Financial Performance - In 2018, the company's revenue decreased by 9.3% to MOP 597.6 million due to delays in project commencement and external market instability[12]. - Total revenue for 2018 decreased by 9.3% to MOP 597.6 million, down from MOP 658.7 million in 2017[19]. - Gross profit for 2018 was MOP 110.3 million, a decline of 13.4% from MOP 127.3 million in 2017, resulting in a gross margin of 18.5%[20]. - Profit for the year was MOP 55.0 million, down 29.6% from MOP 78.2 million in 2017, with adjusted profit at MOP 69.4 million[20]. - Revenue from construction and renovation services decreased by 34.2% to MOP 333.6 million, accounting for 55.8% of total revenue[21]. - Revenue from high voltage substation construction and system installation increased by 91.9% to MOP 175.4 million, representing 29.4% of total revenue[24]. - Revenue from facility management services rose by 47.2% to MOP 88.6 million, making up 14.8% of total revenue[25]. - Net profit for the year decreased by 29.6% from MOP 78.2 million in 2017 to MOP 55.0 million in 2018, reflecting the cumulative impact of various factors[44]. Market Conditions - Macau's economy grew by 4.7% in 2018, with a significant slowdown in the second half due to the US-China trade dispute[10]. - The total value of the Macau civil engineering market is projected to reach MOP 74.4 billion in 2018 and grow to MOP 126 billion by 2021[12]. - Macau's gaming revenue reached MOP 302.8 billion in 2018, an increase of 14% year-on-year[14]. - The opening of the Hong Kong-Zhuhai-Macau Bridge is expected to boost tourism and construction demand in the region[11]. Operational Strategy - The company plans to enhance operational efficiency and maintain price competitiveness by investing in new machinery and skilled personnel[15]. - The company aims to leverage opportunities in the Greater Bay Area to strengthen its market position[14]. - The company aims to balance securing more projects while maintaining reasonable gross margins for long-term development[22]. - The competitive environment in the Macau construction market has led the company to adopt more competitive pricing strategies[22]. Cost Management - The company experienced a significant increase in material costs, rising by 93.4% to MOP 126.2 million due to specific project requirements[33]. - Administrative expenses increased by 30.8% from MOP 27.5 million in 2017 to MOP 35.9 million in 2018, mainly due to higher director remuneration and legal fees post-listing[39]. - The company aims to enhance operational efficiency and maintain competitive pricing through rigorous cost control policies[74]. Environmental and Social Responsibility - The total indirect greenhouse gas emissions for the year amounted to 6.29 tons of CO2 equivalent, with an intensity of 0.03 tons of CO2 equivalent per square foot[88]. - The company has implemented an environmental and occupational health and safety manual in accordance with ISO 14001:2015 and OHSAS 18001:2007 standards to improve environmental performance[86]. - The company has not identified any serious violations of environmental laws and regulations in Macau during the year[87]. - The company actively monitors subcontractors' environmental performance and encourages the use of low-sulfur diesel vehicles to ensure compliance with regulatory standards[88]. - The company aims to minimize future emissions by seeking and utilizing more environmentally friendly equipment[88]. - The company has a commitment to sustainable business practices, creating long-term value for customers, employees, and the community[79]. Corporate Governance - The management team emphasized the importance of maintaining strong corporate governance practices to safeguard shareholder interests[144]. - The company has adopted the corporate governance code as a framework to enhance transparency and accountability[144]. - The board of directors is committed to overseeing the company's strategic direction and ensuring effective management of business operations[147]. - The audit committee, established on January 23, 2018, consists of three independent non-executive directors and is responsible for overseeing financial reporting, internal controls, and risk management systems[170]. - The board has confirmed that there are no significant uncertainties affecting the company's ability to continue as a going concern[197]. Employee Management - The company employed 271 staff as of December 31, 2018, a decrease from 541 in 2017, including 79 Macau residents[71]. - The company emphasizes occupational health and safety, maintaining high safety standards for employees and subcontractors[107]. - The company has established a safety management system certified by OHSAS 18001:2007, ensuring compliance with safety guidelines and regulations[108]. - The company emphasizes employee training and development, providing opportunities for onboarding and external training programs[109]. Community Engagement - The company supports community engagement through a scholarship program, providing MOP 10,000 to 10 students annually for three years[124]. - The company donated MOP 20,000 to support the "Community Chest Million Walk 2018" event, demonstrating its commitment to social responsibility[126].
澳能建设(01183) - 2018 - 年度财报