Revenue Performance - Revenue for the six months ended June 30, 2023, was MOP 212,986,000, a decrease of 22% compared to MOP 273,331,000 in the same period of 2022[11]. - Revenue from external customers in Macau decreased to MOP 190,063,000 in 2023 from MOP 253,974,000 in 2022, reflecting a decline of approximately 25%[56]. - Revenue from building and ancillary services for the same period was MOP 212,986, a decrease of 21.8% from MOP 272,343 in 2022[64]. - The decrease in revenue was attributed to the smaller scale of projects undertaken and limited contributions from newly awarded projects that began construction in Q2 2023[200]. - The Group's revenue is primarily derived from projects in Macau and Hong Kong[195]. Profitability and Losses - Gross profit increased to MOP 8,646,000, compared to MOP 1,862,000 in the previous year, reflecting a significant improvement in gross margin[11]. - Operating loss narrowed to MOP 3,170,000 from MOP 10,421,000 year-on-year, indicating better operational efficiency[11]. - Loss before income tax decreased to MOP 6,140,000 from MOP 12,462,000, showing a reduction of 50.7%[11]. - Loss for the period attributable to owners of the Company was MOP 6,772,000, down from MOP 12,579,000 in the prior year, representing a 46% improvement[11]. - Basic and diluted loss per share improved to MOP 0.63 from MOP 1.26, indicating a reduction in per-share losses[11]. Expenses and Costs - Administrative expenses slightly decreased to MOP 13,171,000 from MOP 13,272,000, reflecting cost control measures[11]. - The company reported finance costs of MOP 2,970,000, an increase from MOP 2,041,000, indicating higher borrowing costs[11]. - The total direct costs and administrative expenses for the six months ended June 30, 2023, were MOP 217,511, down 23.6% from MOP 284,741 in 2022[72]. - Interest expenses on bank borrowings rose to MOP 2,699 in 2023 from MOP 1,879 in 2022, marking an increase of 43.6%[75]. Assets and Liabilities - Total assets decreased from MOP 535,492,000 as of December 31, 2022, to MOP 466,025,000 as of June 30, 2023, representing a decline of approximately 12.94%[15]. - Total liabilities decreased from MOP 334,229,000 as of December 31, 2022, to MOP 260,204,000 as of June 30, 2023, a reduction of about 22.08%[17]. - Total equity increased from MOP 201,263,000 as of December 31, 2022, to MOP 205,821,000 as of June 30, 2023, reflecting a growth of approximately 2.79%[19]. - Cash and cash equivalents significantly decreased from MOP 18,915,000 as of December 31, 2022, to MOP 3,414,000 as of June 30, 2023, a drop of about 81.96%[15]. Cash Flow and Financing - Net cash used in operating activities decreased to MOP 3,365,000 in H1 2023 from MOP 17,118,000 in H1 2022, indicating improved operational efficiency[23]. - Cash flows from investing activities generated a net cash inflow of MOP 36,000 in H1 2023, a significant recovery from a net outflow of MOP 10,498,000 in H1 2022[23]. - New bank borrowings raised amounted to MOP 263,527,000 in H1 2023, compared to MOP 349,246,000 in H1 2022, reflecting a decrease of approximately 24.5%[23]. - The repayment of bank borrowings was MOP 282,755,000 in H1 2023, down from MOP 309,963,000 in H1 2022, showing a reduction of about 8.8%[23]. Segment Information - The Group had one reportable operating segment in H1 2023, down from two segments in H1 2022, indicating a strategic focus on building and ancillary services[42]. - For the six months ended June 30, 2023, the segment revenue from Building and Ancillary Services was MOP 212,986,000, a decrease of 22% compared to MOP 273,331,000 for the same period in 2022[46][56]. - The segment profit for Building and Ancillary Services was MOP 8,499,000, compared to MOP 1,367,000 in the previous year, indicating a significant increase in profitability[46][47]. Customer and Market Focus - The Group's customers primarily include hotel and casino owners, the Macau Government, and private developers[195]. - The Group operates in both the private and public sectors, with public sector projects being those contracted by the Macau Government[195]. - The Group's focus includes infrastructure related to hotels, casinos, and public utilities[197]. Share Capital and Equity - The company issued placing shares, increasing share capital from MOP 10,300,000 to MOP 11,330,000[19]. - As of June 30, 2023, the total issued and fully paid shares increased to 1,100,000,000, up from 1,000,000,000 as of December 31, 2022, reflecting a 10% increase[135]. - The gross proceeds from the placing of 100,000,000 shares amounted to approximately MOP11,330,000 (approximately HK$11,000,000), with net proceeds of approximately MOP11,160,000 (approximately HK$10,835,000) intended for general working capital[136]. Other Financial Metrics - The Group recognized no government grants in the first half of 2023, compared to MOP 247,000 in 2022 related to the Employment Support Scheme[69][71]. - The Group recognized impairment losses of approximately MOP 465,000 during the six months ended June 30, 2023, compared to MOP 505,000 for the same period in 2022, indicating a decrease of 7.9%[119]. - The Group's performance guarantees amounted to approximately MOP209,899,000, a decrease from MOP358,807,000 as of December 31, 2022[174].
建鹏控股(01722) - 2023 - 中期财报