Financial Performance - The Group recorded consolidated revenue of approximately HK$224.9 million for the year ended 31 December 2022, representing a decrease of approximately 47.8% compared to HK$430.7 million for the year ended 31 December 2021[27]. - Despite the revenue decline, the Group's gross profit increased by 29.7% to approximately HK$22.7 million, attributed to cost-saving efforts on completed projects[27]. - The Group disposed of its property and facility management business in Hong Kong for HK$539.0 million, resulting in a profit attributable to shareholders of approximately HK$436.7 million for the Reporting Year[31]. - The Group reported revenue of approximately HK$224.9 million for the year ended December 31, 2022, representing a decrease of 47.8% compared to HK$430.7 million in 2021[49]. - Gross profit increased by 29.7% to approximately HK$22.7 million, with a gross profit margin rising from 4.1% to 10.1%[50]. - Operating loss decreased by 81.1% to HK$3.0 million from HK$15.9 million in the previous year[46]. - Profit attributable to equity holders of the Company surged to HK$436.7 million, a significant increase of 2,128.1% from HK$19.6 million[46]. - EBITDA for the year reached HK$440.0 million, reflecting an increase of 897.7% compared to HK$44.1 million in 2021[46]. - The group recorded a loss of approximately HK$1.7 million for the Reporting Year, a reduction of 89.0% from HK$15.4 million in the previous year[54]. - Basic earnings per share increased to 87.9 HK cents from 4.6 HK cents in the previous year[56]. Business Strategy and Focus - The Group plans to focus on developing the interiors and special projects business following the disposal of its previous business segment[32]. - The Group aims to concentrate on luxury residential projects and rehabilitation of sizable estates, which are more resilient to economic downturns[33]. - The Group aims to focus resources on bidding for luxury residential projects and large-scale estate renovation works, which are expected to have strong recession resistance[36]. - The company plans to strategically focus on the luxury residential sector and rehabilitation of sizable estates to mitigate the impact of economic downturns[78]. - The company is well positioned to capture business opportunities and market growth in the near future due to enhanced financial resources and ongoing projects[79]. Market Outlook - The economic outlook for 2023 shows signs of gradual recovery, but the business environment remains challenging due to rising interest rates and high inflation[33]. - There is a projected increase in demand for building construction and fitting out works due to sufficient land sales for private housing development in the next five years[33]. - The Hong Kong government plans to release sufficient land for private housing development over the next five years, which is anticipated to stabilize supply and increase demand for construction and renovation projects[36]. - The economy in Hong Kong showed signs of recovery in the second half of 2022, positively impacting the job market and business environment[108]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the reporting year[156]. - The Board consists of five Directors, including one Executive Director, one Non-executive Director, and three Independent Non-executive Directors[163]. - The Group has a strong focus on corporate governance to protect and enhance shareholder value[154]. - The Board is responsible for setting the Company's strategy and monitoring management performance, with a focus on enhancing shareholder value[179]. - The Board has delegated certain responsibilities to various committees, including the Audit Committee and Remuneration Committee, to ensure effective governance[180]. - Independent non-executive directors have confirmed their independence annually, complying with Rule 3.13 of the Listing Rules[173]. Management and Personnel - The Group's management remains cautiously optimistic about the outlook for core business despite ongoing challenges and uncertainties in 2023[38]. - The Group aims to retain top talent by offering competitive remuneration and benefits, focusing on employee wellness and work-life balance[108]. - The Group's key personnel have extensive experience in their respective fields, contributing to strategic planning and business development[142][148]. - The Group operates a centralized cash management system, with surplus cash primarily placed in short-term bank deposits[106]. Financial Position - Total assets decreased from HK$521,963,000 in 2021 to HK$424,314,000 in 2022, a decline of approximately 18.7%[100]. - Current liabilities reduced significantly from HK$355,870,000 in 2021 to HK$223,871,000 in 2022, representing a decrease of about 37.0%[100]. - Net assets increased from HK$164,977,000 in 2021 to HK$200,198,000 in 2022, reflecting a growth of approximately 21.4%[100]. - The current ratio improved from 1.5 in 2021 to 1.9 in 2022, indicating better short-term financial stability[100]. - The Company has mechanisms in place to ensure independent views are available to the Board, including access to external professional advice[174]. Dividends and Shareholder Returns - Special dividends of HK$0.59 per share and HK$0.20 per share were paid to shareholders, totaling approximately HK$297.9 million and HK$101.0 million respectively[32]. - The company plans to pay special dividends totaling approximately HK$297.9 million and HK$101.0 million to shareholders, amounting to HK$0.59 and HK$0.20 per share respectively[96].

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」）本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 ISP HOLDINGS LIMITED 昇柏控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：02340） 截至 2022 年 12 月 31 日止年度 之全年業績公告 全年業績 昇柏控股有限公司（「本公司」或「昇柏控股」）之董事（「董事」）會（「董事會」）公佈本公司及 其附屬公司（統稱「本集團」）截至 2022 年 12 月 31 日止年度（「報告年度」）之綜合全年業績如 下︰ 綜合損益及其他全面收益表 截至 2022 年 12 月 31 日止年度 2022 年 2021 年 ...

Revenue Performance - Revenue for the six months ended June 30, 2022, was approximately HK$100.4 million, a decrease of 58.0% compared to HK$239.0 million in the same period last year[10]. - Revenue for the six months ended June 30, 2022, was HK$96.8 million, a decrease of 58.6% from HK$233.9 million in the same period of 2021[38]. - ISP Business revenue decreased by 58.6% to approximately HK$96.8 million for the Reporting Period due to the impact of COVID-19 and related restrictions[44]. - Revenue from continuing operations for the six months ended June 30, 2022, was HK$100,379,000, a decrease of 58.1% compared to HK$238,948,000 in 2021[99]. Profitability - Gross profit increased by 6.0% to approximately HK$14.2 million, with a gross profit margin rising from 5.6% to 14.2%[10]. - Gross profit increased to HK$12.0 million, up 33.3% from HK$9.0 million in the previous year[38]. - Profit from continuing operations for the Reporting Period was approximately HK$1.4 million, doubling from HK$0.7 million in the same period last year[10]. - Profit attributable to equity holders of the Company for the Reporting Period was approximately HK$439.8 million, compared to HK$19.5 million in the previous year[23]. - Basic earnings per share increased to 92.4 HK cents, up from 4.6 HK cents in the same period last year[23]. - Profit before taxation rose to HK$1,322,000, representing a 67.5% increase from HK$788,000 in the previous year[99]. - Profit for the period from discontinued operations was HK$438,440,000, significantly higher than HK$18,782,000 in 2021[99]. - Total comprehensive income attributable to equity holders of the Company for the period was HK$438,384,000, compared to HK$19,829,000 in 2021[104]. Operating Expenses and Efficiency - Operating expenses (excluding interest) decreased by 19.4% to approximately HK$12.5 million, down from HK$15.5 million in the previous year[10]. - The increase in gross profit and margin was attributed to cost-saving efforts and more realistic final payments accepted by subcontractors[15]. - Operating profit for the period was HK$5.2 million, a substantial increase of 1,833.3% compared to an operating loss of HK$0.3 million in the same period last year[38]. - The Group's operational strategies include enhancing flexibility and digital working norms to adapt to the new normal[83]. Asset Management - The Group's total assets as of June 30, 2022, amounted to HK$526,050,000, an increase from HK$521,963,000 as of December 31, 2021[75]. - The net assets of the Group increased to HK$305,499,000 as of June 30, 2022, compared to HK$164,977,000 at the end of 2021[75]. - Total current assets as of June 30, 2022, were HK$522,600,000, compared to HK$517,656,000 at the end of 2021[108]. - Total current liabilities decreased to HK$220,142,000 from HK$355,870,000 in the previous year[108]. - Net current assets increased to HK$302,458,000, up from HK$161,786,000 at the end of 2021[108]. Disposals and Strategic Focus - The Group recognized a disposal gain of approximately HK$438.4 million from the sale of the PFM HK Business, which was sold for HK$539.0 million[21]. - The Group disposed of its PFM HK Business and Ancillary Business to a third party in January 2022, refocusing on the expansion of ISP Business[39]. - The Group plans to utilize part of the proceeds from the disposal to strengthen its competitive advantage and enable bidding for larger projects[69]. Legal and Compliance Matters - The Company is involved in ongoing legal proceedings related to claims amounting to approximately HK$58.9 million regarding a surety bond[28]. - The Company anticipates no additional liabilities beyond those already disclosed in relation to ongoing legal actions[28]. Employee and Market Conditions - As of June 30, 2022, the Group employed a total of 324 staff, a significant decrease from 4,810 staff as of December 31, 2021[82]. - The economy in Hong Kong showed a slight recovery in the first half of 2022, impacting the job market positively[83]. - The Group aims to attract high-caliber candidates by adapting to changes in market conditions and investing in employee resources[83]. Cash Flow and Financial Management - For the six months ended June 30, 2022, the company reported a net cash used in operating activities of HK$12,843,000, compared to HK$11,866,000 for the same period in 2021[113]. - The company generated net cash from investing activities amounting to HK$462,479,000, a significant increase from a net cash used of HK$731,000 in the previous year[113]. - The Group has adopted prudent liquidity risk management, maintaining sufficient bank balances and cash, along with committed credit facilities[136]. Future Outlook - Management is confident in the ability of ISP Business to expand and capture new market opportunities due to enhanced financial resources[57]. - The company plans to focus on the luxury residential sector and seize opportunities in the commercial redevelopment and rehabilitation markets[55].

Financial Performance - The Group recorded consolidated revenue of approximately HK$430.7 million for the Reporting Year, representing an 11.7% increase from the previous year on a restated basis[36]. - The Group achieved a gross profit for the Reporting Year, compared to a gross loss of over HK$90.0 million in the previous year due to impairment losses from certain ISP Business projects[36]. - The Group reported revenue of approximately HK$430.7 million for the year ended December 31, 2021, representing an increase of 11.7% compared to HK$385.6 million in 2020[54]. - Gross profit for the Reporting Year was approximately HK$17.5 million, a significant turnaround from a gross loss of HK$34.5 million reported last year, reflecting an increase of 150.7%[54]. - The loss after tax from continuing operations was approximately HK$15.4 million, a substantial improvement from a loss of HK$99.3 million in the previous year, indicating a decrease of 84.5%[54]. - Basic losses per share for continuing operations improved to HK$4.8 cents, compared to HK$76.5 cents in 2020, reflecting an increase of 93.7%[54]. - Profit after tax from discontinued operations dropped to approximately HK$35.0 million, down from HK$113.5 million in 2020, primarily due to reduced government subsidies[56]. - The profit attributable to shareholders for the Company was approximately HK$19.6 million, compared to HK$14.2 million in 2020, marking an increase of 38.0%[56]. - Earnings per share for the Group were 4.6 HK cents, up from 3.3 HK cents in 2020, representing an increase of 39.4%[56]. - The Group's net profit for the Reporting Year was HK$19.7 million, down 79.4% from HK$95.6 million in the previous year[87]. Business Strategy and Focus - Following the disposal, the company will focus on developing its interiors and special projects business[32]. - The Group plans to focus on opportunities in sectors such as education, luxury residential, banks, offices, and religious groups, which are more resilient to economic downturns[42]. - The Group aims to create value for stakeholders by leveraging its professional management team and providing comprehensive one-stop solutions for customers[45]. - The Group will concentrate on developing and expanding the ISP Business following the completion of the disposal[106]. - The Group aims to target opportunities in the relatively stable local residential property sector and education sector[106]. Disposal and Dividends - The company completed the disposal of its property and facility management business in Hong Kong for HK$539.0 million, with a recognized gain of approximately HK$438.4 million expected in the 2022 financial year[32]. - A special dividend of HK$0.59 per share, totaling approximately HK$297.9 million, was paid to shareholders from the proceeds of the disposal[32]. - A significant portion of the net proceeds from the disposal of the PFM HK Business has been paid to shareholders as a special dividend on February 22, 2022[106]. - The management considered the disposal of the PFM HK Business a valuable opportunity to realize the intrinsic value of the disposal group[102]. Operational Performance - The Group's operating expenses (excluding interest) decreased by 34.1% to HK$30.7 million from HK$46.6 million in the previous year[54]. - Interest expenses and other income and gains decreased by 71.8% to HK$2.9 million from HK$10.3 million in the previous year[54]. - The Group's gross profit margin improved to 4.1%, a significant increase from -8.9% in the previous year, reflecting a 13.0% improvement[54]. - The Group's operating profit decreased by 21.4% to HK$22.4 million from HK$28.5 million[87]. - The Group managed 363 projects with over 93,000 units of residential, commercial, and industrial facilities in Hong Kong[89]. Market Outlook - The outlook for the core business remains cautiously optimistic amidst ongoing challenges and uncertainties in 2022[44]. - The Northern Metropolis Development Strategy is expected to increase demand for building construction and fitting out works, providing growth opportunities for the Group[42]. - The Group anticipates considerable business opportunities in the construction industry in Hong Kong over the next few years, supporting its expansion plans[80]. - The economy and job market in Hong Kong showed a slight recovery in the second half of 2021, impacting the Group's human resources strategy positively[126]. - The Group remains optimistic about the Hong Kong economy, expecting positive growth for 2022 despite uncertainties related to COVID-19[106]. Human Resources and Management - As of December 31, 2021, the Group employed a total of 4,810 staff, a decrease from 4,879 in 2020, with 4,492 in the PFM HK Business and Ancillary Business[126]. - The Group aims to retain top talent by ensuring competitive remuneration and benefits through regular market benchmarking[126]. - The Group's human resources team is focused on adapting to flexible and digital working norms to maintain service quality and employee wellness[126]. - The Group is committed to advancing workplace wellness programs to support employee wellbeing and work-life balance[126]. Corporate Governance - The Company is committed to high standards of corporate governance to protect and enhance shareholder value[195]. - The corporate governance standards are based on principles of independence, accountability, transparency, and fairness[195]. - Throughout the Reporting Year, the Company complied with all code provisions of the Corporate Governance Code[198]. - The Board has adopted the Model Code for Securities Transactions by Directors to regulate securities transactions[199]. - All Directors confirmed compliance with the required standards set out in the Model Code throughout the Reporting Year[200].

Financial Performance - The Group recorded total revenue of approximately HK$1,127.7 million for the year ended December 31, 2020, a decrease of approximately HK$441.6 million compared to the previous year[23]. - Profit attributable to shareholders was approximately HK$14.2 million, which is around one-third of the previous year's profit of approximately HK$37.6 million[23]. - The Group reported consolidated revenue of approximately HK$1,127.7 million for the Reporting Year, a decrease of 28.1% from HK$1,569.3 million in 2019[50]. - Gross profit for the Group was approximately HK$50.1 million, down 64.8% from HK$142.4 million in the previous year[50]. - The gross profit margin decreased to 4.4% from 9.1% in 2019, reflecting the impact of the pandemic and completion of key contracts[50]. - Basic earnings per share were 3.3 HK cents, down from 8.8 HK cents in 2019, representing a decline of 62.5%[50]. - The Group's earnings per share decreased to HK$0.033 from HK$0.088 in 2019, reflecting the overall decline in profitability[51]. - The Group recorded a net profit of approximately HK$121.0 million, a significant increase of 221.0% from HK$37.7 million in 2019, despite the challenges faced[57]. Business Segments - The property and facility management (PFM) business remained stable, with a moderate increase in revenue and gross profit, helping to offset losses from the interiors and special projects business[23]. - The PFM business achieved record high operating profit and net profit since 2014, contributing about 65% of the Group's revenue during the Reporting Year[27]. - ISP Business contributed about one-third of the total revenue, with total revenue of approximately HK$374.8 million, a decrease of about 50% compared to approximately HK$838.1 million last year[32]. - The total revenue of the Interior Decoration and Special Projects (ISP) Business was halved to approximately HK$374.8 million, down 55.3% from HK$838.1 million in 2019, resulting in an operating loss of approximately HK$83.6 million[53]. - The Ancillary Business saw a gross profit increase of 17.4% to approximately HK$27.7 million, driven by three significant maintenance service contracts and steady growth across several business lines[53]. Contracts and Awards - The company won two bronze awards in the 7th Best Property Safety Management Award[8]. - In May, the company won 132 security, property, and training awards, with the New Territories North region alone attaining 114 awards[13]. - The company was awarded contracts for property management services at various locations, including the Independent Commission Against Corruption Building and Cheung On Estate[9][19]. - The company secured contracts for the operation and management of vehicle parks and cleaning services at multiple sites, covering over 130 locations[19]. - The company was awarded contracts for addition and alteration works at key properties, including 5–19 Jardine's Bazaar and Victoria Centre[16]. - The segment managed to acquire approximately 50 new key contracts with a total contract sum exceeding HK$380 million, marking the highest in both number and value of contracts awarded[27]. - Significant new contracts include a 5-year management contract for the Western Wholesale Food Market and a 3-year contract for the Independent Commission Against Corruption Building[66]. Government Support and Economic Impact - The Group benefited from government subsidies of approximately HK$86.0 million under the Employment Support Scheme, mainly from the PFM business[23]. - The Group received government subsidies of approximately HK$86.0 million, which helped mitigate some losses from the ISP Business[50]. - The Group's overall performance was impacted by the local economic downturn and unstable environment due to the pandemic[23]. - The Group anticipates positive growth for the Hong Kong economy in 2021, driven by the mass vaccination program, although recovery speed remains uncertain due to various factors[93]. Management and Governance - The management team underwent restructuring in mid-2020 to adopt a more appropriate business strategy, resulting in several new key contracts awarded in the latter half of 2020[32]. - The company is committed to high standards of corporate governance to protect and enhance shareholder value[194]. - Throughout the reporting year, the company complied with all code provisions of the Corporate Governance Code[196]. - The Board has adopted the Model Code for Securities Transactions by Directors to regulate securities transactions[196]. - The company emphasizes independence, accountability, transparency, and fairness in its corporate governance practices[194]. Financial Position and Strategy - The Group's total outstanding bank loan was HK$64 million as of December 31, 2020, scheduled to be repaid within one year to support operations and business development[97]. - The management expects that financial requirements for the foreseeable future will be met through a combination of shareholders' equity and banking facilities[99]. - The Group has adopted a conservative approach in managing financial risks and resources under the supervision of the Executive Committee[104]. - The Group operates a centralized cash management system, with surplus cash mainly placed as short-term bank deposits[106]. Personnel and Leadership - The Group employs a total of 4,879 staff, a slight decrease from 4,944 staff in 2019[108]. - The Group's leadership team includes professionals with advanced degrees and multiple certifications, enhancing their expertise in property and facility management[176]. - Mr. Lau Man Tak has been an Independent Non-executive Director since September 28, 2017, and is the chairman of the Audit Committee[134]. - Mr. Eric Lee Hon Man has over 20 years of experience in corporate finance and has been an Independent Non-executive Director since September 28, 2017[141].

Financial Performance - The Group recorded total revenue of approximately HK$1,569.3 million for the Reporting Year, similar to the previous year[38]. - There was a minor decrease of approximately 5.1% in gross margin due to a challenging social and economic situation[38]. - The Group achieved a profit attributable to Shareholders of approximately HK$37.6 million, a turnaround from a loss of approximately HK$160.0 million in the previous year[38]. - The turnaround was mainly due to the non-recurrence of exceptional items totaling approximately HK$187.2 million recognized in 2018, including impairment losses and provisions related to Hsin Chong Group Holdings Limited[38]. - Appropriate cost control measures implemented in 2019 contributed to the improved financial performance[38]. - The Group recorded total revenue of approximately HK$1,569,300,000, close to last year's level, with a slight decline in gross margin by about 5.1%[40]. - Shareholders' profit for the year was approximately HK$37,600,000, a turnaround from a loss of HK$160,000,000 in the previous year, primarily due to the absence of special items amounting to HK$187,200,000[40]. - Operating profit before exceptional items increased by 91.2% to approximately HK$43.6 million due to successful cost control measures[67]. - Earnings per share improved to 8.8 HK cents, compared to a loss per share of 37.7 HK cents in 2018[67]. - Operating expenses were reduced by 22.4% to approximately HK$98.8 million, representing 6.3% of reported revenue[70]. - Profit attributable to shareholders in the second half of 2019 was approximately HK$17.1 million, impacted by additional costs from ongoing public order events[79]. - The Group achieved a profit attributable to shareholders of approximately HK$37.6 million, marking the best results since 2016[77]. - The overall contract amount of uncompleted works as of December 31, 2019, was approximately HK$680 million[122]. Business Segments - The Property and Facility Management (PFM) business managed over 82,000 residential units and 7.6 million square meters of facilities, contributing significantly to the Group's profits with operating profit nearly doubling to HK$43.6 million from the previous year[42][44]. - The ISP Business contributed over half of the total revenue and maintained an operating profit of HK$10.0 million, consistent with last year, with new contracts replenishment amounting to approximately HK$300 million[42][44]. - New contracts awarded in the PFM business exceeded HK$300 million, including significant contracts with Link Asset Management and MTR Corporation[43][45]. - The Ancillary Business revenue rose by 11.5% to HK$130.3 million, with operating profit increasing from HK$4.9 million to HK$9.2 million due to effective cost control measures[85]. - The ISP Business recorded total revenue of approximately HK$838.1 million and an operating profit of approximately HK$10.0 million, with a 12.4% increase in operating profit[117]. - The total revenue from the Property and Facility Management (PFM) business in Hong Kong was HK$721.8 million, reflecting an 8.5% increase[88]. - The PFM business in China experienced a significant decline, with revenue dropping by 66.5% to HK$9.4 million[88]. Awards and Recognition - The Group received 261 security, property, and training awards from various regions, setting a record high, with 220 awards from the New Territories North alone[15]. - The Group was awarded two property management support services contracts covering about 50 shopping centres, car parks, and cooked-food stalls[34]. - The Group's novel homemade portable flood alarm won the "Best Project Presentation Award" at the Quality Improvement and Experience Sharing Convention[32]. - The Group was recognized as a "Good Employer" by the Mandatory Provident Fund Schemes Authority[30]. Strategic Focus and Outlook - The Group remains cautiously optimistic about the outlook for both business segments amid ongoing challenges in 2020[56]. - The strategic focus on risk management and monitoring financial position is expected to help the Group navigate economic uncertainties[55]. - Sustainability is a core focus of the Group's business strategy, aimed at enhancing customer satisfaction[56]. - The Group aims to sustain its business and implement stringent cost control measures to navigate the uncertain economic environment in 2020[100]. - The Group anticipates continued challenges in the local economy due to ongoing public order events and the coronavirus outbreak, impacting the ISP business[124]. - The Group aims to leverage opportunities in the stable local residential property sector to maintain business growth amidst economic uncertainties[124]. Management and Governance - Mr. Kingston Chu Chun Ho has been the Executive Director and Chairman of the Company since March 9, 2017[156]. - Ms. Mandy Hui Suk Man was appointed as Executive Director and Deputy Chairman on April 24, 2019, and as Managing Director for property and facility management on June 24, 2019[164]. - Mr. Lau Man Tak has served as an Independent Non-executive Director since September 28, 2017, and is the chairman of the Audit Committee[168]. - Mr. Eric Lee Hon Man has been an Independent Non-executive Director since September 28, 2017, and is the chairman of the Nomination Committee[175]. - The Company is focused on strategic planning, business development, and operational efficiency improvements under the leadership of Ms. Hui[165]. - The Company has a strong emphasis on merger and acquisition projects, overseen by Ms. Hui[165]. - The Company is committed to maintaining high standards of corporate governance through its various committees[168]. - The leadership team is composed of experienced professionals with extensive backgrounds in finance, accounting, and corporate governance[170]. Financial Stability - Total assets decreased to HK$836,365,000 in 2019 from HK$838,874,000 in 2018, while net assets increased to HK$130,660,000 from HK$89,522,000[134]. - The current ratio improved to 1.2 in 2019 from 1.1 in 2018, indicating better liquidity management[134]. - Net debt to net assets ratio significantly decreased to 29.5% in 2019 from 58.1% in 2018, reflecting improved financial stability[134]. - As of December 31, 2019, the total outstanding bank loan was HK$131 million, scheduled to be repaid over the next two years[126]. - The Group expects to meet its financial requirements through a combination of shareholders' equity and banking facilities for the foreseeable future[135]. - Interest expenses incurred mainly from bank borrowings, which are charged based on a spread over HIBOR, indicating a conservative financial risk management approach[135].

Awards and Recognition - Synergis Holdings Limited won a gold award and two merit awards at the Best Property Safety Management Award[11] - The company received 185 property and security services awards from various regions, with New Territories North achieving 68 awards[18] - Synergis won 13 awards, including "The Excellent Contractor Award" for Property Management Support Services at the LINK Award Presentation Ceremony[37] - The company received the JobMarket Employer of Choice Award and the 15 years Plus Caring Company Logo from the Hong Kong Council of Social Services[11] Contracts and Projects - Synergis was awarded the operations management services contract for the Guangzhou-Shenzhen-Hong Kong Express Rail Link (Hong Kong Section) West Kowloon Station car park[33] - The company secured the management services contract for the M+ Museum Project[35] - Synergis was awarded the property management services contract for Braemar Hill Mansions in North Point[38] - The company was awarded the renovation works contract for the washrooms of Watson Centre[19] - The company provided facility management services to Malvern College Hong Kong[17] - A three-year car park management contract was awarded by MTR Corporation Limited with an estimated contract sum of approximately HK$40 million for West Kowloon Station Car Park[99] - The company successfully extended its portfolio to include management services for international schools and luxury retail brands, including contracts for Malvern College Hong Kong and Zung Fu House for Mercedes-Benz[98] - A total of 39 new contracts were obtained, with a total contract sum exceeding HK$263 million, including significant contracts for property and facility management services[102][106] Financial Performance - The Group recorded a total revenue decrease of approximately 26.4% to approximately HK$1,533.0 million for the year ended 31 December 2018[42] - The Group reported consolidated revenue of approximately HK$1,533.0 million for the year ended December 31, 2018, a decrease of approximately 26.4% compared to HK$2,083.3 million in 2017[69] - Gross profit margin increased to 9.8% compared to 8.0% last year, despite a 10.0% reduction in gross profit from approximately HK$166.8 million to approximately HK$150.1 million[42] - Gross profit decreased by 10% to approximately HK$150.1 million, despite an improvement in gross profit margin to 9.8%, which is 1.8% higher than the previous year[69] - The Group recorded a loss attributable to shareholders of approximately HK$160.0 million, compared to a loss of approximately HK$54.4 million in the previous year, resulting in a loss per share of 37.7 HK cents[69] - A full impairment loss on goodwill of approximately HK$116.8 million was recorded, leading to a loss attributable to shareholders increasing from approximately HK$54.4 million to approximately HK$160.0 million[46] Operational Efficiency and Cost Control - General and administrative expenses decreased by 16.8% to approximately HK$123.5 million due to cost control measures[42] - The Group's management implemented cost control measures that successfully reduced operating expenses despite rising costs and competition in the market[69] - Operating expenses were reduced by 16.8% to approximately HK$123.5 million, contributing to a 30.9% increase in operating profit before exceptional items to approximately HK$26.7 million[69] - Operating expenses were reduced by 28.6% from approximately HK$22 million in the first half to approximately HK$15.7 million in the second half of the year[110][112] Business Segments Performance - The revenue of the Property and Facility Management (PFM) Business in Hong Kong was approximately HK$665.4 million, slightly above last year's HK$630.4 million[83] - The gross profit of the PFM Business in Hong Kong was approximately HK$85.8 million, similar to last year's HK$86.5 million[83] - Revenue and gross profit for the PFM Business in China decreased significantly to approximately HK$28.1 million and HK$10.1 million, down from HK$67.2 million and HK$15.5 million respectively[83] - The revenue of the Interior Decoration and Special Projects (ISP) Business decreased by 39.4% to approximately HK$839.5 million, down from HK$1,385.7 million, with gross profit decreasing by 16.4% to approximately HK$54.2 million[84] - The ISP Business recorded total revenue of approximately HK$839.5 million, a decrease of 39.4% compared to the previous year, while gross profit decreased by 16.4% to approximately HK$54.2 million[131] Management and Governance - The Group's commitment to sustainability and quality service improvement is a core focus of its business strategy[54] - The leadership team includes experienced professionals with extensive backgrounds in property management and corporate finance, contributing to the Group's growth strategy[199] - The Group has a focus on enhancing operational efficiency through strategic planning and implementation led by key personnel[194] - Management plans to focus on core businesses in the ISP sector, aiming to enhance service quality and client satisfaction in the coming years[138] Human Resources and Staffing - The company employed a total of 5,294 staff as of December 31, 2018, down from 5,695 in the previous year[150] - The company aims to enhance its human resources system and promote digitalization to improve operational efficiency[150] Financial Position and Risk Management - The company recorded a full impairment of goodwill, resulting in net assets dropping to approximately HK$89.5 million, and the gearing ratio increased from 34.5% to 58.1% compared to the previous year[142] - The total debt to net tangible assets ratio increased from 121.2% to 185.4% year-on-year[143] - The company maintains a conservative approach to financial risk management, with low interest rate risk due to short-term fixed rates on bank borrowings[144] - As of December 31, 2018, total outstanding bank loans were HK$166.0 million, similar to the previous year, scheduled for repayment over the next two years[138] Key Personnel - Mr. Lau has over 18 years of experience in finance and accounting, serving as an independent non-executive director since September 28, 2017[167] - Mr. Lee has over 20 years of experience in the corporate finance industry and has been an independent non-executive director since September 28, 2017[178] - Dr. Wong Yun Kuen has been appointed as an Independent Non-executive Director since December 1, 2017, and serves as the chairman of the Remuneration Committee[183] - Ms. Mandy Hui Suk Man is the Acting Managing Director for the property and facility management business and has around 20 years of experience in corporate accounting, financing, and taxation[194] - Ms. Celine Tam Pui Ching oversees daily management operations and strategic planning for the Group's property management segment in Hong Kong and Kowloon[197]