Financial Performance - Total revenue for the year ended December 31, 2023, was MOP 128,283,000, a decrease of 10.3% compared to MOP 143,046,000 in 2022[3] - Gross profit for the same period was MOP 7,384,000, down from MOP 25,078,000 in 2022, reflecting a significant decline[3] - The company reported a net loss of MOP 3,759,000 for the year, compared to a profit of MOP 9,312,000 in the previous year[4] - Basic loss per share was MOP (0.75), compared to earnings of MOP 1.86 per share in 2022[4] - The liquidity ratio decreased to 5.3 times from 6.9 times in the previous year, indicating a tighter liquidity position[3] - The company's total equity decreased to MOP 205,447,000 from MOP 214,776,000 in 2022, reflecting a decline in shareholder value[6] - The group recorded total revenue of 128.3 million MOP, a decrease of 10.3% compared to 143.0 million MOP in 2022[58] - Gross profit was 7.4 million MOP, down 70.6% from 25.1 million MOP in 2022, with a gross margin of 5.8% compared to 17.5% in the previous year[61] - The group reported a net loss of 3.8 million MOP, a significant decline from a net profit of 9.3 million MOP in 2022[67] Cash and Liquidity - Total cash and cash equivalents increased to MOP 114,732,000 from MOP 19,727,000 in 2022, indicating improved liquidity[6] - Cash and bank balances at the end of the year amounted to 141.8 million MOP, with net current assets valued at 179.6 million MOP[57] - As of December 31, 2023, the group's net current assets amounted to 179.6 million MOP, a decrease from 189.6 million MOP in 2022[68] - The group's bank balance totaled 141.8 million MOP as of December 31, 2023, compared to 119.8 million MOP in 2022, indicating a year-over-year increase of approximately 18.6%[69] - The group maintains a cautious approach to cash management, with a total credit financing amount of 98.8 million MOP as of December 31, 2023, slightly up from 98.0 million MOP in 2022[73] Revenue Sources - The group's revenue from mechanical engineering and maintenance services for 2023 was MOP 128,283,000, a decrease of 10.3% compared to MOP 143,046,000 in 2022[23] - The revenue from construction contracts was MOP 124,738,000 in 2023, down from MOP 139,573,000 in 2022, indicating a decline of 10.6%[23] - The group has a single operating segment and does not provide further detailed financial information or analysis for this segment[22] - The group’s revenue is derived from customer contracts, with specific revenue recognition points established[23] Expenses and Cost Management - Administrative expenses decreased to MOP 14,861,000 from MOP 16,077,000, indicating cost control efforts[4] - The company recorded a significant increase in construction costs, rising to 19,515 thousand MOP in 2023 from 12,167 thousand MOP in 2022, an increase of about 60.5%[47] - The group faced significant pressure from payroll expenses, as there were no layoffs during the year, leading to a heavy employee cost burden[58] Contract Assets and Liabilities - The total value of uncompleted contracts was MOP 71,445,000, down from MOP 165,483,000 in the previous year, suggesting a reduction in future revenue potential[3] - Contract assets increased from 41,961 thousand Macanese Patacas in 2022 to 49,294 thousand Macanese Patacas in 2023, reflecting a growth of approximately 17.5%[29] - The company’s contract assets include unbilled revenue for completed engineering work, contingent upon customer satisfaction and milestone achievements[33] - The contract liabilities related to electromechanical engineering amounted to 2,310,000 MOP in 2023, compared to zero in 2022, indicating the establishment of new liabilities[41] Market Outlook and Business Strategy - The company anticipates an optimistic outlook for the local economy, with a projected growth of 8.3% to 21% in Macau's GDP for 2024[51] - The company plans to expand into new business areas, focusing on public housing projects and government initiatives[51] - The group has received more tender invitations from the entertainment sector, hotels, and resorts, which are expected to generate revenue in the second half of 2024[79] - The group anticipates a significant market rebound around mid to late 2024, driven by the reopening of borders and the renewal of entertainment licenses[77] Corporate Governance and Compliance - The company has adopted good corporate governance principles and has complied with the corporate governance code as of December 31, 2023[84] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year[88] - The proposed amendments aim to update the existing organizational bylaws to align with the latest regulatory requirements effective from December 31, 2023, regarding electronic communication with shareholders[95] Shareholder Information - The company did not declare a final dividend for the year ending December 31, 2023, maintaining a total of 5,570,000 MOP for the previous year[48] - The group has not proposed a final dividend for the current year, compared to a dividend of 1.08 HKD per share in 2022[80] - The annual general meeting is scheduled for May 24, 2024, with shareholder registration suspended from May 17 to May 24, 2024[81]
濠江机电(01408) - 2023 - 年度业绩