Financial Performance - The Group's revenue decreased by approximately 37.6% from approximately MOP 959.0 million in 2021 to approximately MOP 598.8 million in 2022[16]. - The Group recorded a loss for the year of approximately MOP 11.6 million for the year ended December 31, 2022[16]. - The Group's total revenue for the year ended December 31, 2022, decreased by approximately MOP360.1 million or 37.6% compared to 2021, primarily due to the completion of large-scale projects[36]. - Revenue from building and ancillary services dropped by approximately MOP352.1 million or 37.1% in 2022, reflecting fewer works performed compared to the previous year[37]. - The Group's gross profit increased by approximately MOP14.6 million or 158.7% to approximately MOP23.8 million for the year ended December 31, 2022, with a gross profit margin rising to approximately 4.0% from 1.0% in 2021[38]. - The group reported a loss of approximately MOP11.6 million for the year ended 31 December 2022, an improvement from a loss of approximately MOP20.8 million for the year ended 31 December 2021[51]. - Total comprehensive loss was approximately MOP11.7 million for the year ended 31 December 2022, compared to approximately MOP22.0 million for the year ended 31 December 2021[53]. - Basic loss per share improved to approximately MOP1.16 cents for the year ended 31 December 2022, compared to MOP2.08 cents for the previous year[54]. Operational Highlights - The Group completed 37 building and ancillary services projects and was awarded 29 new projects during the year[16]. - The Group completed 37 building and ancillary services projects during the year ended December 31, 2022, with a backlog of 12 projects totaling an outstanding contract sum of MOP336.1 million[33]. - The Group secured a significant contract for construction works on a public road and drainage network in collaboration with a local construction company[17]. - The Group received another contract for bored piling works, showcasing its expertise in foundation-related services[17]. Cost and Expenses - Administrative expenses increased due to setup fees for joint operations, impacting overall profitability[15]. - The Group's finance costs rose due to higher interest rates and increased borrowing amounts[15]. - Administrative expenses increased by approximately MOP3,158,000 or 11.5% to approximately MOP30,577,000 for the year ended 31 December 2022, primarily due to setup fees for joint operations and rent for staff quarters[44]. - Finance costs surged by approximately MOP2,628,000 or 103.7% to approximately MOP5,162,000 for the year ended 31 December 2022, attributed to higher interest expenses on bank borrowings[45]. Market Outlook - The Group anticipates greater activity in the construction markets in Macau as pandemic-related restrictions are lifted, particularly with the expected renewal of gambling licenses[23]. - The Group plans to strengthen its market share in the public sector in Macau and explore opportunities in new markets, such as the Greater Bay Area[23]. - Future growth in the construction industry in Macau and Hong Kong is dependent on the availability of major construction projects, influenced by government spending and economic conditions[68]. - The Group's business and operational results may be negatively impacted if construction activities decline or if the economy in Macau worsens due to recession or changes in currency policy[72]. Risk Management - The Group's financial condition, profitability, and liquidity may be adversely affected by inaccurate estimations of time and costs in projects, leading to potential delays and cost overruns[67]. - The Group's credit risk concentration increased, with 51.8% of total trade receivables due from the largest debtor as of December 31, 2022, compared to 43.4% in 2021[108]. - The Group's maximum exposure to credit risk is primarily from trade receivables and other financial assets recognized in the consolidated statement of financial position[107]. - The Group's interest rate risk arises primarily from variable-rate and fixed-rate borrowings, with no financial derivatives used for hedging[100]. Management and Governance - The Group has a strong management team with over 30 years of experience in the construction industry[135]. - The Group's management structure includes a diverse range of expertise, contributing to strategic decision-making and operational success[157][164]. - The company has adopted the Corporate Governance Code and complied with all applicable provisions except for the separation of the roles of chairman and CEO, which are currently held by Mr. Kong Kin I[171]. - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of power and authority[182]. - The Board has established mechanisms to ensure independent views are available, including the appointment of at least three independent non-executive directors[190]. Environmental and Social Responsibility - The Group's commitment to environmental management is demonstrated by its compliance with ISO 14001:2015 standards, promoting environmental awareness and preventing pollution[80]. - The Group is increasingly conscious of ESG initiatives and aims to support the transition to a low-carbon and sustainable future[178]. - The company emphasizes a corporate culture based on lawful, ethical, and responsible conduct, fostering long-term sustainable business models[177]. Employee and Workforce - The Group had 538 full-time employees as of December 31, 2022, compared to 416 in 2021, indicating a growth in workforce[116]. - The Group has not faced significant labor disputes or difficulties in recruiting skilled personnel, maintaining good relationships with employees[78].
建鹏控股(01722) - 2022 - 年度财报