Financial Performance - For the six months ended June 30, 2022, the group's revenue decreased by approximately MOP 4.6 million or 6.6% to MOP 65.5 million, attributed to the ongoing weak operating environment in the renovation industry due to the COVID-19 pandemic [10]. - The gross profit for the six months ended June 30, 2022, increased by approximately MOP 0.8 million or 7.3% to MOP 12.1 million, with the overall gross margin improving from 16.1% in 2021 to 18.5% in 2022 [13]. - For the six months ended June 30, 2022, the profit attributable to the owners of the company was approximately MOP 0.3 million, a significant improvement from a loss of MOP 16.6 million for the same period in 2021 [22]. - Earnings per share for the six months ended June 30, 2022, was MOP 0.1 cents, recovering from a loss of MOP 4.1 cents per share in the previous year, marking an increase of MOP 4.2 cents [23]. - The company reported a total comprehensive income of MOP 261,000 for the period, recovering from a loss of MOP 16,598,000 in the previous year [82]. - The company recorded a profit attributable to equity holders from continuing operations of MOP 278,000 for the six months ended June 30, 2022, compared to a loss of MOP 16,285,000 for the same period in 2021 [140]. Revenue Breakdown - The group's renovation engineering revenue accounted for 76.2% of total revenue for the six months ended June 30, 2022, while construction engineering and maintenance services contributed 20.7% and 3.1%, respectively [10]. - Revenue from renovation, alteration, and addition works was MOP 49,959,000, down 23.5% from MOP 65,282,000 in the previous year [117]. - The total revenue from customer contracts in the Macau market was MOP 62,316,000, while in Hong Kong it was MOP 3,229,000 [122]. Expenses and Costs - The administrative expenses decreased by approximately MOP 2.3 million or 15.3% to MOP 12.8 million for the six months ended June 30, 2022, due to cost-cutting measures implemented during the period [15]. - Employee costs for the six months ended June 30, 2022, totaled MOP 18.4 million, down from MOP 25.5 million for the same period in 2021 [45]. - The cost of services provided was MOP 53,418,000, a decrease from MOP 58,848,000 in the previous year, indicating improved cost management [124]. Assets and Liabilities - As of June 30, 2022, the group had net current assets of approximately MOP 6.7 million, an increase of about MOP 1.5 million from MOP 5.3 million as of December 31, 2021 [24]. - The group's cash and bank balances as of June 30, 2022, were MOP 2.3 million, down from MOP 11.5 million as of December 31, 2021 [25]. - The current ratio as of June 30, 2022, was 1.1, consistent with the ratio as of December 31, 2021, indicating stable liquidity [28]. - The debt-to-equity ratio as of June 30, 2022, was 0.48, an increase from 0.41 as of December 31, 2021, primarily due to increased bank borrowings [28]. - The total assets as of June 30, 2022, were MOP 121,245,000, slightly down from MOP 121,467,000 at the end of 2021 [84]. - Current liabilities rose to MOP 103,478,000, compared to MOP 95,061,000 at the end of 2021, reflecting increased operational costs [84]. Cash Flow - The cash flow from operating activities showed a net outflow of MOP 16,767,000 for the first half of 2022, worsening from a net outflow of MOP 7,426,000 in the same period of 2021 [93]. - The company reported a net decrease in cash and cash equivalents of MOP 9,418,000 for the first half of 2022, compared to a decrease of MOP 7,232,000 in the first half of 2021 [96]. - The financing activities generated a net cash inflow of MOP 3,745,000 in the first half of 2022, contrasting with a net cash outflow of MOP 3,104,000 in the same period of 2021 [93]. Legal Matters - The company is involved in a legal dispute claiming approximately HKD 172.5 million related to a verbal agreement for consulting services provided during its IPO in February 2017 [35]. - The group has a pending lawsuit involving a subcontractor with a total claim amount of MOP 1,926,000 as of June 30, 2022 [159]. - The group has not made any provisions for ongoing legal disputes as it is considered premature [159][161]. Market Outlook - The company anticipates an increase in engineering projects following the public bidding for gaming licenses initiated by the Macau government, which is expected to positively impact performance [55]. - The company expects the global economy to gradually recover from the pandemic, which will stabilize the construction market [55]. - The company is committed to leveraging its local advantages and reputation in the construction industry to navigate the ongoing challenges [55]. Corporate Governance - The company has complied with all applicable corporate governance codes during the six months ending June 30, 2022 [69]. - The company has not repurchased, sold, or redeemed any of its listed securities during the six months ending June 30, 2022 [68].
黎氏企业(02266) - 2022 - 中期财报