Financial Performance - The Group's revenue decreased by approximately 2.7% from approximately MOP598.8 million in 2022 to approximately MOP582.9 million in 2023[22]. - The Group recorded a loss for the year of approximately MOP34.1 million[22]. - The Group's revenue decreased by approximately MOP 15.9 million or 2.7% to approximately MOP 582.9 million for the year ended 31 December 2023, compared to MOP 598.8 million for the year ended 31 December 2022[40]. - The Group recorded a gross profit of approximately MOP 10.3 million for the year ended 31 December 2023, a decrease of approximately MOP 13.4 million or 56.5% from approximately MOP 23.8 million for the year ended 31 December 2022[43]. - The gross profit margin decreased to approximately 1.8% for the year ended 31 December 2023, down from approximately 4.0% for the year ended 31 December 2022[43]. - The Group's loss for the year was approximately MOP34.1 million for the year ended 31 December 2023, compared to a loss of approximately MOP11.6 million for the year ended 31 December 2022, primarily due to a decrease in gross profit margin and increased construction costs[56]. - The Group's other income, gain and loss recorded a loss of approximately MOP1,096,000 for the year ended 31 December 2023, compared to a gain of approximately MOP3,320,000 for the year ended 31 December 2022, mainly due to a loss of approximately MOP4,470,000 from a suspected fraud case[47]. - Impairment losses under the expected credit loss model were approximately MOP6.7 million for the year ended 31 December 2023, compared to approximately MOP0.9 million for the year ended 31 December 2022[48]. - The Group's total comprehensive loss was approximately MOP34.1 million for the year ended 31 December 2023, compared to approximately MOP11.7 million for the year ended 31 December 2022[58]. - The basic loss per share for the year ended 31 December 2023 was approximately MOP3.12 cents, compared to MOP1.16 cents for 2022[59]. Project Development - The Group completed 20 building and ancillary services projects and was awarded 39 new projects[22]. - The Group completed 20 building and ancillary services projects during the year ended 31 December 2023, with a backlog of 31 projects totaling an outstanding contract sum of MOP 722.1 million[37]. - The Group was awarded 39 building and ancillary services projects with an aggregate contract sum of MOP 727.7 million during the year ended 31 December 2023[37]. - The Group aims to capitalize on opportunities in the expanding private sector market in Macau, driven by the recovery of the gaming and tourism industry[28]. - The Group plans to strengthen its presence in the public sector market in Macau and pursue business opportunities in Hong Kong[133]. Cost Management - High construction costs remain a major challenge, necessitating strict cost control measures[25]. - Cost control remains the Group's top priority to improve financial performance and ensure ongoing financial stability[29]. - The Group is committed to improving financial performance through cost control and will adjust strategies based on market conditions to ensure financial stability[134]. - Cost control remains the group's top priority to improve financial performance and ensure ongoing stability and success[138]. Market Outlook - The Group holds an optimistic outlook for the overall construction market in Macau in the future[24]. - The easing of travel restrictions post-pandemic has led to a recovery in the tourism and casino industries in Macau[24]. - The Group anticipates an increase in Macau's construction market activities driven by the recovery of the gaming and tourism industry, aiming to capitalize on opportunities in the expanding private sector market[133]. - The construction industry's growth in Macau and Hong Kong is contingent on the availability of major projects, influenced by government spending, property developer investments, and economic conditions, with recent anti-corruption measures in China affecting the gaming industry and, consequently, construction demand[73][74]. Corporate Governance - The Group is committed to high standards of corporate governance, believing it essential for safeguarding shareholder interests and enhancing corporate value[177]. - The Company has complied with all applicable code provisions of the Corporate Governance Code for the year ended December 31, 2023, except for a deviation from code provision C.2.1[178]. - The roles of chairman and chief executive officer are currently held by the same individual, Mr. Kong Kin I, which the Board believes ensures consistent leadership and effective strategic planning[179]. - The Group's strategy aims to enhance long-term values and interests for shareholders and stakeholders through effective governance practices[185]. - The Board consists of five Directors, including Mr. Kong Kin I as chairman and CEO, and Ms. Choi Fong Lan as executive Directors[188]. Human Resources - The Group's total staff costs from operations, including Director's emoluments, were approximately MOP111.1 million for the year ended 31 December 2023, up from MOP93.5 million in 2022[117]. - The Group had 598 full-time employees as of 31 December 2023, an increase from 538 in 2022[113]. - The management team has not faced significant labor disputes or recruitment challenges, maintaining a stable workforce and providing various training programs for employees[80]. Environmental and Compliance - The Group has implemented an environmental management system compliant with ISO 14001:2015 to promote environmental awareness and prevent pollution from its projects[84]. - The Group has obtained all necessary registrations and certifications for its operations in Macau and Hong Kong, ensuring compliance with applicable laws and regulations[85]. Financial Position - As of December 31, 2023, the Group's bank borrowings amounted to approximately MOP73.2 million, a decrease of 42.6% from MOP127.7 million in 2022[87]. - The Group's current ratio decreased to 1.3 times as of December 31, 2023, compared to 1.4 times as of December 31, 2022[88]. - The gearing ratio improved from 63.5% as of December 31, 2022, to 41.0% as of December 31, 2023, indicating a greater decrease in debts than in total equity[93]. - The breach of loan covenants in bank borrowing amounts was approximately MOP44.1 million in 2023, slightly up from MOP42.4 million in 2022[87]. Strategic Initiatives - The Group plans to diversify its business portfolio by exploring opportunities in new markets, including the Greater Bay Area[28]. - The Group's business development strategy includes prioritizing quality project delivery and maintaining its industry reputation[30]. - The Group is increasingly conscious of ESG initiatives and supports the global transition to a low-carbon and sustainable future[185].
建鹏控股(01722) - 2023 - 年度财报