PALADIN(00495)

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PALADIN(00495) - 2019 - 年度财报
2019-10-29 08:38
Financial Performance - The company recorded a loss of approximately HKD 65 million for the fiscal year, compared to a profit of approximately HKD 12 million in the same period last year[24]. - The company’s revenue for the year was approximately HKD 8 million, unchanged from 2018[25]. - Total revenue for the year ended June 30, 2019, was HKD 8,199,000, an increase of 8.7% from HKD 7,542,000 in 2018[193]. - The company reported a loss of HKD 64,812,000 for the year, compared to a profit of HKD 12,022,000 in the previous year, indicating a significant decline in profitability[193]. - Operating expenses increased to HKD 89,900,000 from HKD 57,864,000, reflecting a rise of 55.2% year-over-year[193]. - The total comprehensive loss for the year was HKD 66,527,000, compared to a comprehensive income of HKD 13,682,000 in 2018[193]. - Basic loss per share was HKD 4.05, a decrease from earnings of HKD 1.17 per share in the previous year[193]. Assets and Liabilities - As of June 30, 2019, the company’s current assets net amounted to approximately HKD 97 million, with a current ratio of 1.60[32]. - The company’s total liabilities were approximately HKD 173 million, including bank borrowings of approximately HKD 103 million[32]. - Non-current assets totaled HKD 918,801,000, a slight increase from HKD 905,005,000 in 2018[195]. - Current assets decreased to HKD 257,183,000 from HKD 339,492,000, a decline of 24.2%[195]. - Total liabilities decreased to HKD 160,557,000 from HKD 184,321,000, indicating a reduction of 12.9%[195]. - The company's net assets amounted to HKD 1,002,997,000, down from HKD 1,056,836,000 in the previous year[197]. - The company’s equity attributable to owners was HKD 1,012,531,000, a decrease from HKD 1,060,171,000 in 2018[197]. Corporate Governance - The board of directors recommended not to declare a final dividend for the year[38]. - The board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring a diverse range of expertise in management, property market, electronics, accounting, and corporate development[50]. - The company has complied with all provisions of the corporate governance code as per the Hong Kong Stock Exchange, with some deviations disclosed in the report[47]. - The chairman and CEO roles are separated, with Dr. Weng serving as both chairman and acting CEO, ensuring strong leadership and effective business planning[56]. - Independent non-executive directors are selected based on required skills and experience, with at least one possessing appropriate professional qualifications or relevant financial management expertise[53]. - The company reviews its corporate governance practices regularly to ensure compliance with the code[48]. - All independent non-executive directors confirmed their independence in writing, meeting the independence criteria set by the listing rules[53]. - The company has adopted a standard code of conduct for securities transactions by directors, confirming compliance for the year ended June 30, 2019[49]. - The board has established a nomination committee to review the structure, number, and composition of the board, and to identify suitable candidates for board membership[58]. - The nomination committee held one meeting during the year ending June 30, 2019, to review the board's structure and assess the independence of non-executive directors[63]. - The audit committee held two meetings during the year to review the company's financial statements and internal control systems[70]. - Non-executive directors are subject to re-election every three years, ensuring accountability and governance[57]. Environmental, Social, and Governance (ESG) Practices - The board is responsible for the company's environmental, social, and governance (ESG) strategy and reporting, including the assessment of related risks[89]. - The company reported nitrogen oxides (NOX) emissions of 5.6 kg for the year ended June 30, 2019, compared to 5.5 kg in the previous year, indicating a slight increase[92]. - Sulfur oxides (SOX) emissions were recorded at 0.2 kg for the year ended June 30, 2019, up from 0.1 kg in the previous year[92]. - Greenhouse gas emissions for the year ended June 30, 2019, totaled 178 tons of CO2 equivalent, an increase of 35.9% from 131 tons in 2018[95]. - The company has implemented various energy-saving measures to reduce emissions, including promoting green office actions and encouraging the use of video conferencing[99]. - The company has maintained a low level of harmless waste, with measures in place to reduce paper usage and promote recycling[100]. - The company has not reported any significant non-compliance issues with environmental laws and regulations for the year ended June 30, 2019[90]. - The company emphasizes a safe and healthy work environment, with no reported work-related injuries or fatalities for the year ended June 30, 2019[111]. - The company has not reported any significant violations of labor practices or health and safety regulations for the year ended June 30, 2019[108][109]. - Employee training and development programs are in place to enhance the skills and knowledge of employees, contributing to their value as assets[112]. Shareholder Information - As of June 30, 2019, the total number of shares held by the directors and their associates in the company amounted to 55,497,189 shares, representing 3.86% of the total equity[144]. - Major shareholders include Basurto Holdings Limited and Cityguard Holdings Limited, each holding 508,848,531 shares, which accounts for 35.37% of the total equity[148]. - Gold Seal Holdings Limited holds 309,388,211 shares and 228,605,681 convertible securities, totaling 537,993,892 shares, representing 37.39% of the total equity[148]. - The total equity held by all major shareholders amounts to 1,176,614,613 shares, which is 81.78% of the total equity[148]. - The company has a significant concentration of ownership, with the top five shareholders holding over 81% of the total equity[148]. - The ownership structure indicates a strong control by a few entities, which may impact corporate governance and decision-making processes[149]. Internal Controls and Audit - The audit report confirms that the consolidated financial statements fairly present the group's financial position as of June 30, 2019, in accordance with Hong Kong Financial Reporting Standards[176]. - The audit committee consists of one non-executive director and three independent non-executive directors, ensuring effective internal control reviews and oversight of financial reporting[167]. - The company appointed a new auditor, RSM Hong Kong, effective February 26, 2019, to fill the vacancy left by Deloitte[172]. - The company has established internal controls to prevent material misstatements in financial reporting due to fraud or error[183]. - The audit committee assists the board in overseeing the financial reporting process, ensuring compliance with relevant regulations and standards[184]. - The independent auditor's report emphasizes the importance of key audit matters, particularly the valuation of investment properties, which requires significant management judgment[178]. Future Plans and Investments - The company expects to achieve sales of USD 100 million in the technology department by 2024[27]. - The company plans to utilize HKD 7,800,000 for land acquisition and HKD 39,000,000 for facility construction within the next two years[165]. - The company has not reported any new strategies or product developments in the provided documents[145]. - There are no indications of market expansion or acquisitions mentioned in the financial reports[145].
PALADIN(00495) - 2019 - 中期财报
2019-03-27 08:32
Financial Performance - The group's revenue for the six months ended December 31, 2018, was approximately HKD 4,000,000, a 100% increase compared to HKD 2,000,000 for the same period in 2017[41]. - Revenue for the six months ended December 31, 2018, was HKD 4,341,000, compared to HKD 2,157,000 for the same period in 2017, representing an increase of 101.5%[90]. - The group reported a loss of HKD 48,117,000 for the six months ended December 31, 2018, compared to a profit of HKD 9,221,000 in the same period of 2017[162]. - Operating loss for the period was HKD (47,997,000), a significant decrease from a profit of HKD 10,328,000 in the previous year[90]. - The net loss attributable to owners of the company was HKD (48,117,000), compared to a profit of HKD 9,221,000 in the same period last year[93]. - Total comprehensive loss for the period was HKD (52,276,000), compared to a total comprehensive income of HKD 10,802,000 in the previous year[90]. - Basic and diluted loss per share for the period was HKD (3.35), compared to earnings of HKD 0.68 in the same period last year[93]. - The total comprehensive income for the period was HKD 10,802,000, a decrease from HKD 12,448,000 in the previous year, reflecting a decline in overall profitability[99]. Assets and Liabilities - As of December 31, 2018, the group's net current assets were approximately HKD 130,000,000, with a current ratio of 1.75[47]. - The group had bank balances and cash of approximately HKD 297,000,000 as of December 31, 2018[47]. - The group's total liabilities were approximately HKD 181,000,000, which included bank loans of about HKD 104,000,000[47]. - The capital debt ratio was approximately 15%, calculated as total liabilities divided by total assets[48]. - Non-current assets totaled HKD 895,406,000 as of December 31, 2018, a slight decrease from HKD 905,005,000 as of June 30, 2018[95]. - Current assets decreased to HKD 302,346,000 from HKD 339,492,000 as of June 30, 2018[95]. - Total liabilities decreased from HKD 184,321,000 to HKD 172,812,000 during the same period[95]. - The company's total equity as of December 31, 2018, was HKD 1,016,280,000, down from HKD 1,053,776,000 at the end of 2017, indicating a reduction in shareholder value[99]. Cash Flow and Financing - For the six months ended December 31, 2018, the net cash used in operating activities was HKD (30,896,000), compared to HKD (15,913,000) for the same period in 2017, indicating a significant increase in cash outflow[101]. - The company reported a net cash outflow from financing activities of HKD (2,816,000) for the period, contrasting with a net cash inflow of HKD 22,758,000 in the same period last year[101]. - The company incurred a loss of HKD (5,047,000) in repaying related party loans, a significant reduction from HKD (34,721,000) in the previous year, indicating improved management of related party transactions[101]. - Cash and cash equivalents at the end of the period were HKD 297,305,000, a decrease from HKD 362,431,000 in the previous year, highlighting liquidity challenges[101]. Shareholder Information - As of December 31, 2018, the total number of ordinary shares held by major shareholders includes 508,848,531 shares by Basurto Holdings Limited, representing 35.43% of the equity[62]. - Gold Seal Holdings Limited holds 309,388,211 shares and convertible bonds totaling 228,605,681, amounting to 537,993,892 shares, which is 37.46% of the equity[62]. - The total number of shares held by Mr. Ong Tak Ming is 893,236,742, which constitutes 81.93% of the equity[62]. - The group did not declare or propose any dividends for the six months ended December 31, 2018, consistent with the previous year[161]. Investment and Business Strategy - The group established a joint venture named Imagica Technology Inc., in which it holds a 49% interest, to expand into high-tech product development[43]. - The group plans to diversify its investments and expand its high-tech business into various fields[43]. - The company operates in two segments: property investment and R&D, focusing on portable X-ray systems and advanced software solutions[151]. - The company’s R&D segment is dedicated to developing high-tech products, including advanced algorithms and imaging sensors, indicating a strategic focus on innovation[151]. Stock Options and Shares - A total of 126,000,000 share options were granted under the company's share option scheme on November 9, 2018[44]. - The exercise price for stock options granted during the reporting period ranges from HKD 0.179 to HKD 0.321[70]. - The company has a stock option plan adopted on December 8, 2015, involving a total of 397,721,900 shares[69]. - The weighted average number of ordinary shares for calculating basic loss per share increased to 1,436,106,716 for the six months ended December 31, 2018, from 1,351,640,370 in the same period of 2017[164]. Fair Value and Financial Instruments - The company adopted the new Hong Kong Financial Reporting Standard No. 9, which may have impacted the accounting policies and financial statement amounts[108]. - The group classifies its financial assets into categories based on the business model for managing those assets and the cash flow characteristics of the assets[114]. - Debt instruments are classified into three measurement categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[117]. - The fair value of financial assets and liabilities is equivalent to their carrying amounts, indicating no significant discrepancies[128]. - The total fair value of financial assets measured at fair value through profit or loss was HKD 52,701,000, which includes golf memberships valued at HKD 12,450,000 and deposits related to life insurance policies at HKD 40,251,000[134]. - The fair value loss on investment properties for the six months ended December 31, 2018, was HKD 7,970,000, compared to a gain of HKD 28,820,000 in the same period of 2017[167]. Administrative and Other Expenses - The company reported a significant increase in administrative expenses, totaling HKD (47,965,000) compared to HKD (24,725,000) in the previous year[90]. - The company recognized a total of HKD 11,630,000 in equity changes during the period, reflecting adjustments in non-controlling interests[99]. Related Party Transactions - The amount payable to related parties was HKD 19,341,000 as of December 31, 2018, down from HKD 24,388,000 as of June 30, 2018[178]. - The company incurred transaction costs of approximately HKD 1,623,000, which were immediately deducted from profit or loss[193].