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远东控股国际(00036) - 2019 - 中期财报
2019-09-05 08:59
Financial Performance - The company recorded operating income of approximately HKD 16,000,000 for the six months ended June 30, 2019, representing a 384% increase compared to HKD 3,300,000 in the same period of 2018[8]. - The total comprehensive loss for the period was approximately HKD 66,200,000, compared to HKD 33,200,000 in 2018, primarily due to a decrease in the fair value of securities investments listed on the Hong Kong Stock Exchange[8]. - The company reported a loss per share of HKD 0.064, compared to HKD 0.0298 in 2018[8]. - The company incurred a loss before tax of HKD 66,223,000, compared to a loss of HKD 33,143,000 in the previous year, indicating a deterioration in financial performance[88]. - Total comprehensive loss for the period was HKD 66,163,000, compared to HKD 33,230,000 in the prior year, showing a doubling of comprehensive losses[89]. - The total comprehensive loss for the period was HKD 69,684,000, with a loss attributable to equity holders of HKD 32,432,000[97]. Revenue and Income Sources - Rental income from investment properties increased significantly from approximately HKD 1,400,000 in 2018 to about HKD 14,000,000 in the current period, driven by the acquisition of Joy Ease Limited[13]. - The garment manufacturing segment recorded revenue of approximately HKD 2,200,000, a 9.9% increase from HKD 2,000,000 in the same period of 2018[10]. - Dividend income from trading investments was approximately HKD 3,200,000, compared to HKD 1,100,000 in 2018[14]. - The company reported revenue of HKD 16,222,000 for the six months ended June 30, 2019, a significant increase of 384% compared to HKD 3,349,000 in the same period of 2018[88]. - For the six months ended June 30, 2019, the industrial segment generated revenue of HKD 2,194,000, while property investment contributed HKD 14,028,000, leading to a total consolidated revenue of HKD 16,222,000[150]. Investment Activities - The investment property portfolio had a book value of approximately HKD 1,762,000,000 as of June 30, 2019, up from HKD 164,500,000 as of December 31, 2018[13]. - The group invested HKD 1,597,500,000 in investment properties through the acquisition of a subsidiary during the period, compared to none in 2018[10]. - The group will continue to review its investment property portfolio and seek potential acquisition and/or disposal opportunities[13]. - Approximately HKD 1,598,000,000 of investment properties were pledged as collateral for bank borrowings of approximately HKD 503,000,000[62]. - The fair value of investment properties as of June 30, 2019, was determined by the directors based on the market approach, with no changes recognized in profit or loss during the period[10]. Losses and Challenges - The group incurred unrealized losses of approximately HKD 63,100,000 and realized losses of about HKD 8,800,000 from securities investments, totaling a fair value loss of HKD 71,900,000 for the period[14]. - The company faced challenges in the garment manufacturing sector due to rising material and labor costs, as well as declining selling prices[10]. - The fair value loss on trading investments for the six months ended June 30, 2019, was HKD 71,961,000, compared to HKD 31,590,000 in the previous year[158]. - The industrial segment reported a loss of HKD 1,008,000, and the securities investment segment incurred a significant loss of HKD 68,786,000, resulting in a total consolidated loss before tax of HKD 66,223,000[150]. Assets and Liabilities - Non-current assets amounted to HKD 1,770,488,000 as of June 30, 2019, compared to HKD 172,757,000 at the end of 2018, indicating a significant increase in asset base[94]. - Current liabilities totaled HKD 522,595,000, reflecting a substantial increase from HKD 3,576,000, which raises concerns about liquidity[94]. - The company's net assets stood at HKD 1,244,413,000, up from HKD 779,822,000, indicating growth in equity despite the losses[94]. - The group held bank borrowings of HKD 502,926,000 as of June 30, 2019, secured by investment properties valued at HKD 1,597,500,000[187]. - The debt-to-equity ratio as of June 30, 2019, was 101.4%, up from zero due to the absence of interest-bearing loans in the previous period[57]. Governance and Management - The company has not appointed a formal CEO, with operations managed collectively by the executive directors, which may impact governance and strategic direction[77]. - The board will review the effectiveness of the group's structure to assess the need for appointing a CEO as the business continues to develop[77]. Cash Flow and Financial Position - The company reported a net cash inflow from operating activities of HKD 305,139,000 for the six months ended June 30, 2019, compared to HKD 1,765,000 in the same period of 2018, indicating a significant increase[98]. - The company incurred a net cash outflow from investing activities of HKD 154,104,000, primarily due to the acquisition of assets through the purchase of a subsidiary[98]. - The company reported a decrease in cash and cash equivalents of HKD 202,000 for the six months ended June 30, 2019, compared to a decrease of HKD 2,619,000 in the same period of 2018[98]. - The group’s cash flow statement presentation underwent significant changes due to the adoption of HKFRS 16, although total cash flows remained unaffected[138]. Employee and Operational Metrics - The group employed approximately 78 employees as of June 30, 2019, down from 88 employees as of December 31, 2018[66]. - The company reported a decrease in employee costs, with total director and employee compensation at HKD 2,118,000, down from HKD 4,090,000 in the previous year[165].
远东控股国际(00036) - 2018 - 年度财报
2019-04-11 11:19
Financial Performance - For the year ended December 31, 2018, the company recorded revenue of approximately HKD 8,500,000, a decrease of about 6.6% compared to HKD 9,100,000 in 2017[8] - The company reported a loss attributable to owners of approximately HKD 106,000,000, compared to a profit of HKD 69,500,000 in 2017[8] - The total comprehensive loss for the year was approximately HKD 104,800,000, compared to total comprehensive income of HKD 67,700,000 in 2017[8] - The liquidity ratio decreased to 170.8 as of December 31, 2018, down from 187.3 in 2017, indicating a decline in short-term financial health[11] - The company recorded a retained profit of approximately HKD 119,402,000 as of December 31, 2018, compared to HKD 123,882,000 in 2017, indicating a decrease of about 3.8%[121] - The company did not recommend the payment of any final dividend for the year ended December 31, 2018, consistent with 2017[22] - No dividends were recommended for the fiscal year ending December 31, 2018[118] Investment Performance - The company held trading investments of approximately HKD 567,200,000 as of December 31, 2018, which accounted for 72.4% of total assets[19] - The company incurred a fair value loss on trading investments of approximately HKD 127,400,000 during the year, compared to a fair value gain of HKD 53,000,000 in 2017[19] - The group recorded an unrealized loss of HKD 127,800,000 from trading investments, compared to a fair value gain of HKD 53,000,000 in 2017, representing a significant decline in performance[32] - Dividend income from trading investments for the year was approximately HKD 3,200,000, up from HKD 2,000,000 in 2017, marking a 60% increase[32] - As of December 31, 2018, trading investments totaled approximately HKD 567,200,000, down from HKD 648,400,000 in 2017, reflecting a decrease of about 12.5%[36] - The total unrealized fair value loss from trading investments was approximately HKD 127,879,000, with total assets valued at HKD 567,246,000, indicating a 72.4% asset concentration in trading investments[36] - The company recorded a fair value loss of approximately HKD 27 million for four suspended securities, with no fair value adjustments made during the review period[92] - The company recorded a fair value loss of HKD 8.2 million related to the suspension of shares of Dinghe Mining Holdings Limited during the review period[92] Business Operations - The company employed approximately 88 staff as of December 31, 2018, a decrease from 93 staff in 2017[23] - The apparel business generated revenue of approximately HKD 5,300,000 in 2018, a decrease of about 19.7% from HKD 6,600,000 in 2017, due to rising material and labor costs[30] - There were no significant acquisitions or disposals during the year under review[21] - The group plans to acquire 51% of Joy Ease Limited, which is expected to expand the property investment portfolio and create stable income sources[31] - The company’s main business remains investment holding, with no significant changes reported in the current year[116] - The company faced no major changes in its primary business operations during the fiscal year[116] Corporate Governance - The company has arranged appropriate directors and officers liability insurance covering losses and liabilities incurred during their tenure[136] - The audit committee held three meetings during the year to review financial reporting matters, ensuring compliance with relevant accounting standards[148] - The independent non-executive directors have confirmed their independence in accordance with the listing rules[144] - The company has not entered into any management contracts related to the business during the year[142] - The company has maintained a commitment to the highest standards of corporate governance throughout the year[147] Environmental, Social, and Governance (ESG) Initiatives - The group has adopted multiple green office measures to enhance energy efficiency and resource utilization[175] - The board is planning to establish an environmental, social, and governance (ESG) working group to improve governance in these areas[179] - The group aims to conduct annual assessments of environmental and social risks to develop timely action plans[180] - The group recognizes the importance of stakeholder engagement in achieving better outcomes for sustainable development[188] - The group emphasizes responsible investment to contribute to the transition to a low-carbon economy[175] - The internal control and review processes are established to ensure the accuracy and reliability of the ESG report[170] - The group is committed to improving its ESG performance through ongoing evaluations and stakeholder feedback[175] - The board is responsible for overseeing the group's policies and performance in environmental, social, and governance matters[179] - The group will seek more ways for broader stakeholder participation and explore other engagement methods[194] Employee Management and Development - The company emphasizes a commitment to creating a work environment that prioritizes employee health, well-being, equal opportunities, and diversity[200] - The employee management system covers policies and measures from recruitment to termination, ensuring a comprehensive approach to employee care[200] - The group has implemented a diversity development policy and anti-discrimination measures to foster an inclusive workplace[199] - The company is dedicated to providing development opportunities that contribute to employee success[200] - The focus on employee training and mentorship programs is part of the company's commitment to workforce development[199] - The group has established a performance evaluation and feedback system to enhance employee growth[199] - The company is committed to equal opportunity policies to ensure fair treatment in the workplace[199] - The group aims to enhance its corporate social responsibility initiatives, reflecting its commitment to stakeholders[194] - The company is exploring new strategies for market expansion and stakeholder engagement[194]