Financial Performance - The Group recorded a net loss of approximately HK$70.7 million for the year ended 30 June 2024, compared to a net loss of approximately HK$69.8 million in 2023[12]. - The Group's overall revenue for the year was approximately HK$31.3 million, slightly up from approximately HK$31.2 million in 2023[12]. - Basic loss per share for the year was approximately 0.45 HK cent, compared to approximately 0.44 HK cent in 2023[12]. - The net loss was primarily attributed to a fair value loss of approximately HK$41.5 million related to financial assets at fair value through profit or loss[12]. - For the year ended June 30, 2024, the group recorded revenue of approximately HK$31.3 million, compared to HK$31.2 million in 2023, with a net loss of approximately HK$70.7 million, slightly higher than the HK$69.8 million loss in 2023[13]. Business Segments Performance - Revenue from the hotel hospitality business was approximately HK$22.5 million, a decrease from approximately HK$25.6 million in 2023, with a segment loss of approximately HK$1.8 million compared to a loss of approximately HK$10.0 million in 2023[5]. - The money lending business reported a segment loss of approximately HK$1.0 million, an improvement from a loss of approximately HK$8.6 million in 2023, primarily due to impairment losses on loans receivable[7]. - Revenue from the liquor and wine business increased significantly to approximately HK$2.2 million from approximately HK$0.1 million in 2023, with a segment gain of approximately HK$1.2 million compared to a segment loss of approximately HK$0.6 million in 2023[8]. Loan Portfolio and Credit Risk - As of 30 June 2024, the Group's total loans receivable amounted to approximately HK$146.9 million, down from approximately HK$161.9 million in 2023, with related interest receivables of approximately HK$82.2 million compared to approximately HK$68.8 million in 2023[5]. - The expected credit loss (ECL) rate for the Group's loans receivable ranged up to 100%, compared to 93.11% to 100% in 2023, depending on the nature and probability of default[35]. - The Group's credit policy includes compliance with laws, credit assessment of potential borrowers, and determining suitable interest rates reflecting risk levels[39]. - The Group's credit risk assessment includes reviewing financial information and assessing the financial condition of potential borrowers, including their assets[41]. - The Group's overdue loan recovery procedures involve issuing payment reminders and commencing legal proceedings if necessary[75]. Renovation and Asset Management - The Resort Towers, located in Niseko, Japan, is a key asset, consisting of 110 high-end accommodation units and attracting significant tourist traffic during the winter season[13]. - The Renovation Project for the Resort Towers has been delayed due to dissatisfaction with the proposed design and a shortage of qualified contractors in the region[26]. - The main renovation phase 1 is scheduled to commence in April 2025, focusing on one of the two towers[28]. - By November 2026, the first tower's renovation will be completed, and the second tower will be substantially completed, allowing for additional revenue recognition[31]. Corporate Governance - The company has complied with the Corporate Governance Code except for the separation of the roles of chairman and chief executive officer, which has not been fulfilled since March 2020[119]. - The company is actively seeking a suitable candidate for the CEO position to comply with the Corporate Governance Code[120]. - The Board of Directors consists of five members, including one executive director and three independent non-executive directors[123]. - The Company has received annual confirmations of independence from all independent non-executive directors, confirming their compliance with independence guidelines[127]. - The Audit Committee held two meetings during the year ended June 30, 2024, reviewing the Group's financial reporting and risk management systems[138]. Risk Management - The Company has established a Risk Management Policy to ensure operations in a safe and steady environment, aiming to achieve its operational strategy and targets[192]. - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements[190]. - The Group conducts periodic risk identification and analysis to assess the consequences and likelihood of identified risks, developing management plans to mitigate them[194]. - An annual risk management meeting is held to review identified risks and the implementation of risk management plans, enhancing them when necessary[194]. - Ongoing and periodic monitoring of risks is performed to ensure appropriate internal control processes are in place[200].

Financial Performance - Total revenue for the year ending June 30, 2024, was HKD 22,526 million, a decrease of 11.9% from HKD 25,551 million in the previous year[2] - Gross profit increased to HKD 14,569 million, compared to HKD 13,637 million in the previous year, reflecting a gross margin improvement[2] - The company reported a net loss attributable to shareholders of HKD 70,771 million, slightly higher than the loss of HKD 69,831 million in the previous year[2] - The company recorded a loss of HKD 41,547 million from changes in the fair value of financial assets, compared to a loss of HKD 43,732 million in the previous year[2] - The company’s other comprehensive income for the year was a loss of HKD 21,334 million, compared to a loss of HKD 13,594 million in the previous year[2] - The basic and diluted loss per share was HKD 0.45, slightly higher than HKD 0.44 in the previous year[2] - The group reported a total of HKD 31,266 thousand in revenue for the year ending June 30, 2024, slightly up from HKD 31,159 thousand in the previous year[12] - The group’s total loss before tax was HKD 72,419 thousand for the year ending June 30, 2023[17] - The company reported a pre-tax loss of HKD 70,771,000 for the year 2024, compared to a loss of HKD 69,831,000 in 2023, indicating a slight increase in losses[33] - The net loss for the year was approximately HKD 70,700,000, compared to HKD 69,800,000 in 2023, reflecting an increase in losses[48] Assets and Liabilities - Total assets decreased to HKD 467,101 million from HKD 563,951 million year-over-year, indicating a reduction in overall asset base[3] - Current liabilities decreased to HKD 34,046 million from HKD 56,640 million, showing improved liquidity management[3] - The company’s cash and cash equivalents decreased to HKD 26,075 million from HKD 56,281 million, indicating a significant reduction in cash reserves[3] - The total equity attributable to shareholders decreased to HKD 434,043 million from HKD 526,148 million, reflecting a decline in shareholder value[4] - Total assets decreased from HKD 620,591 thousand in 2023 to HKD 501,147 thousand in 2024, representing a decline of approximately 19.2%[19] - Total liabilities decreased from HKD 94,443 thousand in 2023 to HKD 67,104 thousand in 2024, a reduction of about 29.0%[19] - The company’s total liabilities for the hotel business decreased from HKD 38,919 thousand in 2023 to HKD 29,254 thousand in 2024, a decrease of about 25.0%[19] Revenue Segments - The company operates primarily in four business segments: hotel operations, lending services, trading and distribution of alcoholic beverages, and listed securities investment[6] - Hotel revenue increased from HKD 20,626 thousand in 2022 to HKD 22,742 thousand in 2023, representing an increase of 10.3%[10] - Total revenue for the group rose from HKD 24,732 thousand in 2022 to HKD 25,670 thousand in 2023, a growth of 3.8%[10] - Interest income from lending services was reported at HKD 390 thousand in 2023, compared to HKD 0 in 2022[10] - The hotel operations segment recorded a loss of HKD 10,036 thousand, while the securities investment segment incurred a loss of HKD 42,361 thousand[17] - The group’s revenue from alcoholic products was HKD 2,206 thousand in 2023, down from HKD 2,206 thousand in 2022[10] - The liquor business generated revenue of approximately HKD 2,200,000 for the year ended June 30, 2024, compared to approximately HKD 100,000 in 2023[68] - The liquor business recorded segment revenue of approximately HKD 1,200,000 for the year ended June 30, 2024, compared to a segment loss of approximately HKD 600,000 in 2023[68] Employee and Corporate Governance - Employee benefit expenses, including director remuneration, amounted to HKD 9,476,000 in 2024, down from HKD 10,032,000 in 2023, reflecting a decrease of approximately 5.5%[29] - The company’s total employee benefit expenses accounted for HKD 4,979,000 in sales costs for 2024, down from HKD 5,132,000 in 2023[28] - As of June 30, 2024, the group employed approximately 37 employees, an increase from 28 employees in 2023[84] - The company is actively seeking a suitable candidate for the CEO position to comply with governance standards[89] - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code, with some deviations noted[89] - The audit committee held two meetings during the year and reviewed the effectiveness of internal controls and risk management systems[92] Accounting Standards and Compliance - The new accounting standards adopted from July 1, 2023, did not have a significant impact on the group's financial performance or position[7] - The group has not early adopted any new accounting standards that have been issued but are not yet effective, including those related to financial instruments and lease liabilities[9] - The group is currently evaluating the potential impact of the newly announced accounting standards on its financial statements[9] - The company has adopted the full set of standard rules for directors' securities trading as per the listing rules[91] - There have been no significant violations of applicable laws and regulations that have materially affected the group's business and operations during the year[90] Investment and Future Outlook - The compound annual growth rate (CAGR) for revenue is projected to be around 2% over the next five years, consistent with the previous year's forecast[52] - The estimated gross profit margin for the forecast period is expected to be approximately 94%, up from 93% in 2023[52] - The pre-tax discount rate used for cash flow projections is set at 20%, compared to 17% in 2023, reflecting specific risks associated with the hotel operations[52] - The group plans to continue monitoring global economic conditions and diversify its business to seize investment opportunities while controlling costs[73] Legal and Loan Management - The company has established a diversified credit risk portfolio to mitigate concentration risk, ensuring no single borrower or related party exceeds 50% of the total loan portfolio[60] - The company is currently focused on assessing its existing loan portfolio and recovering overdue loans rather than acquiring new customers or issuing new loans[60] - The company has not solicited new customers or issued new loans due to management changes in recent years[60] - The expected credit loss ratio for receivables is set at 100%, reflecting the nature of default risk and loss rates[58] - The company has adopted a credit policy to manage its lending business, ensuring compliance with applicable laws and regulations[58] Miscellaneous - The company did not recommend any dividend payment for the year ending June 30, 2024, consistent with the previous year[31] - The company has not purchased, sold, or redeemed any of its listed securities during the year[88] - The annual general meeting is scheduled for December 3, 2024, with a suspension of share transfer registration from November 28 to December 3, 2024[87] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[94] - The annual report will be sent to shareholders at an appropriate time and will also be available on the Hong Kong Stock Exchange and the company's website[94]

Revenue and Income - Revenue for the six months ended December 31, 2023, was HK$13,848,000, a decrease of 7.7% compared to HK$15,004,000 for the same period in 2022[5]. - Service income decreased to HK$9,573,000, down 19.6% from HK$11,910,000 in the previous year[5]. - The hotel hospitality business generated revenue of approximately HK$9.6 million, down from approximately HK$11.9 million in the previous year, with a segment loss of approximately HK$0.9 million[140]. - The hotel hospitality business contributed approximately 69% of the Group's total revenue for the period[141]. - The revenue from the liquor and wine business for the six months ended December 31, 2023, was HK$35,000, compared to nil for the same period in 2022, with a segment loss of approximately HK$0.2 million[178]. - Dividend income from investments in listed securities increased to HK$4,240,000, up 47.7% from HK$2,867,000 in the previous year[27]. Loss and Financial Performance - The net loss for the period attributable to owners of the Company was HK$54,554,000, compared to a loss of HK$47,745,000 in the prior year, representing an increase in loss of 14.5%[5]. - Total comprehensive income for the period attributable to owners was a loss of HK$47,893,000, compared to a loss of HK$40,342,000 in the same period last year[6]. - The total segment loss for the six months ended December 31, 2023, was HK$48,335,000, compared to a loss of HK$47,226,000 in the prior year, indicating a slight increase in losses[37]. - The loss attributable to owners of the Company for the same period was approximately HK$54.6 million, compared to a loss of approximately HK$47.7 million in the prior year[139]. - The basic and diluted loss per share attributable to owners was HK(0.35) cent, compared to HK(0.30) cent in the previous year[6]. Assets and Liabilities - Current assets decreased to HK$280,694,000 from HK$332,313,000, a decline of 15.5%[8]. - Non-current assets increased to HK$277,689,000 from HK$270,459,000, an increase of 2.4%[8]. - Total current liabilities decreased to HK$41,624,000 from HK$56,640,000, a reduction of 26.5%[8]. - As of December 31, 2023, the total equity of the company decreased to HK$478,255,000 from HK$526,148,000 as of June 30, 2023, representing a decline of approximately 9.1%[9]. - The total borrowings as of December 31, 2023, were HK$30,990,000, down from HK$46,184,000 as of June 30, 2023[115]. Cash Flow - The net cash used in operating activities for the six months ended December 31, 2023, was HK$10,329,000, compared to a net cash generated of HK$814,000 for the same period in 2022[13]. - The net cash generated from investing activities was HK$9,687,000 for the six months ended December 31, 2023, a significant decrease from HK$37,861,000 in the prior year[13]. - The company's cash and cash equivalents at the end of the period were HK$119,843,000, slightly down from HK$120,833,000 at the end of December 2022[13]. - As of December 31, 2023, the Group had approximately HK$120.5 million in cash and deposits, a decrease from approximately HK$124.3 million as of June 30, 2023[192][195]. Investments and Fair Value - The Group's listed securities had a fair value of HK$146.8 million as of 31 December 2023, an increase from HK$118.2 million as of 30 June 2023[131][134]. - The fair value loss of listed securities for the six months ended December 31, 2023, was HK$27,927,000, compared to a loss of HK$44,727,000 for the same period in 2022[88]. - The Group's investment strategy includes a buy and hold approach, diversifying investments across different industries[185]. - The Group managed a portfolio of listed securities, with specific investments including CLP Holdings Limited, which accounted for approximately 2.52% of the Group's total asset value[182]. Loans and Receivables - Gross loans and interest receivables amounted to HK$220,972,000 as of December 31, 2023, down from HK$230,689,000 as of June 30, 2023[98]. - The Group's loans receivable as of December 31, 2023, amounted to approximately HK$146.9 million, down from HK$161.9 million as of June 30, 2023[158]. - The Group's loan portfolio consisted of four individual borrowers and three corporate borrowers, with total outstanding principal and interest receivables amounting to approximately HK$220.97 million as of December 31, 2023[160]. - The expected credit loss for loan receivables was HK$8,693,000 as of June 30, 2023, with a reversal of HK$200,000 recorded for the period ending December 31, 2023[107]. Management and Future Outlook - The management remains optimistic about the future of the hotel hospitality business despite the challenges faced during the pandemic[152]. - The Group has plans to renovate the Resort Towers and develop adjacent land for villas, although the implementation has faced disruptions due to the decline in the tourism industry in Japan[144]. - Renovation works for the annex and one of the two towers are scheduled to commence in April 2024, during the off-season for the hotel hospitality business in Niseko[150]. - The outlook for the hotel hospitality businesses indicates a continued recovery in Japan, particularly in Niseko, driven by an increase in foreign tourists due to the depreciation of the Japanese Yen[189].

Financial Performance - For the six months ending December 31, 2023, the company reported total revenue of HKD 13,848,000, a decrease from HKD 15,004,000 in the previous period, representing a decline of approximately 7.7%[2] - The company's service revenue was HKD 9,573,000, down from HKD 11,910,000, indicating a decrease of about 19.6%[2] - The gross profit for the period was HKD 8,079,000, compared to HKD 8,182,000 in the prior period, reflecting a slight decline of 1.3%[2] - The company incurred a loss before tax of HKD 54,603,000, compared to a loss of HKD 48,033,000 in the previous period, marking an increase in losses of approximately 13.3%[4] - The net loss attributable to the company's shareholders was HKD 54,554,000, compared to HKD 47,745,000, representing an increase in losses of about 14.5%[4] - The basic loss per share was HKD 0.35, compared to HKD 0.30 in the previous period, reflecting a deterioration in earnings per share[4] - The company reported a total loss before tax of HKD 54,603,000 for the six months ended December 31, 2023, compared to a loss of HKD 48,033,000 for the same period in 2022[18] - The company reported a net loss of HKD 48,335,000 for the six months ended December 31, 2023, compared to a net loss of HKD 47,226,000 for the same period in 2022[18] Assets and Liabilities - As of December 31, 2023, total assets amounted to HKD 516,759 million, a decrease from HKD 563,951 million in the previous year[6] - Total liabilities were reported at HKD 38,504 million, compared to HKD 37,803 million previously, indicating a slight increase[7] - The net value of total assets after deducting current liabilities stands at HKD 239,070 million, down from HKD 275,673 million[6] - The company reported cash and cash equivalents of HKD 35,676 million, a decrease from HKD 56,281 million[6] - The total equity attributable to the company's owners is HKD 478,255 million, down from HKD 526,148 million[7] - The company’s total non-current assets were valued at HKD 277,689 million, a decrease from HKD 288,278 million[6] - The company’s total current assets were reported at HKD 280,694 million, down from HKD 332,313 million[6] Revenue Segments - The group operates four reportable segments: hotel operations, lending services, trading and distribution of alcoholic products, and investment in listed securities and funds[16] - The company’s hotel operations generated revenue of HKD 9,573,000 for the six months ended December 31, 2023, down from HKD 11,910,000 in the previous year, a decline of approximately 19.6%[18] - The company’s liquor products segment generated revenue of HKD 35,000 for the six months ended December 31, 2023, compared to HKD 227,000 in the previous year[18] - Trading income from alcoholic products was HKD 35,000, with no income reported in the previous period[15] - Dividend income from listed securities investments increased to HKD 4,240,000 from HKD 2,867,000, marking a growth of approximately 47.8%[15] Impairment and Losses - The company reported a significant impairment loss on financial assets, amounting to HKD 27,927,000, compared to HKD 41,017,000 in the previous period, indicating a reduction in impairment losses[4] - The company reported a revaluation loss of HKD 27,927,000 on investment properties during the six months ended December 31, 2023[17] - The impairment loss provision for expected credit losses was HKD 8,693,000 for the six months ended December 31, 2023, compared to a reversal of HKD 16,515,000 in the previous period[49] Future Outlook and Strategy - The company has not provided specific guidance for future performance but indicated ongoing challenges in the market environment[2] - The company is focusing on enhancing its service offerings and exploring new market opportunities to drive future growth[2] - The group plans to focus on renovating the Resort Towers and has temporarily halted the villa project due to significant disruptions caused by the decline in Japan's tourism industry and COVID-19 restrictions[65] - The group plans to initiate renovation works for the first tower of the Resort Towers in April 2024, with expected completion by November 2024, allowing for additional rental income[68][70] Legal and Compliance - Legal actions have been initiated against Borrower A and Borrower B, with outstanding amounts of HKD 13,611,558 and HKD 8,914,360 respectively[76] - The company has engaged legal counsel regarding the enforcement of judgments against Borrower B in China[78] - The group has initiated legal proceedings against Borrower E, with an outstanding amount of HKD 14,022,093 at an interest rate of 10%[82] - Legal action has also been taken against Borrower F, with an outstanding amount of HKD 15,548,623 at an interest rate of 10%[82] - The group has filed a lawsuit against Borrower G, with an outstanding amount of HKD 51,179,822 at an interest rate of 12%[84] Corporate Governance - The company has adhered to the corporate governance code, with the exception of the separation of the roles of Chairman and CEO, which has not been implemented since the resignation of the previous CEO in March 2020[118] - The current independent non-executive directors have not been appointed based on the specific term requirements outlined in the corporate governance code, but they will rotate and be re-elected at the annual general meeting[120] - The audit committee, composed of all independent non-executive directors, has reviewed the unaudited interim results for the six months ending December 31, 2023[122]

Financial Performance - For the year ended June 30, 2023, the Group recorded a revenue of approximately HK$31.2 million, a decrease from approximately HK$41.1 million in 2022[20]. - The net loss for the year was approximately HK$69.8 million, significantly reduced from approximately HK$135.8 million in 2022, resulting in a basic loss per share of approximately 0.44 HK cent[20]. - The hotel hospitality business generated revenue of approximately HK$25.6 million, up from approximately HK$15.9 million in 2022, but incurred a segment loss of approximately HK$10.3 million[21]. - The liquor and wine business revenue plummeted to approximately HK$0.1 million from approximately HK$18.9 million in 2022, with a segment loss of approximately HK$0.6 million[15]. - The decrease in net loss was attributed to the absence of gross loss and inventory write-downs of approximately HK$27 million, a decrease in fair value loss of approximately HK$26 million, and a reduction in general and administrative expenses of approximately HK$13 million[20]. - The hotel hospitality business accounted for approximately 82% of the Group's total revenue for the year[22]. - For the year ended June 30, 2023, the Group's revenue from continuing operations was approximately HK$31.2 million, a decrease from HK$41.1 million in 2022[23]. - The net loss for the year was approximately HK$69.8 million, down from HK$135.8 million in 2022, with a basic loss per share of approximately HK$0.44 compared to HK$0.87 in 2022[23]. - The hotel hospitality business generated revenue of approximately HK$25.6 million, an increase from HK$15.9 million in 2022, contributing about 82% of the Group's total revenue[24]. - The compound annual growth rate of revenue for the hotel hospitality business is projected to be approximately 2.0% over the next five years, with a revenue growth rate of approximately 61% in 2023 compared to 2022[35]. Loans and Receivables - The Group's loans receivable amounted to approximately HK$161.9 million, with related gross interest receivables of approximately HK$68.8 million for the year[10]. - As of June 30, 2023, the Group had loans receivable with a gross principal amount of approximately HK$161.9 million, slightly down from HK$162.7 million in 2022[39]. - The gross interest receivables for the year ended June 30, 2023, were approximately HK$68.8 million, up from approximately HK$51.6 million in 2022[39]. - The money lending business recorded a segment loss of approximately HK$8.6 million, an improvement from approximately HK$10.9 million in 2022, primarily due to impairment losses on loans receivable[40]. - The expected credit loss (ECL) rate for the Group's loans receivable ranged from 93.11% to 100% as of June 30, 2023, compared to a range of 10.52% to 100% in 2022[43]. - The Group's loan portfolio consisted of four individual borrowers and four corporate borrowers, with total outstanding principal and interest receivables amounting to approximately HK$230.7 million as of June 30, 2023, up from HK$214.3 million in 2022[57]. - The top borrower accounted for approximately 30.4% of the total outstanding principal and interest receivables, while the top five borrowers represented approximately 84.9%[57]. - The Group recorded an impairment loss on loan receivables of approximately HK$9 million for the year, down from HK$13 million in 2022, with impairment loss allowances totaling approximately HK$229 million, representing 99% of gross loan and interest receivables[69]. - The expected credit loss (ECL) rate for the Group's loan and interest receivables ranged from 93% to 100% as of June 30, 2023, compared to 10.52% to 100% in 2022[69]. Liquor and Wine Business - Revenue from the liquor and wine business significantly decreased to approximately HK$0.1 million in 2023 from HK$18.9 million in 2022, with a segment loss of approximately HK$0.6 million[70]. - The Group continues to seek customers to liquidate inventories in the liquor and wine business for working capital and investment opportunities[70]. Financial Position - As of June 30, 2023, the Group's total deposits and cash amounted to approximately HK$124.3 million, an increase from HK$87.5 million in 2022[84]. - The net current assets value was approximately HK$275.7 million, down from HK$331.3 million in 2022[84]. - The Group's gearing ratio remained stable at approximately 0.09, with total interest-bearing debts of approximately HK$46.2 million compared to HK$54.6 million in 2022[85]. - The total equity as of June 30, 2023, was approximately HK$526.1 million, a decrease from HK$609.6 million in 2022[85]. - The Group reported significant unrealized losses of HK$32,623,000 for the year ended June 30, 2023[80]. - The Group did not recommend any dividend for the year ended June 30, 2023, consistent with 2022[83]. Corporate Governance - The company has complied with the Corporate Governance Code except for deviations regarding the separation of the roles of chairman and chief executive officer, as there is currently no CEO since March 2020[136]. - The independent non-executive directors are not appointed for a specific term but are subject to retirement by rotation and re-election at the annual general meeting[137]. - The company emphasizes effective internal control and accountability to enhance shareholder value[135]. - The company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance among all directors during the year[141]. - The company has a commitment to high standards of corporate governance practices[135]. - The board confirmed compliance with the Model Code regarding directors' securities transactions during the year and up to the date of the report[141]. - The Board of Directors meets at least four times a year to oversee the Company's strategic decisions and performance[149]. - The Audit Committee held two meetings during the year ended June 30, 2023, reviewing interim and annual results with the external auditor[165]. - The Company has received annual confirmations of independence from all independent non-executive Directors, affirming their compliance with independence guidelines[147]. - The Company does not currently have a Chief Executive Officer since the resignation of Mr. Chi Chi Hung in March 2020, with the Board overseeing day-to-day operations[157]. Management and Employees - As of June 30, 2023, the Group employed approximately 28 employees, an increase from 27 in 2022[113]. - The Group's remuneration policy is periodically reviewed, considering market terms, company performance, and individual qualifications[113]. - The Group offers discretionary bonuses, medical schemes, and a share option scheme as part of its employee benefits[113]. Economic Outlook - The global economic outlook is challenged by inflationary pressures and geopolitical uncertainty, which the Group will continue to monitor[81]. - The depreciation of the Japanese Yen is expected to attract more tourists to Japan, presenting potential opportunities for the Group[81]. Investment Activities - The Group's investments in listed securities include significant holdings in companies like China Mobile Limited and Tencent Holdings Limited, with respective market values of HK$21,136,000 and HK$1,592,000[76]. - The company aims to preserve the value of its funds and achieve capital appreciation through strategic investment activities[195]. - The Investment Committee held one meeting during the year ended June 30, 2023, to review and recommend several listed securities for acquisitions to enhance investment returns[196]. - The company is focused on generating returns that align with its investment objectives through careful selection of securities[196].

Corporate Information 公司資料 DIRECTORS 董事 Executive Directors 執行董事 CHENG Chi Kin (Chairman) 鄭子堅（主席） WONG Siu Keung Joe 黃兆強 Independent Non-executive Directors 獨立非執行董事 CHIU Wai On 招偉安 MAN Kwok Leung 萬國樑 COMPANY SECRETARY 公司秘書 WONG Siu Keung Joe 黃兆強 REGISTERED OFFICE 註冊辦事處 Clarendon House Clarendon House 2 Church Street 2 Church Street Hamilton HM 11 Hamilton HM 11 Bermuda Bermuda HEAD OFFICE AND PRINCIPAL 總辦事處兼主要營業地點 PLACE OF BUSINESS Room 905, 9/F., Wings Building 香港 110–116 Queen’s Road Central 皇后大道中110–116號 ...

Financial Performance - For the year ended June 30, 2022, the Group recorded a revenue of approximately HK$41.1 million, an increase from approximately HK$24.1 million in 2021[24]. - The net loss for the year was approximately HK$135.8 million, compared to a net loss of approximately HK$36.9 million in 2021, representing an increase of 267%[24]. - The basic loss per share was approximately 0.87 HK cent, up from approximately 0.23 HK cent in 2021[24]. - The Group's revenue from continuing operations for the year ended June 30, 2022, was approximately HK$41.1 million, an increase from HK$24.1 million in 2021[25]. - The net loss for the year was approximately HK$135.8 million, compared to a net loss of approximately HK$36.9 million in 2021, with a basic loss per share of approximately HK$0.87[25]. Business Segments - The liquor and wine business generated revenue of approximately HK$18.9 million, a significant increase from approximately HK$0.4 million in 2021[18]. - The segment loss for the liquor and wine business was approximately HK$26.9 million, compared to a loss of approximately HK$0.8 million in 2021[18]. - The hotel hospitality business recorded revenue of approximately HK$15.9 million, down from approximately HK$18.8 million in 2021, with a segment loss of approximately HK$9.1 million[13]. - The money lending business recorded a segment loss of approximately HK$10.9 million, a decline from a segment profit of approximately HK$13.3 million in 2021[17]. - The hotel hospitality business contributed approximately 39% of the Group's total revenue for the year ended June 30, 2022[28][29]. Impairment and Losses - The increase in net loss was attributed to a gross loss of approximately HK$27 million from the liquor and wine business, a fair value loss of approximately HK$70 million on financial assets, and an impairment loss of approximately HK$13 million on loans receivable[10]. - Impairment loss on freehold land and building was recognized due to the recoverable amount being lower than its carrying amount as a result of decreased visitors to Japan during the COVID-19 pandemic[33][37]. - The fair value less cost of disposal method was adopted for assessing the recoverable amount of the hotel hospitality business, based on recent sales of similar transactions in the market[31][32]. - The Group's significant unrealized losses included HK$36,847,000 from Zhong Ji Longevity Science Group Limited[69]. Loans and Credit Risk - Loans receivable amounted to approximately HK$162.7 million, down from approximately HK$200.6 million in 2021, with related gross interest receivables of approximately HK$51.6 million[14]. - The expected credit loss (ECL) rate ranged from 10.52% to 100% in 2022, compared to 0% to 100% in 2021, reflecting increased default risk[46]. - The loan portfolio comprises loans to independent third-party borrowers with terms ranging from eight months to forty months and interest rates between 5.5% and 20% per annum[43]. - Credit risk assessments are performed before granting loans by reviewing financial information and assessing the financial condition of potential borrowers[50]. - The Group engaged independent qualified valuers to determine the expected credit losses of loans receivable, ensuring a prudent approach to valuation[44]. Investments - As of June 30, 2022, the Group had loans receivable with a gross principal amount of approximately HK$162.7 million, down from approximately HK$200.6 million in 2021[42]. - The Group's investment in a fund was valued at approximately HK$75.8 million, representing about 10.5% of the Group's total assets, with an average return of approximately 26.73% for the year ended June 30, 2022[57]. - The average return of the TAR Fund was approximately 26.73% for the year ended June 30, 2022, compared to 0.95% for the previous year[57]. - The Group managed a portfolio of listed securities, with significant investments including CLP Holdings Limited and Tencent Holdings Limited, contributing to the overall asset value[60]. Corporate Governance - The company has complied with the Corporate Governance Code except for deviations regarding the separation of roles between the chairman and chief executive officer[132]. - The board consists of five directors, including two executive directors and three independent non-executive directors[139]. - The company has adopted sound corporate governance principles emphasizing effective internal control and accountability to shareholders[131]. - The independent non-executive directors are subject to retirement by rotation and re-election at the annual general meeting[134]. - The company has a commitment to high standards of corporate governance to enhance shareholder value[131]. Management and Leadership - Mr. Cheng Chi Kin has over 28 years of experience in various industries including mergers and acquisitions, finance, and asset management[117]. - Mr. Wong Siu Keung Joe was appointed as an executive director and chief financial officer on January 10, 2022, bringing extensive experience in taxation and accounting[120]. - The Company will review the current situation regarding executive leadership and make necessary arrangements when deemed appropriate by the Board[157]. - The Company Secretary ensures that all Board procedures, rules, and regulations are followed, with full minutes of Board meetings kept for inspection[150]. Future Outlook - The Group is optimistic about the long-term prospects of the hotel hospitality business in Japan, particularly with the resumption of visa-free entry for travelers starting October 11, 2022[73]. - The Group plans to diversify its business and control costs to maintain stable returns to shareholders[75]. - The Group's investment strategy includes seizing opportunities to enhance its business portfolio despite the challenges posed by the COVID-19 pandemic[74].

Financial Performance - For the six months ended December 31, 2021, the company reported a revenue of HK$8,256,000, a decrease from HK$29,175,000 in the same period of 2020, representing a decline of approximately 71.7%[10] - The gross loss for the period was HK$22,668,000, compared to a gross profit of HK$5,197,000 in the previous year, indicating a significant deterioration in profitability[10] - The total comprehensive loss for the period was HK$82,063,000, which includes a loss attributable to owners of the company of HK$72,346,000[12] - The loss per share attributable to owners of the company was HK(0.46) cent, compared to HK(0.16) cent in the prior year, reflecting a worsening financial performance[12] - The company reported a comprehensive loss for the period of HK$82,063,000, compared to a loss of HK$72,346,000 in the previous period[22] - The company reported a loss before taxation of HK$72,544,000 for the period, highlighting ongoing financial difficulties[128] - The loss attributable to owners of the Company for the six months ended 31 December 2021 was HK$72,346,000, compared to HK$24,444,000 for the same period in 2020[181] - The loss from continuing operations for the six months ended 31 December 2021 was HK$72,346,000, compared to HK$22,114,000 for the same period in 2020[181] Assets and Liabilities - As of December 31, 2021, total non-current assets amounted to HK$383,235,000, down from HK$460,658,000 as of June 30, 2021, indicating a decrease of approximately 16.8%[14] - Current assets totaled HK$469,271,000, a decrease from HK$539,796,000 in the previous period, representing a decline of about 13.0%[14] - The company's total current liabilities were HK$78,523,000, down from HK$142,279,000, showing a reduction of approximately 44.8%[14] - Net current assets stood at HK$390,748,000, slightly down from HK$397,517,000, indicating a marginal decrease of about 1.9%[14] - As of December 31, 2021, the net assets of the company were HK$720,846,000, a decrease from HK$802,909,000 as of June 30, 2021, representing a decline of approximately 10.2%[17] - The total non-current liabilities amounted to HK$52,960,000, slightly down from HK$55,266,000 as of June 30, 2021, indicating a reduction of about 4.2%[17] - The consolidated total assets as of December 31, 2021, were HK$852,506,000, down from HK$1,000,454,000 as of June 30, 2021[138] - Total segment liabilities amounted to HK$131,660,000, a decrease from HK$197,545,000 in the previous period[138] Cash Flow - For the six months ended December 31, 2021, the company generated net cash from operating activities of HK$58,197,000, compared to a cash outflow of HK$13,123,000 in the same period of 2020[26] - The company reported a net decrease in cash and cash equivalents of HK$148,853,000 for the six months ended December 31, 2021, compared to a decrease of HK$19,586,000 in the prior year[26] - Cash and cash equivalents at the end of the period were HK$200,543,000, down from HK$337,264,000 at the end of December 2020, reflecting a decline of approximately 40.5%[26] Segment Information - The Group has four reportable segments: hotel hospitality, money lending services, trading and distribution of liquor and wine, and investments in listed securities and funds[124] - Total segment revenue for the six months ended December 31, 2021, was HK$29,175,000, a significant increase from HK$13,156,000 in the same period of 2020[128] - The hotel hospitality business reported a segment revenue of HK$8,256,000, while the money lending services generated HK$1,629,000[128] - The liquor and wine segment experienced a revenue of HK$18,951,000, indicating a substantial growth compared to previous periods[128] - Total segment loss for the six months was HK$61,128,000, compared to a loss of HK$5,764,000 in the prior year[128] - Unallocated corporate income and expenses netted a loss of HK$9,915,000, contributing to the overall financial performance[128] Accounting Policies and Standards - The company has not adopted any new HKFRSs that have been issued but are not yet effective, maintaining consistency in accounting policies[31] - The Group adopted new/revised Hong Kong Financial Reporting Standards (HKFRSs) effective from July 1, 2021, with no significant impact on the condensed consolidated financial statements[37] - The Group's financial reporting is aligned with the latest HKFRSs to ensure compliance and accuracy in financial statements[40] - The amendments to HKAS 1 clarify that the classification of liabilities as current or non-current is based on rights existing at the end of the reporting period[79] - The amendments to HKFRS Practice Statement 2 provide guidance on applying the concept of materiality to accounting policy disclosures[81] - Companies are required to disclose significant accounting policy information rather than just the significant accounting policies themselves, enhancing transparency[88] Other Financial Information - The company received bank interest income of HK$191,000 during the reporting period[26] - The company received government grants totaling HK$3,663,000, which supported its business operations without any unfulfilled conditions[148] - The total tax credit for the period was HK$198,000, compared to HK$533,000 in the previous year, indicating a reduction in tax benefits[169] - The company did not recommend any interim dividend for the six months ended December 31, 2021, consistent with the previous year[177] - The basic loss per share for the six months ended 31 December 2021 was calculated based on a weighted average number of ordinary shares of 15,695,532[187] - The diluted loss per share was not presented due to the anti-dilutive effect of share options and convertible preference shares[188]

德泰新能源集團有限公司 DeTai New Energy Group Limited (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) (香港聯合交易所上市編號 | HK Stock code : 559) 2021 ANNUAL REPORT 年 報 Contents 目錄 Corporate Information 公司資料 2 | --- | --- | --- | |------------------------------------------------|-----------------------|-------| | | | | | Chairman's Statement | 主席報告 | | | Management Discussion and Analysis | 管理層討論及分析 | | | Biographical Details of Directors and | 董事及高級管理層 履歷 | | | Senior Management | | | | Corporate Governance ...

Revenue and Income - Revenue for the six months ended December 31, 2020, was HK$10,013,000, a decrease from HK$28,107,000 in the same period of 2019, representing a decline of approximately 64.4%[8] - Total comprehensive income for the period was HK$6,525,000, a decrease from HK$11,181,000 in the previous year, reflecting a decline of approximately 41.5%[10] - For the six months ended December 31, 2020, total revenue was HK$13,156,000, a decrease of 53% compared to HK$28,107,000 for the same period in 2019[107] - Service income from the hotel hospitality business was HK$10,013,000, down 36% from HK$15,615,000 in the previous year[108] - Interest income from money lending services decreased by 72% to HK$2,381,000 from HK$8,599,000 year-over-year[108] - Trading income from the new energy business, specifically liquor and wine, was HK$379,000, a significant drop from HK$2,170,000 in the prior year[108] Losses and Financial Performance - Loss for the period was HK$25,903,000, compared to a loss of HK$4,251,000 in the prior year, indicating a significant increase in losses[10] - Loss per share for the period was HK(0.16) cent, compared to HK(0.01) cent in the same period last year, highlighting a deterioration in earnings per share[10] - The total segment loss before taxation for the period was HK$26,436,000, with unallocated corporate expenses amounting to HK$10,063,000[116] - The company reported an impairment loss on loans receivable of HK$3,320,000 during the period[116] - For the six months ended December 31, 2020, the Group reported a loss attributable to owners of the Company amounting to HK$24,444,000[150] Assets and Liabilities - Total non-current assets as of December 31, 2020, amounted to HK$516,063,000, an increase from HK$59,244,000 as of June 30, 2020[15] - Current assets totaled HK$542,647,000, reflecting a significant increase compared to previous periods[15] - Current liabilities were HK$208,131,000, up from HK$43,976,000, indicating a rise in short-term obligations[15] - Net current assets decreased to HK$334,516, down from HK$473,318 as of June 30, 2020, representing a decline of approximately 29.4%[16] - Total assets less current liabilities decreased to HK$850,579 from HK$975,785, a reduction of about 12.8%[16] - Non-current liabilities increased significantly to HK$243,522 from HK$120,012, marking an increase of approximately 102.6%[16] Cash Flow and Operating Activities - Net cash used in operating activities was HK$13,123, compared to a cash generation of HK$2,106 in the same period last year[25] - Cash and cash equivalents at the end of the period were HK$337,264, down from HK$375,202, indicating a decrease of about 10.1%[25] - The company experienced a net cash outflow from the acquisition of a subsidiary, amounting to HK$554[25] - The effect of foreign exchange rate changes resulted in a net increase of HK$2,809 in cash and cash equivalents[25] Financial Reporting and Standards - The unaudited condensed consolidated interim financial statements for the six months ended December 31, 2020, have been prepared in accordance with HKAS 34 and applicable disclosure requirements[29] - The Group's financial statements are based on historical cost, except for investment properties and certain financial instruments measured at fair value[30] - The Group has not early adopted any new HKFRSs that have been issued but are not yet effective, ensuring consistency with the previous year's accounting policies[30] - The adoption of new/revised HKFRSs has had no material impact on the Group's financial statements[36] - The Group's financial reporting practices remain aligned with the latest standards, ensuring compliance and accuracy[30] Segment Information - The company has five reportable segments, including hotel hospitality, money lending, new energy, liquor and wine trading, and investments in funds[112] - Segment assets as of December 31, 2020, totaled HK$1,058,710,000, with the hotel hospitality business accounting for HK$432,307,000[125] - The liabilities for the new energy business were reported at HK$192,373,000, contributing to the overall segment liabilities of HK$273,489,000[125] - The share of loss of an associate was HK$4,680,000, reflecting challenges in the investment segment[116] Impairment and Provisions - The impairment loss recognized for the six months ended December 31, 2020, was HK$3,320,000, significantly higher than HK$366,000 for the same period in 2019, indicating a substantial increase in credit risk[193] - The total provision for impairment loss increased to HK$179,838,000 as of December 31, 2020, compared to HK$168,401,000 as of June 30, 2020, reflecting a rise of approximately 6.5%[195] - The Group's provision for impairment loss on trade receivables was HK$2,063,000 as of December 31, 2020, compared to HK$2,058,000 as of June 30, 2020[185] Other Income and Expenses - The Group's total other income and gains for the six months ended December 31, 2020, was HK$3,772,000, a decrease from HK$8,239,000 in the same period of 2019[132] - Total finance costs for the six months ended December 31, 2020, were HK$1,140,000, an increase from HK$901,000 in the same period of 2019, reflecting a rise of approximately 26.5%[139] - Depreciation expenses for owned assets were HK$3,744,000 for the six months ended December 31, 2020, compared to HK$3,465,000 in 2019, indicating an increase of about 8.1%[141] Taxation and Dividends - The Group did not recommend the payment of any interim dividend for the six months ended December 31, 2020, consistent with the previous year[148] - No provision for Hong Kong profits tax has been made for the current and prior periods as the Group has no assessable profits arising in Hong Kong[147] - The subsidiaries established in the PRC are subject to enterprise income tax at a rate of 25%, but no provision has been made as there are no assessable profits[147] Future Outlook - The Group's management expects future performance improvements based on past performance and market development expectations[169]