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TAI PING CARPET(00146) - 2023 - 年度财报
2023-10-19 08:32
Financial Performance - For the fiscal year ending June 30, 2023, Tai Ping Carpets reported total revenue of approximately HKD 601 million, representing a 3% increase from the previous year[18]. - The company's net profit increased by 52% to approximately HKD 38 million, compared to HKD 25 million in the previous year[18]. - The basic earnings per share rose to HKD 0.1811 from HKD 0.1191, reflecting a significant improvement in profitability[10]. - The return on equity for the company increased to 9.0% from 5.9% year-on-year, indicating enhanced financial performance[10]. - The total assets of Tai Ping Carpets as of June 30, 2023, were HKD 792.867 million, a slight increase from HKD 788.009 million in the previous year[13]. - The group's consolidated revenue for the fiscal year ending June 30, 2023, increased by 3% to approximately HKD 601 million, up from HKD 584 million in the previous year[26]. - Operating profit rose by 43% to approximately HKD 40 million, compared to about HKD 28 million in 2022, despite an increase in operating expenses due to the resumption of marketing activities[26]. - Net profit attributable to the company's owners for the year was approximately HKD 38 million, a 52% increase from about HKD 25 million in the previous year[26]. - The carpet business generated revenue of approximately HKD 582 million, a 3% increase from HKD 564 million last year, with an 8% revenue growth in the US market[27]. - The overall gross profit margin for the carpet business improved significantly to 61%, compared to 58% in the previous year[28]. Market Expansion and Strategy - The company plans to expand its market presence through new product launches and digital marketing initiatives to enhance brand awareness[19]. - Tai Ping Carpets has strategically opened seven flagship stores in major cities since 2019, with the latest openings in Los Angeles and San Francisco[19]. - The company plans to further invest in information systems to enhance manufacturing processes and resource allocation[29]. - The company opened a new showroom in San Francisco in June 2023, following the opening of a showroom in Los Angeles in July 2022, aimed at increasing brand awareness and retail opportunities[40]. Corporate Governance and Diversity - The company adheres to high standards of corporate governance, ensuring transparency, independence, accountability, and fairness in its operations[60]. - The company has a commitment to diversity in employment, treating all individuals fairly regardless of citizenship, nationality, ethnicity, gender, religion, or cultural background[65]. - The board currently consists of one female director and nine male directors, with an emphasis on increasing the proportion of female members for better gender diversity[64]. - The board has adopted a diversity policy that considers various factors such as gender, age, independence, cultural and educational background, and professional experience when appointing directors[61]. - The company believes that high standards of corporate governance are crucial for maintaining long-term performance and creating value for shareholders and stakeholders[60]. - The nomination committee will report annually on the composition of the board from a diversity perspective and monitor the implementation of the diversity policy[62]. - The company has a strong corporate culture that emphasizes integrity, ethical conduct, and responsible business practices, which are essential for its operations and long-term growth[60]. - The board is committed to regularly reviewing and updating governance principles to reflect changing regulatory requirements and corporate governance developments[60]. - The company has a diverse board composition, with members aged between 49 and 77 years[64]. - The board includes members with extensive experience in various sectors, including textiles, banking, and corporate management, enhancing its strategic decision-making capabilities[59]. Employee Welfare and Safety - Employee benefits include accommodation, meal plans, paid leave, and additional medical insurance for employees from other provinces[186]. - The company achieved a target of ≤ 4 total work-related injuries for 2023, successfully meeting this goal[191]. - The total number of work-related injuries, including severe injuries with over 105 days lost, was reported as 0, indicating a strong safety performance[191]. - The company set a target of 100% for hazard rectification rate, which was achieved during the reporting period[191]. - A total of 528 employees participated in various training programs, including first aid training for the Xiamen production workshop staff[196]. - The company has implemented a comprehensive occupational health and safety management system certified by ISO 45001, ensuring compliance with applicable laws and regulations[190]. - The company has established specific occupational health and safety goals to continuously improve its performance in this area[190]. - The introduction of automated systems and safety measures has reduced risks associated with workplace injuries[194]. - The company emphasizes employee development and training, providing customized on-the-job training and self-learning programs[195]. Environmental, Social, and Governance (ESG) Initiatives - The company presented its environmental, social, and governance (ESG) report for the fiscal year 2022/2023, covering management policies and performance[139]. - The report period spans from July 1, 2022, to June 30, 2023[140]. - The scope of the report includes the company's core business operations in Xiamen, China, and various sales offices globally, including in the USA, Europe, the Middle East, and Africa[141]. - The report adheres to the ESG reporting guidelines set by the Hong Kong Stock Exchange, ensuring compliance with mandatory disclosure requirements[142]. - The company aims to enhance transparency and accountability regarding its sustainability performance and stakeholder engagement through the report[142]. - The board of directors is responsible for overseeing compliance with regulations, stakeholder engagement, and environmental, social, and governance (ESG) performance[145]. - The group has identified 21 sustainability issues, with 12 prioritized as significant based on stakeholder feedback and global sustainability trends[156]. - The environmental, health, and safety department is responsible for managing policies and procedures related to sustainability and has obtained ISO 14001 certification[147]. - Monthly sustainability training courses are provided to employees, covering topics such as regulations, certifications, and audits[148]. - The group encourages stakeholder participation and feedback to guide its ESG development direction[146]. Supply Chain Management - The company has established and implemented various standard operating procedures for supply chain management, including "Management of External Suppliers" and "Procurement Control"[200]. - The company adheres to the highest ethical and environmental standards throughout its global operations and supply chain[200]. - Suppliers are required to sign a "Social Responsibility Commitment" and a "Hazardous Substances Restriction Commitment" to comply with WCA standards and relevant chemical regulations[200]. - A supplier management system has been established to verify supplier qualifications and assess performance, ensuring compliance with internal environmental and social standards[200]. - Annual audits are conducted on suppliers regarding their environmental, health, and safety management systems, crisis management, and hazardous substance disposal[200]. - Suppliers failing to meet standards after communication and remedial measures are removed from the qualified supplier list[200]. - The company has been recognized as an approved supplier by world-renowned luxury brands based on external audits of its responsible procurement practices[200].
TAI PING CARPET(00146) - 2023 - 中期财报
2023-03-09 08:47
Financial Performance - The group's consolidated revenue for the six months ended December 31, 2022, was approximately HKD 265 million, an increase of 12% compared to HKD 237 million in the same period last year[6]. - Operating profit for the first half was approximately HKD 4 million, up from approximately HKD 3 million in the same period last year, attributed to sales growth and improved operational efficiency[6]. - The carpet business generated sales of approximately HKD 256 million, a 13% increase from approximately HKD 227 million last year, despite some decline in Asian revenues due to sporadic COVID-19 outbreaks[8]. - Revenue for the six months ended December 31, 2022, was HKD 265,148,000, an increase of 12.0% compared to HKD 236,884,000 for the same period in 2021[44]. - Gross profit for the same period was HKD 151,015,000, representing a gross margin of 56.9%[44]. - Operating profit increased to HKD 4,407,000, up 33.8% from HKD 3,294,000 in the previous year[44]. - Profit attributable to owners of the company for the period was HKD 4,031,000, compared to HKD 2,170,000 in the prior year, marking an increase of 85.5%[44]. - Basic and diluted earnings per share for the period were HKD 1.90, up from HKD 1.02 in the previous year[44]. - The company reported a profit of HKD 4,031,000 for the period, compared to HKD 2,170,000 in the previous year, an increase of approximately 85.5%[56]. - The operating profit for the group was HKD 4,407,000 for the six months ended December 31, 2022, up from HKD 3,294,000 in the same period of 2021, reflecting a growth of 33.8%[82][84]. - The group’s gross profit for the six months ended December 31, 2022, was HKD 149,823,000, compared to HKD 134,292,000 in the previous year, indicating an increase of 11.6%[82][84]. Cash and Liquidity - As of December 31, 2022, the group's cash and cash equivalents totaled approximately HKD 195 million, an increase from HKD 163 million as of June 30, 2022, with no bank borrowings[16]. - Cash and cash equivalents increased from HKD 163,018,000 to HKD 193,428,000, an increase of about 18.6%[59]. - Operating cash flow generated was HKD 28,345,000, down from HKD 36,673,000, a decrease of approximately 22.7%[59]. - Net cash generated from investing activities was HKD 31,655,000, compared to a cash outflow of HKD 4,349,000 in the previous year[59]. - The group continues to monitor its cash flow forecasts to ensure sufficient liquidity for business needs and compliance with any borrowing covenants[71]. Investments and Capital Expenditures - The group plans to increase investment in the Premier Yarn Dyers facility in Georgia to expand carpet manufacturing in the U.S., supporting long-term growth plans[10]. - Capital expenditures for the period amounted to approximately HKD 4 million, unchanged from the previous year[15]. - Capital expenditures for the six months ended December 31, 2022, totaled HKD 3,572,000, a decrease from HKD 4,265,000 in the same period of 2021, reflecting a reduction of 16.3%[82][84]. - The company has approved but not contracted capital commitments of HKD 915,000 as of December 31, 2022, down from HKD 3,526,000 as of June 30, 2022[115]. Liabilities and Equity - The group reported a total contingent liability of approximately HKD 16 million as of December 31, 2022, compared to HKD 7 million as of June 30, 2022[23]. - Total assets decreased from HKD 788,009,000 to HKD 754,789,000, a decline of approximately 4.2%[50]. - Total equity decreased from HKD 429,131,000 to HKD 404,228,000, representing a decline of approximately 5.8%[53]. - Total liabilities decreased from HKD 358,878,000 to HKD 350,561,000, a decline of about 2.3%[53]. - The group’s total liabilities as of December 31, 2022, amounted to HKD 154,507,000, compared to HKD 162,905,000 as of June 30, 2022, indicating a decrease of approximately 5.2%[73]. - The total reserves as of December 31, 2022, decreased to HKD 247,037,000 from HKD 281,614,000 as of June 30, 2022, reflecting a decline of 12.2%[112]. Employee and Management Information - The total number of employees at the end of December 2022 was 731, a slight decrease from 751 at the end of June 2022[20]. - The company’s management compensation for the six months ended December 31, 2022, was HKD 17,117,000, a decrease of 42.7% from HKD 29,909,000 in the same period last year[121]. Dividends and Shareholder Returns - The group did not recommend the payment of an interim dividend for this period, consistent with the previous year[14]. - The company did not recommend any interim dividend for the six months ended December 31, 2022[32]. - The company paid dividends of HKD 12,731,000 during the period, compared to HKD 6,267,000 in the previous year[59]. - The total number of issued and fully paid ordinary shares remained at 212,187,488 as of December 31, 2022[19]. Risk Management and Financial Health - The group has not made any changes to its risk management team or policies since June 30, 2022, maintaining consistency in its financial risk management approach[70]. - The group’s financial risk factors include foreign exchange risk, price risk, credit risk, liquidity risk, and cash flow and fair value interest rate risk, which are critical for assessing overall financial health[69]. - The group’s management has made significant judgments and estimates in preparing the financial statements, which may affect reported assets, liabilities, income, and expenses[68]. Other Financial Metrics - The company experienced a foreign exchange loss of HKD 16,203,000, compared to a gain of HKD 3,779,000 in the previous year[47]. - The company reported a net other income of HKD 3,143,000, down from HKD 5,719,000 in the previous year[44]. - The net financing costs for the six months ended December 31, 2022, were HKD (64,000), significantly improved from HKD (846,000) in the previous year[89]. - The net exchange gain for the six months ended December 31, 2022, was HKD 1,032,000, compared to HKD 980,000 in the same period of 2021, indicating a growth of 5.3%[88].
TAI PING CARPET(00146) - 2022 - 年度财报
2022-10-10 08:32
Financial Performance - Total revenue for the year ended June 30, 2022, was approximately HKD 583,656,000, representing a 21% increase from HKD 481,379,000 in the previous year[21] - The net profit attributable to the company's owners for the year was HKD 25,275,000, up 52% from HKD 16,634,000 in the prior year[13] - Operating profit for the year was approximately HKD 28,000,000, a 47% increase from HKD 19,000,000 in the previous year[21] - The return on equity attributable to owners was 5.9%, compared to 4.0% in the previous year[13] - The group's consolidated revenue for the fiscal year ended June 30, 2022, increased by 21% to approximately HKD 584 million, compared to HKD 481 million in the previous year[29] - Operating profit rose by 47% to approximately HKD 28 million, up from HKD 19 million in the previous year[29] - Net profit attributable to the company's owners increased by 52% to approximately HKD 25 million, compared to HKD 17 million for the year ended June 30, 2021[29] - The carpet business generated revenue of approximately HKD 564 million, a 21% increase from HKD 466 million last year[31] - The overall gross profit margin slightly decreased from 58% to 57% due to the global shipping crisis and increased transportation costs[31] Employee and Workplace Safety - The total number of employees in the manufacturing business increased to 592 from 527 year-on-year[34] - The total number of employees in the company reached 751, an 11% increase from 674 in the previous year[35] - The company continues to focus on employee health, safety, and well-being as a priority during the pandemic recovery[22] - The group has set a target of ≤ 4 total work-related injuries for 2022, achieving this goal with a total of 0 reported injuries[170] - The group has implemented a 100% rectification rate for identified hazards, meeting its target for 2022[170] - The group provided various employee benefits, including accommodation, meal plans, paid leave, and medical insurance, enhancing employee welfare[165] - A total of 516 employees participated in various training courses during the reporting period, including first aid training for employees at the Xiamen production workshop[172] - The group has achieved ISO 45001 certification for occupational health and safety, demonstrating compliance with international standards[167] - The group has established a comprehensive coronavirus emergency plan, including temperature checks and quarantine measures to ensure workplace safety[164] - The group has organized safety training and emergency drills to enhance employee preparedness for accidents[168] - The group has maintained a flexible work arrangement for employees showing symptoms or having been in high-risk areas, ensuring employee safety[164] - The group actively promotes a healthy lifestyle among employees through various interest groups and social activities, fostering a cohesive work environment[165] Corporate Governance - The board emphasizes the importance of diversity, including gender diversity, for business development and has adopted a Board Diversity Policy[68] - The board consists of members with skills and experience applicable to managing the group's business, ensuring compliance with procedures and regulations[70] - The roles of the Chairman and CEO are independent, with clear written responsibilities outlined[71] - The company has four independent non-executive directors, representing over one-third of the board, with at least one possessing appropriate accounting or financial management expertise[72] - The board held a total of five meetings during the year, with all members receiving at least 14 days' notice[82] - The Executive Committee held seven meetings during the year, with all members present at each meeting[89] - The company has purchased appropriate liability insurance for all directors and senior management, with annual reviews of coverage[81] - The board has established four committees: Executive Committee, Remuneration Committee, Audit Committee, and Nomination Committee[87] - All independent non-executive directors confirmed their independence annually, with reappointment requiring shareholder approval if they have served for over nine years[73] - The company provides ongoing professional development training for all directors to enhance their knowledge and skills[78] - The Compensation Committee was established on September 23, 2005, and is responsible for recommending policies regarding the remuneration of directors and senior executives, as well as reviewing performance-based compensation[90] - The Audit Committee held four meetings during the year to review interim and annual reports, and to discuss financial reporting, risk management, and internal control matters[94] - The external auditor, KPMG, received a total of HKD 2,591,000 for audit services and HKD 1,758,000 for non-audit services during the review year[99] - The Nomination Committee reviewed the board's structure, composition, and diversity, and found them to be appropriate, ensuring a diverse range of professional knowledge and qualifications among board members[96] - The board confirmed its responsibility for the effectiveness of the group's risk management and internal control systems, which aim to promote operational efficiency and ensure compliance with relevant regulations[105] - The internal audit function reviewed the effectiveness of the risk management and internal control systems, and the board assessed their effectiveness as sufficient and effective for the year ending June 30, 2022[106] Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the period from July 1, 2021, to June 30, 2022[122] - The ESG report outlines the company's management policies and performance regarding sustainability and its environmental and social impacts[121] - The report is prepared in accordance with the Hong Kong Stock Exchange's ESG reporting guidelines, ensuring transparency and accountability[124] - The board of directors approved the ESG report on September 16, 2022[127] - The company encourages stakeholder feedback to enhance its ESG development[128] - The company has set various key performance indicators related to environmental performance, achieving targets such as zero environmental pollution incidents and compliance with water and air pollution discharge standards[145] - The company is committed to reducing greenhouse gas emissions primarily generated from manufacturing and transportation, with measures implemented to minimize emissions by locating operations closer to local markets[146] - The company has established an Environmental, Health, and Safety department responsible for managing policies and procedures related to environmental protection and resource management[129] - The company has identified 21 sustainability issues, with 12 prioritized as important based on stakeholder feedback[135] - The company conducts annual internal and external environmental audits to ensure compliance with environmental management regulations, reporting no violations during the reporting period[141] - The company actively engages with stakeholders through various communication channels to understand and meet their expectations and demands[130] - The company has adopted energy-saving measures, including the installation of variable frequency drives and energy-efficient LED lighting systems, to reduce energy consumption[146] - The company has achieved its energy usage targets at its Xiamen production workshop, based on a benchmark from 2019 electricity consumption[146] - The company has established a governance framework for environmental, social, and governance matters, ensuring effective internal communication on sustainability issues[129] - The Xiamen production workshop has advanced equipment and environmentally friendly features, significantly reducing energy consumption through evaporative cooling systems and natural ventilation designs[147] - The group has set a water consumption reduction target based on 2019 levels, aiming to lower water usage per unit of production by 2021[150] - The wastewater treatment facility at the Xiamen workshop can process approximately 200 tons of wastewater daily, ensuring compliance with environmental regulations[150] - The group actively integrates sustainable practices by sourcing natural fibers such as wool, silk, and cotton, which are biodegradable and have lower environmental impacts compared to synthetic fibers[156] - The group has implemented a waste management program to minimize environmental impact, ensuring proper classification and handling of waste materials generated during production[155] Community Engagement and Training - The company emphasizes community investment and sustainable development, focusing on hiring local residents to promote local economic growth[186] - The company conducts annual customer satisfaction surveys to gather feedback on service and product quality, using the data to identify areas for improvement[180] - A total of 548 employees and all directors participated in anti-corruption training, accumulating approximately 274 hours of training during the reporting period[185] - The total number of products sold or delivered reached 86,360 square meters, an increase from 64,135 square meters in the previous fiscal year[195] - The average training hours for managers was 12.43 hours, while for general employees it was 12.47 hours[195] - The percentage of employees receiving training increased, with 94.14% of male and 94.18% of female employees trained[193]
TAI PING CARPET(00146) - 2022 - 中期财报
2022-03-10 08:32
Financial Performance - The group's consolidated revenue for the six months ended December 31, 2021, was approximately HKD 237 million, an increase of 8% compared to HKD 220 million in the same period last year[8]. - Revenue for the six months ended December 31, 2021, was HKD 236,884,000, an increase of 7.0% from HKD 220,342,000 in the same period of 2020[42]. - Sales in the carpet business were approximately HKD 227 million, a 7% increase from HKD 213 million last year, with significant growth in the Asian region, which saw a 56% increase[10]. - The company reported a significant increase in sales of yarn and other products, reaching HKD 10,080,000, compared to HKD 7,073,000 in the previous year, marking a growth of 42.4%[79]. - The net profit for the period was HKD 2,170,000, a decrease from HKD 5,838,000 in the same period last year[96]. - Basic earnings per share for the period was HKD 1.02, down from HKD 2.75 in the same period last year[42]. Operating Profit and Expenses - Operating profit for the period was approximately HKD 3 million, down from HKD 7 million in the previous year, due to increased international shipping costs and the end of temporary rent reductions[8]. - Operating profit decreased to HKD 3,294,000, down 54.0% from HKD 7,172,000 in the previous year[42]. - The total tax expense for the period was HKD 278,000, an increase from HKD 161,000 in the same period last year[93]. - The company reported a net financing cost of HKD 846,000, down from HKD 1,474,000 in the previous year[90]. Cash Flow and Liquidity - As of December 31, 2021, the group's cash and cash equivalents totaled approximately HKD 172 million, a decrease from HKD 178 million as of June 30, 2021, with no bank borrowings[20]. - Operating cash flow generated was HKD 36,673, down from HKD 46,770 in the previous year[59]. - Cash flow from financing activities showed a net outflow of HKD 38,064, compared to HKD 50,035 in the previous year[59]. - The company held cash and cash equivalents of approximately HKD 171,501,000 as of the reporting date, compared to HKD 178,173,000 as of June 30, 2021[71]. Assets and Liabilities - Total assets as of December 31 amounted to HKD 784,796, a slight decrease from HKD 784,877 as of June 30[49]. - The company reported a total liability of HKD 360,430, a marginal increase from HKD 360,094[52]. - Current assets increased to HKD 313,454 from HKD 294,016, with inventory rising significantly to HKD 71,398 from HKD 51,306[49]. - Trade receivables as of December 31, 2021, amounted to HKD 39,221,000, a decrease from HKD 39,682,000 as of June 30, 2021[114]. Capital Expenditures and Investments - Capital expenditures for the period amounted to approximately HKD 4 million, down from HKD 5 million in the previous year[18]. - The company is investing in expanding its carpet manufacturing operations in Georgia, USA, to support long-term growth in the US market[13]. - Capital expenditures totaled HKD 4,265,000, with significant investments in Asia (HKD 3,415,000) and Europe, Middle East and Africa (HKD 336,000)[83]. Shareholder and Dividend Information - The company did not recommend the payment of an interim dividend for the period[16]. - Major shareholders holding 5% or more of the issued share capital include Harneys Trustees Limited with 36.607% and Acorn Holdings Corporation with 18.858%[38]. - The company did not declare any interim dividends for the period, consistent with the previous year[94]. Employee and Management Information - The total number of employees as of the end of December 2021 was 694, compared to 674 at the end of June 2021[23]. - The remuneration for key management personnel increased significantly to HKD 29,909,000 for the six months ended December 31, 2021, compared to HKD 8,317,000 for the same period in 2020[132]. Risk Management and Compliance - The audit committee has reviewed the financial statements and internal control procedures for the period[31]. - The risk management team and policies have remained unchanged since June 30, 2021, ensuring consistent financial risk management practices[70]. - The financial risk factors include foreign exchange risk, price risk, credit risk, liquidity risk, and cash flow and fair value interest rate risk[69]. Future Outlook and Strategies - The group has begun receiving a large number of orders for the second half of the year, indicating improving trade conditions[15]. - The company provided a positive outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[134]. - Market expansion strategies include potential acquisitions, with a focus on companies that align with the company's growth objectives[134].
TAI PING CARPET(00146) - 2021 - 年度财报
2021-10-06 08:31
Financial Performance - For the fiscal year ending June 30, 2021, the company reported total revenue of approximately HKD 481 million, a significant decrease from HKD 738 million for the eighteen months ending June 30, 2020[24]. - The company achieved a profit of HKD 16.6 million for the fiscal year, a notable recovery from a loss of HKD 39.2 million in the previous period[15]. - The basic earnings per share increased to HKD 7.84, compared to a loss of HKD 17.49 per share in the previous period[15]. - The group's consolidated revenue for the fiscal year ending June 30, 2021, was approximately HKD 481 million, compared to HKD 738 million for the eighteen months ending June 30, 2020[35]. - The operating profit for the fiscal year was approximately HKD 19 million, marking the first profit since the sale of the commercial brand business in 2017, a significant improvement from an operating loss of approximately HKD 35 million for the previous eighteen months[36]. - The group's net profit attributable to shareholders for the year was approximately HKD 17 million, compared to a net loss of approximately HKD 37 million for the eighteen months ending June 30, 2020[36]. - The overall gross profit margin increased from 54% to 58% due to improved sales mix and manufacturing efficiency[39]. Assets and Liabilities - Total assets as of June 30, 2021, were HKD 784.9 million, while total liabilities stood at HKD 360.1 million, resulting in total equity of HKD 424.8 million[17]. - The company reported a capital and reserves attributable to owners of HKD 424.8 million as of June 30, 2021, up from HKD 369.5 million in the previous period[15]. - As of June 30, 2021, the group's total cash and bank balances were approximately HKD 178 million, an increase from HKD 136 million on June 30, 2020, while unsecured bank borrowings decreased to HKD 16 million from HKD 31 million[53]. Strategic Initiatives - The company plans to open three additional flagship showrooms in the next eighteen months, expanding its presence to five dual-channel flagship showrooms[25]. - The company has established new showrooms in London and Paris, which are expected to significantly reduce rental costs and enhance brand visibility[25]. - The company plans to launch new websites and trial e-stores for its Tai Ping and Edward Fields brands in the fall of 2021, featuring over 2,500 iconic design profiles[50]. - The company has implemented strategic changes to reduce operating costs and improve manufacturing productivity amid challenges posed by the COVID-19 pandemic[25]. - The company continues to monitor performance and may implement further cost reduction measures as necessary due to the ongoing pandemic[37]. Workforce and Employee Welfare - The company’s workforce decreased by 9% from 740 employees in June 2020 to 674 employees in June 2021, due to business streamlining and productivity improvements[42]. - Employee benefits include accommodation, meal plans, paid leave, and medical insurance, contributing to a supportive work environment[164]. - The company has a strong commitment to employee welfare, organizing various social activities to foster a cohesive workplace culture and reduce turnover rates[164]. - The company invests in employee development through customized training and performance evaluation mechanisms[171]. - The company has established an emergency response team to assess and act on COVID-19 related situations, prioritizing the safety of employees and the community[162]. Governance and Board Structure - The board consists of ten members, including one executive director, five non-executive directors, and four independent non-executive directors[73]. - The board emphasizes diversity, including gender diversity, and has adopted a Board Diversity Policy to enhance transparency and governance[76]. - The chairman and CEO positions are held by different individuals to ensure independence and accountability[77]. - The board has established four committees: Executive Committee, Remuneration Committee, Audit Committee, and Nomination Committee[93]. - The company is committed to a merit-based approach in appointing directors, ensuring a diverse and inclusive board[76]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the company's management policies and performance for the fiscal year 2020/2021[126]. - The ESG report period spans from July 1, 2020, to June 30, 2021, focusing on the company's core business operations[127]. - The company has established an Environmental, Health, and Safety department to manage policies and procedures related to sustainable development[134]. - The company adheres to international standards such as ISO 14001 for environmental management[134]. - The company has implemented energy-saving measures, including the use of energy-efficient LED lighting and modern glass curtain walls to reduce electricity costs[148]. Safety and Compliance - The company achieved a total of 4 work-related injuries in 2021, meeting the target of ≤ 4[169]. - There were no severe injuries resulting in loss of more than 105 days, achieving the target of 0[169]. - The company provides regular safety training to enhance safety awareness among operators[167]. - The company has established a safety committee composed of senior executives to manage health and safety systems[169]. - The company has implemented comprehensive guidelines and procedures to responsibly handle chemicals used in production, ensuring compliance with EU Directive 2002/61/EC[152]. Sustainability Efforts - The company has identified 21 sustainability issues, with 12 prioritized as important based on stakeholder feedback[140]. - The company aims to reduce greenhouse gas emissions primarily from manufacturing and transportation by situating production facilities close to local markets[148]. - The company utilizes recycled water to minimize groundwater usage and has a wastewater treatment system that allows for the reuse of treated water[151]. - The company has established a waste management program that includes a waste classification system to minimize environmental impact, with a focus on recycling and reducing waste generation[155]. - The company has complied with environmental laws and regulations, with no reported violations during the reporting period[143].
TAI PING CARPET(00146) - 2021 - 中期财报
2021-03-11 08:56
Financial Performance - The group's consolidated revenue for the six months ended December 31, 2020, was approximately HKD 220 million, a decrease of 28% compared to HKD 305 million in the same period of 2019[8]. - Revenue for the six months ended December 31, 2020, was HKD 220,342,000, a decrease of 27.8% from HKD 305,233,000 in the same period of 2019[41]. - The company’s revenue from carpet and flooring sales was HKD 190,960,000 for the six months ended December 31, 2020, down from HKD 269,192,000 in the previous year[78]. - The company’s revenue from installation and furnishing services was HKD 22,309,000, a decrease from HKD 27,681,000 in the same period last year[78]. - Gross profit for the same period was HKD 126,818,000, down 23.2% from HKD 165,198,000 year-on-year[41]. - Operating profit for the period was approximately HKD 7 million, down from HKD 14 million in 2019, but significantly improved from an operating loss of approximately HKD 30 million recorded in the first half of 2020[8]. - Operating profit decreased to HKD 7,172,000, a decline of 47.5% compared to HKD 13,641,000 in the previous year[41]. - Net profit for the period was HKD 5,537,000, representing a 47.7% decrease from HKD 10,592,000 in 2019[41]. - The company reported a net profit of HKD 5,838,000 for the period, down from HKD 11,377,000, a decline of about 48.7%[54]. - Basic earnings per share for the period was HKD 2.75, down from HKD 5.36 in the previous year, reflecting a decline of 48.8%[41]. Cash Flow and Liquidity - The group’s cash and cash equivalents totaled approximately HKD 138 million as of December 31, 2020, compared to HKD 136 million as of June 30, 2020, with no bank borrowings[19]. - Cash and cash equivalents increased from HKD 136,036,000 to HKD 137,792,000, a slight increase of about 1.3%[58]. - Operating cash flow generated was HKD 49,696,000, compared to HKD 66,039,000 in the previous period, a decrease of approximately 24.8%[58]. - The company held cash and cash equivalents of approximately HKD 137,792,000 as of the fiscal period end, compared to HKD 136,036,000 as of June 30, 2020, indicating a slight increase in liquidity[70]. Expenditures and Investments - The total capital expenditure for the period was approximately HKD 5 million, down from approximately HKD 8 million in 2019[17]. - Capital expenditures for the six months ended December 31, 2020, totaled HKD 4,782,000, compared to HKD 7,586,000 in 2019, representing a reduction of approximately 37%[81]. - The company recognized the addition of right-of-use assets amounting to approximately HKD 5,163,000 for the six months ended December 31, 2020, compared to HKD 688,000 in 2019[110]. Assets and Liabilities - Total assets decreased from HKD 777,207,000 to HKD 765,870,000, a decline of approximately 1.7%[48]. - Current assets decreased from HKD 284,340,000 to HKD 261,108,000, a decline of about 8.2%[48]. - Total liabilities decreased from HKD 390,287,000 to HKD 343,471,000, a decline of about 12%[51]. - Non-current liabilities decreased from HKD 97,492,000 to HKD 92,968,000, a decline of approximately 4.9%[51]. - Trade receivables decreased from HKD 46,637,000 on June 30, 2020, to HKD 19,418,000 on December 31, 2020, representing a decline of approximately 58%[112]. - Total trade and other payables decreased from HKD 136,982,000 on June 30, 2020, to HKD 124,329,000 on December 31, 2020, a decrease of approximately 9%[120]. Shareholder and Governance - The company does not recommend the payment of an interim dividend for this period, compared to zero in 2019[16]. - The company did not repurchase any shares during the six months ended December 31, 2020[31]. - The audit committee has reviewed the financial statements and internal control procedures in accordance with the corporate governance code[30]. - The company’s major shareholders include Acorn Holdings Corporation and Peak Capital Partners I, L.P., holding 18.858% and 15.366% of the issued share capital, respectively[39]. Challenges and Outlook - The ongoing COVID-19 pandemic remains the biggest challenge for global economic recovery and the company's business restoration[15]. - The company provided a positive outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[134]. - The board emphasized the importance of sustainability in future strategies, aiming for a J% reduction in carbon footprint by 2025[134]. Employee and Management - The total number of employees decreased from 740 at the end of June 2020 to 670 by the end of December 2020 as part of cost reduction measures[22]. - The company’s management compensation decreased from HKD 17,784,000 in the six months ended December 31, 2019, to HKD 8,317,000 in the same period of 2020, a reduction of about 53%[132].
TAI PING CARPET(00146) - 2020 - 年度财报
2020-10-15 08:39
Financial Performance - For the eighteen months ending June 30, 2020, the total revenue was approximately HKD 738 million, compared to HKD 541 million for the fiscal year 2018[21]. - The operating loss for the eighteen months was approximately HKD 35 million, an improvement from the operating loss of HKD 43 million in the previous fiscal year[21]. - The company reported a basic loss per share of HKD 17.49, compared to a loss of HKD 16.09 per share in the previous year[13]. - Total assets as of June 30, 2020, were HKD 777 million, while total liabilities were HKD 390 million, resulting in total equity of HKD 386 million[15]. - The company's consolidated revenue for the eighteen-month period ending June 30, 2020, was approximately HKD 738 million, compared to HKD 541 million for the previous period[31]. - In the first half of 2020, the company's consolidated revenue was approximately HKD 190 million, a decrease of about HKD 52 million or 21% compared to the same period in 2019[33]. - The carpet business generated revenue of approximately HKD 716 million for the eighteen-month period, compared to HKD 520 million in the previous twelve-month period[37]. - The overall gross profit margin for the eighteen-month period was 54%, consistent with the previous year[38]. Operational Efficiency - The company has implemented cost-cutting measures and streamlined sales and distribution activities to improve operational efficiency[21]. - The company’s vertical integration measures played a crucial role in managing the impact of the COVID-19 pandemic on its operations[22]. - The company aims to maintain financial liquidity and support daily operating expenses while minimizing losses during the pandemic[22]. - The company has implemented measures to maintain strict control over operating expenses during the pandemic, including negotiating temporary rent reductions and arranging employee leave[33]. - The company continues to invest in its new carpet manufacturing business in the U.S., supported by existing dyeing facilities in Georgia, with a focus on long-term growth plans for the local market[47]. - The Oracle ERP system is being expanded to integrate the new U.S. manufacturing unit, with ongoing optimization projects aimed at improving control, production efficiency, and cost reduction[47]. Corporate Governance - The board of directors consists of ten members, including one executive director, five non-executive directors, and four independent non-executive directors[71]. - The company held a total of six board meetings during the reporting period, with all members actively participating in discussions and decision-making[83]. - The independent non-executive directors possess specialized knowledge in accounting, investment, and business operations, ensuring compliance with listing rules[79]. - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience when appointing directors[74]. - The chairman and CEO positions are held by different individuals to maintain independence and accountability[75]. - All directors received training on legal regulations and corporate governance during the reporting period[74]. - The company has purchased appropriate directors and officers liability insurance for its board members[81]. - The board's independent non-executive directors confirmed their independence in accordance with listing rules[79]. - The company’s board meetings allow equal opportunities for all directors to express their opinions and share insights[87]. - The board committees include the executive committee, remuneration committee, audit committee, and nomination committee, overseeing various aspects of corporate governance[89]. Environmental and Social Responsibility - The company has established an Environmental, Health, and Safety department to oversee environmental protection actions and resource management[134]. - The company adheres to various environmental laws and regulations in China, including the Environmental Protection Law and the Air Pollution Prevention and Control Law[134]. - The company aims to transition to a low-carbon economy by implementing energy-saving and water-saving measures and reducing waste generation[134]. - The company has received ISO 14001 certification for its environmental management system policies and procedures[134]. - The Xiamen production workshop has implemented energy-saving measures, including the use of energy-efficient LED lighting and modern glass curtain walls to reduce energy consumption significantly[135]. - The workshop processes approximately 200 tons of wastewater daily through advanced treatment solutions, ensuring compliance with environmental regulations[139]. - The company has adopted a zero-pollution discharge policy, meeting all water needs through recycling and rainwater collection[139]. - The company actively promotes water resource protection by reducing groundwater usage and increasing the use of recycled water in manufacturing[138]. - The company has established a waste classification system to minimize environmental impact, with a focus on recycling materials from the manufacturing process[142]. - The company’s carpets release fewer volatile organic compounds, benefiting households with improved acoustic and thermal properties[137]. Employee Welfare and Safety - The company provides various employee benefits, including accommodation and medical insurance, to foster a supportive work environment[145]. - The company has a registered emergency team to protect employees' health during the COVID-19 pandemic, ensuring business continuity[146]. - The company adheres to strict labor laws and regulations, ensuring fair treatment and opportunities for all employees[145]. - The company has implemented comprehensive COVID-19 emergency plans, including temperature checks and health observation rooms for employees and visitors[150]. - The company achieved ISO 45001 certification for occupational health and safety standards in 2020, ensuring compliance with applicable laws and regulations[151]. - The company has not reported any work-related fatalities during the reporting period, highlighting its commitment to employee safety[151]. - The company invests in employee development through customized training programs and partnerships with external organizations to enhance skills and productivity[152]. Community Engagement and Charitable Activities - The company is committed to community support and responsible corporate citizenship, focusing on local employment to boost the local economy[166]. - The group made charitable donations of approximately HKD 144,000 during the period, compared to HKD 14,000 in the previous year[188]. Dividend Policy and Shareholder Information - The group did not declare any interim dividends for the period, consistent with the previous year[183]. - The group has adopted a dividend policy to allow shareholders to share in profits while reserving sufficient reserves for future growth[184]. - The board will consider various factors, including overall economic conditions and the group's financial performance, before declaring dividends[185]. - The board will review the dividend policy periodically and does not guarantee any specific amount of dividends in any designated period[186]. - The group’s operational capital and future expansion plans are considered when determining dividend payments[186].
TAI PING CARPET(00146) - 2020 - 中期财报
2020-03-05 08:30
Financial Performance - The group's consolidated revenue for the period was approximately HKD 548 million, an increase of 1% compared to HKD 541 million in the previous year[9]. - The operating loss for the period was approximately HKD 5 million, an improvement of about HKD 38 million from the loss of HKD 43 million in the same period last year[9]. - The sales revenue from the carpet business was approximately HKD 531 million, a growth of 2% compared to HKD 520 million in the previous year[11]. - Revenue for 2019 was HKD 547,718,000, an increase from HKD 540,932,000 in 2018, representing a growth of approximately 1.45%[46]. - Gross profit for 2019 was HKD 299,039,000, compared to HKD 293,851,000 in 2018, indicating a growth of about 1.76%[46]. - Operating loss for 2019 was HKD (48,864,000), worsening from HKD (42,928,000) in 2018[46]. - Net loss attributable to the company for 2019 was HKD (84,457,000), compared to HKD (34,136,000) in 2018, reflecting an increase in losses of approximately 147.5%[46]. - Basic loss per share for 2019 was HKD (3.99), a significant decline from HKD (16.09) in 2018[46]. - The company recognized a total comprehensive loss of HKD (34,599,000) for 2019, compared to HKD (56,474,000) in 2018, showing an improvement in overall losses[51]. Cash Flow and Liquidity - As of December 31, 2019, the total cash and cash equivalents were approximately HKD 110,000,000,000, an increase from HKD 93,000,000,000 in 2018[20]. - The company's cash flow statement for the year ended December 31, 2019, showed a net cash outflow from operating activities of HKD 84,557,000[63]. - Cash generated from operating activities was HKD 55,625,000, compared to a cash outflow of HKD 4,581,000 in the previous period, indicating a significant improvement[65]. - The company paid income tax of HKD 546,000, which is a decrease from HKD 1,310,000 in the previous period, suggesting improved tax efficiency[65]. - The company reported a cash inflow from the sale of non-current assets of HKD 865,100, which was not present in the previous period[65]. - The company's total cash flow for the period showed a net increase of HKD 15,453,000, contrasting with a net decrease of HKD 16,916,000 in the previous period[65]. Capital Expenditures and Assets - Capital expenditures for the period amounted to approximately HKD 14,000,000,000, a decrease from HKD 58,000,000,000 in 2018[19]. - The total net book value of properties, plants, equipment, land use rights, construction in progress, and intangible assets was approximately HKD 393,000,000,000, down from HKD 418,000,000,000 in 2018[19]. - The Group's total non-current assets amounted to HKD 528,558,000 as of December 31, 2019, compared to HKD 423,485,000 on January 1, 2019, reflecting an increase of approximately 24.8%[95]. - The Group's total current assets were HKD 314,013,000 as of December 31, 2019, up from HKD 309,962,000 on January 1, 2019, indicating a growth of about 1.7%[95]. - The total value of properties, plants, and equipment was HKD 531,288,000 as of December 31, 2019[138]. - The net book value of properties, plants, and equipment at the end of 2019 was HKD 255,704,000[138]. Shareholder Information - The company does not recommend paying an interim dividend for the period, compared to no dividend in the previous year[18]. - As of December 31, 2019, the company had a total of 431,910 ordinary shares held by director Tang Ziliang, representing 0.204% of the issued share capital[37]. - Major shareholder Acorn Holdings Corporation owned 40,014,178 ordinary shares, accounting for 18.858% of the issued share capital[41]. - The company has no arrangements that would allow directors or their associates to hold any shares or bonds in the company[39]. - The total issued and fully paid ordinary shares as of December 31, 2019, were 212,187,488, with a nominal value of HKD 21,219[158]. Financial Risks and Management - The ongoing trade conflict and increased tariffs in the U.S. will continue to impact business development, but the company has taken measures to mitigate these effects[16]. - The management has identified key financial risk factors, including liquidity risk and the need for effective cash flow management, to ensure financial stability[5]. - The company reported derivative financial liabilities with a fair value of HKD 7,043,000 for cash inflows and HKD 7,002,000 for cash outflows, showing significant financial management[5]. - The financial risk management strategy includes assessing the impact of observable market data on the valuation of financial instruments, ensuring compliance with fair value hierarchy levels[108]. Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code as of December 31, 2019, with no significant deviations noted[29]. - The audit is conducted by BDO Limited, ensuring compliance and accuracy in financial reporting[174]. - The company is led by Chairman and Non-Executive Director Mr. Gao Fuhua and CEO Mr. Wen Jingxian, indicating a stable leadership structure[174]. Market and Operational Insights - Sales in Asia recorded the largest increase of 17%, while sales in the United States decreased due to the trade war, offsetting most of the growth[11]. - The company aims to enhance its market presence through strategic initiatives and potential acquisitions, although specific targets were not disclosed[5]. - The company's operational segments are evaluated based on performance in Asia, Europe, the Middle East, and Africa, as well as the Americas, highlighting a strategic focus on regional performance[113].