Financial Performance - The Group's annual revenue for the year ended December 31, 2022, was approximately MOP 200 million, marking a significant achievement in financial performance[15]. - The Group recorded total revenue of approximately MOP290.2 million for the Year 2022, an increase of approximately MOP108.0 million or 59.3% from approximately MOP182.2 million in 2021[37]. - The Group's revenue increased by 59.3% from approximately MOP182.2 million in 2021 to approximately MOP290.2 million in 2022[49]. - The Group recorded a net loss for the Year 2022 despite a sharp increase in revenue, attributed to improved construction progress due to eased COVID-19 quarantine measures and successful market strategies in Hong Kong[23]. - The Group reported a net loss of approximately MOP6.9 million for 2022, compared to a net loss of approximately MOP5.0 million in 2021[70]. Project Portfolio and Strategy - In 2022, the Group's strategy focused on expanding its project portfolio to mitigate uncertainties in the market[10]. - The Group aims to enhance its market position by leveraging its expertise in E&M engineering across various sectors[10]. - The Group is actively pursuing new projects in the electrical-related E&M engineering services market, particularly in Hong Kong, to stabilize revenue during economic recovery[29]. - The Group's strategy includes diversifying market risks by expanding operations in Hong Kong and seeking new project opportunities[43][46]. - The Group plans to establish an E&M maintenance department to enhance revenue base and support long-term growth post-economic recovery[18]. Economic Context - The Macau economy saw a GDP decrease of 33.4% and 23.4% in the third and fourth quarters of 2022, respectively, compared to the previous periods, reaching only 35.3% and 41.4% of pre-pandemic levels[25]. - The Macau economy saw a GDP decrease of 39.3% and 33.4% in the second and third quarters of 2022, respectively, but showed a recovery with a 26.9% increase in the fourth quarter[41][42]. - The Group is optimistic about the future prospects of the electrical-related E&M engineering industry as the COVID-19 situation improves[29]. Operational Challenges - Increased labor costs in the Macau market were noted due to limited import labor quotas during the COVID-19 pandemic[23]. - The Group faces risks related to project bidding and customer acquisition, which could significantly impact revenue if new projects are not secured[87]. - The increase in sales costs was attributed to rising labor costs and material costs, alongside increased revenue[52]. Workforce and Management - The Group plans to strengthen its workforce to handle larger projects in the future, having expanded its project management team in 2022[43]. - As of December 31, 2022, the Group had 79 full-time employees, up from 63 in the previous year, with 56 stationed in Macau and 23 in Hong Kong[114]. - The Group's total staff costs for the Year 2022 were approximately MOP 26.0 million, an increase from approximately MOP 17.6 million in 2021[114]. Governance and Corporate Structure - The Board of Directors consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[123]. - The company emphasizes the importance of corporate governance and internal controls, as highlighted by the roles of its non-executive directors[145]. - The company has complied with the Corporate Governance Code during the year 2022 and up to the date of the annual report[180]. - The company aims to formulate business strategies and policies aligned with good corporate governance standards[179]. Financial Position and Capital Management - As of December 31, 2022, cash and cash equivalents were approximately MOP20.4 million, down from approximately MOP40.3 million as of December 31, 2021[77]. - The working capital as of December 31, 2022, was approximately MOP193.6 million, compared to approximately MOP198.5 million as of December 31, 2021[78]. - The gearing ratio increased to approximately 23.6% as of December 31, 2022, from approximately 18.4% as of December 31, 2021, mainly due to an increase in trade and other payables[79]. Future Outlook - The Group expects a rebound in construction demand in 2023 as most COVID-19 risk factors have been sufficiently addressed[106]. - The Group is focused on the development of smart city initiatives in Macau, which may provide further business opportunities in the future[43].
澳达控股(09929) - 2022 - 年度财报