Revenue and Profitability - The company recorded revenue of HKD 495.5 million for the period, an increase of approximately 188.5% compared to the previous period[17]. - Revenue contribution from the newly acquired Qingdao Dongjie Construction Engineering Co., Ltd. was approximately HKD 256.5 million, accounting for 51.8% of total revenue[10]. - The gross profit increased by HKD 17.2 million, or approximately 99.3%, to HKD 34.5 million, with a gross margin decline from 10.1% to 7.0%[18]. - Revenue for the six months ended June 30, 2020, was HKD 495,530,000, an increase from HKD 171,759,000 in the same period of 2019, representing a growth of 187.5%[60]. - Gross profit for the same period was HKD 34,488,000, compared to HKD 17,301,000 in 2019, reflecting a growth of 99.3%[60]. - Operating profit increased to HKD 13,955,000 from HKD 5,430,000, marking an increase of 157.5% year-over-year[60]. - Profit before tax was HKD 8,726,000, significantly up from HKD 1,860,000 in the previous year, representing a growth of 367.3%[60]. - Net profit for the period was HKD 7,605,000, compared to HKD 6,995,000 in 2019, indicating a growth of 8.7%[60]. - Basic and diluted earnings per share increased to HKD 0.95 from HKD 0.87, a rise of 9.2%[60]. Acquisitions and Business Expansion - The company completed the acquisition of 80% of Qingdao Dongjie Construction in January 2020, expanding its business into the Chinese construction market[5]. - The group completed the acquisition of 80% of Dongjie Construction for approximately RMB 71.4 million on January 17, 2020[33]. - The acquisition price for Qingdao Dongjie was HKD 78,240,000, with net identifiable assets valued at HKD 72,129,000 after accounting for non-controlling interests and goodwill of HKD 20,537,000[159]. Project Management and Challenges - Major projects in hand as of June 30, 2020, include the Landong and Lanxi resettlement projects in Qingdao valued at HKD 928.0 million, expected to be completed by the end of 2022[12]. - The company is experiencing delays in project progress and new project launches due to the COVID-19 pandemic, which may continue into the second half of 2020[16]. - The company has achieved significant progress in its reclamation projects in Macau, with multiple new projects awarded during the period[10]. Financial Position and Liquidity - The group maintained a healthy liquidity position with net current assets of approximately HKD 256.4 million as of June 30, 2020[27]. - Total assets as of June 30, 2020, were HKD 1,501,189,000, up from HKD 928,427,000 in 2019, reflecting a growth of 61.5%[63]. - Total liabilities increased to HKD 969,602 thousand as of June 30, 2020, compared to HKD 411,425 thousand as of December 31, 2019, representing a growth of 135.5%[70]. - The company reported a net loss of HKD (11,243) thousand in retained earnings for the six months ended June 30, 2020, compared to a loss of HKD (6,337) thousand in the same period of 2019[73]. - The total equity attributable to owners increased to HKD 281,644 thousand as of June 30, 2020, from HKD 269,766 thousand as of June 30, 2019, reflecting a growth of 4.5%[73]. Employee and Operational Costs - Employee costs totaled approximately HKD 48.1 million, up from HKD 28.8 million in the previous period, with the workforce increasing to 269 employees[31]. - The sales cost increased by 198.5% to HKD 461.0 million, outpacing revenue growth due to project delays and additional site management costs[18]. - The total financial costs for the six months ended June 30, 2020, were HKD 5,229,000, compared to HKD 3,570,000 in 2019[125]. Trade and Receivables - Trade receivables and retention money rose by approximately HKD 477.1 million to HKD 722.5 million as of June 30, 2020, with HKD 271.8 million related to the maritime business and HKD 450.7 million to general construction[25]. - Contract assets amounted to approximately HKD 95.3 million for the maritime business and HKD 101.0 million for general construction as of June 30, 2020[26]. - The trade receivables and retention money amounted to HKD 722,456,000 as of June 30, 2020, compared to HKD 245,365,000 as of December 31, 2019, indicating a significant increase of approximately 194.5%[140]. Risk Management and Financial Policies - The company’s financial risk management policies remain unchanged since year-end[97]. - The group’s overall risk management plan focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[96]. - The company continues to apply significant accounting estimates and judgments consistent with those described in the 2019 financial statements[100].

Financial Performance - For the fiscal year ended December 31, 2019, the group's total revenue was HKD 515.1 million, with Macau contributing 43.9% through two reclamation projects[10]. - The group recorded revenue of HKD 515.1 million for the fiscal year 2019, an increase of approximately 33.9% compared to 2018, primarily due to growth in maritime construction activities in Macau[19]. - Maritime construction revenue increased by approximately 129.3% to HKD 308.4 million in 2019, mainly from two new reclamation projects in Macau generating about HKD 226.0 million and HKD 60.1 million from EPC projects, accounting for approximately 55.5% of total revenue[19]. - Revenue from maritime-related ancillary services decreased by approximately 17.4% to HKD 206.7 million in 2019, attributed to the completion of ongoing projects from 2018[20]. - The group's gross profit for 2019 was HKD 49.8 million, down from HKD 71.3 million in 2018, with a gross profit margin declining from 18.5% to 9.7% due to higher costs associated with maritime construction projects[21]. - The group reported a net profit of HKD 12.1 million for 2019, a decrease of 60.2% from HKD 30.4 million in 2018, influenced by changes in revenue composition and increased foreign exchange losses[27]. Project Developments - The acquisition of Qingdao Dongjie Construction Co., Ltd. resulted in contracts worth over RMB 1 billion, affirming the group's strategy in the Chinese construction market[6]. - The group is currently working on major projects with an estimated contract value of HKD 1,127.6 million for two residential complexes in Qingdao, expected to be completed between Q2 2022 and Q1 2023[15]. - The group has ongoing reclamation projects in Macau, with an estimated contract value of HKD 510.3 million, expected to be completed by Q3 2021[15]. - The group has secured a contract for marine-related ancillary services in Vietnam, valued at HKD 175.1 million, expected to be completed by Q4 2020[15]. - The group is negotiating and/or bidding for several large-scale potential projects, including office buildings and nursing home complexes in Qingdao, as well as marine construction projects in Thailand, the Philippines, and Indonesia[15]. Strategic Acquisitions - The group aims to diversify its business and expand revenue sources through the acquisition of an 80% stake in Dongjie Construction, primarily engaged in building construction in China[13]. - The group anticipates synergistic benefits from the acquisition of Dongjie Construction, enhancing its capabilities in both domestic and international markets[7]. - In 2019, the group completed the acquisition of 80% of Dongjie Construction for a consideration of approximately RMB 71.4 million, which was finalized on January 17, 2020[37]. Governance and Compliance - The board of directors has established four committees to oversee specific functions, ensuring effective governance and compliance with corporate governance policies[70]. - The audit committee is responsible for hiring auditors, reviewing financial information, and supervising the financial reporting system, risk management, and internal control systems[75]. - All directors confirmed compliance with the securities trading standards set forth in the listing rules for the fiscal year 2019[62]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange and has complied with it throughout the fiscal year 2019[61]. - The company has implemented guidelines for employees who may possess insider information, with no violations reported in the fiscal year 2019[62]. Risk Management - The risk management committee oversees the effectiveness of the group's risk management and internal control systems, with updates based on the latest operational conditions[82]. - An external independent consultant was hired in 2019 to review the internal control system, covering areas such as risk assessment and management, sales processes, and human resources management[83]. - The company is actively involved in risk management and compliance, with key members overseeing these functions within the board committees[171][176]. Shareholder Relations - The company emphasizes effective communication with shareholders to enhance their understanding of the business and performance, with information available on the company website[92]. - The company has not declared any dividends for the fiscal year 2019[52]. - The board is committed to considering dividend distributions at least twice a year based on various factors including operational performance and financial condition[98]. Market Presence and Relationships - The group has established a strong presence in Hong Kong and Macau, with multiple subsidiaries operating in these regions[170]. - The company has established a close relationship with its major suppliers and customers, ensuring compliance with disclosure regulations under the listing rules[134]. - The company’s revenue from related party transactions was in compliance with the listing rules, indicating a structured approach to related party dealings[134]. Financial Position - As of December 31, 2019, the group had total current assets of approximately HKD 301.6 million and cash reserves of HKD 132.2 million, with a debt-to-equity ratio of 45.5%[33]. - The group invested approximately HKD 9.6 million in acquiring vessels and HKD 0.9 million in machinery and equipment during 2019, while the fleet size decreased by three vessels to a total of 41[35]. - The total employee costs for the group in 2019 were approximately HKD 64.3 million, an increase from HKD 54.2 million in 2018[49]. Audit and Financial Reporting - The group’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and reflect a true and fair view of the group's financial position as of December 31, 2019[187]. - The independent auditor's report confirmed the adequacy of audit evidence obtained to support the opinion on the financial statements[189]. - The company paid a total of HKD 3,286,000 to auditors in 2019, with HKD 1,680,000 for audit services and HKD 1,606,000 for non-audit services[86].

Financial Performance - The group recorded revenue of HKD 171.8 million for the period, a decrease of approximately 33.3% compared to the previous period[13]. - The gross profit margin declined from 17.2% in the previous period to 10.1%, with gross profit decreasing by approximately 61.0% to HKD 17.3 million[13]. - The group’s profit for the period fell to HKD 7.0 million, a decrease of 77.2% from HKD 30.7 million in the previous period[17]. - Revenue for the six months ended June 30, 2019, was HKD 171,759,000, a decrease of 33.4% compared to HKD 257,683,000 for the same period in 2018[53]. - Gross profit for the same period was HKD 17,301,000, down 61.0% from HKD 44,376,000 in 2018[53]. - Operating profit decreased to HKD 5,430,000, a decline of 84.0% from HKD 33,966,000 in the previous year[53]. - Profit before tax was HKD 1,860,000, down 93.9% from HKD 30,719,000 in 2018[53]. - Net profit for the period was HKD 6,995,000, a decrease of 77.2% compared to HKD 30,695,000 in the same period last year[53]. - The total profit for the six months ended June 30, 2019, was HKD 6,995,000, compared to HKD 30,695,000 for the same period in 2018, representing a decrease of approximately 77.2%[109]. - Basic earnings per share for the six months ended June 30, 2019, was HKD 0.87, down 77.3% from HKD 3.84 in 2018[142]. Assets and Liabilities - Total assets as of June 30, 2019, amounted to HKD 899,518,000, an increase from HKD 819,353,000 at the end of 2018[67]. - Total liabilities increased to HKD 390,145,000 from HKD 319,673,000 at the end of 2018[67]. - Cash and cash equivalents rose to HKD 180,123,000, up from HKD 106,657,000 in the previous year[64]. - The total non-current assets as of June 30, 2019, were HKD 213,518,000, slightly down from HKD 217,620,000 as of December 31, 2018[126]. - The total lease liabilities as of June 30, 2019, included non-current liabilities of HKD 1,302,000 and current liabilities of HKD 3,491,000[150]. - Trade payables increased to HKD 39,430,000 as of June 30, 2019, from HKD 37,816,000 as of December 31, 2018[164]. - Total borrowings decreased to HKD 112,257,000 as of June 30, 2019, from HKD 139,746,000 as of December 31, 2018[166]. - The company provided guarantees for bank financing amounting to HKD 133,495,000 as of June 30, 2019, unchanged from December 31, 2018[172]. Cash Flow - Operating cash flow for the six months ended June 30, 2019, was HKD 102,117, compared to HKD 19,634 for the same period in 2018, representing a significant increase of 419%[74]. - Net cash generated from operating activities amounted to HKD 103,253, up from HKD 15,064 in the previous year, indicating a growth of 585%[74]. - Total cash and cash equivalents at the end of the period were HKD 180,123, down from HKD 200,324 at the end of June 2018, a decline of 10%[74]. Employee and Administrative Costs - The group had a total employee cost of approximately HKD 28.8 million for the period, down from HKD 30.7 million in the previous period, with 91 employees as of June 30, 2019[26]. - The company incurred employee costs of HKD 28,759,000 for the first half of 2019, compared to HKD 30,681,000 in the same period of 2018, reflecting a decrease of approximately 6.3%[127]. - The group’s administrative expenses for the period were approximately HKD 10.2 million, remaining similar to the previous period[15]. - Total compensation paid to key management personnel was HKD 2,302,000 for the six months ended June 30, 2019, down from HKD 3,439,000 in 2018, representing a decrease of about 33.1%[181]. Contracts and Projects - The group held major project contracts valued at HKD 552.6 million and HKD 692.3 million in Macau, with expected completion in Q2 2022 and Q1 2021 respectively[12]. - The group’s contract assets increased due to initial costs incurred from a recently awarded reclamation project in Macau[20]. - Contract assets for construction services amounted to HKD 75,161,000 as of June 30, 2019, down from HKD 78,143,000 as of December 31, 2018[160]. - Contract liabilities for construction services increased significantly to HKD 199,682,000 as of June 30, 2019, compared to HKD 100,900,000 as of December 31, 2018[160]. Corporate Governance and Compliance - The company has complied with the corporate governance code as set out in the listing rules throughout the period[44]. - All directors confirmed compliance with the standard code during the period up to the report date[45]. - The company did not recommend the payment of dividends for the period[47]. - The company did not recommend an interim dividend for the six months ended June 30, 2019, consistent with the previous year[139]. Future Outlook and Strategy - The group is actively exploring opportunities in Southeast Asia to diversify its revenue base and mitigate uncertainties in the Hong Kong market[8]. - The company plans to continue focusing on expanding its maritime-related services and improving operational efficiency in the upcoming periods[110]. - The company has adopted new accounting standards effective January 1, 2019, which may impact future financial reporting and performance[86].

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 20 I 00 公司资料 2 3 主席報告 ll 企業管治報告 18 董事會報告 32 35 獨立核數師報告 42 43 45 46 47 ll4 五年財務概要 4 管理層討論及分析 公司資料 | --- | --- | |-----------------------------|----------------------------------------| | | | | 執行董事 | 註冊辦事處 | | 劉魯強先生(主席) | Cricket Square, Hutchins Drive | | 崔琦先生(行政總裁) | P.O. Box 2681 | | 朱江峰先生 | Grand Cayman, KY1-1111 | | 薛清富先生 | Cayman Islands | | 非執行董事 | 總部及香港主要營業地點 | | 王學軍先生 | 香港北角 | | 獨立非執行董事 張志文先生 | 渣華道191號嘉華國際中心 5樓04-05 ...