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，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 VICON HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：3878） 截至二零二三年三月三十一日止年度全年業績公告 財務摘要 （截至二零二三年三月三十一日止年度） － 收益約為417.0百萬港元（二零二二年：156.6百萬港元） － 毛利約為45.7百萬港元（二零二二年：46.3百萬港元） － 本公司擁有人應佔年內溢利約為2.4百萬港元（二零二二年：虧損24.6百萬 港元） － 每股基本及攤薄盈利約為每股0.50港仙（二零二二年：每股虧損5.45港仙） 全年業績 Vicon Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）欣然呈報本公司及 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 160,136,000, a significant increase of 168% compared to HKD 59,635,000 in the same period of 2021[7] - Gross profit for the same period was HKD 5,515,000, up from HKD 4,849,000, reflecting a gross margin improvement[7] - Operating loss decreased to HKD 2,617,000 from HKD 14,796,000 year-over-year, indicating improved operational efficiency[7] - The net loss for the period was HKD 2,729,000, a reduction from HKD 14,727,000 in the previous year[7] - The group reported a loss before tax of HKD 3,077,000 for the period, compared to a loss of HKD 16,557,000 for the same period in 2021, indicating an improvement in financial performance[27] - The net loss for the six months ended September 30, 2022, was HKD 2,729,000, a reduction from a net loss of HKD 14,727,000 in the previous year[27] - Basic loss per share for the six months ended September 30, 2022, was HKD 0.57, compared to HKD 3.50 for the same period in 2021, indicating a reduction in losses[44] - The company reported a loss attributable to owners of approximately HKD 2.7 million, a reduction from a loss of about HKD 14.7 million in the previous period[77] Revenue Breakdown - Revenue from construction contracts for the six months ended September 30, 2022, was HKD 156,779,000, a significant increase of 169% compared to HKD 58,066,000 for the same period in 2021[23] - Revenue from construction machinery leasing for the same period was HKD 3,357,000, up 113% from HKD 1,569,000 in the previous year[23] - Total revenue for the six months ended September 30, 2022, reached HKD 160,136,000, representing a 168% increase from HKD 59,635,000 in the prior year[23] - For the six months ended September 30, 2022, total revenue was HKD 117,557,000 from Customer A and HKD 16,424,000 from Customer B, contributing over 10% of total revenue[34] - The revenue contribution from projects where the company acted as the main contractor increased from approximately 56.4% of total revenue in the previous period to about 82.4% in the current period[67] Assets and Liabilities - Total assets as of September 30, 2022, were HKD 269,625,000, compared to HKD 245,553,000 as of March 31, 2022[9] - Current liabilities increased to HKD 77,343,000 from HKD 71,760,000, reflecting changes in trade payables and contract liabilities[9] - Cash and cash equivalents decreased to HKD 18,258,000 from HKD 25,477,000, indicating cash flow challenges during the period[13] - The group’s non-current assets in Hong Kong decreased to HKD 63,588,000 as of September 30, 2022, down from HKD 89,637,000 as of March 31, 2022[32] - Trade receivables decreased to HKD 50,714,000 as of September 30, 2022, from HKD 54,539,000 as of March 31, 2022, representing a decline of approximately 7%[50] - Trade payables rose to HKD 27,191,000 as of September 30, 2022, from HKD 22,929,000 as of March 31, 2022, marking an increase of approximately 18%[59] - The total amount of uncompleted long-term construction contracts as of September 30, 2022, was HKD 506,718,000, significantly higher than HKD 29,532,000 as of March 31, 2022[57] Operational Efficiency - The company plans to continue focusing on operational improvements and cost management strategies to enhance profitability in the future[7] - Depreciation expenses for property, plant, and equipment decreased to HKD 5,193,000 from HKD 10,861,000 year-on-year, reflecting cost management efforts[38] - Financing costs for the six months ended September 30, 2022, were HKD 460,000, down from HKD 1,761,000 in the previous year, indicating improved financial efficiency[39] - Administrative expenses decreased to approximately HKD 9.6 million from HKD 20.8 million in the previous period, mainly due to reduced employee costs and lower depreciation on unused machinery[75] - Total employee costs decreased to HKD 4,938,000 for the six months ended September 30, 2022, from HKD 6,796,000 in the same period of 2021, indicating a reduction in workforce expenses[38] Corporate Governance - The company has adopted corporate governance practices in line with the listing rules, with a focus on maintaining effective leadership and oversight[106] - The board believes that the current arrangement of Mr. Zhao serving as both Chairman and CEO is appropriate for the company's interests[106] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ending September 30, 2022[117] - There are no records of directors or their close associates holding interests in any competing businesses during the reporting period[109] Market Outlook - The construction market in Hong Kong is expected to remain under pressure due to a decrease in foundation contract numbers and increased competition[98] - The group is focusing on submitting tenders for multiple foundation projects and enhancing cost control measures to achieve stable revenue[99]

Financial Performance - The company's revenue for the fiscal year 2022 decreased by approximately HKD 98.0 million or 38.5% to about HKD 156.6 million, compared to approximately HKD 254.6 million in the previous fiscal year[6]. - The group recorded a loss of approximately HKD 24.6 million for the fiscal year 2022, compared to a profit of approximately HKD 51.5 million in the previous fiscal year, representing a decrease in profit of about HKD 26.9 million[6]. - Revenue contribution from projects where the company acted as the main contractor decreased to about 17% of total revenue in fiscal year 2022, down from approximately 97% in fiscal year 2021[10]. - Revenue from construction machinery leasing decreased to approximately HKD 18.4 million in FY2022, down 48.6% from HKD 36.0 million in FY2021, representing 11.7% of total revenue compared to 14.1% in FY2021[13]. - Total revenue decreased by approximately HKD 98.0 million or 38.5% to about HKD 156.6 million in FY2022 from approximately HKD 254.6 million in FY2021[15]. Project Management and Operations - The number of unfinished project revenues as of March 31, 2022, was approximately HKD 29.5 million, compared to HKD 7.3 million as of March 31, 2021[11]. - The company completed 14 projects in fiscal year 2022, contributing approximately HKD 138.2 million in revenue, down from 9 projects and HKD 218.6 million in the previous fiscal year[12]. - The management adopted a cautious approach in pricing due to significant fluctuations in construction material prices and supply chain disruptions, leading to a decrease in the number of large projects awarded[12]. - The company will continue to focus on "design and construction" projects and leverage its expertise in foundation design and project management to meet future project requirements[7]. - The management will closely monitor the foundation industry and continuously adjust operational strategies to enhance shareholder returns[8]. Cost and Profitability - Gross profit increased to approximately HKD 46.3 million in FY2022 from a gross loss of about HKD 36.6 million in FY2021, with a gross margin of 29.6% compared to a gross loss margin of 14.4% in FY2021[18][19]. - Direct costs decreased to approximately HKD 110.3 million in FY2022 from about HKD 291.3 million in FY2021, primarily due to the absence of one-time additional costs related to subcontractor work[16]. - Other income/loss net amount decreased to a loss of approximately HKD 1.1 million in FY2022 from income of about HKD 5.8 million in FY2021, mainly due to a loss on disposal of approximately HKD 1.4 million[20]. - Financial asset impairment losses increased to approximately HKD 33.9 million in FY2022 from about HKD 10.1 million in FY2021, reflecting the latest assessment of default risk[21]. - Administrative expenses rose to approximately HKD 36.4 million in FY2022 from about HKD 9.1 million in FY2021, driven by increased employee costs and depreciation of machinery not used in construction projects[23]. Financial Position and Liquidity - Cash and cash equivalents increased to approximately HKD 25.5 million in FY2022 from HKD 14.6 million in FY2021[30]. - Current ratio improved to approximately 3.4 times in FY2022 from 2.3 times in FY2021[31]. - As of March 31, 2022, the group's capital debt ratio was approximately 3.1%, a significant decrease from 18.5% in 2021[34]. - The net current assets as of March 31, 2022, were approximately HKD 173.8 million, up from HKD 152.3 million in 2021, primarily due to proceeds from the sale of certain properties, plants, and equipment[35]. - The group's capital expenditure for the year was approximately HKD 5.3 million, slightly down from HKD 5.9 million in 2021[36]. Corporate Governance and Compliance - The board of directors plays a crucial role in overseeing ESG (Environmental, Social, and Governance) matters, ensuring alignment with investor expectations and regulatory requirements[61]. - The report was approved by the board of directors in June 2022, ensuring the accuracy and reliability of the disclosed information[56]. - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced composition for effective leadership[147]. - The company emphasizes continuous professional development for all directors to enhance their knowledge and skills, ensuring informed contributions to the board[148]. - The board aims to hold at least four meetings annually, with notifications sent to all directors at least 14 days prior to meetings[156]. Environmental Sustainability - The company has committed to developing policies and monitoring measures to improve ESG disclosures and performance[62]. - The group has reported a decrease in carbon footprint, indicating progress in environmental performance from the fiscal year 2020-2021 to 2021-2022[63]. - The company reported a significant reduction in nitrogen oxides emissions from 9.15 kg in FY2021 to 4.84 kg in FY2022, representing a decrease of approximately 47.3%[84]. - Sulfur oxides emissions decreased dramatically from 5.38 kg in FY2021 to 0.15 kg in FY2022, a reduction of about 97.2%[84]. - Total greenhouse gas emissions decreased from 925.51 tons in FY2021 to 47.29 tons in FY2022, representing a reduction of approximately 94.9%[89]. Employee Management and Training - Employee turnover rates for the overall workforce decreased from 126.09% in 2020 to 92.31% in 2021-2022[120]. - The company provided safety training to all employees, with no reported work-related injuries or fatalities over the past three years[125]. - The percentage of trained employees by gender shows that 76.92% of male employees received training compared to 23.08% of female employees[127]. - Average training hours completed per male employee were 5.50 hours, while female employees completed an average of 4.00 hours[127]. - The company promotes a harmonious work-life balance through annual events and team-building activities[111]. Community Engagement and Social Responsibility - The group donated HKD 200,000 to charitable organizations and HKD 50,000 for church operations and general sponsorship during the reporting period[138]. - The group has established a transparent labor policy and has not encountered any incidents related to child labor or forced labor during the reporting period[128]. - The group has a total of 59 suppliers in Hong Kong and none in other regions, focusing on long-term strategic partnerships based on regular evaluations[129]. - The group has implemented a quality management system compliant with ISO 9001:2008 standards, ensuring project quality from the foundation stage to maintenance[130]. - No significant complaints regarding service quality were received during the reporting period[131].

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 59,635,000, a decrease of 71.7% compared to HKD 210,389,000 in the same period of 2020[7] - Gross profit for the same period was HKD 4,849,000, down 73.1% from HKD 18,085,000 year-on-year[7] - Operating loss for the six months was HKD 14,796,000, compared to an operating profit of HKD 16,793,000 in the previous year[7] - Net loss attributable to equity holders for the period was HKD 14,727,000, compared to a profit of HKD 10,489,000 in the same period last year[7] - The company experienced a pre-tax loss of HKD 16,557,000 for the period, compared to a profit of HKD 12,562,000 in the previous year[23] - Basic loss per share for the period was HKD 3.50, compared to earnings per share of HKD 2.62 in the previous year[7] - The company reported a total segment loss before tax of HKD 16,557,000 for the period[27] - The company reported a loss attributable to equity holders of approximately HKD 14.7 million, a decrease of about HKD 25.2 million from a profit of approximately HKD 10.5 million in the previous period[76] Assets and Liabilities - Total assets as of September 30, 2021, were HKD 394,346,000, a decrease from HKD 405,047,000 as of March 31, 2021[9] - Total liabilities decreased to HKD 128,681,000 from HKD 144,018,000 as of March 31, 2021[9] - Cash and cash equivalents increased to HKD 19,604,000 from HKD 14,609,000 as of March 31, 2021[9] - The company reported a decrease in trade receivables to HKD 40,770,000 from HKD 55,322,000 as of March 31, 2021[9] - Non-current assets in Hong Kong decreased to HKD 125,213,000 as of September 30, 2021, down from HKD 139,807,000 as of March 31, 2021[32] - Trade receivables were reported at HKD 8,954,000 as of September 30, 2021, significantly lower than HKD 23,590,000 as of March 31, 2021, reflecting a decrease of approximately 62%[50] - The total lease liabilities amounted to HKD 36,697,000 as of September 30, 2021, down from HKD 44,646,000 as of March 31, 2021, indicating a reduction of about 18%[47] Cash Flow - Cash generated from operating activities was HKD 14,995,000, down from HKD 38,344,000 in the prior year[23] - The net cash flow from investing activities was HKD 7,300,000, compared to a cash outflow of HKD 523,000 in the same period last year[23] - The total cash and cash equivalents increased to HKD 19,604,000 as of September 30, 2021, from HKD 15,396,000 at the end of the previous period[23] - The current ratio as of September 30, 2021, was approximately 2.5 times, up from 2.3 times as of March 31, 2021[80] - Cash and cash equivalents amounted to approximately HKD 19.6 million, an increase from HKD 14.6 million as of March 31, 2021[79] Revenue Breakdown - Revenue from construction contracts was HKD 58,066,000, significantly lower than HKD 198,710,000 in the previous year[23] - Revenue from construction machinery leasing was HKD 1,569,000, down from HKD 11,679,000 in the same period last year[23] - Revenue contribution from projects where the company acted as the main contractor decreased from approximately 99.9% of total revenue in the previous period to about 56.4% in the current period[68] Employee Costs - Total employee costs for the six months ended September 30, 2021, were HKD 6,796,000, significantly lower than HKD 14,702,000 in the same period of 2020[37] - As of September 30, 2021, the total employee cost for the group was approximately HKD 6.8 million, a decrease from HKD 14.7 million for the same period in 2020[90] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial information for the six months ended September 30, 2021[122] - The company has complied with the corporate governance code as of September 30, 2021[113] - The company has confirmed that all directors have adhered to the standards set out in the code of conduct for securities transactions during the reporting period[114] Market Conditions and Future Outlook - The construction market in Hong Kong is expected to remain under pressure due to a decrease in foundation contract numbers, leading to increased competition and lower project award prices[105] - The group plans to continue focusing on "design and build" projects while maintaining a strong financial position to meet future project requirements[105] - The group is actively submitting bids for multiple foundation projects to secure stable revenue and reduce direct costs[105] Shareholder Information - As of September 30, 2021, the company has a significant shareholder, VGH, holding 200,000,000 shares, representing 41.7% of the issued share capital[111] - Mr. Zhao Guojun, the beneficial owner of VGH, also holds 200,000,000 shares, equating to 41.7% of the company's issued share capital[111] Other Financial Information - The company did not declare an interim dividend for the six months ended September 30, 2021, compared to no dividend declared in the same period of 2020[42] - No capital expenditures were reported during the period, compared to HKD 1.0 million in the previous period[87] - The group had no capital commitments as of September 30, 2021[91]

Financial Performance - The company's revenue decreased by approximately HKD 213.6 million or 45.6% from HKD 468.2 million in the previous fiscal year to approximately HKD 254.6 million in the current fiscal year[5]. - The group recorded a loss of approximately HKD 51.5 million, compared to a profit of approximately HKD 23.7 million in the previous year, representing a decrease of approximately HKD 75.2 million[5]. - Revenue from projects where the company acted as the main contractor remained stable at approximately 97% of total revenue[10]. - The uncompleted project revenue as of March 31, 2021, was approximately HKD 7.3 million, down from HKD 280.1 million the previous year[10]. - Revenue from the newly established construction machinery rental business was approximately HKD 36.0 million, accounting for about 14.1% of total revenue[12]. - The decrease in revenue was primarily due to the completion of several larger contracts in the previous year and a significant reduction in the number of foundation engineering tenders[15]. - Direct costs decreased by approximately 30.5% from HKD 419.1 million in FY2020 to HKD 291.3 million in FY2021[16]. - Gross profit fell from approximately HKD 49.1 million in FY2020 to a gross loss of about HKD 36.6 million in FY2021, a decrease of approximately HKD 85.7 million[17]. - Gross margin shifted from approximately 10.5% in FY2020 to a gross loss margin of about 14.4% in FY2021[18]. - Other income decreased from approximately HKD 9.9 million in FY2020 to about HKD 5.8 million in FY2021, primarily due to a reduction in machinery leasing income[19]. - Financial asset impairment losses increased to approximately HKD 10.1 million in FY2021 from HKD 8.0 million in FY2020[20]. - Administrative expenses decreased by approximately 36.0% from HKD 14.2 million in FY2020 to HKD 9.1 million in FY2021[21]. - Net financing costs decreased by approximately 25.2% from HKD 8.8 million in FY2020 to HKD 6.6 million in FY2021[22]. - The company's equity attributable to shareholders fell from a profit of approximately HKD 23.7 million in FY2020 to a loss of about HKD 51.5 million in FY2021, a decrease of approximately HKD 75.2 million[26]. Capital and Financing - Capital expenditure for the year was approximately HKD 5.9 million, significantly down from HKD 47.1 million in FY2020[35]. - The net proceeds from the share issuance amounted to approximately HKD 82.7 million after deducting listing expenses[39]. - The actual usage of the net proceeds as of March 31, 2021, included HKD 34.0 million for performance guarantees, HKD 17.4 million for machinery purchases, and HKD 20.3 million for bank loan repayments[40]. - As of March 31, 2021, the group provided guarantees for performance bonds amounting to approximately HKD 5.7 million[41]. - The carrying value of machinery and equipment pledged for bank loans was approximately HKD 13.2 million as of March 31, 2021[42]. - The total bank financing obtained for specific projects was approximately HKD 89.0 million, with HKD 66.4 million yet to be utilized[42]. Employee and Operational Metrics - The total employee cost for the year was approximately HKD 28.0 million, down from HKD 43.3 million in the previous year[45]. - Employee turnover rate increased to 126.09% in 2021 from 64.71% in 2020, indicating a significant rise in workforce mobility[85]. - The company emphasizes the importance of employee training and development to enhance professional skills and service quality[87]. - The company has established a transparent labor policy to ensure fair labor practices, with no incidents of child or forced labor reported[88]. Environmental Responsibility - Total greenhouse gas emissions decreased from 3,339.77 tons in 2020 to 925.51 tons in 2021, a reduction of approximately 72.2%[69]. - Nitrogen oxides (NOx) emissions slightly increased from 9.11 kg in 2020 to 9.15 kg in 2021, while sulfur dioxide (SO2) emissions significantly decreased from 19.72 kg to 5.38 kg[68]. - The company generated no hazardous waste during the reporting period, with non-hazardous waste primarily consisting of paper[73]. - The total amount of recycled paper decreased from 116 kg in 2020 to 73 kg in 2021[73]. - Carbon emissions per employee reduced from 65.49 tons to 40.24 tons, reflecting improved operational efficiency[69]. - The company actively promotes environmental responsibility among employees and encourages the use of eco-friendly products[64]. - The company has implemented energy-saving measures to reduce greenhouse gas emissions associated with energy consumption[69]. - Total energy consumption decreased from 12,422.21 thousand kWh in 2020 to 3,410.33 thousand kWh in 2021, a reduction of approximately 72.6%[75]. - Water usage reduced from 32,847 cubic meters in 2020 to 13,803 cubic meters in 2021, representing a decrease of about 58.0%[76]. - The intensity of energy consumption per employee improved from 243.57 thousand kWh in 2020 to 148.28 thousand kWh in 2021, a reduction of approximately 39.1%[75]. - The company promotes environmental awareness among stakeholders to mitigate resource waste[78]. - The company is committed to enhancing resource efficiency and has adopted guidelines to improve energy and water utilization[74]. Governance and Compliance - The board of directors consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced and independent governance structure[109]. - The company has established a fraud prevention framework and reporting mechanisms to manage fraud and corruption risks[97]. - The company respects intellectual property rights and actively registers and protects its trademarks[93]. - The board of directors is responsible for leading and controlling the company, reviewing operational and financial performance[108]. - The board aims to hold at least four meetings annually, with notifications sent at least 14 days in advance[120]. - The independent non-executive directors possess qualifications in architecture, accounting, and finance, providing strong support for the board's responsibilities[115]. - The company maintains a focus on compliance with regulatory requirements and internal policies[161]. - The company has implemented a risk management system defined by its approved risk management policies[159]. - The internal control measures are supervised by the management team, which is responsible for identifying risks and implementing additional controls as necessary[159]. - The board conducted an annual review of the effectiveness of risk management and internal control systems, covering financial, operational, and compliance controls[160]. Shareholder Relations - The company is committed to open and sincere communication with shareholders, ensuring reasonable information disclosure[155]. - The company will notify all shareholders regarding proposals presented at the annual general meeting, ensuring transparency in decision-making[153]. - The company has established a process for shareholders to submit proposals and nominations for directors, ensuring compliance with regulations[152]. - The company will hold a special general meeting if a valid request is made by qualified shareholders within two months[147]. Corporate Social Responsibility - The company encourages employee participation in charitable activities and environmental initiatives to enhance social responsibility[99]. - The company made charitable donations of approximately HKD 0.3 million during the year[198]. - The company does not recommend the payment of a final dividend for the year[197]. - The company emphasizes the importance of maintaining good relationships with employees, customers, subcontractors, and suppliers[195].

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 210,389,000, an increase of 19.5% compared to HKD 175,882,000 for the same period in 2019[7] - Gross profit decreased to HKD 18,085,000, down 16.5% from HKD 21,659,000 year-on-year[7] - Operating profit for the period was HKD 16,793,000, a decline of 12.1% from HKD 19,115,000 in the previous year[7] - Profit before tax was HKD 12,562,000, down 17.5% from HKD 15,225,000 in the same period last year[7] - Net profit for the period was HKD 10,489,000, a decrease of 15% compared to HKD 12,332,000 in 2019[7] - Basic and diluted earnings per share were HKD 2.62, down from HKD 3.08 in the previous year, representing a decline of 15%[7] Assets and Liabilities - Total assets as of September 30, 2020, were HKD 540,691,000, down from HKD 576,567,000 as of March 31, 2020[9] - Total liabilities decreased to HKD 217,664,000 from HKD 264,029,000, indicating a reduction of 17.5%[9] - The company's equity increased to HKD 323,027,000 from HKD 312,538,000, reflecting a growth of 3.3%[9] - Cash and cash equivalents decreased to HKD 15,396,000 from HKD 19,386,000, a decline of 20.5%[9] Cash Flow and Investments - The operating cash flow generated was HKD 38,344,000, a significant improvement from a cash outflow of HKD 452,000 in the previous year[23] - The company reported a net cash outflow from investing activities of HKD 523,000, a decrease from HKD 3,423,000 in the previous year[23] - The company experienced a significant increase in contract assets, which rose by HKD 25,862,000, compared to a decrease of HKD 7,180,000 in the previous year[23] Revenue Sources - Revenue from external customers for the six months ended September 30, 2020, was HKD 210,389,000, an increase of 19.6% compared to HKD 175,882,000 for the same period in 2019[31] - The revenue contribution from construction projects where the company acted as the main contractor increased from approximately 96.4% in the previous period to approximately 99.9% in the current period[69] - Revenue from construction machinery leasing was approximately HKD 11.7 million, a significant increase from HKD 1.7 million in the same period last year, accounting for about 5.6% of total revenue[71] Expenses and Costs - The total operating expenses for the six months ended September 30, 2020, were HKD 14,702,000, down from HKD 19,848,000 in 2019, a reduction of 26.0%[38] - The financing costs net amount for the six months ended September 30, 2020, was HKD (4,231,000), compared to HKD (3,890,000) in 2019, an increase of 8.8%[39] - Total employee costs for the six months ended September 30, 2020, were approximately HKD 14.4 million, down from HKD 19.8 million for the same period last year[91] Capital Structure - As of September 30, 2020, the group's capital structure included equity of approximately HKD 323.0 million and borrowings of approximately HKD 79.3 million[79] - The current ratio improved to approximately 2.2 times from 1.9 times as of March 31, 2020[81] - The capital debt ratio decreased to approximately 24.6% from 34.6% as of March 31, 2020[85] Market Conditions and Strategy - The construction market in Hong Kong is under pressure due to a decrease in foundation contract numbers, leading to increased competition and lower project award prices[103] - The group plans to continue bidding for profitable foundation projects to achieve stable revenue growth despite the challenging economic environment[103] Corporate Governance - The company has adopted the corporate governance code as per the listing rules appendix 14 and has complied with its provisions as of September 30, 2020[112] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial information for the six months ending September 30, 2020[120]

Financial Performance - The company's revenue increased by approximately HKD 97.8 million or 26.4% from HKD 370.4 million in the previous fiscal year to approximately HKD 468.2 million in the fiscal year ending March 31, 2020[5]. - The profit for the fiscal year was approximately HKD 23.7 million, a decrease of about HKD 5.5 million compared to the previous year's profit of HKD 29.2 million[5]. - The gross profit for the fiscal year was approximately HKD 49.1 million, down from HKD 50.1 million in the previous fiscal year, resulting in a gross margin decrease from 13.5% to 10.5%[13]. - Profit attributable to equity holders decreased by approximately 18.8% from about HKD 29.2 million in FY2019 to approximately HKD 23.7 million in FY2020[19]. - Other income increased from approximately HKD 6.7 million in FY2019 to about HKD 9.9 million in FY2020, primarily due to rental income from machinery and equipment rising from approximately HKD 0.5 million to about HKD 10.1 million[14]. Revenue and Project Contributions - The revenue contribution from projects where the company acted as the main contractor rose from approximately 72% in the previous fiscal year to about 98% in the current fiscal year[8]. - The number of projects contributing to revenue decreased from 20 in the previous fiscal year to 13 in the current fiscal year, yet revenue still increased due to several large-scale projects reaching construction maturity[9]. - The uncompleted project revenue as of March 31, 2020, was approximately HKD 280.1 million, down from HKD 374.0 million the previous year[8]. Competition and Market Conditions - The company anticipates continued competition in the Hong Kong construction market, which may impact bidding prices and contract awards[6]. - The management will closely monitor the foundation industry and continuously adjust operational strategies to enhance shareholder returns[6]. - The company remains focused on "design and construction" projects to maintain competitive advantages[6]. Environmental Impact - Air pollutant emissions for 2020 included 9.11 kg of nitrogen oxides (NOx), 19.72 kg of sulfur dioxide (SO2), and 0.67 kg of particulate matter (PM), showing a slight increase in NOx and PM compared to 2019[62]. - The increase in sulfur dioxide emissions is attributed to a higher proportion of projects where the company acts as the main contractor, leading to increased use of owned machinery[61]. - Total greenhouse gas emissions decreased from 3,510.42 tons in 2019 to 3,339.77 tons in 2020, representing a reduction of approximately 4.86%[63]. - Energy consumption decreased from 13,072.63 thousand kWh in 2019 to 12,422.21 thousand kWh in 2020, a reduction of about 5.00%[68]. - Water usage increased significantly from 7,165 cubic meters in 2019 to 32,847 cubic meters in 2020, an increase of approximately 358.00% due to a higher proportion of projects undertaken as a general contractor[70]. Governance and Management - The board of directors is responsible for leading and controlling the company, reviewing operational and financial performance, and making decisions on overall strategy and significant acquisitions[103]. - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced composition for effective leadership[104]. - The management team is responsible for executing the strategies set by the board and regularly reports on the group's operational status[112]. - The company has established a robust governance structure with various committees, including the remuneration and audit committees[163]. - The board has delegated certain responsibilities related to diversity to the nomination committee, which monitors progress towards measurable diversity goals[114]. Financial Position and Ratios - As of March 31, 2020, the group's current ratio was approximately 1.9, down from 2.1 in FY2019[22]. - The capital debt ratio as of March 31, 2020, was approximately 34.6%, a decrease from 47.8% in FY2019[27]. - The group's cash and cash equivalents were approximately HKD 19.4 million as of March 31, 2020, compared to HKD 16.5 million in FY2019[21]. - The group's net current assets increased to approximately HKD 198.7 million as of March 31, 2020, from HKD 192.0 million in FY2019, primarily due to profits generated during the year[28]. Employee and Training - The total employee cost for the year was approximately HKD 43.3 million, slightly up from HKD 42.5 million in 2019[41]. - Employee turnover rate increased to 64.71% in 2020 from 28.05% in 2019, reflecting a significant rise in workforce flexibility[79]. - The company encourages continuous professional development and provides on-the-job training for employees[81]. - The company has a strong focus on internal training programs for technical personnel to enhance project management capabilities[161]. Risk Management and Compliance - The company has developed and implemented a risk management system defined by its approved risk management policies, which includes risk identification, analysis, and management phases[155]. - The internal control system covers key business areas including revenue management, expenditure management, and compliance, with management responsible for identifying risks and implementing additional controls as necessary[151]. - The board conducts an annual review of the effectiveness of the risk management and internal control systems, covering financial, operational, and compliance controls[152]. Shareholder Relations - The company is committed to open and sincere communication with shareholders, ensuring reasonable information disclosure[148]. - The company has maintained good corporate governance standards to ensure the integrity and transparency of disclosed information[96]. - The company has complied with the corporate governance code as outlined in the listing rules[98].

Financial Performance - Revenue for the six months ended September 30, 2019, was HKD 175,882,000, a 2.0% increase from HKD 172,493,000 in 2018[7] - Gross profit decreased to HKD 21,659,000, down 5.1% from HKD 22,827,000 in the previous year[7] - Operating profit increased to HKD 19,115,000, representing an 6.9% rise compared to HKD 16,934,000 in 2018[7] - Profit before tax was HKD 15,225,000, up 3.3% from HKD 14,735,000 in the same period last year[7] - Net profit for the period was HKD 12,332,000, slightly down from HKD 12,340,000 in 2018[7] - The company reported a basic and diluted earnings per share of HKD 3.08, slightly down from HKD 3.09 in the previous year[7] - The profit attributable to equity holders for the six months ended September 30, 2019, was 12,332,000 HKD, which is a marginal decrease from 12,340,000 HKD in the previous year[48] Assets and Liabilities - Total assets increased to HKD 565,602,000, a 12.3% rise from HKD 503,683,000 as of March 31, 2019[9] - Trade receivables and contract assets rose significantly to HKD 370,903,000, up from HKD 334,469,000[9] - Total equity increased to HKD 301,139,000, compared to HKD 288,807,000 at the end of March 2019[9] - The company reported a significant increase in short-term borrowings, totaling HKD 188,482,000, up from HKD 173,928,000 in the previous period[13] - The total value of lease liabilities as of September 30, 2019, was 59,320,000 HKD, with non-current liabilities amounting to 43,447,000 HKD and current liabilities at 15,873,000 HKD[52] Cash Flow and Investments - Cash flow from operating activities showed a net outflow of HKD 452,000, a significant improvement from a net outflow of HKD 51,419,000 in the same period last year[13] - The net cash used in investing activities was HKD 3,423,000, a decrease from HKD 43,048,000 in the previous year, indicating reduced capital expenditures[13] - Cash and cash equivalents increased by HKD 6,974,000, compared to a decrease of HKD 52,779,000 in the prior year[13] - Capital expenditures during the period were approximately HKD 25.0 million, a decrease from HKD 43.4 million for the six months ended September 30, 2018[96] Revenue Sources and Market Position - Revenue from construction contracts for the six months ended September 30, 2019, was HKD 175,882,000, compared to HKD 172,493,000 for the same period in 2018, representing a growth of 2.3%[32] - The contribution to revenue from projects where the company acted as the main contractor increased from approximately 62.4% of total revenue in the previous period to approximately 96.4% in the current period[79] - As of September 30, 2019, the total transaction value of uncompleted long-term construction contracts was approximately HKD 527.1 million, up from HKD 374.0 million as of March 31, 2019[80] Expenses and Costs - Administrative expenses decreased by approximately HKD 0.6 million or about 9.7% to approximately HKD 5.4 million[87] - Net finance costs increased by approximately HKD 1.7 million or 76.8% to about HKD 3.9 million, primarily due to increased borrowings for business expansion[88] - The total employee costs for the six months ended September 30, 2019, were approximately HKD 19.8 million, compared to HKD 19.9 million for the same period in 2018[99] Strategic Focus and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[7] - The company is focused on foundation engineering and general construction services in Hong Kong and Macau, indicating a strategic focus on regional market expansion[14] - The board remains confident in the company's future development, planning to expand business capabilities and scale to enhance market position in Hong Kong[114] Compliance and Governance - The company has adopted the Corporate Governance Code and has complied with its provisions as of September 30, 2019[123] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial information for the six months ended September 30, 2019[131]

2018-2019 年度報告 ANNUAL REPORT 2018-2019 ( 於開曼群島註冊成立的有限公司 ) 股份代號 :3878 Annu al Repo rt 2018-2019 年度報告 (Incorporated in the Cayman Islands with limited liability) Stock Code: 3878 Vicon_HAR2018_Cover_01(CL).indd 所有頁面 18/7/2019 18:03:57 | 目 | 錄 | | --- | --- | | 2 | 公司資料 | | 4 | 主席報告 | | 5 | 管理層討論與分析 | | 12 | 環境、社會及管治報告 | | 23 | 企業管治及其他資料 | | 34 | 董事及高級管理層履歷 | | 39 | 董事報告 | | 51 | 獨立核數師報告 | | 58 | 綜合全面收益表 | | 59 | 綜合資產負債表 | | 61 | 綜合權益變動表 | | 62 | 綜合現金流量表 | | 64 | 綜合財務報表附註 | | | 112 財務資料概要 | VICON HOLDINGS LIMI ...