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天成控股(02110) - 2023 - 年度财报

Financial Performance - The Group's revenue for the year ended 31 May 2023 was approximately HK$198.0 million, representing a decrease of approximately 6.7% from the previous year[17]. - The Group incurred a loss of approximately HK$87.1 million for the year[17]. - The Group reported a loss attributable to equity shareholders of approximately HK$87.0 million, compared to a profit of approximately HK$16.7 million in the prior year[47]. - Basic loss per share was HK3.91 cents, down from earnings per share of HK0.75 cent in the previous year[47]. - Revenue from marine construction works was approximately HK$60.2 million, representing a decrease of approximately 56.7% compared to HK$138.9 million for the year ended May 31, 2022[25]. - The gross loss from marine construction works was approximately HK$42.3 million, a significant decline from the gross profit of approximately HK$25.9 million for the previous year[26]. - Revenue from other civil engineering works amounted to approximately HK$122.1 million, accounting for approximately 61.7% of the Group's total revenue[31]. - The Group recorded a gross loss on other civil engineering works of approximately HK$22.5 million, compared to a gross profit of approximately HK$2.3 million for the previous year[32]. - General and administrative expenses increased by approximately 23.9% to HK$14.5 million, compared to HK$11.7 million in the previous year[45]. - As of May 31, 2023, the Group had cash and bank balances of approximately HK$33.7 million, a decrease from HK$75.2 million the previous year[49]. Project and Contract Activities - The Group successfully tendered and was awarded two marine construction projects as the main contractor, with a total contract sum of approximately HK$261.4 million[16]. - The Group undertook 14 projects during the year, with an aggregate initial contract sum of approximately HK$596.1 million[33]. - The Group's revenue is significantly dependent on successful tenders for marine construction and vessel chartering services, which are non-recurring in nature[127]. - A substantial portion of the Group's revenue is derived from a limited number of customers, and any significant decrease in contracts from major customers may adversely affect financial results[133]. - The Group anticipates a decline in the gross output value of the marine construction industry in Hong Kong between 2022 and 2026, which may lead to a decrease in marine construction projects undertaken[136]. Business Strategy and Development - The Group continues to focus on marine construction projects and actively seeks main contractor opportunities since being approved as a contractor under Group B (Probation) in October 2019[16]. - The Group is exploring new business activities focused on the research and development, manufacture, and sale of class II medical devices in the PRC[20]. - The Group has started to operate medical care and wellness centres in the PRC as part of its new business strategy[22]. - The Group aims to identify and seize suitable growth opportunities in the coming years[21]. - The company is focusing on expanding its e-commerce sector, leveraging the extensive experience of its executive directors in internet technology and software development[88][91][96]. - The company aims to diversify its business scope and broaden its revenue base through strategic initiatives in the e-commerce domain[88][91]. - The company is actively pursuing new business opportunities in the electronic equipment manufacturing sector, as indicated by the recent appointment of a new chairman with relevant industry experience[96][98]. Management and Personnel - As of May 31, 2023, the Group employed 88 employees, an increase from 62 employees as of May 31, 2022[63]. - Total staff costs, including Directors' remuneration, amounted to approximately HK$36.4 million for the year, compared to HK$30.9 million for the year ended May 31, 2022, representing an increase of about 17.8%[63]. - The management team includes professionals with backgrounds in financial management, technology support, and e-commerce, enhancing the company's operational capabilities[89][92][96]. - The executive team has a combined experience of over 20 years in technology and e-commerce, which is expected to drive future growth[86][88]. - The company secretary, Mr. Chow, was appointed on November 1, 2022, and is a fellow member of the Association of Chartered Certified Accountants[120]. Financial Management and Risks - The Group's financial risk management policies are detailed in the consolidated financial statements, indicating a structured approach to managing financial uncertainties[126]. - The Group will continue to seek new opportunities and diversify its customer base to mitigate risks associated with reliance on a limited number of contracts[133]. - The Group's overall gross profit margin may decrease due to a shift towards other civil engineering projects, which generally have lower margins compared to marine construction[136]. - The Group's management is committed to closely monitoring project costs to prevent overruns that could adversely affect financial performance[134]. - The Group has no interest-bearing borrowings as of May 31, 2023, and may seek to issue debt or equity securities to optimize its capital structure[49]. Corporate Governance - The Board resolved not to recommend any dividend for the year, consistent with the previous year[55]. - The Board does not recommend a payment of a final dividend for the year ended 31 May 2023, consistent with the previous year[156]. - As of 31 May 2023, the Company had no reserves available for distribution to shareholders[169]. - The Group did not make any charitable donations during the year, maintaining the same status as the previous year[159]. - The upcoming AGM will see the retirement and re-election of Ms. Zheng Yanling, Mr. Zhao Dongquan, Mr. Wan San Fai Vincent, Mr. Zhang Wenyong, and Mr. Luo Sheng[182]. Environmental and Compliance - The Group did not record any material non-compliance with environmental requirements during the Year, and was not subject to any environmental claims or penalties[143]. - The Group has not experienced significant long-term impacts from the COVID-19 pandemic, but will continue to monitor the situation closely[135].