Financial Performance - The revenue for the fiscal year ending March 31, 2019, increased by approximately 10.5% to HKD 399.9 million from HKD 361.9 million in the previous fiscal year[26]. - The gross profit rose by 20.8% to HKD 64.5 million from HKD 53.4 million in the previous fiscal year[34]. - The profit attributable to the owners of the company decreased by approximately 21.2% to HKD 29.3 million from HKD 37.2 million in the previous fiscal year[26]. - Revenue increased from approximately HKD 361.9 million in FY2017/18 to approximately HKD 399.9 million in FY2018/19, representing a growth of about 10.5%[36]. - Cost of sales rose from approximately HKD 308.5 million in FY2017/18 to approximately HKD 335.4 million in FY2018/19, an increase of about 8.7%, resulting in a higher gross profit margin[38]. - Gross profit increased from approximately HKD 53.4 million in FY2017/18 to approximately HKD 64.5 million in FY2018/19, a growth of about 20.8%, with gross margin improving from 14.8% to 16.1%[47]. - The total profit and comprehensive income decreased from approximately HKD 37.2 million in the fiscal year 2017/18 to approximately HKD 29.3 million in the fiscal year 2018/19[85]. - Net profit margin decreased from approximately 10.3% in the fiscal year 2017/18 to approximately 7.3% in the fiscal year 2018/19[90]. - Return on equity decreased from approximately 35.1% in the fiscal year 2017/18 to approximately 21.7% in the fiscal year 2018/19[91]. Project and Investment Plans - As of March 31, 2019, the company had 17 awarded but uncompleted projects with a total initial contract amount of approximately HKD 1,251 million[34]. - The company plans to invest more funds into projects and recruit additional experienced labor to enhance its capabilities in formwork engineering[27]. - The company aims to purchase more metal scaffolding equipment to reduce reliance on external suppliers and improve project completion efficiency[27]. - The initial contract amount for awarded but uncompleted projects increased from approximately HKD 876.3 million to HKD 1,251 million year-over-year[34]. - The net proceeds from the listing amounted to approximately HKD 86.8 million, which will be used for project preparation costs and the purchase of metal scaffolding equipment[121]. Financial Position and Ratios - The net current assets increased to approximately HKD 130.9 million as of March 31, 2019, from approximately HKD 105.7 million as of March 31, 2018, primarily due to the fulfillment of contract obligations and operational profits in the fiscal year 2018/19[61]. - Current ratio increased from approximately 2.1 times to approximately 3.0 times from March 31, 2018, to March 31, 2019[93]. - Capital debt ratio decreased from approximately 33.0% on March 31, 2018, to approximately 22.6% on March 31, 2019[98]. - Interest coverage ratio decreased from approximately 76.7 times to approximately 47.8 times from March 31, 2018, to March 31, 2019[100]. Expenses and Costs - Administrative expenses surged from approximately HKD 8.2 million in FY2017/18 to approximately HKD 25.9 million in FY2018/19, an increase of about 215.9%, mainly due to non-recurring listing expenses[49]. - Financing costs increased from approximately HKD 591,000 in FY2017/18 to approximately HKD 809,000 in FY2018/19, attributed to higher amounts of interest-bearing bank loans utilized[50]. - Income tax expense rose from approximately HKD 7.5 million in FY2017/18 to approximately HKD 8.5 million in FY2018/19, mainly due to the tax impact of non-deductible listing expenses[53]. - Subcontracting costs increased from approximately HKD 255.7 million in FY2017/18 to approximately HKD 261.8 million in FY2018/19, an increase of about 2.4%[39]. - Direct employee costs rose from approximately HKD 3.8 million in FY2017/18 to approximately HKD 4.4 million in FY2018/19, an increase of about 15.8%[41]. Corporate Governance and Structure - The company confirmed that the listing on June 28, 2019, has strengthened its corporate image and provided sufficient funding for expansion[25]. - The roles of the chairman and CEO are not separated, which the board believes is in the best interest of the company[116]. - The company will comply with the corporate governance code after listing, except for the separation of the roles of chairman and CEO[116]. - The company has established an environmental management policy to reduce its operational impact on the environment[160]. - The company has complied with all relevant laws and regulations without any significant violations during the review year[162]. Employee and Talent Management - The total employee compensation cost for the fiscal year 2018/19 was approximately HKD 11.4 million, compared to HKD 9.9 million in the fiscal year 2017/18, representing an increase of about 15.15%[111]. - The company plans to maintain competitive compensation to attract and retain talented employees, with regular performance evaluations[111]. - The company has employed 26 employees in Hong Kong as of March 31, 2019, up from 19 employees in the previous year[111]. Customer and Supplier Relationships - The company's five largest customers accounted for approximately 82.4% of total revenue, with the largest customer alone contributing 33.9% in the fiscal year 2018/19, compared to 84.1% and 36.8% in 2017/18 respectively[199]. - The company's five largest suppliers represented about 53.4% of total purchases, with the largest supplier accounting for 23.3% in the fiscal year 2018/19, compared to 42.3% and 18.2% in 2017/18 respectively[199]. - The company has maintained good relationships with suppliers, customers, and other stakeholders to achieve its immediate and long-term goals[167]. Listing and Regulatory Compliance - The company was incorporated as an exempted company in the Cayman Islands on July 24, 2018, and its shares were listed on the Hong Kong Stock Exchange on June 28, 2019[146][153]. - At least 25% of the company's issued shares have been held by the public since the listing date, in compliance with the stock exchange's regulations[186]. - The company has not engaged in any related party transactions that constitute connected transactions under the listing rules during the review period[177]. Miscellaneous - The company did not engage in any significant acquisitions or disposals during the year[107]. - The company has not utilized any of the net proceeds from the listing from the listing date to the date of the annual report[122]. - The company has not held any other directorships in listed companies in the past three years[138]. - The company has not established any priority rights for existing shareholders regarding the sale of new shares based on their current shareholding proportions[200].
银涛控股(01943) - 2019 - 年度财报