 | (12,040) | | China Construction Bank Corporation | 4,720 | (370) | | China Mobile Limited | 5,018 | 248 | | BOC Hong Kong (Holdings) Limited | 6,285 | (1,050) | | Ping An Insurance (Group) Company of China, Ltd | 4,958 | (2,707) | [Principal Risks and Uncertainties](index=20&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces key risks including reliance on non-recurring project revenue, inaccurate project cost estimations, significant fluctuations in construction material costs, potential construction litigation disputes, and adverse impacts on liquidity from delayed progress payments or retention money recovery - Revenue primarily derives from non-recurring projects, with no guarantee of continuously securing new business or contracts[103](index=103&type=chunk) - Significant increases in construction material costs or non-conforming materials could adversely affect financial performance[104](index=104&type=chunk) - Failure to receive progress payments or retention money on time or in full could adversely impact the Group's liquidity position[105](index=105&type=chunk) [Notes to the Financial Statements](index=3&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the accounting policies applied and provides supplementary information to the financial statements [Accounting Policies](index=3&type=section&id=Accounting%20Policies) This year, the Group adopted several new and revised Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, and an assessment concluded that their adoption had no significant impact on the Group's financial position and performance for the current and prior years - The application of new and revised Hong Kong Financial Reporting Standards this year had no significant impact on the Group's financial position and performance and/or disclosures in the consolidated financial statements for the current and prior years[14](index=14&type=chunk)[31](index=31&type=chunk) - The Directors expect that the application of all new and revised Hong Kong Financial Reporting Standards issued but not yet effective will not have a significant impact on the consolidated financial statements in the foreseeable future[15](index=15&type=chunk) [Segment Information](index=4&type=section&id=Segment%20Information) The Group's business is segmented into three operating divisions based on service type: formwork engineering, building construction, and trading and investment business, with formwork engineering being the sole revenue source and largest asset segment, though it recorded an operating loss of HKD 22.9 million this year, and the trading and investment business segment also recorded a loss of HKD 10.95 million Segment Revenue and (Loss) / Profit | Segment | Revenue (Thousand HKD) | Segment (Loss) / Profit (Thousand HKD) | | :--- | :--- | :--- | | **2024** | | | | Formwork Engineering | 1,244,556 | (22,901) | | Building Construction | – | (10) | | Trading and Investment Business | – | (10,950) | | **2023** | | | | Formwork Engineering | 474,768 | 19,072 | | Building Construction | – | (8) | | Trading and Investment Business | – | 3,023 | Segment Assets | Segment Assets (Thousand HKD) | 2024 | 2023 | | :--- | :--- | :--- | | Formwork Engineering | 263,815 | 208,097 | | Building Construction | – | – | | Trading and Investment Business | 114,424 | 129,336 | [Basic (Loss) / Earnings Per Share](index=10&type=section&id=Basic%20(Loss)%20%2F%20Earnings%20Per%20Share) The basic loss per share for the year was 2.92 HK cents, calculated based on the loss attributable to owners of the Company of HKD 43.81 million and a weighted average of 1.5 billion ordinary shares, with no diluted loss per share presented as there were no potential ordinary shares outstanding during the reporting period Calculation of Basic (Loss) / Earnings Per Share | Item | 2024 | 2023 | | :--- | :--- | :--- | | (Loss) / Profit Attributable to Owners of the Company (Thousand HKD) | (43,810) | 11,887 | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 1,500,000 | 1,500,000 | - Diluted (loss) / earnings per share is not presented as there were no potential ordinary shares outstanding in either year[48](index=48&type=chunk) [Dividends](index=11&type=section&id=Dividends) The Board of Directors does not recommend the payment of a final dividend for the year ended March 31, 2024, consistent with the previous year - No dividends were paid or proposed to ordinary shareholders of the Company for the year ended March 31, 2024 (2023: Nil)[69](index=69&type=chunk)[112](index=112&type=chunk) [Other Information](index=17&type=section&id=Other%20Information) This section covers additional disclosures including legal proceedings and corporate governance practices [Litigation and Claims](index=17&type=section&id=Litigation%20and%20Claims) A subsidiary of the Group is involved in a legal dispute with a supplier, where the Group claims approximately HKD 20.72 million for additional costs due to delayed material delivery, while the supplier counter-sues for breach of exclusive terms and outstanding payments of approximately HKD 9.8 million, with the case entering mediation but its outcome remaining uncertain due to its early stage - A Group subsidiary claims approximately **HKD 20.72 million** in additional costs from a supplier due to delayed material delivery[121](index=121&type=chunk) - The supplier counter-sues the Group for failure to settle approximately **HKD 9.8 million** in outstanding bills and has filed a writ, with the case proceeding to mediation and its outcome remaining uncertain[121](index=121&type=chunk) [Corporate Governance](index=23&type=section&id=Corporate%20Governance) The company has adopted and complied with the Corporate Governance Code under the Hong Kong Listing Rules, and all directors confirmed compliance with the Model Code for Securities Transactions by Directors during the reporting year, with the Audit Committee having reviewed the annual financial statements and related accounting principles - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules, which is reviewed and monitored by the Board from time to time[114](index=114&type=chunk) - Following inquiry, the company confirmed that all Directors have complied with the Model Code for Securities Transactions by Directors for the year ended March 31, 2024[148](index=148&type=chunk) - The Audit Committee has reviewed the Group's accounting principles, policies, and the consolidated financial statements for the year ended March 31, 2024, with management[143](index=143&type=chunk)
建成控股(01630) - 2024 - 中期财报
2023-12-14 08:32
Financial Performance - Total revenue increased by approximately 353.7 million HKD or 186.0% to about 543.9 million HKD for the six months ended September 30, 2023, compared to approximately 190.2 million HKD for the same period in 2022[8]. - Loss attributable to the company's owners increased by approximately 2.4 million HKD or 57.1% to about 6.6 million HKD for the six months ended September 30, 2023, compared to approximately 4.2 million HKD for the same period in 2022[8][26]. - Gross profit increased by approximately 9.0 million HKD or 900% to about 10.0 million HKD, with gross margin rising from approximately 0.5% to about 1.8%[20]. - Revenue for the six months ended September 30, 2023, was HKD 543,918,000, a significant increase of 186.5% compared to HKD 190,187,000 for the same period in 2022[65]. - Gross profit for the same period was HKD 10,023,000, up from HKD 1,040,000, reflecting a substantial improvement in profitability[65]. - The company reported a loss before tax of HKD 6,552,000 for the six months ended September 30, 2023, compared to a loss of HKD 4,238,000 in the prior year[65]. - The net loss for the six months ended September 30, 2023, was HKD 6,552,000, compared to a net loss of HKD 4,238,000 in the same period of 2022, representing an increase in loss of 54.7%[95]. Revenue Breakdown - Revenue from private sector projects was approximately 381.8 million HKD, accounting for about 70.2% of total revenue, while public sector project revenue was approximately 162.1 million HKD, accounting for about 29.8% of total revenue[8]. - Revenue from template engineering for the six months ended September 30, 2023, was HKD 543,918,000, a significant increase from HKD 190,187,000 in the same period of 2022, representing a growth of 186.5%[77]. Expenses and Costs - Administrative expenses decreased by approximately 4% from about 9.9 million HKD to about 9.5 million HKD due to reduced headquarters operating costs[22]. - Total salary costs recognized in the profit and loss statement for the six months ended September 30, 2023, amounted to approximately HKD 294.7 million, compared to approximately HKD 125.6 million for the same period in 2022, reflecting a substantial increase[44]. - The interest expense for financing costs decreased slightly to HKD 1,482,000 in 2023 from HKD 1,542,000 in 2022[90]. Cash Flow and Assets - As of September 30, 2023, the group had cash and cash equivalents of approximately HKD 123.1 million, a decrease of about 18.2% from HKD 150.5 million as of March 31, 2023[27]. - Total assets increased to HKD 490,661,000 as of September 30, 2023, compared to HKD 425,960,000 as of March 31, 2023[67]. - Trade and other receivables rose significantly to HKD 152,704,000 from HKD 83,215,000, indicating improved collection or sales[67]. - The company reported a net cash outflow from operating activities of HKD 20,726,000 for the six months ended September 30, 2023, compared to HKD 1,070,000 in the previous year[71]. Liabilities and Debt - The group's capital to debt ratio as of September 30, 2023, was approximately 94.7%, up from 91.1% as of March 31, 2023[27]. - The group has no bank borrowings as of September 30, 2023, consistent with the previous period[27]. - The total liabilities for the template engineering segment rose to HKD 180,836,000 as of September 30, 2023, compared to HKD 110,349,000 as of March 31, 2023, an increase of 64%[85]. Employee and Governance - As of September 30, 2023, the company employed 1,885 employees, a significant increase from 902 employees as of September 30, 2022, due to the peak construction phase of template engineering projects[44]. - The company provides discretionary bonuses to employees based on individual performance, in addition to salaries and other employment benefits[44]. - The company has adopted the corporate governance code as per the listing rules, confirming compliance with all relevant provisions for the six months ended September 30, 2023[48]. - The audit committee, consisting of three independent non-executive directors, has approved and reviewed the accounting principles and policies adopted by the group for the interim results announcement[51]. Future Outlook and Strategy - The company aims to expand its market share in the infrastructure formwork market by adjusting profit margins during new contract bidding[12]. - The group will continue to focus on strict cost control measures and enhance project management efficiency to maintain competitiveness[15]. - There are no major future investment or capital asset plans disclosed beyond those in the prospectus dated May 31, 2017[43]. Legal and Compliance - The group has sought legal advice regarding a claim against a supplier for additional costs of approximately HKD 20,716,000 due to material delivery delays[32]. - The company has confirmed adherence to the corporate governance code as per the listing rules for the reporting period[49].
建成控股(01630) - 2024 - 中期业绩
2023-11-30 14:38
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之內容概不負責,對 其準確性或完整性亦不發表任何聲明,並明確表示概不就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之任何損失承擔任何責任。 Kin Shing Holdings Limited 建 成 控 股 有 限 公 司 (於開曼群島註冊成立之有限公司) 1630 (股份代號: ) 截至二零二三年九月三十日止六個月 之中期業績公告 建成控股有限公司(「本公司」)董事會(「董事會」)謹此呈列本公司及其附屬公司(統稱 「本集團」)截至二零二三年九月三十日止六個月之未經審核簡明綜合中期業績連同二 零二二年之比較數字如下: 簡明綜合損益及其他全面收益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 (未經審核) (未經審核) 附註 千港元 千港元 3 543,918 190,187 收益 (533,895) (189,147) 直接成本 10,023 1,040 毛利 5 (4,449) 5,856 其他(虧損)╱收入淨額 6 (1,147) 278 ...
建成控股(01630) - 2023 - 年度财报
2023-07-20 08:34
Financial Performance - Total revenue for the year ended March 31, 2023, decreased by approximately HKD 126.1 million or 21.0% to about HKD 474.8 million compared to HKD 600.9 million for the year ended March 31, 2022[11]. - Gross profit increased by approximately HKD 6.8 million or 80% to about HKD 15.3 million for the year ended March 31, 2023, due to stabilized market supply and reasonable pricing of timber and steel[11]. - The company recorded a profit attributable to equity shareholders of approximately HKD 11.9 million for the year ended March 31, 2023, compared to a loss of approximately HKD 12.5 million for the year ended March 31, 2022[11]. - Revenue from private sector projects was approximately HKD 405.5 million, accounting for about 85.4% of total revenue, while public sector projects contributed approximately HKD 69.3 million, or 14.6%[18]. - The number of customers contributing to total revenue decreased from 18 in the previous year to 12 in the current year, with total revenue from these customers being approximately HKD 474.8 million[23]. - Basic earnings per share for the year ended March 31, 2023, were approximately HKD 0.79, compared to a basic loss per share of approximately HKD 0.83 for the previous year[21]. - For the year ended March 31, 2023, the group's revenue was approximately HKD 474,768,000, a decrease of about 21% from HKD 600,863,000 for the same period in 2022, attributed to a reduction in the number of projects recognized and delays due to site conditions[27]. - The number of projects recognized in 2023 was 29, down from 50 in 2022, with significant decreases in the number of projects in lower revenue brackets[29]. - Other income surged by approximately 392.5% to about HKD 20,624,000, primarily due to subsidies received from the Hong Kong government's employment support scheme[35]. Business Strategy and Challenges - The company anticipates continued challenges in the template engineering industry due to increased market competition and rising costs of experienced labor and materials[13]. - The company plans to diversify its business scope and client base to mitigate market risks and maintain long-term growth in profitability[13]. - The company will continue to adopt prudent capital management and liquidity risk management to maintain sufficient buffers against future challenges[13]. Cash and Capital Management - As of March 31, 2023, the group had cash and cash equivalents of approximately HKD 150,451,000, an increase from HKD 136,421,000 in 2022[42]. - The capital debt ratio improved to approximately 91.1% as of March 31, 2023, down from 97.1% in 2022[42]. - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[45]. - The group has off-balance sheet capital commitments of approximately HKD 9,322,000 related to the acquisition of properties, machinery, and equipment[46]. - The net proceeds from the initial public offering (IPO) amounted to approximately HKD 75.0 million, which has been fully utilized by March 31, 2023[63]. - The company allocated HKD 32.8 million for the purchase of additional machinery and equipment, HKD 21.3 million for aluminum formwork systems, and HKD 9.6 million for human resources investment, all fully utilized by March 31, 2023[65]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of corporate governance to protect shareholder interests[87]. - As of March 31, 2023, the board believes the company has complied with the applicable code provisions of the corporate governance code[88]. - The company has implemented a standard code for securities trading to ensure compliance among directors and employees regarding insider information[89]. - The board consists of four executive directors and three independent non-executive directors, ensuring a high level of independence for effective decision-making[94]. - The attendance rate for the board meetings was 100% for all executive directors, with a total of 5 meetings held during the year ending March 31, 2023[100]. - The audit committee, established on May 23, 2017, is currently composed of three independent non-executive directors, ensuring compliance with listing rules[108]. - The company has adhered to the corporate governance code, with all independent non-executive directors confirming their independence[97]. - The board is responsible for setting the overall strategy and approving annual development plans and budgets, as well as monitoring financial and operational performance[103]. - The company has implemented a continuous professional development plan for all directors to enhance their knowledge and skills[106]. - The independent non-executive directors have entered into service contracts without fixed terms, ensuring flexibility in their roles[95]. - The company has established a clear distinction between the roles of the chairman and the CEO to comply with corporate governance standards[105]. - The board regularly reviews its delegated authority to ensure it meets the group's needs[104]. - The company has arranged liability insurance for its directors and senior management to protect their interests[99]. ESG and Sustainability - The report covers the period from April 1, 2022, to March 31, 2023, detailing the group's environmental, social, and governance (ESG) activities, challenges faced, and future plans[157]. - The group aims to provide high-quality products and services while creating long-term sustainable value for shareholders and stakeholders[156]. - The group has identified significant ESG issues through stakeholder surveys, focusing on areas such as occupational health and safety, waste management, and climate change mitigation[172]. - The ESG working group collects and analyzes ESG data, monitors performance, and ensures compliance with relevant laws and regulations[158]. - The board is responsible for overseeing the potential impacts and risks related to ESG matters in the group's operations[158]. - The group is committed to improving overall ESG performance through regular assessments and appropriate solutions[158]. - The electronic version of the report is available on the Hong Kong Stock Exchange's website and the group's website for stakeholders[165]. Environmental Performance - Total nitrogen oxides emissions decreased from 740.54 kg in 2022 to 562.06 kg in 2023, representing a reduction of approximately 24.1%[175]. - Total sulfur oxides emissions decreased from 0.74 kg in 2022 to 0.59 kg in 2023, representing a reduction of approximately 20.3%[175]. - Total particulate matter emissions decreased from 53.25 kg in 2022 to 40.42 kg in 2023, representing a reduction of approximately 24.0%[175]. - Direct greenhouse gas emissions (Scope 1) decreased from 176.86 tons CO2 equivalent in 2022 to 96.58 tons CO2 equivalent in 2023, representing a reduction of approximately 45.5%[177]. - Indirect greenhouse gas emissions (Scope 2) decreased from 42.93 tons CO2 equivalent in 2022 to 13.58 tons CO2 equivalent in 2023, representing a reduction of approximately 68.4%[177]. - Total greenhouse gas emissions decreased from 219.79 tons CO2 equivalent in 2022 to 117.05 tons CO2 equivalent in 2023, representing a reduction of approximately 46.8%[177]. - The total density of greenhouse gas emissions per project improved from 4.40 tons CO2 equivalent in 2022 to 4.04 tons CO2 equivalent in 2023[177]. - The total hazardous waste generated in 2023 was 14.52 kg, with a density of 0.50 kg per project[186]. - The total non-hazardous waste generated in 2023 was 4,334.37 tons, with a density of 149.46 tons per project[186]. - Total direct energy consumption decreased from 717,780.34 kWh in 2022 to 391,717.12 kWh in 2023, a reduction of approximately 45.5%[189]. - Total indirect energy consumption also decreased from 110,077.00 kWh in 2022 to 34,833.00 kWh in 2023, a reduction of about 68.3%[189]. - Overall total energy consumption fell from 827,857.34 kWh in 2022 to 426,550.12 kWh in 2023, representing a decrease of approximately 48.5%[189]. - Total water consumption decreased from 247.74 cubic meters in 2022 to 171.00 cubic meters in 2023, a reduction of about 30.9%[190]. Workforce and Employment - The total number of employees decreased from 941 in 2022 to 883 in 2023, a decline of approximately 6.2%[199]. - The number of female employees decreased from 87 in 2022 to 41 in 2023, a reduction of about 52.9%[200]. - The number of employees aged 50 and above decreased from 341 in 2022 to 300 in 2023, a decline of approximately 12.0%[200].
建成控股(01630) - 2023 - 年度业绩
2023-06-30 14:04
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之內容概不負責,對 其準確性或完整性亦不發表任何聲明,並明確表示概不就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之任何損失承擔任何責任。 Kin Shing Holdings Limited 建 成 控 股 有 限 公 司 (於開曼群島註冊成立之有限公司) 1630 (股份代號: ) 截至二零二三年三月三十一日止年度之 年度業績公告 建成控股有限公司(「本公司」)董事會(「董事會」)欣然宣佈,本公司及其附屬公司(「本集 團」)截至二零二三年三月三十一日止年度經審核之綜合業績連同二零二二年之比較數 字如下: 綜合損益及其他全面收益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 3 474,768 600,863 收益 (459,502) (592,318) 直接成本 15,266 8,545 毛利 5 20,624 4,188 其他收入 6 (4) 6 其他(虧損)╱收益 ...
建成控股(01630) - 2023 - 中期财报
2022-12-15 08:31
Financial Performance - Total revenue decreased by approximately HKD 99.0 million or 34.2% to about HKD 190.2 million for the six months ended September 30, 2022, compared to approximately HKD 289.2 million for the same period in 2021[6] - Loss attributable to owners of the company decreased by approximately HKD 2.0 million or 31.8% to about HKD 4.2 million for the six months ended September 30, 2022[6] - Revenue from private sector projects was approximately HKD 170.8 million, accounting for about 89.8% of total revenue, down from 95.0% in the previous year[6] - Revenue from public sector projects increased to approximately HKD 19.4 million, representing about 10.2% of total revenue, up from 5.0% in the previous year[6] - Gross profit decreased by approximately HKD 1.0 million or 49.0% to about HKD 1.0 million, with gross margin dropping from approximately 0.7% to 0.5%[17] - The overall performance was negatively impacted by the competitive building template industry and delays in project commencement due to the COVID-19 pandemic[9] - The company reported a loss before tax of HKD 4,238,000, an improvement from a loss of HKD 6,216,000 in the prior year[64] - The company reported a loss of HKD 4,238,000 for the six months ended September 30, 2022, compared to a loss of HKD 6,216,000 for the same period in 2021, representing a 31.9% improvement in losses year-over-year[98] Contracts and Projects - The group secured four new contracts during the review period, with a total contract value of approximately HKD 242.9 million[7] - The group generated approximately HKD 7.5 million in revenue from three public housing template engineering contracts during the review period[12] Income and Expenses - Other income increased from approximately HKD 1.618 million to approximately HKD 5.862 million, a growth of about 262.3% due to government subsidies of approximately HKD 15.2 million and fair value losses on securities investments of approximately HKD 10.6 million[18] - Other losses rose from approximately HKD 3,000 to approximately HKD 6,000, primarily attributed to net foreign exchange losses[19] - Administrative expenses increased from approximately HKD 8.6 million to approximately HKD 9.9 million, reflecting a rise of about 14.7% due to increased leasing equipment costs[20] - The company recognized government grants of HKD 15,205,000 during the six months ended September 30, 2022, with no such grants reported in the previous year[91] Cash and Liquidity - As of September 30, 2022, the group had cash and cash equivalents of approximately HKD 99.0 million, down about 27.4% from HKD 136.4 million as of March 31, 2022, due to increased securities investments and direct costs[25] - The capital-to-equity ratio as of September 30, 2022, was approximately 100.1%, up from about 97.1% as of March 31, 2022[25] - The group maintained a prudent funding and treasury policy, with surplus funds deposited in licensed banks to manage liquidity risk[26] - The net cash used in operating activities was HKD (1,070,000), a significant improvement from HKD (15,898,000) in the same period of 2021[75] - Total cash and cash equivalents decreased to HKD 99,035,000 from HKD 165,217,000 year-over-year, reflecting a decline of 40%[75] Employee and Management - The group employed 902 employees as of September 30, 2022, a decrease from 1,152 employees as of September 30, 2021, primarily due to project completions[42] - Total salary costs recognized in the profit and loss for the six months ended September 30, 2022, amounted to approximately HKD 125.6 million, down from approximately HKD 145.2 million for the same period in 2021, reflecting a decrease of about 13.2%[42] - The total compensation for key management personnel for the six months ended September 30, 2022, was HKD 3,319,000, a decrease from HKD 3,578,000 in the prior year[113] Assets and Liabilities - Total assets decreased to HKD 346,131,000 as of September 30, 2022, from HKD 379,276,000 as of March 31, 2022[67] - Current liabilities decreased to HKD 194,512,000 from HKD 222,405,000, indicating improved liquidity[67] - The net asset value as of September 30, 2022, was HKD 149,986,000, down from HKD 154,224,000 as of March 31, 2022[69] - Trade receivables increased to HKD 39,129,000 from HKD 34,394,000, a rise of 13.4%[100] - Contract assets decreased to HKD 117,662,000 from HKD 126,088,000, a decline of 6.5%[102] - Trade payables decreased significantly to HKD 3,289,000 from HKD 13,491,000, a reduction of 75.6%[104] Governance and Compliance - The company has complied with all relevant corporate governance code provisions during the six months ended September 30, 2022[50] - The audit committee, composed of three independent non-executive directors, has reviewed the financial information and interim results announcement for the six months ended September 30, 2022[52] Investments - The group’s major investments included a 0.0079% stake in Hong Kong Exchanges and Clearing Limited, with a fair value decrease of approximately HKD 6.304 million[31] - The group’s investments in major companies did not constitute more than 5% of total assets, with Hong Kong Exchanges and Clearing Limited representing 7.8% of total assets[37] Future Outlook - The company plans to continue exploring new clients and implementing strict cost control measures to maintain competitiveness[12] - The company has no major future investment or capital asset plans beyond those disclosed in the prospectus dated May 31, 2017[41]
建成控股(01630) - 2022 - 年度财报
2022-07-20 09:16
Financial Performance - Total revenue for the year ended March 31, 2022, increased by approximately HKD 77.0 million or 14.7% to approximately HKD 600.9 million from approximately HKD 523.9 million for the year ended March 31, 2021[8]. - Gross profit for the year ended March 31, 2022, increased by approximately HKD 4.2 million or approximately 99.5% to approximately HKD 8.5 million, driven by the increase in total revenue[8]. - The company recorded a loss attributable to equity shareholders of approximately HKD 12.5 million for the year ended March 31, 2022, compared to a profit of approximately HKD 2.6 million for the year ended March 31, 2021[8]. - Basic loss per share for the year ended March 31, 2022, was approximately HKD 0.83 cents, compared to basic earnings of approximately HKD 0.18 cents per share for the previous year[19]. - Other income decreased significantly by approximately 82.4% from HKD 23,757,000 to HKD 4,188,000, primarily due to the absence of government subsidies[32]. - Administrative expenses were reduced by about 3.6%, from HKD 21,355,000 to HKD 20,595,000, mainly due to a decrease in headquarters staff salaries[34]. - Financing costs increased by approximately 7.3%, rising from HKD 2,796,000 to HKD 3,001,000, attributed to higher lease liabilities interest[35]. - The company reported a loss attributable to equity shareholders of approximately HKD 12,497,000 for the year, compared to a profit of HKD 2,631,000 in the previous year[37]. - As of March 31, 2022, the company had cash and cash equivalents of approximately HKD 136,421,000, down from HKD 186,621,000 a year earlier[39]. - The capital-to-equity ratio increased to approximately 97.1% from 86.6% in the previous year, indicating a higher level of financial leverage[39]. Revenue Breakdown - Revenue from private sector projects for the year ended March 31, 2022, was approximately HKD 558.3 million, accounting for about 92.9% of total revenue, compared to 86.3% in the previous year[16]. - Revenue from public sector projects for the year ended March 31, 2022, was approximately HKD 42.6 million, accounting for about 7.1% of total revenue, down from 13.7% in the previous year[16]. - The number of projects contributing to revenue increased from 42 to 50, with one project exceeding HKD 100,000,001 and 12 projects between HKD 10,000,001 and HKD 50,000,000[27]. Business Strategy and Outlook - The company plans to diversify its business scope and client base to mitigate market risks amid increasing competition and rising costs in the template engineering industry[10]. - The outlook for the template engineering industry remains challenging with increased competition and uncertainty in labor and material costs[10]. - The company will continue to adopt prudent capital management and liquidity risk management to maintain sufficient buffers against future challenges[10]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, aiming to maintain high standards of corporate governance to protect shareholder interests[84]. - The company confirmed compliance with the applicable code provisions of the corporate governance code for the year ended March 31, 2022[85]. - The board consists of five executive directors and three independent non-executive directors, ensuring a high level of independence for effective independent judgment[90]. - The company has established four board committees: Audit Committee, Nomination Committee, Remuneration Committee, and Investment Committee to oversee various aspects of the company's affairs[87]. - The company has a commitment to transparency, accountability, and safeguarding shareholder interests through effective internal controls and risk management procedures[84]. - The board consists of eight directors, with one female member, highlighting the need for improved gender diversity[123]. - The company aims to enhance board diversity by increasing the proportion of female members and ensuring a balanced representation of different backgrounds[124]. Environmental, Social, and Governance (ESG) Initiatives - The report period covers from April 1, 2021, to March 31, 2022, detailing the company's ESG activities and future plans[149]. - The group has established an ESG working group to monitor ESG matters, which includes core members from various departments[151]. - The group aims to maintain or reduce total emissions density by the end of the fiscal year 2023 compared to the 2022 baseline[168]. - The group has not encountered any significant non-compliance with environmental laws and regulations during the reporting period[167]. - The group conducts regular meetings to evaluate the effectiveness of current policies and procedures related to ESG[151]. Employee Management - The total employee count as of March 31, 2022, was 941, down from 1,198 in the previous year, indicating a reduction of approximately 21.5%[61]. - The employee turnover rate for 2022 was 25.99%, with a breakdown of 28.00% for males and 44.17% for employees under 30 years old[197]. - The company aims to maintain competitive employee compensation and benefits to attract and retain talent[196]. - Safety training is mandatory for all employees working on construction sites[199]. Safety Management - A safety plan is required for each construction project, which is communicated to employees and subcontractors[199]. - The group recorded 21 work-related injuries during the reporting period, an increase from 12 in the previous year[199]. - The group has not recorded any work-related fatalities over the past three years, including the reporting period[199]. - The safety management system adopted by the group has been confirmed as adequate and effective[199].
建成控股(01630) - 2022 - 中期财报
2021-12-14 08:40
Financial Performance - Total revenue increased by approximately HKD 83.3 million or 40.5% to approximately HKD 289.2 million for the six months ended September 30, 2021, compared to approximately HKD 205.9 million for the same period in 2020[5] - Loss attributable to owners of the company decreased by approximately HKD 1.3 million or 17.0% to approximately HKD 6.2 million for the six months ended September 30, 2021, from approximately HKD 7.5 million for the same period in 2020[20] - Revenue from private sector projects was approximately HKD 274.8 million, accounting for about 95.0% of total revenue, compared to 83.3% in the same period of 2020[5] - Revenue from public sector projects was approximately HKD 14.4 million, accounting for about 5.0% of total revenue, down from approximately 16.7% in the same period of 2020[5] - Gross profit increased by approximately HKD 0.6 million or 42.5% to approximately HKD 2.0 million, maintaining a gross margin of about 0.7% for both periods[15] - The company reported revenue of HKD 289,221,000 for the six months ended September 30, 2021, an increase of 40.3% compared to HKD 205,861,000 in the same period of 2020[52] - Gross profit for the same period was HKD 2,039,000, up 42.5% from HKD 1,431,000 year-on-year[52] - The company incurred a loss before tax of HKD 6,216,000, an improvement from a loss of HKD 8,731,000 in the previous year, representing a reduction of 28.9%[52] - For the six months ended September 30, 2021, the company reported a total loss of HKD 6,216,000, compared to a loss of HKD 7,485,000 for the same period in 2020, representing a 17% improvement in loss[59] - The company reported a total comprehensive loss of HKD 6,216,000 for the six months ended September 30, 2021, with a pre-tax loss of HKD 6,216,000[71] Expenses and Costs - Administrative expenses decreased by approximately HKD 1.8 million or 17.6% to approximately HKD 8.6 million for the six months ended September 30, 2021, from approximately HKD 10.4 million for the same period in 2020[18] - The total salary cost recognized in the profit and loss for the six months ended September 30, 2021, was approximately HKD 145.2 million, compared to HKD 130.2 million for the same period in 2020, representing an increase of about 11.5%[32] - Employee costs, including directors' remuneration, rose to HKD 145,228,000 for the six months ended September 30, 2021, compared to HKD 130,195,000 in 2020, marking an increase of 11.5%[83] - Financing costs for the six months ended September 30, 2021, totaled HKD 1,408,000, slightly down from HKD 1,430,000 in 2020, a decrease of 1.5%[81] - Depreciation of property, plant, and equipment increased to HKD 8,131,000 in 2021 from HKD 4,553,000 in 2020, a significant increase of 78.5%[83] Cash and Liquidity - As of September 30, 2021, the group had cash and cash equivalents of approximately HKD 165.2 million, a decrease of about 11.5% from HKD 186.6 million as of March 31, 2021[23] - The company’s cash and cash equivalents decreased from HKD 186,621,000 at the beginning of the period to HKD 165,217,000 at the end of the period, a reduction of 11%[62] - The company maintained a prudent funding and treasury policy, closely monitoring its liquidity position to meet funding needs[24] - The net cash used in operating activities for the six months ended September 30, 2021, was HKD 15,898,000, an increase of 61% compared to HKD 9,873,000 in the prior year[62] Assets and Liabilities - Total assets decreased to HKD 355,942,000 as of September 30, 2021, down from HKD 391,130,000 as of March 31, 2021[54] - The company’s total liabilities decreased from HKD 224,409,000 as of March 31, 2021, to HKD 195,437,000 as of September 30, 2021, a reduction of approximately 13%[77] - Current liabilities decreased to HKD 191,435,000 from HKD 223,943,000, indicating improved liquidity management[54] - Trade receivables as of September 30, 2021, were HKD 50,932,000, down 36.2% from HKD 79,737,000 as of March 31, 2021[86] - Contract assets as of September 30, 2021, amounted to HKD 98,740,000, an increase of 21.8% from HKD 81,059,000 as of March 31, 2021[88] Shareholder and Capital Structure - The company did not declare any interim dividend for the six months ended September 30, 2021[7] - Major shareholders collectively hold 75% of the issued share capital, indicating a concentrated ownership structure[44] - The total issued and paid-up share capital remained unchanged at HKD 15,000,000 as of September 30, 2021, with 1,500,000 shares issued[94] Contracts and Projects - The company secured a new contract with a total contract value of approximately HKD 17.5 million during the review period[6] - The company will continue to focus on cost control measures and project management efficiency to maintain competitiveness in the market[10] Market Outlook - The outlook for the private property market in Hong Kong remains uncertain, potentially leading to conservative development plans and pricing strategies by developers[8] Other Information - There were no significant acquisitions or disposals of subsidiaries or associates during the reporting period[29] - The company has not conducted any significant subsequent events after September 30, 2021, until the report date[49] - The company has not purchased, sold, or redeemed any of its securities during the six months ended September 30, 2021[47] - The company has a share option scheme in place since May 23, 2017, but no options have been granted, exercised, or lapsed as of September 30, 2021[48] - The company has pledged 1,125,000,000 shares as collateral for a loan of HKD 500,000,000 from a third party[45] - The company did not declare or propose any dividends during the interim period[84] - Related party transactions included purchases from Jingfu Plastic Co., amounting to HKD 4,050,000, up from HKD 2,823,000 in the previous year, reflecting a growth of about 43.5%[94]