Financial Performance - Total sales and service revenue for 2020 reached HKD 243,546,000, an increase from HKD 168,026,000 in 2019[22] - The company reported an investment loss of HKD 244,018,000, compared to a gain of HKD 163,289,000 in the previous year[22] - EBITDA for 2020 was negative HKD 210,978,000, a decline from positive HKD 236,636,000 in 2019[22] - The pre-tax loss for the year was HKD 303,843,000, compared to a profit of HKD 35,482,000 in 2019[22] - The annual loss attributable to shareholders was HKD 296,725,000, compared to a profit of HKD 27,379,000 in the previous year[22] - Basic loss per share was HKD 4.499, a decrease from earnings of HKD 0.437 per share in 2019[22] Revenue Breakdown - Oil sales revenue amounted to HKD 152,219,000, while ride-hailing service revenue was HKD 91,327,000, marking the company's entry into the ride-hailing sector[22] - The company generated revenue of HKD 91.3 million from its mobility services platform in the first four months post-investment in Weipin, despite the adverse effects of COVID-19[30] - The number of ride-hailing orders processed by Weipin from November 15, 2019, to March 31, 2020, was 3,088,786, generating total revenue of HKD 91.3 million, with an average revenue of HKD 30 per order[75] Investment Activities - The company has invested in multiple energy portfolio companies, including Stonehold and GNL Quebec, focusing on upstream oil and LNG value chain investments[19][20] - The company holds a 9.8% stake in Liquefied Natural Gas Limited, a major independent LNG project developer in North America[21] - Weipin, a ride-hailing service company in China, was acquired, with the company holding a 35.5% equity interest and consolidating its financial results[21] - The company invested approximately HKD 115.2 million in Jiufeng, which is engaged in clean energy, including LNG and LPG sales, and is expected to benefit from the current market conditions[48] - The company invested $3,150,000 in GNL Quebec in November 2017 and an additional $1,000,000 in July 2018 to support project development[49] Asset Management - Non-current assets increased to HKD 2,734,099,000 in 2020 from HKD 2,606,207,000 in 2019, reflecting a growth of 4.9%[23] - Total assets slightly rose to HKD 3,914,009,000 in 2020 compared to HKD 3,898,769,000 in 2019, indicating a marginal increase of 0.4%[23] - The company reported a significant loss of approximately HKD 143,298,000 from Stonehold investments in 2020, compared to a profit of HKD 184,361,000 in 2019[26] Production and Sales Metrics - Average daily production increased to 1,129 barrels in 2020 from 1,076 barrels in 2019, representing a growth of 4.9%[26] - The average unit selling price per barrel decreased to HKD 475 in 2020 from HKD 518 in 2019, a decline of 8.3%[26] - The average production cost per barrel decreased to HKD 214 in 2020 from HKD 241 in 2019, a reduction of 11.2%[26] Market Conditions and Risks - The company remains vigilant regarding the ongoing impact of COVID-19 on its operations and is committed to addressing these challenges[32] - The company faces significant market risks in its energy investment business, including oil price risk, currency risk, liquidity risk, and interest rate risk[93] - The energy investment fund faced unprecedented challenges in Q1 2020 due to global oil price and stock market declines[64] Corporate Governance - The company has a strong governance structure with various committees including audit, remuneration, and nomination committees[107][108][109][110] - The company is committed to maintaining high standards of corporate governance and investor relations[106][110] - The board of directors consists of a mix of executive, non-executive, and independent non-executive members, with no relationships among them[138] Shareholder Information - The company reported no final dividend for the fiscal year 2019, as stated in the annual report[118] - Major shareholders include Titan Gas Technology Investment Limited, holding 3,431,623,388 shares, which is 52.03% of the issued ordinary shares[150] - The total number of shares held by the top shareholders indicates a significant concentration of ownership within the company[150] Future Outlook - The company plans to continue diversifying its revenue sources and maximizing shareholder returns through its focus on the mobility services platform[30] - The company aims to leverage its early mover advantage in the new mobility sector and address the demand for improved ride-hailing service quality and compliance[32] - The company is actively seeking investment opportunities in other sectors to broaden its revenue sources and establish a sustainable corporate strategy[188]

Financial Performance - For the six months ended September 30, 2019, total revenue was HKD 91,541,000, a decrease of 45% from HKD 166,398,000 in the same period of 2018[7] - The company's EBITDA for the same period was HKD 35,583,000, down 69% from HKD 115,135,000 year-on-year[7] - The net profit for the period was HKD 4,337,000, a significant decline of 94% compared to HKD 74,842,000 in the previous year[7] - Total revenue from product sales for the six months ended September 30, 2019, was HKD 86,075,000, a decrease of 1.5% compared to HKD 87,344,000 in 2018[99] - Investment income for the same period was HKD 38,020,000, down from HKD 40,446,000 in 2018, reflecting a decline of 6.0%[99] - The company reported a total comprehensive loss of HKD 26,973,000 for the period, compared to a total comprehensive income of HKD 17,349,000 in 2018[100] - Basic earnings per share for the period was HKD 0.066, compared to HKD 1.230 in 2018, indicating a substantial decline[99] - The company reported a profit of HKD 4,337 thousand for the six months ended September 30, 2019, compared to a loss of HKD 47,463 thousand in the previous period[106] Assets and Liabilities - The total assets as of September 30, 2019, amounted to HKD 3,959,943,000, an increase from HKD 3,898,769,000 as of March 31, 2019[8] - The company's equity as of September 30, 2019, was HKD 3,516,440,000, down from HKD 3,543,413,000 at the end of the previous reporting period[103] - The total liabilities as of September 30, 2019, were HKD 226,065,000, slightly down from HKD 226,514,000 on March 31, 2019, showing a decrease of approximately 0.2%[152] - The company had cash and cash equivalents of HKD 1,331,700,000, an increase from HKD 1,191,500,000 as of March 31, 2019[55] - The debt-to-asset ratio was approximately 3.2% as of September 30, 2019, compared to 1.2% as of March 31, 2019[55] Production and Sales - Total production from upstream oil and gas operations was 219,342 barrels, an increase from 191,653 barrels in the previous year, while total sales rose to 214,487 barrels from 189,034 barrels[11] - Average unit selling price per barrel decreased to HKD 502 from HKD 578, while average production cost per barrel decreased to HKD 219 from HKD 245[11] - Hongbo Mining's crude oil production increased by approximately 14.5% to about 219,342 barrels during the reporting period[16] - Total crude oil sales and net crude oil sales rose by approximately 13.5%, reaching about 214,487 barrels and 171,590 barrels, respectively[16] - Despite a decline in average oil prices, total revenue from crude oil sales in RMB increased by approximately 3.4% to about RMB 94,800,000[16] Investments and Strategic Initiatives - The company is actively seeking investment opportunities in other industries to develop sustainable corporate strategies and expand revenue sources[6] - The company has a minority stake in Jiufeng, which is recognized as a significant LNG market participant, importing over 1,000,000 tons of LNG annually[5] - GNL Quebec, in which the company has a minority stake, is developing one of Canada's largest LNG export terminals with a planned capacity of 11,000,000 tons per year[5] - LNGL, another investment, operates the Magnolia LNG project in Louisiana with a capacity of 8,800,000 tons per year, and the company holds a 9.9% stake in it[5] - The company aims to leverage the growing demand for LNG imports from North America to China, seeking investment opportunities along the LNG value chain[41] Market Conditions and Outlook - The average Brent crude price during the reporting period was USD 63.53 per barrel, reflecting fluctuations influenced by various market factors[15] - The company anticipates continued volatility in the oil market over the next 12 months, with crude oil prices fluctuating between USD 60 and USD 70 per barrel[40] - Despite challenges from the US-China trade dispute, the structural opportunities in the LNG sector remain, with growing demand in Asia and other developing regions[30] - The company believes that the current low-price environment in the global LNG market will facilitate market growth[31] Corporate Governance and Management - The board remains committed to closely monitoring the company's strategic and operational adjustments in response to market conditions[10] - The company has not engaged in any significant litigation or arbitration as of September 30, 2019, ensuring no major legal threats[62] - The board of directors confirmed compliance with the corporate governance code during the reporting period, with the exception of the chairman and CEO roles being held by the same individual[95] - The company has adopted the standard code for securities transactions by directors and confirmed adherence during the reporting period[94] Accounting and Financial Reporting - The company has adopted the new Hong Kong Financial Reporting Standard 16 ("Leases") effective from April 1, 2019, which introduces a single lessee accounting model[113] - The transition to HKFRS 16 did not have a significant impact on the company's financial performance or position for the current or prior periods[112] - The report emphasizes the importance of management's judgments, estimates, and assumptions in determining the amounts reported for assets, liabilities, and income[112] - The company has not disclosed any significant changes in accounting policies that would materially affect the financial statements[115]

Financial Performance - Total revenue for the year ended March 31, 2019, was HKD 331.3 million, a significant increase from HKD 197.8 million in 2018, representing a growth of approximately 67.4%[7] - The company reported a profit before tax of HKD 35.5 million for the fiscal year, compared to a profit of HKD 24.3 million in the previous year, marking an increase of about 46.5%[7] - EBITDA for the year was HKD 236.6 million, up from HKD 101.7 million in 2018, indicating a growth of approximately 132.4%[7] - The company achieved a total sales revenue of HKD 168.0 million from product sales, an increase of 36.1% from HKD 123.4 million in 2018[7] - Investment income for the year was HKD 163.3 million, compared to HKD 74.4 million in the previous year, reflecting a growth of approximately 119.5%[7] - Non-current assets increased to HKD 2,606,207,000 in 2019 from HKD 2,314,740,000 in 2018, representing a growth of 12.5%[8] - Total assets decreased to HKD 3,898,769,000 in 2019 from HKD 4,263,461,000 in 2018, a decline of 8.6%[8] - Total liabilities decreased to HKD 355,356,000 in 2019 from HKD 673,902,000 in 2018, a reduction of 47.3%[8] - The company had no outstanding loans as of March 31, 2019, maintaining a low asset-liability ratio of approximately 1.2% compared to 7.1% in the previous year[76] Production and Sales - Average unit selling price per barrel increased to HKD 518 in 2019 from HKD 432 in 2018, reflecting a growth of 19.9%[11] - Total production reached 387,513 barrels in 2019, up from 362,682 barrels in 2018, an increase of 6.8%[11] - The number of producing wells decreased to 13 in 2019 from 22 in 2018, a reduction of 40.9%[11] - The average daily total production of crude oil increased by approximately 6.8% to about 387,513 barrels in the fiscal year 2018[26] - The total crude oil sales revenue increased by approximately 36.2% to about HKD 210 million, while net revenue rose to about HKD 168 million[26] - The net sales volume of oil increased from approximately 285,910 barrels in FY2017 to approximately 312,384 barrels in FY2018, a rise of about 9.3%[62] Investments and Acquisitions - The company holds a 100% equity stake in Hongbo Mining, which had a total sales volume of approximately 390,479 barrels and sales revenue of about HKD 210 million as of March 31, 2019[4] - The company has invested in multiple energy portfolio companies, including Stonehold, which reported a total net production of approximately 962,000 barrels of oil equivalent and revenue of USD 48.2 million in 2018[4] - The company invested HKD 166,800,000 in Liquefied Natural Gas Limited (LNGL), acquiring a 9.9% stake, positioning itself as the second-largest shareholder[15] - Additional investment of approximately HKD 24,633,000 was made in GNL Quebec, with further support of HKD 7,800,000 to enhance project development[16] - The company invested HKD 43,937,000 in a joint venture with Zhunshida International Supply Chain Management Co., Ltd., acquiring a 39% stake in Zhunshida Energy, which focuses on LNG logistics services[17] - The company made a strategic investment in Jiufeng, which operates a non-state-owned LNG receiving station with an annual capacity of 2 million tons[20] Market and Industry Trends - The global LNG market grew to 319 million tons in 2018, an increase of 27 million tons from 2017, with China’s natural gas consumption rising by 18.1%[20] - The company is positioned to capitalize on investment opportunities arising from China's energy structure reform and global natural gas market changes[6] - The company aims to leverage opportunities in the LNG sector, particularly in the North American market, to meet China's growing import demand[60] - The company plans to expand investments in regions similar to China, replicating successful business models established in the Chinese market[21] Environmental and Social Responsibility - The company has not experienced any environmental pollution or ecological damage incidents during the reporting period[178] - The company aims to enhance resource utilization efficiency and reduce pollutant emissions, adhering to various environmental protection laws and regulations[178] - The company has established strict internal environmental protection management measures, including the "Environmental Protection Management Measures" and "Oil Area Environmental Protection Management System" to manage emissions and environmental impacts[179] - The company emphasizes a development philosophy of "energy conservation, emission reduction, green development, and safety first" in its operations[177] - The company is actively positioning itself in the clean energy sector, particularly in natural gas, to meet China's growing import demand[177] Corporate Governance - The company has a strong board with members holding significant experience in finance, investment, and energy sectors, enhancing governance and strategic oversight[94][95][96] - The independent non-executive directors bring diverse expertise from various industries, including private equity and energy, contributing to informed decision-making[93][94][96] - The company emphasizes compliance and internal control, led by the CFO, to ensure financial integrity and operational efficiency[99] - The board includes members with academic credentials from prestigious institutions, enhancing the company's strategic direction and governance[93][94][95] - The company has adopted the corporate governance code and has been compliant with its provisions, except for the separation of the roles of chairman and CEO[141] Risk Management - The company employs a three-line defense model for risk management, with operational management as the first line responsible for identifying and managing daily operational risks[162] - The internal audit department conducts risk-oriented audits across all subsidiaries, providing assurance on governance, risk management, and internal controls[165] - The board conducts an annual review of the effectiveness of the risk management and internal control systems, confirming their adequacy to meet current requirements[166] - The company has established a formal risk assessment process to identify and manage potential risks to achieve business objectives[164] Employee and Operational Metrics - Total employee costs for the fiscal year 2018 amounted to HKD 44,300,000, compared to HKD 33,000,000 in the fiscal year 2017[86] - The company employed 115 staff members as of March 31, 2019, an increase from 113 staff members as of March 31, 2018[86] - The company has not reported any significant risks or uncertainties in its business outlook for the upcoming fiscal year[103] Shareholder Information - The company has adopted a dividend policy that allows for distribution in cash or shares, subject to board discretion and shareholder approval[113] - The company did not recommend the payment of a final dividend for the fiscal year 2018, consistent with the previous fiscal year[85] - Major shareholders include 罗玉平 with 3,431,623,388 shares (52.03%), 鴻準精密工業股份有限公司 with 1,485,000,000 shares (22.51%), and Q-Run Holding Ltd. with 1,188,000,000 shares (18.01%) [130] Future Outlook - The company expects significant fundraising progress with new limited partners joining the energy investment fund in fiscal year 2019[22] - The company plans to use proceeds from its upcoming IPO to purchase two top-tier medium-sized LNG vessels, further expanding its LNG business[37] - The company aims to maximize investment returns through Jerry's deep understanding of the energy-related industry[43]