万景控股(02193) - 2020 - 中期财报

Man King Holdings Limited 2019 Interim Report Company Information This section provides the company's basic information, including board members, committees, and key advisors - The company's chairman is Mr Lo Yuen Cheung, and the auditor is Deloitte Touche Tohmatsu[4][5] Management Discussion and Analysis The management reviews business performance, highlighting revenue growth and future challenges from market instability Business Review and Prospects The Group's core civil engineering business in Hong Kong faces market challenges while anticipating contributions from a new project in Pakistan - The core business is Hong Kong civil engineering, with 8 projects in progress and a remaining contract value of approximately HK$714.8 million[6] - Challenges include social instability in Hong Kong affecting public works approvals, the Sino-US trade war, and intensified market competition[7] - The Belt and Road project in Pakistan (20.3% interest) commenced coal transshipment services in early October 2019 and is expected to contribute charter income[9] Financial Review Revenue grew 13.4% while net profit tripled, driven by cost control and contributions from an associate Interim Financial Summary 2019 | Metric | Six Months Ended 30 Sep 2019 | Six Months Ended 30 Sep 2018 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 110.5 HK$ million | 97.4 HK$ million | +13.4% | | Gross Profit | 12.5 HK$ million | 12.5 HK$ million | - | | Gross Profit Margin | 11.3% | 12.8% | -1.5pp | | Profit for the Period | 3.0 HK$ million | 1.0 HK$ million | +200% | - The significant increase in net profit was mainly attributable to cost control in administrative expenses (a 10.5% decrease) and a share of profit from an associate of HK$1.06 million[15][18][20] - The gearing ratio (interest-bearing liabilities to total equity) increased from 0.8% to 2.7%, remaining at a very low level[25] - At the period end, the Group had bank balances and cash of HK$52.9 million and undrawn bank borrowing facilities of HK$68.2 million, indicating sufficient liquidity[23] Disclosure of Interests in Securities This section details the shareholdings of directors and substantial shareholders, with the Lo family trust being the controlling shareholder - Chairman Mr Lo Yuen Cheung and Executive Director Mr Lo Yick Cheong are deemed to jointly hold 300,000,000 shares (71.46% of issued share capital) through a family trust and controlled corporations[30][32][35] - No share options were granted, exercised, or lapsed under the company's share option scheme during the six months ended 30 September 2019[39] Corporate Governance and Other Information The company complied with the Corporate Governance Code, except for the combined role of Chairman and CEO, and declared no interim dividend - A deviation from code provision A.2.1 of the Corporate Governance Code exists, as the roles of Chairman (Mr Lo Yuen Cheung) and Chief Executive Officer are not separate[41] - The Board of Directors has resolved not to declare any interim dividend for the six months ended 30 September 2019[45] - As of 30 September 2019, the Group had 122 full-time employees, with employee costs (excluding directors) of approximately HK$30.6 million for the period[47] - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[43] Review Report on the Condensed Consolidated Financial Statements The independent auditor, Deloitte, concluded their review without finding any material misstatements in the interim financial statements - The independent auditor Deloitte's review conclusion states that nothing has come to their attention that causes them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with HKAS 34[52] Condensed Consolidated Financial Statements This section presents the Group's financial statements for the period, including key statements and notes on accounting policies Financial Performance (Statement of Profit or Loss) The Group recorded revenue of HK$110.5 million and a profit for the period of HK$3.0 million, a year-on-year increase of over 200% Condensed Consolidated Statement of Profit or Loss Summary (HK$'000) | Item | Six Months Ended 30 Sep 2019 | Six Months Ended 30 Sep 2018 | | :--- | :--- | :--- | | Revenue | 110,487 | 97,413 | | Gross Profit | 12,491 | 12,452 | | Profit before tax | 2,920 | 1,384 | | Profit and total comprehensive income for the period | 2,993 | 954 | | Basic Earnings Per Share (HK cents) | 0.71 | 0.23 | Financial Position (Statement of Financial Position) As of 30 September 2019, the Group maintained a solid financial position with total assets of HK$297.6 million and net assets of HK$238.5 million Condensed Consolidated Statement of Financial Position Summary (HK$'000) | Item | 30 Sep 2019 (Unaudited) | 31 Mar 2019 (Audited) | | :--- | :--- | :--- | | Non-current assets | 103,498 | 90,628 | | Current assets | 194,086 | 225,121 | | Total Assets | 297,584 | 315,749 | | Current liabilities | 58,731 | 79,801 | | Non-current liabilities | 313 | 401 | | Total Liabilities | 59,044 | 80,202 | | Net Assets | 238,540 | 235,547 | Changes in Equity Total equity increased from HK$235.5 million to HK$238.5 million, primarily due to the profit recorded during the period - Total equity increased from HK$235.5 million to HK$238.5 million, with the change mainly driven by the profit of HK$3.0 million for the period[61] Cash Flows The Group experienced a net decrease in cash of HK$43.8 million, driven by outflows from operating and investing activities Condensed Consolidated Statement of Cash Flows Summary (HK$'000) | Item | Six Months Ended 30 Sep 2019 | Six Months Ended 30 Sep 2018 | | :--- | :--- | :--- | | Net cash from operating activities | (5,897) | 16,385 | | Net cash used in investing activities | (40,622) | (2,825) | | Net cash from (used in) financing activities | 2,721 | (17,618) | | Net decrease in cash and cash equivalents | (43,798) | (4,058) | | Cash and cash equivalents at beginning of period | 96,909 | 153,624 | | Cash and cash equivalents at end of period | 52,927 | 149,318 | Notes to the Condensed Consolidated Financial Statements The notes detail the basis of preparation and key accounting policies, including the first-time adoption of HKFRS 16 Leases - During the interim period, the Group applied HKFRS 16 Leases for the first time, recognizing lease liabilities and right-of-use assets of HK$1.994 million on 1 April 2019[69][92] - The Group's revenue is almost entirely derived from the single reportable segment of "Civil Engineering", with the trading of construction materials business being inactive during the period[111][118] - At the end of the reporting period, the Group had outstanding performance bonds of HK$8.554 million issued by banks and insurance institutions[169]