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Annual Report FSE Engineering Holdings Limited FSE Engineering Holdings Limited 豐盛機電控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code: 331 Annual Report 豐盛機電控股有限公司 FSE Engineering Holdings Limited 豐盛機電控股有限公司 (Incorporated in the Cayman Islands with limited liability) Units 801– 810, 8th Floor Chevalier Commercial Centre Annual Report 2016-2017 No. 8 Wang Hoi Road, Kowloon Bay Kowloon, Hong Kong Tel: (852) 2733 4188 Fax: (852) 2722 5587 Email: [email protected] Website: www.fseng.com.hk About FSE Engineering Holdings Limited '4&&OHJOFFSJOH)PMEJOHT-JNJUFE )POH,POH4UPDL$PEF JTPOFPGUIFMFBEJOH &.FOHJOFFSJOHDPNQBOJFTJO)POH,POH8FQSPWJEFBDPNQSFIFOTJWFSBOHFPG &.FOHJOFFSJOHBOEFOWJSPONFOUBMFOHJOFFSJOHTFSWJDFT BOEIBWFXFMMFTUBCMJTIFE &.FOHJOFFSJOHPQFSBUJPOTJOUIF1FPQMFT3FQVCMJDPG$IJOBBOE.BDBV8JUIBO PQFSBUJOHIJTUPSZFYDFFEJOHZFBST XFIBWFEFWFMPQFETVCTUBOUJBMFYQFSUJTFBTBO &.FOHJOFFSJOHTFSWJDFQSPWJEFSBOECVJMUVQBTUSPOHOFUXPSLXJUISFOPXOFEDMJFOUT BOENBJODPOUSBDUPSTXIPBSFPGUFOFOHBHFEJOMBSHFTDBMFQSPKFDUTPGNBKPSQSPQFSUZ EFWFMPQFSTBOEPUIFSCMVFDIJQDPNQBOJFTJO)POH,POH Our Vision Our Mission Our Core Values t 5PCFUIFJOEVTUSZMFBEFS t 5PQSPWJEFDPNQSFIFOTJWF t 5FBNXPSL JOQSPWJEJOHFGGJDJFOU &.FOHJOFFSJOHTFSWJDFTXJUI t $PTUFGGFDUJWFOFTT QSPGFTTJPOBMBOERVBMJUZ&. [FOJUIRVBMJUZBOETBGFUZ FOHJOFFSJOHTFSWJDFT t 3FMFOUMFTTRVFTUGPSTVDDFTT t 5PEFMJWFSPVSTFSWJDFTXJUI JOOPWBUJPOBOEQSPGFTTJPOBMJTN t &OUSFQSFOFVSTIJQ t 5PDBSFGPSUIFFOWJSPONFOUPG t 1SPGFTTJPOBMJTN PVSTUBLFIPMEFST t $POUJOVPVTJNQSPWFNFOU Contents Financial Highlights 2 Major Events and Accolades 4 Chairman’s Statement 8 Board of Directors and Senior Management 10 Corporate Governance Report 17 Management Discussion and Analysis 28 Report of the Directors 47 Independent Auditor’s Report 67 Consolidated Income Statement 72 Consolidated Statement of 73 Comprehensive Income Consolidated Statement of 74 Financial Position Consolidated Statement of 75 Changes in Equity Consolidated Statement of Cash Flows 76 Notes to the Consolidated 77 Financial Statements Five-Year Financial Summary 139 Corporate Information 140 This annual report is printed on environmental paper 本年報經由環保紙印製 Financial Highlights 2017 2016 % Change (restated)(i) HK$M HK$M Revenue: 3,700.1 3,471.9 6.6% Gross profit: 406.9 371.9 9.4% Profit attributable to equity holders: 173.8 163.2 6.5% Basic earnings per share(ii): HK$0.39 HK$0.43 -9.3% The Board recommended the declaration of a final dividend of HK8.1 cents per share for the year ended 30 June 2017 (2016: HK9.4 cents). Note (i) Comparative figures have been restated upon the change in accounting policy of leasehold land and buildings. Details are set out in Note 2.1(iii) to the consolidated financial statements. Note (ii) The number of ordinary shares in issue increased from 300,000,000 to 450,000,000 on 10 December 2015 upon the Global Offering of the Company. Hence, the weighted average number of ordinary shares in issue for the year ended 30 June 2016 was 384,016,000. There was no movement in the number of ordinary shares in issue for the year ended 30 June 2017. 2 FSE Engineering Holdings Limited Financial Highlights Revenue by region Profit attributable to equity holders for the year ended 30 June for the year ended 30 June HK$million HK$million 4,000 200 174 3,500 380 163 699 151 3,000 477 150 131 405 2,500 218 880 114 371 2,000 595 100 507 383 1,500 2,843 2,368 1,742 1,000 1,503 1,562 50 500 - - 2013 2014 20152016 2017 2013 2014 20152016 2017 Hong Kong Mainland China Macau Total equity Earnings per share As at 30 June for the year ended 30 June HK$million HK cents 50.0 1 000 50.0 , 913 44.0 43.0 823 39.0 800 40.0 38.0 685 600 540 30.0 419 400 20.0 200 10.0 - - 2013 2014 20152016 2017 2013 2014 20152016 2017 Outstanding contract sum by region Gross profit by region As at 30 June for the year ended 30 June HK$million HK$million 7,000 400 66 6,000 282 350 752 296 89 745 300 61 80 5,000 637 831 109 250 62 1,417 4,000 89 112 612 200 50 477 33 3,000 902 261 4,657 5,084 4,515 150 2,000 221 100 174 2,388 2,883 159 160 1,000 50 - - 2013 2014 2015 2016 2017 2013 2014 20152016 2017 Hong Kong Mainland China Macau Hong Kong Mainland China Macau Annual Report 2016-2017 3 Major Events and Accolades OCTOBER 2016 t '4&&OHJOFFSJOH)PMEJOHT-JNJUFE (the “Company”, together with our subsidiaries, the “Group”) have been awarded certificates for recognition as a “Family-Friendly Employer” organised by the Home Affairs Bureau and Family Council. NOVEMBER 2016 t 5IF$PNQBOZHBSOFSFEUIF*'"1$0VUTUBOEJOH-JTUFE$PNQBOJFT"XBSEGSPNUIF)POH,POH*OTUJUVUFPG 'JOBODJBM"OBMZTUTBOE1SPGFTTJPOBM$PNNFOUBUPST-JNJUFEPO/PWFNCFS 4 FSE Engineering Holdings Limited Major Events and Accolades DECEMBER 2016 t :PVOHT&OHJOFFSJOH .BDBP $PNQBOZ-JNJUFE received the Caridade Social 2015-16 Award organised by The Youth Committee of Macao Chamber of Commerce and Associação de Jovens Empresários Chineses de Macau in recognition of its outstanding achievements in implementing and promoting community services for the elderly. t 5IF(SPVQXBTSFDPHOJTFEGPSJUTPVUTUBOEJOH achievements in implementing and promoting corporate social responsibility both in the Volunteer category and in the Enterprise category at the Seventh Hong Kong Outstanding Corporate Citizenship Awards Programme. t 5IF$PNQBOZFBSOFEUIF(PME"XBSEGPS7PMVOUFFS4FSWJDF (Organisation) from the Social Welfare Department in appreciation of its contribution of over 1,000 hours of volunteer service to the community in 2016. AnnualAnnualall ReportReport 2016-20172016-2017 5 Major Events and Accolades MARCH 2017 t 5IF(SPVQIBTDPMMBCPSBUFEXJUI/BOPBOE"EWBODFE .BUFSJBMT*OTUJUVUF-JNJUFE i/".*w UPJOWFTUBOE develop nano-bubble technology which turns ordinary air and water into a strong oxidising fluid. The Group garnered a gold medal at the 45th International Exhibition of Inventions of Geneva 2017 for the innovative nano-bubble technology in March 2017. t 5IF(SPVQTTVCTJEJBSZ .BKFTUJD &OHJOFFSJOH$PNQBOZ-JNJUFEXBT honoured with silver award of Building Sites — Subcontractor category in the “Construction Industry Safety Award Scheme 2016/2017” which jointly organised CZUIF-BCPVS%FQBSUNFOU UIF Occupational Safety and Health Council and various organisations within the Hong Kong Government and the construction industry. 6 FSE Engineering Holdings Limiteded Major Events and Accolades t 5IF(SPVQSFDFJWFEUIF$BSJOH$PNQBOZ -PHPBOE:FBST1MVT$BSJOH$PNQBOZ from The Hong Kong Council of Social Service in recognition of its effort on shouldering corporate social responsibility and its commitment to care for the community. MAY 2017 t 5IF(SPVQIBTPQFOFEJUTGJSTUSFUBJM store in Macau with the trade name “Yau Fai Building Materials”, dedicated to selling ceramic tiles imported from Europe and; promoting valued-added services on top of E&M engineering services in Macau. AnnualAnnual ReportReport 2016-20172016-2017 7 Chairman’s Statement To Our Shareholders: 0OCFIBMGPGUIFCPBSEPGEJSFDUPST UIFi#PBSEw PG'4&&OHJOFFSJOH)PMEJOHT-JNJUFE UIFi$PNQBOZw UPHFUIFSXJUI our subsidiaries, the “Group”), I am pleased to present the annual report of the Company for the year ended 30 June 2017 (“FY2017” or the “Year”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resident. In the first half of FY2017, while the global economy was still sluggish and geopolitical uncertainties loomed, Hong Kong maintained reasonable economic growth but the operating environment at large for businesses in the city XBTTUJMMEJGGJDVMU'PSUIF(SPVQ IBWJOHUSJVNQIBOUPWFSDIBMMFOHFT FDPOPNJDBOEPUIFSXJTF PWFSUIFZFBST CBDLFECZ its extensive industry experience, a management team with proven expertise and relentless in its guiding efforts, and boasting a reputation well-appreciated by customers, it managed to achieve commendable growth for the Year. Its profit attributable to equity holders increased by HK$10.6 million, or 6.5%, testifying to its resilience and capability to continuously grow its business. The Board has proposed a final dividend of HK8.1 cents per share for the Year. Including the interim dividend of HK7.4 cents per share for the six months ended 31 December 2016, the total dividend payout for the Year is HK15.5 cents per share, equivalent to a payout ratio of 40.1%. E&M ENGINEERING Hong Kong Since the start of 2017, the Hong Kong Government has unveiled an array of initiatives favourable to the construction and E&M engineering industry. The Government is committed to continuing to rezone sites, stepping up land development and conducting reviews with the aim of optimising land use. In the medium and long term, new development areas and new town extensions are expected to translate into over 8.6 million square metres of industrial and commercial floor areas and over 220,000 residential units. According to latest estimates of the Construction Industry Council, the average &.DPOTUSVDUJPOXPSLTFYQFOEJUVSFGPSGJTDBMZFBSXJMMCFPWFS),CJMMJPOGPSUIFQVCMJDTFDUPSBOEPWFS HK$28.0 billion for the private sector. Presuming there would not be prolonged debates by the HKSAR legislature on JOGSBTUSVDUVSFQSPKFDUT OFXQVCMJDXPSLTDPVMELJDLPGGBTTDIFEVMFE BOEBOVQTXJOHJOJOGSBTUSVDUVSF QVCMJDIPVTJOH and private
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