鹏高控股集团(01865) - 2025 - 年度业绩

Cover and Financial Highlights Financial Highlights Peng Gao Holdings Group reported a wider annual loss from continuing operations of S$13.1 million due to increased administrative expenses, despite flat revenue, while basic loss per share narrowed to 3.04 Singapore cents FY2025 Financial Highlights (Continuing Operations) | Metric | 2025 (S$ thousand) | 2024 (S$ thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 59,072 | 59,115 | -0.07% | | Gross Profit | 9,404 | 7,993 | +17.65% | | Loss Before Income Tax | (12,698) | (10,481) | +21.15% | | Annual Loss | (13,136) | (10,652) | +23.32% | | Basic and Diluted Loss Per Share (Singapore cents) | (3.04) | (7.81) | Narrowed 61.1% | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income In FY2025, the Group's revenue remained stable at S$59.1 million, with gross profit increasing by 17.7% to S$9.4 million, but administrative expenses rose significantly, leading to an expanded operating loss and an annual loss from continuing operations of S$13.1 million Key Items from Consolidated Statement of Profit or Loss (Continuing Operations) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 59,072 | 59,115 | -0.1% | | Gross Profit | 9,404 | 7,993 | +17.7% | | Administrative Expenses | (23,436) | (18,683) | +25.4% | | Operating Loss | (10,955) | (8,588) | +27.6% | | Finance Costs | (1,154) | (1,727) | -33.2% | | Loss Before Tax | (12,698) | (10,481) | +21.2% | | Annual Loss | (13,136) | (10,652) | +23.3% | - Total annual loss attributable to owners of the Company expanded to S$12.9 million from S$12.0 million in the previous fiscal year[6] Loss Per Share Details | Loss Per Share (Singapore cents) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Continuing Operations | (3.04) | (7.81) | | Discontinued Operations | 0.02 | (1.16) | | Total | (3.02) | (8.97) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets increased to S$128.4 million, driven by a significant rise in trade and other receivables, while total liabilities grew to S$45.9 million, and net assets improved to S$82.4 million due to increased equity Key Items from Statement of Financial Position | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | 128,373 | 112,131 | +14.5% | | Non-current Assets | 27,518 | 30,379 | -9.4% | | Current Assets | 100,855 | 81,752 | +23.4% | | Total Liabilities | 45,957 | 42,272 | +8.7% | | Current Liabilities | 40,882 | 26,446 | +54.6% | | Non-current Liabilities | 5,075 | 15,826 | -67.9% | | Net Assets | 82,416 | 69,859 | +18.0% | | Total Equity | 82,416 | 69,859 | +18.0% | - The significant growth in current assets was primarily driven by "Trade and other receivables," which increased from S$23.1 million to S$49.6 million[8] - The substantial decrease in non-current liabilities was mainly due to a reduction in borrowings from S$12.8 million to S$2.6 million[9] Notes to the Consolidated Financial Statements Company Information and Basis of Preparation Peng Gao Holdings Group Limited is an investment holding company listed on the Main Board of the Hong Kong Stock Exchange, primarily engaged in infrastructure pipeline construction, engineering services, and building materials trading, with financial statements prepared under IFRS and new standards applied without significant impact - The Group is primarily engaged in infrastructure pipeline construction and related engineering services, mainly for the gas, water, telecommunications, and power industries, along with providing construction and engineering services and building materials trading[10] - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and comply with the disclosure requirements of the Hong Kong Companies Ordinance and the Listing Rules of the Stock Exchange[12] - New and revised IFRS standards applied for the first time this year did not have a significant impact on the Group's financial position and performance[13] Segment Information The Group's continuing operations are divided into construction contracts and engineering services, and building materials trading, with the former being the core segment contributing nearly all revenue and segment results, and the company exhibiting high customer concentration Segment Revenue and Results (Continuing Operations) | Segment | 2025 Revenue (S$ thousand) | 2024 Revenue (S$ thousand) | 2025 Results (S$ thousand) | 2024 Results (S$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Construction Contracts and Engineering Services | 59,035 | 59,097 | 9,367 | 7,975 | | Building Materials Trading | 37 | 18 | 37 | 18 | | Total Segment | 59,072 | 59,115 | 9,404 | 7,993 | - In FY2025, three customers individually accounted for over 10% of the Group's total revenue, collectively contributing S$35.8 million, representing approximately 60.6% of total revenue[21] - The Group's non-current assets are primarily located in Singapore (S$18.2 million) and China (S$9.2 million)[21] Notes on Key Financial Items This section details key income statement and balance sheet items, including a rise in other income, a significant drop in finance costs, a surge in trade and other receivables due to a large prepayment, no dividends declared, and a post-period sale of a subsidiary's equity Other Income and Other (Losses)/Gains, Net In FY2025, other income increased to S$3.5 million, driven by agency and miscellaneous income, while other net losses of S$0.25 million primarily resulted from a S$0.41 million loss on the disposal of a joint venture, partially offset by gains from subsidiary disposals Other Income Details | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Interest Income | 146 | 114 | | Government Grants | 204 | 55 | | Loan Interest Income | 340 | 252 | | Agency Income | 1,104 | 778 | | Others | 1,673 | 1,377 | | Total | 3,467 | 2,576 | - Other net losses primarily resulted from a S$0.41 million loss on the disposal of a joint venture[23] Finance Costs and Loss Before Tax Total finance costs in FY2025 significantly decreased by 33.2% to S$1.15 million, primarily due to reduced interest on other borrowings and bonds, while loss before tax included employee benefit costs of S$18.1 million, lower than the prior year due to no equity-settled share-based payments Finance Costs Details | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Interest on Lease Liabilities | 165 | 83 | | Interest on Term Loans | 171 | 190 | | Interest on Other Borrowings | 191 | 595 | | Interest on Bonds | 627 | 859 | | Total | 1,154 | 1,727 | - Employee benefit costs for FY2025 were S$18.1 million, down from S$21.3 million in FY2024, primarily because there were no equity-settled share-based payment expenses in FY2025 (FY2024: S$5.1 million)[26] Income Tax Expense and Loss Per Share Income tax expense for the current fiscal year increased to S$0.44 million, mainly due to current tax in China, and despite a wider loss attributable to owners, basic loss per share from continuing operations significantly narrowed to 3.04 Singapore cents due to a substantial increase in weighted average ordinary shares - Income tax expense increased from S$0.17 million to S$0.44 million, primarily due to S$0.40 million of profits tax incurred in China during the year[28] Basic Loss Per Share Calculation | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Loss Attributable to Continuing Operations (S$ thousand) | (12,976) | (10,437) | | Weighted Average Number of Ordinary Shares (thousand shares) | 427,100 | 133,611 | | Basic Loss Per Share (Singapore cents) | (3.04) | (7.81) | Dividends The Board resolved not to declare any dividends for the financial year ended March 31, 2025, consistent with the previous fiscal year - The Directors resolved not to declare any dividends for the year ended March 31, 2025 (2024: Nil)[31] Trade and Other Receivables As of March 31, 2025, total trade and other receivables more than doubled to S$49.6 million from S$23.1 million, primarily due to a surge in prepayments from S$1.8 million to S$25.1 million, including a S$15 million prepayment for a China industrial park project Trade and Other Receivables Details | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Trade Receivables (Net) | 14,743 | 4,873 | | Prepayments | 25,130 | 1,796 | | Deposits | 2,682 | 3,949 | | Other Receivables | 7,139 | 12,700 | | Total | 49,607 | 23,086 | - Prepayments significantly increased, including approximately S$15 million paid to the vendor for the Phase 3 construction project of "Zhuo Hang • Dian Dian Science and Technology Innovation City Industrial Park" in China[35] Trade and Other Payables As of March 31, 2025, total trade and other payables significantly increased by 78% to S$22.7 million from S$12.7 million, primarily due to increases in trade payables and other payables Trade and Other Payables Details | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Trade Payables | 7,446 | 4,700 | | Other Payables and Accruals | 15,230 | 8,048 | | Total | 22,676 | 12,748 | Events After Reporting Period Subsequent to the reporting period, on April 14, 2025, the company agreed to sell a 27% equity interest in its subsidiary Integral Virtue Limited (IVL) for S$8.3 million, with the transaction completed on June 18, 2025, retaining a 51% controlling interest - On April 14, 2025, the Company entered into an agreement to dispose of a 27% equity interest in its subsidiary Integral Virtue Limited for S$8.3 million, retaining a 51% interest after the disposal[39] Management Discussion and Analysis Business Review and Outlook In FY2025, the Group maintained stable total revenue at S$59.1 million despite global economic challenges, with a decline in pipeline construction offset by significant growth in construction and engineering services, as management aims to consolidate market position and explore global opportunities - Despite a decrease in revenue from gas and water pipeline projects, construction and engineering services revenue significantly increased from S$0.7 million to S$8.9 million, stabilizing total revenue[41] - The Group's strategy remains unchanged, focusing on consolidating market position through bidding and leveraging its listed status for opportunities, with future emphasis on enhancing its position in the construction industry and exploring new global businesses[42][43] - As of March 31, 2025, the Group had 11 ongoing gas and water pipeline projects with a total contract value of S$88.1 million, of which S$75.4 million had been recognized as revenue[44] Financial Review This section analyzes the Group's financial performance, noting stable total revenue at S$59.1 million, improved gross margin to 15.9% due to higher-margin services, but an expanded annual loss of S$13.1 million due to increased administrative expenses, alongside a surge in receivables and reduced borrowings Revenue Analysis Total revenue for FY2025 remained flat at S$59.1 million, with a significant shift in revenue structure as a S$8.1 million decrease in traditional water pipeline project revenue was offset by an S$8.2 million increase in emerging construction and engineering services revenue Revenue Composition Details | Business Segment | 2025 Revenue (S$ thousand) | % of Total Revenue | 2024 Revenue (S$ thousand) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Gas Pipelines | 19,939 | 33.7% | 20,022 | 33.9% | | Water Pipelines | 30,220 | 51.2% | 38,332 | 64.8% | | Construction and Engineering Services | 8,876 | 15.0% | 738 | 1.2% | | Building Materials Trading | 37 | 0.1% | 18 | 0.1% | | Total | 59,072 | 100.0% | 59,115 | 100.0% | - The main reason for stable revenue is that the decrease in water pipeline project revenue by approximately S$8.1 million was almost entirely offset by an increase in construction and engineering services revenue by approximately S$8.2 million[47] Cost, Gross Profit, and Other Profit or Loss Items Analysis Cost of sales decreased by 2.8% to S$49.7 million, while gross profit increased by 17.5% to S$9.4 million, with gross margin improving to 15.9% due to higher-margin construction and engineering services, but administrative expenses rose to S$23.4 million, contributing to the wider annual loss - Gross profit increased from S$8.0 million to S$9.4 million, with gross margin rising from 13.5% to 15.9%, primarily due to increased revenue from higher-margin construction and engineering services[50] - Other income increased by S$0.9 million to S$3.5 million, mainly from increased agency income and miscellaneous income[51] - Administrative expenses increased from S$18.7 million to S$23.4 million, primarily due to increased general operating expenses from the expansion of construction and engineering services business[54] Balance Sheet Items Analysis Key balance sheet changes include a S$26.5 million surge in trade and other receivables due to increased prepayments, loans receivable primarily from joint venture shareholders and third parties, a S$10 million increase in trade and other payables, and a S$3.6 million reduction in borrowings from bond and bank loan repayments - Trade and other receivables increased from S$23.1 million to S$49.6 million, mainly due to a S$23.3 million increase in prepayments[60] - The Group has established a money lending business to diversify revenue streams, granting loans at 6% annual interest to independent third parties and interest-free loans to joint venture shareholders to facilitate project development[61] - Total borrowings decreased from S$23.2 million to S$19.6 million, primarily due to the repayment of certain bonds, bank, and other borrowings during the year[63] Liquidity, Financial Resources, and Capital Structure As of March 31, 2025, the Group maintained a robust liquidity position, with net current assets increasing to S$60 million and net assets to S$82.4 million, while the gearing ratio significantly improved to 27% from 38% due to reduced borrowings and equity financing, aligning with its capital management strategy Key Financial Ratios | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | approx. S$60.0 million | approx. S$55.3 million | | Net Assets | approx. S$82.4 million | approx. S$69.9 million | | Bank Balances and Cash | approx. S$4.4 million | approx. S$1.4 million | | Gearing Ratio | approx. 27% | approx. 38% | - The decrease in the gearing ratio was primarily attributable to a reduction in borrowings and the completion of equity financing activities during the year[64] - The Group's capital structure comprises net debt and equity attributable to owners of the Company, with management balancing the overall capital structure through dividends, new share issues, debt issuance, or debt redemption[65] Use of Proceeds This section details the use of proceeds from various financing activities, noting that IPO proceeds were fully utilized by March 31, 2024, HK$11 million from the 2022 subscription remains for smart parking, and proceeds from 2023 subscription and 2024 rights issue were fully deployed for project costs, loan repayment, and working capital - The net proceeds from the IPO, approximately HK$90.2 million, were fully utilized as of March 31, 2024[67][70] - Of the net proceeds from the 2022 subscription of HK$87.0 million, HK$11.0 million remained unutilized as of March 31, 2025, and is expected to be used for the smart parking business in China by September 30, 2025[71][72] - The net proceeds from the 2023 subscription, approximately HK$94.6 million, and the 2024 rights issue, approximately HK$100.2 million, were fully utilized as planned within the current fiscal year[73][77] Significant Acquisitions and Disposals In FY2025, the Group acquired 100% equity in Zhongshan Wuguishan Construction Engineering Co., Ltd. for RMB2.2 million to expand its construction business in China by leveraging the target company's qualifications, which contributed approximately S$3 million in revenue post-acquisition - In March 2025, the Group acquired 100% equity interest in Zhongshan Wuguishan Construction Engineering Co., Ltd. for RMB2.2 million[78] - The acquisition aims to leverage the target company's various construction engineering qualifications, including Grade II general contracting, to expand the Group's construction business in China, create synergies with existing operations, and enhance bidding competitiveness for projects[79] - From the acquisition date to the end of the reporting period, Zhongshan Wuguishan contributed approximately S$3.0 million in revenue and approximately S$0.3 million in loss to the Group[80] Risk Management Operating in Singapore, Hong Kong, and China, the Group faces foreign exchange risk, primarily in Singapore Dollars and RMB, which it monitors but does not hedge with derivatives, while maintaining prudent financial management and continuous investment oversight by the finance department - The Group's operations involve multiple currencies, including Singapore Dollars and RMB, exposing it to foreign exchange risk, which the Group monitors but currently does not hedge[82] - The Group adopts a prudent treasury policy, with the finance department responsible for researching investment proposals and continuous monitoring[83] Other Disclosures Compliance and Governance The company confirms that all directors complied with the Model Code for Securities Transactions by Directors of Listed Issuers throughout FY2025, the company adhered to the Corporate Governance Code, the audit committee reviewed the annual results, and the auditor verified the preliminary announcement figures against the consolidated financial statements - The Company's Directors have fully complied with the Model Code for Securities Transactions throughout FY2025[87] - The Company has complied with the provisions of the Corporate Governance Code for FY2025[88] - The Audit Committee has reviewed the annual results for FY2025[91] Dividends and Report Publication The Board does not recommend any final dividend for FY2025, and the annual results announcement has been published on the Stock Exchange and company website, with the full annual report to be dispatched to shareholders and published online in due course - The Board does not recommend the payment of any final dividend for FY2025[90] - The annual results announcement and annual report will be published on the Stock Exchange and the Company's website[93]