Workflow
PROSPER CONS(06816)
icon
Search documents
瑞港建设发盈喜 预期上半年税前亏损不少于4900万港元
Zhi Tong Cai Jing· 2025-08-15 12:49
瑞港建设(06816)公布,预期该集团截至2025年6月30日止六个月期间将取得不少于4900万港元的税前亏 损,相对2024年度同期的6200万港元税前亏损,预期亏损收窄约1300万港元。 公告称,集团的一般建筑业务表现于2025中期取得改善,毛利预期增加约2800万港元;但海事工程业务 中一个完工项目的结算结果不符理想,导致毛利减少约1600万港元。综合而言,尽管一般建筑业务表现 改善,但营运收益未足够平衡行政开支和财务成本,导致2025中期预计亏损。 ...
瑞港建设(06816.HK)预期中期税前亏损不少于4900万港元
Ge Long Hui· 2025-08-15 12:46
格隆汇8月15日丨瑞港建设(06816.HK)公布,公司预期截至2025年6月30日止六个月期间将录得不少于4 千9百万港元的税前亏损,相对2024年度同期的6千2百万港元税前亏损,预期亏损收窄约1千3百万港 元。 集团的一般建筑业务表现于2025中期录得改善,毛利预期增加约2千8百万港元;但海事工程业务中一个 完工项目的结算结果不符理想,导致毛利减少约1千6百万港元。综合而言,尽管一般建筑业务表现改 善,但营运收益未足够平衡行政开支和财务成本,导致2025中期预计亏损。 ...
瑞港建设(06816) - 盈利警告及内幕消息
2025-08-15 12:39
瑞 港 建 設 控 股 有 限 公 司 PROSPER CONSTRUCTION HOLDINGS LIMITED 本集團的一般建築業務表現於 2025 中期錄得改善,毛利預期增加約 2 千 8 百 萬港元;但海事工程業務中一個完工項目的結算結果不符理想,導致毛利減少 約 1 千 6 百萬港元。綜合而言,儘管一般建築業務表現改善,但營運收益未足 夠平衡行政開支和財務成本,導致 2025 中期預計虧損。 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之內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示概不就因本公告全部或任何部份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。 ( 於開曼群島註冊成立的有限公司 ) (股份代號:6816) 盈利警告和内幕消息 本公告由瑞港建設控股有限公司(「本公司」,連同其附屬公司統稱「本集 團」)根據香港聯合交易所有限公司證券上市規則(「上市規則」)第 13.09(2) 條,以及證券及期貨條例(香港法例第 571 章)第 XIVA 部之內幕消息條文 (定義見上市規則)而作出。 截至 2025 年 6 月 30 日止六個月期間的預期虧損 本公司董事 ...
瑞港建设(06816) - 董事会会议通告
2025-08-15 12:38
本公司董事會(「董事會」)謹此公告,董事會將於 2025 年 8 月 28 日(星期 四)舉行會議,以商討(其中包括)考慮通過本集團截至 2025 年 6 月 30 日止 六個月之未經審核中期業績及考慮派發股息(如有)。 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之內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示概不就因本公告全部或任何部份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。 瑞 港 建 設 控 股 有 限 公 司 PROSPER CONSTRUCTION HOLDINGS LIMITED ( 於開曼群島註冊成立的有限公司 ) (股份代號:6816) 董事會會議通告 承董事會命 瑞港建設控股有限公司 執行董事 周宏宝 香港, 2025 年 8 月 15 日 於本公告日期,董事會成員包括執行董事姜洪昌先生(董事會主席) 、劉玉濤先生、杜建志先生、 周宏宝先生及李春曉先生;及獨立非執行董事張志文先生、陳艷女士及劉軍春先生。 ...
瑞港建设(06816) - 截至2025年7月31日之股份发行人的证券变动月报表
2025-08-04 08:33
FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 瑞港建設控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06816 | 說明 | 瑞港建設 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.01 HKD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.01 HKD | | 40,000,000 | ...
瑞港建设(06816.HK)5月15日收盘上涨37.21%,成交1.89万港元
Jin Rong Jie· 2025-05-15 08:34
Company Overview - 瑞港建设控股有限公司 is a long-established contractor in Hong Kong, comprising Hong Kong Ruiwo Engineering Co., Ltd., Haiguang Limited, Hong Kong Ruiwo (Macau) Engineering Co., Ltd., and Indonesia Ruiwo Engineering Co., Ltd. [2] - The company primarily provides maritime construction services to both private and public institutions, with projects spanning Hong Kong, Macau, and other Southeast Asian regions. [2] - Services include dredging and non-dredging foundation treatment, land reclamation, pier construction, offshore facility foundation engineering, marine transportation, and vessel leasing. [2] - The company operates a fleet of vessels specifically designed for maritime construction, including pile drivers, open-hold barges, flat barges, grab dredgers, tugboats, and floating dock vessels. [2] - 瑞港建设 is known for its high-quality, timely services, and has built a strong reputation in the industry, emphasizing quality, quantity, timeliness, and safety as its highest requirements. [2] Financial Performance - As of December 31, 2024, 瑞港建设 reported total revenue of 1.511 billion yuan, a year-on-year decrease of 23.26%. [1] - The company recorded a net profit attributable to shareholders of -147 million yuan, an increase of 15.77% year-on-year. [1] - The gross profit margin stood at 7.98%, while the debt-to-asset ratio was 94.21%. [1] Market Position and Valuation - Currently, there are no institutional investment ratings for 瑞港建设. [1] - The average price-to-earnings (P/E) ratio for the construction industry is 8.21 times, with a median of 1.58 times. [1] - 瑞港建设 has a P/E ratio of -0.43 times, ranking 214th in the industry. [1] - Comparatively, other companies in the industry have P/E ratios such as Pujiang International at 1.01 times, Food King (Global) at 1.39 times, and others ranging from 1.52 to 1.58 times. [1]
瑞港建设(06816) - 2024 - 年度财报
2025-04-29 06:22
Financial Performance - The company recorded revenue of HKD 1,631.3 million for the fiscal year 2024, a decrease of approximately 23.3% compared to the fiscal year 2023[16]. - The maritime business segment's revenue decreased by approximately HKD 114.4 million or 65.7%, while the general construction business segment's revenue decreased by approximately HKD 380.1 million or 19.5%[16]. - In the fiscal year 2024, the cost of sales decreased by 22.8% to HKD 1,501.2 million, with a gross profit margin dropping to 8.0% from 8.5% in 2023[18]. - The group recorded an impairment loss provision of HKD 61.3 million for financial assets in fiscal year 2024, including HKD 32.9 million for the general construction segment and HKD 28.4 million for the maritime segment[19]. - The operating loss narrowed to HKD 70.4 million in fiscal year 2024 from HKD 100.4 million in 2023, despite a decline in revenue and further impairment provisions[24]. - The company reported a net loss for the year of HKD 150,711, a reduction of 17.0% from HKD 181,635 in 2023[169]. - Basic and diluted loss per share for 2024 was HKD 19.89, compared to HKD 23.61 in 2023, reflecting a decrease of 15.5%[167]. - The company reported a financial asset impairment loss of HKD 61,298 for 2024, down from HKD 86,775 in 2023, indicating a 29.4% improvement[167]. - The company recorded a loss of HKD 150,711,000 for the year ended December 31, 2024, compared to a loss of HKD 188,898,000 in the previous year, showing a reduction in losses[173]. Business Expansion and Strategy - The company has successfully expanded its business coverage to Guangdong and Hainan provinces to mitigate risks associated with customer concentration and specific regional economic conditions[10]. - The company is actively promoting photovoltaic-related projects, including the construction of related industrial facilities and energy-saving technology curtain wall projects[7]. - The company aims to enhance the synergy between general construction and curtain wall businesses, targeting project expansion in the Middle East market[7]. - The company has developed a comprehensive business expansion plan to capture opportunities from new business regions and sectors, anticipating improved performance in 2025[7]. - The company plans to explore potential projects in the UAE in early 2025[13]. - The group expanded its business into the Chinese construction industry through the acquisition of Dongjie Construction, enhancing its service range and competitiveness in general contracting[105]. - The group aims to consolidate its construction business in China through a framework agreement and ongoing bidding for five projects with Haifa Group[107]. Financial Position and Liabilities - The group's total liabilities to equity ratio increased to 616.6% as of December 31, 2024, compared to 366.0% in the previous year[31]. - Total liabilities increased to HKD 4,974,512,000 in 2024 from HKD 4,555,129,000 in 2023, reflecting a rise of approximately 9.2%[172]. - The company did not meet certain financial covenants for bank borrowings, totaling HKD 428,541,000, which have been classified as current liabilities as of December 31, 2024[181]. - The company believes it has sufficient operating funds to meet its financial obligations for the next twelve months, based on waivers granted by banks regarding unmet financial covenants[182]. Governance and Compliance - The company has adopted the corporate governance code and has complied with its provisions throughout fiscal year 2024, with a correction made regarding the separation of the roles of chairman and CEO[50]. - The board of directors held a total of 9 meetings in fiscal year 2024, with attendance rates varying among members[54]. - The board composition provides a balanced mix of skills, experience, and diverse perspectives to achieve the company's goals[56]. - The company has engaged an external independent consultant to review its internal control system for the fiscal year 2024, covering areas such as construction processes, financial management, inventory, and compliance management[70]. - The company has complied with all relevant laws and regulations in all material aspects during the fiscal year ending December 31, 2024[126]. Employee and Operational Metrics - The total employee cost for the fiscal year 2024 was approximately HKD 127.2 million, a decrease of 32.5% from HKD 188.6 million in fiscal year 2023[42]. - The number of employees decreased from 660 in 2023 to 567 in 2024, reflecting a reduction in various functional areas, particularly project management which saw a drop from 318 to 85 employees[42]. - As of December 31, 2024, the employee composition is 456 males (80.4%) and 111 females (19.6%), indicating a focus on gender diversity[66]. Risk Management - The company is exposed to general economic and market risks that could impact the competitiveness and profitability of maritime construction projects[46]. - The board believes that the risk management and internal control systems are effective and adequate, although they cannot eliminate all risks associated with achieving business objectives[70]. - The company has implemented monitoring procedures to manage credit risk associated with trade receivables[191]. Shareholder Communication and Dividends - The board of directors did not recommend the payment of dividends for the fiscal year 2024[44]. - The company emphasizes the importance of effective communication with shareholders to enhance their understanding of the group's business and performance[73]. - The board will consider distributing dividends at least twice a year, based on various factors including operational performance and financial condition[78]. Credit and Impairment Provisions - The expected credit loss provision for trade receivables, retention money, and notes receivable as of December 31, 2024, is HKD 121,009,000, an increase from HKD 104,957,000 in 2023[200]. - The expected loss ratio for trade receivables and retention money ranges from 0.07% to 36.96% as of December 31, 2024, compared to 0.09% to 23.15% in 2023[198]. - The group applies a simplified approach under HKFRS 9 to measure expected credit losses for trade receivables, retention money, and notes receivable, using lifetime loss provisions[197].
瑞港建设(06816) - 2024 - 年度业绩
2025-03-31 14:33
Financial Performance - Revenue for the year ended December 31, 2024, was HKD 1,631.3 million, a decrease of 23.3% compared to HKD 2,125.9 million in 2023[3] - Gross profit for the same period was HKD 130.1 million, down 28.1% from HKD 181.1 million in 2023, resulting in a gross margin of 8.0%[3] - The net loss for the year was HKD 150.7 million, an improvement from a loss of HKD 181.6 million in the previous year[3] - Basic and diluted loss per share was HKD 0.1989, compared to HKD 0.2361 in 2023[5] - The group recorded an operating loss of HKD 70.4 million for fiscal year 2024, an improvement from a loss of HKD 100.4 million in fiscal year 2023[47] - The cost of sales for fiscal year 2024 decreased by 22.8% to HKD 1,501.2 million, resulting in a gross margin of 8.0%, down from 8.5% in fiscal year 2023[41] - The group recorded an impairment loss provision of HKD 61.3 million for fiscal year 2024, including HKD 32.9 million for the general construction segment and HKD 28.4 million for the maritime segment[42] Assets and Liabilities - Total assets increased by 4.9% to HKD 5,280.4 million from HKD 5,035.6 million in 2023[3] - Total liabilities increased to HKD 4,974.5 million from HKD 4,555.1 million in 2023, indicating a rise in financial obligations[8] - Total equity decreased by 36.3% to HKD 305.9 million from HKD 480.5 million in 2023[3] - As of December 31, 2024, the group had a net current asset balance of approximately HKD 218.8 million and a net debt of HKD 1,571.0 million, with a debt-to-equity ratio increasing to 616.6% from 366.0% in the previous year[52] Cash Flow and Financial Obligations - The company expects to have sufficient operating funds to meet its financial obligations for the next twelve months[13] - As of December 31, 2024, the company failed to comply with certain financial covenants on bank loans, with an outstanding principal amount of HKD 129,500,000[12] - Total bank borrowings of HKD 428,541,000 have been classified as current liabilities due to covenant breaches[12] Trade and Receivables - The company reported a significant increase in trade receivables, which rose to HKD 1,264.3 million from HKD 1,188.6 million in 2023[7] - Trade receivables increased to HKD 1,289,969 thousand in 2024 from HKD 1,073,911 thousand in 2023, with a net increase of HKD 1,175,088 thousand after provisions[25] - The aging analysis of trade receivables shows that amounts over two years increased to HKD 138,603 thousand in 2024 from HKD 64,480 thousand in 2023[27] - The net receivables from related parties increased to HKD 1,204,120 thousand in 2024 from HKD 1,173,138 thousand in 2023, reflecting improved collection efforts[25] Business Operations and Market Conditions - The maritime construction market in Hong Kong and Macau continues to slow down, leading to increased competition and pricing pressure[34] - The company expanded its business coverage to Guangdong and Hainan provinces to mitigate risks associated with customer concentration and regional economic conditions[34] - The group has successfully expanded its general construction business into southern regions, including Guangzhou, Fuzhou, and Hainan, and is focusing on photovoltaic-related projects[36] - The company achieved a favorable arbitration ruling for a completed project in Hong Kong during the fiscal year 2024[35] - The largest four projects contributing to revenue in fiscal year 2024 did not exceed 5% of total revenue, indicating a diversified project portfolio[35] - The company is pursuing compensation for costs incurred on a large project in the Philippines that was suspended due to force majeure[34] Research and Development - Research and development expenses were HKD 21.1 million, slightly down from HKD 22.6 million in the previous year[5] - Research and development expenses remained stable at HKD 21.1 million for fiscal year 2024, focused on curtain wall engineering and construction technology[43] Employee and Administrative Costs - The total employee cost for the fiscal year 2024 was approximately HKD 127.2 million, a decrease of 32.5% from HKD 188.6 million in fiscal year 2023[63] - The number of employees decreased from 660 in 2023 to 567 in 2024, with significant reductions in project management and administrative roles[62] - Other administrative expenses decreased by HKD 44.1 million to HKD 129.6 million, primarily due to reductions in employee costs, professional fees, and leasing expenses[44] Dividends and Shareholder Returns - No interim dividend was declared for the year ending December 31, 2024, consistent with 2023[23] - The company has no plans to declare a final dividend for the year ending December 31, 2024, similar to 2023[24] - The board does not recommend the payment of dividends for the fiscal year 2024[65] Compliance and Governance - The group has maintained compliance with the minimum public float requirements under the listing rules throughout fiscal year 2024[76] - The group's auditor, Lixin Dehao Certified Public Accountants, confirmed that the preliminary performance announcement aligns with the audited financial statements for the year ending December 31, 2024[81] - The annual performance announcement will be published on the Stock Exchange and the company's website, with the annual report for FY2024 to be distributed electronically by the end of April 2025[82] - The board of directors includes executive directors Jiang Hongchang (Chairman), Dong Fang (Vice Chairman), Liu Yutao, Du Jianzhi, and Zhou Hongbao, along with independent non-executive directors Zhang Zhiwen, Chen Yan, and Liu Junchun[83] Other Information - The group did not hold any significant investments during fiscal year 2024[57] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during fiscal year 2024[56] - The group has not encountered any major labor disputes and has maintained good relationships with employees[63] - The group has not faced any sanctions or penalties for environmental law violations during fiscal year 2024[67] - There were no significant events after December 31, 2024, that would have a major impact on the group[69] - The company has adopted new Hong Kong Financial Reporting Standards effective from January 1, 2024, which are not expected to have a significant impact on the financial statements[14]
瑞港建设(06816) - 2024 - 中期财报
2024-09-12 23:41
Management Discussion and Analysis [Business Review and Outlook](index=3&type=section&id=Business%20Review%20and%20Outlook) The company faced significant business challenges in H1 2024, with general building and marine construction revenues declining sharply, but holds over **HKD 3 billion** in contract backlog for future revenue - Revenue from the company's general building and marine construction business segments significantly declined during the period, impacted by a sluggish real estate market and a lack of major marine projects in Hong Kong and Macau[4](index=4&type=chunk) Revenue Changes by Business Segment | Business Segment | Revenue Change | | :--- | :--- | | General Building Contracting | Decreased by approx. 39% YoY | | Marine Construction | Decreased by approx. 62% YoY | - To address challenges, the company actively expanded into Guangdong and Hainan provinces, securing several large projects expected to contribute revenue starting in the second half of 2024[5](index=5&type=chunk) - The company successfully recovered a trade receivable with a book value exceeding **HKD 40 million** that was over 6 years old, demonstrating effective working capital management[5](index=5&type=chunk) - Despite business contraction in the first half, the company holds seven relatively large projects with a total contract backlog exceeding **HKD 3 billion**, anticipated to provide additional revenue to the Group in the second half of 2024[5](index=5&type=chunk) [Financial Review](index=4&type=section&id=Financial%20Review) For the period, the Group's total revenue decreased by **41.8%** to **HKD 509 million**, with gross profit falling by **30.2%** to **HKD 33.7 million** despite lower cost of sales, while increased administrative and finance costs led to an expanded loss for the period of **HKD 59.0 million** Key Financial Indicators for H1 2024 | Indicator | H1 2024 (HKD Million) | H1 2023 (HKD Million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 509.0 | 874.3 | -41.8% | | Gross Profit | 33.7 | 48.2 | -30.2% | | Gross Profit Margin | 6.6% | 5.5% | +1.1pp | | Other Administrative Expenses | 56.8 | 48.5 | +17.1% | | Finance Costs | 42.2 | 31.6 | +33.4% | | Loss for the Period | (59.0) | (43.6) | +35.3% | - The increase in other administrative expenses was primarily due to a **HKD 17.5 million** rise in vessel and equipment maintenance and idle costs within the marine construction segment[11](index=11&type=chunk) - The rise in finance costs was mainly attributable to increased bank borrowings for China operations and a general increase in interest rates[12](index=12&type=chunk) [Analysis of Financial Position](index=5&type=section&id=Analysis%20of%20Financial%20Position) As of June 30, 2024, the Group's financial position showed a decrease in both trade receivables and contract assets, reflecting collection efforts, while the Group held **40 vessels** and **195 sets of machinery and equipment**, with a slight improvement in trade receivables aging - As of June 30, 2024, the Group owned **40 vessels**, **195 sets of machinery and equipment**, and an office building located in Qingdao, China[15](index=15&type=chunk) Changes in Key Balance Sheet Items | Item | June 30, 2024 (HKD Million) | December 31, 2023 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Trade and Retention Receivables | 1,502.5 | 1,638.7 (Estimated) | -136.2 | | Contract Assets | 1,337.3 | 1,736.6 | -399.3 | - The aging profile of trade receivables and amounts due from fellow subsidiaries slightly improved at period-end, and management will continue to intensify collection efforts in the second half of 2024[17](index=17&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=6&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) As of June 30, 2024, the Group's net current assets significantly increased to **HKD 487 million**, and net debt decreased to **HKD 1.401 billion**; however, the gearing ratio rose from **366.0%** to **425.5%** due to a decline in equity balance from the loss for the period, with the Group primarily operating in RMB, HKD, MOP, and USD without hedging policies Liquidity and Capital Structure Indicators | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net Current Assets | HKD 486.8 Million | HKD 210.5 Million | | Net Debt | HKD 1,401.1 Million | HKD 1,553.1 Million | | Gearing Ratio | 425.5% | 366.0% | - The primary reason for the increase in the gearing ratio was the decrease in the Group's equity balance due to the loss incurred during the period[19](index=19&type=chunk) - The Group's operations are primarily conducted in RMB, HKD, MOP, and USD, with no hedging policies adopted, mitigating foreign exchange risk by settling contracts and expenses in major currencies[20](index=20&type=chunk) [Other Disclosures](index=7&type=section&id=Other%20Disclosures) During the period, the Group's total employees decreased from **660** to **603**, with a corresponding reduction in staff costs, minimal capital expenditure, no significant acquisitions or investments, and a pending litigation of **HKD 112 million** with uncertain outcome and no provision made, while the board decided not to declare an interim dividend - As of June 30, 2024, the Group's headcount was **603**, a decrease from **660** at the end of 2023; total staff costs decreased by **27%** year-on-year to **HKD 64.4 million**[22](index=22&type=chunk) - The Group faces a lawsuit with a claim amount of **HKD 112 million**, for which no provision has been made in the financial statements due to the early stage of the case and inability to assess the outcome[27](index=27&type=chunk)[102](index=102&type=chunk) - Qingdao West Coast Holdings (International) Co., Ltd. is the company's major shareholder, holding a **62.25%** equity stake[33](index=33&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[37](index=37&type=chunk)[74](index=74&type=chunk) Interim Condensed Consolidated Financial Statements [Interim Condensed Consolidated Statement of Comprehensive Income](index=10&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2024, the Group recorded revenue of **HKD 509 million**, a **41.8%** year-on-year decrease, with loss for the period expanding to **HKD 59.0 million** from **HKD 43.6 million** in the prior year due to lower gross profit and increased expenses, resulting in a basic loss per share of **HKD 6.70 cents** Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Item (HKD Thousand) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Revenue | 508,954 | 874,322 | | Gross Profit | 35,357 | 48,202 | | Operating Loss | (20,462) | (11,717) | | Loss Before Income Tax | (62,396) | (43,127) | | Loss for the Period | (59,029) | (43,585) | | Loss Attributable to Owners of the Company | (53,588) | (49,349) | | Basic Loss Per Share (HK Cents) | (6.70) | (6.17) | [Interim Condensed Consolidated Statement of Financial Position](index=11&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were **HKD 4.694 billion**, total liabilities **HKD 4.286 billion**, and total equity **HKD 409 million**; total assets and liabilities decreased from year-end 2023, equity declined due to loss for the period, while net current assets significantly improved from **HKD 211 million** to **HKD 487 million** Summary of Interim Condensed Consolidated Statement of Financial Position | Item (HKD Thousand) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 456,345 | 481,762 | | Current Assets | 4,237,993 | 4,553,842 | | **Total Assets** | **4,694,338** | **5,035,604** | | **Equity and Liabilities** | | | | Total Equity | 408,560 | 480,475 | | Non-current Liabilities | 534,552 | 211,824 | | Current Liabilities | 3,751,226 | 4,343,305 | | **Total Liabilities** | **4,285,778** | **4,555,129** | | **Total Equity and Liabilities** | **4,694,338** | **5,035,604** | [Interim Condensed Consolidated Statement of Changes in Equity](index=13&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2024, the Group's total equity decreased from **HKD 480 million** at the beginning of the year to **HKD 409 million**, primarily due to a loss for the period of **HKD 59.0 million** and other comprehensive loss from currency translation differences of **HKD 12.9 million** Summary of Changes in Equity (HKD Thousand) | Item | Amount | | :--- | :--- | | Total Equity as at January 1, 2024 | 480,475 | | Loss for the Period | (59,029) | | Other Comprehensive Loss (Exchange Differences) | (12,886) | | **Total Equity as at June 30, 2024** | **408,560** | [Interim Condensed Consolidated Statement of Cash Flows](index=14&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the period, the Group's cash flow significantly improved, with net cash generated from operating activities of **HKD 130 million** compared to a net outflow of **HKD 409 million** in the prior year, primarily due to effective collection of receivables and contract assets, increasing cash and cash equivalents to **HKD 292 million** at period-end Summary of Interim Condensed Consolidated Statement of Cash Flows | Item (HKD Thousand) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 130,402 | (409,062) | | Net Cash Generated From Investing Activities | 7,377 | 99,068 | | Net Cash Generated From Financing Activities | 6,155 | 197,606 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 143,934 | (112,388) | | Cash and Cash Equivalents at End of Period | 292,450 | 223,771 | Notes to the Interim Condensed Consolidated Financial Information [Note 5: Revenue and Segment Information](index=18&type=section&id=Note%205%3A%20Revenue%20and%20Segment%20Information) Total revenue for the period was **HKD 509 million**, with general building contracting services contributing the most at **HKD 468 million** but significantly decreasing year-on-year, while marine construction and related services also saw substantial revenue reductions; Mainland China remained the primary revenue source, accounting for over **90%**, and segment results showed losses for marine-related businesses but a slight profit for general building contracting services Revenue by Service Type (HKD Thousand) | Service Type | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Marine Construction Works | 38,289 | 73,728 | | Marine-Related Ancillary Services | 2,670 | 33,677 | | General Building Contracting Services | 467,995 | 766,917 | | **Total** | **508,954** | **874,322** | Revenue by Geographical Region (HKD Thousand) | Region | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Hong Kong | 38,750 | 74,242 | | Mainland China | 467,995 | 766,917 | | Philippines | – | 30,125 | | Indonesia | 2,208 | 3,038 | | **Total** | **508,953** | **874,322** | Segment Results (HKD Thousand) | Business Segment | H1 2024 Segment Results | | :--- | :--- | | Marine Construction Works | (7,694) | | Marine-Related Ancillary Services | (1,125) | | General Building Contracting Services | 363 | [Note 14: Trade and Retention Receivables, Bills Receivable and Amounts Due from Fellow Subsidiaries](index=28&type=section&id=Note%2014%3A%20Trade%20and%20Retention%20Receivables%2C%20Bills%20Receivable%20and%20Amounts%20Due%20from%20Fellow%20Subsidiaries) As of June 30, 2024, total trade and retention receivables and bills receivable decreased to **HKD 1.052 billion** from year-end 2023, with a significant increase in trade receivables over one year old; concurrently, amounts due from fellow subsidiaries slightly rose to **HKD 1.196 billion**, with a substantial increase in amounts over one year old, indicating extended collection cycles Aging Analysis of Trade Receivables (HKD Thousand) | Aging | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within 1 year | 350,203 | 722,566 | | 1 to 2 years | 304,778 | 189,299 | | Over 2 years | 322,350 | 64,480 | | **Total** | **977,331** | **976,345** | Aging Analysis of Amounts Due from Fellow Subsidiaries (HKD Thousand) | Aging | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within 1 year | 112,732 | 678,155 | | 1 to 2 years | 767,825 | 366,507 | | Over 2 years | 315,818 | 128,476 | | **Total** | **1,196,375** | **1,173,138** | [Note 19: Borrowings](index=32&type=section&id=Note%2019%3A%20Borrowings) As of June 30, 2024, the Group's total borrowings were **HKD 1.592 billion**, largely stable from year-end 2023, with short-term borrowings comprising the majority at approximately **HKD 1.190 billion**; borrowings are primarily denominated in RMB, accounting for about **77%**, and most bank facilities are secured by guarantees from the ultimate holding company, the Company, or subsidiaries, or by pledged assets Borrowing Structure (HKD Thousand) | Type | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Non-current (Long-term) | 402,729 | 78,423 | | Current (Short-term) | 1,189,757 | 1,534,260 | | **Total Borrowings** | **1,592,486** | **1,612,683** | Borrowings by Currency (HKD Thousand) | Currency | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | HKD | 323,020 | 321,119 | | MOP | 37,961 | 37,961 | | RMB | 1,231,505 | 1,253,603 | | **Total** | **1,592,486** | **1,612,683** | - The Group's loan facilities are largely supported by guarantees from the ultimate holding company, the Company, or subsidiaries, pledged deposits, or pledged property and equipment[98](index=98&type=chunk)[99](index=99&type=chunk) [Note 21: Related Party Transactions](index=35&type=section&id=Note%2021%3A%20Related%20Party%20Transactions) The Group has significant related party transactions with several fellow subsidiaries, primarily involving construction project revenue, totaling approximately **HKD 121 million** for the period; as of period-end, amounts due from fellow subsidiaries reached **HKD 1.196 billion**, amounts due to fellow subsidiaries were **HKD 152 million**, and loans from an intermediate holding company amounted to **HKD 146 million** - During the period, the Group derived construction project revenue from several fellow subsidiaries, including West Coast New Area, Haifa Investment, and West Coast Sci-Tech[108](index=108&type=chunk) Period-End Balances with Related Parties (HKD Thousand) | Item | June 30, 2024 | Nature | | :--- | :--- | :--- | | Amounts Due from Fellow Subsidiaries | 1,196,375 | Trade | | Amounts Due to Fellow Subsidiaries | (151,581) | Primarily Non-Trade | | Loan from an Intermediate Holding Company | (145,852) | Non-Trade | - Amounts due to Xifa Commercial Factoring originated from a supplier invoice factoring arrangement, essentially converting amounts payable to suppliers into amounts payable to a related party[110](index=110&type=chunk)
瑞港建设(06816) - 2024 - 中期业绩
2024-08-26 14:09
[Financial Statements](index=1&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's revenue declined significantly, leading to a wider net loss for the period ended June 30, 2024 Key Financial Performance | Metric | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 508,954 | 874,322 | -41.8% | | Gross Profit | 35,357 | 48,202 | -26.6% | | Operating Loss | (20,462) | (11,717) | +74.6% | | Loss Before Income Tax | (62,396) | (43,127) | +44.7% | | Loss for the Period | (59,029) | (43,585) | +35.4% | | Loss Attributable to Owners | (53,588) | (49,349) | +8.6% | | Basic and Diluted Loss Per Share (HK cents) | (6.70) | (6.17) | +8.6% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets and equity decreased as of June 30, 2024, while overall liability levels remained high Key Balance Sheet Items | Metric | Jun 30, 2024 (HK$ '000) | Dec 31, 2023 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 4,694,338 | 5,035,604 | -6.8% | | Total Liabilities | 4,285,778 | 4,555,129 | -5.9% | | Total Equity | 408,560 | 480,475 | -15.0% | | Current Assets | 4,237,993 | 4,553,842 | -6.9% | | Current Liabilities | 3,751,226 | 4,343,305 | -13.6% | [Notes to Financial Statements](index=5&type=section&id=Notes%20to%20Financial%20Statements) [Note 1, 2, 4 - General Information and Basis of Preparation](index=5&type=section&id=Note%201%2C%202%2C%204%20-%20General%20Information%20and%20Basis%20of%20Preparation) The Group operates in marine construction and related services, with unaudited interim financials prepared under HKAS 34 - The Group is principally engaged in providing marine construction services, marine-related ancillary services, and general building construction contracting services[5](index=5&type=chunk) - The unaudited condensed consolidated interim financial information for the six months ended June 30, 2024, has been prepared in accordance with HKAS 34[7](index=7&type=chunk) [Note 3 - Financial Risk Management](index=6&type=section&id=Note%203%20-%20Financial%20Risk%20Management) The Group is exposed to market, credit, and liquidity risks, with no significant changes in risk management policies - The Group's risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on financial performance[11](index=11&type=chunk) - There have been **no changes in the risk management policies** since the end of 2023[11](index=11&type=chunk) [Note 5 - Revenue and Segment Information](index=7&type=section&id=Note%205%20-%20Revenue%20and%20Segment%20Information) Total revenue fell 41.8% to HK$509 million, with declines across all business segments and key geographic regions Revenue by Business Segment | Business Segment | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Marine construction works | 38,289 | 73,728 | -48.1% | | Marine-related ancillary services | 2,670 | 33,677 | -92.1% | | General building construction contracting services | 467,995 | 766,917 | -39.0% | | **Total** | **508,954** | **874,322** | **-41.8%** | Revenue by Geographical Location | Region | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Hong Kong | 38,750 | 74,242 | -47.8% | | Mainland China | 467,995 | 766,917 | -39.0% | | The Philippines | – | 30,125 | -100% | | Indonesia | 2,208 | 3,038 | -27.3% | [Note 6, 7, 8, 9 - Analysis of Key P&L Items](index=12&type=section&id=Note%206%2C%207%2C%208%2C%209%20-%20Analysis%20of%20Key%20P%26L%20Items) The loss before tax widened due to a significant increase in net finance costs, despite lower staff costs - **Net finance costs increased by 33.5% YoY** to HK$41.93 million, mainly due to higher interest expenses on bank loans[24](index=24&type=chunk) - Other net income was HK$6.83 million, a turnaround from a loss of HK$2.34 million in the prior period, primarily driven by a **foreign exchange gain of HK$5.54 million**[23](index=23&type=chunk) - Staff costs, including directors' remuneration, decreased to HK$64.44 million from HK$88.29 million in the same period last year[22](index=22&type=chunk) [Note 10, 11 - Dividends and Loss Per Share](index=13&type=section&id=Note%2010%2C%2011%20-%20Dividends%20and%20Loss%20Per%20Share) The Board did not recommend an interim dividend, and the basic and diluted loss per share widened to 6.70 HK cents - The Board of Directors **does not recommend the payment of an interim dividend** (H1 2023: Nil)[27](index=27&type=chunk) Loss Per Share | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Loss attributable to equity holders (HK$ '000) | (53,588) | (49,349) | | Basic loss per share (HK cents) | (6.70) | (6.17) | [Note 12-17 - Analysis of Key Balance Sheet Items](index=14&type=section&id=Note%2012-17%20-%20Analysis%20of%20Key%20Balance%20Sheet%20Items) Trade receivables and payables both decreased, while total borrowings remained stable at HK$1.59 billion - Total trade receivables, retention receivables, and bills receivable **decreased to HK$1.05 billion** from HK$1.19 billion at year-end 2023[32](index=32&type=chunk) - Total trade payables, retention payables, and bills payable **decreased significantly to HK$1.80 billion** from HK$2.37 billion at year-end 2023[35](index=35&type=chunk) Borrowings Breakdown | Borrowing Classification | Jun 30, 2024 (HK$ '000) | Dec 31, 2023 (HK$ '000) | | :--- | :--- | :--- | | Non-current | 402,729 | 78,423 | | Current | 1,189,757 | 1,534,260 | | **Total Borrowings** | **1,592,486** | **1,612,683** | [Note 18 - Related Party Transactions](index=21&type=section&id=Note%2018%20-%20Related%20Party%20Transactions) The Group has significant transactions with related parties, including large receivables from fellow subsidiaries - Revenue from construction projects with fellow subsidiaries constituted a significant portion of related party transactions during the period[46](index=46&type=chunk) - As of June 30, 2024, amounts due from fellow subsidiaries totaled **HK$1.20 billion**, which are trade in nature, unsecured, and interest-free[48](index=48&type=chunk) - Loans from an intermediate holding company totaled **HK$146 million**, which are non-trade in nature, interest-bearing, and secured[48](index=48&type=chunk)[50](index=50&type=chunk) [Management Discussion and Analysis](index=27&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=27&type=section&id=Business%20Review%20and%20Outlook) Business performance was impacted by a sluggish property market, with future focus on new markets and receivables collection - The general building business was affected by the sluggish property market, while the marine construction business deteriorated due to a lack of major new projects in Hong Kong and Macau[52](index=52&type=chunk) - Future strategy involves **expanding into the general building markets of Guangdong and Hainan provinces** and strengthening the collection of trade receivables and contract assets[53](index=53&type=chunk) - The Group has seven major projects in hand with a **total contract balance exceeding HK$3 billion**, expected to contribute additional revenue in the second half of 2024[54](index=54&type=chunk) [Financial Review](index=28&type=section&id=Financial%20Review) Revenue fell 41.8% to HK$509 million, and despite a slight gross margin improvement, the net loss widened - **Revenue decreased by 41.8% to HK$509 million**, mainly due to a HK$66.4 million decrease in the marine engineering segment and a HK$299 million decrease in the general building segment[55](index=55&type=chunk) - **Gross profit margin slightly increased to 6.6%** from 5.5% in the same period last year[56](index=56&type=chunk) - Other administrative expenses increased by HK$8.2 million, primarily due to higher maintenance and idle costs for vessels and machinery in the marine construction segment[59](index=59&type=chunk) - Due to a significant drop in gross profit and increases in administrative expenses and finance costs, the **loss after tax for the period was HK$59.0 million**, an increase of HK$15.4 million from the prior year's loss of HK$43.6 million[62](index=62&type=chunk) [Liquidity and Capital Management](index=30&type=section&id=Liquidity%20and%20Capital%20Management) The Group's net current assets increased and net debt decreased, but the gearing ratio rose to 425.5% Liquidity and Gearing | Metric | Jun 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Net Current Assets (HK$ million) | 486.8 | 210.5 | | Net Debt (HK$ million) | 1,401.1 | 1,553.1 | | Gearing Ratio | 425.5% | 366.0% | - The **increase in the gearing ratio** was due to the decrease in the Group's equity balance resulting from the loss incurred during the period[67](index=67&type=chunk) - As of June 30, 2024, the Group had **603 employees**, a decrease from 660 at the end of 2023[69](index=69&type=chunk) [Other Disclosures](index=31&type=section&id=Other%20Disclosures) [Contingent Liabilities and Litigation](index=31&type=section&id=Contingent%20Liabilities%20and%20Litigation) The Group has contingent liabilities from performance bonds and is involved in a lawsuit with a claim of HK$112 million - The Group had outstanding performance bonds given to customers for construction contracts amounting to **HK$43.9 million**[71](index=71&type=chunk) - Two subsidiaries are defendants in a lawsuit with a claim of **HK$112 million**; no provision has been made as the case is in its early stages and the outcome cannot be estimated[72](index=72&type=chunk) [Corporate Governance and Others](index=32&type=section&id=Corporate%20Governance%20and%20Others) The company complied with corporate governance codes, did not declare a dividend, and had no major post-period events - The Board **does not recommend the payment of a dividend** for the period[77](index=77&type=chunk) - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[74](index=74&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information[79](index=79&type=chunk)