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梧桐国际(00613) - 2023 - 年度业绩
2023-08-22 10:29
香港交易及結算所有限公司及香港聯合交易所有限公司(「聯交所」)對本公告之內容概不負責,對其 準確性或完整性亦不發表任何聲明,並明確表示概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Planetree International Development Limited 梧 桐 國 際 發 展 有 限 公 司 (於百慕達註冊成立的有限公司) (股份代號:613) 有 關 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 年 報 的 補 充 公 告 茲提述梧桐國際發展有限公司(「本公司」,連同其附屬公司為「本集團」)截至二零 二二年十二月三十一日止年度之年報(「二零二二年年報」)。除另有註明者外,本公 告所用詞彙與二零二二年年報所界定者具有相同涵義。 除於二零二二年年報所披露之資料外,本公司謹此向本公司股東及公眾提供以下有 關本公司股份獎勵計劃(「股份獎勵計劃」)及放債業務(「放債業務」)之補充資料。 股份獎勵計劃 ...
梧桐国际(00613) - 2022 - 年度财报
2023-04-27 08:18
Financial Performance - Total revenue for the year was approximately HKD 155.3 million, with other income of about HKD 13.3 million, totaling around HKD 168.6 million, a decrease of approximately HKD 37.2 million or 18.1% compared to the previous fiscal year[13] - The company recorded a consolidated loss after tax of approximately HKD 1.5 million, compared to a loss of HKD 15.3 million in the previous year[13] - Loss attributable to shareholders for the fiscal year was approximately HKD 17.2 million, an improvement from a loss of HKD 22.2 million in the previous year[13] - The decrease in loss was primarily due to an increase in fair value gains on financial assets of approximately HKD 6.9 million and a reversal of impairment losses on receivables totaling approximately HKD 12.7 million, compared to significant losses in the previous year[14] - Core business generated a profit before tax of HKD 94.2 million, compared to HKD 46.9 million in the previous year, indicating improved operational performance[14] - Basic and diluted loss per share for the year was HKD 0.0182, compared to HKD 0.0235 and HKD 0.0237 in the previous year[14] Revenue Breakdown - The group's asset management service revenue decreased to approximately HKD 4,500,000 in the current year, down from HKD 18,800,000 in the previous year, due to poor stock market performance[18] - Margin loan interest income reached approximately HKD 59,500,000, a decline from HKD 81,500,000 in the previous year, but still contributed significantly to offset the decrease in service revenue[18] - The overall revenue for the financial services segment was approximately HKD 75,000,000, down from HKD 111,400,000 in the previous year, with segment profit decreasing from approximately HKD 73,000,000 to HKD 66,700,000[19] - The credit and lending services segment reported an increase in revenue to approximately HKD 53,800,000, up from HKD 50,200,000 in the previous year, with segment profit rising to approximately HKD 57,700,000 from HKD 8,400,000[23] - The group’s property investment and leasing segment saw revenue increase to approximately HKD 9,400,000 from HKD 8,900,000, although it recorded a loss of approximately HKD 6,200,000 compared to a loss of HKD 4,700,000 in the previous year[25] - The tactical and strategic investment segment recorded revenue of approximately HKD 5,900,000, compared to a negative income of HKD 2,100,000 in the previous year, but incurred a loss of approximately HKD 84,300,000, up from HKD 62,100,000 in the previous year[26] Business Development - The group obtained a license for regulated activities under the Securities and Futures Ordinance to provide automated trading services, aiming to expand its client base and service offerings[20] - The group’s business network facilitated growth in corporate financing advisory services, contributing approximately HKD 9,800,000 in revenue, up from HKD 7,900,000 in the previous year[19] - The group plans to launch a platform for retail and corporate clients to trade new shares before their official listing in Hong Kong, enhancing its comprehensive financial services[20] Asset Management - The total fair value of the group's commercial properties held for leasing in Hong Kong was HKD 513,800,000, an increase from HKD 349,300,000 in the previous year[25] - The company's liquidity ratio as of December 31, 2022, was 5.8, an increase from 5.1 in the previous year[34] - The company's debt ratio as of December 31, 2022, was 1.7%, indicating a low level of debt relative to equity[36] - The net asset value of the company as of December 31, 2022, was approximately HKD 2,120,200,000, compared to HKD 1,936,100,000 in the previous year[32] Corporate Governance - The board of directors consists of seven members, with three executive directors and four independent non-executive directors, ensuring a balanced composition[54] - The board has retained key functions, including the appointment and dismissal of directors and senior management, and the review of risk management and internal control systems[62] - The board has conducted meetings to review corporate governance policies and compliance with legal and regulatory requirements[71] - The company has adopted a board diversity policy to enhance the effectiveness of the board and ensure compliance with listing rules and regulations[63] - The board confirmed that there were no significant uncertainties affecting the company's ability to continue as a going concern as of December 31, 2022[82] Risk Management - The company’s risk management and internal control systems were deemed effective, with annual reviews conducted by the board and audit committee[86] - The loan portfolio is regularly reviewed, with a comprehensive annual review of credit policies and monitoring procedures to safeguard the company's interests[88] - The expected credit loss assessment is based on the Hong Kong Financial Reporting Standards No. 9, utilizing a probability-weighted loss default model[95] - The independent internal control consultant found no significant violations or errors in the internal control system during their assessment[86] Environmental, Social, and Governance (ESG) - The company aims to reduce greenhouse gas emissions by 45% from the 2021 baseline by 2030[134] - The company is committed to integrating environmental, social, and governance (ESG) considerations into its business operations[124] - Key ESG issues identified include employee welfare, inclusivity, talent retention, and community investment[132] - The company has established an ESG policy to guide its operations and investment-related issues[125] - The company has implemented a green procurement policy, prioritizing environmentally friendly suppliers to minimize carbon emissions[151] Employee Engagement - The employee turnover rate for the year was 11.6%, with 5 employees leaving the company[144] - A total of 20 employees received training in 2022, representing 46.5% of the workforce, with 65.0% being male and 35.0% female[149] - The company provides comprehensive medical insurance covering outpatient, inpatient, and annual health check-ups for employees[148] Shareholder Communication - The company has established a shareholder communication policy to ensure timely and relevant information is provided to shareholders and the investment community[111] - The company regularly discloses financial reports, including interim and annual reports, to keep shareholders informed[114] - The board of directors encourages shareholder participation in annual general meetings, with all resolutions passed by voting since April 29, 2005[112]
梧桐国际(00613) - 2022 - 年度业绩
2023-03-31 13:23
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概 不負責,對其準確性或完整性亦不發表任何聲明,並明確表示概不對因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔 任何責任。 (於百慕達註冊成立的有限公司) (股份代號:613) 二零二二年全年業績 梧桐國際發展有限公司(「本公司」)之董事(「董事」)會(「董事會」)公佈本公 司及其附屬公司(統稱「本集團」)截至二零二二年十二月三十一日止年度之 綜合業績,連同二零二一年同期之比較數字如下: 綜合全面收入表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 費用及佣金收入 435 1,861 資產管理服務收入 4,510 18,821 企業顧問服務收入 19,508 27,943 財務顧問服務收入 9,785 7,882 ...
梧桐国际(00613) - 2022 - 中期财报
2022-09-21 09:04
Financial Performance - Total revenue for the six months ended June 30, 2022, was HKD 78,500,000, a decrease of HKD 23,200,000 or 23% compared to the same period in 2021[31] - The group recorded a profit attributable to shareholders of HKD 2,900,000, down from HKD 11,900,000 in the previous period[31] - The group's core business profit before tax, excluding losses from associates, was HKD 42,400,000, compared to HKD 49,100,000 in the previous period[31] - Total revenue for the period was HKD 73,200,000, a decrease of HKD 27,300,000 compared to the previous period[48] - Financial services income, including other financial services, totaled HKD 44,900,000, down from HKD 68,900,000 in the previous year[48] - The company reported a profit before tax of HKD 9,512,000, compared to HKD 21,226,000 in the previous year, reflecting a decline of 55%[86] - Total comprehensive income for the period was HKD 9,504,000, down from HKD 13,563,000 year-on-year[86] - The company reported a profit of HKD 2,937,000 for the period, contributing to a total comprehensive income of HKD 9,504,000 including non-controlling interests[91] - The company reported a profit of HKD 13,563,000 for the period, compared to a profit of HKD 38,305,000 in the previous year, reflecting a decline of 64.6%[117] - The pre-tax profit decreased significantly to HKD 2,937,000 compared to HKD 11,893,000 for the same period last year, marking a decline of about 75.3%[127] Revenue Breakdown - Asset management fee income decreased to HKD 2,600,000 from HKD 12,200,000 in the previous period[35] - Margin loan interest income fell to HKD 30,200,000 from HKD 44,900,000 in the previous period[35] - The group's financial services segment generated revenue of HKD 37,100,000, down from HKD 61,600,000 in the previous period[37] - The group’s profit from the financial services segment decreased from HKD 46,500,000 to HKD 37,800,000[37] - Asset management service income was HKD 2,586,000, down from HKD 12,176,000 year-on-year[86] - Corporate advisory service income increased to HKD 8,195,000 from HKD 7,368,000, while financial advisory service income rose to HKD 3,785,000 from HKD 3,162,000[86] - The company’s financial services segment generated revenue of HKD 61,566,000, a decrease from HKD 101,162,000 in the previous year, representing a decline of 39.1%[117] Dividends and Shareholder Returns - The board has decided not to declare any interim dividend for the period, consistent with the previous year[32] - The company did not recommend an interim dividend for the six months ended June 30, 2022, compared to zero for the same period last year[125] Assets and Liabilities - The group’s net asset value as of June 30, 2022, was HKD 2,120,200,000, an increase of HKD 184,100,000 from the previous fiscal year[50] - As of June 30, 2022, total assets amounted to HKD 2,124,576,000, an increase of 9.4% from HKD 1,942,406,000 as of December 31, 2021[89] - Current assets increased to HKD 1,801,477,000, up 17.1% from HKD 1,538,225,000 in the previous year[89] - The total equity attributable to owners of the company increased to HKD 1,750,824,000, a rise of 0.3% from HKD 1,745,577,000[91] - The current liabilities increased significantly to HKD 344,139,000, compared to HKD 303,266,000 in the previous year, indicating a rise of 13.5%[89] - The total receivables, including trade receivables and loans, amounted to HKD 1,391,886,000 as of June 30, 2022, up from HKD 977,912,000 at the end of the previous year[135] Investments and Strategic Activities - The group obtained a license for regulated activities under the Securities and Futures Ordinance to provide automated trading services on June 8, 2022[38] - The group plans to launch a platform for retail and corporate clients to trade new shares before their official listing in Hong Kong[38] - The group plans to launch a pre-IPO trading platform named Etreemart for retail and corporate clients[45] - The group recorded a loss of HKD 43,200,000 in tactical and strategic investments, compared to a loss of HKD 31,000,000 in the previous year[44] - The company completed a rights issue on February 24, 2022, raising a total of HKD 375,000,000 to strengthen cash position and support business growth[92] Employee and Management Information - The group employed 45 staff members as of June 30, 2022, and provided various employee benefits including MPF, medical insurance, and discretionary training subsidies[65] - The management's compensation for the six months ended June 30, 2022, was HKD 3,184,000, a decrease from HKD 4,436,000 in the same period of the previous year[161] Corporate Governance - The company confirmed compliance with the Corporate Governance Code and has no significant changes in its corporate governance practices during the reporting period[65] Cash Flow and Financing Activities - The net cash used in operating activities for the six months ended June 30, 2022, was (362,869) thousand HKD, compared to (261,488) thousand HKD in the previous year, representing an increase of 38.7%[97] - The financing activities generated a net cash inflow of 111,547 thousand HKD, a significant improvement from (8,026) thousand HKD in the previous year[97] Share Capital and Ownership - On June 7, 2022, the group issued 45,508,328 shares of PSL, representing 8.482% of PSL's enlarged share capital, for a cash consideration of HKD 50 million, diluting the group's ownership in PSL from 100% to approximately 91.518%[59] - The book value of non-controlling interests in PSL increased by HKD 50,000,000, which was directly recognized in the group's equity[158]
梧桐国际(00613) - 2021 - 年度财报
2022-04-27 08:26
Financial Performance - Total revenue for the year was HKD 205.8 million, a decrease of HKD 37.8 million or 16% compared to the previous year[42]. - The company recorded a net loss of HKD 15.3 million after tax, compared to a profit of HKD 40.8 million in the previous year[42]. - Loss attributable to shareholders for the year was HKD 22.2 million, down from a profit of HKD 41.8 million in the previous year[42]. - The core financial services business operated steadily, but profitability declined mainly due to a decrease in non-recurring income from the sale of subsidiaries by HKD 47.7 million[42]. - The share of losses from an associated company amounted to HKD 55.2 million, compared to a profit of HKD 46.6 million in the previous year[42]. - Basic and diluted loss per share were HKD 0.0235 and HKD 0.0237 respectively, compared to earnings of HKD 0.0447 and HKD 0.0446 in the previous year[43]. - The board decided not to recommend a final dividend for the year ended December 31, 2021[44]. Business Segments - The company’s main business segments include financial services under the Securities and Futures Ordinance, providing securities trading, futures contract trading, and asset management services[47]. - Asset management fee income decreased to HKD 18,800,000 from HKD 51,700,000 in the previous year, reflecting a decline of approximately 63.6% due to weak market performance[48]. - Margin loan interest income increased to HKD 81,500,000 from HKD 59,500,000, representing a growth of about 36.9%[48]. - The division's total revenue for the year was HKD 111,400,000, slightly down from HKD 118,000,000, a decrease of approximately 5.6%[49]. - The division's profit dropped to HKD 69,200,000 from HKD 99,900,000, a decline of about 30.8% after accounting for impairment losses of HKD 24,100,000 on margin loans[49]. - The lending division's revenue increased to HKD 50,200,000 from HKD 26,900,000, marking a growth of approximately 86.5%[53]. - The lending division's profit decreased to HKD 8,400,000 from HKD 21,700,000, a decline of about 61.3%[53]. - The revenue from corporate advisory services reached HKD 28,000,000, up from HKD 16,800,000, indicating a growth of approximately 66.7%[54]. - The property investment and leasing division's revenue fell to HKD 8,900,000 from HKD 9,500,000, a decrease of about 6.3%[55]. - The division recorded a loss of HKD 4,400,000, improved from a loss of HKD 21,300,000 in the previous year[55]. Corporate Strategy and Governance - The company plans to continue expanding its comprehensive financial services platform and is actively seeking a license for automated trading services[58]. - The group reported a loss of HKD 55,200,000 from its 40% investment in Green River Associates Limited for the year, compared to a profit of HKD 46,600,000 in the previous year[72]. - The group plans to relocate its securities brokerage business to a smaller office near its headquarters to mitigate the impact of declining property prices and rental income[59]. - The company has adopted high standards of corporate governance and has complied with all provisions of the Corporate Governance Code as per the Listing Rules, except for a deviation regarding the chairmanship of the nomination committee[80]. - The company focuses on developing its financial services business to provide long-term growth while maintaining a balance between robust financial management and enhancing shareholder returns[83]. - The company has established a board diversity policy to enhance the diversity of board members, which was revised in November 2018 and is monitored by the nomination committee[101]. - The board has retained specific functions, including establishing long-term corporate strategies and overseeing management performance[95]. - The company has a clear delegation of authority to management, with regular reviews to ensure alignment with corporate needs[94]. - The company has adopted a standard code for securities trading by directors and related employees, ensuring compliance during the review accounting year[81]. Risk Management and Internal Controls - The company has established a robust risk management and internal control system, which was reviewed and deemed effective by the board[127]. - The independent internal control consultant found no significant violations or errors in the company's internal control system[127]. - The company has committed to reviewing its risk management and internal control system annually[127]. - The company has ensured that all directors have access to independent professional advice when necessary, with costs covered by the company[120]. Credit Policies and Loan Management - The company has established clear credit policies and monitoring procedures covering the entire loan lifecycle[136]. - The credit monitoring team regularly reviews the loan portfolio and assesses the credit status of borrowers[135]. - The company has a comprehensive internal credit rating system to evaluate the recoverability of loans[143]. - The expected credit loss assessment is based on the Hong Kong Financial Reporting Standard No. 9, utilizing a probability-weighted loss default model[141]. - The expected credit loss provision increased from HKD 7,300,000 in 2020 to HKD 48,441,000 in 2021, primarily due to the deterioration of customer 3's financial situation[144]. - Customer 1's loan has a 100% provision for expected credit loss due to temporary liquidation, with a total expected credit loss of HKD 30,895,000[145]. - The cumulative expected credit loss amounted to HKD 16,770,000 based on a default risk exposure of HKD 36,013,000, a 100% default probability, a 70.0% loss rate, and a 0.92 discount factor[146]. Shareholder Communication and Engagement - The company emphasizes the importance of effective communication with shareholders and the investment community, ensuring timely and relevant information dissemination[161]. - The board has established a shareholder communication policy to enhance understanding of the company's financial and operational performance[161]. - The board is committed to maintaining ongoing dialogue with shareholders, encouraging participation in the annual general meeting held on May 25, 2021[162]. - The company has complied with applicable laws and regulations regarding the notice period for the annual general meeting[162]. Environmental, Social, and Governance (ESG) Initiatives - The company has adopted an environmental, social, and governance (ESG) policy to manage related risks and ensure sustainable business practices[176]. - The board emphasizes the importance of ESG factors and is committed to continuous improvement in environmental performance[175]. - The company actively participates in community activities to enhance ESG management and consider community interests in business development[175]. - The company aims to reduce greenhouse gas emissions by 45% from the 2021 baseline by 2030[186]. - The company targets a 50% reduction in non-hazardous waste from the 2021 baseline by 2030[186]. - The company plans to reduce energy and water consumption by 50% and 30%, respectively, by 2030 from the 2021 levels[188]. Employee Management and Development - The total number of employees as of December 31, 2021, was 42, down from 49 the previous year, indicating a reduction of approximately 14.3%[195]. - The employee turnover rate for the year was 14%[195]. - The gender distribution of employees was 22 males and 20 females as of December 31, 2021[195]. - The company provided training to a total of 10 employees in 2021, with 6 males and 4 females receiving training[200]. - The average training hours for male employees were 7.6 hours, while female employees received an average of 10.0 hours[200]. - The company has maintained a safe working environment with no recorded employee injuries or fatalities in the past three years[198]. - The company is committed to providing competitive compensation and benefits to attract and retain talent[194].
梧桐国际(00613) - 2021 - 中期财报
2021-09-22 23:58
Financial Performance - Total revenue and other income increased by HKD 43.9 million or 76% to HKD 101.7 million for the six months ended June 30, 2021, compared to the same period in 2020[17]. - The group recorded an unaudited profit before tax of HKD 21.2 million, reversing a loss of HKD 73 million in the previous period, with attributable profit to owners of the company at HKD 11.9 million[18]. - Total revenue for the six months ended June 30, 2021, was HKD 100,469,000, a significant increase from HKD 35,583,000 in the same period of 2020, representing a growth of 182.5%[69]. - The company reported a profit before tax of HKD 21,226,000 for the period, a turnaround from a loss of HKD 73,036,000 in the same period last year[69]. - Net profit for the period was HKD 13,563,000, compared to a loss of HKD 73,055,000 in the previous year, marking a significant recovery[69]. - Basic and diluted earnings per share for the period were HKD 1.26, compared to a loss per share of HKD 7.98 in the same period of 2020[69]. - The company reported a net loss of HKD 4,517,000 for the six months ended June 30, 2021, compared to a loss of HKD 77,960,000 for the same period in 2020[108]. Revenue Segments - Financial services segment revenue rose to HKD 61.6 million from HKD 21.4 million, generating a segment profit of HKD 46.5 million compared to HKD 12.4 million in the previous period[20]. - Credit and lending services segment revenue increased from HKD 7.9 million to HKD 26.5 million, with segment profit rising to HKD 19.2 million from HKD 10.7 million[23]. - Revenue from financial services amounted to HKD 68,900,000, up from HKD 21,200,000 in the previous year[29]. - The property investment and leasing segment generated revenue of HKD 4.8 million, down from HKD 11.9 million, with a segment profit of HKD 2.6 million[24]. - Tactical and strategic investments recorded a small segment revenue of HKD 1 million, with a segment loss of HKD 31 million primarily due to losses from an associated company[25]. Assets and Liabilities - The group's total revenue for the period was HKD 100,500,000, an increase of HKD 64,900,000 compared to the previous period[29]. - The group's total assets as of June 30, 2021, were HKD 2,282,234,000, slightly down from HKD 2,308,124,000 as of December 31, 2020[71]. - The company's net asset value increased to HKD 1,959,602,000 from HKD 1,843,729,000 at the end of the previous year, reflecting a growth of 6.3%[71]. - The liabilities decreased to HKD 322,632,000 from HKD 465,395,000, reflecting improved financial health[100]. - Total receivables, including trade and loans, increased to HKD 1,364,112,000 as of June 30, 2021, compared to HKD 1,062,642,000 at the end of 2020[121]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2021, was HKD (261,488,000), an increase from HKD (197,153,000) in 2020[79]. - The net cash generated from investing activities was HKD 150,707,000 for the six months ended June 30, 2021, compared to HKD 77,692,000 in the previous year[79]. - The company’s financing activities resulted in a net cash outflow of HKD (8,026,000) for the six months ended June 30, 2021, compared to a net cash inflow of HKD 208,913,000 in 2020[79]. - The company’s financing costs for the six months ended June 30, 2021, were HKD 2,292,000, down from HKD 4,740,000 in 2020[108]. Corporate Governance and Shareholder Information - The company has complied with all corporate governance codes except for a deviation from code provision A.5.1 during the period[46]. - As of June 30, 2021, the major shareholder, Ms. Luo Qiyin, holds 628,263,640 shares, representing approximately 66.66% of the issued share capital[55]. - The board of directors has undergone changes, with Mr. Kwan Kai-shing resigning as a non-executive director and chairman of the nomination committee on February 17, 2021[57]. - The company continues to review its corporate governance structure to ensure best practices are maintained[46]. Employee and Management Information - The company had 50 employees as of June 30, 2021, and offers various employee benefits including medical insurance and a discretionary share option plan[45]. - The total remuneration for key management personnel was HKD 4,436,000 for the six months ended June 30, 2021, compared to HKD 3,577,000 for the same period in 2020[151]. Future Plans and Strategies - The group plans to apply for a license for regulated activities under the Securities and Futures Ordinance to enhance its financial services platform[26]. - The company continues to explore new strategies for market expansion and product development, although specific details were not disclosed in the report[69]. - The company plans to continue expanding its financial services and exploring new investment opportunities to drive future growth[88].
梧桐国际(00613) - 2020 - 年度财报
2021-04-22 22:04
Financial Performance - Total revenue and other income increased by HKD 186.9 million or 330% to HKD 243.7 million for the year ended December 31, 2020[13]. - The net profit attributable to shareholders rose by HKD 19.5 million or 87% to HKD 41.8 million, driven by the successful development of financial services[13]. - Margin interest from margin financing generated HKD 59.5 million, up from HKD 0.7 million in 2019[14]. - Asset management services produced HKD 51.7 million in fees, compared to none in 2019[14]. - Consulting fees from corporate finance advisory services amounted to HKD 21.5 million, also compared to none in 2019[14]. - Loan interest from lending services increased to HKD 26.9 million from HKD 14.1 million in 2019[14]. - The financial services segment generated revenue of HKD 118,000,000 and profit of HKD 99,900,000, a significant increase from HKD 1,500,000 and a loss of HKD 1,000,000 in the previous year[23]. - The lending services segment's revenue increased from HKD 14,100,000 to HKD 26,900,000, with profits rising to HKD 21,700,000 from HKD 8,400,000[24]. - The acquisition of Briscoe Wong Advisory Limited contributed HKD 16,800,000 in revenue and HKD 7,000,000 in profit since the acquisition[25]. - The group’s revenue for the year was approximately HKD 176,800,000, an increase of HKD 171,000,000 or nearly 29 times compared to the previous year[34]. Expenses and Dividends - Total administrative expenses rose to HKD 104 million from HKD 34 million in 2019, due to additional salaries and professional fees[15]. - Share-based payment expenses totaled HKD 50.9 million for stock options and HKD 2.3 million for share awards, included in administrative expenses[15]. - No final dividend was proposed for the year ended December 31, 2020, consistent with the previous year[20]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2020, consistent with 2019, where no interim dividend was declared[183]. - As of December 31, 2020, the company's distributable reserves showed a deficit of HKD 2,490,000, compared to a deficit of HKD 1,421,000 in 2019, with no final dividend proposed[185]. Assets and Liabilities - The total net asset value of Planetree Capital was HKD 636,000,000, with intercompany financing of HKD 306,000,000[21]. - The group's total assets and liabilities were HKD 2,309,100,000 and HKD 465,400,000, respectively, as of December 31, 2020[36]. - The group's cash and cash equivalents were HKD 430,200,000 as of December 31, 2020, compared to HKD 276,700,000 in 2019[42]. - The group's bank loans amounted to HKD 275,664,000 as of December 31, 2020, an increase from HKD 186,875,000 in 2019[186]. - The fair value of the group's investment properties decreased by HKD 24,600,000, which was directly accounted for in the consolidated income statement[190]. Corporate Governance - The company aims to maintain a balance between robust financial management and enhancing shareholder returns through its corporate strategy focused on developing financial services[62]. - The board consists of eight members, with five executive directors and three independent non-executive directors, ensuring a strong independent component[64]. - The company has complied with all corporate governance codes except for specific deviations related to the chairman and CEO positions[59]. - The board's composition and diversity have been reviewed and deemed appropriate, meeting the foreseeable goals of the diversity policy[65]. - The company has adopted a standard code for securities trading by directors and related employees, confirming compliance for the year ended December 31, 2020[60]. - The board is responsible for the company's business direction and regularly reviews the delegation of authority to ensure it meets the company's needs[69]. - The company has adopted a board diversity policy to enhance the diversity of its members, including gender and professional experience[74]. - The board committees are required to report their decisions or recommendations to the board regularly[70]. - The board of directors maintained a high attendance rate, with key members attending over 90% of meetings[86]. - The company confirmed compliance with relevant regulations, publishing the 2020 interim report and the 2019 annual report on time[95]. Risk Management - The company has maintained a robust and effective risk management and internal control system, which was reviewed annually by the board and the audit committee[101]. - The board is responsible for establishing and maintaining an effective risk management and internal control system to protect shareholder investments and company assets[124]. - The company has a policy in place to ensure the independence of external auditors and regularly reviews their performance and independence[119]. - The company defines risk as the possibility of events that could negatively impact the achievement of business objectives, with a focus on managing rather than eliminating risks[133]. - The company has identified five major risk categories it currently faces, including financial market risks, credit risks, compliance risks, operational human resource risks, and cybersecurity risks[138]. - Financial market risks include equity and debt price risks, interest rate risks, exchange rate risks, commodity price risks, and property price and rental price risks, with a focus on maintaining a diversified portfolio of securities and investments[138]. - The company has implemented regular credit reviews and controls to mitigate credit risks, including the risk of loan defaults and credit concentration[138]. - Compliance risks involve potential issues such as bribery, fraud, and violations of applicable laws, with measures in place to maintain a high-quality tenant base and regular compliance reviews[140]. - The company has established a business continuity plan to ensure operational resilience in the event of significant business disruptions[140]. - The effectiveness of the risk management and internal control systems is reviewed annually by the board and the audit committee, focusing on financial, operational, and compliance monitoring[143]. Environmental, Social, and Governance (ESG) - The group has adopted an environmental, social, and governance (ESG) policy to manage related risks and ensure high business standards[152]. - The company encourages employees to reduce energy consumption and water usage, and to adopt environmentally friendly practices[158]. - The company has not generated hazardous waste during its core business operations and manages waste responsibly according to applicable environmental laws[157]. - The board is committed to integrating ESG considerations into the company's operations and continuously improving environmental performance[151]. - The company actively engages stakeholders, including employees and shareholders, to communicate its ESG policies and management strategies[154]. - The company is committed to ensuring compliance with all applicable environmental laws and regulations, with a focus on minimizing negative impacts related to emissions, waste generation, and resource utilization[160]. - The company has established a policy to prevent and eliminate all forms of child labor and forced labor, ensuring compliance with relevant laws[165]. - The company engages in positive community participation, ensuring that its business activities consider community interests and needs[168]. - The company aims to integrate environmental, social, and governance considerations into its business operations and investment decisions[166]. - The company has committed to sustainable development practices and actively promotes environmentally friendly operations where feasible[168].
梧桐国际(00613) - 2020 - 中期财报
2020-09-25 08:57
Financial Performance - Total revenue and other income increased by HKD 4,000,000 or 7.5% to HKD 57,800,000 for the six months ended June 30, 2020[16]. - The group recorded an unaudited consolidated loss before tax of HKD 73,000,000, compared to a profit of HKD 33,900,000 in the same period last year[16]. - The group's total revenue for the period was HKD 35,600,000, a decrease of HKD 2,400,000 compared to the same period last year[28]. - Revenue for the six months ended June 30, 2020, was HKD 35,583,000, a decrease of 6% compared to HKD 38,004,000 in 2019[69]. - Total comprehensive loss for the period was HKD (73,055,000), a significant decline from a profit of HKD 32,126,000 in 2019[69]. - The company reported a loss attributable to shareholders of HKD 74,284,000 for the six months ended June 30, 2020, compared to a profit of HKD 32,126,000 in the same period of 2019[116]. Segment Performance - The financial services segment generated revenue of HKD 21,400,000 and profit of HKD 12,400,000, becoming the group's most profitable core business[20]. - The credit and lending services segment's revenue increased from HKD 7,500,000 to HKD 7,900,000, with profit rising to HKD 10,700,000 from HKD 8,300,000[23]. - The tactical and strategic investment segment's revenue decreased from HKD 40,200,000 to HKD 15,800,000, resulting in a loss of HKD 52,700,000 compared to a profit of HKD 39,200,000 in the previous year[24]. - Total revenue for the financial services segment was 35,583 thousand HKD, while the lending services segment generated 21,248 thousand HKD in revenue[92]. - The tactical and strategic investment segment reported a loss of (52,718) thousand HKD, contributing to an overall loss of (73,055) thousand HKD for the period[92]. Assets and Liabilities - As of June 30, 2020, the group's unaudited net asset value was HKD 1,727,500,000, a decrease of HKD 49,200,000 from the previous fiscal year-end[30]. - The total assets as of June 30, 2020, amounted to HKD 2,025,893,000, while total liabilities were HKD 298,364,000[99]. - Current assets increased to HKD 1,446,648,000, up from HKD 1,177,316,000, showing improved liquidity[71]. - Total liabilities decreased to HKD 292,425,000 from HKD 252,255,000, reflecting a change in the company's debt structure[71]. - The company's net assets decreased to HKD 1,727,529,000 from HKD 1,776,688,000, indicating a decline in overall equity[71]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2020, was (197,153) thousand HKD, compared to (76,918) thousand HKD in 2019, indicating a significant increase in cash outflow[80]. - The net cash inflow from investing activities was 77,692 thousand HKD, a substantial improvement from (48,360) thousand HKD in the previous year, primarily due to cash inflow from the sale of subsidiaries[80]. - The total cash and cash equivalents at the end of the reporting period increased to 321,706 thousand HKD, up from 43,124 thousand HKD in the previous year[80]. Corporate Actions - The group plans to acquire Abellon Capital Limited for HKD 6,000,000, pending approval from the Securities and Futures Commission[20]. - The group injected a total of HKD 227,800,000 into Planetree Capital to develop its business, which now holds various licenses for regulated activities[19]. - The company has adopted a share option scheme to incentivize and reward employees, which was established on May 21, 2015, and will expire on May 20, 2025[51]. - The company approved a share award plan on May 8, 2020, allowing for the issuance of shares not exceeding 10% of the issued share capital, with an annual limit of 3%[152]. Employee and Management - The company had 33 employees as of June 30, 2020, and offers various employee benefits including MPF, medical insurance, and discretionary training subsidies[43]. - The remuneration for key management personnel for the six months ended June 30, 2020, was HKD 3,577,000, an increase from HKD 3,417,000 for the same period in 2019[168]. Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period, except for the vacancy of the positions of Chairman and CEO[44]. - The interim financial data was reviewed by the auditing firm, confirming compliance with Hong Kong Accounting Standards[66]. - The company reported no significant issues in the interim financial data that would indicate non-compliance with the relevant accounting standards[66]. Market Outlook - The group aims to seek strategic investment opportunities that align with its corporate mission and objectives despite the uncertainties posed by the COVID-19 pandemic[27]. - The group anticipates that the outlook for China Dili Group will improve as the COVID-19 pandemic is gradually brought under control, indicating a strategic investment value[40].
梧桐国际(00613) - 2019 - 年度财报
2020-04-28 11:46
Financial Performance - The group's revenue decreased by HKD 60.1 million or 91% to HKD 5.8 million for the year ended December 31, 2019[12]. - The net loss from the sale of financial assets at fair value through profit or loss amounted to HKD 43 million, compared to a net gain of HKD 10.6 million in 2018[12]. - The consolidated profit attributable to shareholders was HKD 22.3 million, a decrease of HKD 86.9 million or 80% compared to the previous year[12]. - Basic and diluted earnings per share were HKD 0.24, down from HKD 1.17 in the same period last year[13]. - The company's total revenue for the year was approximately HKD 5,800,000, a significant decline of HKD 60,100,000 or 91% compared to the previous year[28]. - The company did not record any other comprehensive income for the year, a decrease from HKD 209,900,000 in the previous year due to the distribution of shares from an associate[29]. Dividend Policy - The board decided not to recommend a final dividend for the year ended December 31, 2019, consistent with the previous year[14]. - The company adopted a dividend policy on November 30, 2018, effective from January 1, 2019, aimed at maximizing shareholder interests while maintaining a robust balance sheet[104]. - The board will consider various factors, including cash flow and financial condition, when determining dividends under the dividend policy[105]. - The company will regularly review its dividend policy to ensure it aligns with the latest information and applicable laws and regulations[106]. Business Strategy and Diversification - The company implemented a diversification strategy in 2019 to enhance long-term growth potential by reallocating resources towards acquiring mature securities group companies[15]. - The company aims to diversify its business and explore attractive opportunities in both local and overseas financial and property markets following its rebranding[26]. - The company maintained its focus on developing financial services without significant changes to its core business nature during the year[162]. Financial Assets and Investments - The company's financial assets at fair value decreased from HKD 818,500,000 on December 31, 2018, to HKD 505,600,000 on December 31, 2019, resulting in a net loss of HKD 43,000,000 from the sale of these assets[16]. - The interest income from debt investments at amortized cost increased significantly to HKD 12,400,000 in 2019, compared to HKD 400,000 in 2018[18]. - Total rental income from property leasing increased to HKD 12,300,000 in 2019, up from HKD 11,300,000 in 2018, due to stable rent renewal rates[19]. - The acquisition of a majority stake (approximately 52.63%) in Liberty Capital Limited was completed on December 12, 2019, enhancing the company's financial service capabilities[22]. - Liberty generated approximately HKD 700,000 in fee and commission income and another HKD 700,000 from margin clients' interest income shortly after the acquisition[24]. Corporate Governance - As of December 31, 2019, the company has complied with all corporate governance codes except for deviations related to the chairman and CEO positions, which have been vacant since April 30, 2019[52]. - The board consists of eight members, with five executive directors and three independent non-executive directors, ensuring a strong independent component for effective governance[58]. - The company recognizes the importance of good corporate governance practices for its success and accountability to stakeholders[51]. - The board will regularly review the delegation of authority to ensure it meets the company's needs[63]. - The company has established a framework for ongoing training and professional development for directors and senior management[75]. Risk Management - The board is responsible for maintaining an effective risk management and internal control system to protect shareholder investments and company assets[117]. - The internal control system includes a comprehensive budget, reporting, policies, and procedures aimed at identifying and managing risks that could hinder business objectives[118]. - The company identified five major risk categories currently faced, including financial market risks, credit risks, compliance risks, operational human resource risks, and cybersecurity risks[129]. - The company has established a risk management and internal control manual to ensure compliance with policies and procedures, which is reviewed annually for necessary updates[131]. - The effectiveness of the risk management and internal control system is reviewed annually by the board and the audit committee, focusing on financial, operational, and compliance monitoring[132]. Environmental, Social, and Governance (ESG) - The group has adopted an environmental, social, and governance (ESG) policy to manage related risks and ensure high business standards[141]. - The company has implemented measures to monitor and manage environmental impacts, including energy consumption and waste management[146]. - The board is committed to integrating ESG considerations into the company's operations and continuously improving environmental performance[140]. - The company has adhered to all relevant labor laws and regulations, ensuring fair and competitive compensation for employees[150]. - The company actively engages in community participation, including direct or indirect contributions to specific projects[154]. Employee Engagement and Development - The average number of employees for the year ended December 31, 2019, was 16[156]. - The company has implemented a comprehensive training program to enhance employee skills and knowledge, with training subsidies provided for relevant courses[151]. - The company is committed to maintaining a safe working environment, complying with all health and safety regulations[151]. - The company has established a policy to prevent all forms of child and forced labor, in compliance with relevant laws[151]. Audit and Compliance - The audit fees paid to the external auditor amounted to HKD 1,350,000, while non-audit fees totaled HKD 1,240,000, bringing the total to HKD 2,590,000 for the year[88]. - The audit committee held four meetings in 2019, reviewing the financial performance and discussing significant financial reporting judgments[112][113]. - The audit committee assessed the effectiveness of the group's risk management and internal control systems, considering resource adequacy and employee qualifications[113]. - The company provides information to shareholders through regular financial reports and its website, ensuring transparency and accessibility[110].
梧桐国际(00613) - 2019 - 中期财报
2019-09-19 22:02
Financial Performance - For the six months ended June 30, 2019, the group recorded an unaudited consolidated profit attributable to shareholders of approximately HKD 32,100,000, a decrease of HKD 28,800,000 or 47% compared to the same period last year[17]. - Revenue for the same period decreased by HKD 2,100,000 or 5% to HKD 38,000,000[17]. - The profit attributable to equity holders for the period was HKD 32,126,000, down 47.3% from HKD 60,959,000 in the previous year[71]. - Basic and diluted earnings per share decreased to HKD 0.35 from HKD 0.66, a drop of 47%[67]. - Total revenue for the six months ended June 30, 2019, was HKD 53,741,000, a decrease from HKD 62,551,000 for the same period in 2018, representing a decline of approximately 14%[102]. - Other income and gains decreased to HKD 15,737,000 from HKD 22,446,000, representing a decline of 30%[67]. Revenue Sources - Rental income from property leasing increased by HKD 500,000, totaling HKD 6,100,000, which is a 5% increase year-on-year[24]. - Dividend income from listed equity investments decreased to HKD 8,100,000, down from HKD 24,800,000 in 2018[30]. - Financial management segment generated revenue of HKD 31,897,000, while property leasing segment contributed HKD 6,107,000, totaling HKD 38,004,000 in reported revenue[102]. - Interest income from debt investments amounted to HKD 6,900,000, compared to zero in the previous year[21]. - Interest income from receivables was HKD 7,476,000, compared to HKD 9,661,000 in the prior year, reflecting a decline of approximately 23%[108]. Investment Activities - The group realized a gain of HKD 9,400,000 from the sale of equity investments during the period, compared to zero in the previous year[20]. - The group recorded a fair value loss of HKD 23,400,000 from its investment in Zhongyu Land Holdings Limited during the reporting period[40]. - The group received dividend income of HKD 5,800,000 from Zhongyu Land Holdings Limited during the reporting period[40]. - The company announced a proposed acquisition of approximately 52.63% equity in Liberty Capital Limited for a total consideration of HKD 270,000,000, excluding transaction costs[46]. - The group plans to acquire a majority stake (approximately 52.63%) in Liberty Capital Limited to expand its financial services division[27]. Financial Position - The group's net asset value as of June 30, 2019, was HKD 1,664,500,000, an increase of HKD 32,100,000 from the previous fiscal year-end[31]. - The group maintained a high liquidity ratio of 300.3 times as of June 30, 2019, compared to 91.6 times on December 31, 2018[33]. - The group had no bank loans as of June 30, 2019, consistent with the previous year[33]. - Total assets as of June 30, 2019, were HKD 1,671,415,000, compared to HKD 1,635,751,000 at the end of 2018, showing a slight increase[73]. - Total equity increased to HKD 1,664,505,000 from HKD 1,632,379,000, reflecting a growth of 2%[73]. Cash Flow - Cash and cash equivalents at the end of the period were HKD 43,124,000, down from HKD 82,872,000, a decrease of 48%[80]. - The net cash used in operating activities was HKD (76,918,000), compared to HKD 44,226,000 generated in the same period last year[80]. - The company reported a net cash outflow from investing activities of HKD (48,360,000), compared to a cash inflow of HKD 1,884,000 in the previous year[80]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the six-month period ending June 30, 2019, except for certain deviations regarding the chairman and CEO positions[52]. - The company has adopted a share option scheme since May 21, 2015, with no options granted during the review period[58]. - The company has no plans for significant investments or acquisitions of major capital assets as of the report date[48]. Employee Information - The company employed a total of 10 staff members as of June 30, 2019, and provided various employee benefits including MPF, medical insurance, and discretionary training subsidies[49]. - The total remuneration paid to key management personnel for the six months ended June 30, 2019, was HKD 3,417,000, compared to HKD 2,654,000 in the previous year, indicating an increase of approximately 28.8%[130]. Accounting Standards - The company adopted the new Hong Kong Financial Reporting Standard No. 16, which requires lessees to recognize all leases on the balance sheet as a right-of-use asset and a lease liability[87]. - The new lease standard does not impact the company's classification of leases as a lessor, which remains consistent with previous accounting standards[86]. - The cumulative effect of adopting the new standard was adjusted in the retained earnings as of January 1, 2019, without restating prior year comparative information[87].