香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本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。 MAN KING HOLDINGS LIMITED 萬景控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2193） 盧源昌 香港，二零二四年十一月十三日 於本公告日期，董事會包括執行董事盧源昌先生及盧奕昌先生；非執行董事陳惠英女士；以 及獨立非執行董事梁威達先生、勞敏慈教授、周懷蓉女士及蘇其威先生。 董事會會議召開日期 萬景控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二四年 十一月二十八日（星期四）在香港九龍旺角塘尾道 18 號嘉禮大廈 10 樓 D 室舉行董事會會 議，其中議程包括考慮及批准本公司及其附屬公司截至二零二四年九月三十日止六個月期間 之中期業績及其發佈，及考慮派發中期股息之建議（如有），並處理其他事項。 承董事會命 萬景控股有限公司 主席及執行董事 ...

Financial Performance - The company's revenue for the year ended March 31, 2024, was approximately HKD 338.5 million, a decrease of about 25.2% compared to HKD 452.8 million in the previous fiscal year[17]. - The gross loss for the year was approximately HKD 26.6 million, with a gross loss margin of 7.9%, compared to a gross profit of HKD 69.6 million and a gross profit margin of 15.4% in the previous year[17]. - The company recorded a net loss of approximately HKD 22.7 million for the year, compared to a net profit of HKD 42.1 million in the previous fiscal year[25]. - Total assets decreased by approximately 12.4% from HKD 310.8 million to HKD 272.4 million as of March 31, 2024[26]. - Cash and cash equivalents were approximately HKD 153.9 million, down from HKD 235.3 million in the previous year[27]. - The company's debt-to-equity ratio was approximately 0.2% as of March 31, 2024, compared to 0.7% in the previous year[30]. - Other income increased to approximately HKD 8.98 million from HKD 3.09 million, primarily due to an increase in bank interest income of about HKD 4.89 million[18]. - The share of profits from associates was approximately HKD 20.1 million, an increase from HKD 13.2 million in the previous year[22]. - The group received dividends totaling approximately HKD 18.2 million from Rich Partner Global Limited, compared to HKD 5.6 million in the previous year[39]. Operational Challenges - The company is facing challenges such as rising bid prices, supply chain resource competition, and labor shortages[10]. - The group faced a decrease in revenue and incurred a net loss due to several construction projects being in temporary works stages, leading to reduced certified work volumes[38]. - The company continues to strengthen cost control measures and resource management policies to maintain market competitiveness[6]. - The company is actively participating in multiple contract bids and maintains a cautiously optimistic outlook for future market conditions[10]. Employee Management - The company has maintained a stable employee turnover rate over the past two years despite labor shortages in the construction industry[8]. - The total employee cost for the year ending March 31, 2024, was approximately HKD 76.9 million, a decrease from HKD 78.9 million in the previous year[83]. - The company had a total of 167 full-time employees as of March 31, 2024, down from 177 in the previous year[83]. - The employee compensation policy is based on performance, qualifications, and market levels, ensuring appropriate remuneration for all employees[83]. - The overall employee gender ratio as of March 31, 2024, is 20.2% female and 79.8% male, indicating a reasonable level of gender diversity in the workforce[163]. Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring independent judgment in discussions[130]. - The independent non-executive directors have confirmed their independence according to the Hong Kong Stock Exchange listing rules[78]. - The board is committed to maintaining high standards of corporate governance, adhering to the corporate governance code as per the listing rules, with one exception regarding the separation of roles between the chairman and CEO[125]. - The company has established a mechanism to ensure independent viewpoints are obtained, with annual evaluations of board performance conducted anonymously[132]. - The company has received annual written confirmations of independence from all independent non-executive directors[132]. Environmental Management - The company is committed to reducing its operational negative impact on the environment and has obtained ISO 14001:2015 certification for its environmental management system[189]. - The company has implemented comprehensive water quality mitigation measures to comply with water pollution control regulations, focusing on water conservation and discharge quality[194]. - The company has established waste mitigation measures for various types of construction waste, including concrete and metal templates, to reduce waste generation[197]. - The company has successfully repurposed a significant amount of wood waste from projects for gardening purposes, enhancing operational efficiency and financial benefits[200]. - The company has set up chemical storage areas to prevent accidental leaks and ensure proper handling of chemical waste[200]. Future Outlook - The company aims to leverage its strong capital structure to optimize construction services and explore new business channels[7]. - The group is optimistic about the construction industry in Hong Kong despite facing challenges such as labor shortages and strict occupational safety regulations[40]. - The company plans to purchase more electric vehicles to further reduce gasoline consumption and lower emission levels[191]. - The company aims to achieve a zero-accident work environment and has established a solid safety, health, and environmental committee to manage these matters effectively[158].

[Company Information and Announcements](index=1&type=section&id=Company%20Information%20and%20Announcements) This section provides an overview of Man King Holdings Limited, its business nature, listing status, and a summary of its key financial performance for the year ended March 31, 2024 [Company Overview](index=1&type=section&id=Company%20Overview) Man King Holdings Limited (Stock Code: 2193) is an investment holding company primarily engaged in civil engineering services in Hong Kong, listed on the Main Board of the Stock Exchange - Company Name: Man King Holdings Limited (Stock Code: **2193**)[39](index=39&type=chunk) - Company Nature: Investment holding company, primarily providing civil engineering services in Hong Kong[46](index=46&type=chunk)[50](index=50&type=chunk) - Listing Venue: Main Board of The Stock Exchange of Hong Kong Limited[68](index=68&type=chunk) - Ultimate Holding Company: LOs Brothers (PTC) Limited[47](index=47&type=chunk) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) For the year ended March 31, 2024, the company reported revenue of HKD 338.5 million and a loss attributable to owners of HKD 22.7 million, with basic loss per share of 5.42 HK cents Summary of Key Financial Data for FY2024 | Indicator | FY2024 (million HKD) | | :--- | :--- | | Revenue | 338.5 | | Loss attributable to owners of the Company | 22.7 | | Basic loss per share | 5.42 HK cents | | Equity per share attributable to owners of the Company | 0.65 HKD | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated statement of profit or loss and other comprehensive income and consolidated statement of financial position for the reporting period [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2024, the company's revenue decreased by 25.2% year-on-year to HKD 338.5 million, gross profit turned into a gross loss of HKD 26.6 million, resulting in a loss for the year of HKD 22.7 million, compared to a profit of HKD 42.1 million in the prior year Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 338,486 | 452,781 | -25.2% | | Gross (loss)/profit | (26,645) | 69,621 | From profit to loss | | Other income | 8,983 | 3,085 | +191.2% | | Net other gains/(losses) | 40 | (569) | From loss to gain | | Administrative expenses | (26,647) | (33,986) | -21.6% | | Operating (loss)/profit | (44,269) | 38,151 | From profit to loss | | Finance costs | (356) | (413) | -13.8% | | Share of profit of an associate | 20,059 | 13,234 | +51.6% | | (Loss)/profit before income tax | (24,566) | 50,972 | From profit to loss | | Income tax credit/(expense) | 1,824 | (8,837) | From expense to credit | | (Loss)/profit for the year | (22,742) | 42,135 | From profit to loss | | Basic and diluted (loss)/earnings per share (HK cents) | (5.42) | 10.04 | From earnings to loss | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the company's total assets decreased to HKD 412.77 million from HKD 461.53 million in the prior year, with total equity at HKD 272.43 million and total liabilities at HKD 140.34 million Key Data from Consolidated Statement of Financial Position | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 139,065 | 141,805 | | Current assets | 273,705 | 319,726 | | **Total assets** | **412,770** | **461,531** | | **Equity** | | | | Equity attributable to owners of the Company | 272,430 | 310,837 | | **Liabilities** | | | | Non-current liabilities | 7,627 | 10,989 | | Current liabilities | 132,713 | 139,705 | | **Total liabilities** | **140,340** | **150,694** | | **Total equity and liabilities** | **412,770** | **461,531** | [Notes to the Financial Statements](index=4&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the company's general information, accounting policies, revenue recognition, and specific breakdowns of income, expenses, and balance sheet items [General Information](index=4&type=section&id=General%20Information) The company is an investment holding company primarily providing civil engineering services in Hong Kong, including roads, drainage, site formation, and marine works, with LOs Brothers (PTC) Limited as its ultimate holding company - Company Nature: Investment holding company, primarily providing civil engineering services in Hong Kong[46](index=46&type=chunk)[50](index=50&type=chunk) - Ultimate Holding Company: LOs Brothers (PTC) Limited[47](index=47&type=chunk) - Business Scope: Roads and drainage, site formation, marine works[90](index=90&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=4&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, measured on a historical cost basis, except for financial assets at fair value through profit or loss, with no significant impact from HKFRS amendments this year - Preparation Standards: Complies with Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance (Cap. 622)[70](index=70&type=chunk) - Measurement Basis: Prepared on a historical cost basis, except for financial assets at fair value through profit or loss which are measured at fair value[70](index=70&type=chunk) - Impact of Accounting Policy Changes: The application of amendments to Hong Kong Financial Reporting Standards in the current year had no significant impact on the Group's financial position and performance[71](index=71&type=chunk) [Revenue and Segment Information](index=5&type=section&id=Revenue%20and%20Segment%20Information) The executive directors identified civil engineering as the sole reportable operating segment, with all revenue derived from contracts with customers, recognized over time, and originating from Hong Kong operations, while auxiliary civil engineering-related service income increased - Reportable Operating Segment: Civil engineering, whose performance is assessed by executive directors based on revenue and gross profit[51](index=51&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - Revenue Source: All revenue is derived from contracts with customers, recognized over time, and entirely from operations in Hong Kong[52](index=52&type=chunk) - Auxiliary Civil Engineering Related Service Income: **HKD 7.725 million in 2024**, compared to **HKD 6.047 million in 2023**[74](index=74&type=chunk) [Other Income](index=5&type=section&id=Other%20Income) For the year ended March 31, 2024, other income significantly increased to HKD 8.983 million, primarily due to a substantial rise in bank interest income Details of Other Income | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Management fee income | 360 | 415 | | Dividend income from financial assets at fair value through profit or loss | 317 | 292 | | Bank interest income | 6,572 | 1,681 | | Others | 1,734 | 697 | | **Total** | **8,983** | **3,085** | [Net Other Gains/(Losses)](index=5&type=section&id=Net%20Other%20Gains%2F%28Losses%29) For the year ended March 31, 2024, net other gains turned from a loss to a gain of HKD 40 thousand, mainly due to a fair value change in financial assets at fair value through profit or loss shifting from a loss to a gain Details of Net Other Gains/(Losses) | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Fair value change of financial assets at fair value through profit or loss | 141 | (570) | | Net exchange gains | –* | 30 | | Loss on disposal of property, plant and equipment | (107) | (29) | | Gain on early termination of lease | 6 | – | | **Total** | **40** | **(569)** | [Loss/(Profit) Before Income Tax](index=6&type=section&id=Loss%2F%28Profit%29%20Before%20Income%20Tax) For the year ended March 31, 2024, the loss before income tax was HKD 24.566 million, compared to a profit of HKD 50.972 million in the prior year, primarily influenced by employee benefit expenses, construction material costs, and subcontracting fees Deductions from Loss/(Profit) Before Income Tax | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Employee benefit expenses | 85,751 | 87,953 | | Auditor's remuneration | 1,340 | 1,323 | | Depreciation of property, plant and equipment | 5,290 | 6,420 | | Depreciation of right-of-use assets | 4,446 | 4,438 | | Cost of construction materials | 30,704 | 48,303 | | Subcontracting fees | 241,968 | 240,886 | [Income Tax (Credit)/Expense](index=6&type=section&id=Income%20Tax%20%28Credit%29%2FExpense) For the year ended March 31, 2024, the company recorded an income tax credit of HKD 1.824 million, compared to an income tax expense of HKD 8.837 million in the prior year, mainly due to a reduction in Hong Kong profits tax and over-provision in prior years Details of Income Tax (Credit)/Expense | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Hong Kong profits tax - Current year | 12 | 9,164 | | Hong Kong profits tax - Over-provision in prior years | (1,960) | – | | Deferred tax | 124 | (327) | | **Total** | **(1,824)** | **8,837** | - Hong Kong profits tax is provided at a rate of **16.5%** on the estimated assessable profit for the year[78](index=78&type=chunk) [Dividends](index=6&type=section&id=Dividends) The Board does not recommend the payment of any dividend for the year ended March 31, 2024, while approximately HKD 14.694 million in dividends were declared and paid in the prior year - FY2024 Dividends: The Board does not recommend the payment of any dividend[9](index=9&type=chunk)[110](index=110&type=chunk) - FY2023 Dividends: Approximately **HKD 14.694 million** was declared and paid[57](index=57&type=chunk)[88](index=88&type=chunk) [Loss/(Earnings) Per Share](index=7&type=section&id=Loss%2F%28Earnings%29%20Per%20Share) For the year ended March 31, 2024, basic loss per share was 5.42 HK cents, compared to basic earnings per share of 10.04 HK cents in the prior year, with basic and diluted amounts being the same due to no dilutive potential ordinary shares Basic and Diluted Loss/(Earnings) Per Share | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | (Loss)/profit attributable to owners of the Company (thousand HKD) | (22,742) | 42,135 | | Weighted average number of ordinary shares in issue (thousand shares) | 419,818 | 419,818 | | Basic and diluted (loss)/earnings per share (HK cents) | (5.42) | 10.04 | - No adjustment was made to the basic (loss)/earnings per share amount for determining the diluted (loss)/earnings per share amount, as the Group had no dilutive potential ordinary shares in issue during these years[5](index=5&type=chunk) [Contract Assets](index=7&type=section&id=Contract%20Assets) As of March 31, 2024, total contract assets decreased to HKD 15.313 million from HKD 20.570 million in the prior year, primarily comprising unbilled revenue from civil engineering and civil engineering retention receivables Details of Contract Assets | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Unbilled revenue from civil engineering - projects in progress | 2,995 | 7,298 | | Civil engineering retention receivables | 12,318 | 13,272 | | **Total** | **15,313** | **20,570** | [Trade and Other Receivables](index=8&type=section&id=Trade%20and%20Other%20Receivables) As of March 31, 2024, total trade and other receivables increased to HKD 52.336 million from HKD 38.082 million in the prior year, with a significant increase in trade receivables aged over 90 days Details of Trade and Other Receivables | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Trade receivables | 34,966 | 21,217 | | Other receivables, deposits and prepayments | 17,370 | 16,865 | | **Total** | **52,336** | **38,082** | Ageing Analysis of Trade Receivables | Ageing | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | 0 to 30 days | 24,236 | 21,668 | | 31 to 60 days | 12,515 | 11,922 | | 61 to 90 days | 380 | 2,072 | | Over 90 days | 3,222 | 355 | | **Total** | **40,353** | **36,017** | - Trade receivables are normally due within **30 to 60 days** from the date of client certification[83](index=83&type=chunk) [Trade and Other Payables](index=8&type=section&id=Trade%20and%20Other%20Payables) As of March 31, 2024, total trade and other payables slightly increased to HKD 88.162 million from HKD 87.734 million in the prior year, with a credit period for trade purchases of 30 to 60 days Details of Trade and Other Payables | Indicator | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Trade payables | 40,353 | 36,017 | | Retention payables | 32,885 | 29,939 | | Other payables and accrued charges | 14,924 | 21,778 | | **Total** | **88,162** | **87,734** | - The credit period for trade purchases is **30 to 60 days**[6](index=6&type=chunk) Ageing Analysis of Trade Payables | Ageing | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | 0 to 30 days | 34,966 | 14,602 | | 31 to 60 days | – | 6,615 | | **Total** | **34,966** | **21,217** | Ageing Analysis of Retention Payables | Ageing | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Due within one year | 18,708 | 2,147 | | Due after one year | 14,177 | 27,792 | | **Total** | **32,885** | **29,939** | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business operations, a detailed financial review, and insights into its liquidity, capital structure, and future strategic outlook [Business Review](index=11&type=section&id=Business%20Review) The Group operates as a main contractor providing civil engineering services in Hong Kong, including roads, drainage, site formation, and marine works, and has diversified its business through a Belt and Road coal transshipment project in Pakistan, yielding good returns - Main Business: Hong Kong civil engineering main contractor, undertaking public and private sector projects[90](index=90&type=chunk)[118](index=118&type=chunk) - Business Diversification: Through a **20.3%** equity interest in a Belt and Road coal transshipment business in Pakistan[119](index=119&type=chunk) - Belt and Road Project Contribution: Share of profit of approximately **HKD 20.1 million** for the year ended March 31, 2024[119](index=119&type=chunk) - Projects in Progress: As of March 31, 2024, there were eight projects in progress, with an estimated remaining contract sum and total value of engineering orders of approximately **HKD 810.8 million**[12](index=12&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) For the year ended March 31, 2024, the Group's financial performance faced challenges with decreased revenue, a shift from gross profit to gross loss, and a net loss, primarily due to certain construction projects being in the temporary works stage, leading to reduced certified work by clients [Revenue](index=11&type=section&id=Revenue) For the year ended March 31, 2024, revenue decreased by 25.2% year-on-year to HKD 338.5 million, primarily due to the combined impact of project construction stages, reduced client-certified work, and decreased revenue from certain projects - Total Revenue: Approximately **HKD 338.5 million in 2024**, a **25.2% decrease** from approximately **HKD 452.8 million in 2023**[120](index=120&type=chunk) - Reasons for Revenue Decrease: Primarily due to projects being in the temporary works stage and a lower quantity of work certified by clients, leading to a decrease of approximately **HKD 104.2 million** from certain projects, and a decrease of approximately **HKD 56.9 million** from substantially completed projects[15](index=15&type=chunk)[120](index=120&type=chunk) - Factors Increasing Revenue: Revenue from new public sector projects increased by approximately **HKD 8.4 million**, and revenue from three projects in progress increased by approximately **HKD 38.4 million**[14](index=14&type=chunk)[92](index=92&type=chunk) [Gross (Loss)/Profit and Gross (Loss)/Profit Margin](index=12&type=section&id=Gross%20%28Loss%29%2FProfit%20and%20Gross%20%28Loss%29%2FProfit%20Margin) For the year ended March 31, 2024, the Group shifted from gross profit to a gross loss of HKD 26.6 million, with a gross loss margin of 7.9%, mainly because several construction projects were in the temporary works stage, resulting in a lower quantity of work certified by clients - Gross (Loss)/Profit: **Gross loss of approximately HKD 26.6 million in 2024**, with a **gross loss margin of 7.9%**; **gross profit of approximately HKD 69.6 million in 2023**, with a **gross profit margin of 15.4%**[93](index=93&type=chunk) - Reason for Shift from Profit to Loss: Certain construction projects were in the temporary works stage, leading to a lower quantity of work certified by clients[16](index=16&type=chunk)[93](index=93&type=chunk) [Other Income](index=12&type=section&id=Other%20Income) For the year ended March 31, 2024, other income increased to HKD 8.983 million, primarily driven by an increase in bank interest income of approximately HKD 4.891 million - Other Income: Approximately **HKD 8.983 million in 2024**, compared to approximately **HKD 3.085 million in 2023**[94](index=94&type=chunk) - Reason for Growth: Primarily driven by an increase in bank interest income of approximately **HKD 4.891 million**[94](index=94&type=chunk) [Net Other Gains/(Losses)](index=12&type=section&id=Net%20Other%20Gains%2F%28Losses%29) For the year ended March 31, 2024, net other gains turned from a loss of HKD 569 thousand in the prior year to a gain of HKD 40 thousand, mainly due to an increase in fair value gains from financial assets at fair value through profit or loss - Net Other Gains: Approximately **HKD 40 thousand in 2024**, compared to a loss of approximately **HKD 569 thousand in 2023**[123](index=123&type=chunk) - Reason for Shift from Loss to Gain: Primarily due to the recognition of fair value gains of **HKD 141 thousand** from financial assets at fair value through profit or loss (2023: loss of HKD 570 thousand)[123](index=123&type=chunk) [Administrative Expenses](index=12&type=section&id=Administrative%20Expenses) For the year ended March 31, 2024, administrative expenses decreased by approximately HKD 7.4 million to HKD 26.6 million, mainly due to a reduction in employee benefit expenses - Administrative Expenses: Approximately **HKD 26.6 million in 2024**, compared to approximately **HKD 34.0 million in 2023**[18](index=18&type=chunk) - Reason for Decrease: Primarily due to a decrease in employee benefit expenses, including staff salaries, benefits, and other allowances[18](index=18&type=chunk) [Finance Costs](index=12&type=section&id=Finance%20Costs) For the year ended March 31, 2024, total finance costs decreased to HKD 356 thousand from HKD 413 thousand in the prior year, primarily comprising interest expenses on bank loans and lease liabilities - Total Finance Costs: Approximately **HKD 356 thousand in 2024**, compared to approximately **HKD 413 thousand in 2023**[96](index=96&type=chunk) - Composition: Interest expenses on bank loans of approximately **HKD 94 thousand** and interest expenses on lease liabilities of approximately **HKD 262 thousand**[96](index=96&type=chunk) [Share of Profit of an Associate](index=13&type=section&id=Share%20of%20Profit%20of%20an%20Associate) For the year ended March 31, 2024, the Group's share of profit of an associate increased to approximately HKD 20.1 million from HKD 13.2 million in the prior year, with the associate providing bareboat chartering and coal transshipment services in Pakistan - Share of Profit of an Associate: Approximately **HKD 20.1 million in 2024**, compared to approximately **HKD 13.2 million in 2023**[97](index=97&type=chunk) - Associate's Business: Provides bareboat chartering and coal transshipment services in Pakistan[97](index=97&type=chunk) [Loss/(Profit) for the Year](index=13&type=section&id=Loss%2F%28Profit%29%20for%20the%20Year) For the year ended March 31, 2024, the Group recorded a net loss of HKD 22.7 million, compared to a net profit of HKD 42.1 million in the prior year, primarily due to temporary works and a lower quantity of client-certified work during the year - Loss/(Profit) for the Year: **Net loss of approximately HKD 22.7 million in 2024**, compared to a **net profit of approximately HKD 42.1 million in 2023**[21](index=21&type=chunk) - Reason for Shift from Profit to Loss: Primarily due to temporary works and a lower quantity of client-certified work during the year[21](index=21&type=chunk) [Liquidity and Financial Resources](index=13&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2024, the Group had cash and cash equivalents of HKD 153.9 million and unutilized bank borrowing facilities of approximately HKD 20.7 million, facing no significant currency exchange rate fluctuations and having no currency hedging policy - Cash and Cash Equivalents: Approximately **HKD 153.9 million in 2024**, compared to approximately **HKD 235.3 million in 2023**[99](index=99&type=chunk) - Bank Deposits Matured Over Three Months: Approximately **HKD 22.2 million in 2024**, compared to zero in 2023[99](index=99&type=chunk) - Unutilized Bank Borrowing Facilities: Approximately **HKD 20.7 million**[128](index=128&type=chunk) - Currency Risk: No significant impact from currency exchange rate fluctuations, and no currency hedging policies or instruments adopted[99](index=99&type=chunk) [Capital Structure and Gearing Ratio](index=13&type=section&id=Capital%20Structure%20and%20Gearing%20Ratio) As of March 31, 2024, the Group's total equity was HKD 272.4 million, total interest-bearing bank borrowings were HKD 0.6 million, and the gearing ratio was approximately 0.2%, a decrease from 0.7% in the prior year, indicating lower financial leverage - Total Equity: Approximately **HKD 272.4 million in 2024**, compared to approximately **HKD 310.8 million in 2023**[141](index=141&type=chunk) - Total Interest-Bearing Bank Borrowings: Approximately **HKD 0.6 million in 2024**, compared to approximately **HKD 2.3 million in 2023**[22](index=22&type=chunk) - Gearing Ratio: Approximately **0.2% in 2024**, compared to approximately **0.7% in 2023**[23](index=23&type=chunk) [Pledged Assets](index=14&type=section&id=Pledged%20Assets) As of March 31, 2024, the Group had no pledged bank deposits, but other deposits of approximately HKD 3.323 million were placed and pledged to an insurance institution as security for obligations under performance guarantees - Pledged Bank Deposits: None[142](index=142&type=chunk) - Other Deposits: Approximately **HKD 3.323 million** was placed and pledged to an insurance institution as security for obligations under performance guarantees[142](index=142&type=chunk) [Performance Guarantees and Contingent Liabilities](index=14&type=section&id=Performance%20Guarantees%20and%20Contingent%20Liabilities) As of March 31, 2024, the Group had no outstanding performance guarantees issued by banks but had outstanding performance guarantees of approximately HKD 3.323 million issued by an insurance institution - Bank Performance Guarantees: None outstanding[25](index=25&type=chunk) - Insurance Institution Performance Guarantees: Approximately **HKD 3.323 million** outstanding[25](index=25&type=chunk) - Performance Guarantee Requirements: Certain construction contracts require Group entities to issue performance guarantees for contract works, secured by other deposits or pledged bank deposits[143](index=143&type=chunk) [Capital Commitments](index=14&type=section&id=Capital%20Commitments) As of March 31, 2024, the Group had no capital commitments for capital expenditure on property, plant, and equipment contracted but not yet recognized as liabilities - Capital Commitments: **None in 2024**, compared to **HKD 137 thousand in 2023**[130](index=130&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2024, the Group had 167 full-time employees, with employee costs totaling approximately HKD 76.9 million, adhering to relevant employment ordinances and determining remuneration based on individual capabilities, potential, performance, and market salary levels - Number of Full-time Employees: **167**[103](index=103&type=chunk) - Employee Costs: Totaled approximately **HKD 76.9 million** for the year ended March 31, 2024[103](index=103&type=chunk) - Government Subsidies: **None from "Employment Support Scheme" in 2024**, compared to approximately **HKD 2.7 million in 2023**[103](index=103&type=chunk) - Remuneration Policy: Employees are recruited and promoted based on individual capabilities and development potential, with remuneration determined by individual performance and current market salary levels[103](index=103&type=chunk) [Future Outlook](index=15&type=section&id=Future%20Outlook) The Group faces challenges from reduced revenue due to temporary works in construction projects but has secured new public drainage contracts, with an estimated total outstanding contract sum and value of engineering orders of approximately HKD 810.8 million, while continuing to seek investment opportunities, leverage innovative technology and AI to enhance productivity, and maintain a cautious approach to new investments - Challenges Faced: Certain construction projects are in the temporary works stage, leading to reduced client-certified work, decreased revenue, and a net loss[132](index=132&type=chunk) - New Contracts: Awarded a new public drainage engineering contract worth approximately **HKD 223 million** with a joint venture partner in November 2023[132](index=132&type=chunk) - Total Outstanding Contract Sum and Value of Engineering Orders: Estimated at approximately **HKD 810.8 million** as of March 31, 2024[132](index=132&type=chunk) - "Belt and Road" Project Performance: Significant decrease in coal transshipment volume during the fifth season of the coal transshipment business, but offset by an increase in bareboat chartering income, with no significant impact expected on project performance[104](index=104&type=chunk) - Strategic Direction: Continue to seek other investment opportunities to earn reasonable and sustainable returns and achieve diversification; drive productivity, efficiency, and safety through the use of innovative technology and artificial intelligence[105](index=105&type=chunk) - Investment Stance: Maintain a cautious approach to seeking any new investments in the deteriorating Hong Kong economy and complex business environment, balancing risks and returns[105](index=105&type=chunk)[146](index=146&type=chunk) - Industry Outlook: Remain cautiously optimistic about the Hong Kong construction industry, aiming to overcome challenges and consolidate competitive advantages[146](index=146&type=chunk) [Other Information](index=16&type=section&id=Other%20Information) This section covers the company's material investments, acquisitions and disposals, securities transactions, corporate governance practices, and upcoming shareholder meeting details [Material Investments](index=16&type=section&id=Material%20Investments) The Group holds a 20.3% equity interest in Rui Jing, with a total investment of approximately HKD 96.7 million, primarily engaged in bareboat chartering and coal transshipment for a Belt and Road project in Pakistan, and received dividends of approximately HKD 18.2 million from Rui Jing this year - Major Investment: **20.3% equity interest in Rui Jing**, with a total investment of approximately **HKD 96.7 million**[134](index=134&type=chunk) - Rui Jing's Business: "Belt and Road" project, involving bareboat chartering and coal transshipment to a coal-fired power plant in Pakistan[134](index=134&type=chunk) - Investment Objective: To maintain sustainable growth and maximize shareholder returns through business diversification[134](index=134&type=chunk) - Dividends Received: Received cash dividends of approximately **HKD 18.2 million** from Rui Jing during the year[134](index=134&type=chunk)[145](index=145&type=chunk) - Dividend Strategy: Rui Jing Group adopted a prudent dividend distribution strategy, but the situation improved this year, suggesting more dividends to be distributed[145](index=145&type=chunk) - Other Material Investments: No other material investments for the year ended March 31, 2024[106](index=106&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=16&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) For the year ended March 31, 2024, the company had no material acquisitions or disposals of subsidiaries and associates - No material acquisitions or disposals of subsidiaries and associates[29](index=29&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the year ended March 31, 2024, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - No purchase, sale, or redemption of the Company's listed securities[34](index=34&type=chunk) [Corporate Governance](index=17&type=section&id=Corporate%20Governance) The company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for code provision C.2.1 regarding the separation of roles of chairman and chief executive, which the Board believes facilitates efficient management, with the Board structure ensuring a balance of power - Compliance with Corporate Governance Code: Adopted, applied, and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for code provision C.2.1[30](index=30&type=chunk) - Roles of Chairman and Chief Executive: Mr. Lo Yuen Cheong serves concurrently, which the Board believes facilitates efficient management, and the Board's composition with half independent non-executive directors ensures a balance of power[136](index=136&type=chunk) - Details of Corporate Governance Principles: Will be set out in the 2023/2024 Annual Report[35](index=35&type=chunk) [Standard Code for Securities Transactions](index=17&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance with the code throughout the year - Adoption of Standard Code: Adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[31](index=31&type=chunk) - Directors' Compliance: All directors have confirmed compliance with the required standards set out in the Model Code for the year ended March 31, 2024[137](index=137&type=chunk) [Audit Committee](index=17&type=section&id=Audit%20Committee) The Audit Committee has reviewed and discussed the annual results for the year ended March 31, 2024, comprising four members, with its written terms of reference complying with the Listing Rules and Corporate Governance Code - Review of Annual Results: The Audit Committee has reviewed and discussed the annual results for the year ended March 31, 2024[138](index=138&type=chunk) - Committee Composition: Composed of four members, including Mr. Leung Wai Tat, Ms. Chan Wai Ying, Ms. Chow Wai Yung, and Professor Lo Man Chi[150](index=150&type=chunk) - Terms of Reference: Written terms of reference comply with Rule 3.21 of the Listing Rules and the Corporate Governance Code[150](index=150&type=chunk) - Auditor's Agreement: The figures in respect of the Group's consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and related notes for the year ended March 31, 2024, as set out in the preliminary announcement, have been agreed by PricewaterhouseCoopers to be consistent with the amounts in the Group's audited consolidated financial statements[138](index=138&type=chunk) [Closure of Register of Members](index=10&type=section&id=Closure%20of%20Register%20of%20Members) To determine the shareholders entitled to attend and vote at the 2024 Annual General Meeting, the company will suspend the registration of share transfers from August 23 to August 28, 2024 - Dates for Closure of Register of Members: From **Friday, August 23, 2024, to Wednesday, August 28, 2024** (both dates inclusive)[89](index=89&type=chunk) - Purpose: To determine the list of shareholders entitled to attend and vote at the upcoming Annual General Meeting to be held on August 28, 2024[89](index=89&type=chunk) - Deadline for Transfer Registration: All completed share transfer forms, together with the relevant share certificates, must be lodged with the Company's Hong Kong Share Registrar by **4:30 p.m. on Thursday, August 22, 2024**[89](index=89&type=chunk) [Publication of Annual Results and Annual Report](index=18&type=section&id=Publication%20of%20Annual%20Results%20and%20Annual%20Report) This announcement has been published on the company's and the Stock Exchange's websites, and the 2023/2024 Annual Report, containing all information required by the Listing Rules, will be published and dispatched to shareholders in due course - Announcement Publication Platforms: This announcement is published on the Company's website (www.manking.com.hk) and the Stock Exchange's website (www.hkexnews.hk)[139](index=139&type=chunk) - Annual Report Publication: The 2023/2024 Annual Report, containing all information required by the Listing Rules, will be published on the Company's and the Stock Exchange's websites and dispatched to the Company's shareholders in due course[139](index=139&type=chunk) - Board Members: Includes Executive Directors Mr. Lo Yuen Cheong and Mr. Lo Yik Cheong; Non-executive Director Ms. Chan Wai Ying; and Independent Non-executive Directors Mr. Leung Wai Tat, Professor Lo Man Chi, and Ms. Chow Wai Yung[33](index=33&type=chunk) [Annual General Meeting](index=18&type=section&id=Annual%20General%20Meeting) The notice of the 2024 Annual General Meeting will be published and dispatched to shareholders in due course in the manner required by the Listing Rules - AGM Notice: The notice of the 2024 Annual General Meeting will be published and dispatched to shareholders in due course in the manner required by the Listing Rules[151](index=151&type=chunk)

Financial Performance - The company's revenue for the six months ended September 30, 2023, was approximately HKD 178.7 million, a decrease of about 23.7% compared to HKD 234.1 million for the same period last year[13]. - Gross profit for the same period was approximately HKD 5.6 million, down from HKD 43.5 million, resulting in a gross margin decrease from 18.6% to 3.1%[13]. - The group's net profit for the six months ended September 30, 2023, was approximately HKD 6.7 million, down from approximately HKD 30.6 million in the same period last year, reflecting a decrease of 78.1% primarily due to reduced gross profit from construction projects[21]. - Basic and diluted earnings per share for the period were HKD 1.60, down from HKD 7.29 in the same period last year[64]. - The total comprehensive income for the period was HKD 7,141,000, down from HKD 32,748,000 in the previous year, indicating a decline of about 78.2%[68]. - The company reported a net profit of HKD 6,716,000 for the six months ended September 30, 2023, compared to HKD 30,585,000 for the same period in 2022, representing a decrease of approximately 78.0%[68]. Project and Contract Updates - The company has nine ongoing projects and several completed projects pending final contract amounts, with an estimated remaining contract value of approximately HKD 869.5 million[6]. - The company was awarded a new public drainage contract in November 2023, valued at approximately HKD 223 million[7]. - The share of profit from the Pakistan "Belt and Road" project was approximately HKD 9.5 million, an increase of about 41.8% from HKD 6.7 million in the previous period[9]. - The group's share of profits from the joint venture in Pakistan amounted to approximately HKD 9,524,000 for the six months ended September 30, 2023, compared to HKD 6,715,000 in the same period last year, representing an increase of 41.8%[19]. Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2023, were approximately HKD 196.3 million, down from HKD 235.3 million as of March 31, 2023, indicating a decrease of 16.6%[24]. - Cash flow from operating activities showed a net outflow of HKD 31,564,000, contrasting with a net inflow of HKD 30,486,000 in the prior year, marking a significant change in cash flow dynamics[71]. - The company experienced a net cash inflow from investing activities of HKD 12,216,000, compared to a net outflow of HKD 30,000 in the previous year, highlighting improved investment cash flow management[74]. - The company's cash and cash equivalents decreased by HKD 39,051,000, ending the period at HKD 196,275,000, compared to HKD 164,152,000 at the end of the previous year[74]. Expenses and Costs - Administrative expenses remained stable at approximately HKD 13.9 million compared to HKD 13.8 million in the previous year[17]. - Employee costs for the six months amounted to HKD 33.9 million, a decrease of 5.6% from HKD 35.9 million in 2022[55]. - The company's construction material costs increased to HKD 18,661,000 for the six months ended September 30, 2023, compared to HKD 17,993,000 in the previous year[107]. - Employee benefit expenses decreased to HKD 37,743,000 for the six months ended September 30, 2023, down from HKD 39,570,000 in the previous year[107]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 430.389 million, down from HKD 461.531 million as of March 31, 2023[65]. - Total liabilities decreased to HKD 127.105 million from HKD 150.694 million as of March 31, 2023[67]. - The group's net asset value slightly decreased by 2.4% from approximately HKD 310.8 million as of March 31, 2023, to approximately HKD 303.3 million as of September 30, 2023[23]. - The total liabilities related to trade payables and other payables were HKD 78,240,000 as of September 30, 2023, down from HKD 87,734,000, a decrease of about 10.8%[138]. Strategic Initiatives - The company will adopt a more cautious approach to new investments in light of the ongoing global economic challenges[10]. - The company aims to explore potential business opportunities to maximize returns for stakeholders[11]. - The company continues to focus on restructuring efforts, which include diversifying investments between operating subsidiaries and holding companies, as part of its strategic initiatives[68]. Dividends and Shareholder Information - The board has resolved not to declare any interim dividend for the six months ending September 30, 2023[51]. - The company declared a final dividend of HKD 14,694,000 for the year ended March 31, 2023, consistent with the previous year, while no interim dividend was proposed for the six months ended September 30, 2023[143]. - The company has a total of 300,372,000 shares, representing 71.55% of the issued share capital held by LOs Brothers (PTC) Limited[41]. Financial Management - The company has maintained its financial risk management policies without any changes since the end of the last financial year[92]. - The weighted average interest rate on bank borrowings increased to 6.7% per annum as of September 30, 2023, compared to 5.1% per annum as of March 31, 2023[141]. - The company has not identified any new accounting standards that are expected to have a significant impact on its financial statements in the foreseeable future[89].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈 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 因本公佈全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承 擔任何責任。 MAN KING HOLDINGS LIMITED 萬 景 控 股 有 限 公 司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：2193） 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 之 中 期 業 績 公 佈 財務表現摘要 收益 178.7百萬港元 本公司擁有人應佔溢利 6.7百萬港元 每股基本盈利 1.60港仙 本公司擁有人應佔每股權益 0.72港元 ...

Financial Performance - The company achieved a record revenue of HKD 452.8 million for the fiscal year ending March 31, 2023, representing a year-on-year growth of 10.9%[6] - The group's revenue for the year ended March 31, 2023, was approximately HKD 452.8 million, an increase of about 10.9% compared to HKD 408.2 million in the previous fiscal year[18] - Gross profit for the year ended March 31, 2023, was approximately HKD 69.6 million, up about 35.4% from approximately HKD 51.4 million in the previous fiscal year[18] - The gross profit margin increased from approximately 12.6% for the year ended March 31, 2022, to approximately 15.4% for the year ended March 31, 2023[19] - Net profit for the year ended March 31, 2023, was approximately HKD 42.1 million, compared to approximately HKD 36.9 million in the previous fiscal year, primarily due to improved gross profit margins on construction projects[29] - Other income for the year ended March 31, 2023, was approximately HKD 3.1 million, an increase from approximately HKD 2.2 million in the previous fiscal year[21] - Administrative expenses for the year ended March 31, 2023, were approximately HKD 34.0 million, an increase of about HKD 7.2 million compared to the previous fiscal year[23] - The group received dividends totaling approximately HKD 5.6 million from Ruijing Management Holdings Limited for the year ending March 31, 2023, a decrease from HKD 15.0 million in the previous year, primarily due to longer repayment cycles for charter income[43] Assets and Equity - Total assets increased by approximately 11.4% from about HKD 279.1 million as of March 31, 2022, to about HKD 310.8 million as of March 31, 2023[30] - The group's total equity as of March 31, 2023, was approximately HKD 310.8 million, up from HKD 279.1 million as of March 31, 2022[33] - The debt-to-equity ratio as of March 31, 2023, was approximately 0.7%, down from 1.5% as of March 31, 2022[34] - Cash and cash equivalents as of March 31, 2023, were approximately HKD 235.3 million, compared to HKD 153.3 million as of March 31, 2022[31] Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.035 per share, reflecting confidence in the company's future prospects and financial stability[8] - The company proposed a final dividend of HKD 0.035 per share, consistent with the previous year[70] - The company does not foresee any shareholder waivers or agreements regarding dividend payments as of the report date[71] - As of March 31, 2023, the company’s directors and senior management held a total of 300,372,000 shares, representing 71.55% of the issued share capital[92] - Major shareholders include LOs Brothers (PTC) Limited and Choi Ka Holdings Limited, each holding 300,372,000 shares, representing 71.55% of the issued share capital[95] Employee and Labor Matters - The group has a total of 177 full-time employees as of March 31, 2023, compared to 171 in 2022, with employee costs amounting to approximately HKD 78.9 million, up from HKD 64.7 million in 2022[41] - Government subsidies from the "Employment Support" scheme offset employee costs by approximately HKD 2.7 million for the year ended March 31, 2023, compared to zero in 2022[86] - The company continues to maintain a zero fatality rate and low accident rates, prioritizing employee safety and professional development[9] Business Strategy and Market Outlook - The company is actively participating in multiple contract bids and maintains a cautiously optimistic outlook for future market conditions[11] - The company is focused on optimizing construction services and exploring new business channels to meet customer demands[7] - The management is committed to identifying further acquisition opportunities and business collaborations to improve operational efficiency and profitability[11] - The group is actively participating in project bidding and monitoring industry developments for potential business expansion[49] Corporate Governance - The board consists of 6 members, including 2 executive directors, 1 non-executive director, and 3 independent non-executive directors, ensuring compliance with the Listing Rules[132] - The independent non-executive directors have confirmed their independence annually as per the Listing Rules, and the board believes all independent non-executive directors are independent[133] - The company has established a governance framework to ensure compliance with corporate governance codes and regulations[143] - The board conducts annual evaluations of its performance and the effectiveness of its governance practices[134] Environmental and Safety Practices - The company emphasizes the importance of health, safety, and environmental matters, with a dedicated committee meeting bi-monthly[160] - The safety, health, and environmental committee aims to improve overall safety performance and achieve a zero fatal accident goal, with a focus on reducing incident rates[161] - The company has obtained ISO 14001:2015 environmental management system certification to promote sustainable development practices[193] - The company has implemented comprehensive water quality mitigation measures to comply with regulations and better manage water resources across projects, focusing on water conservation and discharge quality[197] Risk Management - The board is responsible for evaluating and managing risks associated with achieving strategic objectives, ensuring effective risk management and internal control systems[153] - The company engaged an independent professional firm to conduct internal audits and risk assessments, with no significant risks or control deficiencies identified[154] Community Engagement and Charitable Activities - Charitable donations made by the group amounted to HKD 540,500 for the year ending March 31, 2023[78] Technology and Innovation - The company is leveraging innovative technology and artificial intelligence to enhance productivity, efficiency, and safety[44]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈 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 因本公佈全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承 擔任何責任。 MAN KING HOLDINGS LIMITED 萬 景 控 股 有 限 公 司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：2193） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 之 全 年 業 績 公 佈 財務表現摘要 收益 452.8百萬港元 本公司擁有人應佔溢利 42.1百萬港元 每股基本盈利 10.04港仙 本公司擁有人應佔每股權益 0.74港元 ...

Financial Performance - The group's revenue for the six months ended September 30, 2022, was approximately HKD 234.1 million, an increase of about 28.4% compared to HKD 182.3 million for the same period last year[23]. - Gross profit for the same period was approximately HKD 43.5 million, representing a 41.0% increase from HKD 30.9 million year-on-year, with the gross profit margin rising from 16.9% to 18.6%[24]. - Net profit for the six months ended September 30, 2022, was approximately HKD 30.6 million, an increase from HKD 24.6 million year-on-year, primarily due to higher gross profits from construction projects[32]. - The group's share of profits from associates was approximately HKD 6.7 million, up about 17.4% from HKD 5.7 million in the previous period[30]. - Operating profit decreased to HKD 21,344,000, down 28.5% from HKD 29,912,000 in the previous year[79]. - Profit before tax increased to HKD 36,440,000, a 35% rise from HKD 27,015,000 in the prior year[82]. - The company's profit attributable to owners for the six months ended September 30, 2022, was HKD 30,585,000, compared to HKD 24,647,000 for the same period in 2021, representing a growth of approximately 24%[142]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to HKD 447,857,000, an increase from HKD 415,888,000 at the end of March 2022[89]. - The group's net asset value increased by 6.5% from approximately HKD 279.1 million on March 31, 2022, to approximately HKD 297.2 million on September 30, 2022[34]. - Current assets increased by 7.9% from approximately HKD 158.2 million to approximately HKD 170.7 million, driven by increases in inventory and cash equivalents[34]. - The company's total liabilities, including trade and other payables, were HKD 83,421,000 as of September 30, 2022, compared to HKD 78,764,000 as of March 31, 2022, representing an increase of approximately 5.5%[169]. - The debt-to-equity ratio improved to approximately 1.1% on September 30, 2022, down from 1.5% on March 31, 2022[38]. Cash Flow and Dividends - Cash and cash equivalents amounted to approximately HKD 164.2 million as of September 30, 2022, up from HKD 153.3 million on March 31, 2022[35]. - Operating cash flow for the six months ended September 30, 2022, was HKD 30,554,000, a significant increase from HKD 10,747,000 in 2021, representing an increase of approximately 184.5%[102]. - The company paid dividends amounting to HKD 14,694,000, an increase from HKD 12,595,000 in the previous year, which is an increase of about 16.7%[105]. - The company has not declared any interim dividends for the six months ending September 30, 2022[60]. Expenses - Administrative expenses increased by 25.4% to approximately HKD 13.8 million, compared to HKD 11.0 million in the previous fiscal year[28]. - The total employee cost for the six months ending September 30, 2022, was approximately HKD 35.9 million, compared to HKD 27.8 million for the same period in 2021[63]. - Employee benefit expenses for the six months ended September 30, 2022, totaled HKD 39,570,000, compared to HKD 31,670,000 in the same period of 2021, reflecting an increase of approximately 25%[137]. Market Outlook and Challenges - The group anticipates challenges in achieving similar financial performance in the coming year due to a more difficult market environment and labor shortages[19]. - The government has committed to infrastructure spending, with an average annual expenditure exceeding HKD 1,000 million from 2023 to 2027, which provides a positive outlook for the group[20]. Investments and Projects - The group has eight ongoing projects and several completed projects with an estimated remaining contract value of approximately HKD 1,024 million[18]. - The group continues to focus on expanding its market presence and enhancing its operational efficiency through strategic investments in associates and contract management[150]. Shareholder Information - As of September 30, 2022, the company had a total of 300,372,000 shares held by major shareholders, representing 71.55% of the issued share capital[51]. - The company has not made any changes to its accounting policies or made retrospective adjustments due to the adoption of new standards[116]. Compliance and Governance - The company has maintained compliance with the corporate governance code, except for the separation of roles between the Chairman and CEO[55]. - The company believes that having one person serve as both Chairman and CEO is beneficial for efficient management[55].

Financial Performance - The group achieved a revenue of HKD 408.2 million for the fiscal year ending March 31, 2022, reflecting a robust development despite challenges[7]. - The group's revenue for the year ended March 31, 2022, was approximately HKD 408.2 million, an increase of about 47.6% compared to HKD 276.6 million in the previous fiscal year[25]. - Gross profit for the same period was approximately HKD 51.4 million, up about 74.8% from HKD 29.4 million in the previous year, with a gross margin increase from 10.6% to 12.6%[25][26]. - Net profit for the year ended March 31, 2022, was approximately HKD 36.9 million, compared to HKD 15.7 million in the previous fiscal year, driven by improved project gross margins and increased other income[37]. - The group's total assets increased by approximately 10.1% from HKD 253.6 million to HKD 279.1 million as of March 31, 2022[38]. - Current assets rose by approximately 37.8% from HKD 204.1 million to HKD 281.2 million, primarily due to an increase in cash generated from operating activities[38]. - Cash and cash equivalents as of March 31, 2022, were HKD 153.3 million, up from HKD 107.1 million in the previous year[39]. - The group's debt-to-equity ratio increased to approximately 1.5% as of March 31, 2022, compared to 0.6% in the previous year[41]. - The group recorded a share of profit from associates of approximately HKD 14.8 million for the year, compared to HKD 13.2 million in the previous year[32]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.035 per share, reflecting confidence in the group's future and financial stability[10]. - The company proposed a final dividend of HKD 0.035 per share, an increase from HKD 0.03 per share in the previous year[79]. - The proposed final dividend is subject to approval at the annual general meeting scheduled for August 23, 2022[84]. - The group received cash dividends totaling USD 1.9 million (approximately HKD 15.0 million) from its 20.3% stake in a Pakistan Belt and Road project[16]. - The group received dividends totaling approximately USD 1.9 million (equivalent to about HKD 15.0 million) from Rich Partner Global Limited, with cumulative dividends over the past three years amounting to approximately HKD 33.9 million[50]. Contracts and Projects - The group secured two new public works contracts in June and August 2021, with contract values of approximately HKD 306.6 million and HKD 467.7 million respectively[7]. - The estimated remaining contract value for ongoing projects is approximately HKD 1,306.8 million[16]. - The group anticipates increased government spending on public infrastructure to stimulate the local economy[7]. Operational Efficiency and Future Outlook - The group is optimistic about future market conditions and aims to increase market share and operational efficiency[13]. - The group plans to actively seek further acquisition opportunities and business collaborations to enhance operational efficiency and profitability[13]. - The group is actively seeking new investment opportunities to achieve sustainable returns and diversification, despite challenges posed by the global pandemic[50]. - The group has no major investment or capital asset plans for the future but will continue to monitor industry developments[53]. Employee and Safety Measures - The group continues to focus on employee safety and has maintained zero fatal accidents compared to industry statistics[12]. - The group has implemented strict COVID-19 prevention measures to ensure a safe working environment for employees[7]. - The group’s workforce increased to 171 full-time employees as of March 31, 2022, up from 123 in the previous year[48]. - Employee costs (excluding director remuneration) for the year ended March 31, 2022, totaled approximately HKD 64.7 million, up from HKD 49.1 million in the previous year[96]. - The group received government subsidies of approximately HKD 6.2 million from the "Employment Support" scheme, which offset employee costs for the year ended March 31, 2021[96]. - The group has improved overall safety performance and aims to reduce the accident rate in future years[185]. Corporate Governance - The company is committed to maintaining high standards of corporate governance as per the listing rules[126]. - The company emphasizes the importance of good corporate governance to enhance shareholder value and protect shareholder interests[131]. - The company has adopted the new corporate governance code effective from January 1, 2022, and will comply with it in the fiscal year starting from that date[132]. - The board of directors is composed of a balanced mix of members to ensure independent judgment on all discussions[133]. - The company has appointed three independent non-executive directors, constituting at least one-third of the board, with at least one possessing appropriate professional qualifications[139]. - The company has established a three-year service contract for executive directors, with provisions for termination requiring three months' written notice[145]. - The board is required to meet at least four times a year, ensuring regular oversight of the company's performance and risk management[140]. - The company has arranged appropriate insurance for its directors and senior officers to cover costs and liabilities arising from their duties[141]. - The company will review its governance structure periodically and make adjustments as necessary[142]. Audit and Compliance - The audit committee held four meetings to review the financial reporting procedures and the effectiveness of risk management and internal control systems, confirming compliance with applicable standards and regulations[166]. - The external auditor confirmed the independence and objectivity in verifying the financial statements, ensuring they fairly represent the group's financial status and performance[196]. - The group has engaged independent professionals to conduct internal audits and reviews of the risk management and internal control systems, confirming their effectiveness[171]. - The audit committee reviewed the adequacy of resources and training programs for accounting and financial reporting functions[171]. - The group has implemented procedures for handling and disclosing inside information in compliance with relevant regulations[172]. Charitable Contributions - The group made charitable donations amounting to HKD 536,100 for the year ended March 31, 2022[88].

Man King Holdings Limited 萬景控股有限公司 (於同曼群島註冊成立的有限公司) 股份代號：2193 2021 中期報告 Man King 萬景控股 目 錄 公司資料 管理層討論及分析 權益披露 企業管治及其他資料 中期財務資料審閱報告 簡明綜合中期損益及其他全面收益表 簡明綜合中 期財務狀況表 簡明綜合中期權益變動表 簡明綜合中期現金流量表 簡明綜合中期財務資料附註 頁次 2 3 9 13 15 17 18 20 21 23 公司資料 審核委員會 黃學曾 執行董事 盧源昌(主席) 盧奕昌 非執行董事 陳惠英 獨立非執行董事 梁威達 器敏慈 周懷蓉 梁威達(主席) 陳惠英 周懷蓉 器敏慈 薪酬委員會 周懷蓉(主席) 匾源昌 梁威達 勞敏慈 提名委員會 盧源昌(主席) 盧奕昌 周懷蓉 梁虔 勞敏慈 公司秘書 温浩然 律師事務所 陳馮吳律師事務所與世澤 律師事務所聯營 Maples and Calder 核數師 羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體核數師 主要往來銀行 香港上海滙豐銀行有限公司 中國工商銀行(亞洲)有限公司 註冊辦事處 PO Box 309 Ugland Ho ...