Financial Performance - SEM Holdings Limited reported an annual revenue of approximately MOP200.0 million for the first time in 2017, marking a significant milestone in its financial performance[10]. - The company achieved an annual revenue of approximately MOP70.0 million in 2008, reflecting its growth trajectory over the years[10]. - The Group recorded total revenue of approximately MOP70.2 million for the Year 2020, a decrease of approximately MOP132.9 million or 65.4% from approximately MOP203.1 million for the Year 2019[36]. - The overall gross profit for the provision of E&M engineering works declined to approximately MOP10.6 million for the Year 2020 from approximately MOP56.0 million for the Year 2019, with the gross profit margin decreasing from 27.6% to approximately 15.1%[49]. - The Group's gross profit decreased from approximately MOP56.0 million in 2019 to approximately MOP10.6 million in 2020, with a gross profit margin decline from 27.6% to approximately 15.1%[51]. - The Group reported a net loss of approximately MOP20.2 million for 2020, compared to a net profit of approximately MOP20.3 million in 2019[62]. - Adjusted net loss for 2020, excluding non-recurring listing expenses, was approximately MOP11.7 million, compared to an adjusted net profit of approximately MOP37.4 million in 2019[62]. Project Awards and Contracts - The company was awarded a project in 2019 for the supply and installation of electrical systems in a hotel development project at Lago Nam Van, Macau, with an initial contract sum of approximately MOP168.8 million[10]. - In 2016, SEM Holdings Limited secured a hotel renovation project at Avenida da Amizade, Macau, with an initial contract sum of approximately MOP120.6 million for various engineering works[10]. - SEM Holdings Limited's subsidiary, Ready System (Macau), was awarded its first residential apartment project with a total contract sum of approximately MOP34.8 million[10]. - The initial contract sum for a hospital development project in Cotai was approximately MOP123 million, while a data center project in Kwai Chung had an initial contract sum of approximately HK$42.0 million (equivalent to approximately MOP43.4 million)[21]. - The Group's backlog as of December 31, 2020, included 20 E&M engineering services projects with an aggregate outstanding contract sum of approximately MOP207.1 million[34]. - The Group won new E&M engineering projects from the Macau SAR Government with a contract sum of approximately MOP 123.0 million in early 2021[78]. - The Group has won new E&M engineering project tenders with a total contract sum of approximately HK$42.0 million (equivalent to approximately MOP43.4 million) in 2021[79]. Operational Challenges - The company recorded a significant loss for the year 2020, attributed to a sharp decrease in revenue due to various factors including project completions in 2019 and delays in ongoing projects[21]. - The company experienced delays in the tendering process and construction progress due to the weakened industry environment in Macau caused by COVID-19[21]. - The prolonged COVID-19 epidemic adversely affected the operations of a significant E&M engineering project, leading to increased credit risks[59]. - The decrease in revenue was attributed to the substantial completion of high-margin projects in 2019 and delays caused by COVID-19 quarantine measures[36]. - The company has emphasized the importance of cooperation with customers, suppliers, and subcontractors to achieve revenue growth in the coming years[22]. Strategic Focus and Market Position - The company has focused on providing electrical-related E&M engineering works, primarily in commercial and residential developments, hotel developments, and casino projects in Macau[7]. - SEM Holdings Limited's strategic focus on the Macau market positions it well for future growth opportunities in the region[7]. - The company continues to expand its project portfolio, indicating a robust pipeline for future revenue generation[7]. - The company aims to strengthen its financial position to undertake larger E&M engineering projects and has established an E&M maintenance department to enhance revenue[13]. - The Group plans to expand its operations by actively seeking opportunities in the Hong Kong market to stabilize its revenue base during the COVID-19 epidemic[39]. Corporate Governance - The company is focused on maintaining high standards of corporate governance and internal controls through its audit and remuneration committees[131]. - The board includes members with significant experience in both the private and public sectors, enhancing the company's governance and strategic decision-making[136]. - The company has adopted the Corporate Governance Code since its listing date on February 14, 2020, and has complied with all relevant provisions up to the date of the annual report[164]. - The Board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee to oversee specific aspects of the Company's affairs[183]. - The independent non-executive Directors ensure high standards of regulatory reporting and provide effective independent judgment on corporate actions[185]. Financial Position and Liquidity - As of December 31, 2020, cash and cash equivalents were approximately MOP 105.4 million, up from approximately MOP 33.6 million in 2019, indicating a solid financial position[65]. - Working capital as of December 31, 2020, was approximately MOP 220.1 million, compared to approximately MOP 136.0 million in 2019, reflecting improved liquidity[65]. - Total equity attributable to owners increased to approximately MOP 235.9 million in 2020 from approximately MOP 151.4 million in 2019[65]. - The gearing ratio decreased to approximately 15.4% as of December 31, 2020, down from approximately 36.8% in 2019, due to reduced trade payables and increased shareholders' equity[65]. Human Resources - Total staff costs for the year 2020 were approximately MOP11.7 million, an increase from approximately MOP7.1 million in 2019[89]. - The Group's workforce increased to 39 full-time employees as of December 31, 2020, up from 23 employees in the previous year[89]. Future Outlook - The company is optimistic about the prospects of the electrical-related E&M engineering industry despite challenges posed by the COVID-19 pandemic[22]. - Management remains cautiously optimistic about the E&M markets in Macau and Hong Kong after the recovery from the epidemic[40]. - The Group has developed its E&M maintenance department and acquired certain equipment in 2020 to enlarge its revenue base post-epidemic recovery[39].
澳达控股(09929) - 2020 - 年度财报