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Annual Report 2015-2016

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Annual Report 2015-2016 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 2015-2016 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 2015-2016 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 FSE Engineering Holdings Limited (Hong Kong Stock Code: 331) is one of the leading E&M engineering companies in Hong Kong. We provide a comprehensive range of E&M engineering and environmental engineering services, and have well-established E&M engineering operations in the People’s Republic of China and Macau. With an operating history exceeding 40 years, we have developed substantial expertise as an E&M engineering service provider and built up a strong network with renowned clients and main contractors who are often engaged in large-scale projects of major property developers and other blue-chip companies in Hong Kong. Our Vision Our Mission Our Core Values — To be the industry leader — To provide comprehensive — Teamwork in providing efficient, E&M engineering services — Cost-effectiveness professional and quality E&M with zenith quality and safety engineering services — Relentless quest for success — To deliver our services with innovation and — Entrepreneurship professionalism — Professionalism — To care for the environment of — Continuous improvement our stakeholders Contents Financial Highlights 2 Independent Auditor’s Report 64 Major Events and Accolades 4 Consolidated Income Statement 66 Chairman’s Statement 7 Consolidated Statement of 67 Comprehensive Income Board of Directors and Senior 9 Management Consolidated Statement of Financial 68 Position Corporate Governance Report 15 Consolidated Statement of Changes 69 Environmental, Social and Governance 24 in Equity Report Consolidated Statement of Cash Flows 70 Management Discussion and Analysis 33 Notes to the Consolidated Financial 71 Report of the Directors 47 Statements Five-Year Financial Summary 123 Corporate Information 124 This annual report is printed on environmental paper 本 年 報經由環保紙印製 Financial Highlights 2016 2015 % Change HK$M HK$M Revenue: 3,471.9 2,825.1 22.9 Gross profit: 371.9 333.1 11.6 Profit attributable to equity holders: 161.1 149.2 8.0 Basic earnings per share: HK$0.42 HK$0.50 -16.0 The Board recommended the declaration of a final dividend of HK9.4 cents per share for the year ended 30 June 2016. 2 FSE Engineering Holdings Limited Financial Highlights Revenue by region Profit attributable to equity holders for the year ended 30 June for the year ended 30 June HK$million HK$million 3,500 200 699 3,000 161 149 405 150 2,500 218 131 880 371 114 2,000 595 507 383 100 1,500 149 161 2,368 131 1,000 1,742 114 1,503 1,562 50 500 - - 2013 2014 2015 2016 2013 2014 2015 2016 Hong Kong Mainland China Macau Total equity Earnings per share As at 30 June for the year ended 30 June HK$million HK cents 50.0 1,000 50.0 901 44.0 42.0 800 40.0 38.0 685 600 540 30.0 496 50.0 901 44.0 400 20.0 38.0 42.0 685 540 496 200 10.0 - - 2013 2014 2015 2016 2013 2014 2015 2016 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 6,000 282 350 752 89 745 300 61 5,000 637 109 250 62 1,417 4,000 89 112 612 200 50 477 33 3,000 902 4,657 5,084 150 2,000 221 100 174 2,388 2,883 159 160 1,000 50 - - 2013 2014 2015 2016 2013 2014 2015 2016 Hong Kong Mainland China Macau Hong Kong Mainland China Macau Annual Report 2015-2016 3 Major Events and Accolades DECEMBER 2015 • FSE Engineering Holdings Limited (the “Company”, together with our subsidiaries, the “Group”) was listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 10 December 2015 • The Group was awarded the design, supply and installation of E&M services for the West Kowloon Government Office in Yau Ma Tei, Kowloon, Hong Kong • The Group was recognised for its outstanding achievements in implementing and promoting corporate social responsibility (CSR) at The Sixth Hong Kong Outstanding Corporate Citizenship Awards Presentation Ceremony organised by the Hong Kong Productivity Council 4 FSE Engineering Holdings Limited Major Events and Accolades MARCH 2016 • This is the third year the Group participated in the New Territories Walk organised by The Community Chest of Hong Kong APRIL 2016 • The official website of the Company received gold award in the fourth Web Accessibility Recognition Scheme co-organised by the Office of the Government Chief Information Officer and the Equal Opportunities Commission MAY 2016 • The Group received the 10 Years Plus Caring Company logo from The Hong Kong Council of Social Service in recognition of the Group’s effort on shouldering corporate social responsibility and our commitment to care for the community Annual Report 2015-2016 5 Major Events and Accolades • The Group has been accredited the Manpower Developer (MD) 1st title and logo by the Hong Kong Employees Retraining Board (ERB) since 2010, and gained the title of ERB MD for the next 2 years, in recognition of our commitment and outstanding performance in the area of manpower development JUNE 2016 • The Group has received the President’s Award from The Community Chest of Hong Kong for its donation of HK$1 million 6 FSE Engineering Holdings Limited Chairman’s Statement To Our Shareholders: I am pleased to present the first annual report of the Company for the year ended 30 June 2016 (“FY2016” or the “Year”) since its public listing. The year 2015 was a memorable year. The shares of the Company were successfully listed on the Main Board of the Stock Exchange (the “Listing”) on 10 December 2015. The Listing represents a significant milestone for the Group as it provides us with access to a more effective fund-raising platform that supports us in achieving our goals, including, among others, tapping the Hong Kong, Mainland China and Macau markets — all of which hold immense development potential. The Listing has demonstrated the Group’s intrinsic value, which combined with a stronger balance sheet, will enable us to seize opportunities for future ventures and collaboration, particularly on large- scale projects in these regions. It is also worth noticing that the Listing has provided us with fresh impetus to further strengthen and optimise the Group’s corporate governance and capital structure, which are core to its sustainable development over the long term. Looking back over the past year, the complex macroeconomic dynamics and volatile geopolitics has led to a surge in worldwide financial risks. The global economy has experienced a wide range of challenges and market uncertainties arising from US monetary policies, weakness in commodity prices, rising concerns on China’s economic growth prospects, capital outflows from the emerging economies and, most recently, the victory for Brexit in the United Kingdom. Against this backdrop, the Hong Kong economy maintained its growth at a low level during the first quarter of 2016 and the operating environment in the city for businesses across different sectors will continue to be difficult to varying degrees. Leveraging our 40 years of industry experience, and a solid reputation that has been built through good times and bad, we are not new to economic and other challenges, such as those we are currently facing. Indicative of our ability is not only our perseverance, but also our strength in continuing to progress. This can be seen as the Group again delivered creditable financial results during the Year, with profit attributable to equity holders increasing by HK$11.9 million or 8.0%. If the one-off listing expenses were excluded, profit attributable to equity holders would have increased by HK$23.5 million or 15.2%. The Board has proposed a final dividend of HK9.4 cents per share for the Year. Including an interim dividend of HK5.0 cents per share for the six months ended 31 December 2015, the total dividend payout for the Year is HK14.4 cents per share, with a payout ratio of 40.2%. Though the global economic growth is likely to remain sluggish in the near future, the Hong Kong Government is expected to unveil a range of supportive initiatives for the construction and E&M engineering industry. Already, the Policy Address delivered by Hong Kong’s Chief Executive on 13 January 2016 has demonstrated the Hong Kong Government’s commitment to continuing to rezone sites, increase the intensity of land development and conduct reviews to achieve optimal land usage. In addition, leveraging on its solid fiscal position, the forecast expenditure of Capital Works Reserve Fund is to increase from HK$84.5 billion in this fiscal year to HK$121.9 billion in fiscal year 2020/21. Without the prolonged contentious debates on infrastructure projects in the HKSAR Legislative Council, the schedule for new public works will not be delayed and should consequently lead to an upswing in infrastructure, public housing and private housing projects, which in turn will help drive the construction, E&M engineering and environmental engineering industries towards healthier growth ahead. To capitalise on the various infrastructure investments that are set to take place in Hong Kong, we plan to bolster the Group’s capabilities in ELV (extra-low voltage) system works and increase human resources aimed at enhancing work quality and engineering design capability.
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