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現恆建築定期财报:現恆建築:二零一九年年報

股票名称:現恆建築 股票代码:01500.HK
研报类型:(PDF) 研报栏目:定期财报
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【财报摘要】

ANNUALREPORT年報2019Contents目錄1Page╱頁次CorporateInformation2公司資料Chairman’sStatement4主席報告Highlights6摘要ManagementDiscussionandAnalysis7管理層討論及分析BiographiesofDirectorsandSeniorManagement16董事及高級管理人員履歷Directors’Report20董事會報告CorporateGovernanceReport30企業管治報告Environmental,SocialandGovernanceReport45環境、社會及管治報告IndependentAuditor’sReport52獨立核數師報告ConsolidatedStatementofProfitorLossandOtherComprehensiveIncome60綜合損益及其他全面收益表ConsolidatedStatementofFinancialPosition61綜合財務狀況表ConsolidatedStatementofChangesinEquity63綜合權益變動表ConsolidatedCashFlowStatement64綜合現金流量表NotestotheFinancialStatements65財務報表附註FinancialSummary156財務摘要CorporateInformation公司資料InConstructionHoldingsLimitedAnnualReport20192BOARDOFDIRECTORSExecutiveDirectorsLauPakManChengWingCheongKwanKitSumKitIndependentNon-ExecutiveDirectorsLeungChiKinLamChiHungLouisYauChiManNorman(alsoknownasIaoChiMeng)AUDITCOMMITTEELeungChiKinLamChiHungLouisYauChiManNorman(alsoknownasIaoChiMeng)REMUNERATIONCOMMITTEEYauChiManNorman(alsoknownasIaoChiMeng)KwanKitSumKitLeungChiKinNOMINATIONCOMMITTEELamChiHungLouisChengWingCheongYauChiManNorman(alsoknownasIaoChiMeng)AUTHORISEDREPRESENTATIVESKwanKitSumKitWongSinYiReginiaCOMPANYSECRETARYWongSinYiReginiaAUDITORKPMGPRINCIPALBANKERSBankofChina(HongKong)LimitedWingLungBankLimitedTheHongkongandShanghaiBankingCorporationLimited董事會執行董事劉伯文鄭榮昌關潔心獨立非執行董事梁梓堅林志雄丘子敏審核委員會梁梓堅林志雄丘子敏薪酬委員會丘子敏關潔心梁梓堅提名委員會林志雄鄭榮昌丘子敏授權代表關潔心王倩儀公司秘書王倩儀核數師畢馬威會計師事務所主要往來銀行中國銀行(香港)有限公司永隆銀行有限公司香港上海滙豐銀行有限公司現恆建築控股有限公司2019年報3CorporateInformation(continued)公司資料(續)REGISTEREDOFFICECliftonHouse75FortStreetPOBox1350GrandCaymanKY1-1108CaymanIslandsHEADQUARTERSANDPRINCIPALPLACEOFBUSINESSINHONGKONG26/F,ParkAvenueTower5MoretonTerraceCausewayBayHongKongHONGKONGBRANCHSHAREREGISTRARANDTRANSFEROFFICETricorInvestorServicesLimitedLevel54,HopewellCentre183Queen’sRoadEastHongKongCAYMANISLANDSPRINCIPALSHAREREGISTRARANDTRANSFEROFFICEEsteriaTrust(Cayman)Ltd.CliftonHouse75FortStreetPOBox1350GrandCaymanKY1-1108CaymanIslandsWEBSITESTOCKCODEHongKongStockExchange1500註冊辦事處CliftonHouse75FortStreetPOBox1350GrandCaymanKY1-1108CaymanIslands總部及香港主要營業地點香港銅鑼灣摩頓臺5號百富中心26樓香港股份過戶登記分處卓佳證券登記有限公司香港皇后大道東183號合和中心54樓開曼群島股份過戶登記總處EsteriaTrust(Cayman)Ltd.CliftonHouse75FortStreetPOBox1350GrandCaymanKY1-1108CaymanIslands網站股份代號香港聯交所1500Chairman’sStatement主席報告InConstructionHoldingsLimitedAnnualReport20194ToOurShareholders,OnbehalfoftheBoardofDirectorsofInConstructionHoldingsLimited(the“Company”),Iampleasedtopresentyouwiththeannualreportfortheyearended31March2019(the“FinancialYear2018/19”).Foundedin1996,ourCompanyisanexperiencedgeneralandfoundationcontractorservingtheHongKongbuildingandconstructionindustriesbyofferingqualityandflexiblesolutionstoourcustomers.Usingourabilitytosolvedifferentandcomplexissuesonconstructionprojects,wecontinuetobuildtrustandcredibilitywithourexistingandnewcustomers.Wecouldnothavedoneitwithoutthesupportofourbusinesspartnerswhohavebeenworkingwithusjob-by-jobovertheyears.Theimplementationofourself-developed,successfulformulainprojectmanagement,togetherwithourstrongbondwithourcustomersandpartners,hasenabledustowithstandtheupanddownmarketconditionsthatweexperiencedthelasttwodecades.Keencompetitionintheconstructionmarketcontinueasaresultoftheprolongeddelayongrantingfundsfornewpublicworkswhichhasdrivenmorepublicsectorcontractorstotenderforworkintheprivatesector.Suchseverecompetitioninthemarkethadledtodroppinginthenumberofopentendersandsuppressedcontractprices,whichhadnegativeimpactonourcontractrevenueandprofitmargin.However,theGroup’sfinancialpositionremainsstrongwithonly8.5%netgearingasat31March2019.In2018,facingthefluctuationintheglobalfinancialmarketandtheuncertaintyofAmericanpoliciesonglobaleconomy,theCompanyaremindfulnottoreduceourprofitmarginwithoutconsideringthenegativeimpacttoourshareholders’interests.Nevertheless,weremainconfidentandarewell-positionedinthemarketasouroperationmodelofsubcontractingworksallowsusflexibilitytoremainresilienttoadverseimpact.Inthisfinancialyear,facingsuchseverecompetition,wearestillabletobeawarded3newcontractswithanaggregatecontractsumofHK$558.1million,ascomparedto6newcontractswithanaggregatecontractsumofHK$345.2millioninlastfinancialyear.致我們的股東:本人代表現恆建築控股有限公司(「本公司」)董事會,欣然向閣下呈列截至二零一九年三月三十一日止年度(「二零一八╱一九財政年度」)的年報。

本公司於一九九六年創立,作為經驗豐富的總承建商及地基承建商為香港建築及建造業服務,為客戶提供優質及靈活的解決方案。

憑藉我們解決各類項目不同複雜問題的能力,我們繼續贏得現有及新客戶信賴。

若無多年來與我們合作了多個項目的業務夥伴支援,我們難以取得上述成果。

履行我們於項目管理中自行開發的成功方式,連同我們與客戶及夥伴的穩固關係,令我們於過往二十年面臨的市況波動中屹立不倒。

新公營工程的資金批授被長時間推遲,促使越來越多的公營承建商投標私營界別工程,令建築市場持續激烈競爭。

市場競爭激烈導致公開招標數目減少及合約價下跌,從而對我們的合約收入及利潤造成負面影響。

然而,於二零一九年三月三十一日,本集團的財務狀況仍然強勁,淨負債率僅為8.5%。

於二零一八年,面對全球金融市場波動及美國對全球經濟的政策的不明朗因素,本公司時刻緊記,在調低我們利潤率的同時亦會考慮到由此對我們股東權益所造成的負面影響。

然而,由於我們分包工程的營運模式給予我們靈活性以對不利影響仍然俱備較多的適應能力,我們仍然確信及於市場上處於有利地位。

於本財政年度,在面臨激烈的競爭下,我們仍然能夠獲授3項新項目,合約總額為558.1百萬港元,而上一個財政年度則獲授6項新項目,合約總額為345.2百萬港元。

現恆建築控股有限公司2019年報5Chairman’sStatement(continued)主席報告(續)Lookingahead,weremainprudentlyoptimisticabouttheprospectsoftheconstructionmarketduetolongtermdemandsintheconstructionindustryinviewofthehousingsupplytargetofover380,000residentialunitsinshorttomediumterm.Wewillcontinuetoadheretoourstrategyoffocusingon‘designandbuild’projects.Withourlongestablishedreputation,experiencedmanagementteam,thelistingplatformandhealthyfinancialposition,ourmanagementteamisconvincedthatwewillcontinuetobuildvalueoverthemediumtolongtermforourshareholders.Onthebehalfofourboard,Iwouldliketoexpressoursinceregratitudetoourmanagementandallourstafffortheirhardworkanddedication,aswellasourshareholders,businessassociatesandotherprofessionalpartiesfortheirsupportthroughouttheyear.LauPakManChairmanHongKong,21June2019展望未來,鑒於中短期房屋供應目標為超過380,000個住宅單位,帶動對建築行業的長遠需求,我們對建築市場前景繼續持樂觀態度。

我們將繼續堅持專注於「設計及建築」項目的策略。

憑藉本集團的悠久聲譽、具有豐富經驗的管理團隊、上市平臺及穩健財務狀況,管理團隊堅信,我們將繼續為股東創造中長遠價值。

本人代表董事會謹此衷心感謝管理人員及全體員工的辛勤工作與奉獻,以及感謝股東、業務夥伴及其他專業人士於整個年度的鼎力支持。

劉伯文主席香港,二零一九年六月二十一日Highlights摘要InConstructionHoldingsLimitedAnnualReport20196HK$’m305.1百萬港元UpHK$17.3mfromFY17/18較二零一七╱一八財政年度增加17.3百萬港元HK$0.013港元HK$0.028inFY17/18二零一七╱一八財政年度為0.028港元HK$’m30.6百萬港元DownHK$5.8mfromFY17/18較二零一七╱一八財政年度減少5.8百萬港元HK$’m10.6百萬港元DownHK$12.4mfromFY17/18較二零一七╱一八財政年度減少12.4百萬港元REVENUE收益EARNINGSPERSHARE每股盈利GROSSPROFITMARGINFY2018/2019二零一八╱一九財政年度毛利率GROSSPROFITMARGINFY2017/2018二零一七╱一八財政年度毛利率GROSSPROFIT毛利NETPROFIT純利12.7%10.0%ManagementDiscussionandAnalysis管理層討論及分析現恆建築控股有限公司2019年報7BUSINESSANDFINANCIALREVIEWTheGroupisengagedasacontractorinthefoundationindustryinHongKong,undertakingfoundationworksaswellasassociatedworksincludingdemolitionworks,siteformationworks,groundinvestigationfieldworksandgeneralbuildingworksforlocalcustomers.BusinessReviewTheGroupwasengagedtoundertakefoundationandassociatedworksintheprivatesectorconstructionprojectsinHongKong,withanemphasisondesignandbuildprojectsandonundertakingtheroleasamaincontractor.TheGroupplacesemphasisondesignandbuildprojectsbecauseoftheflexibilityandcapabilityincomingupwithfoundationdesignplanthatsuitsitscustomers’requirementsandthesiteconditions.DuringtheFinancialYear2018/19,theGrouphadsuccessfullycarriedoutconstructionworkswithalternativedesignwhichnotonlycomplieswiththetechnicalrequirementsbutalsobemorecostefficientfor“designandbuild”contracts.ThecostefficientproposalsallowtheGrouptoofferitscustomersamorecompetitivepricingandatthesametimesecureitsprofitmarginfortheyear.DuringtheFinancialYear2018/19,threefoundationprojectswithanaggregatecontractvalueofHK$558.1millionwereawardedtotheGroup.Fourfoundationprojectswerecompletedduringtheyear.Asat31March2019,SixfoundationprojectswiththeoutstandingcontractsumofHK$595.6millionwereinprogress.業務及財務回顧本集團作為承建商於香港從事地基業,負責本地客戶的地基工程以及相關工程,包括拆卸工程、地盤平整工程、現場土地勘測工程及一般建築工程。

業務回顧本集團獲邀承接香港私營建築項目的地基工程及相關工程,專注於設計及建造項目,並擔任總承建商。

本集團專注於設計及建造項目,乃因其靈活地且有能力製作迎合客戶要求及符合地盤狀況的地基設計計劃。

於二零一八╱一九財政年度,就「設計及建造」合約而言,本集團已成功以替代設計進行建築工程,不僅符合技術要求,且更具成本效益。

具成本效益的方案允許本集團向其客戶提供更具競爭力的價格,並同時於本年度獲得利潤。

於二零一八╱一九財政年度,本集團獲授合約總值為558.1百萬港元的三個地基項目。

四個地基項目已於年內完成。

於二零一九年三月三十一日,未完工合約金額595.6百萬港元的六個地基項目仍為在建中。

InConstructionHoldingsLimitedAnnualReport20198ManagementDiscussionandAnalysis(continued)管理層討論及分析(續)BUSINESSANDFINANCIALREVIEW(continued)BusinessReview(continued)Yearofaward/project獲授年度╱項目Typeofcontract合約類型Statusasat31March2019於二零一九年三月三十一日的狀況Year2016-2017二零一六至二零一七年度CheungSha,LantauIslandDesignandbuildCompleted大嶼山長沙設計及建造已完工St.Paul’sPrimaryCatholicSchool,HappyValleyBuildonlyCompleted跑馬地聖保祿天主教小學僅建造已完工Year2017-2018二零一七至二零一八年度ChaiWanKokStreet,TsuenWanDesignandbuildWorkinprogress荃灣柴灣角街設計及建造在建SkyCity,ChekLapKokDesignandbuildCompleted赤鱲角航天城設計及建造已完工SeymourRoad,HongKongDesignandbuildWorkinprogress香港西摩道設計及建造在建RobinsonRoad,Mid-LevelsDesignandbuildWorkinprogress半山區羅便臣道設計及建造在建WaterlooRoad,KowloonBuildonlyCompleted九龍窩打老道僅建造已完工Year2018-2019二零一八至二零一九年度KokCheungStreet,TaiKokTsuiDesignandbuildWorkinprogress大角咀角祥街設計及建造在建TaiPoKauDesignandbuildWorkinprogress大埔滘設計及建造在建CaineRoadDesignandbuildNotyetcommenced堅道設計及建造未展開業務及財務回顧(續)業務回顧(續)現恆建築控股有限公司2019年報9ManagementDiscussionandAnalysis(continued)管理層討論及分析(續)BUSINESSANDFINANCIALREVIEW(continued)FinancialReviewDuringtheFinancialYear2018/19,therewere10projectscontributingrevenueandgrossprofitofapproximatelyHK$305.1millionandHK$30.6million,respectively,whereasrevenueandgrossprofitfortheFinancialYear2017/18ofHK$287.8millionandHK$36.4million,respectivelywerecontributedby19projects.TopfiveprojectscontributedrevenueamountedtoHK$244.9million(2018:HK$219.1million),inwhichthetopprojectcontributed37.1%ofthetotalrevenue.Fiercecompetitioninthemarkethadledtoadecreaseingrossprofitmarginto10.0%fortheFinancialYear2018/19from12.7%oflastyear.Suchdecreasewasprimarilyattributableto,amongotherfactors,afewfoundationprojectswithrelativelylowgrossprofitmargincomparedwiththeoverallgrossprofitmarginoflastfinancialyear.AdministrativeandotheroperatingexpensesincreasedbyapproximatelyHK$4.7milliontoapproximatelyHK$24.3million,comparedwithapproximatelyHK$19.6millionoftheFinancialYear2017/18,whichwasmainlyduetoforeignexchangelossarisingfrombankdepositsdenominatedinRenminbi.Asaresult,profitbeforetaxationfortheFinancialyear2018/19decreasedbyHK$15.2millionor55.1%toHK$12.4million,fromthelastfinancialyearofHK$27.6million.業務及財務回顧(續)財務回顧於二零一八╱一九財政年度,10個項目分別貢獻收益及毛利約305.1百萬港元及30.6百萬港元,而於二零一七╱一八財政年度的收益及毛利287.8百萬港元及36.4百萬港元由19個項目貢獻。

五大項目貢獻的收益為244.9百萬港元(二零一八年:219.1百萬港元),其中最大項目貢獻總收益之37.1%。

市場競爭激烈導致毛利率由去年的12.7%減少至二零一八╱一九財政年度的10.0%,主要由於(其中包括)與上一個財政年度的整體毛利率相比,少數地基項目的毛利率相對偏低所致。

行政及其他經營開支增加約4.7百萬港元至約24.3百萬港元,而二零一七╱一八財政年度為約19.6百萬港元,主要由於以人民幣計值之銀行存款產生匯兌虧損所致。

因此,二零一八╱一九財政年度除稅前溢利減少15.2百萬港元或55.1%至12.4百萬港元,而上一個財政年度則為27.6百萬港元。

InConstructionHoldingsLimitedAnnualReport201910ManagementDiscussionandAnalysis(continued)管理層討論及分析(續)BUSINESSANDFINANCIALREVIEW(continued)PrincipalRisksandUncertaintiesHighlyregulatedindustryThefoundationindustryisahighlyregulatedindustryandtheGroupisrequiredtomaintaincertainregistrationsunderthelawsofHongKong.Inordertorenewandmaintaintheseregistrations,theGroupisrequiredtocomplywithcertaincriteriasetbytherelevantgovernmentaldepartmentsandauthoritiessuchastheBuildingsDepartmentandtheDevelopmentBureau.Theseincludethemaintenanceofcertainfinancialcriteriasuchasworkingcapitallevel,theadequacyofourmanagementstructureandtheappropriateexperienceandqualificationofourpersonnel.AnysuspensionoforafailuretomaintainorrenewtheGroup’sregistrationscouldmateriallyandadverselyaffecttheGroup’sbusiness.UncertaintyinconstructionprogressDuetothenatureoffoundationworks,thefoundationandstructureofanybuildingsadjacenttotheGroup’sconstructionsitesmaybeaffectedordamagedduringtheconstructionprocess.TheGroupmayincuradditionalcostandtimeincarryingoutremedialworksandthismaycausematerialdelayincompletingaproject.TheGroupmayfaceclaimsfromcustomersforlossesandforliquidateddamagesduetodelay.Further,theGroupmayalsobeexposedtoclaimsanddisputesfromthirdpartiesarisingfromdamagecausedtotheadjacentbuildings.Suchclaims,legalandotherproceedingsmayaffecttheGroup’sreputationandalsoincreasethecostsoftheprojectsundertakenbytheGroup,resultinginadverseimpactonthefinancialperformanceoftheGroup.FailuretobidnewcontractTheGroup’sbusinessreliesonsuccessfultendersthatdeterminetheawardofcontractsforfoundationworksand/orassociatedworks.Giventhenon-r……

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