Financial Performance - The company recorded a revenue of HKD 3,185.8 million for the fiscal year 2021, representing an increase of approximately 117.4% compared to the previous year[27]. - The general construction business contributed approximately HKD 2,676.7 million, accounting for 84.0% of the total revenue, with HKD 1,825.2 million (57.3%) coming from the Hai Fa Group[27]. - The gross profit for 2021 increased by 136.8% to HKD 205.1 million, with a slight rise in gross margin to 6.4% from 5.9% in 2020[28]. - The operating profit for the year 2021 increased by HKD 32.8 million or 85.9%, despite significant growth in revenue and gross profit[36]. - The profit before tax for 2021 was HKD 31.2 million, compared to HKD 28.4 million in 2020, with an adjusted profit before tax of HKD 60.3 million, an increase of approximately HKD 34.9 million from HKD 25.4 million in 2020[37]. Revenue Sources - The group achieved over 100% revenue growth in 2021, with approximately 84.0% of revenue coming from the general construction business segment[8]. - Maritime construction projects in Macau contributed HKD 327.8 million, accounting for about 10.3% of total revenue in 2021[13]. - The acquisition of a 34% stake in Qingdao Honghai Curtain Wall Co., Ltd. strengthened the group's competitive position, leading to a significant revenue increase of approximately 117.3% in the general construction contracting business in China[14]. - Two new maritime construction projects were secured in Hong Kong in 2021, each with an estimated contract value exceeding HKD 100 million[13]. - The company anticipates substantial infrastructure projects in the Qingdao West Coast New Area, which is expected to be a major source of revenue[26]. Project Pipeline and Development - The company has a significant project pipeline, including a power generation facility contract in Macau valued at HKD 413.7 million, expected to be completed by the end of 2022[24]. - The group has ongoing projects in Macau, including two reclamation projects expected to be completed in Q2 2022[15]. - The group anticipates the completion of related bridge and dredging works for a cross-sea bridge project by Q3 2023[15]. - The company has been approved for a maritime-related service project in the Philippines, with a contract value expected to exceed HKD 300 million[19]. Financial Position and Assets - Trade receivables, retention money, and receivables increased by approximately HKD 152.1 million to HKD 555.9 million as of December 31, 2021[41]. - Contract assets for maritime and general construction businesses were approximately HKD 217.6 million and HKD 1,109.1 million, respectively, as of December 31, 2021[42]. - The net current assets and net debt as of December 31, 2021, were approximately HKD 727.8 million and HKD 917.9 million, respectively, compared to HKD 367.8 million and HKD 168.0 million in 2020[52]. - The debt-to-equity ratio increased to 203.4% as of December 31, 2021, from 80.4% in 2020, primarily due to financing for acquisitions and equipment purchases[52]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with these rules throughout the 2021 fiscal year[77]. - The board of directors held a total of 5 meetings in 2021, with the chairman attending 4 out of 5 meetings[83]. - The audit committee met 2 times in 2021 to review financial statements and discuss audit results with the auditors[92]. - The company emphasizes the importance of ethical and responsible business practices to maximize long-term shareholder value[77]. - The company has established a policy for board diversity to ensure a balanced mix of skills and experiences among directors[93]. Employee and Labor Relations - The total employee cost for the group in 2021 was approximately HKD 154.8 million, a decrease from HKD 227.2 million in 2020[67]. - The group maintained a workforce of 631 employees in 2021, an increase from 298 employees in 2020[67]. - The group has not faced any significant labor disputes and has maintained good relationships with employees[67]. Risk Management and Compliance - The board of directors is responsible for ensuring the effectiveness of the group's risk management and internal control systems[103]. - The company has adopted policies and procedures for internal control and risk management compliance across various operational and management functions[100]. - The independent directors play a crucial role in overseeing the company's financial reporting and risk management practices[198][199]. Related Party Transactions - The independent non-executive directors confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms[178]. - The auditor provided an unqualified opinion on the related party transactions for the year ended December 31, 2021, in accordance with the relevant listing rules[181]. Strategic Development - The company is focused on business strategy and operations in Hong Kong, Macau, and overseas markets[190]. - The management team includes professionals with qualifications in engineering, finance, and management, ensuring a strong leadership structure[194]. - The company is actively involved in strategic development and capital operations, with a focus on expanding its market presence[194].
瑞港建设(06816) - 2021 - 年度财报