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信保环球控股(00723) - 致登记股东之通知函 – 发佈企业通讯之新安排
2024-11-07 13:56
登記股東之名稱及地址 Reliance Global Holdings Limited 信保環球控股有限公司* (於百慕達註冊成立之有限公司) (股份代號: 723) Reliance Global Holdings Limited 信保環球控股有限公司* (於百慕達註冊成立之有限公司) (股份代號: 723) 2024 年 11 月 8 日 尊敬的股東 發佈企業通訊之新安排 簡介 本公司不會向股東發出公司通訊網站版本 6 的登載通知。 本公司鼓勵股東主動留意網站上所有日後的公司通 訊的登載情況,並自行瀏覽公司通訊的網站版本。 3. 向本公司提供股東電子郵箱地址 根據香港聯合交易所有限公司(「聯交所」)證券上市規則(「上市規則」)新規則第 2.07A 條 1 以及信保環球 控股有限公司(「本公司」)的組織章程大綱及公司細則,本公司將以電子通訊方式向其股東 3 發佈本公司日後 的企業通訊(「企業通訊 2」),並僅應股東要求向其寄發印刷本形式的企業通訊。 就此而言,以下安排將於 2024 年 11 月 8 日起生效。 安排 1. 可供採取行動的企業通訊 4 本公司將以電子通訊方式(「通過電子郵件」)向股東個別地發 ...
信保环球控股(00723) - 2024 - 年度财报
2024-07-30 08:32
Loan Portfolio and Credit Quality - As of March 31, 2024, the company's loan portfolio consists of individual loan amounts ranging from approximately HKD 2,323,000 to HKD 16,690,000, with an average loan amount of approximately HKD 5.9 million, down from HKD 7.4 million in 2023[5]. - The credit quality remains healthy, with 90% of the loan portfolio secured by collateral, and a weighted average interest rate of approximately 11%, up from 10% in 2023[5]. - The largest borrower has a loan amount of HKD 16,690,000, and the top five borrowers account for a total of HKD 44,748,000, representing 31% and 84% of the loan portfolio, respectively[5]. - The company has established clear credit policies and procedures to manage credit risk effectively, ensuring a robust credit assessment process[6]. - The company has no outstanding loans from its major shareholder as of March 31, 2024, compared to HKD 40,000,000 in 2023[13]. Financial Performance and Capital Raising - The company successfully issued HKD 50,000,000 in interest-bearing notes in January 2020 to fund its lending business, and has since repaid all outstanding amounts to save on financing costs[11]. - The company raised approximately HKD 34.3 million from the placement of 1,822,980,000 new shares at a price of HKD 0.0193 per share, with 60% of the net proceeds allocated to expanding the timber supply chain business[16]. - The company plans to utilize the remaining 40% of the net proceeds from the share placement for general working capital[16]. - The company does not recommend the distribution of any final dividend for the year ending March 31, 2024 (2023: none)[31]. Governance and Board Structure - The board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring a diverse skill set and experience[51]. - Major shareholders include Ms. Wang, Elite Prosperous, and Champion Alliance, each holding approximately 26.82% of the issued shares, totaling 2,444,359,944 shares[43]. - The board is committed to ensuring at least three independent non-executive directors, with a balanced composition of three executive directors and three independent non-executive directors as of March 31, 2024[81]. - The board consists of three female directors and four male directors, reflecting a commitment to gender diversity[130]. - The company has not established any service contracts with directors that cannot be terminated within one year without compensation[63]. Environmental, Social, and Governance (ESG) Practices - The company welcomes stakeholder feedback regarding its environmental, social, and governance performance[52]. - The company has established appropriate and effective management policies and internal control systems regarding environmental, social, and governance (ESG) matters[93]. - The board of directors is responsible for formulating and reporting on the company's ESG strategies, ensuring that ESG principles are integrated into decision-making processes[113]. - The company actively responds to stakeholder concerns regarding environmental issues, including carbon neutrality and energy conservation[109]. - The company has implemented an environmental policy aimed at minimizing adverse environmental impacts and promoting sustainable business practices[133]. Risk Management and Internal Controls - The company has established a risk management and internal control system to manage significant risks, including environmental, social, and governance risks, integrated into daily operations[160]. - An independent professional firm, Roma Risk Consulting Limited, was engaged to conduct an annual review of the risk management and internal control system[161]. - The board believes that the current risk management and internal control systems are effective and sufficient, with no significant weaknesses identified[182]. - The audit committee is responsible for overseeing the implementation and effectiveness of the whistleblowing policy and investigating subsequent actions[165]. - Roma has submitted a corporate risk management report and an internal control report to the audit committee and management, detailing investigation results and improvement recommendations[185]. Employee and Stakeholder Engagement - The company has implemented a performance evaluation system to reward outstanding employees with competitive compensation and career development opportunities[76]. - The company maintains a balanced and unbiased ESG report, avoiding any misleading information that could affect stakeholders' decisions[121]. - The company actively engages stakeholders through various communication channels to identify sustainability issues and potential risks[86]. - The remuneration committee is responsible for developing and reviewing compensation policies to attract and retain high-quality talent, which is crucial for the company's success[126]. - The gender ratio of the employee team, including senior management, is approximately 5:4, indicating achieved gender diversity[172].
信保环球控股(00723) - 2024 - 年度业绩
2024-07-16 11:11
Financial Performance - The diluted loss per share for the year ended March 31, 2024, is clarified to be HKD (0.049) instead of HKD (0.048) [7] - The weighted average number of ordinary shares used to calculate basic loss/earnings per share for 2024 is 9,115,435 thousand shares, compared to 9,114,897 thousand shares for 2023 [8] - The potential dilutive effect of convertible preferred shares is not included in the calculation of diluted loss per share [5] Leadership Structure - The board of directors includes key members such as the chairperson and CEO, indicating a stable leadership structure [14] Earnings Announcement - The company aims to maintain the content of the earnings announcement unchanged, despite the clarifications made [13]
信保环球控股(00723) - 2024 - 年度业绩
2024-06-27 13:48
Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 305,613,000, a decrease of 40% compared to HKD 509,326,000 in 2023[2] - The net loss for the year was HKD 9,669,000, compared to a loss of HKD 5,680,000 in the previous year, indicating a 70% increase in losses[4] - The company reported a net loss attributable to owners of HKD 4,453,000, compared to a profit of HKD 280,000 in the previous year[4] - The segment performance showed a loss of HKD 231,000 for the year ended March 31, 2024, compared to a profit of HKD 10,967,000 in the previous year[19] - The company recorded a revenue decline of 40% to HKD 305,613,000 for the fiscal year ending March 31, 2024, compared to HKD 509,326,000 in 2023[49] - The wood supply chain operations generated a revenue drop of 40% to HKD 295,421,000, with a loss of HKD 5,437,000, compared to a profit of HKD 4,310,000 in 2023[52] - The lending business experienced a revenue decline of 43% to HKD 10,192,000 in fiscal year 2024, down from HKD 17,838,000 in 2023, with profit dropping 66% to HKD 5,206,000[62] Cost and Expenses - The cost of sales for the same period was HKD 281,100,000, down from HKD 476,150,000, reflecting a 41% reduction[2] - The financing costs for the year ended March 31, 2024, were HKD 2,911,000, down from HKD 5,798,000 in the previous year, indicating a reduction of 50%[21] - The impairment loss on trade receivables increased to HKD 5,119,000 in 2024 from HKD 1,334,000 in 2023, reflecting a significant rise of 284%[23] - The impairment loss on receivables for the fiscal year 2024 was HKD 605,000, a significant decrease from a reversal of impairment loss of HKD 3,556,000 in 2023[66] Assets and Liabilities - The company's total assets decreased to HKD 238,511,000 from HKD 344,979,000, a decline of 31%[5] - The total liabilities as of March 31, 2024, were HKD 44,330,000, compared to HKD 126,188,000 in the previous year, indicating a reduction of 65%[19] - The total amount of loans receivable decreased to HKD 62,038,000 in 2024 from HKD 155,718,000 in 2023, with an impairment provision of HKD 8,832,000[37] - Trade receivables decreased to HKD 9,747,000 in 2024 from HKD 17,040,000 in 2023, with an increase in impairment provision from HKD 1,375,000 to HKD 6,454,000[31] Shareholder Information - The basic loss per share for the year was HKD 0.049, compared to a profit of HKD 0.003 in the previous year[4] - The company has no plans to declare dividends for the year ending March 31, 2024, consistent with the previous year[28] - The company does not recommend a final dividend for the fiscal year ending March 31, 2024, consistent with 2023[47] Business Operations - The traditional business model within the wood supply chain generated revenue of HKD 206,896,000, down 21% from HKD 260,646,000 in 2023, with a profit of HKD 2,916,000[53] - The optimized business model recorded revenue of HKD 88,525,000, a 62% decrease from HKD 230,842,000 in 2023, resulting in a loss of HKD 8,353,000[56] - The wood supply chain operations faced challenges due to a significant slowdown in the Chinese real estate sector, leading to a substantial decrease in sales orders[52] - The company aims to diversify its customer base, supply sources, and product types to enhance resilience against current market challenges[57] Financing and Investment - The company completed a placement of 1,822,980,000 new shares at a price of HKD 0.0193 per share, raising approximately HKD 34.3 million, with 60% allocated to expanding the wood supply chain business[45] - The group secured discount bill financing of $40,000,000, €5,000,000, and HK$100,000,000, enhancing financial flexibility for its timber supply chain business[71] - The group is actively seeking investment opportunities in sustainable forest management despite not holding any forest assets as of March 31, 2024[59] Financial Health - Cash and cash equivalents increased to HKD 76,064,000 from HKD 65,761,000, showing a growth of 16%[5] - The group's liquidity ratio improved to approximately 5.4 as of March 31, 2024, compared to 4.1 in 2023, indicating strong financial health[74] - The capital debt ratio improved to 10% as of March 31, 2024, down from 27% in 2023, attributed to a reduction in outstanding notes and bank borrowings[76] Audit and Compliance - The audited consolidated financial statements for the year ending March 31, 2024, have been reviewed by the audit committee and formally approved by the board of directors[86] - The preliminary announcement regarding the group's consolidated financial position and comprehensive income for the year ending March 31, 2024, has been agreed upon by the group's auditor, KPMG (Hong Kong), and is consistent with the audited financial statements[87]
信保环球控股(00723) - 2024 - 中期财报
2023-12-28 08:30
Financial Performance - For the six months ended September 30, 2023, the company reported a revenue decline of 69% to HKD 80,927,000, compared to HKD 259,505,000 for the same period in 2022[11] - The company experienced a loss attributable to owners of HKD 3,348,000, a significant drop from a profit of HKD 2,254,000 in the previous year[11] - The net loss for the group was HKD 3,679,000, compared to a net profit of HKD 1,672,000 in the same period last year[11] - Revenue for the six months ended September 30, 2023, was HKD 80,927,000, a decrease of 68.8% compared to HKD 259,505,000 for the same period in 2022[85] - Operating loss for the period was HKD 1,956,000, compared to an operating profit of HKD 5,446,000 in the previous year[85] - Net loss for the period was HKD 3,679,000, a significant decline from a profit of HKD 1,672,000 in the same period last year[86] - Basic loss per share was HKD 0.037, compared to earnings per share of HKD 0.025 in the previous year[85] - The company reported a total comprehensive loss of HKD 5,197,000 for the period, compared to a loss of HKD 7,818,000 in the previous year[86] Timber Supply Chain Operations - The timber supply chain operations recorded a revenue drop of 70% to HKD 74,764,000, down from HKD 249,230,000 in the previous year[13] - The timber supply chain operations incurred a loss of HKD 1,937,000, compared to a profit of HKD 2,798,000 in the same period last year[13] - The volume of timber and wood products traded was approximately 27,000 cubic meters, a decrease of 74% from 105,000 cubic meters in the previous year[13] - The traditional business model within the timber supply chain generated revenue of HKD 26,408,000, a 76% decrease from HKD 112,374,000 in the previous year[15] - The hardwood log trading volume under the traditional business model was approximately 11,000 cubic meters, down 77% from 48,000 cubic meters in the previous year[15] - The decline in revenue and trading volume was primarily due to a significant slowdown in China's real estate sector, leading to reduced sales orders and prices[13] - The company continues to face challenges in the operating environment, impacting both its timber supply chain and lending operations[11] Lending Business - The lending business recorded a revenue decline of 40% to HKD 6,163,000 for the first half of 2023, compared to HKD 10,275,000 in the same period of 2022[39] - Profit for the lending business decreased by 43% to HKD 4,471,000, down from HKD 7,818,000 in the previous year[39] - Interest income fell to HKD 5,968,000, a decrease from HKD 9,739,000 in the prior period[39] - The loan portfolio consisted of 18 loans as of September 30, 2023, down from 24 loans on March 31, 2023, with a total book value of HKD 94,713,000[40] - The average loan amount in the portfolio was approximately HKD 6,800,000, down from HKD 7,400,000 as of March 31, 2023[42] - 95% of the loan portfolio is secured by collateral, maintaining a healthy credit quality[42] - The largest borrower had a loan amount of HKD 16,690,000, representing 18% of the total loan portfolio[42] - The company has no recorded impairment losses on collateral assets as of September 30, 2023, compared to HKD 1,065,000 in the previous year[39] - The company adopts a cautious approach in granting new loans due to the current economic conditions in Hong Kong[39] Impairment and Provisions - The company recognized an impairment loss of HKD 1,008,000 on trade receivables, which was not present in the previous year[17] - The impairment loss on receivables for the first half of 2023 was HKD 365,000, a decrease from HKD 903,000 in the same period of 2022[55] - The group’s impairment provision increased by 4% to HKD 8,592,000 as of September 30, 2023, from HKD 8,227,000 on March 31, 2023[55] - The company recognized a provision for impairment of trade receivables amounting to HKD 2,313,000 as of September 30, 2023, compared to HKD 1,375,000 as of March 31, 2023[124] - The impairment provision for receivables increased to HKD 8,592,000 as of September 30, 2023, compared to HKD 8,227,000 as of March 31, 2023, reflecting a rise of 4.4%[131] Financial Position and Liquidity - The current ratio improved to approximately 8.8 as of September 30, 2023, compared to 4.1 on March 31, 2023, indicating a strong liquidity position[65] - The total outstanding amount of the first tranche of three-year notes was HKD 18,000,000 as of September 30, 2023, reduced from HKD 40,000,000 on March 31, 2023[67] - The group recorded a net foreign exchange loss of HKD 2,003,000 for the first half of 2023, significantly lower than HKD 9,337,000 for the same period in 2022, mainly due to fluctuations in the Euro[72] - The group’s equity attributable to owners decreased by 2% to HKD 241,675,000 as of September 30, 2023, from HKD 245,797,000 on March 31, 2023[66] - The capital-to-debt ratio improved to 15% as of September 30, 2023, down from 27% on March 31, 2023, due to a reduction in payables and bank borrowings[66] - The total remuneration paid to employees decreased by 5% to HKD 8,499,000 for the first half of 2023, compared to HKD 8,938,000 for the same period in 2022[73] - The company reported a net cash outflow from financing activities of HKD 71,922,000, compared to a net cash inflow of HKD 73,037,000 in the previous year[93] - The company’s accumulated losses stood at HKD 2,844,128,000 as of September 30, 2023[90] Operational Developments - The company has established distribution centers in Slovenia, Romania, and Croatia, enhancing its competitive advantage in the wood supply chain business[34] - The acquisition of a board processing plant in Romania, completed in January 2022, has integrated operations and contributed to revenue since then[30] - The new processing plant has an annual production capacity of 8,000 cubic meters of boards[30] - The company currently holds a 51% stake in the European operation, with a partner holding the remaining 49%[35] - The company continues to seek investment opportunities in European forest assets despite selling its Brazilian forest assets[36] - The company plans to adopt a cautious approach in managing its timber supply chain and lending business while seeking internal growth and vertical expansion opportunities[76] Corporate Governance and Compliance - The company has adopted the code of conduct for securities transactions by directors as set out in Appendix 10 of the Listing Rules, confirming compliance during the reporting period[156] - The company has complied with all applicable provisions of the corporate governance code as per the Listing Rules Appendix 14 for the six months ended September 30, 2023[158] - The interim financial statements for the six months ended September 30, 2023, have been reviewed by the audit committee and the company's auditor, but not audited[159] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the six months ended September 30, 2023[160]
信保环球控股(00723) - 2023 - 年度财报
2023-07-28 08:30
Financial Performance - The group's revenue decreased by 33% to HKD 509,326,000 for the fiscal year ending March 31, 2023, compared to HKD 761,776,000 in the previous year[9]. - The group recorded a slight profit attributable to shareholders of HKD 280,000, down from HKD 12,758,000 in the previous year, while the overall net loss was HKD 5,680,000 compared to a net profit of HKD 14,983,000 in the previous year[9]. - The timber supply chain operations generated a revenue decrease of 33% to HKD 491,488,000, with a loss of HKD 4,310,000 compared to a profit of HKD 16,831,000 in the previous year[10]. - The lending business recorded a revenue decrease of 33% to HKD 17,838,000, but profit increased by 6% to HKD 15,277,000 from HKD 14,463,000 in the previous year[11]. - The company recorded a net loss of HKD 5,680,000 for the fiscal year 2023, compared to a net profit of HKD 14,983,000 in 2022[19]. - The traditional business model within the timber supply chain generated revenue of HKD 260,646,000, a 49% decrease from HKD 511,739,000 in 2022, with a profit of HKD 3,168,000, down 75%[23]. - The optimized business model recorded revenue of HKD 230,842,000, a 3% increase from HKD 223,134,000 in 2022, but incurred a loss of HKD 7,478,000[27]. - The company faced significant operational challenges due to the slowdown in China's real estate sector, impacting timber demand and profit margins[22]. - The company reported a profit attributable to owners of HKD 280,000 for the fiscal year 2023, a significant decrease from HKD 12,758,000 in 2022, with basic earnings per share dropping to HKD 0.003 from HKD 0.140[70]. - The net loss for the company was HKD 5,680,000 in fiscal year 2023, compared to a net profit of HKD 14,983,000 in 2022, with a loss of HKD 5,960,000 attributable to non-controlling interests[70]. Timber Supply Chain Operations - The timber supply chain operations generated a revenue decrease of 33% to HKD 491,488,000, down from HKD 734,873,000 in 2022, resulting in a loss of HKD 4,310,000[22]. - The volume of timber and wood products traded was approximately 240,000 cubic meters, a decrease of 30% from 342,000 cubic meters in the previous year[10]. - The wood supply chain operations have established distribution centers in Slovenia, Romania, and Croatia, enhancing the company's competitive advantage and diversifying its customer base and revenue sources[41]. - The company is focusing on expanding its timber supply chain operations in Europe, Oceania, and Africa to serve clients in China and other countries[20]. - The acquisition of a wood processing plant in Romania is expected to enhance the group's capacity to better serve orders from Chinese customers[13]. - The company has engaged local logging teams in Romania for timber harvesting, ensuring a steady supply of raw materials for its processing operations[42]. - The wood supply chain operations have expanded market coverage by selling board products to new customers in Egypt during the fiscal year 2023[44]. Lending Business - The lending business recorded a revenue decrease of 33% to HKD 17,838,000 for the fiscal year 2023, while profit increased by 6% to HKD 15,277,000, reflecting a reduction in the loan portfolio size[52]. - The total principal amount of new loans granted in the fiscal year 2023 was HKD 29,200,000, with interest rates ranging from 8.5% to 12% and repayment periods from 3 to 18 months[54]. - As of March 31, 2023, the loan portfolio consisted of 24 loans, with a total carrying value of HKD 147,491,000 after deducting impairment provisions of HKD 8,227,000[54]. - The loan portfolio's average loan amount was approximately HKD 7,400,000, down from HKD 8,700,000 in 2022, with 91% of the portfolio secured by collateral[54]. - The weighted average interest rate of the loan portfolio was approximately 10%, compared to 11% in the previous year[54]. - The largest borrower had a loan amount of HKD 16,690,000, while the top five borrowers accounted for a total of HKD 63,935,000, representing 11% and 43% of the loan portfolio, respectively[54]. - The loan-to-value ratio for new loans is typically kept within 80% to mitigate credit risk associated with property-backed loans[62]. - The company employs a credit assessment process that includes evaluating the borrower's credit history and financial background, as well as the value and nature of the collateral[57]. - The company has established clear credit policies and procedures to manage loan approvals, monitoring, and collections[61]. - In case of significant loan defaults, the company will issue standard collection letters and may initiate legal proceedings to recover loans[62]. Inventory and Asset Management - As of March 31, 2023, the wood supply chain operations maintained inventory valued at HKD 21,961,000, a significant decrease from HKD 59,324,000 in the previous year, indicating improved inventory management[46]. - The estimated total value of collateral for the company's loans was approximately HKD 162,000,000 as of year-end, down from HKD 269,000,000 in 2022[54]. - The company has integrated operations from the newly acquired processing plant with its optimized business model, enhancing overall operational efficiency[43]. Market and Economic Conditions - The group remains cautiously optimistic about the future of its timber supply chain and lending businesses despite market uncertainties due to the Russia-Ukraine war and continuous interest rate hikes in the U.S.[14]. - The company has been actively seeking investment opportunities in European forest assets to develop its sustainable forest management business despite selling its Brazilian forest assets for HKD 2,300,000[48]. - The company experienced a foreign exchange loss of HKD 1,286,000 due to euro fluctuations during the fiscal year[27]. - The group recorded a net exchange loss of HKD 1,286,000 in the fiscal year 2023, primarily due to fluctuations in the Euro[81]. - The group incurred an exchange loss of HKD 1,847,000 in the exchange fluctuation reserve, mainly from the conversion of financial statements of European operations[81]. Corporate Governance and Management - The company emphasizes a strong corporate governance framework, focusing on ethical business practices and accountability to shareholders[150]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a diverse skill set and experience[156]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors during the year ended March 31, 2023[154]. - The company has established clear credit policies and procedures to manage loan approvals, monitoring, and collections[61]. - The company is committed to maintaining effective risk management and internal control systems, which are reviewed at least annually to protect shareholder interests[185]. - The company has adopted a comprehensive risk management system to identify, assess, and mitigate identified risks, including environmental, social, and governance risks[185]. - The audit committee is responsible for reviewing the effectiveness of the company's risk management and internal control systems[183]. - The board is responsible for ensuring compliance with all relevant laws and regulations, as well as overseeing the training and professional development of directors and senior management[180]. Employee and Compensation - The total employee compensation increased by 19% to HKD 19,022,000 in the fiscal year 2023, up from HKD 16,005,000 in 2022[82]. - The company maintains a workforce gender ratio of approximately 5:4, promoting equal employment and development opportunities[171]. - The remuneration policy is based on employee capabilities, experience, performance, and current market conditions[142]. - The remuneration committee's primary goal is to ensure the group can attract and retain high-quality teams, which is key to the group's success[166]. Environmental and Social Responsibility - The group emphasizes environmental protection and has implemented various green office measures[92]. - The company’s environmental policy and performance discussions are included in the ESG report on pages 48 to 76 of the annual report[109].
信保环球控股(00723) - 2023 - 年度业绩
2023-06-28 14:54
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佈的內容概不負責, 對其準確性或完整性亦不發表任何聲明,並明確表示概不就因本公佈全部或任何 部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 RELIANCE GLOBAL HOLDINGS LIMITED (cid:8073)(cid:8069)(cid:17496)(cid:17323)(cid:13135)(cid:20553)(cid:14001)(cid:26104)(cid:8468)(cid:9120)* (於百慕達註冊成立之有限公司) (股份代號:723) 截至二零二三年三月三十一日止年度之 全年業績公佈 信保環球控股有限公司(「本公司」)董事會(「董事會」或「董事」)謹此公佈本公司 及其附屬公司(統稱「本集團」)截至二零二三年三月三十一日止年度之經審核綜合 業績,連同比較數字如下: 綜合損益及其他全面收益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 收入 5 509,326 761,776 銷售成本 ...
信保环球控股(00723) - 2023 - 中期财报
2022-12-23 08:40
Financial Performance - For the six months ended September 30, 2022, the group's revenue decreased by 38% to HKD 259,505,000 compared to HKD 416,564,000 for the same period in 2021[9] - The group's net profit dropped by 85% to HKD 1,672,000, down from HKD 10,993,000 in the previous year[9] - The timber supply chain operations generated revenue of HKD 249,230,000, a decrease of 38% from HKD 399,703,000 in the previous year, with profit dropping by 76% to HKD 2,798,000[11] - The traditional business model within the timber supply chain generated revenue of HKD 112,374,000, down 61% from HKD 290,965,000, with profit decreasing by 83% to HKD 1,253,000[13] - The decline in revenue and profit was attributed to a significant slowdown in the Chinese real estate sector, leading to decreased demand for timber[11] - The group recorded a revenue of HKD 259,505 thousand for the six months ended September 30, 2022, a decrease of 37.8% compared to HKD 416,564 thousand in the same period of 2021[80] - The operating profit for the same period was HKD 5,446 thousand, down 66.9% from HKD 16,477 thousand in the previous year[80] - The net profit for the period was HKD 1,672 thousand, a significant decline of 84.8% compared to HKD 10,993 thousand in the prior year[82] - The group reported a profit before tax of HKD 2,254,000 for the six months ended September 30, 2022, compared to HKD 8,938,000 in the same period of 2021, representing a decrease of 74.8%[139] Business Operations - The group continues to operate four business segments, including timber supply chain, lending, and property leasing[9] - The management team is focused on building a global supply network to serve clients in China and other countries[10] - The company plans to continue expanding its timber supply chain operations in Europe, including establishing more distribution centers and processing projects[73] - The group aims to explore new business opportunities cautiously due to the ongoing negative impact of the COVID-19 pandemic on economic activities in China and Hong Kong[73] - The company has expanded its market coverage by selling boards to new customers in Egypt[29] Lending and Financial Activities - The group generated loan income of HKD 10,275,000 in the first half of 2022, a decrease of 38% compared to HKD 16,449,000 in the same period of 2021[39] - Operating profit from the lending business was HKD 7,818,000, down 25% from HKD 10,381,000 year-on-year[39] - New loans totaling HKD 28,700,000 were issued in the first half of 2022, with interest rates ranging from 8.5% to 12%[40] - The loan portfolio included 26 loans with a total book value of HKD 196,521,000 as of September 30, 2022, compared to HKD 182,563,000 on March 31, 2022[40] - The average loan amount in the portfolio was approximately HKD 8,200,000, with 94% of the loans secured by collateral[43] - The group recorded a 71% decrease in impairment losses on receivables, amounting to HKD 1,081,000, compared to HKD 3,730,000 in the previous year[39] - The group made a provision for impairment losses on collateral assets of HKD 1,065,000 as of September 30, 2022[39] - The weighted average interest rate of the loan portfolio was approximately 11%[43] Assets and Liabilities - As of September 30, 2022, the company's current assets increased to HKD 430,417,000 from HKD 350,359,000 as of March 31, 2022[62] - The company's cash and cash equivalents decreased to HKD 53,143,000 as of September 30, 2022, down from HKD 70,713,000 as of March 31, 2022[62] - The company's capital debt ratio increased to 63% as of September 30, 2022, compared to 31% as of March 31, 2022, primarily due to increased bank borrowings[63] - The total liabilities increased from HKD 159,235 million as of March 31, 2022, to HKD 229,689 million as of September 30, 2022, reflecting a rise of approximately 44%[85] - The company's total equity decreased from HKD 248,308 million as of March 31, 2022, to HKD 242,200 million as of September 30, 2022, a decline of about 2.4%[85] Impairment and Credit Risk - The company’s expected credit loss model assesses receivables based on default probabilities and loss rates, with a net impairment loss of HKD 903,000 recognized in the first half of 2022, compared to HKD 3,597,000 in the same period of 2021[53] - As of September 30, 2022, the remaining impairment provision decreased by 8% to HKD 10,880,000 from HKD 11,783,000 as of March 31, 2022[53] - The company has established a credit risk assessment process that includes a loan-to-value ratio typically within 80% for new loans to mitigate credit risk[50] - The company continues to implement strict controls on overdue receivables to mitigate credit risk[150] Shareholder and Governance - The company has a commitment from a shareholder for an unsecured, interest-free loan, which will not be repaid until the company has sufficient financial resources[175] - The company has complied with all applicable provisions of the Corporate Governance Code during the six months ending September 30, 2022, except for the absence of the chairman at the annual general meeting[197] - The interim financial statements for the six months ending September 30, 2022, have not been audited but were reviewed by the audit committee and the company's auditors[198] - The company did not declare an interim dividend for the six months ended September 30, 2022, consistent with the previous year[186] Employee and Management Compensation - The total employee compensation increased by 23% to HKD 8,938,000 as of September 30, 2022, compared to HKD 7,264,000 as of September 30, 2021, due to an increase in the number of employees in Europe[70] - The total remuneration for key management personnel was HKD 1,998,000 for the six months ended September 30, 2022, down from HKD 3,145,000 in the previous year[181] - Ms. Wang's annual salary has been adjusted to HKD 130,000 effective December 1, 2022, approved by the remuneration committee and the board[196] - Mr. Li's and Ms. Chan's annual salaries have also been adjusted to HKD 520,000 effective December 1, 2022, with similar approvals[196]
信保环球控股(00723) - 2022 - 年度财报
2022-07-28 08:31
Financial Performance - The company's revenue for the fiscal year ending March 31, 2022, decreased by 10% to HKD 761,776,000, down from HKD 842,631,000 in the previous year[28]. - Net profit for the fiscal year dropped by 61% to HKD 14,983,000, compared to HKD 38,689,000 in the prior year[28]. - The group's total revenue for the fiscal year ended March 31, 2022, decreased by 10% to HKD 761,776,000, compared to HKD 842,631,000 in the previous year, while net profit fell by 61% to HKD 14,983,000 from HKD 38,689,000[39]. - The group recorded a profit attributable to shareholders of HKD 12,758,000 for the fiscal year 2022, down from HKD 33,080,000 in 2021, representing a decrease of approximately 61%[94]. Wood Supply Chain Operations - The wood supply chain operations generated revenue of HKD 734,873,000, a decrease of 9% from HKD 807,830,000 in the previous year, with profit dropping by 45% to HKD 16,831,000[30]. - The volume of wood and wood products traded in the wood supply chain operations exceeded 342,000 cubic meters, a 31% decrease from 493,000 cubic meters in the previous year[30]. - The traditional business model within the wood supply chain generated revenue of HKD 511,739,000, down 7% from HKD 551,002,000, and profit of HKD 12,424,000, down 6% from HKD 13,242,000[44]. - The optimized business model for the timber supply chain generated revenue of HKD 223,134,000, a decrease of 13% from HKD 256,828,000 in 2021, with a profit of HKD 4,407,000, down 75% from HKD 17,377,000 in 2021[49]. - The group completed the acquisition of a panel processing plant in Romania to enhance its panel production capacity to meet orders from Chinese customers[34]. - The group plans to continue expanding its wood supply chain operations by establishing more distribution centers and wood processing projects in strategic locations in Europe[34]. Lending Business - The lending business also saw a decrease in profit due to reduced income and increased impairment losses on receivables[28]. - The group's lending business generated revenue of HKD 26,491,000, a decrease of 22% from HKD 34,001,000 in the previous year, and operating profit of HKD 14,463,000, down 45% from HKD 26,466,000[33]. - The total principal amount of new loans granted in fiscal year 2022 was HKD 55,000,000, with interest rates ranging from 8.5% to 13%[79]. - The loan portfolio's book value as of March 31, 2022, was HKD 182,563,000, a decrease from HKD 283,904,000 in the previous year[79]. - The group recorded an increase in impairment losses on receivables, rising 95% to HKD 6,775,000 from HKD 3,478,000 in the previous year[76]. - The group’s lending operations faced challenges due to a cautious approach in granting new loans amid the current economic conditions in Hong Kong[76]. Costs and Expenses - The decline in profit was attributed to increased transportation and freight costs, a decrease in economic activity due to the COVID-19 pandemic, and foreign exchange losses from the depreciation of the Euro[28]. - Administrative expenses and financing costs increased during the fiscal year[28]. - Transportation and freight costs accounted for approximately 30% of the sales cost of European operations, with an increase of about 25% per cubic meter of timber products shipped compared to the previous fiscal year[49]. - Administrative expenses rose by 49% to HKD 34,809,000 in 2022, primarily due to increased employee costs and legal fees related to the resumption of trading[94]. - The financing costs for the year increased to HKD 7,655,000, up from HKD 5,393,000 in 2021, partly due to higher interest on discounted receivables[99]. Foreign Exchange and Economic Impact - The group recorded a net foreign exchange loss of HKD 5,100,000 due to the ongoing economic slowdown in Europe and the depreciation of the Euro caused by the Russia-Ukraine conflict[49]. - The group maintains a cautious strategy for managing foreign exchange risks, particularly due to fluctuations in the Euro and other currencies[107]. - The group recorded a net exchange loss of HKD 5,100,000 during the fiscal year, mainly due to the depreciation of the Euro amid ongoing economic challenges[108]. Strategic Developments - The company established three distribution centers in Slovenia, Romania, and Croatia, and set up two panel processing projects in Romania and one in Croatia during the fiscal year[29]. - The management team has successfully established three distribution centers and two panel processing projects in Romania, along with one in Croatia, to support business growth in Europe[40]. - The company aims to diversify its customer base, revenue sources, product types, and market coverage through its European operations[69]. - The group is actively seeking investment opportunities in European forest assets to develop its sustainable forest management business[72]. Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code during the year ended March 31, 2022, except for one deviation regarding the attendance of the chairman at the annual general meeting[184]. - The board of directors consists of six members, including three executive directors and three independent non-executive directors[190]. - The company has established a remuneration policy based on employee capabilities, experience, performance, and current market conditions[174]. - The executive committee consists of three executive directors, overseeing daily operations and implementing board-approved strategies[197]. Shareholder Information - The company sold 46,126,666 shares of its common stock for approximately HKD 962,000 during the fiscal year[147]. - Major shareholders include Ms. Wang, Elite Prosperous, and Champion Alliance, each holding 2,444,359,944 shares, representing approximately 26.82% of the issued shares[169]. - The total issued shares of the company as of March 31, 2022, were 9,112,745,318[169].
信保环球控股(00723) - 2022 - 中期财报
2021-12-29 08:32
Financial Performance - For the six months ended September 30, 2021, the group's revenue decreased by 13% to HKD 416,564,000 compared to HKD 477,277,000 for the same period in 2020[11]. - The group's net profit fell by 51% to HKD 10,993,000, down from HKD 22,425,000 in the previous year[11]. - The timber supply chain operations generated revenue of HKD 399,703,000, a 13% decrease from HKD 459,108,000 in the same period last year[12]. - The profit from timber supply chain operations decreased by 27% to HKD 11,487,000, down from HKD 15,758,000 in the previous year[12]. - The traditional business model within the timber supply chain generated revenue of HKD 290,965,000, down from HKD 366,902,000, with hardwood log trading volume exceeding 132,000 cubic meters compared to 178,000 cubic meters in the previous year[13]. - The overall decline in revenue and profit was attributed to increased transportation and freight costs, as well as higher impairment losses on receivables[11]. - Operating profit for the same period was HKD 16,477,000, down 41.8% from HKD 28,329,000 in 2020[76]. - Total comprehensive income for the period was HKD 10,599,000, down 53.3% from HKD 22,673,000 in 2020[78]. - Basic earnings per share for the company were HKD 0.098, down from HKD 0.232 in the same period of 2020[48]. - For the six months ended September 30, 2021, the profit attributable to shareholders was HKD 8,938,000, a decrease of 57.6% compared to HKD 21,085,000 for the same period in 2020[137]. Business Operations - The group continues to establish a global supply sourcing network primarily serving clients in China and other Asian countries[12]. - The management team is focused on maintaining a strong recurring business flow through established supplier and customer relationships[12]. - The optimized business model in the European timber supply chain generated revenue of HKD 108,738,000 in the first half of 2021, up from HKD 92,206,000 in the same period of 2020, representing a growth of approximately 17.9%[14]. - The company established distribution centers in Slovenia, Romania, and Croatia, enhancing its competitive advantage and diversifying its customer base and revenue sources[29]. - The company signed a four-year logging rights agreement in Romania, allowing for timber harvesting in its forest interests[28]. - New business projects are being launched in Europe to diversify and strengthen the timber supply chain business, including distribution centers and processing projects in Croatia[67]. - The company aims to meet customer orders by potentially purchasing additional timber from local suppliers if production capacity is exceeded[29]. Financial Position - Current assets rose to HKD 544,198,000 as of September 30, 2021, up from HKD 482,030,000 on March 31, 2021, with cash and cash equivalents increasing to HKD 120,041,000 from HKD 109,198,000[54]. - The company's current ratio improved to approximately 2.1 as of September 30, 2021, compared to 1.9 on March 31, 2021, reflecting stronger liquidity[54]. - Total borrowings increased to HKD 236,999,000 as of September 30, 2021, up from HKD 112,396,000 on March 31, 2021, with a capital debt ratio rising to 99% from 49%[55]. - Total assets slightly increased by HKD 15,970,000 or 3% to HKD 552,384,000 as of September 30, 2021, compared to HKD 536,414,000 on March 31, 2021[57]. - Equity attributable to owners rose by 4% or HKD 8,806,000 to HKD 239,818,000 as of September 30, 2021, driven by profits from the timber supply chain and lending businesses[57]. Lending Business - The lending business generated revenue of HKD 16,449,000 in the first half of 2021, a decrease of 7% compared to HKD 17,722,000 in the same period of 2020[34]. - Operating profit for the lending business was HKD 10,381,000, down 30% from HKD 14,900,000 year-on-year, primarily due to a 3.3 times increase in impairment losses on receivables to HKD 3,730,000[34]. - The total principal amount of new loans granted during the review period was HKD 22,000,000, with an annual interest rate of 12% and a term of 12 to 18 months[38]. - The cumulative expected credit loss recorded as of September 30, 2021, was HKD 8,738,000, an increase from HKD 5,141,000 as of March 31, 2021[45]. - The weighted average interest rate of the loan and finance lease portfolio reached approximately 11%, with 93% of the portfolio secured by collateral[39]. Costs and Expenses - The increase in administrative expenses and financing costs contributed to the decline in overall profitability[11]. - The company's administrative expenses increased by 33% to HKD 15,124,000, primarily due to rising employee costs and legal fees related to the resumption of trading of the company's shares[48]. - The financing costs increased to HKD 4,338,000 for the period, a rise of 55% from HKD 2,798,000 on September 30, 2020, primarily due to increased interest on discounted receivables[53]. - The group recorded a total employee compensation increase of 33% to HKD 7,264,000 for the first half of 2021, compared to HKD 5,448,000 in the same period of 2020[65]. Foreign Currency and Risk Management - The group has maintained a prudent strategy for foreign currency risk management, balancing foreign currency assets with corresponding liabilities to minimize exchange rate risks[63]. - The group has not experienced significant risks from the appreciation of the Euro due to matching Euro-denominated income and expenses[64]. - The group will continue to monitor foreign currency risks closely and will take appropriate hedging measures when significant risks arise[64]. - The total proportion of Romanian Leu, Croatian Kuna, Brazilian Real, and Renminbi in the group's total transactions, assets, and liabilities is relatively low, resulting in no significant exchange rate risk[64]. Legal and Compliance - The company faces a claim of approximately HKD 1,952,000 related to ongoing litigation, which has been accounted for in other payables[60]. - The company regularly monitors compliance with bank financing covenants, with no breaches reported as of September 30, 2021[165]. Shareholder Information - The total issued and fully paid ordinary shares as of September 30, 2021, amounted to 30,000,000 shares, with a total capital of HKD 575,340,000[181]. - Director Wang Jingyu holds 2,444,359,944 shares, representing approximately 26.84% of the company's issued shares[197]. - No interim dividend was declared for the six months ended September 30, 2021, consistent with the previous year[196].