Financial Performance - The company recorded revenue of approximately MOP 353.1 million, representing a significant increase of 78.7% compared to the previous year[16]. - Gross profit for the year was approximately MOP 17.2 million, with a substantial reduction in loss attributable to shareholders amounting to MOP 44.2 million[16]. - The gross profit for the year ended December 31, 2021, was approximately MOP 17.2 million, compared to a gross loss of approximately MOP 16.9 million in 2020[178]. - Renovation projects contributed MOP 344.1 million or 97.4% to total revenue in 2021, while structural engineering projects contributed MOP 8.5 million or 2.4%[176]. - The gross profit margin for renovation projects was 4.9% in 2021, a significant improvement from a gross loss margin of 9.4% in 2020[179]. - The group faced currency risk primarily from procurement of raw materials and sales receipts in currencies other than its functional currency, mainly HKD and RMB[196]. - The group had a total of 136 full-time employees as of December 31, 2021, down from 146 employees the previous year, due to strict cost control measures[197]. Business Strategy and Opportunities - The company plans to continue strict cost control measures to mitigate adverse impacts on ongoing projects due to global economic instability[17]. - The company is actively seeking new business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area to enhance its competitive strength[17]. - The company plans to continue actively participating in government and private project tenders to expand its business network and customer base in Macau and mainland China[174]. - The company is strategically expanding its construction business into the Guangdong-Hong Kong-Macau Greater Bay Area, enhancing its competitiveness[174]. - The company remains cautiously optimistic about the industry outlook, anticipating gradual stabilization of the Macau economy in 2022[17]. - The company will maintain strict cost control measures to ensure stable development in a challenging market environment[174]. Shareholder Information - As of December 31, 2021, Mr. Liu holds 390,000,000 shares, representing a 65% stake in the company[62]. - Mr. Ye holds 60,000,000 shares, which accounts for a 10% ownership in the company[62]. - Laos International Holdings Limited, owned by Mr. Liu, holds 255,000,000 shares, equating to a 42.5% stake[66]. - WHM Holdings Limited, owned by Mrs. Liu, holds 135,000,000 shares, representing a 22.5% stake[66]. - The company did not recommend any final dividend for the year ended December 31, 2021, consistent with the previous year[27]. - The company ensures that all resolutions presented at shareholder meetings are voted on, with results published on the company's and stock exchange's websites[164]. - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting to address specified matters[165]. - The company maintains a contact point for shareholders to raise inquiries, ensuring transparency and communication[166]. Corporate Governance - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[101]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with applicable provisions during the reporting period[97]. - The company has maintained compliance with the main board listing rules, ensuring at least three independent non-executive directors, constituting over one-third of the board[113]. - The chairman and CEO roles are separated, with Liu Chaosheng as chairman and Liu Qiuyu as CEO, focusing on business development and daily management[110]. - Independent non-executive directors confirmed their independence annually, and all were deemed independent by the company[113]. - The company has established three committees (Audit, Remuneration, and Nomination) to oversee specific matters, with most members being independent non-executive directors[123]. - The Remuneration Committee, also established on August 17, 2018, consists of three members, with all members attending 3 out of 3 meetings in 2021, ensuring no director determines their own remuneration[128][130]. - The Nomination Committee, formed on August 17, 2018, is responsible for reviewing the board's structure and diversity, with its members attending meetings with a record of 2 out of 2 for the chairman[141][142]. Risk Management and Compliance - The company emphasizes the importance of risk management and internal control systems, which are designed to manage risks associated with achieving business objectives[144]. - The Audit Committee assists the board in overseeing the design, implementation, and monitoring of risk management and internal control systems[145]. - The company has adopted a three-tier risk management approach to identify, assess, and manage various risks, ensuring that risks remain within acceptable limits[147]. - The board and audit committee have reported the effectiveness of the risk management and internal control systems, deeming them sufficient without any significant concerns affecting shareholders[148]. - The company has implemented monitoring procedures to strictly prohibit unauthorized access and use of insider information[149]. - The company has maintained compliance with relevant laws and regulations that significantly impact its business operations throughout the year[89]. - The company has not received any environmental violation notices related to its operations or those of its subcontractors during the reporting period[84]. Internal Controls and Auditing - The company has engaged an independent third-party internal control consultant to review its internal control systems annually, with no significant deficiencies identified during the review period[147]. - The external auditor's fee for the fiscal year ending December 31, 2021, was HKD 550,000, with additional fees of HKD 150,000 and HKD 50,000 for non-audit services and Macau income tax services, respectively[158]. - The Audit Committee was established on August 17, 2018, and held three meetings in 2021, reviewing and approving the audited consolidated financial statements for the year ended December 31, 2020, and the unaudited consolidated financial statements for the period ended June 30, 2021[124]. Employee and Administrative Information - Employee costs totaled approximately MOP 37.3 million for the year ended December 31, 2021, compared to MOP 40.1 million for the previous year[197]. - Administrative expenses decreased from MOP 31.4 million to MOP 28.5 million, a reduction of approximately MOP 2.9 million due to tightened cost control amid economic uncertainty[183]. - The group had no significant investments, acquisitions, or disposals during the year ended December 31, 2021[195]. - The group has no significant capital commitments as of December 31, 2021[194].
奥邦建筑(01615) - 2021 - 年度财报