兴胜创建(00896) - 2023 - 年度财报

Financial Performance - Revenue for 2023 was HK$2,315.0 million, a significant increase from HK$1,451.6 million in 2022, representing a growth of approximately 59.5%[42]. - For the year ended 31 March 2023, the Group recorded revenue of HK$1,232.8 million, representing a decrease of approximately 14$1,438.3 million) [45]. - The consolidated loss attributable to owners of the Company was HK$38.4 million, as opposed to a net profit of HK$154.3 million for 2022 [45]. - The basic loss per share and diluted loss per share for the year were HK3.5 cents, compared to HK14.0 cents and HK13.9 cents earnings per share in the previous financial year [45]. - Shareholders' funds decreased to HK$3,779.4 million in 2023 from HK$4,216.4 million in 2019, reflecting a decline of approximately 10.4% over the five-year period[29]. Construction Division Performance - The revenue for the Construction Division was HK$906.4 million for the year ended 31 March 2023, a decrease of 24.3$1,198.1 million in 2022[6]. - The total value of contracts on hand for the Construction Division was HK$2,147.7 million[6]. - The construction division's revenue for the year was HK$906.4 million, down from HK$1,198.1 million in the previous year, representing a decrease of approximately 24.3$494.3 million[116]. Market Outlook - The Group is optimistic about future development due to government support and the gradual recovery of the Hong Kong market[4]. - The Hong Kong economy is expected to strengthen in 2023, supported by the reopening of the border and government policies aimed at driving economic growth[9]. - The market anticipates a rebound in real estate rental and investment demand in 2023 following several years of turmoil[9]. - The second half of 2023 is expected to see an increase in investment volume after weak activity in the first half due to high financing costs[9]. - The global economy is expected to slow down in 2023, with growth forecasted to decline from 3.4% in 2022 to 2.8% in 2023, impacting market conditions [53]. Government Support and Policies - The construction industry in Hong Kong received strong government support, with annual infrastructure spending exceeding HK$100 billion and a housing supply target of 430,000 units over ten years[34]. - The government proposed policies to accelerate public housing construction and expand transport infrastructure, which will provide fresh momentum to the construction industry[9]. - The Hong Kong government plans to increase public housing supply to 300,000 units over the next decade, maintaining a target of 430,000 total housing units with a 70:30 ratio of public to private units[108]. - The government is implementing three strategic railways and major roads to upgrade transportation networks, providing additional opportunities for the construction industry[108]. Talent and Workforce Management - The management will focus on attracting and retaining talent due to a shortage of skilled workers and professionals in the industry[4]. - The company aims to expand its construction workforce by attracting more talent and enhancing training and human resource development[111]. - The construction industry faces challenges such as labor shortages and high material costs, leading to increased wages and project delays[126]. - The company is addressing labor shortages and aging workforce issues by promoting the use of advanced technologies to enhance efficiency and productivity in the construction sector[34]. Strategic Focus - The Group will maintain a cautious approach towards real estate development and investment[4]. - The company plans to focus on public projects, leveraging its reputation and experience to capture significant future opportunities[34]. - The Group plans to focus on securing more public sector projects while maintaining a cautious approach to real estate development and investment[77]. - The Group aims to continue its strategic focus on public sector projects to ensure sustained demand for construction services[34]. Innovation and Technology - The Group plans to adopt innovative construction technologies and digitalization to streamline operations and enhance project efficiency in the short term[126]. - The construction division will employ innovative building technologies and digitalization to improve project efficiency and streamline operations[111]. - The company is committed to innovation in new products and technologies to maintain competitive advantages in the construction industry[34]. Awards and Recognition - The company received multiple awards for safety and environmental merit, including the "HKCA Hong Kong Construction Environmental Awards – 2022 Environmental Merit Award"[105]. Governance and Management - The Remuneration Committee held two meetings during the year ended March 31, 2023, focusing on formulating remuneration policies and determining packages for executive directors and senior management[157]. - The Company approved the maximum bonus pool and actual bonus amount to be distributed to executive directors, senior management, and other employees for the year ended March 31, 2023[173]. - The Company engaged external consultants to assist in risk assessment and review of internal control systems, with no significant risk issues identified[186]. - Monthly management reports on financial results, statistics, and project progress are reviewed by the directors, with meetings held to assess business performance against budgets and forecasts[188]. - A central cash management system is maintained to regulate investment and borrowing activities, with established guidelines for expenditure control[190].