REG - UniVision Eng Ltd - Interim Results - Six Months Ended 30 Sept 2022
19/06/2023 07:00
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RNS Number : 1307D UniVision Engineering Ltd 19 June 2023
This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.
For immediate release: 19 June 2023
UniVision Engineering Limited
("UniVision" or the "Company" or the "Group")
Interim Results
For the Six Months Ended 30 September 2022
UniVision (AIM: UVEL), the Hong Kong based Group whose principal activities
are the supply, design, installation and maintenance of closed-circuit
television and surveillance systems, and the sale of security related
products, is pleased to announce its unaudited interim results for the six
months ended 30 September 2022.
For further information visit www.uvel.com (http://www.uvel.com/) or contact:
UniVision Engineering Limited Tel: +852 2389 3256
Stephen Koo, Executive www.uvel.com (http://www.uvel.com)
Chairman
Peter Yip Tak Chan, Chief Executive Officer
SPARK Advisory Partners Tel: +44 (0)20 3368 3550
Limited
(Nominated Adviser)
Mark Brady / Neil Baldwin www.sparkadvisorypartners.com (http://www.sparkadvisorypartners.com)
SI Capital Limited Tel: +44 (0)1483 413500
(Broker) www.sicapital.co.uk (http://www.sicapital.co.uk)
Nick Emerson
CHAIRMAN'S STATEMENT
I am pleased to report the Company's interims results for the six months ended
30 September 2022.
Turnover for the reporting period decreased by 88% (underlying rate) to
£0.65m (2021: £4.98m). This decline was mainly due to the effect of the
termination of the Major Contract with MTR Corporation.
Loss for the period is £256k (2021: Profit £142K).
THE MAJOR CONTRACT WITH MTRC
As announced on 17 June 2022, the Company received formal notice of
termination of its contract with MTR Corporation Ltd ("MTRC"), for the
replacement works of the CCTV systems for MTRC's railway lines, for alleged
breach of contract. The Company contests this and continues to negotiate with
MTRC to resolve the matter.
This original MTRC contract was awarded to the Company five years ago, in May
2017, with an expected completion date of November 2023, but with subsequent
contract add-ons this had been expected run until July 2024.
Over the period to date the Contract has represented a step-change to the
Company's long-established business and termination of the contract would
represent a significant loss of future revenue and profitability for the
Company. However, the Company would be able to re-deploy resources from this
contract to other projects to mitigate this reduction. The termination of
the MTRC contract was effective from 20 June 2022. Whilst the termination of
the MTRC contract occurred after the year end, the certification of work
completed, invoicing and approval for work completed prior to the year end,
which would normally take some months to finalise in the normal course of
events, is taking longer given the termination of the contract and the need
for both parties to agree a final position.
Up to the financial period ended 30 September 2022 and the date of termination
of contract, UniVision has invoiced a total amount of HK$207m. The gross
valuation of certified works on the Major Contract was HK$226.5m as at 31
January 2022.
The Company has worked out and quantified the unbilled work done and equipment
for final account with MTRC including equipment, work done, testing in
progress, system development etc,. As per our meeting with the MTRC on 21
November 2022, it requires to be verified by joint inspection performed by
both parties before the final account is concluded.
The Company has called for meetings with MTRC to (i) collect the retention
amount around HK$19.5m, which was the 10% retention money kept by MTRC; and
(ii) clarify and quantify the unbilled work done including equipment, work
done, testing in progress, system development and etc,. The final position is
to be verified by joint inspection performed by the Company and MTRC.
WINDING UP PETITIONS AND DISMISSAL
As announced on 4 January 2022, our Company received a petition that has been
brought by one of its sub-contractors, namely, T&P Solutions Limited
("T&P"), formerly known as T&P Construction Company Limited, in the
High Court in Hong Kong; alleging outstanding debts owed by the Company of
HK$5,955,760 (approximately £565,280) in relation to contractual agreements
between the Company and T&P. T&P has presented the petition ("the
Petition") for the Company to be wound up pursuant to certain sections of the
Companies (Winding Up and Miscellaneous Provisions) Ordinance in Hong Kong.
The Company intends to defend and oppose the Petition. Further, the Company
has a cross claim against T&P, inter alia, for breach of contract and
non-performance and it intends to claim damages for the same. The first
hearing has been conducted on 2 March 2022 that the Company defended and
opposed the Petition. As announced on 11 May 2022, the Court hearing in
respect of the Winding up petition was adjourned to be heard on 18 October
2022.
The petition was dismissed by the High Court in Hong Kong on 18 October 2022.
Costs have been awarded to UniVision on an indemnity basis.
As announced on 13 December 2022, our Company received another petition that
has been brought by one of its equipment suppliers for the contract with MTR
Corporation, namely, Synnex Technology International (HK) Limited ("Synnex"),
in the High Court in Hong Kong. The Petition alleged outstanding debts owed
by the Company of HK$12,945,834 (approximately £1.358 million) to Synnex in
respect of equipment supplied to the Company. Synnex has presented the
Petition for the Company to be wound up pursuant to the provisions of the
Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32) in
Hong Kong. The date of the Court hearing was set for 8 February 2023.
The Company reached a settlement agreement with Synnex. As announced on 16
February 2023, the petition has been dismissed by the High Court in Hong Kong
on 13 February 2023.
OTHER SETTLEMENTS
The Company has reached a settlement agreement with General Resources Company
(HK) Limited on the repayment of sub-contracting fee amounting to
approximately HK$1,163,000 by instalments in March 2023.
In addition, the Company has received a demand for indemnity of
HK$11,68l,430.27 by Berkshire Hathaway Specialty Insurance Company ("Berkshire
Insurance") in terms of a surety bond facility granted in 2017. The Company is
in the final stage of the negotiation with Berkshire Insurance to settle this
amount by stage payment.
KML Engineering Limited, one of the Company's subcontractors, claims a total
amount of HK$4,114,658.81 together with interest and legal costs in these
proceedings. The Company has filed a partial admission in the amount of
HK$2,096,530.70 which has been accepted by KML Engineering Limited in
satisfaction of its whole claim. As a result, Judgment has been entered on 6
March 2023 against the Company respecting the amount of HK$2,096,530.70 in 3
monthly instalments payable on the 1st day of each calendar month starting
from 1 April 2023 with fixed costs at HK$11,045.00.
On 24 April 2023 upon application of E-Star Engineering Company, one of the
Company's subcontractors, the Court has made an Order for E-Star Engineering
Company to enter summary judgment against the Company as the Defendant in
these proceedings regarding the principal sum of HK$1,503,276.50 with interest
(whereas interest accrued as of 24 April 2023 is in the sum of HK$302,870.04)
against part of the claims with legal costs in respect of such application to
be paid by the Company to E-Star Engineering Company summarily assessed at
HK$90,673. By the same Order, the Company has been granted unconditional leave
to defend against E-Star Engineering Company residual claim of HK$213,360.00
(the "Residual Claim"). These proceedings are now pending the filing of E-Star
Engineering Company's Amended Statement of Claim as regards the Residual
Claim. Before close of pleadings, it is uncertain as to the probable outcome
in respect of the Residual Claim. Similarly, it may be improbable to give an
estimate of the ultimate liability or amount to be realised as to the Residual
Claim at this stage.
OTHER SETTLEMENTS
Hang Cheong Engineering Limited, one of the Company's subcontractors, claims a
total amount of HK$806,400.00 together with interest pursuant to ss.49 and 50
of the District Court Ordinance (Cap.336) and legal costs. The Company has
filed an admission on the full amount of HK$806,400.00 as claimed by Hang
Cheong Engineering Limited. The sum of HK$806,400.00 together with interest
thereon at the rate of (i) 8% per annum from 28 December 2022 to 31 December
2022 and (ii) 8.169% per annum from 1 January 2023 to the date of the Judgment
and thereafter at judgment rate until payment and fixed costs at HK$7,130.00.
DISPUTE WITH DIMENSION DATA
As previously announced, the Company received a writ of summons (Statement of
Claim), Hong Kong High Court Action No. 2090 of 2020, from the solicitors of
Dimension Data China Hong Kong Limited ("Dimension Data"), the Plaintiff, on
14 December 2020 alleging breach of contract, claiming against the Company for
liquidated damages for an amount of HK$10.95m plus pre-judgment and
post-judgment interest and legal costs. The Company, on the other hand,
regards the claim by alleging wrongful breach and thus repudiation of the said
sub-contract by Dimension Data. The Company believes it has a counterclaim
against Dimension Data, inter alia, for breach of contract and/or negligence
and/or misrepresentation and accordingly to claim for loss and damages for the
same and legal costs.
The Board does not consider that the claim has any foundation and believes
that Dimension Data was in breach of protocol in the manner which it has
brought this claim.
Both parties had engaged a mediator for the statutory mediation on 17 August
2022. No agreement nor settlement was made in the mediation. As out-of-court
settlement between the parties is not forthcoming, our solicitors has prepared
the factual witness statements filing to the Court. Both parties have
exchanged the witness statements to each other. These proceedings have entered
the stage of case management towards trial.
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
The Company reported a loss of £256k for the six months ended 30 September
2022. As at 30 September 2022, the Company's equity attributable to the owners
of the Company amounted to a deficit of £2,411,164 and its current
liabilities exceeded its current assets by £4,850k. The Company's bank
borrowings were collateralised by its deposits placed for life insurance
policies of £2,199k. The Company had total unrestricted cash and bank
balances of £271k. These conditions indicate that a material uncertainty
exists that may cast a significant doubt on the Company's ability to continue
as a going concern.
The Company is considering and negotiating a number of financing measures to
improve the Company's liquidity and financial position, including, but not
limited to, the following:
· In October 2022, the Company obtained a loan facility
of HK$12 million from a third party for short-term financing purpose;
· A potential investor has agreed to provide financial
support to the Company to maintain its normal operation. In addition, the
potential investor has provided a standby unconditional facility of HK$20
million to the Company of which the Company will be able to drawdown the
facility to fulfil its financial needs;
· The Company has been actively negotiating with the bank
on its banking facilities;
· The winding-up petitions against the Company were
dismissed subsequently in year 2023;
· The Company is taking measures to tighten controls over
various costs; and
· With the financial assistance from the potential
investor, the Company has resumed a part of its business. The Company will
continue to actively enhance its market position by expanding its customer
base with the aim to attain profitable and positive cash flow operations in
the coming financial year.
The Board of the Company have reviewed the Company's cash flow projections
prepared by management. The Board is of the opinion that, taking into account
the abovementioned plans and measures, the Company will have sufficient
working capital to finance its operations and to meet its financial
obligations as and when they fall due within the next twelve months.
Accordingly, the Board is satisfied that it is appropriate to prepare the
financial statements on a going concern basis.
FINANCIAL REVIEW
The loss attributable to the equity holders of the Company is approximately
£0.26m (H1 2021: profit £0.14m). In the six months period under review,
revenue for the Group decreased by 88% to HK$6.2m (H1 2021: HK$53.5m). The
decrease in revenue was mainly caused by the effect of termination of the
Major Contract with MTR Corporation in June 2022. It led to the construction
contract income sharply decreased of HK$46m to HK$4.5m (H1 2021: $50.5m).
The revenue from construction contracts is the Company's largest business
segment, represented 72.4% of the total income (H1 2021: 94.3%) Revenue from
maintenance contracts represented 23% of the total income (H1 2021: 5.4%) for
the Company. Income from the maintenance business fell 50% to HK$1.4m (H1
2021: $2.9m) since the Company received less job orders from the customers.
The disputes with MTRC on the final account of last maintenance contract ended
31 December 2020 and the three months' extended contract ended 31 March 2021
are still pending thought impairment loss of HK$6.8m for provision for
unbilled receivable was made in the last year.
Gross profit margin in the construction business rose from 15.5% to 19.2%.
This was mainly due to numerous installation jobs completed and recognised
project income during the reporting period.
Administration expenses for the period decreased by 24.7% to HK$5.7m (H1 2021:
HK$7.6m). This was mainly caused by reduction of staff and other operating
expenses due to the termination of the Major Contract with MTRC. Significant
numbers of technical staff left the Company, The number of staff was reduced
to 32 as at 30 September 2022 (H1 2021: 76).
Finance costs decreased to HK$192k (2021: HK$827k) due to the decreased
transactions in trade finance and cancellation of overdraft facility.
The loss attributable to the equity holders of the Company for the period is
HK$2.45m (2021 profit: HK$1.5m). Loss before interest and income tax from
operations during the period was HK$2.3m (H1 2021: profit HK$2.3m).
The Company had positive cash flows from operations of HK$1.2m the reporting
period (H1 2021: negative HK$18m).
During the period under review, the relative strength of HK$ at the period-end
has led to a 14.8% appreciation in the GBP reporting amount in the Statement
of Financial Position. It is also the reason for the significant loss of
£346k (H1 2021: gain £181k) on exchange differences arising on the
translation. All figures in GBP in the Financial Statements have therefore
needed to be adjusted for comparative purposes. The financial data is also
presented in HK$ to provide a comparison with the comparative figures in 2021
that were unaffected by exchange rate fluctuations.
BUSINESS REVIEW
Markets
The CCTV surveillance market is growing rapidly with increasing demand for
digital and intelligent video products. The Company anticipates more business
opportunities in government infrastructure and public security projects. There
is also increasing demand for wireless system such as 5G network for video
surveillance to enhance public safety and security.
The Company now actively participates in other market segments, such as
provision of UPS (Uninterrupted Power Supply), to strengthen business growth
in the Group.
BUSINESS REVIEW
Business Environment
Even though the Major Contract with MTRC was terminated, other job contracts
and orders are still in progress. With the competitive advantage of our
project experience in CCTV and network systems, the Company will expect more
new projects from MTRC and other sizeable customers.
The technology of video analytics, such as facial recognition, is being
enhanced rapidly and UniVision has actively participated in this market. The
Company got the experience in the contract for supply and installation of the
video analytic monitoring system at prisons. The video analytic solution of
Smart Prisons is designed to enhance the effectiveness of movement detection
in confined areas.
Customer base
MTRC remains the Company's largest customer this financial year. In addition,
Electrical and Mechanical Services Department ("EMSD"), Hong Kong Police Force
("HKPC") and Correctional Services Department ("CSD") of the Hong Kong
Government are other sources of the Company's customer base.
To avoid the concentration of customers, the Company aims to diversify its
customer base particularly to the commercial and private sector, such as
sizeable multinational private enterprises.
POTENTIAL INVESTORS
The Company remains in negotiations with potential investors who are looking
to make a substantial investment in the Company. The Board believes that
with the support of these potential investors, the Company will be able to
strengthen its financial and technical position to allow the business to
replace the lost contract and grow the business in the future. Further
announcements in respect of this will be made as appropriate.
BOARD OF DIRECTORS
The Directors are actively looking to strengthen the Board by the appointment
of two new Independent Directors to replace the two directors that have
stepped down over the last 12 months or so. The Company has identified a
number of suitable candidates and discussions are ongoing; no appointment has
yet been made, but further announcements will be made as appropriate.
PROSPECTS
New infrastructure projects in Hong Kong including the new railway lines and
urban development in northern territories. These projects will include large
CCTV system for safety protection. With the technical expertise and project
experience in surveillance industry, the Company has the competitive advantage
to tender for these projects.
Finally, on behalf of the Board, I would like to thank our customers,
suppliers, sub-contractors and shareholders for their continued support of
UniVision. I would also like to acknowledge the hard work of the management
and all our staff for their support in the critical period.
MR. STEPHEN SIN MO KOO
EXECUTIVE CHAIRMAN
19 June 2023
UniVision Engineering Limited
Statement of Profit or Loss and Other Comprehensive Income (Unaudited)
For the six months ended 30 September 2022
For the six months ended 30 September
2022 2021 2022 2021
HK$'000 HK$'000 '000 '000
Revenue 6,247 53,551 653 4,979
Cost of sales (4,135) (36,956) (432) (3,436)
Gross profit 2,112 16,595 221 1,543
Other income 1,383 251 144 23
Other gains and losses, net 3 (6,825) - (634)
Selling and distribution expenses (3) (19) - (2)
Administrative expenses (5,753) (7,645) (601) (711)
Finance costs (192) (827) (20) (77)
(Loss)/Profit before income tax (2,450) 1,530 (256) 142
Income tax - - - -
(Loss)/Profit for the period (2,450) 1,530 (256) 142
Other comprehensive (loss)/income:
Exchange differences arising on translation of foreign operations - - (346) 181
Total comprehensive (loss)/income for the period (2,450) 1,530 (602) 323
(Loss)/Profit attributable to:
Equity shareholders of the Company (2,450) 1,530 (256) 142
(2,450) 1,530 (256) 142
Total comprehensive (loss)/income attributable
Equity shareholders of the Company (2,450) 1,530 (602) 323
(2,450) 1,530 (602) 323
(Loss)/Earnings per share - Basic and Diluted HK Cents HK Cents Pence Pence
Basic (0.6387) 0.3987 (0.0667) 0.0371
Diluted (0.6387) 0.3987 (0.0667) 0.0371
UniVision Engineering Limited
Statement of Financial Position (Unaudited)
As at 30 September 2022
For the six months ended 30 September
2022 2021 2022 2021
HK$'000 HK$'000 '000 '000
ASSETS
Non-current assets
Plant and equipment 1,015 1,169 116 112
Right-of use assets 2,340 3,711 267 355
Deposit paid for life insurance policy 19,276 19,422 2,199 1,857
Amounts due from related companies 142 30,205 16 2,888
Prepayments - 420 - 40
Total non-current assets 22,773 54,927 2,598 5,252
Current assets
Inventories 31,021 33,956 3,539 3,247
Trade and other receivables 4,473 14,225 502 1,360
Contract assets 30,349 107,851 3,463 10,313
Restricted deposits 170 170 19 16
Cash and bank balances 2,375 (4,253) 271 (406)
Total current assets 68,388 151,949 7,794 14,530
Total assets 91,161 206,876 10,392 19,782
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 68,710 65,897 7,839 6,299
Bank loans 21,027 28,556 2,399 2,731
Contract liabilities 20,039 16,738 2,286 1,600
Lease liabilities 1,049 3,564 120 341
Total current liabilities 110,825 114,755 12,644 10,971
Non-current liability
Lease liabilities 1,391 200 159 19
Amount due to a related company - 4,200 - 402
Total non-current liabilities 1,391 4,400 159 421
Total liabilities 112,216 119,155 12,803 11,392
Capital and reserves
Share capital 55,034 55,034 3,890 3,890
Reserves (76,089) 32,687 (6,301) 4,500
Total equity (21,055) 87,721 (2,411) 8,390
Total liabilities and equity 91,161 206,876 10,392 19,782
UniVision Engineering Limited
Statement of Changes in Equity (Unaudited)
in '000
Share capital Retained earnings Special capital Reserve "A" Special capital Reserve "B" Translation reserve Total equity
'000 '000 '000 '000 '000 '000
Balance at 1 Apr 2021 3,890 2,806 156 143 1,165 8,160
Loss for the year - (10,265) - - - (10,265)
Other comprehensive loss
Exchange difference arising on translation of financial statements
- - - - (5) (5)
Total comprehensive loss - (10,265) - - (5) (10,270)
Dividend paid in respect of - (94) - - - (94)
year 2021
Capital contribution from a shareholder - 395 - - - 395
Total transactions with owners, recognised directly - 301 - - - 301
in equity
3,890 (7,158) 156 143 1,160 (1,809)
Balance at 31 Mar 2022
Loss for the six months ended 30 Sep 2022
- (256) - - - (256)
Other comprehensive loss
Exchange difference arising on translation of foreign operations - - - - (346) (346)
Total comprehensive loss - (256) - - (346) (602)
Balance at 30 Sep 2022 3,890 (7,414) 156 143 814 (2,411)
UniVision Engineering Limited
Statement of Changes in Equity (Un-audited)
in HK$'000
Share capital Retained earnings Special capital Reserve "A" Special capital Reserve "B" Total equity
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Balance at 1 April 2021 55,034 27,966 2,181 2,007 87,188
Loss for the year - (108,996) - - (108,996)
Total comprehensive loss - (108,996) - - (108,996)
Dividend paid in respect of - (997) - - (997)
year 2021
Capital contribution from a shareholder - 4,200 - - 4,200
Total transactions with owners, recognised directly in equity - 3,203 - -
3,203
Balance at 31 Mar 2022 55,034 (77,827) 2,181 2,007 (18,605)
Loss for the six months ended 30 Sep 2022 - (2,450) - - (2,450)
Total comprehensive loss - (2,450) - - (2,450)
Balance at 30 Sep 2022 55,034 (80,277) 2,181 2,007 (21,055)
UniVision Engineering Limited
Statement of Cash Flows (Un-audited)
For the six months ended 30 September 2022
For the six months ended 30 September
2022 2021 2022 2021
HK$'000 HK$'000 '000 '000
CASH FLOW FROM OPERATING ACTIVITIES
(Loss)/Profit before income tax (2,450) 1,530 (256) 142
Adjustments for:
Interest income (159) (249) (16) (23)
Depreciation of plant and equipment 358 284 37 26
Depreciation of right-of use assets 1,029 719 108 67
Interest expense on bills payable and factoring 22 464 2 43
Interest expense on bank borrowings 80 297 8 28
Interest on lease liabilities 78 67 8 6
Impairment loss recognised on other receivables - 6,819 - 634
Operating cash flows before working capital changes (1,042) 9,931 (109) 923
Changes in operating assets and liabilities:
Inventories (6,697) (17,030) (700) (1,583)
Other deposit received - 1,000 - 93
Trade and other receivables 5,383 928 563 86
Contract assets (171) (24,493) (18) (2,277)
Amount due from related companies (142) (1,323) (15) 91
Contract liabilities 3,474 (62) 363 (6)
Trade and other payables 382 (10,442) 40 971
Net cash generated from/(used in) operating activities 1,187 (17,961) 124 (1,702)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 159 249 16 23
Purchase of plant and equipment - (395) - (37)
Deposit placed for a life insurance policy (91) (10,206) (9) (949)
Net cash generated from/(used in) investing activities 68 (10,352) 7 (963)
CASH FLOWS FROM FINANCING ACTIVITIES
Bank Interest paid (102) (761) (11) (71)
New bank loans raised - 23,912 - 2,224
Repayment of bank loans (1,000) (1,355) (104) (126)
Capital element of lease liabilities paid (1,023) (707) (107) (66)
Interest element of lease liabilities paid (78) (67) (8) (6)
Net cash (used in)/generated from financing activities (2,203) 21,022 (230) 1,955
NET DECREASE IN CASH AND CASH EQUIVALENTS (948) (7,291) (99) (710)
EFFECT OF FOREIGN EXCHANGES RATE CHANGES, NET - - 47 19
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,323 3,038 323 284
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,375 (4,253) 271 (407)
Notes to the Interim financial statements for the six months ended 30
September 2022
1. Basis of preparation
The unaudited interim financial statements for the six months ended 30
September 2022 have been prepared in accordance with International Financial
Reporting Standards ("IFRSs") using the policies consistent with those applied
to the annual financial statements for the year ended 31 March 2022, except
for the adoption of the new and revised IFRSs (which include all IFRSs,
International Accounting Standards ("IASs") and Interpretations) that are
initially adopted for the current period financial statements. The interim
financial statements, together with the comparative information contained in
this report for the six months ended 30 September 2021, do not constitute the
statutory accounts of the Company.
2. Earnings per share
The calculation of basic loss per ordinary share is based on the loss
attributable to equity holders of the Group for the six months ended 30
September 2022 of HK$2.45m (H1 2021: profit HK$1.5m), and the weighted average
of 383,677,323 (H1 2021: 383,677,323) ordinary shares in issue during the
period.
There were no potential dilutive instruments at either financial period end.
3. Interim report
Copies of the interim report will be available for inspection at the
registered office of the Company, Unit 201, 2/F., Sunbeam Centre, 27 Shing Yip
Street, Kwun Tong, Hong Kong and available on the Company's website
(www.uvel.com (http://www.uvel.com/) ) in accordance with Rule 26 of the AIM
Rules for Companies.
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