Financial Performance - For the six months ended June 30, 2023, FDB Holdings Limited reported revenue of HKD 67.6 million, a decrease of approximately 34.3% compared to HKD 102.9 million for the same period in 2022[11]. - The company recorded a loss attributable to owners of HKD 12.4 million for the current period, compared to a profit of HKD 9.2 million in the prior year[12]. - The basic and diluted loss per share from continuing operations was HKD 0.9 cents, down from a profit of HKD 0.7 cents per share in the previous year[14]. - The gross loss for the period was HKD 5.3 million, compared to a gross profit of HKD 1.6 million in the same period last year[11]. - For the six months ended June 30, 2023, the company reported a loss before tax of HKD (12,409) thousand, compared to a profit of HKD 9,245 thousand for the same period in 2022[22]. - Total comprehensive income for the period was HKD 9,881 thousand, a decrease from HKD 49,905 thousand in the previous year[19]. - The group’s revenue from continuing operations decreased by approximately HKD 35.3 million or 34.3% to about HKD 67.6 million (2022: HKD 102.9 million) due to a reduction in the number of projects contributing revenue[68]. - The group recorded a gross loss of approximately HKD 5.3 million (2022: gross profit of HKD 1.6 million) primarily due to unexpected delays in project progress, resulting in additional costs[68]. Assets and Liabilities - Total assets less current liabilities decreased to HKD 36.6 million as of June 30, 2023, compared to HKD 48.9 million at the end of 2022[16]. - The company's cash and cash equivalents dropped significantly to HKD 2.2 million from HKD 31.6 million at the end of 2022[16]. - The total liabilities decreased to HKD 120.3 million from HKD 178.0 million, indicating a reduction in financial obligations[16]. - The company's net asset value decreased to HKD 36,459 thousand as of June 30, 2023, down from HKD 48,868 thousand at the end of 2022[17]. - As of June 30, 2023, trade receivables amounted to HKD 38,198,000, down from HKD 60,017,000 as of December 31, 2022, reflecting a decrease of approximately 36.3%[51]. - The group’s trade payables decreased significantly to HKD 16,075,000 from HKD 63,642,000, a reduction of approximately 74.8%[54]. - As of June 30, 2023, contract assets amounted to HKD 72,522,000, down 22% from HKD 93,572,000 as of December 31, 2022[50]. Cash Flow and Expenses - The company experienced a significant cash outflow from operating activities, totaling HKD (28,884) thousand, compared to a cash inflow of HKD 10,433 thousand in the previous year[22]. - The cash and cash equivalents decreased to HKD 2,235 thousand as of June 30, 2023, from HKD 15,120 thousand at the end of the previous year[24]. - The total employee costs for the six months ended June 30, 2023, amounted to HKD 19,081,000, down 22% from HKD 24,398,000 in 2022[41]. - Administrative expenses were reduced to HKD 7.8 million from HKD 10.8 million, reflecting cost control measures[13]. - Other income from continuing operations decreased by approximately 97.7% to about HKD 0.1 million (2022: HKD 4.3 million), mainly due to the termination of certain contract liabilities and a reduction in government subsidies related to COVID-19[69]. Corporate Governance and Management - The company did not recommend any interim dividend for the current period[12]. - The company has adopted a code of conduct for securities transactions by directors, ensuring compliance with the relevant standards[103]. - The board believes that good corporate governance is essential for effective management and business growth[100]. - The roles of the chairman and CEO are distinct, with Mr. Wu currently holding both positions to enhance strategic efficiency[102]. - The audit committee has been established to oversee the appointment and independence of external auditors and the integrity of financial reports[114]. Future Outlook and Strategy - The company plans to focus on improving operational efficiency and managing costs in the upcoming periods[30]. - The group plans to explore various opportunities and control costs to maintain good performance in the coming years, considering partnerships for construction projects[67]. - The company has no significant investment or capital asset plans as of the report date, focusing on consolidating its business in the construction industry[83].
丰展控股(01826) - 2023 - 中期财报