均安控股(01559) - 2025 - 年度业绩

Financial Performance Summary This section provides an overview of the Group's financial performance, including key figures from the consolidated statement of profit or loss and other comprehensive income, and the consolidated statement of financial position Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's total loss significantly narrowed to HKD 79.65 million for the reporting year, primarily due to reduced losses from discontinued operations and a one-off gain from their disposal, despite a 34.3% year-on-year decrease in revenue from continuing operations to HKD 316 million and a shift from a gross loss of HKD 39.8 million to a gross profit of HKD 3.78 million Consolidated Statement of Profit or Loss Key Metrics (HKD thousands) | Indicator | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | 316,272 | 481,271 | -34.3% | | Gross Profit / (Loss) | 3,784 | (39,797) | Returned to Profitability | | Loss for the Year from Continuing Operations | (66,133) | (84,734) | Loss narrowed by 22.0% | | Loss for the Year from Discontinued Operations | (13,520) | (105,464) | Loss narrowed by 87.2% | | Total Loss for the Year | (79,653) | (190,198) | Loss narrowed by 58.1% | | Loss Attributable to Owners of the Company | (80,160) | (155,403) | Loss narrowed by 48.4% | | Basic Loss Per Share (HK cents) | (4.29) | (8.31) | Loss narrowed by 48.4% | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets significantly decreased to HKD 196 million from HKD 651 million in the prior year, with total liabilities also falling from HKD 517 million to HKD 153 million, and net assets declining by 67.8% to HKD 43.07 million, mainly due to the loss for the year and derecognition of assets and liabilities from the disposal of the Hong Kong civil engineering business Consolidated Statement of Financial Position Key Metrics (HKD thousands) | Indicator | March 31, 2025 | March 31, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 23,702 | 56,972 | -58.4% | | Current Assets | 172,344 | 593,764 | -71.0% | | Total Assets | 196,046 | 650,736 | -69.9% | | Current Liabilities | 152,709 | 516,204 | -70.4% | | Non-current Liabilities | 268 | 932 | -71.2% | | Total Liabilities | 152,977 | 517,136 | -70.4% | | Net Assets | 43,069 | 133,600 | -67.8% | | Equity Attributable to Owners of the Company | 75,671 | 170,011 | -55.5% | Management Discussion and Analysis This section provides a detailed review of the Group's operational and financial performance, strategic initiatives, and future outlook Business Review During the year, the Group completed a significant corporate restructuring by disposing of its loss-making Hong Kong civil engineering subsidiary, realizing a one-off gain of approximately HKD 18.1 million, aiming to reduce financial burden and refocus resources on core businesses in mainland China and Southeast Asia, while also securing new engineering contracts in Cambodia totaling approximately HKD 230 million - Strategic Disposal: The Group disposed of its Hong Kong civil engineering business, which incurred a loss of HKD 31.7 million for the current year (compared to a loss of HKD 105.5 million in the prior year)[34] - Disposal Gain: The disposal resulted in a one-off gain of approximately HKD 18.1 million, enabling the Group to focus more effectively on its core businesses in mainland China and Southeast Asia[34] - New Market Expansion: The Group secured several new engineering contracts in Cambodia, including the construction of a factory for a renowned tire manufacturer, with a total contract value of approximately HKD 230.8 million[35] - Project Suspension: A condominium project in the Philippines was suspended after the completion of piling works due to the owner's financial difficulties, with the Group pursuing approximately HKD 13.6 million in outstanding payments[35] Financial Review The Group's total revenue decreased to HKD 448.6 million for the year, but the loss attributable to owners of the Company significantly narrowed from HKD 155.4 million to HKD 80.2 million, primarily due to reduced losses from discontinued operations and a gain from their disposal, while continuing operations saw reduced revenue but a return to gross profit due to the elimination of prior year's one-off losses, alongside a significant increase in impairment losses on financial and contract assets, and notable decreases in administrative expenses and finance costs Overall Financial Performance Total revenue for the current year was approximately HKD 448.6 million, a decrease from approximately HKD 654.4 million in the previous year, with the loss attributable to owners of the Company significantly reduced from approximately HKD 155.4 million to approximately HKD 80.2 million, mainly due to narrowed losses from discontinued operations and recognized disposal gains Overall Performance Overview (HKD) | Indicator | Current Year | Prior Year | | :--- | :--- | :--- | | Revenue | Approx. HKD 448.6 million | Approx. HKD 654.4 million | | Loss Attributable to Owners of the Company | Approx. HKD 80.2 million | Approx. HKD 155.4 million | Segment Performance Revenue from continuing construction and property development operations decreased by 13.1% to HKD 260.9 million, mainly due to project completion in mainland China and Malaysia, but gross profit turned from a loss of HKD 39.8 million in the prior year to a profit of HKD 3.8 million due to the elimination of a one-off property disposal loss, while trading business revenue decreased to HKD 55.4 million with a slight gross profit - Construction and property development segment (continuing operations) revenue decreased by 13.1% year-on-year to HKD 260.9 million, primarily due to project completion in mainland China and Malaysia and withdrawal from a Philippine project[40] - This segment's gross profit turned from a loss to a profit, recording a gross profit of HKD 3.8 million (compared to a gross loss of HKD 39.8 million in the prior year), mainly due to a one-off loss of approximately HKD 50.8 million recognized from the disposal of a property under development in the Philippines in the prior year[42] - Trading business revenue was approximately HKD 55.4 million (compared to HKD 72.1 million in the prior year), recording a gross profit of approximately HKD 0.06 million[43] Key P&L Items Analysis Net impairment loss on financial and contract assets surged to HKD 40.4 million this year, mainly from significant provisions for receivables in mainland China and the Philippines, while administrative expenses decreased to HKD 26.4 million due to lower staff costs and professional fees, and finance costs significantly reduced to HKD 0.3 million as no related financing costs were incurred after the disposal of the Philippine property in the prior year - Net impairment loss on financial and contract assets increased from HKD 3.4 million to HKD 40.4 million, primarily due to significant provisions for receivables in the construction segment in mainland China (impairment of HKD 21.7 million) and the Philippines (impairment of HKD 19 million)[44] - Administrative expenses decreased from HKD 31.3 million to HKD 26.4 million, mainly benefiting from lower staff costs and professional fees[46] - Finance costs significantly decreased from HKD 7.8 million to HKD 0.3 million, primarily because the property under development in the Philippines was disposed of in the prior year, resulting in no related finance costs in the current year (approximately HKD 6.9 million in the prior year)[47] Liquidity and Capital Resources As of March 31, 2025, the Group's net current assets decreased to HKD 19.6 million, with the current ratio slightly declining to 1.13 times, while the gearing ratio (net debt/total equity + net debt) improved from 40% to 23%, indicating a reduction in debt levels Liquidity and Financial Ratios | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | Approx. HKD 19.6 million | Approx. HKD 77.6 million | | Current Ratio | Approx. 1.13 times | Approx. 1.15 times | | Gearing Ratio | Approx. 23% | Approx. 40% | Material Acquisitions and Disposals During the reporting year, the Group's sole material transaction was the disposal of its subsidiary engaged in civil engineering business in Hong Kong, which was completed on March 31, 2025, and resulted in a net gain on disposal of approximately HKD 18.1 million for the Group - As of March 31, 2025, the Group completed the disposal of its subsidiary primarily engaged in civil engineering business in Hong Kong, which constituted a major transaction for the Company[53] - This disposal resulted in a net gain on disposal of approximately HKD 18.1 million recognized in the profit or loss for the current year[53][39] Employees and Remuneration As of March 31, 2025, the Group employed 16 full-time staff, with total staff costs (including directors' emoluments) amounting to approximately HKD 15.2 million, a decrease from HKD 17.8 million in the prior year, and remuneration is determined based on market levels and individual performance Staff Data | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 16 | - | | Staff Costs (including directors' emoluments) | Approx. HKD 15.2 million | Approx. HKD 17.8 million | Notes to Financial Statements This section provides detailed disclosures and explanations for specific line items and accounting policies presented in the financial statements 3. Segment Information The Group's operations are divided into three segments: construction, property development, and trading, with continuing operations revenue for the current year primarily from construction (HKD 261 million) and trading (HKD 55.39 million), while property development generated no revenue, and the continuing construction segment recorded a loss of HKD 48.76 million, the trading segment a loss of HKD 1.67 million, and the discontinued construction business generated HKD 132 million in revenue with a loss of HKD 31.79 million Segment Revenue and Results (2025, HKD thousands) | Segment | Revenue from Continuing Operations | Results from Continuing Operations | Revenue from Discontinued Operations | Results from Discontinued Operations | | :--- | :--- | :--- | :--- | :--- | | Construction | 260,880 | (48,759) | 132,303 | (31,790) | | Property Development | – | – | – | – | | Trading | 55,392 | (1,672) | – | – | | Subtotal/Total | 316,272 | (50,431) | 132,303 | (31,790) | 4. Revenue, other gains and other income/(losses), net Total revenue for the current year was HKD 448.6 million, with continuing operations contributing HKD 316.3 million, primarily from construction works (HKD 393.2 million) and trading of building and chemical materials (HKD 55.39 million), while property sales revenue (HKD 109 million) from the prior year was zero in the current year Revenue from Contracts with Customers Breakdown (Total, HKD thousands) | Revenue Type | 2025 | 2024 | | :--- | :--- | :--- | | Construction and Maintenance Works | 393,183 | 473,413 | | Sales of Properties | – | 108,967 | | Trading of Building and Chemical Materials | 55,392 | 72,072 | | Total | 448,575 | 654,452 | 9. Loss per share Basic loss per share for the current year significantly narrowed to HK 4.29 cents from HK 8.31 cents in the prior year, with loss per share from continuing operations at HK 3.57 cents and from discontinued operations at HK 0.72 cents, and no diluted loss per share presented due to the absence of potential dilutive shares during the year Basic Loss Per Share (HK cents) | Operation | 2025 | 2024 | | :--- | :--- | :--- | | Continuing Operations | (3.57) | (2.67) | | Discontinued Operations | (0.72) | (5.64) | | Total | (4.29) | (8.31) | 8. Dividends The Company neither declared nor proposed any dividends for the years ended March 31, 2025, and 2024 - The Company neither declared nor proposed any dividends during the reporting year or subsequent to the reporting period[30] Other Information This section covers additional disclosures including corporate governance practices and the scope of work of the external auditor Corporate Governance Practices The Company is committed to maintaining good corporate governance and complied with most provisions of the Corporate Governance Code during the reporting year, with a deviation noted as the Board only held two regular meetings, falling short of the recommended quarterly and at least four annual meetings, though the Company believes sufficient communication was ensured through electronic means and plans to increase meeting frequency in the future - The Company deviated from Corporate Governance Code provision C.5.1 during the reporting year, which requires the Board to meet at least four times a year[61] - Only two regular Board meetings were held during the year, but management regularly reported to the Board via electronic communication, and important decisions were approved by written resolutions[62] Scope of Work of External Auditor The Group's auditor, Crowe (HK) CPA Limited, has agreed the financial statement figures presented in this results announcement with the Group's audited consolidated financial statements for the current year, but their work does not constitute an assurance engagement, and thus no opinion is expressed on this announcement - The auditor, Crowe (HK) CPA Limited, has confirmed that the financial data in this announcement is consistent with the audited consolidated financial statements[67]