Man King Holdings Limited 萬景控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：2193 2021 年報 Man King 萬景控股 目錄頁次 | --- | --- | |-------------------------------------|-------| | | | | 公 司 資 料 | | | 主 席 報 告 | | | 管 理 層 討 論 及 分 析 | | | 董 事 及 高 級 管 理 層 | | | 董 事 會 報 告 | | | 企 業 管 治 報 告 | | | 環 境 、 社 會 及 管 治 報 告 | | | 獨 立 核 數 師 報 告 | | | 綜 合 損 益 及 其 他 全 面 收 益 表 | | | 綜 合 財 務 狀 況 表 | | | 綜 合 權 益 變 動 表 | | | 綜 合 現 金 流 量 表 | | | 綜 合 財 務 報 表 附 註 | | | 財 務 概 要 | | | | | 公司資料 董事會 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 勞敏慈 周懷蓉 審核委員會 梁威達(主席) 陳 ...

Revenue and Profitability - The group's revenue for the six months ended September 30, 2020, was approximately HKD 119.9 million, an increase of about 8.5% compared to HKD 110.5 million for the same period last year[8]. - Revenue for the six months ended September 30, 2020, was HKD 119,922,000, an increase of 8.9% from HKD 110,487,000 in the same period of 2019[56]. - Gross profit for the six months ended September 30, 2020, was approximately HKD 12.9 million, an increase of about 3.1% from HKD 12.5 million in the same period last year[10]. - Gross profit for the same period was HKD 12,879,000, compared to HKD 12,491,000 in 2019, reflecting a slight increase of 3.1%[56]. - The group recorded a net profit of approximately HKD 3.8 million for the six months ended September 30, 2020, an increase from HKD 3.0 million in the same period last year, primarily due to the rise in share of profits from joint ventures[18]. - Profit attributable to owners of the company for the period was HKD 3,783,000, up from HKD 2,993,000 in 2019, representing a growth of 26.4%[56]. - Total comprehensive income for the period was HKD 3,783,000, compared to HKD 2,993,000 in the previous period, representing a growth of approximately 26.4%[66]. - Basic and diluted earnings per share increased to HKD 0.90 from HKD 0.71, marking a rise of 26.8%[56]. Expenses and Financial Management - Administrative expenses for the six months ended September 30, 2020, were approximately HKD 12.3 million, an increase of 11.3% from HKD 11.1 million in the previous fiscal year[13]. - Financial expenses totaled approximately HKD 52,000 for the six months ended September 30, 2020, down from HKD 107,000 in the same period last year[15]. - The group’s total expenses for the six months ended September 30, 2020, included subcontracting costs of 72,341 thousand HKD, an increase from 52,996 thousand HKD in the same period of 2019[115]. - The group reported other income of HKD 988,000, down from HKD 1,161,000 in the previous year, showing a decline of 14.9%[56]. - The group incurred a loss of 211 thousand HKD from other losses for the six months ended September 30, 2020, compared to a loss of 632 thousand HKD in the same period of 2019, indicating an improvement[112]. Assets and Liabilities - The group's net asset value increased by approximately 1.6% from HKD 238.5 million as of March 31, 2020, to approximately HKD 242.3 million as of September 30, 2020[20]. - Total assets as of September 30, 2020, were HKD 292,637,000, a decrease from HKD 297,335,000 as of March 31, 2020[59]. - Non-current assets decreased by approximately 7.2% to about HKD 109.4 million, mainly due to the impact of dividends received from joint ventures[20]. - Current assets increased by approximately 10.8% to about HKD 133.7 million, driven by an increase in trade receivables and a decrease in trade and other payables[20]. - The company's contract assets were HKD 44,509,000 as of September 30, 2020, down from HKD 49,775,000 as of March 31, 2020, showing a decrease of about 10.5%[127]. - The investment in associates was valued at HKD 97,659,000 as of September 30, 2020, compared to HKD 105,220,000 as of March 31, 2020, reflecting a decline of approximately 7.5%[125]. - The group’s total liabilities for retention money were HKD 13,322,000 as of September 30, 2020, compared to HKD 11,445,000 as of March 31, 2020, representing an increase of approximately 16.4%[146]. Cash Flow and Liquidity - The net cash used in operating activities for the six months ended September 30, 2020, was HKD (5,600,000), slightly improved from HKD (5,897,000) in the same period last year[68]. - Cash and cash equivalents at the end of the period increased to HKD 59,531,000 from HKD 52,927,000, marking an increase of approximately 12.4%[71]. - The net cash generated from investing activities was HKD 12,268,000, a significant recovery from HKD (40,622,000) in the previous year[69]. - The company made no bank borrowings in the current period, compared to HKD 4,400,000 in the previous period[71]. - The group’s bank balances and cash amounted to HKD 59,531,000 as of September 30, 2020, compared to HKD 54,506,000 as of March 31, 2020, indicating an increase of about 9.3%[139]. Employee and Management Information - The employee cost for the six months ended September 30, 2020, was HKD 26.3 million, a decrease from HKD 30.6 million for the same period in 2019[48]. - As of September 30, 2020, the company had 115 full-time employees, down from 120 as of March 31, 2020[48]. - The group’s short-term employee benefits for key management personnel amounted to HKD 6,023,000 for the six months ended September 30, 2020, up from HKD 5,670,000 in the previous year, an increase of about 6.2%[153]. - The remuneration policy for management is based on employee performance, qualifications, and market rates[48]. Corporate Governance and Shareholder Information - The company has adopted the corporate governance code and has complied with its provisions, except for the separation of the roles of Chairman and CEO[42]. - The company is controlled by the LOs Brothers (PTC) Limited, which holds 100% of the equity in the family trust that owns 71.55% of the company[37]. - The company has not declared any interim dividend for the six months ended September 30, 2020[46]. - The company did not recommend an interim dividend for the six months ended September 30, 2020, consistent with the previous year[121]. - There were no share options issued, granted, exercised, or lapsed during the six months ended September 30, 2020[40]. Future Outlook and Market Conditions - The group anticipates further growth and competitiveness due to the HKD 180 billion funding approved for public works projects in Hong Kong[6]. - The company has been involved in a series of restructuring activities, focusing on diversifying investments among operational subsidiaries and investment holding entities[66]. - The company continues to focus on its core business operations while managing its investments in associates and joint ventures[125]. - The group expects that the newly issued Hong Kong Financial Reporting Standards will not have a significant impact on its financial statements[92].

Financial Performance - The group's revenue for the year ended March 31, 2020, was HKD 231.7 million, an increase of approximately 25.5% from HKD 184.6 million in the previous fiscal year[31]. - The gross profit for the same period was approximately HKD 17.6 million, a decrease of about 21.4% from HKD 22.4 million in the previous fiscal year, resulting in a gross margin decline from approximately 12.2% to 7.6%[32]. - Other income for the year ended March 31, 2020, was approximately HKD 2.5 million, an increase from HKD 2.4 million in the previous year, primarily due to increased management fee income[33]. - The group turned a net loss of approximately HKD 2.6 million for the year ended March 31, 2019, into a profit of approximately HKD 2.9 million for the year ended March 31, 2020, primarily due to strict cost control on administrative expenses and recognition of share of profits from associates[39]. - Share of profits from associates amounted to HKD 8.7 million for the year ended March 31, 2020, compared to a loss of HKD 0.2 million in 2019, related to a 20.3% stake in an associate providing light vessel chartering and coal transshipment services in Pakistan[37]. Administrative and Operational Efficiency - The company reported a reduction in administrative expenses from approximately HKD 27.4 million to about HKD 25.1 million[15]. - Administrative expenses for the year ended March 31, 2020, were approximately HKD 25.1 million, a decrease of 8.6% from approximately HKD 27.4 million in the previous fiscal year, mainly due to reduced employee costs and tender expenses[35]. - The group faced challenges due to delays in contract completions and increased construction costs attributed to supply chain disruptions caused by COVID-19 and other factors[27]. - The company aims to maintain sufficient cash flow and workforce to effectively operate and expand its business[17]. - The company is closely monitoring material supply to negotiate better prices and terms for key materials[15]. Safety and Employee Welfare - The company achieved a zero fatality rate and a significantly lower accident rate compared to industry statistics[16]. - The company emphasizes the importance of employee safety and professional development as a top priority[16]. - The company has a commitment to fulfilling all employee responsibilities, including salary payments, leave, compensation, insurance, and medical benefits[200]. - The company has established fair and comprehensive employment policies, ensuring equal opportunities and career development for all employees[197]. - The company has not faced any disputes or litigation related to employment during the reporting period[200]. Environmental Management - The company has established an Environmental, Health, and Safety Committee to implement internal environmental policies and has obtained ISO 14001:2015 certification for its environmental management system[177]. - The group aims to reduce waste generation and improve operational efficiency, which will provide economic and financial benefits[190]. - The group has implemented measures to reduce waste and improve resource utilization as part of its environmental management practices[177]. - Total greenhouse gas emissions amounted to 1,015 tons of CO2 equivalent, with Scope 1 emissions at 792 tons and Scope 2 emissions at 223 tons[195]. - The group processed 4 old diesel vehicles in the last fiscal year as part of its efforts to reduce emissions[178]. Corporate Governance - The board emphasizes the importance of stakeholder participation in its dividend policy, which considers various factors before declaring dividends[74]. - The board consists of both executive and non-executive directors, with a third of the existing directors required to retire and stand for re-election[82]. - The company has established a nomination committee, remuneration committee, and audit committee, with their roles and responsibilities outlined on the company's and stock exchange's websites[125]. - The independent non-executive directors have confirmed their independence according to the Hong Kong Stock Exchange Listing Rules[83]. - The company has adopted a share option scheme to reward and retain directors and employees for sustainable development[89]. Market and Competitive Position - The company has a 20.3% stake in a coal transshipment service and light ship leasing project in Pakistan, which has successfully transshipped over 2.2 million tons of coal[15]. - The company anticipates an increase in coal transshipment volume in the upcoming operational seasons due to rising local electricity demand[15]. - The group is optimistic about its core competitiveness and future prospects despite the challenging market conditions[27]. - The group has maintained good relationships with major subcontractors and suppliers, with satisfactory annual performance evaluations[22]. - The company is focused on diversifying its business beyond Hong Kong to mitigate external event impacts[17]. Shareholder Relations - The company has committed to engaging in active dialogue with shareholders and providing timely updates on significant developments[162]. - The company has suspended share transfer registration from August 14 to August 19, 2020, for the upcoming annual general meeting[77]. - The company has no arrangements in place for directors to benefit from acquiring shares or debt securities of the company or any other corporation[90]. - The company has a stock option plan that allows for options to be granted up to 10% of the issued share capital at the time of grant[101]. - The company has established a non-competition agreement with its controlling shareholders to mitigate potential competition[106].

[Man King Holdings Limited 2019 Interim Report](index=1&type=section&id=Man%20King%20Holdings%20Limited%202019%20Interim%20Report) [Company Information](index=3&type=section&id=Company%20Information) This section provides the company's basic information, including board members, committees, and key advisors - The company's chairman is Mr Lo Yuen Cheung, and the auditor is Deloitte Touche Tohmatsu[4](index=4&type=chunk)[5](index=5&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) The management reviews business performance, highlighting revenue growth and future challenges from market instability [Business Review and Prospects](index=4&type=section&id=Business%20Review%20and%20Prospects) The Group's core civil engineering business in Hong Kong faces market challenges while anticipating contributions from a new project in Pakistan - The core business is Hong Kong civil engineering, with **8 projects in progress** and a remaining contract value of approximately **HK$714.8 million**[6](index=6&type=chunk) - Challenges include social instability in Hong Kong affecting public works approvals, the Sino-US trade war, and intensified market competition[7](index=7&type=chunk) - The Belt and Road project in Pakistan (20.3% interest) commenced coal transshipment services in early October 2019 and is expected to contribute charter income[9](index=9&type=chunk) [Financial Review](index=5&type=section&id=Financial%20Review) Revenue grew 13.4% while net profit tripled, driven by cost control and contributions from an associate Interim Financial Summary 2019 | Metric | Six Months Ended 30 Sep 2019 | Six Months Ended 30 Sep 2018 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 110.5 HK$ million | 97.4 HK$ million | +13.4% | | Gross Profit | 12.5 HK$ million | 12.5 HK$ million | - | | Gross Profit Margin | 11.3% | 12.8% | -1.5pp | | Profit for the Period | 3.0 HK$ million | 1.0 HK$ million | +200% | - The significant increase in net profit was mainly attributable to **cost control in administrative expenses (a 10.5% decrease)** and a **share of profit from an associate of HK$1.06 million**[15](index=15&type=chunk)[18](index=18&type=chunk)[20](index=20&type=chunk) - The gearing ratio (interest-bearing liabilities to total equity) increased from 0.8% to **2.7%**, remaining at a very low level[25](index=25&type=chunk) - At the period end, the Group had bank balances and cash of **HK$52.9 million** and undrawn bank borrowing facilities of **HK$68.2 million**, indicating sufficient liquidity[23](index=23&type=chunk) [Disclosure of Interests in Securities](index=10&type=section&id=Disclosure%20of%20Interests%20in%20Securities) This section details the shareholdings of directors and substantial shareholders, with the Lo family trust being the controlling shareholder - Chairman Mr Lo Yuen Cheung and Executive Director Mr Lo Yick Cheong are deemed to jointly hold **300,000,000 shares (71.46% of issued share capital)** through a family trust and controlled corporations[30](index=30&type=chunk)[32](index=32&type=chunk)[35](index=35&type=chunk) - No share options were granted, exercised, or lapsed under the company's share option scheme during the six months ended 30 September 2019[39](index=39&type=chunk) [Corporate Governance and Other Information](index=14&type=section&id=Corporate%20Governance%20and%20Other%20Information) The company complied with the Corporate Governance Code, except for the combined role of Chairman and CEO, and declared no interim dividend - A deviation from code provision A.2.1 of the Corporate Governance Code exists, as the roles of Chairman (Mr Lo Yuen Cheung) and Chief Executive Officer are not separate[41](index=41&type=chunk) - The Board of Directors has resolved not to declare any interim dividend for the six months ended 30 September 2019[45](index=45&type=chunk) - As of 30 September 2019, the Group had **122 full-time employees**, with employee costs (excluding directors) of approximately **HK$30.6 million** for the period[47](index=47&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[43](index=43&type=chunk) [Review Report on the Condensed Consolidated Financial Statements](index=16&type=section&id=Review%20Report%20on%20the%20Condensed%20Consolidated%20Financial%20Statements) The independent auditor, Deloitte, concluded their review without finding any material misstatements in the interim financial statements - The independent auditor Deloitte's review conclusion states that nothing has come to their attention that causes them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with HKAS 34[52](index=52&type=chunk) [Condensed Consolidated Financial Statements](index=18&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's financial statements for the period, including key statements and notes on accounting policies [Financial Performance (Statement of Profit or Loss)](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group recorded revenue of HK$110.5 million and a profit for the period of HK$3.0 million, a year-on-year increase of over 200% Condensed Consolidated Statement of Profit or Loss Summary (HK$'000) | Item | Six Months Ended 30 Sep 2019 | Six Months Ended 30 Sep 2018 | | :--- | :--- | :--- | | Revenue | 110,487 | 97,413 | | Gross Profit | 12,491 | 12,452 | | Profit before tax | 2,920 | 1,384 | | Profit and total comprehensive income for the period | 2,993 | 954 | | Basic Earnings Per Share (HK cents) | 0.71 | 0.23 | [Financial Position (Statement of Financial Position)](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of 30 September 2019, the Group maintained a solid financial position with total assets of HK$297.6 million and net assets of HK$238.5 million Condensed Consolidated Statement of Financial Position Summary (HK$'000) | Item | 30 Sep 2019 (Unaudited) | 31 Mar 2019 (Audited) | | :--- | :--- | :--- | | Non-current assets | 103,498 | 90,628 | | Current assets | 194,086 | 225,121 | | **Total Assets** | **297,584** | **315,749** | | Current liabilities | 58,731 | 79,801 | | Non-current liabilities | 313 | 401 | | **Total Liabilities** | **59,044** | **80,202** | | **Net Assets** | **238,540** | **235,547** | [Changes in Equity](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity increased from HK$235.5 million to HK$238.5 million, primarily due to the profit recorded during the period - Total equity increased from **HK$235.5 million to HK$238.5 million**, with the change mainly driven by the **profit of HK$3.0 million** for the period[61](index=61&type=chunk) [Cash Flows](index=22&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The Group experienced a net decrease in cash of HK$43.8 million, driven by outflows from operating and investing activities Condensed Consolidated Statement of Cash Flows Summary (HK$'000) | Item | Six Months Ended 30 Sep 2019 | Six Months Ended 30 Sep 2018 | | :--- | :--- | :--- | | Net cash from operating activities | (5,897) | 16,385 | | Net cash used in investing activities | (40,622) | (2,825) | | Net cash from (used in) financing activities | 2,721 | (17,618) | | **Net decrease in cash and cash equivalents** | **(43,798)** | **(4,058)** | | Cash and cash equivalents at beginning of period | 96,909 | 153,624 | | **Cash and cash equivalents at end of period** | **52,927** | **149,318** | [Notes to the Condensed Consolidated Financial Statements](index=24&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the basis of preparation and key accounting policies, including the first-time adoption of HKFRS 16 Leases - During the interim period, the Group applied **HKFRS 16 Leases** for the first time, recognizing lease liabilities and right-of-use assets of **HK$1.994 million** on 1 April 2019[69](index=69&type=chunk)[92](index=92&type=chunk) - The Group's revenue is almost entirely derived from the single reportable segment of **"Civil Engineering"**, with the trading of construction materials business being inactive during the period[111](index=111&type=chunk)[118](index=118&type=chunk) - At the end of the reporting period, the Group had outstanding performance bonds of **HK$8.554 million** issued by banks and insurance institutions[169](index=169&type=chunk)

Man King Holdings Limited Man King Holdings Limited 萬景控股有限公司 Man King Holdings Limited 萬景控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code: 2193 Annual Report 2019 年報 萬景控股有限公司 2019 ANNUAL REPORT Man King 萬景控股 (於開曼群島註冊成立的有限公司) 股份代號 : 2193 FARE THE HS FF FINE 2019 年報 RIVER KING Man King 萬景控股 目錄頁次 | --- | --- | |-------------------------------------|-------| | | | | 公 司 資 料 | | | 主 席 報 告 | | | 管 理 層 討 論 及 分 析 | | | 董 事 及 高 級 管 理 層 | | | 董 事 會 報 告 | | | 企 業 管 治 報 告 | | | 環 境 、 社 會 及 ...