Financial Performance - The company's revenue for the year ended December 31, 2021, was approximately MOP 260.4 million, a decrease of about MOP 245.9 million or 48.6% from MOP 506.3 million in 2020[6]. - The company recorded a net loss of approximately MOP 231.4 million for the year ended December 31, 2021, compared to a profit of approximately MOP 45.7 million in 2020[12]. - Revenue decreased by approximately 245.9 million MOP or 48.6% to about 260.4 million MOP for the year ended December 31, 2021, compared to approximately 506.3 million MOP for the year ended December 31, 2020[13]. - Gross loss amounted to approximately 97.5 million MOP for the year ended December 31, 2021, down from a gross profit of approximately 80.4 million MOP for the year ended December 31, 2020, resulting in a gross margin of approximately -37.4%[16]. - The company recorded a net loss of approximately 231.4 million MOP for the year ended December 31, 2021, a decrease of about 277.1 million MOP compared to a profit of approximately 45.7 million MOP for the year ended December 31, 2020[24]. - Cash and cash equivalents decreased by approximately 55.0% to about 39.5 million MOP as of December 31, 2021, from approximately 87.8 million MOP as of December 31, 2020[25]. - The debt-to-equity ratio increased to approximately 108.0% as of December 31, 2021, from about 27.5% as of December 31, 2020, due to a decrease in total equity[27]. Renovation Projects - The company completed 33 renovation projects and was awarded 43 renovation projects during the year ended December 31, 2021[12]. - The company’s renovation services accounted for approximately 99.9% of total revenue for both 2020 and 2021[10]. - The company faced intense competition in the second half of 2021, leading to unsuccessful bids on several projects due to competitors significantly lowering their bid prices[6]. - The majority of the company's clients are licensed gaming operators in Macau, with most of their shares listed on the Hong Kong Stock Exchange[10]. Strategic Initiatives - The company aims to strengthen its market position in the Macau renovation industry by enhancing its financial status to undertake larger projects, expanding its customer base, and improving human resources[6]. - The company is seeking diversification by exploring lithium resources and lithium battery technology to expand its business scope and overall revenue sources[11]. Governance and Management - The board of directors consists of seven members, including three independent non-executive directors, ensuring a balanced composition and independent judgment on strategic matters[50]. - The company’s governance structure includes an audit committee, a remuneration committee, and a nomination committee to assist the board in fulfilling its responsibilities[51]. - The company has implemented a performance review system to assess employee performance, which forms the basis for salary adjustments and promotions[38]. - The company has established an internal control and risk management system, which the Board believes is adequate and effective[79]. - The company emphasizes the importance of board diversity as a key element for maintaining competitive advantage, considering various factors such as skills, knowledge, gender, and professional experience[66]. Employee and Workforce - As of December 31, 2021, the group had 90 employees, a decrease from 110 employees in 2020, with total employee costs approximately MOP 49.9 million, up from MOP 49.7 million in 2020[38]. - The employee turnover rate for males was 18% overall, with the highest rate of 86% in China for the age group 30-39[151]. - The group has established clear policies to attract and retain talent, emphasizing a fair and safe working environment[148]. - Female employees receiving training increased from 75% in 2020 to 76% in 2021, while male employees increased from 80% to 82%[158]. Environmental, Social, and Governance (ESG) Practices - The group has maintained consistent ESG management strategies and objectives, with comparative data from the previous year included in the report[101]. - The group actively promotes environmental and community engagement policies to minimize social impacts from construction activities[94]. - The group has established appropriate and effective management policies and internal control systems for environmental, social, and governance (ESG) issues as of December 31, 2021[119]. - The company has implemented measures to reduce energy consumption, including turning off air conditioning systems when not in use and using LED lighting[129]. - The total greenhouse gas emissions for the year ended December 31, 2021, were approximately 79.82 tons, with an average of 0.89 tons per employee, representing an increase of 0.21 tons per employee compared to the previous year[128]. Community Engagement - The company actively encourages employees to participate in community service to enhance social and environmental awareness, thereby increasing corporate value[170]. - The company focuses on community investment, particularly in areas such as education, health, and environmental issues, although specific resource allocation details are not mentioned[182]. - The group actively contributes to community development and maintains close communication with the community[169]. Compliance and Risk Management - The group has developed a corporate fraud policy to promote control measures that help detect and prevent fraud against the group[107]. - The group conducts regular reviews and improvements of its anti-money laundering policies and internal control measures based on their effectiveness[110]. - The company has policies in place to prevent child labor and forced labor, ensuring compliance with significant laws and regulations[179].
伟鸿集团控股(03321) - 2023 - 年度财报