安乐工程(01977) - 2021 - 中期财报

Financial Performance - Total revenue for the six months ended June 30, 2021, was HKD 2,333.6 million, a decrease of 4.4% compared to HKD 2,441.1 million in the same period of 2020[8]. - The net profit attributable to shareholders for the same period was HKD 112.5 million, representing an increase of 5.3% from HKD 106.9 million in 2020[8]. - The basic earnings per share remained stable at HKD 0.08 for both 2021 and 2020[8]. - The total revenue reported for the first half of 2021 was HKD 2.3336 billion, a decrease of 4.4% year-on-year; however, after adjusting for the contribution from TEI, revenue grew by 3.9%[37]. - Gross profit for the first half of 2021 decreased by 20.7% to HKD 323 million, with a gross margin of 13.8%, down from 16.7% in the previous year[38]. - The profit before tax increased to HKD 137,163 thousand, representing an increase of 11.0% from HKD 122,906 thousand in the previous year[67]. - The company recorded a loss of HKD 44,097 from the fair value change of contingent consideration for the six months ended June 30, 2021[112]. - The total segment profit for the six months ended June 30, 2021, was HKD 104,629, compared to HKD 115,463 for the same period in 2020[104]. Dividends and Shareholder Returns - The interim dividend declared for the six months ended June 30, 2021, was HKD 0.0402 per share, totaling HKD 56.28 million, with a payout ratio of 50% based on the unaudited net profit[8]. - The company declared dividends of 98,000 thousand HKD for the six months ended June 30, 2021, compared to 70,980 thousand HKD in the same period of 2020, representing an increase of approximately 38.0%[84]. - The group declared an interim dividend of HKD 0.0402 per share for the reporting period[199]. - The interim dividend is expected to be paid on or around September 29, 2021[199]. Market Expansion and Opportunities - The company successfully entered the European market for its elevator and escalator business, signing multiple new contracts[10]. - The company is actively exploring opportunities in the healthcare sector, having signed a memorandum of understanding with Huamao Group to develop healthcare services[12]. - The company aims to integrate its development plans into the Greater Bay Area's overall planning by 2035, seeking collaboration to capture significant market opportunities[12]. - The group is exploring innovative business models, including subscription services in energy and technology sectors, and public-private partnership models along the Belt and Road[22]. - The group aims to explore business opportunities in Europe, Oceania, and the Greater Bay Area to strengthen its market leadership[58]. Operational Efficiency and Innovation - The company remains optimistic about industry prospects, focusing on long-term development and innovation[12]. - The group plans to invest in innovative construction technologies, including IoT, AI, and big data analytics, to improve project quality and operational efficiency[58]. - The group has actively participated in smart innovation projects, contributing to Hong Kong's first pilot project using Modular Integrated Construction (MiC) technology[21]. - The company is collaborating with local universities to develop energy optimization and green energy storage technologies[32]. Financial Position and Assets - The company maintained a strong cash position with cash and bank balances totaling HKD 1.2556 billion as of June 30, 2021, up 12.5% from December 31, 2020[46]. - The company has no bank borrowings as of June 30, 2021[36]. - The total equity attributable to the owners of the company was HKD 1,993,129 thousand, an increase from HKD 1,973,632 thousand as of December 31, 2020[75]. - The group had outstanding performance guarantees of approximately HKD 390.9 million as of June 30, 2021, down from HKD 486.8 million as of December 31, 2020[53]. - The group had pledged assets amounting to HKD 85.4 million as collateral for general short-term bank financing, a decrease of 0.1% from HKD 85.5 million as of December 31, 2020[51]. Employee and Operational Metrics - The group employed 2,527 staff across Hong Kong, Macau, mainland China, and the UK as of June 30, 2021[54]. - The group’s employee costs, including directors' remuneration, totaled HKD 575,896,000 for the six months ended June 30, 2021, down from HKD 619,218,000 in the same period of 2020, a decrease of 7.0%[123]. - The new training center commenced operations in the third quarter of 2021, providing advanced facilities for employee training[34]. Contractual and Revenue Details - The group reported a backlog of contracts amounting to HKD 11.9 billion as of June 30, 2021, representing a 10.2% increase compared to the same period last year[17]. - Revenue from contracting works was HKD 1,789,242, while maintenance works generated HKD 472,341, and sales of goods amounted to HKD 72,035 for the six months ended June 30, 2021[101]. - The remaining performance obligations as of June 30, 2021, included HKD 9,321,669 for contracting works and HKD 2,391,351 for maintenance works, totaling HKD 11,869,945[95]. - The environmental engineering segment saw a significant increase in backlog, growing by 154.7% to HKD 5.2684 billion, driven by government initiatives to enhance environmental infrastructure[24]. Acquisitions and Investments - The company acquired 51% of Transel Elevator & Electric Inc. (TEI) for approximately 94,865 thousand HKD, with the acquisition price allocation process completed by December 31, 2020[79]. - The group invested approximately HKD 28,439,000 in properties, plants, and equipment during the interim period, compared to HKD 7,240,000 for the six months ended June 30, 2020[132]. - The acquisition of TEI resulted in goodwill of approximately HKD 149,492,000[195]. - The net cash outflow from the acquisition of TEI was HKD 70,606,000 after accounting for cash and cash equivalents acquired[195].