GWPA HOLDINGS(00583)

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长城环亚控股(00583) - 2020 - 年度财报
2021-04-28 09:29
Financial Performance - For the year ended December 31, 2020, the Group recorded total revenue of approximately HK$130.2 million[9]. - The consolidated net loss attributable to Shareholders was approximately HK$319.6 million, including a fair value loss on investment properties of approximately HK$170.6 million[9]. - Excluding exceptional items, the consolidated net loss attributable to Shareholders amounted to approximately HK$149.0 million, a year-on-year decrease of 146.9% compared to a net profit of HK$317.8 million in 2019[10]. - The significant decrease in share of profits of associates was approximately HK$57.5 million in 2020, representing a decrease of 87% compared to HK$427.4 million in 2019[10]. - Loss per share was HK20.4 cents in 2020, based on a weighted average of 1,567,745,596 shares in issue, compared to earnings per share of HK31.1 cents in 2019[10]. - The Group recorded total revenue of approximately HK$130.2 million for the year ended December 31, 2020, with a consolidated net loss attributable to shareholders of approximately HK$319.6 million, including an investment property fair value loss of approximately HK$170.6 million[13]. - Excluding special items, the consolidated net loss attributable to shareholders for the year was approximately HK$149.0 million, a decrease of about 146.9% compared to a consolidated net profit of HK$317.8 million in 2019[13]. - The average loss per share for 2020 was HK$0.204, compared to earnings per share of HK$0.311 in 2019[13]. - The Group's revenue for the year ended December 31, 2020, was HK$130.2 million, a decrease of 23% compared to HK$168.4 million in 2019[56]. - The adjusted operating loss for 2020 was HK$37.9 million, compared to an operating profit of HK$69.9 million in 2019[56]. - The loss attributable to equity holders for 2020 was HK$319.6 million, representing a decrease of approximately 165.6% from a profit of HK$487.0 million in 2019[60]. - The fair value loss on investment properties for 2020 was HK$170.6 million, compared to a gain of HK$169.2 million in 2019[60]. - Share of profits of associates decreased to approximately HK$57.5 million in 2020 from HK$427.4 million in 2019, a decline of 87%[56]. - The impairment provision charge against property, plant, and equipment was HK$92.8 million due to a prolonged decline in commercial property values[60]. - The Group's operating loss for 2020 was HK$208.4 million, compared to an operating profit of HK$239.3 million in 2019[56]. - Revenue from the property investment segment was HK$104.1 million, down 14% from HK$120.9 million in 2019, primarily due to reduced income from outdoor billboards[89]. - The financial services segment generated revenue of HK$26.1 million, a significant decline of 45% from HK$47.5 million in 2019[78]. - An adjusted operating loss of approximately HK$47.9 million was recorded for 2020, compared to an adjusted operating profit of approximately HK$64.8 million in 2019[89]. - The fair value loss on investment properties for 2020 was HK$170.6 million, contrasting with a fair value gain of HK$169.2 million in 2019[85]. - The impairment of property, plant, and equipment amounted to HK$92.8 million in 2020, with no such impairment recorded in 2019[84]. - Revenue from asset management services was around HK$25.7 million, representing a year-on-year decrease of 30% from HK$36.6 million in 2019[92]. - Corporate finance services fees were approximately HK$0.2 million, down 82% from HK$1.1 million in 2019[92]. - There was no revenue from loan investment in 2020, a decrease of 100% from HK$9.8 million in 2019[92]. Management and Governance - Mr. Huang Hu has been appointed as the Chairman of the Board since December 8, 2020, after serving as the CEO from March 15, 2019, to December 8, 2020[22]. - Mr. Meng Xuefeng has been the Deputy Chief Executive Officer since March 22, 2017, and has extensive experience in business development within the company[26]. - Ms. Lv Jia has been a non-executive Director since November 5, 2016, and serves on the Audit Committee, bringing significant financial expertise from her previous roles[29]. - The company has a strong management team with diverse backgrounds in finance and investment, enhancing its strategic decision-making capabilities[25]. - The company is focused on expanding its market presence and enhancing its operational efficiency through experienced leadership[32]. - The management team has a combined experience of over 30 years in the financial sector, contributing to the company's growth strategy[26]. - The company is committed to maintaining high standards of corporate governance with a well-structured board and committees[30]. - The company has been actively involved in various subsidiaries and associates, indicating a robust operational framework[29]. - The leadership team is well-versed in international markets, having studied and worked in countries like the USA, UK, Germany, and Japan[22]. - The company aims to leverage its management expertise to explore new business opportunities and enhance shareholder value[32]. - Dr. Song Ming, appointed as an independent non-executive Director, has over 28 years of experience in bank regulation, financial markets, and macroeconomics[35]. - Dr. Sun Mingchun, Chief Economist of Haitong International Securities Group, has held senior positions in various financial institutions, contributing to his extensive expertise in economics[36]. - Ms. Liu Yan, with over 20 years of experience in auditing and financial management, is currently the chairlady of the Audit Committee[40]. - Dr. Sun has served as an independent non-executive director for multiple companies, enhancing his influence in the financial sector[37]. - Ms. Liu has passed all three levels of the Chartered Financial Analyst (CFA) Program, showcasing her qualifications in financial analysis[41]. - Dr. Song has been involved in various academic conferences and consultation projects, indicating his active engagement in the financial research community[35]. - The company has a diverse board with members holding significant experience in finance, economics, and management, which strengthens its governance[39]. - Dr. Sun's previous roles include senior economist positions at major financial institutions, reflecting his deep understanding of market dynamics[36]. - Ms. Liu's experience includes working at Barclays Capital in New York, highlighting her international exposure in financial risk management[40]. - The board's composition includes independent directors with extensive backgrounds in finance, which is crucial for effective oversight and strategic decision-making[42]. - Mr. Xu Yongle has been the CEO since December 8, 2020, with extensive experience in finance since 2005[43]. - Mr. Xiao Ling, appointed Deputy General Manager on October 11, 2019, holds a Doctoral degree in economics and has over 20 years of experience in asset management[46]. - Ms. Li Li Hua has served as Deputy General Manager since September 21, 2017, and as COO since March 15, 2019, with over 23 years of experience in securities investment and capital markets[47]. - Ms. Zheng Yuanyuan was appointed Deputy General Manager on March 15, 2019, and has extensive experience in handling large investment and transaction projects[49]. - The company has a strong management team with diverse backgrounds in finance, economics, and law, enhancing its operational capabilities[45]. - The management team is focused on corporate governance, overseas business expansion, and financial management strategies[48]. - The company aims to leverage its management expertise to drive growth and enhance market presence in the financial sector[46]. - The strategic focus includes exploring new investment opportunities and optimizing existing asset management practices[47]. - The company is committed to maintaining high standards of corporate governance and compliance in its operations[49]. - Future growth strategies will likely involve further market expansion and potential mergers and acquisitions to enhance competitive positioning[48]. Corporate Governance - The Board comprises six Directors: two executive Directors and four non-executive Directors, with independent non-executive Directors representing more than one-third of the Board[134]. - The Board's main responsibility is to deliver long-term success and create long-term value for Shareholders through strategic leadership and prudent oversight[140]. - The Group has established sound corporate governance practices to align management interests with those of Shareholders and continuously improve these practices[129]. - The Board is responsible for approving strategic direction, business plans, budgets, and monitoring operational and financial performance[144]. - The Group adheres to the Corporate Governance Code and regularly reviews its governance practices to ensure relevance and effectiveness[131]. - The Board discusses major operating issues and evaluates opportunities and business risks, delegating other matters to management[144]. - The Group's governance framework combines evolving practices and new principles from the Corporate Governance Code[131]. - The Board reviews the division of responsibilities between itself and management periodically to ensure appropriateness[146]. - The Group is committed to effective engagement with key stakeholders, including all investors[140]. - The Board's oversight includes the appointment of auditors and approval of significant acquisitions and disposals[144]. - The Board held four meetings during the year, with attendance rates for directors detailed in the report[157]. - The Company appointed Mr. Huang Hu as Chairman of the Board and Chairman of the Nomination Committee on December 8, 2020[160]. - The Company has a Whistleblowing Policy updated on June 21, 2019, to facilitate reporting and investigation of malpractice[150]. - The Company is committed to sound corporate governance practices and has adopted a Policy on Disclosure of Inside Information[152]. - The Board's review included compliance with legal and regulatory requirements and the effectiveness of the internal control system[158]. - Directors have access to the Company Secretary's advice to ensure compliance with applicable laws and regulations[163]. - The Company faced scheduling difficulties for a formal meeting between the Chairman and independent non-executive Directors due to the COVID-19 pandemic[166]. - The Company encourages directors to contribute to the agenda-setting process for Board meetings[154]. - The Company has procedures for directors to obtain independent professional advice at the Company's expense[163]. - The Board's attendance at meetings reflects active participation, with some directors attending all four meetings[159]. - The Group recognizes the benefits of having a diverse Board to enhance the quality of the Company's performance[169]. - The Nomination Committee is responsible for leading the process for Board appointments and ensuring a balance of skills, experience, and diversity[170]. - The Board Diversity Policy considers factors such as gender, age, cultural background, and professional experience in selecting candidates[172]. - All Board appointments are based on merits and the contributions that selected individuals will bring to the Board[172]. - The Nomination Committee reviews measurable objectives for achieving diversity on the Board annually[174]. - Directors appointed to fill vacancies must be re-elected at the next general meeting following their appointment[198]. - One-third of the Directors are required to retire by rotation at every annual general meeting[198]. - The Board confirms the term of appointment and functions of all non-executive Directors with formal letters of appointment[197]. - The Nomination Committee evaluates candidates based on character, qualifications, and willingness to devote time to Board duties[181]. - External recruitment professionals may be engaged to assist in the selection and recruitment process when necessary[172].
长城环亚控股(00583) - 2020 - 中期财报
2020-09-24 08:42
Financial Performance - The Group's revenue for the six months ended June 30, 2020, was HK$67.9 million, a decrease of 19.0% compared to HK$83.8 million in 2019[17]. - Adjusted operating profit for the same period was HK$33.0 million, reflecting a decline of 10.8% from HK$37.0 million in 2019[17]. - The Group reported a net loss for the period of HK$219.7 million, compared to a profit of HK$487.2 million in 2019[17]. - The loss per share for the period was HK$14.0, down from earnings of HK$31.1 per share in the previous year[17]. - The Group's operating loss for the period was HK$51.6 million, compared to an operating profit of HK$233.7 million in 2019[17]. - Loss attributable to Shareholders for the six months ended 30 June 2020 amounted to HK$219.7 million, a decrease of 145.1% compared to profit of HK$487.2 million for the same period in 2019[21]. - Total comprehensive loss for the period amounted to HK$220,102,000, compared to a total comprehensive income of HK$487,106,000 for the same period in 2019[164]. - The company reported a total net loss for the period of HK$219,751,000 for the six months ended June 30, 2020, compared to a profit of HK$487,176,000 for the same period in 2019[188]. Investment Properties - Fair value loss on investment properties amounted to HK$84.6 million, compared to a gain of HK$196.7 million in 2019[17]. - The fair value of the Group's investment properties decreased by HK$84.6 million for the six months ended June 30, 2020, compared to an increase of HK$196.7 million for the same period in 2019[30]. - The Group's investment properties had a fair value of approximately HK$1,820.0 million as of June 30, 2020, slightly down from HK$1,832.0 million as of December 31, 2019[68]. - The Group recognized a fair value loss of HK$84,570,000 for investment properties as of June 30, 2020, compared to a fair value gain of HK$196,658,000 as of June 30, 2019[200]. - The fair value treatment for investment properties remained consistent with the previous year, except for changes in rental and capitalization rates[200]. Revenue Segments - Revenue for the property investment segment decreased to HK$51.1 million in the first half of 2020, down 15.0% from HK$60.1 million in the same period of 2019[39]. - Revenue from the financial services segment was HK$16.8 million for the first half of 2020, representing a decline of 29.1% from HK$23.7 million in the same period of 2019[53]. - The property investment segment generates revenue through leasing various retail, commercial, and industrial properties in Hong Kong[175]. - The financial services segment holds licenses for Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance), and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance[176]. Cash Flow and Financial Position - As of June 30, 2020, the Group's cash and bank balances totaled approximately HK$199.0 million, an increase of 9.2% from HK$182.3 million as of December 31, 2019[63]. - The Group's gearing ratio as of June 30, 2020, was 62.4%, up from 60.7% as of December 31, 2019[63]. - The Group had outstanding bank borrowings of approximately HK$899.2 million as of June 30, 2020, compared to HK$897.3 million as of December 31, 2019[65]. - The Group's shareholders' funds decreased by 7.4% to HK$2,739.1 million as of June 30, 2020, from HK$2,959.2 million as of December 31, 2019[63]. - Net cash generated from operating activities for the six months ended June 30, 2020, was HK$36.6 million, an increase from HK$28.9 million for the same period in 2019, primarily due to a decrease in prepayments, deposits, and other receivables[68]. - Net cash used in investing activities for the six months ended June 30, 2020, was HK$0.9 million, compared to net cash generated of HK$0.2 million for the same period in 2019[70]. - Net cash used in financing activities for the six months ended June 30, 2020, was HK$18.8 million, a decrease from HK$28.1 million for the same period in 2019, with interest paid of HK$16.1 million in 2020 compared to HK$15.7 million in 2019[70]. Corporate Governance - The Board resolved not to declare any interim dividend for the six months ended June 30, 2020, consistent with the previous year[79]. - The company has adopted the Model Code for securities transactions by its Directors, with all Directors confirming compliance throughout the reporting period[106]. - The Audit Committee reviewed the unaudited condensed consolidated financial information for the six months ended June 30, 2020, confirming compliance with applicable accounting standards and adequate disclosures[100]. - The company has maintained compliance with corporate governance codes and has no known breaches of its internal guidelines[113]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to enhance corporate governance[115]. Market Conditions and Future Outlook - The socio-economic impact of the COVID-19 pandemic has created unprecedented challenges for the Group, although its overall financial and business positions remain healthy[82]. - Management believes the impacts on operating performance and fair value changes are temporary and remains confident in the long-term economic prospects of Hong Kong[34]. - The Group plans to focus on strategic initiatives to improve financial performance and explore new market opportunities moving forward[15]. - The Group plans to seize development opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area strategic plan and expand its domestic business aggressively[86].
长城环亚控股(00583) - 2019 - 年度财报
2020-04-27 08:36
Financial Performance - For the year ended December 31, 2019, the Group recorded total revenue of approximately HK$168.4 million and a consolidated net profit attributable to Shareholders of approximately HK$487.0 million, including a fair value gain on investment properties of approximately HK$169.2 million[12]. - Excluding the fair value gain, the consolidated net profit attributable to Shareholders amounted to approximately HK$317.8 million, representing an increase of 73.9% compared to HK$182.8 million in 2018[13]. - The share of profits from associates for the year ended December 31, 2019 was approximately HK$427.4 million, an increase of 52.8% compared to HK$279.7 million in 2018[13]. - Earnings per share were HK31.1 cents in 2019, based on a weighted average of 1,567,745,596 Shares in issue, compared to HK37.2 cents in 2018[13]. - The Group's consolidated revenue for the year ended 31 December 2019 was HK$168.4 million, representing a 16% increase from HK$144.9 million in 2018[59]. - Adjusted operating profit for 2019 was HK$69.9 million, a 38% increase compared to HK$50.5 million in 2018[59]. - Profit attributable to shareholders for 2019 was HK$487.0 million, a decrease of approximately 17% from HK$583.4 million in 2018[63]. - The fair value gain on investment properties for 2019 was HK$169.2 million, compared to HK$400.6 million in 2018, reflecting a 58% decrease[59]. Property Investment Segment - The property investment segment generated segment operating revenue of HK$120.9 million and recorded an aggregate property revaluation gain of HK$169.2 million during the year[13]. - The increase in net profit was primarily driven by the performance of the property investment segment, benefiting from a stable property market in Hong Kong[13]. - Revenue for the property investment segment increased to HK$120.9 million in 2019, up 31% from HK$92.4 million in 2018, primarily driven by revenue from Kwai Fong Plaza[86]. - Adjusted operating profit for the property investment segment rose to HK$64.8 million, a 36% increase from HK$47.5 million in 2018[80]. - The revaluation gain for Kwai Fong Plaza contributed approximately HK$132.1 million to the overall fair value gain in 2019[89]. Financial Services Segment - Revenue from the financial services segment decreased by approximately 10% to HK$47.5 million, while profit dropped by approximately 50% to HK$6.9 million due to unfavorable economic conditions and fluctuating capital markets[20]. - Revenue from financial services decreased to HK$47.5 million, a 10% decline from HK$52.5 million in 2018[93]. - Adjusted EBITDA for financial services fell to HK$10.9 million, down 44% from HK$19.4 million in 2018[93]. - Corporate finance services revenue plummeted by approximately 90% to HK$1.1 million in 2019, down from HK$10.5 million in 2018[95]. Strategic Objectives and Future Plans - The Group plans to actively seize investment opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area strategic plan to expand its business scope[26]. - The management expects the 2020 fiscal year to be challenging due to global macroeconomic conditions and uncertainties from trade disputes and the COVID-19 outbreak[111]. - The Group plans to leverage competitive advantages and seize investment opportunities to generate favorable returns for shareholders while maintaining a strong cash position[113]. - The Group aims to expand its domestic business by leveraging resources from its controlling shareholder and integrating domestic and foreign capital markets[117]. Corporate Governance - The Group has established sound corporate governance practices to align management interests with those of Shareholders, ensuring adequate protection and promotion of Shareholders' interests[121]. - The Board comprises seven Directors, including two executive Directors and five non-executive Directors, with independent non-executive Directors representing more than one-third of the Board[128]. - The Board's main responsibility is to deliver long-term success and create value for Shareholders through strategic leadership and prudent oversight[133]. - The Group is committed to continuous improvement of corporate governance practices to support business performance and effective oversight[126]. - The Group adheres to the Corporate Governance Code and regularly reviews its guidelines and policies to remain relevant in a changing business environment[123]. Management and Board Composition - Dr. Song Ming, aged 58, has over 27 years of experience in bank regulation, financial markets, and macroeconomics, contributing to the company's governance as an independent non-executive director since November 2016[42]. - The company has a strong board with members holding advanced degrees from prestigious institutions, including Stanford University and the University of Rochester, enhancing its strategic decision-making capabilities[43][47]. - The diverse backgrounds of the directors in finance, economics, and management contribute to a well-rounded approach to corporate strategy and risk management[42][43][47]. - The Company has procedures for Directors to obtain independent professional advice at the Company's expense[154]. Employee and Operational Insights - The Group had a total of 19 employees as of December 31, 2019, down from 21 employees in 2018[111]. - The management remains confident in the long-term economic prospects of Hong Kong despite temporary impacts on asset performance due to current challenges[115]. - Customer satisfaction ratings improved to 90%, reflecting the effectiveness of recent service enhancements[32].
长城环亚控股(00583) - 2019 - 中期财报
2019-09-25 08:59
Financial Performance - The Group's revenue for the six months ended June 30, 2019, was HK$83.8 million, representing a 30.7% increase from HK$64.1 million in the same period of 2018[15]. - Adjusted operating profit for the same period was HK$37.0 million, a 42.3% increase compared to HK$26.0 million in 2018[15]. - Profit attributable to shareholders for the six months ended June 30, 2019, amounted to HK$487.2 million, reflecting a 68.3% increase from HK$289.5 million in 2018[17]. - Earnings per share for the six months ended June 30, 2019, were HK31.1 cents, up 68.1% from HK18.5 cents in the same period of 2018[17]. - The Group's operating profit for the six months ended June 30, 2019, was HK$233.7 million, a slight increase of 0.3% from HK$233.0 million in 2018[15]. - Total comprehensive income for the period was HK$487,106, up from HK$289,340 in the prior year, indicating a growth of approximately 68.3%[164]. - Total equity rose to HK$2,959,700 as of June 30, 2019, compared to HK$2,472,594 at the end of 2018, an increase of around 19.6%[166]. Investment Properties - Fair value gain on investment properties was HK$196.7 million, down 4.0% from HK$204.8 million in 2018[15]. - The Group's share of profits of associates significantly increased to HK$341.4 million from HK$120.1 million in the previous year[15]. - The company maintains a diversified investment property portfolio in Hong Kong, which has contributed significantly to its profits[20]. - The Group's investment properties continue to provide a stable stream of income, with successful diversification of tenant mix and enhanced rental performance following renovations at Kwai Fong Plaza[85]. - Profit attributable to shareholders from the property investment segment slightly decreased due to a fair value gain decline, with adjusted operating profit increasing by approximately HK$11.3 million attributed to revenue growth[37]. Revenue Segments - Revenue from the property investment segment for the first half of 2019 was HK$60.1 million, an increase of 82.7% from HK$32.9 million in the first half of 2018[31]. - Revenue generated from Kwai Fong Plaza was approximately HK$32.7 million for the six months ended June 30, 2019, compared to only HK$5.0 million in the first half of 2018[34]. - Revenue from financial services for the first half of 2019 was HK$23.7 million, a decrease of 23.8% from HK$31.1 million in 2018[45]. - Adjusted operating profit for financial services dropped to HK$5.0 million, down 68.2% from HK$15.7 million in the previous year[45]. - Revenue from asset management services for the first half of 2019 was around HK$17.1 million, up from HK$16.6 million in the same period of 2018, reflecting a growth of 3.0%[48]. Financial Position - As of June 30, 2019, the Group's cash and bank balances were approximately HK$170.4 million, a slight increase of 0.5% from HK$169.6 million at the end of 2018[53]. - The Group's gearing ratio improved to 61.3% as of June 30, 2019, down from 65.5% at the end of 2018, indicating a reduction in financial leverage[53]. - The Group had outstanding bank borrowings of approximately HK$939.8 million as of June 30, 2019, a slight decrease from HK$943.3 million at the end of 2018[57]. - Net cash generated from operating activities for the six months ended June 30, 2019, was HK$28.9 million, a significant decrease from HK$1,460.4 million for the same period in 2018[64]. - The Group's cash flow from financing activities included proceeds from bank borrowings amounting to HK$2,479,342,000[168]. Corporate Governance - The Company has complied with the Corporate Governance Code, with some deviations explained regarding board meeting procedures and the roles of Chairman and CEO[91][97]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, ensuring a majority of independent non-executive Directors in each[121]. - The company has maintained a strong corporate governance framework, aligning with the interests of shareholders and stakeholders[104]. - The Board will continue to review its governance practices to ensure compliance with the Corporate Governance Code and enhance operational efficiency[96]. - The company has adopted stringent written guidelines for securities transactions by relevant employees, with no incidents of non-compliance noted[112]. Strategic Outlook - The Company aims to leverage the strategic opportunities from China's Guangdong-Hong Kong-Macao Greater Bay Area plan to expand its domestic business and enhance synergy with its controlling shareholder, GWAMCC[86]. - The macroeconomic environment remains challenging due to ongoing trade frictions between China and the United States, impacting investment sentiment in the financial market[83]. - The Board and management are committed to maintaining a strong cash position while prudently seizing investment opportunities to generate favorable returns for shareholders[83]. Employee and Operational Changes - The group had a total of 15 employees as of June 30, 2019, down from 25 employees as of June 30, 2018[74]. - The board has resolved not to declare any payment of interim dividend for the six months ended June 30, 2019[81]. - The group actively reviews and manages its liquidity and financial resources based on changes in economic conditions and business expansion needs[60].
长城环亚控股(00583) - 2018 - 年度财报
2019-04-26 09:21
Financial Performance - The Group recorded total revenue of approximately HK$144.9 million for the year ended December 31, 2018[17]. - Consolidated net profit attributable to shareholders was approximately HK$583.4 million, including a fair value gain on investment properties of approximately HK$400.6 million[17]. - Excluding the exceptional item, the consolidated net profit attributable to shareholders amounted to approximately HK$182.8 million, representing an increase of 548.2% compared to HK$28.2 million in 2017[18]. - Earnings per share were HK$37.2 cents, based on a weighted average of 1,567,745,596 shares in issue, compared to HK$15.9 cents in 2017[18]. - The increase in net profit was primarily due to the share of profits of associates amounting to approximately HK$279.7 million in 2018[18]. - The Group's consolidated revenue for FY2018 was HK$144.9 million, representing an 18% increase from HK$123.0 million in FY2017[56]. - Profit attributable to shareholders for FY2018 was HK$583.4 million, significantly higher than HK$249.2 million in FY2017, marking a substantial increase[57]. - Net profit attributable to shareholders, excluding fair value gains, was HK$182.8 million for FY2018, a 548.2% increase compared to HK$28.2 million in FY2017[58]. - Fair value gain on investment properties for FY2018 was HK$400.6 million, an 81% increase from HK$221.0 million in FY2017[56]. - Operating profit for FY2018 reached HK$453.5 million, a 71% increase from HK$265.7 million in FY2017[56]. Property Investment - The property investment segment generated operating revenue of HK$92.4 million and recorded a property revaluation gain of HK$400.6 million during 2018, benefiting from a robust property market in Hong Kong[22]. - The Group completed the acquisition of Kwai Fong Plaza in June 2018, enhancing its property investment business and creating additional revenue sources[23]. - The Group's property investment strategy focuses on strategically-located commercial properties and shopping centers in densely populated communities[23]. - The Group's revenue from the property investment segment for FY2018 was HK$92.4 million, a 51% increase from HK$61.3 million in FY2017, primarily driven by revenue from Kwai Fong Plaza[75]. - The revaluation gain on investment properties for FY2018 was HK$400.6 million, compared to HK$221.0 million in FY2017, with significant contributions from the Bank of America Tower and Yue King Building[81]. - The Group's segment profit for the property investment segment was HK$422.9 million, reflecting a 62% increase from HK$261.2 million in the previous year[75]. Financial Services - The revenue from the financial services segment decreased by approximately 15% to HK$52.5 million, while profit decreased by approximately 25% to HK$13.9 million due to unfavorable economic conditions and fluctuating capital markets[27]. - The financial services segment reported revenue of HK$52.5 million in FY2018, a decrease of 15% from HK$61.7 million in FY2017[62]. - The financial services segment experienced a year-on-year decrease in revenue due to market volatility, but the Group aims to explore opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay strategic plan[68]. Corporate Governance - The Company has appointed independent non-executive directors with extensive backgrounds in finance and economics, enhancing its governance and strategic direction[41][42][46][48]. - The Board emphasizes the importance of good corporate governance to safeguard shareholder interests and enhance corporate value[120]. - The Group has established a comprehensive corporate governance framework to ensure alignment of management and shareholder interests, enhancing shareholder value[122]. - The Board comprises seven Directors, including two executive Directors and five non-executive Directors, with independent non-executive Directors representing over one-third of the Board[130]. - The Board is responsible for strategic direction, operational performance, and ensuring the Company has sufficient resources for success[134]. - The Group adheres to the Corporate Governance Code and has complied with its principles throughout the year, with some deviations explained in the report[124]. - The Board regularly reviews the delegation of responsibilities to ensure they meet the Group's needs[140]. - The Company is committed to sound corporate governance practices and compliance with the SFO and Listing Rules[146]. Strategic Initiatives - The Group aims to seize investment opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area strategic plan to expand its business scope[27]. - The Group aims to leverage the strategic opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area to expand its domestic business[117]. - The Group's management is committed to expanding its businesses prudently to generate favorable investment returns for shareholders[27]. Human Resources - The Group's employee count increased to 21 as of December 31, 2018, from 20 in the previous year, reflecting business growth[112]. - The Group's remuneration policies are designed to align employee performance with business strategies and enhance shareholder value[112]. Future Outlook - Overall, the company remains optimistic about future growth, driven by strong market demand and innovative product offerings[31]. - The Group will continue to review its investment property portfolio to generate sustainable returns for shareholders[66]. - The Board remains optimistic about maintaining steady growth despite risks in the property market and competition in the financial services industry[70].