Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 59,635,000, a decrease of 71.7% compared to HKD 210,389,000 in the same period of 2020[7] - Gross profit for the same period was HKD 4,849,000, down 73.1% from HKD 18,085,000 year-on-year[7] - Operating loss for the six months was HKD 14,796,000, compared to an operating profit of HKD 16,793,000 in the previous year[7] - Net loss attributable to equity holders for the period was HKD 14,727,000, compared to a profit of HKD 10,489,000 in the same period last year[7] - The company experienced a pre-tax loss of HKD 16,557,000 for the period, compared to a profit of HKD 12,562,000 in the previous year[23] - Basic loss per share for the period was HKD 3.50, compared to earnings per share of HKD 2.62 in the previous year[7] - The company reported a total segment loss before tax of HKD 16,557,000 for the period[27] - The company reported a loss attributable to equity holders of approximately HKD 14.7 million, a decrease of about HKD 25.2 million from a profit of approximately HKD 10.5 million in the previous period[76] Assets and Liabilities - Total assets as of September 30, 2021, were HKD 394,346,000, a decrease from HKD 405,047,000 as of March 31, 2021[9] - Total liabilities decreased to HKD 128,681,000 from HKD 144,018,000 as of March 31, 2021[9] - Cash and cash equivalents increased to HKD 19,604,000 from HKD 14,609,000 as of March 31, 2021[9] - The company reported a decrease in trade receivables to HKD 40,770,000 from HKD 55,322,000 as of March 31, 2021[9] - Non-current assets in Hong Kong decreased to HKD 125,213,000 as of September 30, 2021, down from HKD 139,807,000 as of March 31, 2021[32] - Trade receivables were reported at HKD 8,954,000 as of September 30, 2021, significantly lower than HKD 23,590,000 as of March 31, 2021, reflecting a decrease of approximately 62%[50] - The total lease liabilities amounted to HKD 36,697,000 as of September 30, 2021, down from HKD 44,646,000 as of March 31, 2021, indicating a reduction of about 18%[47] Cash Flow - Cash generated from operating activities was HKD 14,995,000, down from HKD 38,344,000 in the prior year[23] - The net cash flow from investing activities was HKD 7,300,000, compared to a cash outflow of HKD 523,000 in the same period last year[23] - The total cash and cash equivalents increased to HKD 19,604,000 as of September 30, 2021, from HKD 15,396,000 at the end of the previous period[23] - The current ratio as of September 30, 2021, was approximately 2.5 times, up from 2.3 times as of March 31, 2021[80] - Cash and cash equivalents amounted to approximately HKD 19.6 million, an increase from HKD 14.6 million as of March 31, 2021[79] Revenue Breakdown - Revenue from construction contracts was HKD 58,066,000, significantly lower than HKD 198,710,000 in the previous year[23] - Revenue from construction machinery leasing was HKD 1,569,000, down from HKD 11,679,000 in the same period last year[23] - Revenue contribution from projects where the company acted as the main contractor decreased from approximately 99.9% of total revenue in the previous period to about 56.4% in the current period[68] Employee Costs - Total employee costs for the six months ended September 30, 2021, were HKD 6,796,000, significantly lower than HKD 14,702,000 in the same period of 2020[37] - As of September 30, 2021, the total employee cost for the group was approximately HKD 6.8 million, a decrease from HKD 14.7 million for the same period in 2020[90] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial information for the six months ended September 30, 2021[122] - The company has complied with the corporate governance code as of September 30, 2021[113] - The company has confirmed that all directors have adhered to the standards set out in the code of conduct for securities transactions during the reporting period[114] Market Conditions and Future Outlook - The construction market in Hong Kong is expected to remain under pressure due to a decrease in foundation contract numbers, leading to increased competition and lower project award prices[105] - The group plans to continue focusing on "design and build" projects while maintaining a strong financial position to meet future project requirements[105] - The group is actively submitting bids for multiple foundation projects to secure stable revenue and reduce direct costs[105] Shareholder Information - As of September 30, 2021, the company has a significant shareholder, VGH, holding 200,000,000 shares, representing 41.7% of the issued share capital[111] - Mr. Zhao Guojun, the beneficial owner of VGH, also holds 200,000,000 shares, equating to 41.7% of the company's issued share capital[111] Other Financial Information - The company did not declare an interim dividend for the six months ended September 30, 2021, compared to no dividend declared in the same period of 2020[42] - No capital expenditures were reported during the period, compared to HKD 1.0 million in the previous period[87] - The group had no capital commitments as of September 30, 2021[91]
VICON HOLDINGS(03878) - 2022 - 中期财报