Financial Performance - For the year ended December 31, 2024, the company's revenue increased by approximately HKD 274.7 million or 141.8% to approximately HKD 468.5 million compared to the previous year[3]. - The company recorded a profit before tax of approximately HKD 9.9 million for the year ended December 31, 2024, a significant improvement from a loss of approximately HKD 59.3 million in the previous year[3]. - The gross profit for the year ended December 31, 2024, was HKD 17.3 million, compared to a gross loss of HKD 7.2 million in the previous year[5]. - The group reported a significant increase in contract service revenue, reaching HKD 468,457,000 in 2024 compared to HKD 193,771,000 in 2023, representing a growth of approximately 142%[23]. - The net profit attributable to the company's owners for the year was approximately HKD 9.9 million, a significant improvement from a net loss of HKD 59.3 million in the previous year[55]. - Other income for the year was approximately HKD 3.8 million, representing an increase of about 836.1% from HKD 0.4 million in the previous year[45]. - The group confirmed a net reversal of impairment of approximately HKD 2.3 million, compared to an impairment loss of HKD 35.9 million in the previous year[47]. Dividends and Shareholder Returns - The company did not recommend the payment of a final dividend for the year ended December 31, 2024[3]. - The group has not declared or proposed any dividends for the year ending December 31, 2024, consistent with 2023[31]. - The company did not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[71]. Assets and Liabilities - Total assets less current liabilities amounted to HKD 7.6 million, compared to a negative value of HKD 0.39 million in the previous year[6]. - The company's total liabilities decreased to HKD 161.8 million from HKD 196.9 million in the previous year[6]. - Non-current liabilities decreased to HKD 8.1 million from HKD 9.0 million in the previous year[7]. - The group's net liabilities amount to approximately HKD 548,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[77]. - The financial statements do not include any adjustments that may result from the uncertainties mentioned[77]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to HKD 25.4 million from HKD 35.2 million in the previous year[6]. - Cash and bank deposits as of December 31, 2024, are approximately HKD 7,165,000 and HKD 25,434,000, respectively, indicating a solid liquidity position[18]. - As of December 31, 2024, the group's cash and bank balances decreased by approximately HKD 26.0 million to about HKD 32.6 million, down from HKD 58.6 million in the previous year[56]. - The current ratio as of December 31, 2024, was 1.03, an increase from 0.98 as of December 31, 2023[58]. Working Capital and Financing - The company is actively reviewing its capital structure and considering new debt financing or issuing new shares to obtain additional capital[20]. - Management is closely monitoring the group's working capital situation and conducting sensitivity analyses to ensure sufficient liquidity[18]. - The group anticipates having adequate operating funds to meet its financial obligations due within the next twelve months[19]. - The group is in discussions with external financing institutions regarding the provision of financing, indicating ongoing efforts to secure funding[21]. Employee Costs and Workforce - The total employee costs decreased from HKD 34,424,000 in 2023 to HKD 20,722,000 in 2024, with a significant reduction in salaries and other allowances from HKD 30,617,000 to HKD 17,168,000[30]. - The company employed a total of 75 employees as of December 31, 2024, an increase from 69 employees in the previous year[65]. Customer and Revenue Concentration - Total revenue from major customers contributing over 10% to the group's total revenue in 2024 includes Customer A at HKD 145,060,000, Customer B at HKD 143,456,000, and Customer C at HKD 127,435,000[26]. - The group’s receivables from its five largest customers amounted to approximately HKD 13.4 million, representing about 36% of total receivables, down from 55% in the previous year[51]. Trade Receivables and Payables - Trade receivables decreased from HKD 71,131,000 in 2023 to HKD 22,615,000 in 2024, with expected credit loss provisions also reduced from HKD 5,609,000 to HKD 2,929,000[34]. - The group's accounts payable increased from HKD 44,570,000 in 2023 to HKD 49,362,000 in 2024, indicating a rise in trade payables[37]. - The aging analysis of trade payables shows that HKD 42,361,000 is due within 30 days in 2024, compared to HKD 35,524,000 in 2023[39]. - As of December 31, 2024, the group had overdue trade receivables totaling approximately HKD 17,854,000, with HKD 16,303,000 overdue for more than 90 days but not considered in default[36]. Cost Management - The company has implemented cost control measures to manage operating costs and administrative expenses, aiming for sustainable cash flow[20]. - Administrative expenses decreased by approximately HKD 2.2 million or 13.6% to about HKD 14.3 million due to cost control measures implemented during the year[52]. Other Financial Information - The company's issued share capital was approximately HKD 13.3 million as of December 31, 2024, unchanged from the previous year, with 1,332,000,000 shares issued[59]. - As of December 31, 2024, the company's payable to shareholders was approximately HKD 10.0 million, down from HKD 15.5 million as of December 31, 2023[57]. - The company had an outstanding performance guarantee amounting to approximately HKD 37.4 million as of December 31, 2024, compared to HKD 41.7 million in the previous year[64]. - There were no significant investments or capital asset plans reported for the year ending December 31, 2024[61]. - The company did not experience any major litigation or claims that could adversely affect its financial condition during the reporting period[66]. - The financial figures for the year ending December 31, 2024, have been verified by the auditor, but no certification has been provided according to the relevant Hong Kong accounting standards[78].

Financial Performance - The company's revenue for the year ended December 31, 2024, increased by approximately HKD 274.7 million or 141.8% to approximately HKD 468.5 million compared to the previous year[3] - The company recorded a profit before tax of approximately HKD 9.9 million for the year ended December 31, 2024, a significant improvement from a loss of approximately HKD 59.3 million in the previous year[3] - The gross profit for the year ended December 31, 2024, was HKD 17.3 million, compared to a gross loss of HKD 7.2 million in the previous year[5] - The group reported a pre-tax profit of HKD 9,868,000 for 2024, a significant recovery from a loss of HKD 59,284,000 in 2023[33] - The net profit attributable to the company's owners for the year was approximately HKD 9.9 million, a significant improvement from a net loss of HKD 59.3 million in the previous year[55] - Other income for the year was approximately HKD 3.8 million, representing an increase of about 836.1% from HKD 0.4 million in the previous year[45] Dividends and Shareholder Returns - The company did not recommend the payment of a final dividend for the year ended December 31, 2024[3] - The group has not declared any dividends for the year ending December 31, 2024, consistent with 2023[31] - The company did not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[71] Assets and Liabilities - Total assets less current liabilities amounted to HKD 7.6 million as of December 31, 2024, compared to a negative value of HKD 0.39 million in the previous year[6] - The company's cash and cash equivalents decreased to HKD 25.4 million from HKD 35.2 million in the previous year[6] - The company's current liabilities decreased to HKD 161.8 million from HKD 196.9 million in the previous year[6] - Non-current liabilities decreased to HKD 8.1 million from HKD 9.0 million in the previous year[7] - The group's total liabilities decreased to HKD 125,850,000 in 2024 from HKD 144,635,000 in 2023, indicating a reduction in financial obligations[37] - The group's net liabilities amount to approximately HKD 548,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[77] Cash Flow and Liquidity - Cash and bank deposits as of December 31, 2024, were approximately HKD 7,165,000 and HKD 25,434,000, respectively, indicating a solid liquidity position[18] - The group is actively reviewing its capital structure and considering new debt financing or issuing new shares to obtain additional capital[20] - Management is closely monitoring the group's working capital situation and conducting sensitivity analyses to ensure sufficient liquidity[18] - The group anticipates having adequate working capital to meet its operational and contractual obligations for at least the next twelve months[19] - The financial statements are prepared on a going concern basis, assuming the continuity of normal business activities[18] Operational Efficiency and Cost Management - The group has implemented cost control measures to manage operational costs and administrative expenses, aiming for sustainable cash flow[20] - The total employee costs decreased to HKD 20,722,000 in 2024 from HKD 34,424,000 in 2023, indicating a reduction in workforce or salary adjustments[30] - The group's administrative expenses decreased by approximately HKD 2.2 million or 13.6% to about HKD 14.3 million for the year[52] - The financing costs increased by approximately 189.6% to about HKD 0.5 million due to higher interest on bank borrowings[53] Customer and Revenue Insights - Total revenue from major customers contributing over 10% to the group's total revenue in 2024 includes Customer A at HKD 145,060,000, Customer B at HKD 143,456,000, and Customer C at HKD 127,435,000[26] - The group's total revenue for 2024 is not detailed, but significant changes in receivables are noted, with trade receivables at HKD 22,615,000 in 2024 compared to HKD 71,131,000 in 2023[34] - The group's cash flow from management fee income increased to HKD 226,000 in 2024 from HKD 80,000 in 2023, suggesting improved operational efficiency[28] Accounting and Financial Reporting - The company has applied new accounting standards that did not have a significant impact on the financial statements for the year[9] - The financial figures for the year ending December 31, 2024, have been verified by the auditor, but no certification has been provided according to the relevant Hong Kong accounting standards[78] Future Outlook and Strategic Plans - The group plans to explore business and investment opportunities in various sectors and regions to enhance long-term growth potential[43] - The group has a contract reserve amounting to approximately HKD 435.6 million, which is expected to support its financial performance in the coming years[43] Employee and Workforce Changes - The company employed a total of 75 employees as of December 31, 2024, an increase from 69 employees in the previous year[65]

Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately HKD 266.3 million, an increase of about HKD 198.7 million or approximately 294.0% compared to HKD 67.6 million for the same period in 2023[15] - The gross profit for the period was HKD 14.5 million, compared to a gross loss of HKD 5.3 million in the previous year, indicating a significant turnaround[15] - The profit attributable to the company's owners for the period was approximately HKD 5.3 million, a recovery from a loss of HKD 12.4 million in the same period last year[15] - The basic and diluted earnings per share for the period were 0.4 HK cents, compared to a loss of 0.9 HK cents per share in the previous year[18] - The total comprehensive income for the six months ended June 30, 2024, was HKD 5,254,000, compared to a loss of HKD 173,499,000 in the previous period[22] - Operating profit before tax for the six months ended June 30, 2024, was HKD 5,254,000, a significant improvement from a loss of HKD 12,409,000 in the same period last year[23] - Revenue from contracting services for the six months ended June 30, 2024, was HKD 266,253,000, a substantial increase from HKD 67,572,000 in the same period last year, representing a growth of approximately 294%[28] - For the six months ended June 30, 2024, the company reported a profit before tax of HKD 5,254,000, compared to a loss of HKD 12,409,000 for the same period in 2023, indicating a significant turnaround in performance[37] Assets and Liabilities - The company's non-current assets as of June 30, 2024, included interests in joint ventures amounting to HKD 516, with property, plant, and equipment valued at HKD 496[19] - Current assets totaled HKD 205.95 million, an increase from HKD 192.07 million as of December 31, 2023[19] - The company's total liabilities were HKD 205.64 million, compared to HKD 196.92 million at the end of the previous year[20] - The company reported a net asset value of HKD 309, a significant improvement from a net liability of HKD 4.85 million in the previous period[19] - Contract assets increased to HKD 82,285,000 as of June 30, 2024, up from HKD 49,043,000 at the end of 2023, representing a growth of about 68%[38] - Trade receivables, net of expected credit loss provisions, rose to HKD 78,176,000 in 2024 from HKD 65,522,000 in 2023, marking an increase of approximately 19%[39] - The company’s expected credit loss provision for trade receivables was HKD 6,132,000 as of June 30, 2024, compared to HKD 5,609,000 at the end of 2023[39] Cash Flow and Financing - Cash flow from operating activities showed a net outflow of HKD 46,443,000, compared to an outflow of HKD 28,884,000 in the previous year[23] - The net cash generated from investing activities was HKD 11,235,000, compared to HKD 4,000 in the previous year[24] - The financing activities resulted in a net cash inflow of HKD 20,063,000, a significant improvement from a net outflow of HKD 474,000 in the previous year[24] - The company reported a decrease in cash and cash equivalents of HKD 15,145,000, compared to a decrease of HKD 29,354,000 in the previous year[24] - The group's cash and cash equivalents decreased by approximately HKD 26.4 million to about HKD 32.2 million as of June 30, 2024, compared to HKD 58.6 million as of December 31, 2023[55] Employee and Administrative Costs - Total employee costs decreased to HKD 10,570,000 in 2024 from HKD 19,081,000 in 2023, reflecting a reduction of approximately 44%[7] - As of June 30, 2024, the group employed a total of 85 employees, an increase from 76 employees in 2023, with employee costs amounting to approximately HKD 10.6 million[64] - Administrative expenses decreased by approximately HKD 0.2 million or 2.6% to about HKD 7.6 million, primarily due to a reduction in legal and professional fees[52] Corporate Governance - The board emphasizes the importance of transparency and accountability in corporate governance practices[73] - The company has adopted and complied with the corporate governance code as per the listing rules[74] - The audit committee has been established to oversee the appointment and independence of external auditors and to review the integrity of the company's financial reports[85] - There were no significant events related to major acquisitions or disposals of subsidiaries and associates during the relevant period[61] - The company has not identified any instances of non-compliance with the trading regulations for directors during the relevant period[75] - There are no known conflicts of interest between the directors and the company's business during the relevant period[71] Dividends and Share Options - The board of directors did not recommend any interim dividend for the period[15] - The company did not declare any dividends for the six months ended June 30, 2024, consistent with the previous year[36] - The company did not recommend the payment of an interim dividend for the relevant period[76] - No share options have been granted or agreed to be granted under the share option scheme since its adoption on September 16, 2015, until June 30, 2024[77] - The maximum number of share options that can be granted under the plan and any other share option plans of the company shall not exceed 10% of the total issued shares, which is 133,200,000 shares[80] - The maximum number of share options granted to any individual participant within any 12-month period shall not exceed 1% of the total issued shares as of the grant date[81] - The exercise price for any specific share options granted under the plan must be at least the higher of the official closing price on the grant date or the average closing price over the five trading days preceding the grant date[82] - Share options can be exercised at any time within a period of 10 years from the date they are deemed granted[83] Strategic Outlook - The company continues to explore new strategies for market expansion and product development to sustain growth momentum[15] - The company plans to explore various opportunities and control costs to maintain strong performance in the coming years, as economic activities in Hong Kong gradually recover[49] - The group plans to continue consolidating its business in the construction industry while seeking business and investment opportunities to enhance long-term growth potential[60] - The company is considering partnerships for construction projects to achieve mutually beneficial outcomes[49]

Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately HKD 266.3 million, an increase of about HKD 198.7 million or approximately 294.0% compared to HKD 67.6 million for the same period in 2023[17] - The gross profit for the period was HKD 14.5 million, compared to a gross loss of HKD 5.3 million in the previous year, indicating a significant turnaround[17] - The profit attributable to the company's owners for the period was approximately HKD 5.3 million, compared to a loss of HKD 12.4 million for the same period in 2023[17] - The basic and diluted earnings per share for the period were 0.4 HK cents, compared to a loss of 0.9 HK cents in the previous year[19] - The company reported a pre-tax profit of HKD 5,254 million for the six months ended June 30, 2024, compared to a loss of HKD 12,409 million in the same period of 2023[24] - The group reported a profit before tax of HKD 5,254,000 for the six months ended June 30, 2024, recovering from a loss of HKD 12,409,000 in the same period of 2023[38] Dividends and Shareholder Returns - The company did not recommend any interim dividend for the relevant period[17] - The group did not declare any dividends for the six months ended June 30, 2024, consistent with the previous year[37] - The board of directors has decided not to recommend an interim dividend for the period ending June 30, 2023[77] Expenses and Costs - The total administrative expenses for the period were HKD 7.6 million, slightly down from HKD 7.8 million in the previous year[18] - The expected credit loss for the period was HKD 1.7 million, compared to a reversal of HKD 0.7 million in the previous year[18] - The financing costs for the period increased to HKD 0.7 million from HKD 0.1 million in the previous year[18] - Other income decreased to HKD 119,000 for the six months ended June 30, 2024, down from HKD 132,000 in 2023, reflecting a decline of approximately 9.8%[31] - Financing costs increased to HKD 658,000 for the six months ended June 30, 2024, compared to HKD 73,000 in 2023, marking a substantial rise of 800%[33] - Administrative expenses decreased by approximately HKD 0.2 million or 2.6% to about HKD 7.6 million for the period[53] - Financing costs increased by approximately HKD 585,000 or 801.4% to about HKD 658,000 due to an increase in average bank borrowings[54] Assets and Liabilities - Non-current assets decreased from HKD 4,463 million in December 2023 to HKD 3,453 million in June 2024, a decline of approximately 22.6%[20] - Current assets increased significantly from HKD 192,069 million in December 2023 to HKD 205,950 million in June 2024, an increase of about 7.4%[20] - The company’s total liabilities decreased from HKD 196,922 million in December 2023 to HKD 205,641 million in June 2024, reflecting a slight increase of about 4.0%[20] - The equity attributable to shareholders improved from a loss of HKD 10,416 million in December 2023 to a loss of HKD 5,162 million in June 2024[21] - Cash and cash equivalents decreased from HKD 35,208 million in December 2023 to HKD 20,063 million in June 2024, a reduction of approximately 43.0%[25] - The company’s total assets less current liabilities improved from a negative HKD 390 million in December 2023 to HKD 3,761 million in June 2024[20] - The company’s contract assets increased significantly from HKD 49,043 million in December 2023 to HKD 82,285 million in June 2024, an increase of approximately 67.8%[20] - Trade receivables, net of expected credit loss provisions, rose to HKD 78,176,000 as of June 30, 2024, compared to HKD 65,522,000 as of December 31, 2023, indicating an increase of 19.2%[40] - Trade payables decreased to HKD 19.6 million as of June 30, 2024, from HKD 44.6 million at the end of 2023[43] - Net borrowings decreased to approximately HKD 9.7 million as of June 30, 2024, down from HKD 34.1 million as of December 31, 2023[56] Corporate Governance and Compliance - The company has established an audit committee, which consists of three independent non-executive directors, to oversee the integrity of the financial reports[86] - The company has adopted a code of conduct for securities transactions by directors, which complies with the standards set out in the listing rules[76] - The board believes that the current structure of separating the roles of chairman and CEO enhances the efficiency of strategy formulation and implementation[75] - The company is committed to maintaining good corporate governance practices to benefit stakeholders[74] - There are no known conflicts of interest or competitive businesses held by any directors or major shareholders during the relevant period[72] - The company has not faced any significant litigation that would adversely affect its financial condition during the reporting period[66] Future Outlook and Strategy - The company is focused on expanding its market presence and developing new products and technologies to drive future growth[17] - The company plans to explore various opportunities and control costs to maintain good performance in the coming years[50] - The company has no significant investment or capital asset plans as of the report date, focusing instead on consolidating its business in the construction industry[61] - The company has not experienced any significant events related to major acquisitions or disposals of subsidiaries during the reporting period[62] Share Capital and Ownership - The company’s issued share capital was HKD 13,320,000 with 1,332,000,000 shares as of June 30, 2024[59] - The major shareholder, Masterveyor, holds 56.08% of the company's shares as of June 30, 2024[70] - The maximum number of shares that can be issued under the share option plan is capped at 10% of the total issued shares, which amounts to 133,200,000 shares[81] - The company has not granted or agreed to grant any share options under the share option plan since its adoption on September 16, 2015, until June 30, 2024[78] Events After Reporting Period - No significant events requiring disclosure have occurred after June 30, 2024, up to the date of this report[85]

Financial Performance - The total revenue for the year ended December 31, 2023, decreased by 45.7% to approximately HKD 193.8 million, down from HKD 357.2 million in the previous year[6]. - The group recorded a gross loss of approximately HKD 7.2 million, compared to a gross profit of HKD 7.3 million in the previous year[13]. - The expected credit loss impairment loss (net of reversals) increased by 469.8% to approximately HKD 35.9 million, up from HKD 6.3 million in the previous year[15]. - The net loss attributable to owners of the company for the year was approximately HKD 59.3 million, compared to a net loss of HKD 1.6 million in the previous year[13]. - Other income for the year was approximately HKD 0.4 million, a decrease of 95.0% from HKD 8.0 million in the previous year[14]. Operational Challenges - The construction industry in Hong Kong continues to face significant challenges, including rising interest rates and cash flow issues among Chinese property developers[7]. - The group will conduct a detailed review of its existing operations and financial condition to formulate sustainable business plans or strategies for future development[11]. - The group has a project reserve with a total contract value of approximately HKD 566.5 million, which is expected to support financial performance in the coming years[11]. Cost Management - Administrative expenses decreased by approximately HKD 4.9 million or 22.9% to about HKD 16.5 million due to cost control measures implemented during the year[20]. - Financing costs increased by approximately 100% to about HKD 0.2 million, attributed to higher interest on lease liabilities[22]. - The total employee cost reduction reflects a strategic focus on performance-based compensation to attract and retain qualified employees[42]. Employee and Governance - As of December 31, 2023, the group employed a total of 69 employees, down from 88 employees in 2022[42]. - The board of directors consists of four members, including one executive director and three independent non-executive directors[47]. - The company has adopted a diversity policy for board members, considering various measurable categories such as gender, age, and professional experience[54]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee[70]. Risk Management and Compliance - The board assessed the effectiveness of the going concern assumption as of December 31, 2023, ensuring a balanced and understandable evaluation of the group's condition and prospects[88]. - The audit committee reviews the risk management and internal control systems annually, ensuring their effectiveness and adequacy[92]. - The company has established a policy for handling and disclosing inside information to ensure timely processing and prevent any individual from having an unfair advantage in trading[93]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report highlights the company's commitment to sustainable value creation during the fiscal year ending December 31, 2023[105]. - Key environmental performance indicators include strict monitoring of compliance with environmental regulations, with no significant non-compliance incidents reported[114]. - The company aims to balance operational needs with environmental protection by using effective resources and reducing pollutants[116]. - Total greenhouse gas emissions decreased to 182 tons of CO2 equivalent in 2023, down approximately 45.5% from 334 tons in 2022[121]. Community Engagement and Social Responsibility - The company actively engages in community welfare projects, such as the Public Estate Basketball Programme, to support youth development[161]. - Community investment initiatives focus on areas such as education, health, and environmental issues, reflecting the company's commitment to social responsibility[175]. - The company has implemented measures to protect intellectual property and ensure confidentiality of client information[157]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[182]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on innovative technology solutions[182]. - The company is investing HKD 50 million in research and development for new technologies aimed at improving service efficiency[182].

Financial Performance - For the year ended December 31, 2023, the group's revenue from continuing operations decreased by approximately HKD 357.2 million or about 45.7% to approximately HKD 193.8 million[5]. - The loss before tax from continuing operations for the year ended December 31, 2023, was approximately HKD 59.3 million, compared to a loss of approximately HKD 1.6 million for the year ended December 31, 2022, indicating a significant deterioration in performance[5]. - The group's gross loss for the year ended December 31, 2023, was HKD 7.15 million, compared to a gross profit of HKD 7.33 million for the previous year, reflecting a negative shift in profitability[3]. - The group reported a continuous loss of approximately HKD 59,284,000 for the year ending December 31, 2023[28]. - The company reported a loss attributable to owners from continuing operations of HKD 59,284,000 for 2023, compared to a loss of HKD 1,552,000 in 2022[45]. - The group reported a net loss attributable to owners of approximately HKD 59.3 million for the year, compared to a net loss of HKD 1.0 million in 2022[75]. Dividends and Shareholder Returns - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[4]. - The group did not declare or propose any dividends for the year ending December 31, 2023, consistent with 2022[43]. - The company did not recommend any final dividend for the year ended December 31, 2023, consistent with the previous year[95]. Financial Position - The group's total assets decreased to HKD 192.1 million as of December 31, 2023, from HKD 225.6 million in the previous year, reflecting a decline in asset base[11]. - The net liabilities position as of December 31, 2023, was HKD 10.4 million, compared to a net asset position of HKD 48.9 million in the previous year, indicating a significant shift in financial health[13]. - As of December 31, 2023, the group's current liabilities net worth was approximately HKD 4,853,000, with total liabilities net worth of HKD 10,416,000 and bank borrowings of HKD 9,000,000[28]. - The current ratio as of December 31, 2023, was 0.98, down from 1.27 as of December 31, 2022[79]. - The capital debt ratio was negative as of December 31, 2023, compared to approximately 16.4% as of December 31, 2022, due to total losses for the year[79]. - The net current liabilities of the group were approximately HKD 4,853,000, and the total liabilities amounted to HKD 10,416,000[103]. Revenue and Income - The group generated revenue of HKD 193,771,000 from contracting services in 2023, a decrease from HKD 357,154,000 in 2022[33]. - Other income for the year 2023 was HKD 410,000, a significant decrease from HKD 7,962,000 in 2022[39]. - The company recorded other income of HKD 0.41 million for the year, down from HKD 8.0 million in the previous year, indicating a decline in ancillary revenue sources[7]. Expenses and Cost Management - Total administrative expenses for the year decreased to HKD 16.5 million from HKD 21.4 million in the previous year, indicating cost management efforts[7]. - The group incurred a total employee cost of HKD 34,424,000 in 2023, down from HKD 46,611,000 in 2022[42]. - Administrative expenses decreased by approximately HKD 4.9 million or 22.9% to about HKD 16.5 million, down from HKD 21.4 million in 2022[69]. Credit Risk and Provisions - The group reported an expected credit loss of HKD 35.9 million for the year, a substantial increase from HKD 6.3 million in the previous year, highlighting increased credit risk[7]. - Impairment losses under the expected credit loss model increased by approximately HKD 29.6 million or 469.8% to about HKD 35.9 million, compared to HKD 6.3 million in 2022[63]. - Trade receivables increased to HKD 71,131,000 in 2023 from HKD 60,017,000 in 2022, with expected credit loss provisions rising from HKD 3,221,000 to HKD 5,609,000[47]. - The company’s expected credit loss provision for other receivables increased from HKD 169,000 in 2022 to HKD 38,000 in 2023[49]. Operational Outlook and Strategies - The group plans to explore various business and investment opportunities in different sectors and regions to enhance long-term growth potential[59]. - The group will conduct a detailed review of its existing operations and financial status to formulate sustainable business plans or strategies for future development[59]. - The group is actively reviewing its capital structure and considering new debt financing or issuing new shares to obtain additional capital[30]. - The group is implementing cost control measures to achieve positive and sustainable operational cash flow[30]. Accounting Policies and Standards - The group has adopted the revised Hong Kong Accounting Standard No. 1, which replaces "significant accounting policies" with "significant accounting policy information" without major impact on the financial position or performance[18]. - The consolidated financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, with historical cost as the basis for measurement, except for certain financial instruments measured at fair value[25]. - Fair value is determined based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date[26]. Employee and Workforce - The company employed a total of 69 employees as of December 31, 2023, down from 88 employees in the previous year, with employee costs around HKD 34.4 million compared to HKD 46.6 million in 2022[88]. Legal and Compliance - The company has not faced any significant litigation that would adversely affect its financial condition during the reporting period[89]. - There were no significant investments or capital asset plans disclosed for the year ended December 31, 2023[84]. Going Concern and Uncertainties - There are significant uncertainties regarding the company's ability to continue as a going concern, as indicated in the financial statements[103]. - The financial statements do not include any adjustments that may result from the uncertainties mentioned[103].

Financial Performance - For the year ended December 31, 2023, the group's revenue from continuing operations decreased by approximately HKD 357.2 million or about 45.7% to approximately HKD 193.8 million[5]. - The loss before tax from continuing operations for the year was approximately HKD 59.3 million, compared to a loss of approximately HKD 1.6 million for the year ended December 31, 2022, indicating a significant deterioration in performance[5]. - The group's gross loss for the year was HKD 7.15 million, compared to a gross profit of HKD 7.33 million in the previous year, reflecting a negative shift in profitability[3]. - The group reported a continuous loss of approximately HKD 59,284,000 for the year ending December 31, 2023, with current liabilities net worth of about HKD 4,853,000 and bank borrowings of HKD 9,000,000[28]. - The group reported a net loss attributable to owners of approximately HKD 59.3 million for the year, compared to a net loss of HKD 1.0 million in 2022[75]. - The company reported a loss attributable to owners of the company from continuing operations of HKD 59,284,000 for 2023, compared to a loss of HKD 1,552,000 in 2022[45]. Dividend and Shareholder Returns - The board does not recommend the payment of a final dividend for the year ended December 31, 2023[4]. - The group has not declared or proposed any dividends for the year ending December 31, 2023, consistent with the previous year[43]. - The company did not recommend any final dividend for the year ended December 31, 2023, consistent with the previous year[95]. Cost Management and Expenses - Total administrative expenses for the year were HKD 16.5 million, down from HKD 21.4 million in the previous year, indicating cost management efforts[7]. - The total employee costs for the year 2023 amounted to HKD 34,424,000, down from HKD 46,611,000 in 2022, reflecting a cost control strategy[42]. - Administrative expenses decreased by approximately HKD 4.9 million or 22.9% to about HKD 16.5 million, down from HKD 21.4 million in 2022[69]. Asset and Liability Management - The group's total assets decreased from HKD 225.6 million in 2022 to HKD 192.1 million in 2023, reflecting a decline in asset base[11]. - The net current liabilities increased to HKD 4.85 million in 2023 from a net current asset position of HKD 47.6 million in 2022, indicating a worsening liquidity position[11]. - The company’s total liabilities decreased from HKD 168,196,000 in 2022 to HKD 144,635,000 in 2023, indicating a stronger balance sheet[52]. - The current ratio as of December 31, 2023, was 0.98, down from 1.27 as of December 31, 2022[79]. - The capital debt ratio was negative as of December 31, 2023, due to total losses for the year, compared to approximately 16.4% as of December 31, 2022[79]. Credit Risk and Impairment - The company reported an expected credit loss of HKD 35.9 million for the year, significantly higher than HKD 6.3 million in the previous year, suggesting increased credit risk[7]. - Impairment losses under the expected credit loss model increased by approximately HKD 29.6 million or 469.8% to about HKD 35.9 million, compared to HKD 6.3 million in 2022[63]. - The company’s expected credit loss provision for other receivables increased from HKD 169,000 in 2022 to HKD 38,000 in 2023[47]. Liquidity and Cash Flow - The group has a cash flow forecast indicating sufficient liquidity to meet operational and contractual obligations for at least the next twelve months[29]. - The company’s overdue trade receivables amounted to HKD 30,444,000 in 2023, with HKD 18,879,000 overdue for more than 90 days[50]. - The company’s cash and cash equivalents from the terminated subsidiary amounted to HKD 3,662,000[56]. - As of December 31, 2023, cash and bank balances increased by approximately HKD 6.1 million to about HKD 58.6 million, compared to HKD 52.5 million in 2022[77]. Business Strategy and Future Outlook - The group plans to explore various business and investment opportunities to enhance long-term growth potential, including asset sales, acquisitions, and business restructuring[59]. - The group has initiated several new projects supported by a total contract value of approximately HKD 566.5 million, expecting improved financial performance in the coming years[59]. - The group has identified a total of HKD 566,508,000 in remaining performance obligations as of December 31, 2023, compared to HKD 336,232,000 in 2022[34]. Accounting Policies and Standards - The group has adopted the revised Hong Kong Accounting Standard No. 1, which replaces "significant accounting policies" with "significant accounting policy information" without major impact on the financial position or performance[18]. - The consolidated financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, with historical cost as the basis for measurement, except for certain financial instruments measured at fair value[25]. - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[24]. Employment and Workforce - The company employed a total of 69 employees as of December 31, 2023, down from 88 employees in the previous year, with employee costs around HKD 34.4 million compared to HKD 46.6 million in 2022[88]. - The company’s average weighted ordinary shares outstanding remained stable at 1,332,000 shares for both 2023 and 2022[45]. Legal and Regulatory Matters - The company has not experienced any significant litigation that would adversely affect its financial condition during the reporting period[89]. - The group has several subsidiaries in Hong Kong that are required to pay long service payments to employees, with the recent legislative changes affecting the offset mechanism for mandatory provident fund contributions[19]. - The group has implemented accounting policy changes in response to the abolition of the offset mechanism for long service payments, which will take effect on May 1, 2025[20].

Financial Performance - For the six months ended June 30, 2023, FDB Holdings Limited reported revenue of HKD 67.6 million, a decrease of approximately 34.3% compared to HKD 102.9 million for the same period in 2022[11]. - The company recorded a loss attributable to owners of HKD 12.4 million for the current period, compared to a profit of HKD 9.2 million in the prior year[12]. - The basic and diluted loss per share from continuing operations was HKD 0.9 cents, down from a profit of HKD 0.7 cents per share in the previous year[14]. - The gross loss for the period was HKD 5.3 million, compared to a gross profit of HKD 1.6 million in the same period last year[11]. - For the six months ended June 30, 2023, the company reported a loss before tax of HKD (12,409) thousand, compared to a profit of HKD 9,245 thousand for the same period in 2022[22]. - Total comprehensive income for the period was HKD 9,881 thousand, a decrease from HKD 49,905 thousand in the previous year[19]. - The group’s revenue from continuing operations decreased by approximately HKD 35.3 million or 34.3% to about HKD 67.6 million (2022: HKD 102.9 million) due to a reduction in the number of projects contributing revenue[68]. - The group recorded a gross loss of approximately HKD 5.3 million (2022: gross profit of HKD 1.6 million) primarily due to unexpected delays in project progress, resulting in additional costs[68]. Assets and Liabilities - Total assets less current liabilities decreased to HKD 36.6 million as of June 30, 2023, compared to HKD 48.9 million at the end of 2022[16]. - The company's cash and cash equivalents dropped significantly to HKD 2.2 million from HKD 31.6 million at the end of 2022[16]. - The total liabilities decreased to HKD 120.3 million from HKD 178.0 million, indicating a reduction in financial obligations[16]. - The company's net asset value decreased to HKD 36,459 thousand as of June 30, 2023, down from HKD 48,868 thousand at the end of 2022[17]. - As of June 30, 2023, trade receivables amounted to HKD 38,198,000, down from HKD 60,017,000 as of December 31, 2022, reflecting a decrease of approximately 36.3%[51]. - The group’s trade payables decreased significantly to HKD 16,075,000 from HKD 63,642,000, a reduction of approximately 74.8%[54]. - As of June 30, 2023, contract assets amounted to HKD 72,522,000, down 22% from HKD 93,572,000 as of December 31, 2022[50]. Cash Flow and Expenses - The company experienced a significant cash outflow from operating activities, totaling HKD (28,884) thousand, compared to a cash inflow of HKD 10,433 thousand in the previous year[22]. - The cash and cash equivalents decreased to HKD 2,235 thousand as of June 30, 2023, from HKD 15,120 thousand at the end of the previous year[24]. - The total employee costs for the six months ended June 30, 2023, amounted to HKD 19,081,000, down 22% from HKD 24,398,000 in 2022[41]. - Administrative expenses were reduced to HKD 7.8 million from HKD 10.8 million, reflecting cost control measures[13]. - Other income from continuing operations decreased by approximately 97.7% to about HKD 0.1 million (2022: HKD 4.3 million), mainly due to the termination of certain contract liabilities and a reduction in government subsidies related to COVID-19[69]. Corporate Governance and Management - The company did not recommend any interim dividend for the current period[12]. - The company has adopted a code of conduct for securities transactions by directors, ensuring compliance with the relevant standards[103]. - The board believes that good corporate governance is essential for effective management and business growth[100]. - The roles of the chairman and CEO are distinct, with Mr. Wu currently holding both positions to enhance strategic efficiency[102]. - The audit committee has been established to oversee the appointment and independence of external auditors and the integrity of financial reports[114]. Future Outlook and Strategy - The company plans to focus on improving operational efficiency and managing costs in the upcoming periods[30]. - The group plans to explore various opportunities and control costs to maintain good performance in the coming years, considering partnerships for construction projects[67]. - The company has no significant investment or capital asset plans as of the report date, focusing on consolidating its business in the construction industry[83].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不會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的任何損失承擔任何責任。 FDB HOLDINGS LIMITED 豐 展 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1826） 截至二零二三年六月三十日止六個月之 中期業績公告 豐展控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及 其附屬公司截至二零二三年六月三十日止六個月之未經審核綜合業績。本公 告載列本公司二零二三年中期報告全文，符合香港聯合交易所有限公司證券 上市規則有關中期業績初步公告隨附資料的相關規定。 承董事會命 豐展控股有限公司 董事會主席兼行政總裁 吳建韶 香港，二零二三年八月二十八日 ...

Financial Performance - For the year ended December 31, 2022, the total revenue decreased by 6.6% to approximately HKD 357.2 million from HKD 382.3 million in the previous year[8]. - The group recorded a gross profit of approximately HKD 7.3 million, compared to a gross loss of HKD 29.9 million in the previous year[17]. - The net loss attributable to the owners of the company was approximately HKD 1.6 million, a significant improvement from a net loss of HKD 64.8 million in the previous year[17]. - The group's contracting service revenue decreased by approximately 6.6% to about HKD 357.2 million for the year, down from approximately HKD 382.3 million in the previous year[18]. - Gross profit from contracting services increased to approximately HKD 7.3 million, with a gross profit margin of 2.0%, compared to a gross loss of HKD 29.9 million and a gross loss margin of 7.8% in the previous year[18]. - Other income surged by approximately 1,042.9% to about HKD 8.0 million, primarily due to one-time income including government subsidies of about HKD 2.3 million[19]. - The company confirmed an expected credit loss impairment of approximately HKD 6.3 million for the year, compared to HKD 2.9 million in the previous year[17]. - Administrative expenses decreased by approximately 33.1% to about HKD 21.4 million, down from approximately HKD 32.0 million in the previous year due to cost control measures[26]. - Financing costs decreased by 66.6% to about HKD 0.1 million, down from approximately HKD 0.3 million in the previous year[27]. - The group reported a net cash position increase to approximately HKD 44.5 million, up from HKD 5.3 million in the previous year[33]. - The profit attributable to the owners of the company for the year was approximately HKD 1.0 million, a decline from a profit of HKD 40.1 million in the previous year[32]. Strategic Outlook - The company plans to explore various opportunities to maximize shareholder value despite ongoing challenges in the construction industry[9]. - The group aims to conduct a detailed review of its existing operations and financial status to formulate sustainable business plans and strategies for future development[16]. - The company anticipates that the lifting of travel restrictions and social distancing measures will allow for a gradual recovery of operations[14]. - The group expects to improve its financial performance and position over the next few years as material and transportation costs decrease due to China's reopening[14]. - The company intends to leverage expertise in real estate development and financial services to expand its revenue sources[16]. Risk Factors - The construction industry continues to face risks including the spread of COVID-19 variants, rising interest rates, supply chain disruptions, and labor shortages[9]. Corporate Governance - The board has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the year ended December 31, 2022[60]. - The board consists of five members, including one executive director and four independent non-executive directors[62]. - The company has implemented a diversity policy for board members, considering various measurable aspects such as gender, age, and professional experience[69]. - The nomination committee reviews the diversity policy annually to ensure its effectiveness and promotes gender diversity at all levels[72]. - The company has established a code of conduct for directors' securities transactions, ensuring compliance with the listing rules[61]. - The board structure is designed to ensure a clear division of responsibilities between the chairman and the CEO, enhancing strategic efficiency[64]. - The company has arranged appropriate insurance to protect directors and senior officers against legal actions arising from corporate activities[67]. - The board held two meetings during the year ending December 31, 2022, with all executive and independent non-executive directors attending both meetings[76]. - The company conducted two annual general meetings in the same period, with most directors attending both, except for one who attended only one[76]. - The audit committee consists of four independent non-executive directors, with the chairman possessing appropriate professional qualifications and accounting experience[86]. - The audit committee's responsibilities include reviewing the independence of external auditors and monitoring the integrity of financial reports before submission to the board[87]. - The company emphasizes continuous professional development for directors, with all participating in relevant training and seminars[82]. - The board is responsible for corporate governance functions, including policy formulation and compliance with legal and regulatory requirements[78]. - Independent non-executive directors are appointed for a term of three years and must be re-elected according to the company's articles of association[80]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee, with their terms of reference available on the stock exchange and company websites[85]. - The company ensures that all directors have access to the company secretary's advice and services to comply with board procedures and applicable rules[78]. - The board receives at least 14 days' notice for regular meetings, allowing sufficient time for directors to prepare[78]. - The audit committee held two meetings during the year ended December 31, 2022, to review and approve financial performance[88]. - The board and audit committee had no disagreements regarding the selection and appointment of external auditors for the year ended December 31, 2022[89]. - The company reviewed its internal control systems, including financial, operational, and compliance monitoring, during the year ended December 31, 2022[90]. - The company reported that there were no meetings held by the remuneration committee during the year ended December 31, 2022[92]. - The remuneration details for senior management members were categorized by salary range, with 4 employees earning between HKD 1,000,001 and HKD 2,000,000, and 1 employee earning between HKD 3,000,001 and HKD 4,000,000[96]. - The board is responsible for establishing and reviewing the internal control system to safeguard shareholder investments and the company's assets[102]. - The company believes that its risk management and internal control systems are adequate and effective as of the year ended December 31, 2022[103]. - The audit committee reviewed the effectiveness of the risk management and internal control systems, covering all significant control measures[103]. - The company has not established an internal audit function, considering its size, nature, and complexity[102]. - The board is committed to timely publishing the financial statements to provide a balanced and understandable assessment of the company's position and prospects[101]. - The external auditor's fees for statutory audit services amounted to HKD 891,000 for the year ended December 31, 2022, down from HKD 1,730,000 in 2021, indicating a decrease of approximately 48.5%[107]. - The total fees paid to external auditors, including non-audit services, were HKD 929,000 for 2022, compared to HKD 1,810,000 in 2021, reflecting a reduction of about 48.7%[107]. - The company has established a policy for handling and disclosing inside information to ensure timely processing and prevent any individual from gaining an unfair advantage in trading[106]. - The risk management and internal control framework has been reviewed by the board and deemed effective and adequate as of December 31, 2022[105]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report highlights the company's commitment to sustainable value creation during the reporting period ending December 31, 2022[118]. - The company is committed to managing environmental, social, and governance (ESG) risks through ongoing development and evaluation of its ESG policies[125]. - The company has established a clear direction for integrating ESG measures into its strategic planning to create sustainable value for stakeholders[125]. - The company is focused on balancing operational needs with environmental protection to achieve its business goals[129]. - The total greenhouse gas emissions for the reporting period amounted to 334 tons of CO2 equivalent, representing an increase of approximately 27% compared to the previous reporting period[134]. - Direct emissions (Scope 1) were recorded at 64 tons of CO2 equivalent, while indirect emissions (Scope 2) were 238 tons of CO2 equivalent, and other indirect emissions (Scope 3) were 32 tons of CO2 equivalent[134]. - The company achieved zero emissions for nitrogen oxides (NOx), sulfur oxides (SOx), and particulate matter (PM) during the reporting period due to reduced vehicle usage[132]. - The company has implemented strict monitoring to ensure compliance with environmental regulations, resulting in no significant non-compliance incidents related to emissions[127]. - Key performance indicators for air pollutant emissions were analyzed annually to enhance stakeholder value[125]. - The company has adopted ultra-low sulfur diesel for its machinery and has implemented measures to reduce waste generation[128]. - The company actively engages stakeholders for feedback on its ESG policies and performance[124]. - The company has set goals for waste reduction and is actively taking steps to achieve these targets, demonstrating a commitment to environmental sustainability[178]. - The company monitors its resource usage, including energy and water, and has established efficiency targets to optimize resource consumption[178]. - The company has implemented measures to improve resource efficiency and reduce energy consumption, including encouraging employees to turn off lights and appliances when leaving the office[145]. - The company has not generated any hazardous waste during the reporting period[139]. - The company’s environmental management system is certified to ISO 14001 standards, indicating a commitment to minimizing environmental impact[147]. Employee and Labor Practices - As of December 31, 2022, the total number of employees in the group is 88, with a gender distribution of 74% male and 26% female[154]. - The overall employee turnover rate for 2022 is 1%, with a male turnover rate of 4% and a female turnover rate of 0%[155]. - The group reported a total of 162 workdays lost due to work-related injuries in 2022, a significant decrease from 898 days in 2021[160]. - The group maintains a strict adherence to labor laws, with no reported cases of child or forced labor as of December 31, 2022[165]. - The group has implemented various health and safety measures, including the installation of air purifiers and encouraging vaccination among employees[158]. - The average training hours for general employees in 2022 is 20 hours, with 98% of training hours completed by male employees[164]. - The group has established a robust internal promotion mechanism to enhance employee motivation and career development[154]. - The group emphasizes the importance of employee development, providing various training opportunities to enhance skills and knowledge[161]. - The group conducts annual evaluations of suppliers to ensure compliance with quality and safety standards[167]. - The company has adhered to all relevant laws and regulations regarding employment practices as of December 31, 2022[150]. Community Engagement and Corporate Responsibility - The company encourages employee participation in community welfare initiatives, enhancing stakeholder engagement and understanding of community needs[174]. - Community investment efforts were outlined, focusing on areas such as education, environment, labor needs, health, and culture[188]. Compliance and Ethical Standards - The company has established policies to ensure compliance with relevant laws and regulations regarding service quality and safety, reflecting its commitment to operational integrity[170]. - The company emphasizes the importance of intellectual property protection and has implemented measures to ensure proper usage in contracts with clients and suppliers[170]. - There were no reported cases of non-compliance related to product liability during the year ending December 31, 2022, showcasing effective governance practices[172]. - The company has a zero-tolerance policy towards corruption and fraud, with no complaints received from government agencies regarding non-compliance with anti-corruption laws as of December 31, 2022[173]. - The company has implemented a code of conduct for employees to guide ethical behavior, particularly in areas such as gift acceptance and conflict of interest[173]. Board of Directors and Management - The executive director, Mr. Ng, has extensive experience in building surveying and has been with the company since March 2015, contributing to overall business development and strategic planning[190]. - The independent non-executive director, Mr. Chan, brings over 30 years of experience in the banking and finance industry, enhancing the company's governance[194]. - Mr. Yin Zhiwei has been an independent non-executive director since January 12, 2018, with professional experience in accounting and law[196]. - Mr. Liu Guohui has over 20 years of experience in accounting, auditing, financial advisory, and corporate governance, appointed as an independent non-executive director on January 12, 2018[198]. - Mr. Liu holds a Master's degree in Corporate Governance and Directorship from Hong Kong Baptist University, awarded in November 2014[200]. - Mr. Liu has served in various financial roles, including Chief Financial Officer and Company Secretary at International United Finance Leasing Limited, which was listed on the Hong Kong Stock Exchange in March 2019[198]. - Mr. Yin has been an independent non-executive director of Chuangmei Pharmaceutical Co., Ltd. since December 2015, which is listed on the Hong Kong Stock Exchange[196]. - Mr. Liu has held positions at KPMG, focusing on financial due diligence, corporate restructuring, and financial modeling[198]. - Mr. Liu has been a member of the Hong Kong Institute of Certified Public Accountants since July 2003 and a fellow member of the Association of Chartered Certified Accountants since December 2007[200]. - Mr. Yin graduated with a Bachelor's degree in Accounting from the Hong Kong University of Science and Technology in November 1997[196]. - Mr. Liu has experience in statutory audits and internal control reviews from his tenure at PwC and other firms[198].