Financial Performance - For the fiscal year ending December 31, 2023, the group recorded revenue of approximately HKD 152,950,000, representing an increase of 22.3% compared to HKD 125,087,000 in 2022[3] - The profit attributable to equity shareholders for the fiscal year was approximately HKD 680,000, compared to HKD 238,000 in 2022, marking a significant increase of 185.7%[3] - Basic and diluted earnings per share for the year were HKD 0.07, up from HKD 0.02 in the previous year, reflecting a growth of 250%[3] - The group's gross profit for the year was HKD 19,207,000, compared to HKD 18,706,000 in 2022, indicating a slight increase of 2.67%[5] - Other income for the year 2023 totaled HKD 10,026,000, compared to HKD 6,297,000 in 2022, marking an increase of approximately 59.5%[27] - The company's total comprehensive income attributable to equity shareholders was approximately HKD 680,000 for the year ended December 31, 2023, compared to approximately HKD 238,000 for the year ended December 31, 2022[53] Dividend Policy - The board of directors does not recommend the payment of a final dividend for the fiscal year ending December 31, 2023[3] - The company did not declare a final dividend for the year ending December 31, 2023, consistent with the previous year[34] - The company does not recommend the payment of a final dividend for the year ended December 31, 2023, compared to no dividend in the previous year[54] Assets and Liabilities - Total assets for the group as of December 31, 2023, were HKD 152,349,000, compared to HKD 151,403,000 in 2022, showing a growth of 0.62%[7] - The group's current assets amounted to HKD 170,597,000, an increase from HKD 161,952,000 in the previous year, representing a growth of 5.5%[7] - The total equity attributable to shareholders was HKD 151,828,000, compared to HKD 151,148,000 in 2022, reflecting a growth of 0.45%[7] - Trade receivables, net of provisions, amounted to HKD 21,724,000, while provisions for bad debts were HKD 37,391,000[38] - The expected recoverable amount of retained deposits was approximately HKD 14,185,000, down from HKD 23,164,000 in the previous year[38] - Total trade and other receivables were HKD 51,263,000, compared to HKD 68,161,000 in the previous year[38] - The total trade and other payables amounted to HKD 19,157,000, with HKD 11,771,000 expected to settle within one year[41] - Deferred tax liabilities increased to HKD 23,000 from HKD 14,000 year-on-year[33] Revenue Breakdown - Revenue from installation services amounted to HKD 70,568,000 in 2023, down from HKD 84,640,000 in 2022, indicating a decline of about 16.7%[23] - The group reported total revenue of HKD 152,950,000 for the year ending December 31, 2023, compared to HKD 125,087,000 for the previous year, representing a growth of approximately 22.3%[23] - The group’s revenue from services recognized over time was HKD 121,873,000 in 2023, compared to HKD 105,803,000 in 2022, reflecting an increase of approximately 15.2%[23] - Revenue from "On-demand Services" was HKD 121,873,000, which is an increase of 15% compared to the previous year[44] - Revenue from "Point-in-time Products" was HKD 31,077,000, reflecting a growth of 62% year-over-year[44] - Revenue from service type "Net Installation Services" was HKD 70,568,000, accounting for 46% of total revenue, while "Installation Services including HVAC Systems Procurement" generated HKD 82,382,000, representing 54%[46] Operational Highlights - The group primarily engages in providing heating, ventilation, and air conditioning system installation services in Hong Kong[8] - The company aims to strengthen its market position as a preferred HVAC engineering contractor for property developers in Hong Kong[43] - The company continues to enhance financial management and licensing qualifications to solidify its position in the property development value chain[43] - The company is focused on direct engagement with property developers and/or their designated main contractors to secure new business opportunities[43] - The company plans to expand service capabilities to capture business opportunities and provide comprehensive HVAC electrical engineering services[59] Financial Management - The company has adopted new accounting standards this year, which did not have a significant impact on the financial statements[12] - The revisions to the accounting standards clarify the definition of accounting estimates and their application[13] - The Group's financial position and performance remain unaffected by the new accounting standards adopted this year[20] - The company has registered as a Class A contractor under the Electrical and Mechanical Services Department, enhancing its service capabilities[42] - The company received government funding of HKD 3,008,000 under the Employment Support Scheme to retain employees during the pandemic[32] - The company confirmed receipt of government subsidies of HKD 27,000 for construction innovation and technology, compared to none in the previous year[32] Cost Management - Employee costs, including directors' remuneration, were HKD 31,157,000 in 2023, compared to HKD 31,180,000 in 2022, showing a marginal decrease[30] - Service costs increased by approximately HKD 27,362,000 or 25.7% to about HKD 133,743,000 for the year ended December 31, 2023, compared to approximately HKD 106,381,000 for the year ended December 31, 2022[47] - Administrative expenses increased from approximately HKD 24,691,000 to about HKD 28,465,000, primarily due to costs associated with maintenance and other installation services[50] - The group’s financial costs included lease liabilities interest of HKD 65,000 in 2023, slightly up from HKD 60,000 in 2022[30] - Financial costs were approximately HKD 65,000 for the year ended December 31, 2023, compared to HKD 60,000 for the previous year, reflecting interest expenses on lease liabilities[51] Corporate Governance - The company has adhered to corporate governance codes and standards throughout the fiscal year ending December 31, 2023[82] - The audit committee is responsible for ensuring the effectiveness of internal controls and risk management systems[87] - The annual report for the year ending December 31, 2023, will be available on the company's website and the stock exchange website[88] - The report will include all information required by the listing rules, as stated in Appendix 16[88] - The company will distribute the report to shareholders in accordance with listing rules[88] Shareholder Information - The company successfully raised approximately HKD 102.4 million from the issuance of 250,000,000 shares at HKD 0.52 per share[77] - As of the announcement date, the actual utilization of the net proceeds was HKD 102.018 million, with HKD 382,000 expected to be used by the end of 2024[77] - The company allocated HKD 87.654 million for the purchase of a heating, ventilation, and air conditioning system, fully utilized[77] - The company has adopted a share option scheme to incentivize and reward eligible participants, effective for ten years from the adoption date[78] - The annual general meeting is scheduled for June 6, 2024, with a suspension of share registration from June 3 to June 6, 2024[83]
万顺集团控股(01746) - 2023 - 年度业绩