Financial Performance - The group's revenue increased by approximately 3.5% to about HKD 147,300,000 for the year ended December 31, 2024, compared to HKD 142,300,000 in 2023[7] - Gross profit rose by approximately HKD 19,200,000 to about HKD 40,800,000, with a gross profit margin increase of approximately 12.5% to about 27.7%[7] - The pre-tax loss decreased by approximately HKD 16,900,000 to about HKD 41,400,000, down from HKD 58,300,000 in 2023[8] - Basic loss per share for the year was approximately HKD 1.47, compared to HKD 1.88 in 2023[9] - The company recorded a net loss of approximately 28.1 million HKD in its sugar and ethanol business segment, a reduction of approximately 29.8 million HKD compared to a net loss of approximately 57.9 million HKD in 2023[20] - The group reported a net loss of HKD 41,410,000 for the year ending December 31, 2024, with current liabilities and total liabilities amounting to HKD 1,107,936,000 and HKD 1,126,753,000 respectively, indicating significant uncertainty regarding the group's ability to continue as a going concern[196] Production and Sales - The average selling price of raw sugar and molasses increased by approximately 6.3% and 23.9%, respectively, due to adverse weather conditions affecting production in major sugar-producing countries[14] - Raw sugar and molasses sales volumes decreased by approximately 2.5% and 3.6%, respectively, attributed to reduced production[15] - The group crushed approximately 176,200 tons of sugarcane, producing about 11,100 tons of raw sugar and about 9,100 tons of molasses, compared to 189,000 tons of sugarcane and 11,300 tons of raw sugar in 2023[15] - The supply of sugarcane from farmers decreased by approximately 10.7%, from about 80,000 tons in 2023 to 71,400 tons in 2024[15] - The area planted with sugarcane decreased by approximately 3.1% from about 2,266 hectares in 2023 to 2,157 hectares in 2024[15] Dividends and Reserves - The board does not recommend the payment of a dividend for the year ended December 31, 2024[10] - The company does not recommend paying dividends for the years ended December 31, 2024, and 2023[24] - The company's distributable reserves include special reserves of approximately HKD 468,577,000, offsetting accumulated losses of approximately HKD 1,820,721,000[77] - The company will periodically review its dividend policy and reserves the right to update or amend it at any time[184] Corporate Governance - The company has adopted a board diversity policy since March 27, 2014, with measurable goals related to gender, age, skills, and experience[142] - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse range of expertise and independent judgment[118] - The board has emphasized the importance of maintaining high standards of corporate governance to enhance shareholder value and protect shareholder interests[109] - The company has complied with the corporate governance code, with some deviations noted in specific clauses[110] - The company has mechanisms in place to ensure the board receives independent views and opinions, which have been reviewed for effectiveness[129] Risk Management and Internal Controls - The audit committee assessed the effectiveness of the group's risk management and internal control systems at least annually[168] - The group has implemented policies and procedures to evaluate and improve the effectiveness of its risk management and internal control systems[172] - The internal audit department conducts reviews of the group's risk management and internal control aspects and reports to the board and audit committee at least annually[169] - The group maintains a zero-tolerance policy towards corruption and related misconduct, which is integral to its corporate governance framework[173] Employee and Labor Costs - Employee costs totaled approximately HKD 52,900,000 for the year, up from HKD 47,600,000 in 2023, reflecting a 13.4% increase mainly due to a 15.3% rise in wages[47] - The number of temporary employees decreased by 114 (approximately 21.8%) to 408 as of December 31, 2024, due to the delayed start of the crushing season[47] - The company has taken measures to promote diversity at all levels of the employee team[146] Investments and Capital Expenditures - The company invested approximately HKD 4,231,000 in the acquisition of properties, plants, and equipment during the year, compared to HKD 2,252,000 in 2023[75] - There were no significant investments or capital asset plans reported for the review year[46] Future Outlook - The global supply of edible sugar is expected to increase in 2025, with the potential for 1 million tons of raw sugar to be exported to the world market[25] - The sugar production business's revenue and net operating loss may be negatively impacted in 2025 due to reduced sugarcane supply and rising production costs[25] Management Changes - The company appointed Mr. Wu Shurong as the Executive Director and Chairman of the Board on September 30, 2024, bringing over 16 years of experience in business management and investment management[50] - Mr. Wang Xiang, with over 24 years of legal and corporate governance experience, was appointed as an Executive Director and Nomination Committee member on September 30, 2024[51] - Mr. Liu Jun, who has over 10 years of financial management experience, was appointed as an Executive Director and Compensation Committee member on September 30, 2024[52] - Mr. Li Baojian, with over 16 years of experience in agricultural business and financial management, was appointed as an Executive Director on September 30, 2024[53] - Dr. Wu Liwen, appointed as an Independent Non-Executive Director, has approximately 30 years of experience in professional accounting services and corporate finance[54] - Mr. Chen Chuanren, with around 40 years of legal experience, was appointed as an Independent Non-Executive Director on September 30, 2024[56]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 147,289,000, an increase of 3.5% compared to HKD 142,298,000 in 2023[2]. - Gross profit for the year was HKD 40,757,000, significantly up from HKD 21,595,000 in the previous year, representing an increase of 88.6%[2]. - The net loss for the year was HKD 41,410,000, a reduction of 29% from a net loss of HKD 58,267,000 in 2023[2][3]. - The basic and diluted loss per share improved to HKD 1.47 from HKD 1.88 in the previous year, reflecting a decrease of 21.8%[3]. - The company reported a total comprehensive loss of HKD 24,692,000 for the year, down from HKD 48,929,000 in 2023, indicating a 49.6% improvement[3]. - The total loss before tax for the fiscal year ending December 31, 2024, was 41,410 thousand HKD, which is an increase from a loss of 58,267 thousand HKD in the previous year, indicating an improvement in financial performance[16]. - Loss before tax decreased by approximately HKD 16,900,000 to about HKD 41,400,000 in 2024, down from HKD 58,300,000 in 2023[35]. - The net loss for the division decreased to approximately 28,100,000 HKD in 2024 from about 57,900,000 HKD in 2023, attributed to increased gross profit and reduced fair value losses on biological assets[46]. Assets and Liabilities - Total assets decreased to HKD 65,775,000 from HKD 86,071,000, a decline of 23.5% year-over-year[4]. - Total assets as of December 31, 2024, amounted to 65,775 thousand HKD, a decrease from 86,071 thousand HKD in the previous year, reflecting a reduction in asset base[19]. - The total liabilities as of December 31, 2024, were 1,192,528 thousand HKD, slightly up from 1,188,132 thousand HKD in the previous year, indicating a stable liability position[19]. - The company had issued 2,191,180,000 ordinary shares with a par value of HKD 0.1 each, and the attributable capital deficit was approximately HKD 908,600,000, compared to HKD 890,300,000 in 2023[50]. - Total borrowings as of December 31, 2024, amounted to approximately HKD 1,174,800,000, an increase from HKD 1,148,400,000 in 2023, with non-controlling interest payables at approximately HKD 631,300,000[51]. - Current liabilities remained relatively stable at HKD 1,168,501,000 compared to HKD 1,163,890,000 in 2023[4]. Operational Highlights - The ethanol business segment reported a loss of 1,794 thousand HKD for the fiscal year ending December 31, 2024, compared to a profit of 1,053 thousand HKD in the previous year, showing a significant decline in performance[16]. - The company incurred impairment losses on property, plant, and equipment amounting to 1,896 thousand HKD in 2024, compared to 1,179 thousand HKD in 2023, indicating increased asset write-downs[23]. - The expected credit loss on trade receivables for the fiscal year ending December 31, 2024, was a loss of 2,652 thousand HKD, a significant increase from a gain of 303 thousand HKD in the previous year[23]. - The company invested approximately HKD 4,231,000 in property, plant, and equipment during the year, compared to HKD 2,252,000 in 2023[28]. - The company experienced an increase in administrative expenses by approximately HKD 7,600,000, primarily due to professional fees related to corporate actions and rising labor costs[35]. Market and Pricing - Revenue increased by approximately 5,000,000 Jamaican dollars to about 2,900,000,000 Jamaican dollars (approximately 147,300,000 HKD) in 2024, compared to about 2,800,000,000 Jamaican dollars (approximately 142,300,000 HKD) in 2023, driven by a 6.3% increase in average prices of raw sugar and a 23.9% increase in molasses prices[39]. - Average prices for raw sugar and molasses per ton in 2024 were approximately 228,400 Jamaican dollars (approximately 11,400 HKD) and 34,900 Jamaican dollars (approximately 1,700 HKD), respectively, reflecting increases of about 6.3% and 23.9% from 2023[40]. - Sales volume for raw sugar and molasses decreased by approximately 2.5% and 3.6%, respectively, due to a reduction in production, with 176,200 tons of sugarcane processed in 2024, producing about 11,100 tons of raw sugar and 9,100 tons of molasses[41]. - The production of raw sugar and molasses decreased by approximately 200 tons (about 1.9%) and 1,900 tons (about 17.3%), respectively, due to a reduction of about 12,800 tons (about 6.8%) in sugarcane input[41]. - Average production costs for raw sugar and molasses per ton decreased by approximately 7% and 12.1%, respectively, with costs of about 166,700 Jamaican dollars (approximately 8,300 HKD) and 23,600 Jamaican dollars (approximately 1,200 HKD) in 2024[45]. Future Outlook and Strategy - The company plans to purchase two new harvesters to improve harvesting efficiency and reduce reliance on high-cost manual labor in response to expected increases in labor costs and decreases in sugarcane supply[64]. - The company plans to continue suspending the construction of its ethanol plant until a suitable alternative business plan is determined, expected to last until 2025[68]. - The company is focusing on improving factory and agricultural machinery maintenance to reduce equipment failures during the sugar cane crushing season[65]. - The company has implemented measures to enhance the quality and quantity of sugar cane, including weed control and timely recruitment of harvesting workers[65]. - The global supply of edible sugar is expected to increase in 2025, with an allowance for 1,000,000 tons of raw sugar exports from India, although Jamaican sugar prices are anticipated to adjust minimally due to high import tariffs[64]. Governance and Compliance - The company has adopted a code of conduct for directors' securities trading, which complies with the standards set out in the listing rules[77]. - The company has complied with the corporate governance code, with the exception of certain deviations regarding the separation of roles between the chairman and the CEO[69]. - The group did not purchase, sell, or redeem any of its listed securities during the year[78]. - The company did not engage in any significant acquisitions or disposals of subsidiaries or associates during the review period[57]. Cash Flow and Liquidity - Cash and cash equivalents decreased by approximately HKD 7,700,000 to about HKD 29,700,000 as of December 31, 2024, primarily due to net cash inflow from operating activities of approximately HKD 10,500,000[53]. - The company has received a commitment from its major shareholder to provide ongoing financial support, ensuring liquidity through at least December 31, 2025[7]. - The financial statements were prepared on a going concern basis despite significant doubts regarding the company's ability to continue operations[6].

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of HKD 87,896,000, an increase of 6.1% compared to HKD 82,396,000 for the same period in 2023[1] - The gross profit for the same period was HKD 33,682,000, representing a gross margin of 38.3%, up from HKD 29,128,000 in 2023[1] - The net loss for the six months ended June 30, 2024, was HKD 10,607,000, an improvement from a net loss of HKD 15,009,000 in the previous year, indicating a reduction in losses by 29.9%[2] - The total comprehensive loss for the period was HKD 2,579,000, an improvement from HKD 6,016,000 in the same period last year[3] - The total loss before tax for the six months ended June 30, 2024, was HKD 10,607,000, compared to a loss of HKD 15,009,000 for the same period in 2023, indicating an improvement in financial performance[20][29] - The loss for the period decreased by approximately HKD 4,400,000 to about HKD 10,600,000, compared to HKD 15,000,000 for the same period in 2023[59] Assets and Liabilities - The total assets as of June 30, 2024, amounted to HKD 101,456,000, an increase from HKD 86,071,000 as of December 31, 2023[4] - Current assets increased to HKD 95,395,000 from HKD 80,300,000, reflecting a growth of 18.8%[4] - The total liabilities as of June 30, 2024, were HKD 1,104,640,000, slightly up from HKD 1,102,061,000 at the end of 2023[5] - Total liabilities as of June 30, 2024, were approximately HKD 1,104,640,000, slightly up from HKD 1,102,061,000 as of December 31, 2023[11] - As of June 30, 2024, the company has an equity deficit of approximately HKD 893,900,000, slightly increased from approximately HKD 890,300,000 as of December 31, 2023[73] - Total borrowings as of June 30, 2024, amount to approximately HKD 1,166,500,000, up from approximately HKD 1,148,400,000 as of December 31, 2023[74] Cash Flow and Investments - Cash and cash equivalents decreased by HKD 6,586,000, ending at HKD 35,642,000 as of June 30, 2024, down from HKD 43,438,000 at the beginning of the period[5] - The company experienced a net cash outflow from operating activities of HKD 9,889,000 for the six months ended June 30, 2024, compared to a net cash inflow of HKD 3,264,000 in the same period of 2023[5] - The company’s net cash used in investing activities was HKD 3,094,000 for the six months ended June 30, 2024, compared to HKD 2,086,000 in the same period in 2023[5] - The company’s financing activities resulted in a net cash inflow of HKD 8,499,000, primarily from non-controlling interests[5] - The group invested approximately HKD 3,125,000 in the acquisition of properties, plants, and equipment during the period[33] Inventory and Receivables - The company reported a significant increase in inventory, which rose to HKD 48,208,000 from HKD 22,394,000, indicating a 115.5% increase[4] - As of June 30, 2024, the total inventory was HKD 76,915,000, with a net realizable value of HKD 48,208,000[35] - Trade receivables amounted to HKD 47,755,000, with a provision for impairment loss of HKD 46,080,000[40] Operational Segments - The company operates in three main segments: support services for saccharin and ethanol, sugar cane planting and sugar production, and ethanol biofuel[17] - The company did not record any revenue from external customers in the support services segment for the six months ended June 30, 2024, due to the inability to engage in ongoing related transactions[70] - The ethanol business segment reported a net operating loss of approximately 600,000 HKD for the six months ended June 30, 2024, primarily due to foreign exchange losses[70] - The ethanol business in Benin continues to be on hold due to the government's inability to execute land lease terms, resulting in an operating loss of approximately HKD 700,000 for the six months ended June 30, 2024, compared to an operating profit of approximately HKD 800,000 for the same period in 2023[72] Corporate Governance and Management - The company has adopted a new share option plan to attract and retain top personnel, although no options have been granted under this plan since its adoption[90] - The company has complied with the corporate governance code, except for the ongoing acquisition of insurance for directors' legal liability, which is expected to be completed in 2024[94] - The roles of the chairman and the CEO are clearly defined and separated, ensuring a balance of power within the board[95] - Independent non-executive directors are expected to actively participate in board meetings and contribute their expertise[95] - The company has not filled the vacancy of the managing director position following the resignation of Mr. Liao Yuanjiang on December 16, 2010[95] Future Outlook and Risks - The report contains forward-looking statements regarding the company's financial condition and business performance, which are subject to known and unknown risks[100] - The international sugar prices are expected to decline from current high levels due to improved global export supply, with production in India and Brazil projected to increase[85] - Jamaica's sugar prices will rise further in August 2024 to address rising production costs, including labor costs, with the new minimum wage effective from June 2024[85] - Hurricane "Beryl" impacted Jamaica in July 2024, causing damage to sugarcane and expected to reduce revenue and gross profit in the second half of 2024[85] - The company will not engage in export activities in 2024, focusing on meeting local demand in Jamaica due to government restrictions on raw sugar imports[85]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 87,896,000, an increase of 6.1% compared to HKD 82,396,000 for the same period in 2023[1] - Gross profit for the same period was HKD 33,682,000, representing a 15.7% increase from HKD 29,128,000 in 2023[1] - The net loss for the period was HKD 10,607,000, an improvement from a net loss of HKD 15,009,000 in the previous year, indicating a reduction of 29.9%[1] - The group reported external customer revenue of HKD 87,896 thousand for the six months ended June 30, 2024, an increase from HKD 82,396 thousand in the same period of 2023, representing a growth of approximately 6.1%[17] - The group incurred a pre-tax loss of HKD 10,607 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 15,009 thousand for the same period in 2023, showing an improvement of about 29.8%[12] - The loss for the period decreased by approximately HKD 4,400,000 to about HKD 10,600,000, compared to HKD 15,000,000 for the same period in 2023[35] Expenses and Liabilities - Administrative expenses rose to HKD 19,346,000, up 54.1% from HKD 12,568,000 in the prior period[1] - Current liabilities totaled HKD 1,182,901,000, slightly up from HKD 1,163,890,000 at the end of 2023[4] - The total liabilities as of June 30, 2024, were HKD 1,206,096 thousand, up from HKD 1,188,132 thousand as of December 31, 2023, reflecting a rise of approximately 1.5%[14] - The company reported a total debt of approximately HKD 1,166,500,000 as of June 30, 2024, compared to approximately HKD 1,148,400,000 as of December 31, 2023[44] Assets and Equity - Total assets increased to HKD 101,456,000 as of June 30, 2024, compared to HKD 86,071,000 as of December 31, 2023[4] - The total trade and other payables amounted to 552,764,000 HKD as of June 30, 2024, compared to 547,345,000 HKD at the end of 2023[32] - The company’s equity attributable to owners showed a capital deficit of approximately HKD 893,900,000 as of June 30, 2024, compared to approximately HKD 890,300,000 as of December 31, 2023[43] Operational Highlights - The group processed approximately 176,200 tons of sugarcane, yielding about 11,100 tons of raw sugar and about 9,100 tons of molasses, with raw sugar production increasing by approximately 2.6%[38] - The group sold approximately 6,251 tons of raw sugar and about 10,509 tons of molasses, with revenues from raw sugar and molasses increasing by approximately JMD 145,400,000 (about HKD 5,500,000)[36] - Jamaica remains the primary market for the group, with local sales accounting for 100% of total sales during the period[39] Challenges and Future Outlook - The group faced challenges in sugarcane supply due to labor shortages and rising costs of fertilizers and pesticides, impacting overall production[38] - The sugar business segment anticipates a decrease in revenue and gross profit in the second half of 2024 due to damage from Hurricane "Beryl," which impacted sugarcane production[55] - The group plans to increase local sugar prices in Jamaica in August 2024 to address rising production costs, including labor costs[55] Cash Flow and Financial Management - The company has implemented measures to manage cash flow pressures, including obtaining a support letter from a related party to ensure no repayment of payables until the company can meet obligations to other creditors[47] - As of June 30, 2024, the company's cash and cash equivalents were approximately HKD 35,600,000, a decrease of approximately HKD 1,900,000 from HKD 37,500,000 as of December 31, 2023[46] Dividends and Investments - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[23] - The group did not make any significant investments during the periods ending June 30, 2024, and December 31, 2023[54] Compliance and Governance - The company's unaudited consolidated interim financial statements for the six months ended June 30, 2024, have been reviewed and approved by the board on August 30, 2024[62] - The audit committee confirmed that the interim financial performance is prepared in accordance with applicable accounting standards and has made appropriate disclosures[62]

Production Costs - The average production cost for raw sugar in 2023 was approximately JMD 179,000 (about HKD 9,100), an increase of about 26.2% from JMD 142,000 (about HKD 7,200) in 2022[11] - The average production cost for molasses in 2023 was approximately JMD 26,900 (about HKD 1,400), reflecting a 20.0% increase from JMD 22,400 (about HKD 1,100) in 2022[11] - Labor costs, which account for about 10% of production costs, are expected to rise further in 2024 due to union wage adjustment demands[15] Financial Performance - The company reported a pre-tax loss of HKD 34,633,000 for the year 2023, compared to a pre-tax loss of HKD 10,077,000 in 2022[133] - The company reported a pre-tax loss of HKD 58,267,000 for the year ending December 31, 2023[184] - The total loss before tax for the year was HKD 45,489,000[188] - The company incurred a foreign exchange loss of HKD 12,991,000 in 2023, compared to a gain of HKD 11,607,000 in 2022[133] - Employee costs, including directors' remuneration, totaled HKD 47,587,000 in 2023, up from HKD 42,170,000 in 2022, representing an increase of approximately 12.5%[133] - The cost of goods sold was HKD 120,703,000 in 2023, slightly down from HKD 121,989,000 in 2022, indicating a decrease of about 1.1%[133] - The company’s total revenue from Jamaica was HKD 142,298,000 in 2023, compared to HKD 132,860,000 in 2022, reflecting an increase of approximately 7.8%[159] - The total revenue from the sugar business for the year ended December 31, 2022, was HKD 142,835,000[188] Cash Flow and Assets - As of December 31, 2023, the company's cash and cash equivalents decreased to approximately HKD 37,500,000 from HKD 44,700,000 in 2022, a reduction of about HKD 7,200,000[18] - The net cash inflow from operating activities for the year was approximately HKD 5,900,000, while cash outflows from investing and financing activities were HKD 2,000,000 and HKD 9,900,000 respectively[18] - Total assets as of December 31, 2023, amounted to HKD 86,071,000, with total liabilities reaching HKD 1,188,132,000[184] - The total assets of the company amounted to HKD 107,040,000[188] - The company has a total of HKD 89,881,000 in corporate and other unallocated assets[188] Employee and Governance - The total number of full-time employees increased to 142 in 2023 from 137 in 2022, while temporary employees decreased to 522 from 525[24] - The company emphasizes employee welfare by establishing policies for fair and competitive compensation, recruitment, promotion, and a healthy work environment[64] - The board consists of eight members, with three being independent non-executive directors, representing over one-third of the board[95] - The company has established a remuneration policy that reviews the compensation of directors and senior management based on operational performance and market statistics[110] - The company has a gender ratio of 85.4% male and 14.6% female in its employee team as of December 31, 2023[197] - The board diversity policy includes measurable targets for gender, age, skills, and experience[193] Corporate Strategy and Governance - The company is committed to enhancing shareholder value and ensuring sustainable development while maintaining stable dividends[37] - The corporate governance standards adopted are seen as crucial for achieving the company's objectives[37] - The group believes that success relies on the support of key stakeholders, including employees, customers, suppliers, and shareholders[35] - The company has adopted a code of conduct for its directors regarding securities trading, in line with the Listing Rules Appendix 10[88] - The company plans to review its board composition annually to ensure diversity and effectiveness in governance[175] Environmental and Social Responsibility - The group emphasizes responsible environmental practices in sugar production, aiming for long-term economic benefits[33] - The group has implemented a systematic approach to monitor product quality throughout the production process[36] Investments and Financial Instruments - The company has not made any significant investments during the reporting year[22] - The company has not entered into any arrangements or financial instruments to hedge against potential foreign exchange risks during the reporting year[21] - There were no significant investments or capital asset plans for the review year[53] Customer and Supplier Relations - The company has a customer service team to handle inquiries and complaints regarding product quality[36] - The group reported a total procurement amount from the top five suppliers accounting for approximately 31.4% of the total procurement, with the largest supplier contributing about 7.5%[69] Miscellaneous Income - Interest income increased to HKD 220,000 in 2023 from HKD 103,000 in 2022, representing a significant growth[164] - Miscellaneous income rose to HKD 4,381,000 in 2023 compared to HKD 3,893,000 in 2022, indicating an increase of approximately 12.5%[164] - Total other income net amount for 2023 was HKD 4,865,000, up from HKD 4,492,000 in 2022, reflecting a growth of about 8.3%[164] - Expected credit loss on trade receivables was HKD 303,000 in 2023, marking the first instance of this expense[164] - Impairment loss on property, plant, and equipment was HKD 1,179,000 in 2023, slightly up from HKD 1,176,000 in 2022[164]

Financial Performance - For the year ended December 31, 2023, the company reported total revenue of HKD 142,298,000, a slight decrease of 0.4% compared to HKD 142,835,000 in 2022[2] - The gross profit for the year was HKD 21,595,000, representing an increase of 3.6% from HKD 20,846,000 in the previous year[2] - The net loss for the year was HKD 58,267,000, which is a 28.1% increase compared to a net loss of HKD 45,489,000 in 2022[2] - The basic and diluted loss per share for the year was HKD 1.88, compared to HKD 1.51 in 2022, indicating a 24.5% increase in loss per share[3] - The company reported a total comprehensive loss of HKD 48,929,000 for the year, an improvement from a total comprehensive loss of HKD 64,667,000 in 2022[3] - The pre-tax loss for the year ended December 31, 2023, was HKD 58,267,000, compared to a pre-tax loss of HKD 45,489,000 in 2022, indicating a worsening of approximately 28.2%[20] - Loss before tax increased by approximately HKD 12,800,000 to about HKD 58,300,000, primarily due to an increase in fair value losses on biological assets and financial costs[44] - The net loss for the segment was approximately 57,900,000 HKD in 2023, an increase of about 17,200,000 HKD from 2022, primarily due to foreign exchange losses and changes in the fair value of biological assets[58] Assets and Liabilities - Total assets decreased to HKD 86,071,000 from HKD 107,040,000 in 2022, reflecting a decline of 19.6%[5] - The total assets as of December 31, 2023, amounted to HKD 86,071,000, down from HKD 107,040,000 in 2022, indicating a decrease of approximately 19.6%[20] - The total liabilities as of December 31, 2023, were HKD 1,188,132,000, an increase from HKD 1,160,172,000 in 2022, representing an increase of about 2.4%[20] - As of December 31, 2023, the company had current liabilities of HKD 1,083,590,000 and total liabilities of HKD 1,102,061,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[97] Financial Support and Restructuring - The company has received a commitment from its major shareholder to provide ongoing financial support, ensuring liquidity through at least December 31, 2025[8] - The company is actively working on improving its financial performance to negotiate better terms during debt restructuring[8] - The company continues to prepare its financial statements on a going concern basis despite significant losses and liabilities[7] Segment Performance - For the year ended December 31, 2023, the total revenue from the support services segment was HKD 142,298,000, compared to HKD 142,835,000 in 2022, reflecting a slight decrease of 0.4%[19] - The ethanol business segment reported a performance loss of HKD 1,053,000 for the year ended December 31, 2023, compared to a loss of HKD 1,167,000 in 2022, showing an improvement of about 10%[20] - The support services segment recorded no revenue in both 2023 and 2022, severely impacted by the rejection of a resolution related to supply agreements at a special shareholders' meeting[62] Capital Expenditure and Investments - The total capital expenditure for property, plant, and equipment in the support services segment was HKD 2,252,000 for the year ended December 31, 2023[24] - The company invested approximately HKD 2,252,000 in the acquisition of property, plant, and equipment during the year[34] - The group did not engage in any significant acquisitions or disposals of subsidiaries or associates during the review period[72] - There were no significant future investment or capital asset plans reported for the group during the review period[74] - The group has not made any significant investments in the fiscal years ending December 31, 2023, and December 31, 2022[79] Market Conditions and Future Outlook - The global supply of raw sugar is expected to remain stable in 2024, with an anticipated increase in global sugar consumption[81] - The Jamaican government will continue to support the local sugar industry by providing funding for road maintenance and restricting raw sugar imports[82] - Labor costs, which account for approximately 10% of production costs, are expected to increase due to union wage adjustment demands, potentially raising production costs in 2024[81] - The group anticipates that raw sugar prices will see only slight increases in 2024 due to limited further price hikes following two increases in 2023[81] Governance and Compliance - The group has complied with the corporate governance code, except for certain deviations regarding insurance arrangements for directors[87] - The company has adopted a code of conduct for directors' securities transactions, which complies with the standards set out in the listing rules[98] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the year[99] Employee Costs - Total employee costs for the group increased to approximately HKD 47,600,000 in 2023, up from approximately HKD 42,200,000 in 2022, driven by a 25.3% increase in weekly wages due to the government's minimum wage adjustment[71]

智通财经APP讯，华联国际(00969)发布公告，预期集团于截至2023年12月31日止年度将取得亏损净额约5800万港元，而2022年度则取得亏损净额约4500万港元。 董事会认为，预期集团报告年内亏损净额较上年增加约1300万港元，主要由于以下因素：财务成本增加约2500万港元，乃由于年内附属公司功能货币贬值，导致换算附属公司业绩及财务状况时产生的外汇亏损增加约2500万港元所致;生物资产公允值变动亏损增加约500万港元，主要由于年内因犁耕低产甘蔗区以将新鲜养分带到土地表面，同时掩埋杂草及甘蔗残渣以分解新的养分灌入土壤，从而导致甘蔗面积减少约600公顷所致;毛利增加约100万港元，乃由于年内原糖及糖蜜平均售价上升导致毛利率增加约1%;年内有关当地销售的包装成本减少及出口销售下降时出口相关开支减少，行政费用因此减少约600万港元;及由于年内物业、厂房及设备备件存货撇减减少约1000万港元，导致其他经营开支减少约1000万港元所致。 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 82,396,000, an increase of 2.02% compared to HKD 80,759,000 in the same period of 2022[2] - Gross profit for the same period was HKD 29,128,000, significantly up from HKD 13,501,000, reflecting a gross margin improvement[2] - The company reported a loss before tax of HKD 15,009,000, compared to a loss of HKD 997,000 in the prior year, indicating a substantial increase in losses[2] - Basic and diluted loss per share for the period was HKD 0.4689, compared to HKD 0.0047 in the previous year[2] - Total comprehensive loss for the period was HKD 6,016,000, a decrease from HKD 18,643,000 in the same period last year, driven by foreign exchange gains[3] - The group recorded a consolidated net loss of approximately HKD 15,009,000 for the period, compared to a net loss of HKD 997,000 for the same period in 2022[10] - The loss for the period increased by approximately HKD 14,000,000 to about HKD 15,000,000, primarily due to increased financial costs of approximately HKD 31,400,000[50] Assets and Liabilities - Non-current assets as of June 30, 2023, totaled HKD 6,509,000, up from HKD 6,368,000 at the end of 2022[4] - Current assets increased to HKD 115,658,000 from HKD 100,672,000, primarily due to higher inventory levels[4] - Total liabilities amounted to HKD 1,059,148,000, slightly up from HKD 1,053,132,000 at the end of 2022[5] - The company’s equity attributable to owners decreased to HKD (859,358,000) from HKD (854,708,000) year-over-year[5] - Current liabilities net amount was approximately HKD 1,042,517,000, slightly up from HKD 1,035,328,000 as of December 31, 2022[10] - The total assets as of June 30, 2023, amounted to HKD 122,167,000, up from HKD 107,040,000 as of December 31, 2022, indicating an increase of 14.14%[19] - The total liabilities increased to HKD 1,181,315,000 as of June 30, 2023, from HKD 1,160,172,000 as of December 31, 2022, reflecting a rise of 1.82%[19] Cash Flow - The net cash used in operating activities improved to HKD 3,264,000 from a net cash used of HKD 6,089,000 in the same period last year[8] - The net cash used in investing activities was HKD 2,086,000, a slight improvement from HKD 2,615,000 in 2022[8] - The net cash used in financing activities remained stable at HKD 2,104,000 compared to HKD 2,111,000 in the previous year[8] - The total cash and cash equivalents at the end of the period decreased to HKD 43,438,000 from HKD 73,217,000 in 2022, reflecting a decline of 40.6%[8] - As of June 30, 2023, the bank deposits and cash balance were approximately HKD 43,400,000, a decrease of about HKD 1,300,000 from December 31, 2022[66] Operational Performance - Operating income before changes in working capital for the six months ended June 30, 2023, was HKD 11,089,000, a decrease of 8.3% compared to HKD 12,091,000 in 2022[8] - The company continues to explore new strategies for market expansion and product development, although specific details were not disclosed in the report[6] - The company is focusing on improving operational performance to negotiate better terms during loan restructuring[12] - The company anticipates that production will remain below last year's levels due to rising input costs, which may exert downward pressure on revenue, gross profit, and operating profit in the second half of the year[76] Market and Sales - Jamaica remains the primary market for the company, with local sales accounting for 100.0% of total sales as of June 30, 2023, compared to 87.1% for the same period in 2022[56] - The average selling price of raw sugar increased by approximately 30.6%, while the sales volume decreased by about 22.2%[54] - The total revenue from raw sugar increased by approximately JMD 16,400,000 (about HKD 1,600,000) due to the rise in average selling prices[54] - The group sold approximately 6,270 tons of raw sugar and 10,900 tons of molasses during the period, compared to 8,100 tons of raw sugar and 13,700 tons of molasses in the previous year[53] - The average price of molasses increased by approximately 33.8% despite a decrease in sales volume of about 26.1%[54] Shareholder and Governance - The company did not declare an interim dividend for the period ended June 30, 2023, consistent with the previous year[30] - The company has not entered into any non-exempt continuing connected transactions during the reporting period[48] - The company has maintained compliance with the corporate governance code, with some deviations noted[86] - The audit committee has reviewed the unaudited consolidated interim financial statements for the six months ended June 30, 2023, which were approved by the board on August 31, 2023[90] Future Outlook - The ethanol business in Benin remains on hold due to unresolved land lease terms, impacting the company's ability to produce bioethanol[62] - The ethanol plant construction will remain suspended in the second half of 2023 while the company determines an appropriate alternative business plan[80] - The report contains forward-looking statements regarding the group's financial condition and operational performance, which may involve known and unknown risks and uncertainties[93]

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。 HUA LIEN INTERNATIONAL (HOLDING) COMPANY LIMITED 華 聯 國 際（ 控 股 ）有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：969） 截至二零二三年六月三十日止六個月之 中期業績公告 華聯國際（控股）有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬 公司（「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合中期業績連同 比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 附註 二零二三年 二零二二年 （未經審核） （未經審核） 千港元 千港元 ...

Financial Performance - The group reported a total revenue of approximately HKD 2,338,000 for the acquisition of properties, plants, and equipment during the year, compared to HKD 1,226,000 in the previous year[21]. - The group reported a net loss of HKD 45,489,000 for the year ended December 31, 2022, and a net cash outflow from operating activities of HKD 44,447,000[186]. - As of December 31, 2022, the group's current liabilities and total liabilities were HKD 1,035,328,000 and HKD 1,053,132,000, respectively, indicating significant uncertainty regarding the group's ability to continue as a going concern[186]. Dividend Policy - The group did not recommend any dividend distribution for the year ended December 31, 2022[8]. - The board considers various factors, including operational performance and financial condition, when deciding on future dividend payments[170]. - The company will continue to review its dividend policy and reserves the right to update or amend it at any time[176]. - The board of directors has adopted a dividend policy effective from January 1, 2019, to guide the declaration and payment of dividends[167]. Corporate Governance - The company has complied with the corporate governance code, with some deviations noted[42]. - The board emphasizes the importance of maintaining high standards of corporate governance to enhance shareholder value[40]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules[36]. - The board consists of eight directors, with three being independent non-executive directors, ensuring over one-third independence[87]. - The company has established mechanisms to ensure the board receives independent views and opinions[87]. - The nomination committee conducted a thorough due diligence process and recommended the appointment of Mr. Zhang Qi as an executive director and Mr. Zhang Zhaogang and Ms. Chen Si as non-executive directors[94]. - The company has established a shareholder communication policy to ensure effective communication with shareholders and stakeholders[178]. Risk Management and Internal Controls - The internal audit department conducted a selective review of the effectiveness of the risk management and internal control systems across major subsidiaries in operational, financial, and compliance monitoring[164]. - The audit committee assessed the effectiveness of the internal control systems and risk management processes[156]. - The group has implemented policies and procedures to assess and improve the effectiveness of its risk management and internal control systems[164]. - The audit committee oversees the investigation of whistleblowing cases and reports findings to the board[160]. Stakeholder Relationships - The group emphasizes the importance of stakeholder relationships, including employees, customers, suppliers, and shareholders, for its success[13]. - The group has a strong focus on providing a fair and competitive compensation structure for its employees[14]. - The group maintains a whistleblowing policy to allow employees, customers, suppliers, and other stakeholders to report any actual or suspected misconduct[160]. Board Composition and Diversity - The board of directors consists of three executive directors, two non-executive directors, and three independent non-executive directors, providing a diverse range of business and professional expertise[53]. - The board currently has one female director, representing 12.5% of the board, and 37.5% of independent non-executive directors[117]. - The company promotes diversity at all levels of the employee team, ensuring equal training and career development opportunities[117]. - The nomination committee will continue to monitor the implementation of the board diversity policy annually[117]. Environmental and Social Responsibility - The group has established multiple environmental protection policies aimed at reducing emissions and conserving energy[10]. - The Audit Committee reviewed the environmental, social, and governance reports published on the stock exchange and the company's website[144]. Audit and Financial Reporting - The company has engaged Hong Kong Lixin Dehao CPA Limited as its auditor, which will be reappointed at the upcoming annual general meeting[37]. - The company is committed to preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance[194]. - The auditor evaluates the appropriateness of accounting policies adopted by the board and the reasonableness of accounting estimates and related disclosures[196]. - The consolidated financial statements are prepared based on the going concern assumption unless there is an intention to liquidate or cease operations[194].