Financial Performance - CWT International Limited reported a revenue of HK$ 1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[1]. - The company achieved a net profit of HK$ 150 million, which is a 20% increase year-over-year[1]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[1]. - For the year ended December 31, 2022, the Group's revenue decreased by 20.8% to HK$43,899,455,000 from HK$55,448,828,000 in 2021[68]. - Profit attributable to owners for 2022 was HK$153,213,000, down from HK$208,905,000 in 2021, representing a decline of approximately 26.6%[68]. - EBITDA for the year ended December 31, 2022, was HK$1,351,937,000, a decrease from HK$1,418,107,000 in 2021, reflecting a decline of about 4.7%[72]. - The Group's profit before taxation, excluding COVID-19 relief, decreased by 15.2% to HK$362,417,000 for the year ended December 31, 2022[85]. - Net profit fell by 11.8% to HK$255,089,000, attributed to adverse commodity trading market disruptions and oversupply in the copper concentrate market[89]. User Growth and Market Expansion - User data showed a growth in active users by 25%, reaching a total of 500,000 users[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[1]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[5]. - The Group continues to explore market expansion opportunities in the Asia Pacific region, which contributed 12.28% of revenue[55]. Strategic Initiatives - CWT International Limited is investing HK$ 200 million in new product development, focusing on technology enhancements[1]. - CWT International Limited is considering strategic acquisitions to enhance its service offerings, with a budget of HK$ 300 million allocated for potential mergers[1]. - A strategic acquisition was completed, enhancing the company's technology capabilities and expected to generate an additional $50 million in annual revenue[6]. - The company plans to implement new operational strategies aimed at improving efficiency by 15% over the next year[8]. - The company plans to establish new revenue pillars focusing on asset management, equities, and green energy products, while exploring geographical expansion[116]. Financial Services and Risk Management - Total customer assets under management in the financial services segment increased by approximately 30% year-to-date, contributing to higher trading volumes and increased interest income[115]. - Financial services revenue fell by 62.9% to HK$5,844,957,000 for the year ended December 31, 2022, with a pre-tax loss reduced by 79.9% to HK$12,142,000[118]. - The company is focusing on improving risk management and control to mitigate existing and new risks[66]. - The company anticipates continued high market volatility, which is expected to increase trading activity in the derivatives business[117]. Corporate Governance and Management - The company has implemented a new corporate governance strategy aimed at improving operational efficiency, expected to reduce costs by 5%[1]. - The Company has complied with the corporate governance code provisions for the financial year ended December 31, 2022, with a noted deviation regarding the roles of chairman and CEO[141]. - The Board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring a balance of skills and experience[150]. - The Company aims to maximize shareholder interests while fulfilling corporate social responsibility and improving management efficiency in Hong Kong[149]. - The Board will continuously review targets and timelines for achieving gender diversity based on the Group's actual situation and needs[174]. Operational Challenges and Market Conditions - The adverse impact of global supply chain disruptions and high inflation contributed to the weaker performance, particularly in the commodity marketing business[72]. - The logistics services in Singapore faced challenges due to geopolitical issues, COVID-19, and global supply chain disruptions, leading to a slowdown in external demand since August 2022[90]. - Ocean freight rates experienced a significant decline starting in Q3 2022, with expectations for a challenging year in 2023 due to decreased market demand[100]. - The commodity logistics business showed resilience, with year-on-year revenue and profit increases, reflecting the ability to adapt to evolving market conditions[102]. Employee and Board Diversity - The group had a total of 6,070 employees as of December 31, 2022, a slight decrease from 6,074 employees in the previous year[132]. - The gender ratio of the Board is 6:1 (male to female), and the workforce gender ratio is approximately 2.5:1[166][167]. - The Company appointed a female Director in July 2022 to comply with gender diversity requirements[166]. - Following the resignation of a female Director on August 7, 2023, the Company currently does not meet the gender diversity requirement set out in Rule 13.92 of the Listing Rules[168].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CWT INTERNATIONAL LIMITED （於香港註冊成立之有限公司） （股份代號：521） 截至二零二二年十二月三十一日止年度之全年業績 CWT International Limited（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度之綜合業 績及截至二零二一年十二月三十一日止年度之比較數字。該等全年業績已經獲 董事會審核委員會審閱。 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 港幣千元 港幣千元 收入 4 43,899,455 55,448,828 銷售成本 (42,122,333) (53,538,565) 毛利 1,777,122 1,910,263 其他收入 6 233,971 120,545 ...

Financial Performance - CWT International Limited reported a significant increase in revenue, reaching HK$199 million, representing a growth of 15% compared to the previous period[3]. - The company achieved a net profit of HK$30 million, which is a 20% increase year-on-year, indicating strong operational performance[3]. - For the six months ended June 30, 2022, revenue was HK$22,348,157, a decrease of 13.5% from HK$25,908,923 in the same period of 2021[37]. - Profit for the period attributable to owners of the Company was HK$127,048, down from HK$134,227 in the previous year, reflecting a decrease of 5.4%[44]. - Total comprehensive income for the period was HK$94,487, compared to HK$128,009 in 2021, representing a decline of 26.2%[44]. - The company reported a profit before taxation of HK$242,347, compared to HK$218,625 in the previous year, an increase of 10.9%[37]. - The profit attributable to owners of the Company for the same period was HK$127,048,000, a decrease of 5.4% compared to HK$134,227,000 in 2021[145]. Revenue Breakdown - Freight services generated revenue of HK$3,357,929, up 32.3% from HK$2,538,928 in 2021[92]. - Commodity trading revenue was HK$17,396,028, down 20.1% from HK$21,840,527 in the previous year[92]. - Logistics services revenue decreased slightly to HK$802,767 from HK$862,432, a decline of 6.9%[92]. - The Group's maintenance services revenue was HK$312,188, a minor decrease from HK$315,780 in 2021[92]. - Broking services revenue increased to HK$315,631 from HK$283,715, reflecting a growth of 11.2%[92]. - Revenue from external customers for logistics services was HK$4,314,203, while for commodity trading it was HK$13,817,001, indicating a significant contribution from these segments[117]. Cash Flow and Liquidity - The company reported a strong cash flow position with HK$50 million in cash reserves, providing flexibility for future investments and growth opportunities[3]. - Cash generated from operations was HK$643,683,000, resulting in a net cash generated from operating activities of HK$1,698,045,000[63]. - The net cash used in investing activities totaled HK$1,389,977,000, primarily due to the purchase of other financial assets amounting to HK$1,420,477,000[63]. - Cash and cash equivalents at the end of the period stood at HK$1,463,604,000, down from HK$1,504,833,000 at the beginning of the period[66]. - The company reported a net decrease in cash and cash equivalents of HK$16,007,000 for the six months ended June 30, 2022[66]. Investments and Acquisitions - CWT International Limited is investing in new technology development, allocating approximately HK$10 million for R&D initiatives aimed at enhancing service offerings[3]. - The company is considering strategic acquisitions to bolster its service capabilities, with potential targets identified in the logistics sector[3]. - The company acquired a subsidiary with non-controlling interests, resulting in a cash outflow of HK$17,510,000[63]. Market Outlook and Strategy - The company provided an optimistic outlook for the next quarter, projecting a revenue growth of 10% to 12% driven by new product launches and market expansion efforts[3]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% increase in market share within the next fiscal year[3]. - The management highlighted a focus on sustainability initiatives, aiming to reduce operational carbon footprint by 30% over the next five years[3]. Assets and Liabilities - As of June 30, 2022, total assets amounted to HK$19,249,607, an increase from HK$17,400,321 as of December 31, 2021, representing a growth of approximately 10.6%[48]. - Current liabilities totaled HK$17,172,442, compared to HK$16,200,861 at the end of 2021, indicating an increase of about 6%[51]. - Net current assets increased to HK$2,077,165 from HK$1,199,460, reflecting a significant growth of approximately 73.2%[51]. - Non-current liabilities stood at HK$4,445,074, up from HK$4,010,712 at the end of 2021, marking an increase of about 10.8%[51]. - The total loans and borrowings as of June 30, 2022, amounted to HK$5,248,215,000, down from HK$6,073,158,000 as of December 31, 2021, representing a decrease of approximately 13.5%[182]. Shareholder Returns - The interim dividend declared is HK$0.05 per share, reflecting the company's commitment to returning value to shareholders[3]. - The Group did not pay or propose any dividends for the six months ended June 30, 2022, nor for the same period in 2021[139]. Financial Ratios and Capital Management - The net debt of the Group as of June 30, 2022, was HK$3,466,262, down from HK$3,689,029 at the end of 2021, indicating a decrease of about 6.0%[199]. - The net debt-to-total capital ratio improved to 36.3% as of June 30, 2022, compared to 37.8% at the end of 2021, reflecting a stronger capital structure[199]. - The Group's capital management strategy remains unchanged, focusing on optimizing the debt and equity balance to maximize returns to stakeholders[193].

Financial Performance - CWT International Limited reported a revenue of HK$ 1.2 billion for the fiscal year 2021, representing a 15% increase compared to the previous year[3]. - The company achieved a net profit of HK$ 150 million, which is a 20% increase year-over-year[3]. - The company reported a significant increase in cash flow, with a total of HK$ 300 million generated from operations, up 40% from the previous year[3]. - For the year ended December 31, 2021, the Group's revenue amounted to HK$55,448,828,000, an increase of 24.5% compared to HK$44,673,571,000 in 2020[70]. - The profit attributable to owners for 2021 was HK$208,905,000, significantly up from HK$41,465,000 in 2020[70]. - EBITDA from continuing operations for the year was HK$1,418,107,000, compared to HK$1,210,604,000 in 2020, reflecting a growth of 17.2%[73]. - The Group's net profit from continuing operations increased by 245%, primarily due to exceptional performance from logistics services, particularly freight logistics[86]. - Logistics services reported a 67% increase in revenue over the financial year 2020, with a 256% higher profit before tax compared to the previous financial year, excluding Covid-19 reliefs[101]. User Growth and Market Expansion - User data showed a growth in active users by 25%, reaching a total of 500,000 users by the end of 2021[3]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2023[3]. - Market expansion plans include entering three new international markets by Q3 of the next fiscal year[15]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $200 million allocated for potential mergers and acquisitions[15]. Investment and Development - CWT International Limited is investing HK$ 200 million in new product development, focusing on technology enhancements and service improvements[3]. - The company is investing in new technology development, allocating $50 million towards R&D initiatives[15]. - New product launches are expected to contribute an additional $100 million in revenue next year[15]. Corporate Strategy and Efficiency - The company has implemented a new corporate strategy aimed at improving operational efficiency, which is expected to reduce costs by 10%[3]. - The Group plans to focus on improving workflow quality and management efficiency in Hong Kong while fulfilling corporate social responsibilities[76]. Sustainability and Corporate Governance - The board of directors emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 25% over the next five years[15]. - The Company aims to achieve Board diversity by considering factors such as gender, age, cultural background, and professional experience[136]. - The Board Diversity Policy is published on the Company's website, reflecting its commitment to sustainable and balanced development[137]. Board Composition and Responsibilities - The Board currently comprises a total of seven Directors, including four Executive Directors and three Independent Non-executive Directors[131]. - The Audit Committee was established in December 1998 and has specific written terms of reference detailing its authorities and duties[194]. - The principal duties of the Audit Committee include reviewing interim and annual financial statements and the Company's financial reporting system[198]. - The Company has established various committees to assist in the execution of the Board's responsibilities[193]. Employee and Talent Management - The Group had a total of 6,074 employees as of December 31, 2021, representing an increase of 2.7% from 5,916 employees in 2020[120]. - The Group's remuneration policies aim to ensure fair and competitive packages to retain and attract talent, including salaries, discretionary bonuses, and welfare benefits[120]. - Directors are required to undergo continuous professional development, with training records provided for the period from January 1, 2021, to December 31, 2021[186].

Revenue Growth - The interim report indicates a significant increase in revenue, with a year-on-year growth of 25% to reach HK$500 million[2]. - For the six months ended June 30, 2021, the Group's total revenue was HK$25,908,923,000, a significant increase of 46.2% compared to HK$17,711,476,000 for the same period in 2020[85]. - Freight services revenue reached HK$2,538,928,000, up 90.1% from HK$1,334,837,000 in 2020[85]. - Commodity trading revenue surged to HK$21,840,527,000, representing a 45.9% increase from HK$14,990,097,000 in the previous year[85]. - Revenue from logistics services was HK$862,432,000, reflecting a growth of 8.5% compared to HK$794,913,000 in 2020[85]. - The geographical breakdown shows that revenue from the PRC (including Hong Kong and Taiwan) was HK$18,309,605,000, an increase of 39.8% from HK$13,092,418,000 in 2020[88]. - Revenue from Singapore increased significantly to HK$4,367,006,000, up 177.5% from HK$1,576,558,000 in the previous year[88]. Profitability and Financial Performance - Profit before taxation for the period was HK$218,625, a turnaround from a loss of HK$22,434 in the previous year[35]. - Profit for the period from continuing operations was HK$158,179, compared to a loss of HK$70,497 in 2020, marking a substantial recovery[35]. - Total comprehensive income for the period was HK$128,009, compared to a loss of HK$67,351 in the same period last year[39]. - Earnings per share from continuing operations was HK$1.18, a significant improvement from a loss of HK$0.70 in 2020[42]. - Reportable segment profit before taxation totaled HK$294,725, compared to HK$159,247 for the same period last year, indicating a strong performance improvement[111]. - Total profit before taxation for reportable segments increased to HK$294,725,000, up from HK$159,247,000 in 2020, representing an increase of 85%[114]. Cost Management - The management highlighted a 12% reduction in operational costs due to improved supply chain management[2]. - Finance costs decreased to HK$155,901,000 from HK$242,760,000, a reduction of approximately 36%[119]. - Administrative expenses increased to HK$421,508 from HK$381,660, representing a rise of about 10.4%[35]. - The cost of inventories sold increased to HK$20,844,464,000 from HK$14,871,728,000, reflecting a rise of approximately 40%[122]. Investments and Future Strategies - Investment in new technology development has increased by 30%, focusing on enhancing operational efficiency and customer experience[2]. - The company projects a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[2]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[2]. - Future strategies include expanding engineering services and enhancing financial brokerage offerings to capture more market share[111]. Cash Flow and Liquidity - The net cash used in operating activities was HK$1,033,541,000, compared to a net cash generated of HK$2,019,410,000 in the previous year[58]. - Cash and cash equivalents at the end of the period were HK$1,060,207,000, down from HK$1,080,109,000 in the previous year[60]. - The company experienced a net decrease in cash and cash equivalents of HK$163,543,000 during the period[60]. - The Group's working capital requirements are significant, particularly in the commodity marketing and financial services segments, which are financed through revolving short-term trade facilities[152]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to HK$17,843,856, an increase from HK$16,900,628 as of December 31, 2020[45]. - Net current assets increased to HK$889,370 from HK$685,977, reflecting a growth of approximately 29.6%[45]. - Non-current liabilities totaled HK$4,051,690, a decrease from HK$4,202,965, indicating a reduction of about 3.6%[47]. - Total borrowings as of June 30, 2021, amounted to HK$6,039,463,000, a slight decrease from HK$6,100,619,000 as of December 31, 2020[178]. Shareholder Returns - The interim dividend declared is HK$0.05 per share, reflecting a commitment to returning value to shareholders[2]. - No dividends were paid or proposed for ordinary shareholders during the six months ended 30 June 2021 and 2020[126]. Financial Reporting and Compliance - The Group's auditor reported unqualified opinions on the financial statements, indicating no significant issues were raised[72]. - The financial report is prepared in accordance with HKFRSs and reflects the Group's financial position and performance accurately[71]. - The interim financial report reflects the Group's commitment to maintaining robust financial measurement practices[192].

Financial Performance - CWT International Limited reported a revenue of HKD 1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[1]. - The company achieved a net profit of HKD 150 million, which is a 20% increase year-over-year[1]. - For the year ended December 31, 2020, the Group's revenue amounted to HK$44,673,571,000, an increase of 9.4% from HK$40,747,512,000 in 2019[92]. - The profit attributable to owners for 2020 was HK$41,465,000, a significant turnaround from a loss of HK$597,557,000 in 2019[92]. - Profit from continuing operations was HK$83,814,000, compared to a loss of HK$243,135,000 in 2019[92]. - EBITDA from continuing operations for 2020 was HK$1,210,604,000, slightly down from HK$1,299,653,000 in 2019[92]. - The Group benefited from a significant decrease in finance costs of approximately HK$350,000,000 and government subsidies of approximately HK$104,000,000 related to Covid-19[92]. User Growth and Market Expansion - User data showed a growth in active users by 25%, reaching a total of 500,000 users[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[1]. - The management emphasized the need to realign the Group's business focus on the logistics industry to capitalize on existing advantages and ensure stable operations[91]. Strategic Investments and Development - CWT International Limited is investing HKD 200 million in new product development, focusing on technology enhancements[1]. - CWT International Limited is considering strategic acquisitions to enhance its service offerings, with a budget of HKD 300 million allocated for potential mergers[1]. - The company has implemented a new sustainability strategy aimed at reducing operational costs by 15% over the next three years[1]. Leadership and Governance - The company is governed by a Board of Directors that includes both executive and independent non-executive directors, ensuring a diverse leadership structure[30]. - The Investment Committee, chaired by Mr. Wu, plays a crucial role in guiding the company's investment strategies[35]. - The company has a strong leadership team with members having over 20 years of experience in airlines, finance, and corporate management[43]. - The Board currently comprises nine Directors, including five Executive Directors and four Independent Non-executive Directors, ensuring a balanced composition[171]. - The Company aims to achieve Board diversity by considering factors such as gender, age, cultural and educational background, ethnicity, professional experience, perspectives, skills, knowledge, and length of service[184]. Compensation and Remuneration - The company reported a monthly salary of HK$141,875 for Mr. Wu, with potential for higher salary and discretionary bonuses based on market conditions and performance[37]. - The remuneration committee is responsible for determining the compensation packages for executives, reflecting the company's focus on aligning pay with performance[30]. - The Group's remuneration policies are designed to be fair and competitive, including salaries, discretionary bonuses, retirement schemes, medical insurance, and share options[162]. Operational Challenges and Adaptations - The freight logistics business faced significant challenges due to the pandemic, leading to a severe equipment imbalance and unprecedented freight rates during the fourth quarter[127]. - The company is strategically managing costs and customer expectations while focusing on faster response times and higher efficiency to mitigate pandemic impacts[129]. - The Group aims to maintain stable operations during the economic downturn while closely monitoring the global economic situation[108]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code, with a noted deviation regarding the roles of Chairman and CEO being held by the same individual during certain periods[168]. - The Group's strategy includes maintaining good corporate governance standards to safeguard shareholder interests and enhance accountability[167]. - The Group's independent non-executive directors contribute positively to strategy development through informed comments and active participation[181]. Market Conditions and Future Outlook - The overall market conditions are expected to transition slowly towards a new normal in 2021, with improvements anticipated in trading conditions[138]. - The company is preparing to take advantage of market opportunities while cushioning against potential business disruptions[138]. - The management is adopting a conservative approach due to the escalating risk of global economic slowdown caused by Covid-19[108].

CWT International Limited Stock Code 股份代號: 521 usi | --- | --- | --- | --- | --- | |-------|-------|-------|-------|------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (II | | | | | | 2020 Interim Report | | | | | | 中期報告 商界展關懷 40 | caringcompany | --- | --- | |-------------------------------------------------|---------------------------------| | | | | | | | Corporate Information | 公司資料 | | Definitions | 釋義 | | Interim Results | 中期業績 | | Consolidated Statement of Profit or Los ...

Financial Performance - CWT International Limited reported a significant increase in revenue, reaching HK$1.2 billion, representing a 15% year-over-year growth[14]. - The company achieved a net profit of HK$150 million, which is a 20% increase compared to the previous year[14]. - User data showed a growth in active users by 25%, totaling 500,000 users by the end of the fiscal year[14]. - The company reported a cash flow of HK$250 million, ensuring strong liquidity for future investments[14]. - For the year ended December 31, 2019, the Group's revenue was HK$40,747,512,000, a decrease from HK$48,957,562,000 in 2018[67]. - The loss attributable to owners for 2019 was HK$597,557,000, compared to a loss of HK$557,289,000 in 2018[67]. - EBITDA for the year ended December 31, 2019, was HK$1,129,513,000, significantly up from HK$394,210,000 in 2018[67]. - The Group's total debt as of December 31, 2019, was HK$6,371,628,000, up from HK$5,329,958,000 in 2018, with a gearing ratio of 47.1% compared to 35.2% in 2018[146]. Future Projections and Goals - The company has set a future revenue target of HK$1.5 billion for the next fiscal year, indicating a projected growth of 25%[14]. - CWT International Limited plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[14]. - The Group plans to expand its warehouse footprint in Malaysia from 340,000 sq. ft. to 560,000 sq. ft. by the end of 2020 to enhance logistics capabilities[100]. - The Group's focus on soft commodities warehousing and logistics services is expected to drive long-term growth despite macroeconomic challenges[106]. Management and Governance - CWT International Limited's board of directors is focused on enhancing corporate governance to align with international standards[14]. - The Company aims to enhance accountability and transparency through good corporate governance standards[162]. - The Board believes that the structure of having the same individual serve as Co-Chairman and CEO allows for consistent leadership and effective strategic planning[165]. - The Company emphasizes a balanced composition of Executive and Non-executive Directors to ensure independent judgment[184]. - The Board's structure allows for prompt and effective decision-making[184]. Executive Compensation - Mr. Ding Lei is entitled to a monthly salary of HK$168,750, with potential discretionary bonuses based on market conditions and company performance[17]. - Mr. Zhao Quan receives a monthly salary of HK$91,800, also subject to discretionary bonuses determined by the Board[22]. - Mr. Ding's salary and bonuses are determined with reference to the company's performance and his individual performance[17]. - Mr. Zhao's compensation is similarly linked to market conditions and company performance[22]. Challenges and Risks - The Group faced challenges due to a fluctuating global economy and market rumors affecting confidence among banks and customers[64]. - The Group's operational environment in 2019 was characterized by significant challenges, including macroeconomic pressures and trade tensions, impacting overall performance[94]. - The Group faced a potential short-term liquidity issue to repay outstanding debt and interests due in the coming year, prompting management to seek additional financing measures[86]. - The inability to repay the debt may trigger enforcement of Charged Assets and appointment of receivers, indicating material uncertainties regarding the Group's ability to continue as a going concern[132]. Strategic Disposals and Acquisitions - The Group successfully disposed of its property investment business in the second half of 2019 and the sports and leisure facilities business in January 2020[66]. - The Group completed the disposal of golf courses in the United States for a total consideration of US$86,500,000, finalized in November 2019[153]. - The Group also disposed of a property in the United Kingdom through a subsidiary, with the transaction completed in December 2019[154]. - The Group completed the sale of a golf course in the US for a total consideration of $86.5 million in November 2019[157]. Employee and Director Information - The total number of employees as of December 31, 2019, was 6,625, with remuneration policies designed to be fair and competitive[159]. - The Company complied with the Corporate Governance Code during the financial year ended December 31, 2019, with one noted deviation regarding the roles of chairman and CEO[164]. - The Board consists of ten Directors, including six Executive Directors and four Independent Non-executive Directors[178]. - Independent Non-executive Directors contribute positively to the Company's strategy and policies through informed comments[185].

Financial Performance - For the six months ended June 30, 2019, the Group reported revenue of HK$29,638,207, a decrease of 1.1% from HK$36,122,056 in the same period of 2018[16]. - Gross profit for the same period was HK$807,897, down 10.0% from HK$896,939 in 2018[16]. - The Group incurred a loss before taxation of HK$99,418, compared to a loss of HK$300,707 in the previous year, indicating an improvement[16]. - Loss for the period from continuing operations was HK$127,153, significantly reduced from HK$317,736 in 2018[16]. - Other income increased to HK$134,207, up 31.6% from HK$101,814 in the prior year[16]. - Selling and distribution costs rose to HK$227,230, an increase of 9.8% from HK$207,014 in 2018[16]. - Administrative expenses decreased to HK$422,045, down 30.9% from HK$610,971 in the previous year[16]. - Finance costs were HK$411,789, slightly reduced from HK$422,589 in 2018[16]. - The Group's share of profits less losses of associates, net of tax, was HK$11,215, up from HK$10,918 in the previous year[16]. - For the six months ended June 30, 2019, the loss attributable to owners of the Company was HK$260,711,000, compared to a loss of HK$556,490,000 in the same period of 2018, representing a 53% improvement[22]. - Total comprehensive income for the period was HK$288,576,000, a decrease from HK$543,849,000 in the previous year, indicating a decline of 47%[22]. - The Company reported a basic and diluted loss per share of HK$2.29, compared to HK$4.88 in the prior year, reflecting a 53% reduction in loss per share[22]. - The Company reported a loss for the period of HK$248,720,000, compared to a loss of HK$573,379,000 in the previous year, reflecting a 57% improvement[22]. Assets and Liabilities - Non-current assets decreased from HK$18,487,020,000 as of December 31, 2018, to HK$17,913,028,000 as of June 30, 2019, a decline of approximately 3%[26]. - Current liabilities increased significantly from HK$17,865,665,000 to HK$15,055,862,000, indicating a reduction of about 16%[28]. - Cash and cash equivalents decreased from HK$1,724,847,000 to HK$1,090,877,000, a decline of approximately 37%[26]. - Trade receivables and other receivables decreased from HK$4,910,431,000 to HK$4,114,381,000, representing a reduction of about 16%[26]. - Inventories decreased from HK$2,755,562,000 to HK$2,000,027,000, indicating a decline of approximately 27%[26]. - The total assets less current liabilities increased from HK$7,945,895,000 to HK$9,796,282,000, an increase of approximately 23%[28]. - As of June 30, 2019, the company's net assets decreased to HK$4,971,617, down from HK$5,314,951 as of December 31, 2018, representing a decline of approximately 6.5%[33]. - Total non-current liabilities decreased significantly from HK$1,721,507 to HK$1,134,959, a reduction of about 34.1%[33]. - The company's contract liabilities were reported as zero as of June 30, 2019, compared to HK$140,650 on December 31, 2018, indicating a complete elimination of this liability[33]. - Deferred tax liabilities decreased from HK$590,599 to HK$319,623, a reduction of approximately 45.8%[33]. - The equity attributable to owners of the company fell to HK$4,528,647 from HK$4,872,742, a decrease of about 7.1%[33]. Cash Flow and Financing - For the six months ended June 30, 2019, the company reported a net cash used in operating activities of HK$228,015,000, compared to HK$234,062,000 in the same period of 2018[43]. - The company generated net cash from investing activities amounting to HK$706,492,000, a significant increase from a net cash used of HK$45,376,000 in the prior year[43]. - The company reported a net decrease in cash and cash equivalents of HK$533,881,000 for the six months ended June 30, 2019, compared to a decrease of HK$306,527,000 in 2018[47]. - Cash and cash equivalents at the end of the period stood at HK$1,162,042,000, down from HK$1,792,188,000 at the end of June 2018[47]. - The company paid dividends to non-controlling interests amounting to HK$16,215,000 during the reporting period, compared to HK$14,381,000 in the previous year[43]. - The net repayment of borrowings was HK$878,099,000, a significant increase from HK$15,033,000 in the same period last year[43]. - The company recognized an impact of HK$222,248,000 related to the transfer to amounts recognized in other comprehensive income[41]. - The Group's cash flow projections indicate that, assuming successful implementation of disposal plans and financing measures, it will have sufficient working capital to finance operations for at least twelve months from June 30, 2019[81]. - The Group has maintained good relationships with current finance providers to ensure continued financing support[81]. Accounting Policies and Standards - The Group has adopted HKFRS 16, Leases, effective January 1, 2019, which requires recognition of a right-of-use asset and lease liability for all leases, impacting the financial position[83]. - The Group's financial position has not been materially affected by the changes in accounting policies, except for the adoption of HKFRS 16[83]. - The Group's accounting policy changes are aimed at improving the accuracy of financial reporting and enhancing transparency[88]. - The transition to HKFRS 16 is expected to impact the Group's financial statements significantly, particularly in lease liabilities and right-of-use assets[88]. - The adoption of HKFRS 16 resulted in the recognition of right-of-use assets amounting to HK$4,789,536, impacting the consolidated statement of financial position significantly[105]. - Total non-current assets increased from HK$7,324,540 to HK$11,104,103 due to the adoption of HKFRS 16, reflecting a substantial adjustment in asset valuation[105]. - Lease liabilities were recognized at HK$3,410,462, indicating a shift in how lease obligations are reported on the balance sheet[105]. - The Group is now required to recognize interest expense on lease liabilities and depreciation on right-of-use assets, replacing the previous straight-line rental expense recognition[110]. - The cash flow statement will now classify capitalized lease payments into capital and interest elements, changing the presentation of cash flows without affecting total cash flows[110]. Discontinued Operations - The assets associated with the UK operation classified as held-for-sale amount to HK$1,100,256,000[137]. - The liabilities associated with the UK operation classified as held-for-sale total HK$765,885,000[138]. - The loss for the UK operation from discontinued operations for the six months ended June 30, 2019, is HK$151,401,000, compared to HK$90,841,000 for the same period in 2018[134]. - The gross profit from the US operation for the six months ended June 30, 2019, is HK$20,126,000, a decrease from HK$26,477,000 in 2018[150]. - The profit for the US operation from discontinued operations for the six months ended June 30, 2019, is HK$38,329,000, compared to a loss of HK$145,221,000 in 2018[150]. - Revenue from the discontinued operation in respect of the PRC Operation is HK$76,780,000, with a gross profit of HK$19,338,000[162]. - Loss for the period from the PRC Operation is HK$(8,495,000), compared to a loss of HK$(19,581,000) in the same period of the previous year[162]. - Total assets associated with the PRC Operation classified as held-for-sale amount to HK$1,903,090,000[166]. - Liabilities associated with the PRC Operation classified as held-for-sale total HK$925,525,000[169]. Revenue Breakdown - The total revenue for the six months ended June 30, 2019, was HK$29,638,207,000, a decrease from HK$36,122,056,000 in the same period of 2018, representing a decline of approximately 18.5%[179]. - Revenue from freight services was HK$1,359,408,000, down from HK$1,611,195,000 in 2018, indicating a decrease of about 15.6%[179]. - Logistics services revenue increased to HK$801,693,000 from HK$653,069,000, reflecting a growth of approximately 22.7%[179]. - Commodity trading revenue was HK$26,562,495,000, down from HK$33,175,644,000, marking a decline of about 20%[179]. - The revenue from design-and-build services rose significantly to HK$169,676,000 from HK$39,338,000, showing an increase of approximately 331.5%[179]. - The geographical breakdown of revenue showed Mainland China contributing HK$17,186,257,000, down from HK$18,515,373,000, a decrease of about 7.2%[182]. - Revenue from Singapore increased to HK$3,731,986,000 from HK$3,393,388,000, representing a growth of approximately 10%[182].

CWT International Limited Stock Code 股份代號: 521 (Receivers appointed) (已委任接管人) 商界展關懷 caringcompany 2016 19 Awardled by The Hong Kong Council of Social Service ANNUAL REPORT 20 8 E B.V. 4113 2 //400 H CWT : 海 2 Corporate Information 公司資料 4 Directors' Biographies 董事簡介 14 Financial Highlights 財務摘要 16 Chairman's Statement 主席報告書 18 Management Discussion and Analysis 管理層論述與分析 32 Corporate Governance Report 企業管治報告 59 Report of the Directors 董事會報告書 85 Independent Auditor's Report 獨立核數師報告 89 Consolidated Statement of ...