Financial Performance - The total revenue for the fiscal year ended March 31, 2021, was approximately HKD 5,237 million, a decrease from HKD 6,247 million in the previous fiscal year[9]. - The company reported a profit attributable to owners of approximately HKD 7.2 million for the fiscal year, compared to a loss of HKD 19.0 million in the previous year[9]. - Basic earnings per share for the fiscal year were approximately HKD 0.12, recovering from a loss of HKD 0.32 per share in the previous year[9]. - Gross profit decreased from approximately HKD 145.4 million in the fiscal year 2020 to about HKD 80.6 million in the fiscal year 2021, a reduction of approximately 64.8 million[21]. - The construction segment's revenue decreased from approximately HKD 202 million in the fiscal year 2020 to about HKD 173 million in the fiscal year 2021[26]. - The renovation and improvement segment's revenue increased to approximately HKD 286 million in the fiscal year 2021, up from HKD 237 million in the previous year[28]. - The property maintenance segment's revenue decreased from approximately HKD 684 million in the fiscal year 2020 to about HKD 640 million in the fiscal year 2021, while segment profit increased from approximately HKD 36 million to HKD 54 million[31]. - The material trading segment reported revenue of approximately HKD 4,138 million in the fiscal year 2021, down from HKD 5,124 million in the previous year[32]. - The company reported a significant increase in revenue for the fiscal year 2021, achieving a total of HKD 1.2 billion, representing a growth of 15% compared to the previous year[81]. - The company reported a net profit margin of 12%, reflecting improved operational efficiency and cost management strategies[81]. Market Outlook - The construction industry in Hong Kong is expected to gradually recover in 2021 due to improved global economic conditions and government investments in infrastructure projects[12]. - The iron ore trading market is expected to grow significantly, with a projected increase of 70% in the iron ore industry by 2021 according to national policies[16]. - The current iron ore market size has reached RMB 500 billion, with a stable upward trend driven by recovering demand in the steel industry[16]. - The company provided a positive outlook for 2022, projecting a revenue growth of 10% to 12%, driven by new product launches and market expansion strategies[81]. - The company is planning to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[81]. Financial Position - As of March 31, 2021, current assets were approximately HKD 851.2 million, while current liabilities were about HKD 705.7 million, resulting in a current ratio of 1.21[35]. - The company had total interest-bearing loans of approximately HKD 246.3 million as of March 31, 2021, compared to HKD 243.0 million in the previous year[36]. - As of March 31, 2021, the group's debt-to-asset ratio was approximately 28.7%, an increase from 23.4% as of March 31, 2020[39]. - Total collateralized assets as of March 31, 2021, amounted to HKD 67,354,000, down from HKD 75,998,000 as of March 31, 2020[41]. - The group has disclosed the significant uncertainties related to its financial position and ongoing operations in the financial statements[163]. Contracts and Projects - The total value of uncompleted contracts as of March 31, 2021, was HKD 4,165,645,000, an increase from HKD 3,793,234,000 as of March 31, 2020[53]. - The group secured new contracts worth HKD 317,505,000 in the building construction segment during the fiscal year 2021[54]. - The group reported a total of HKD 11,496,000 in new contracts for property maintenance during the fiscal year 2021[55]. - The total contract value obtained as of March 31, 2021, for renovation and improvement projects is HKD 366,747,000[58]. - Completed contracts in the building construction segment amounted to HKD 142,022,000, with significant projects including a temple in Singapore valued at HKD 60,352,000 and an extension at Nanyang Technological University valued at HKD 81,670,000[61]. Employee and Compensation - The group employed a total of 440 employees as of March 31, 2021, compared to 330 employees as of March 31, 2020[68]. - Total employee compensation for the fiscal year 2021 was approximately HKD 122 million, a decrease from HKD 127 million in the fiscal year 2020[68]. Corporate Governance - The company has adopted high standards of corporate governance, focusing on long-term financial performance rather than short-term gains[149]. - The board consists of five directors, including two executive directors and three independent non-executive directors[188]. - The audit committee, composed of three independent non-executive directors, reviewed the financial statements for the year ending March 31, 2021[199]. - The company has established specific committees with written terms of reference, including the audit committee, remuneration committee, and nomination committee, as required by the listing rules[175]. Risks and Uncertainties - The group identified several key risks, including labor cost increases and project completion uncertainties, which could adversely affect profitability[44]. - The independent auditor has expressed uncertainty regarding the appropriateness of the going concern basis used in preparing the financial statements due to the lack of a loan extension agreement with Mr. Huang Luohui[163]. - There is significant uncertainty regarding the group's ability to continue as a going concern, which may impact its ability to realize assets and settle liabilities[160]. Shareholder Information - Major shareholders include Mega Start Limited with 600,000,000 shares (10.00%), Fount Holdings Limited with 475,000,000 shares (7.92%), and Earnstar Holding Limited with 350,000,000 shares (5.83%)[137]. - The total issued shares of the company as of March 31, 2021, were 6,000,000,000[132]. - The company plans to raise up to HKD 30 million through a rights issue, offering up to 1,500,000,000 shares at a subscription price of HKD 0.02 per share[154]. Audit and Compliance - The independent auditor, Ernst & Young, resigned due to a lack of consensus on audit fees, and a new auditor, RSM, has been appointed[156]. - The auditors have indicated that the audit qualification regarding the going concern assumption could be removed in the next year's report if the company successfully extends the loan repayment date by at least 12 months beyond March 31, 2022, or secures sufficient financial support to repay the loan[183].

Vision Fame International Holding Limited 允 升 國 際 控 股 有 限 公 司 ( 於関曼群島註冊成立之有限公司 ) 股份代號：1315 7 (A) 户是 2020 中期報告 目 錄 公司資料 02 04 ွ 理 理 討 論 及 分 析 簡明綜合損益及其他全面收益表 12 13 簡明綜合財務狀況表 15 簡明綜合權益變動表 16 簡明綜合現金流量表 17 簡明綜合財務報表附註 32 其他資料 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|-------|----------------------------------------------------|----------| | | | | 公司資料 | | | | | | | 執行董事 | | 提名委員會 | | | 周哲(主席) | | 周哲(主席) | | | | | | | | ...

[Chairman's Report](index=5&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) [Performance and Business Review](index=5&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) In FY2019, the Group's total turnover slightly increased by 2% to approximately HKD 1.237 billion, but loss attributable to shareholders significantly expanded to HKD 145.5 million; the Board does not recommend a dividend, while construction-related businesses faced market decline and COVID-19 challenges, and the graphene business was divested following an unauthorized deposit pledge Key Financial Indicators for FY2019 | Indicator | FY2019 | FY2018 | | :--- | :--- | :--- | | Total Turnover | Approx. HKD 1.237 billion | Approx. HKD 1.209 billion | | Loss Attributable to Shareholders | Approx. HKD 145.5 million | Approx. HKD 22.4 million | | Basic Loss Per Share | Approx. HKD 2.42 cents | Approx. HKD 0.37 cents | | Dividend | Not Recommended | Nil | - Construction Business Outlook: The Hong Kong construction market declined in 2019, exacerbated by the COVID-19 pandemic, with a continued downturn expected in 2020; the Group will control costs and actively seek business opportunities, and in Singapore, it has developed prevention and business continuity plans to address the pandemic[11](index=11&type=chunk) - Significant Changes in Graphene Business: Due to former executive director Mr. Dai Jialong's unauthorized pledge of RMB 100 million in bank deposits of subsidiary Wuxi Taike, the company focused on investigation and release of the pledge; the pledged deposit was released in August 2019, and Wuxi Taike was sold to an independent third party in February 2020[12](index=12&type=chunk)[14](index=14&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Overall Group Performance](index=7&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E6%A5%AD%E7%B8%BE) In FY2019, the Group's total turnover was approximately HKD 1.237 billion, a slight year-on-year increase; gross profit decreased from HKD 68.7 million to HKD 57.7 million, and loss attributable to shareholders significantly expanded to HKD 145.5 million, primarily due to increased impairment losses on property, plant and equipment and trade receivables, higher administrative expenses, and reduced gross profit - Loss attributable to shareholders significantly expanded from **HKD 22.4 million** in FY2018 to **HKD 145.5 million** in FY2019, primarily due to an increase of approximately **HKD 101.4 million** in impairment losses on property, plant and equipment and trade receivables, an increase of approximately **HKD 15.4 million** in administrative expenses due to higher rental and staff costs, and a decrease of approximately **HKD 11 million** in gross profit[19](index=19&type=chunk) [Segment Operating Results](index=7&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) Business segment performance varied, with alteration and addition works and property maintenance segments showing revenue growth but the former's profit declining due to increased costs, while the building construction segment saw slight revenue and profit decreases, and the graphene production and material trading segment's revenue sharply declined, leading to a significant loss of HKD 140.9 million due to substantial impairment losses FY2019 Segment Results (HKD Thousand) | Business Segment | FY2019 Revenue | FY2018 Revenue | FY2019 Profit/(Loss) | FY2018 Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Building Construction | 278,000 | 285,000 | 25,800 | 28,700 | | Alteration and Addition Works | 422,000 | 245,000 | 7,100 | 13,300 | | Property Maintenance | 538,000 | 433,000 | 31,300 | 29,700 | | Graphene Production and Material Trading | 66 | 246,500 | (140,900) | (19,200) | - The substantial loss in the graphene segment was primarily due to the recognition of approximately **HKD 49.9 million** in impairment losses on property, plant and equipment, and approximately **HKD 62.5 million** in impairment losses on trade receivables[25](index=25&type=chunk) [Liquidity and Financial Resources](index=8&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintained a sound financial position with a current ratio of 2.09 times and total cash and bank balances of approximately HKD 258.5 million as at March 31, 2019, while the gearing ratio slightly increased to 33.8%, and HKD 117 million in bank deposits were pledged as collateral for a related party's bank financing Financial Position Indicators (as at March 31) | Indicator | 2019 | 2018 | | :--- | :--- | :--- | | Current Assets (HKD Million) | 669.1 | 718.9 | | Current Liabilities (HKD Million) | 320.2 | 263.7 | | Current Ratio | 2.09 times | 2.73 times | | Cash and Bank Balances (HKD Million) | 258.5 | 303.3 | | Total Interest-bearing Loans (HKD Million) | 248.0 | 273.3 | | Gearing Ratio | 33.8% | 32.6% | - As at March 31, 2019, bank deposits totaling **HKD 116.96 million** were pledged as collateral for bank financing obtained by a related party (a company controlled by former director Mr. Dai); this pledged deposit was subsequently released on August 23, 2019[39](index=39&type=chunk)[56](index=56&type=chunk) [Significant Acquisitions and Disposals](index=10&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8) The Group had no significant acquisitions or disposals during the reporting period, but subsequent to the period, on February 28, 2020, it completed the disposal of Wuxi Taike, a subsidiary primarily engaged in graphene production, to an independent third party - Wuxi Taike, a subsidiary primarily engaged in graphene production, was sold to an independent third party on January 20, 2020, with the transaction completed on February 28, 2020[41](index=41&type=chunk) [Use of Proceeds](index=10&type=section&id=%E7%99%BC%E8%A1%8C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%8F%AF%E6%8F%9B%E8%82%A1%E5%82%B5%E5%88%B8%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The Group completed share and convertible bond subscriptions in 2016, raising net proceeds of approximately HKD 289 million, of which HKD 172 million had been utilized by March 31, 2019, primarily for the graphene business, with the remaining HKD 117 million reallocated as working capital following the graphene business entity's disposal Use of Net Proceeds (as at March 31, 2019) | Intended Use | Intended Amount (HKD Million) | Utilized Amount (HKD Million) | Unutilized Amount (HKD Million) | | :--- | :--- | :--- | :--- | | Establishment of Graphene Production Plant and Facilities | 210 | 84 | 126 | | Recruitment of Professionals and Establishment of Laboratories | 20 | 8 | 12 | | General Working Capital | 79 | 79 | 0 | | **Total** | **289** | **172** | **117** | - As Wuxi Taike, the principal subsidiary engaged in graphene production, was sold in early 2020, approximately **HKD 117 million** of unutilized net proceeds have been reallocated and fully used as the Group's working capital[47](index=47&type=chunk) [Principal Risks and Uncertainties](index=11&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E7%A2%BA%E5%AE%9A%E5%9B%A0%E7%B4%A0) The Group faces principal risks including rising labor costs, inaccurate project cost estimations, and non-recurring revenue in construction-related businesses, as well as financial risks such as foreign exchange fluctuations, interest rate changes, and related party guarantees, with risks from the graphene production segment reduced due to its disposal - Construction-related segment risks: - Labor-intensive nature leads to risks of rising labor and subcontracting costs[52](index=52&type=chunk) - Inaccurate project time and cost estimations may impact profit margins[53](index=53&type=chunk) - Revenue primarily derived from individual contracting projects, which are non-recurring, requiring new projects to be secured through competitive bidding[53](index=53&type=chunk) - Financial risks: - The Group faces foreign exchange risks from currencies such as HKD, USD, SGD, and RMB[55](index=55&type=chunk) - The Group has not adopted an interest rate hedging policy and needs to monitor interest rate risks[55](index=55&type=chunk) - A bank deposit guarantee of **HKD 117 million** was previously provided for a related party, which was released in August 2019[56](index=56&type=chunk) [Contract Progress](index=13&type=section&id=%E5%90%88%E7%B4%84%E9%80%B2%E5%BA%A6) As at the end of FY2019, the Group's total outstanding contracts amounted to approximately HKD 3.479 billion, with HKD 1.459 billion in new contracts secured and HKD 1.626 billion completed during the year, and an additional HKD 1.732 billion in new contracts secured subsequent to the reporting period Construction-Related Business Contract Progress (HKD Thousand) | Business Segment | Outstanding Contracts as at March 31, 2018 | Contracts Secured in FY2019 | Contracts Completed in FY2019 | Outstanding Contracts as at March 31, 2019 | | :--- | :--- | :--- | :--- | :--- | | Building Construction | 920,264 | 392,741 | (308,847) | 1,004,158 | | Property Maintenance | 2,139,873 | 923,625 | (1,008,852) | 2,054,646 | | Alteration, Renovation, etc. | 585,895 | 142,682 | (308,214) | 420,363 | | **Total** | **3,646,032** | **1,459,048** | **(1,625,913)** | **3,479,167** | - Subsequent to March 31, 2019, and up to the report date, the Group secured new contracts totaling approximately **HKD 1.732 billion**, demonstrating its continued ability to acquire new business[82](index=82&type=chunk) [Employees and Remuneration Policy](index=19&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As at March 31, 2019, the Group employed 261 staff with total remuneration of approximately HKD 90 million, and its remuneration policy is market-referenced and performance-linked to attract, retain, and motivate talent, while the Board's dividend policy considers financial performance, capital requirements, and economic conditions Employee Information | Indicator | March 31, 2019 | March 31, 2018 | | :--- | :--- | :--- | | Total Employees | 261 | 248 | | Total Employee Remuneration | Approx. HKD 90 million | Approx. HKD 87 million | [Biographies of Directors and Senior Management](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E5%B1%A5%E6%AD%B7%E8%A9%B3%E6%83%85) [Biographies of Directors and Senior Management](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E5%B1%A5%E6%AD%B7%E8%A9%B3%E6%83%85) This section details the personal biographies of the company's executive directors, independent non-executive directors, and senior management members, including their age, position, educational background, professional qualifications, and extensive experience in finance, construction, and management [Report of the Directors](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) [Summary of the Report of the Directors](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) This report outlines the Group's principal activities, financial performance, and dividend recommendations for FY2019, detailing high customer concentration, changes in directors, their interests, and the unauthorized deposit pledge incident related to former director Mr. Dai Jialong, while also addressing the independent auditor's "disclaimer of opinion" with remedial actions taken by the Board - High concentration of major customers and suppliers: - The top five customers accounted for approximately **78.5%** of total sales, with the largest customer accounting for approximately **51.2%**[119](index=119&type=chunk) - The top five suppliers accounted for approximately **40.5%** of total purchases, with the largest supplier accounting for approximately **13.1%**[119](index=119&type=chunk) - Shareholding of Directors and Major Shareholders: Executive Director Mr. Zhou Zhe holds **10.00%** of the company's shares through his wholly-owned company, Mega Start Limited[146](index=146&type=chunk)[148](index=148&type=chunk) - Significant Connected Transactions: The report disclosed that former executive director Mr. Dai Jialong unauthorizedly used **RMB 100 million** in bank deposits of the company's subsidiary, Wuxi Taike, to provide debt guarantees for Jiangyin Youjia Company, which he controlled; this incident led to the suspension of trading in the company's shares and triggered a series of investigations and remedial actions[163](index=163&type=chunk)[166](index=166&type=chunk) - Response to Auditor's Opinion: In response to the "disclaimer of opinion" issued by the auditor regarding Wuxi Taike-related matters, the Board detailed the countermeasures taken, including conducting forensic review, internal control review, releasing the pledged deposit, initiating legal proceedings against customers, and ultimately disposing of Wuxi Taike; the Board believes the relevant audit issues have been resolved[183](index=183&type=chunk)[196](index=196&type=chunk)[198](index=198&type=chunk) [Corporate Governance Report](index=39&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) [Summary of the Corporate Governance Report](index=39&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) During the reporting period, the company maintained high corporate governance standards, complying with Listing Rules, though it deviated from the code by having the Chairman and CEO roles combined for a period, and acknowledged deficiencies in financial reporting, risk management, and internal controls due to the Wuxi Taike deposit pledge incident, while detailing the composition and responsibilities of its audit, remuneration, and nomination committees - Deviation from Corporate Governance Code: The report acknowledged a deviation from Code Provision A.2.1, which states that the roles of Chairman and Chief Executive Officer should be separate; from September 7, 2018, to March 31, 2019, Mr. Zhou Zhe concurrently held both positions, but the Board believes this structure does not impair the balance of power and authority[206](index=206&type=chunk) - Internal Control Deficiencies: The report acknowledged that due to the unauthorized deposit pledge incident involving Wuxi Taike, the Board was unable to make an informed assessment of the financial information, and the Group had deficiencies in establishing and maintaining its risk management and internal control systems[207](index=207&type=chunk)[210](index=210&type=chunk) - Board and Committees: The Board comprises three executive directors and three independent non-executive directors; the company has established an Audit Committee, Remuneration Committee, and Nomination Committee, with the report detailing each committee's composition, terms of reference, and annual meeting attendance[212](index=212&type=chunk)[223](index=223&type=chunk)[227](index=227&type=chunk)[232](index=232&type=chunk) [Independent Auditor's Report](index=50&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) [Summary of the Independent Auditor's Report](index=50&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) Auditor Ernst & Young issued a "disclaimer of opinion" on the Group's consolidated financial statements for the year ended March 31, 2019, primarily due to insufficient audit evidence regarding significant matters of principal subsidiary Wuxi Taike, which had a material impact on the Group's net assets and annual loss, preventing an opinion on the financial statements' true and fair view - The auditor issued a "disclaimer of opinion" due to the inability to obtain sufficient audit evidence regarding the accounts of the principal subsidiary, Wuxi Taike[261](index=261&type=chunk) - The basis for the disclaimer of opinion primarily included the following scope limitations: - **Potential Undisclosed Related Party Transactions**: Inability to determine if multiple unusual transactions between Wuxi Taike and Jiangyin Youjia, Wuxi Taiaoyi, Xin Chaoshun, Wuxi Qikai, and other companies should be disclosed as related party transactions[263](index=263&type=chunk) - **Impairment of Property, Plant and Equipment**: Inability to determine if the impairment provision of approximately **HKD 49.9 million** was properly measured[277](index=277&type=chunk) - **Pledged Deposits in Prior Years**: Inability to determine if the classification of pledged time deposits in the 2018 statement of financial position was appropriate[278](index=278&type=chunk) [Consolidated Financial Statements](index=55&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Summary of Financial Statements](index=55&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's consolidated financial statements, including the statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, along with detailed notes disclosing accounting policy changes, segment information, related party transactions, and post-reporting period events, showing stable FY2019 revenue but increased net loss and decreased total equity due to significant impairment losses Key Consolidated Financial Statement Data (HKD Thousand) | Financial Statement Item | March 31, 2019 | March 31, 2018 | | :--- | :--- | :--- | | **Consolidated Statement of Profit or Loss** | | | | Revenue | 1,237,444 | 1,209,103 | | Gross Profit | 57,709 | 68,746 | | Loss for the Year | (145,451) | (22,372) | | **Consolidated Statement of Financial Position** | | | | Non-current Assets | 64,166 | 118,721 | | Current Assets | 669,060 | 718,934 | | **Total Assets** | **733,226** | **837,655** | | Current Liabilities | 319,708 | 263,725 | | Non-current Liabilities | 262,235 | 259,883 | | **Total Liabilities** | **581,943** | **523,608** | | **Total Equity** | **151,283** | **314,047** | | **Consolidated Statement of Cash Flows** | | | | Net Cash Flows Used in Operating Activities | (11,800) | (214,472) | | Net Cash Flows From/(Used in) Investing Activities | 19,474 | (7,357) | | Net Cash Flows Used in Financing Activities | (28,004) | (14,696) | - Post-Reporting Period Events: - In August 2019, the **RMB 100 million** pledged deposit of Wuxi Taike was released[732](index=732&type=chunk) - In February 2020, the Group completed the disposal of Wuxi Taike[734](index=734&type=chunk) - The outbreak of Novel Coronavirus (COVID-19) in 2019 may affect the Group's business in the coming year[735](index=735&type=chunk) [Five-Year Financial Summary](index=148&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Five-Year Financial Summary](index=148&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section summarizes the Group's key financial data for five consecutive fiscal years from 2015 to 2019, indicating that revenue fluctuated downwards after peaking in 2016, profitability was volatile with FY2019 recording the largest loss, and total equity significantly declined in 2019 after a substantial increase in 2016 Five-Year Financial Summary (HKD Thousand) | Fiscal Year | 2015 | 2016 | 2017 | 2018 | 2019 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,776,238 | 2,502,744 | 1,507,561 | 1,209,103 | 1,237,444 | | Profit/(Loss) Before Tax | (115,787) | 20,997 | 1,088 | (18,760) | (142,220) | | Profit/(Loss) Attributable to Owners of the Parent | (117,263) | 19,918 | (145) | (22,372) | (145,451) | | Total Assets | 774,791 | 968,660 | 1,039,077 | 837,655 | 733,226 | | Total Liabilities | (748,802) | (644,374) | (734,415) | (523,608) | (581,943) | | Total Equity | 25,989 | 324,286 | 304,662 | 314,047 | 151,283 |