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 ...