Financial Performance - The company recorded revenue of approximately 400.0 million Macau Patacas for the year ended December 31, 2020, a decrease of about 11.5% compared to 451.9 million Macau Patacas in 2019[6]. - The net profit for the year ended December 31, 2020, was approximately MOP 39.4 million, down about 36.4% from MOP 62.0 million in 2019[26]. - Gross profit decreased by approximately 29.0% from about MOP 107.5 million in 2019 to about MOP 76.3 million in 2020, with a gross profit margin of approximately 19.1% compared to 23.8% in 2019[21]. - Other income and gains increased significantly to approximately MOP 5.4 million in 2020 from MOP 0.2 million in 2019, mainly due to the sale of a subsidiary generating approximately MOP 3.7 million[22]. - Administrative expenses decreased by approximately 13.3% from about MOP 26.1 million in 2019 to about MOP 22.6 million in 2020[23]. - Financing costs increased by approximately 62.2% from about MOP 8.4 million in 2019 to about MOP 13.6 million in 2020, primarily due to increased bank loans and overdrafts[24]. - The group's revenue for the year ended December 31, 2020, was approximately MOP 400.0 million, a decrease of about 11.5% from MOP 451.9 million in 2019[16]. - The group acquired SSL and SAML in October 2020, with revenue from financial services for the year ended December 31, 2020, being approximately MOP 1.6 million[20]. Business Development and Strategy - The company remains confident in the development opportunities in Macau, Hong Kong, and China despite the uncertainties caused by the COVID-19 pandemic[7]. - The company plans to expand its financial services business in the Greater Bay Area, capitalizing on the growth potential in the region[13]. - The company is focused on providing renovation services for hotels and property owners in Macau and Hong Kong[13]. - The group plans to maintain stable revenue sources by launching renovation projects in Macau and Hong Kong in the fiscal year 2021[51]. - The group intends to expand into the Greater Bay Area by providing various financial services after acquiring two licensed corporations[51]. - The company has expanded its core business to include financial services following the acquisition of Hengyu Securities and Hengyu Asset Management[107]. Environmental Impact - The total greenhouse gas emissions for the year ended December 31, 2020, amounted to approximately 120.26 tons, with a per-employee emission of about 1.48 tons[112]. - The total greenhouse gas emissions decreased from 180.48 tons in 2019 to 120.26 tons in 2020, representing a reduction of approximately 33.4%[113]. - The company has established policies to control the consumption of gasoline, electricity, paper, and water, ensuring compliance with applicable environmental regulations[112]. - The company’s environmental policy aims to reduce greenhouse gas emissions and promote sustainable development through efficient resource utilization[107]. - The company has implemented various measures to reduce energy consumption, including turning off air conditioning at night and using LED lighting[116]. - The company has adopted green procurement measures to minimize carbon emissions and construction waste[120]. - The company has established a waste management policy that prioritizes waste reduction, reuse, and recycling[127]. Corporate Governance - The board consists of a balanced composition with independent non-executive directors contributing significantly to the company's business and providing professional advice[58]. - The company has appointed 3 independent non-executive directors, with one possessing relevant professional accounting qualifications and financial management expertise[60]. - The board holds regular meetings to discuss overall strategy and operational and financial performance, with attendance rates for directors documented[65]. - The company has established a diversity policy for the board, considering factors such as gender, age, cultural background, and professional experience in appointments[70]. - The company has set up three committees: the audit committee, the remuneration committee, and the nomination committee, each with specific responsibilities[74]. - The company provides appropriate insurance to protect directors and senior management against legal actions related to company affairs[61]. - The company engaged an independent consultant to assess the effectiveness of its risk management and internal control systems for the year 2020[90]. - The Board believes that the risk management and internal control systems were adequate and effective for the year ended December 31, 2020[90]. Employee and Labor Practices - The group had 81 employees as of December 31, 2020, compared to 72 employees as of December 31, 2019[44]. - Total number of employees as of December 31, 2020, is 81, with a turnover rate of 33% in Macau[133]. - Employee distribution: 54% male (44) and 46% female (37), with 80% aged between 25 and 50[133]. - No work-related accidents or occupational diseases reported, resulting in zero lost workdays[136]. - The company adheres to OHSAS 18001 international standards for occupational health and safety management[135]. - The company has fully complied with employment regulations in Macau, Hong Kong, and mainland China[129]. Risk Management - The company faces risks related to project bidding success and market conditions in the Macau renovation and construction industry[187]. - The company emphasizes compliance with legal and regulatory requirements, including employee benefits and corporate governance standards[188]. - The company relies on subcontractors for project completion, which introduces risks related to subcontractor performance and cost fluctuations[187]. Community Engagement - The group actively encourages employees to volunteer their time and skills for community service, enhancing corporate value and social awareness[155]. - The group considers donations to charitable organizations when recording post-tax profits and having sufficient funds[156].
恒宇集团(02448) - 2020 - 年度财报