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钱唐控股(01466) - 2022 - 中期财报
2021-12-16 02:11
Financial Performance - Revenue for the six months ended September 30, 2021, was HK$31,159,000, representing a 88.1% increase from HK$16,589,000 in the same period of 2020[10]. - Gross profit for the period was HK$122,000, compared to a gross loss of HK$13,315,000 in the previous year, indicating a significant turnaround[10]. - Operating loss decreased to HK$12,133,000 from HK$41,300,000, reflecting improved operational efficiency[10]. - Loss before income tax was HK$14,395,000, down from HK$43,573,000 in the prior year, showing a reduction of 67.0%[10]. - Loss for the period attributable to equity holders of the Company was HK$14,395,000, compared to HK$43,573,000 in 2020, marking a substantial improvement[10]. - Basic and diluted loss per share was HK(5.39) cents, an improvement from HK(20.78) cents in the previous year[10]. - Other losses, net for the period amounted to HK$1,200,000, compared to HK$620,000 in the previous year[10]. - The company recorded a fair value gain on convertible loan notes of HK$0, compared to a gain of HK$1,215,000 in the previous year[10]. - Administrative expenses decreased to HK$6,861,000 from HK$12,723,000, indicating cost control measures were effective[10]. - The company did not incur any income tax for the period, consistent with the previous year[10]. Assets and Liabilities - As of September 30, 2021, total assets amounted to HK$ 1,131,000, while total liabilities were HK$ 1,054,223, resulting in net assets of HK$ 36,777,000[16]. - Current assets increased to HK$ 81,051,000 from HK$ 90,016,000, while current liabilities remained stable at HK$ 30,000,000[16]. - The equity attributable to equity holders of the company decreased to HK$ 36,777,000 from HK$ 45,945,000[16]. - Cash and cash equivalents increased to HK$ 25,496,000 from HK$ 24,424,000, indicating improved liquidity[16]. - Trade and other receivables decreased to HK$ 34,646,000 from HK$ 40,765,000, reflecting a reduction in outstanding debts[16]. - Non-current liabilities remained unchanged at HK$ 167,000, indicating stability in long-term obligations[16]. - The company’s total equity decreased from HK$ 45,945,000 to HK$ 36,777,000, reflecting the impact of losses during the period[23]. - The balance of inventories increased to HK$ 20,909,000 from HK$ 24,827,000, suggesting a strategic adjustment in stock management[16]. Cash Flow and Financing - Net cash used in operating activities for the six months ended September 30, 2021 was HK$1,591,000, compared to HK$25,115,000 in 2020, indicating a significant reduction in cash outflow[28]. - Cash and cash equivalents at the end of the period increased to HK$25,496,000 from HK$13,993,000 in the previous year, reflecting a growth of 82%[31]. - Net cash generated from financing activities was HK$2,661,000 for the six months ended September 30, 2021, compared to HK$4,501,000 in the same period of 2020, indicating a decline of 41%[31]. - The company recorded finance costs of HK$2,264,000 for the six months ended September 30, 2021, slightly down from HK$2,278,000 in 2020[28]. - The total cash flows from investing activities generated HK$2,000 for the six months ended September 30, 2021, a decrease from HK$124,000 in the previous year[31]. Segment Performance - For the six months ended September 30, 2021, the Group's segment revenue from the sale of pearls and jewellery products was HK$30,183,000, while strategic investment and financial services generated HK$976,000, totaling HK$31,159,000[52]. - The Group reported a segment loss of HK$5,389,000 from the sale of pearls and jewellery products and a loss of HK$4,742,000 from strategic investment and financial services, resulting in a total segment loss of HK$10,131,000[52]. - In comparison, for the six months ended September 30, 2020, the segment revenue was HK$15,492,000 from the sale of pearls and jewellery products and HK$1,097,000 from strategic investment and financial services, totaling HK$16,589,000[59]. Investments and Acquisitions - The company completed the acquisition of a 30% stake in Guardian City Limited for approximately HK$176,005,000, which included cash and shares[138]. - Following the acquisition, Guardian City became an associate of the company, holding a 62.55% equity interest in Campfire Holdings Company Limited[138]. - Campfire Group operates a total of 13 co-working/co-living spaces in Hong Kong as of the date of acquisition[138]. - The Group holds a 33% equity interest in Dellos Group Limited and its subsidiaries as of 30 September 2021[147]. - Dellos F&B Co., Ltd, a subsidiary of Dellos Group, is involved in the manufacturing, sale, and distribution of fruit juice and other beverage products[147]. Credit Management - Trade receivables as of September 30, 2021, amounted to HK$7,915,000, an increase from HK$5,480,000 as of March 31, 2021, representing a 44.4% growth[163]. - The allowance for expected credit losses (ECL) on trade receivables decreased from HK$26,271,000 to HK$24,919,000, indicating improved credit quality[163]. - The Group's financial statements reflect a cautious approach towards credit management, as evidenced by the reduction in the allowance for ECL[163]. - The overall financial health of the Group appears to be improving, with significant increases in net trade receivables and a decrease in credit loss provisions[163]. Market Strategy - The company is focusing on expanding its market presence, particularly in North America and Europe, to enhance revenue streams[107]. - The Group plans to utilize released capital from suspended UK property investments to enhance liquidity and invest in viable acquisition projects[189]. - The Group's financial strategy includes reallocating resources to increase profitability and returns through strategic investments[189].
钱唐控股(01466) - 2021 - 年度财报
2021-07-22 09:55
Financial Performance - Revenue for the year ended March 31, 2021, was HK$43,324,000, a decrease of 61.3% from HK$111,978,000 in 2020[16] - The gross loss for the year was HK$8,623,000, compared to a gross profit of HK$28,549,000 in the previous year, representing a change of 130.2%[16] - Loss before income tax improved to HK$52,077,000 from HK$280,402,000, indicating a positive change of 81.4%[16] - The loss attributable to equity holders of the Company was HK$51,785,000, down from HK$281,822,000, reflecting an 81.6% improvement[16] - Basic and diluted loss per share decreased to HK$0.23 from HK$1.55, an improvement of 85.2%[16] - Revenue from pearls and jewellery products for FY21 was HK$41.2 million, down from HK$109.8 million in FY20, reflecting a significant decline in sales contribution[41] - The gross profit margin turned negative at (19.9)%, down from 25.5%, a decline of 45.4 percentage points[18] - Gross loss for FY21 was HK$8.6 million, compared to a gross profit of HK$28.5 million in FY20, resulting in a gross margin of 19.9%[79] - Selling and administrative expenses decreased by HK$48.7 million or 69.6% to HK$21.3 million in FY21, attributed to reduced share-based payment expenses and cost control measures[78] Assets and Liabilities - Net assets decreased to HK$45,945,000 from HK$85,132,000, a decline of 46.0%[16] - Cash and cash equivalents were HK$24,424,000, down 29.2% from HK$34,491,000[16] - As of March 31, 2021, total equity was HK$45.9 million, a decrease of 46.1% from HK$85.1 million in FY20[82] - The Group's net current assets were HK$44.5 million as of March 31, 2021, compared to HK$74.6 million in FY20[82] - Outstanding borrowings as of March 31, 2021, were HK$30.0 million, a slight decrease from HK$30.7 million in FY20[82] Strategic Focus and Investments - The Group plans to focus investments in real estate, coworking spaces, and asset management sectors, particularly in Europe and Asia[32] - The Group aims to diversify income streams through its Strategic Investment and Financial Services Segment, which is expected to be a growth driver[32] - The Group will implement cost control measures and improve operational efficiency to maintain competitiveness in the market[42] - The Group is focused on leveraging its resources as a listed company to enhance acquisition projects and improve returns[60] - The Group plans to minimize investments in the United Kingdom due to Brexit uncertainties while seeking appropriate investment projects for future growth[59] Governance and Management - The company has a strong governance structure with a focus on compliance and effective communication with regulatory authorities in Hong Kong[126] - The management team has a diverse background in various sectors, including property investment, technology development, and international audit firms, enhancing the company's strategic capabilities[120] - The Board is responsible for overall management, including strategic decisions, internal control, and risk management[137] - The current Board comprises three executive Directors and three independent non-executive Directors, ensuring a balance of expertise and experience[140] - The Company has adopted a Board Diversity Policy since October 2014[152] Risk Management - The Group manages foreign currency risk by monitoring exchange rates and may use hedging instruments as appropriate[88] - Economic risks include potential downturns affecting customer repayment capabilities, which could lead to increased bad debts[103] - Liquidity risks are monitored regularly to ensure the Group can meet financial obligations as they arise[109] - Legal and regulatory risks are mitigated by monitoring changes in the regulatory environment and seeking appropriate legal advice[111] Internal Controls - The Group's internal control and risk management systems were reviewed by an independent professional firm, which found them to be satisfactory for the period from April 1, 2020, to March 31, 2021[193] - The Board has established an ongoing process for identifying, evaluating, and managing significant risks faced by the Group, with continuous monitoring of the effectiveness of internal controls[194] - The overall opinion on the internal control and risk management systems of the Group is that they are reasonably effective and adequate[194] Future Outlook - The Group expects the downtrend in revenue to continue into the second half of 2021 due to economic slowdown and changes in consumption patterns caused by the outbreak[70] - The Group aims to enhance the development of its mature pearls and jewellery business while participating in important jewellery and gem fairs globally[70] - The strategic investment and financial services segment is expected to diversify income streams and generate additional investment returns[70]
钱唐控股(01466) - 2021 - 中期财报
2020-12-23 09:25
Financial Performance - Revenue for the six months ended September 30, 2020, was HK$16,589,000, a decrease of 74.0% compared to HK$63,608,000 in the same period of 2019[11]. - Gross loss for the period was HK$13,315,000, compared to a gross profit of HK$17,517,000 in the previous year[11]. - Operating loss increased to HK$41,300,000 from HK$17,749,000 year-on-year, reflecting a significant decline in operational performance[11]. - Loss before income tax was HK$43,573,000, compared to HK$27,710,000 in the same period last year, indicating a worsening financial situation[11]. - Loss attributable to equity holders of the Company for the period was HK$43,573,000, compared to HK$27,591,000 in 2019[11]. - Basic and diluted loss per share was HK$0.2078, compared to HK$0.1551 for the same period in 2019, representing a 33.9% increase in loss per share[11]. - Total comprehensive loss attributable to equity holders was HK$43,553,000, compared to HK$28,595,000 in the prior year, reflecting a significant increase in overall losses[15]. - The company recorded a loss for the period of HK$43,573,000, contributing to a total equity of HK$50,190,000 as of September 30, 2020[23]. - The accumulated losses reached HK$546,516,000, indicating ongoing financial challenges[23]. - The total equity attributable to equity holders decreased from HK$85,132,000 to HK$50,190,000, reflecting a significant drop in shareholder value[23]. Assets and Liabilities - As of September 30, 2020, total assets amounted to HK$90,375,000, a decrease from HK$141,956,000 as of March 31, 2020[17]. - Current liabilities were reported at HK$27,650,000, compared to HK$32,547,000 in the previous period, indicating a reduction in short-term obligations[17]. - The net current assets stood at HK$47,701,000, down from HK$67,324,000, reflecting a decline in liquidity[17]. - The share capital increased to HK$4,440,000 from HK$3,700,000, following the placement of new shares[23]. - Cash and cash equivalents at the end of the period stood at HK$13,993,000, down from HK$40,155,000 at the end of the previous period[31]. Operational Highlights - The Company did not report any significant new product developments or market expansions during this period[11]. - The company has not provided specific guidance for future performance or market expansion strategies in the interim report[17]. - The Group's segment revenue for the six months ended September 30, 2020, totaled HK$16,589,000, with HK$15,492,000 from the sale of pearls and jewellery products and HK$1,097,000 from strategic investment and financial services[52]. - The Group reported a segment loss of HK$39,278,000, with a loss of HK$41,254,000 from the sale of pearls and jewellery products and a profit of HK$1,976,000 from strategic investment and financial services[53]. Cash Flow and Financing - Operating cash flows before working capital changes were negative at HK$10,447,000, worsening from a negative HK$4,205,000 year-over-year[29]. - Cash used in operations amounted to HK$25,115,000, a significant decline from cash generated of HK$9,872,000 in the previous year[29]. - The company experienced a decrease in cash and cash equivalents of HK$20,490,000, compared to an increase of HK$11,975,000 in the prior period[31]. - The company made a net cash inflow of HK$4,501,000 from financing activities, a decrease from HK$15,531,000 in the previous year[31]. Impairment and Provisions - The company reported a provision for expected credit losses on trade receivables of HK$15,610,000, compared to a reversal of HK$499,000 in the previous year[29]. - The company incurred a provision for impairment loss on inventories amounting to HK$15,532,000[133]. - Provision for impairment loss on inventories increased to HK$15,532,000 for the six months ended September 30, 2020, compared to HK$5,599,000 in 2019, marking a rise of 177.14%[155]. - The company incurred an impairment loss of HK$147,391,000 on its investment in associates, reflecting a significant decrease in value[179]. Taxation and Dividends - The Hong Kong profits tax was provided at a rate of 16.5% on estimated assessable profits for the period, unchanged from 2019[163]. - The company did not recommend any payment of interim dividend for the six months ended 30 September 2020, consistent with the previous year where no dividend was paid[169]. Investments - The company completed the disposal of leasehold property in Hong Kong for cash consideration of HK$53,000,000 on 16 January 2020[174]. - As of 30 September 2020, the company reported a share of fair value of net assets on acquisition amounting to HK$4,865,000 and goodwill of HK$171,140,000 related to its investment in associates[179]. - The company’s investment in Guardian City Limited, which operates co-working spaces, was completed for a total consideration of approximately HK$176,005,000[180]. - The Group holds a 30% stake in Guardian City, which is involved in investment holding activities[199].
钱唐控股(01466) - 2020 - 年度财报
2020-07-29 11:11
Company Overview - Affluent Partners Holdings Limited is primarily engaged in the purchasing, processing, designing, production, and wholesale distribution of pearls and jewelry products, as well as strategic investment and financial services[6]. - The Group is one of the world's largest merchants, purchasers, and processors of pearls, with production facilities located in Shenzhen, China[6]. - The Company was spun off from Man Sang International Limited and listed on the Hong Kong Stock Exchange on October 17, 2014, under stock code 1466[6]. - The name of the Company was changed from Man Sang Jewellery Holdings Limited to Affluent Partners Holdings Limited in March 2017[6]. Financial Performance - Revenue for FY20 decreased by 34.6% to HK$111,978,000 compared to HK$171,266,000 in FY19[10]. - Gross profit fell by 41.2% to HK$28,549,000 from HK$48,521,000 year-on-year[10]. - Loss before income tax increased to HK$280,402,000, compared to a loss of HK$43,220,000 in FY19, representing a significant deterioration[10]. - Net assets decreased by 57.0% to HK$85,132,000 from HK$197,978,000 in the previous year[10]. - The consolidated loss attributable to equity holders for FY20 was HK$281.8 million, a significant increase of 558.4% compared to FY19's loss of HK$42.8 million[35]. - Basic loss per share for FY20 was 15.53 HK cents, representing a substantial increase of 516.3% from FY19's 2.52 HK cents, primarily due to impairment losses on investments and fair value losses[35]. - The Group's sales contribution from pearl and jewellery products for FY20 was HK$109.8 million, down from HK$169.4 million in FY19, reflecting weakened consumer sentiment[39]. - The return on capital for pearls and jewellery products in FY20 was (24.7)%, compared to (1.5)% in FY19, indicating a significant decline in profitability[39]. - The return on equity dropped significantly to (331.0)% from (21.6)% in FY19[10]. - The Group's total equity decreased by 57.0% to HK$85.1 million as of March 31, 2020, compared to HK$198.0 million in 2019[94]. Strategic Investments - During the financial year, the Group maintained its investment in the UK real estate market through the subscription of an investment fund and loan notes[6]. - The Group has also invested in the co-working space industry, which is included in its strategic investment and financial services segment[6]. - The Group's strategic focus includes investments in real estate agency business and real estate investment funds[6]. - The Group plans to focus investments in real estate, co-working spaces, and asset management sectors, particularly in Europe and Asia[27]. - The strategic investment and financial services segment is expected to diversify income streams and drive future growth[24]. - The Group recognized an impairment loss on its investment in Campfire Group during FY20 due to adverse effects from COVID-19[22]. - The Group recognized a fair value loss on the investment in the Orient Capital Real Estate Fund of approximately HK$33.6 million during FY20, attributed to market downturns and Brexit uncertainty[41]. - The Group entered into a Collaboration Agreement with Equitativa Real Estate Limited to establish REITs along Eurasia, with the Group entitled to a referral fee based on a percentage of transaction values[49]. - The Group conditionally agreed to acquire 30% of Guardian City Limited for a total consideration of HK$176,005,000, which includes HK$10,000,000 in cash and the issuance of 153,000,000 shares at HK$1.085 each[50]. Operational Challenges - The Group anticipates a continued downtrend in revenue for the second half of 2020 due to economic slowdowns and changes in consumption patterns caused by the outbreak[83]. - Campfire Group has closed 9 out of 13 co-working spaces in Hong Kong due to a decline in demand, resulting in an impairment loss of approximately HK$147,391,000 for the investment in Guardian City[53]. - The Group plans to continue strict cost control and improve operational efficiency to maintain competitiveness in the pearl and jewellery market[39]. - The Group's workforce decreased to 201 employees as of March 31, 2020, from 260 in 2019[104]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the year ended March 31, 2020, with some disclosed deviations[140]. - The Board consists of 3 executive Directors and 3 independent non-executive Directors, ensuring a balance of skills and experience[145]. - The Company has adopted a corporate governance policy in line with the Listing Rules to guide its governance practices[139]. - The Board believes that high standards of corporate governance enhance transparency and protect stakeholders' interests[137]. - The Company has implemented adequate systems of internal controls and risk management procedures[145]. - The Board Diversity Policy aims to achieve diversity through various factors, including gender, age, and professional experience[166]. - The Audit Committee consists of 3 independent non-executive Directors, with Mr. Lai Yat Yuen serving as the chairman[174]. - The Remuneration Committee is composed of 3 independent non-executive Directors and 1 executive Director, with Mr. Lai Yat Yuen as the chairman[179]. - The Nomination Committee comprises 3 independent non-executive Directors and 1 executive Director, with Mr. Lee Kin Keung as the chairman[185]. Risk Management - The Group faces several principal risks, including strategic, economic, credit, business, operational, and liquidity risks, which could significantly impact financial performance[114][115]. - Mitigation strategies include regular reviews of market trends, comprehensive due diligence on acquisitions, and maintaining appropriate liquidity to cover commitments[114][115]. - The Group's management emphasizes the importance of understanding customer credit quality and monitoring loans to mitigate credit risk[115]. - The company faces price risk, exchange risk, people risk, and legal and regulatory risk, which could materially affect its income and asset values[117]. - The company has a strategy to mitigate price risk by regularly monitoring its equity portfolio and diversifying investments across multiple equities[117]. Management and Personnel - The company has over 26 years of experience in merger and acquisition, finance, and accounting, with key personnel holding significant qualifications and experience in various industries[118]. - The chairman, Mr. Cheng Chi Kin, has a strong background in finance and has held executive positions in other publicly listed companies[118]. - The company’s executive director, Mr. Leung Alex, has over 20 years of experience in auditing, accounting, and corporate management[119]. - Mr. Cheung Sze Ming, the chief financial officer, has over 20 years of experience in international audit firms and public listed companies[122]. - The independent non-executive directors bring diverse experience in finance, management, and legal fields, enhancing the company's governance[125][127][128]. - The Company is committed to providing competitive reward and benefit packages to attract and retain key personnel[117]. - The Company emphasizes the importance of a suitable working environment to maximize employee satisfaction and performance[117]. Training and Development - The Company emphasizes the importance of continuous professional development for all Directors to ensure they contribute effectively to the Board[191]. - Continuous professional development is aimed at improving the knowledge and skills of Directors[194]. - The Company maintains a record of training received by Directors for compliance purposes[195]. - The participation details of Directors in training activities are documented and reported[198].
钱唐控股(01466) - 2020 - 中期财报
2019-12-27 08:33
Financial Performance - Revenue for the six months ended September 30, 2019, was HK$63,608,000, a decrease of 28.3% from HK$88,782,000 in the same period of 2018[7] - Gross profit for the same period was HK$17,517,000, down 26.1% from HK$23,700,000 in 2018[7] - Operating loss increased to HK$17,749,000 compared to a loss of HK$15,025,000 in the previous year, reflecting a deterioration of 18.1%[7] - Loss before income tax was HK$27,710,000, significantly higher than the loss of HK$14,995,000 reported in 2018[7] - The total comprehensive loss attributable to equity holders for the period was HK$28,595,000, compared to HK$15,323,000 in the prior year, indicating an increase of 86.7%[11] - The company reported a loss per share of 1.55 HK cents, compared to a loss of 0.87 HK cents per share in the previous year[7] - Accumulated losses for the period amounted to HK$27,591,000, contributing to total comprehensive loss of HK$28,595,000[17] - The company reported a net cash generated from operating activities of HK$9,872,000, an increase from HK$2,890,000 in the prior year[20] - The company incurred finance costs of HK$4,325,000, while finance income was recorded at HK$226,000[20] - The Group reported a segment loss of HK$3,967,000 from the sale of pearls and jewellery products and a loss of HK$1,874,000 from strategic investment and financial services, resulting in a total segment loss of HK$5,841,000[67] Financial Position - As of September 30, 2019, the company's financial position showed a significant decline in equity compared to March 31, 2019[13] - Total assets less current liabilities increased to HK$347,977,000 from HK$197,978,000, representing a growth of 75.8%[14] - Net current assets decreased to HK$19,382,000 from HK$53,285,000, a decline of 63.6%[14] - Cash and cash equivalents rose to HK$40,155,000, up from HK$28,443,000, marking an increase of 41.2%[14] - Total equity attributable to equity holders of the Company reached HK$347,977,000, compared to HK$197,978,000, reflecting a growth of 75.8%[14] - Share capital increased to HK$3,700,000 from HK$3,394,000, an increase of 9.0%[14] - Total assets as of September 30, 2019, amounted to HK$451,350,000, with segment assets in Hong Kong at HK$114,149,000, the UK at HK$178,485,000, and the PRC at HK$75,758,000[75] - Total liabilities as of September 30, 2019, were HK$103,373,000, with liabilities in Hong Kong at HK$12,130,000 and in the PRC at HK$15,300,000[75] Investments and Acquisitions - The company issued consideration shares upon acquisition of associates amounting to HK$168,300,000[17] - The Group acquired a 30% equity interest in Guardian City Limited for a total consideration of HK$178,300,000, which included a cash payment of HK$10,000,000 and the issuance of 153,000,000 shares valued at HK$1.1 each[132] - The Group completed the acquisition of 33% of Dellos Group Limited for approximately HK$80,193,000, which included a cash payment of HK$3,500,000 and the issuance of shares valued at HK$76,693,000[135] - The Group's investment in associates includes significant holdings in beverage manufacturing and trading companies, indicating diversification in its investment portfolio[126] - The Group is actively involved in the rehabilitation proceedings of Dellos F&B, which may affect its financial interests in the Dellos Group[136] Operational Efficiency and Future Focus - The management indicated a focus on improving operational efficiency and exploring new market opportunities to enhance future performance[7] - The company aims to expand its strategic investment and financial services segment, including investments in real estate agency business and real estate investment funds[24] Accounting Policies and Financial Reporting - The Group has adopted HKFRS 16 for the first time in the current interim period, which supersedes HKAS 17 "Leases" and related interpretations[30] - The Group's accounting policies for the condensed consolidated financial statements are consistent with those applied for the consolidated financial statements for the year ended 31 March 2019, except for changes due to new HKFRSs[28] - The adoption of new and amended HKFRSs in the current period has had no material impact on the Group's financial performance and positions for the current and prior periods[28] - The condensed consolidated financial statements have not been audited but have been reviewed by the Company's audit committee[28] Cash Flow and Financing - The net cash used in investing activities was HK$13,428,000, compared to HK$7,627,000 in the same period last year[22] - The company reported a net cash generated from financing activities of HK$15,531,000, with borrowings of HK$24,000,000[22] - The Group's fixed rate other borrowings had interest rates ranging from 11.3% to 18.0% per annum[179] - Total other borrowings amounted to HK$76,500,000, with HK$52,500,000 being secured[181] Employee Compensation and Benefits - Key management compensation for the six months ended September 30, 2019, totaled HK$12,149,000, significantly higher than HK$3,649,000 in the previous year[188] - Employee benefit expenses totaled HK$29,948,000, a decrease from HK$21,856,000 in the previous year, indicating an increase of approximately 36.9%[103] Inventory and Impairment - The provision for impairment loss on inventories was HK$5,599,000, compared to a reversal of HK$3,474,000 in the previous year, indicating a significant shift in inventory management[103] - Cost of inventories decreased to HK$31,823,000 from HK$58,187,000, representing a reduction of approximately 45.4% year-over-year[103] Share Capital and Options - The company issued 153,000,000 ordinary shares for the acquisition of a 30% shareholding in Guardian City Limited on June 25, 2019[184] - The total issued and fully paid shares as of September 30, 2019, were 1,849,950,000[184] - The maximum number of shares that may be issued upon exercise of all outstanding options under the Scheme shall not exceed 30% of the Company's issued share capital at any time[189]
钱唐控股(01466) - 2019 - 年度财报
2019-07-29 09:05
Business Operations - The Group is one of the world's largest merchants, purchasers, and processors of pearls, with production facilities located in Shenzhen, China[12] - The Company is focused on the wholesale distribution of pearls and jewelry products, indicating a strong market presence[10] - The Group's strategic investment and financial services segment includes investments in real estate agency business and real estate investment funds[10] - The Group is actively seeking investment opportunities along the "Belt and Road" initiative to diversify its revenue sources[35] - The Group plans to enhance its pearls and jewellery business while optimizing operational efficiency to remain competitive[34] - The Group aims to enhance its pearl and jewellery business by participating in major jewellery fairs globally to maintain a diversified customer base[47] - The Group is acquiring interests in a target group engaged in co-working and co-living spaces, expanding its strategic investment and financial services segment[36] - The Group plans to acquire 30% of Guardian City Limited for a total consideration of HK$176,005,000, which includes cash of HK$10,000,000 and the issuance of 153,000,000 shares at HK$1.085 each[78] - The Group aims to expand its real estate investment business, targeting the UK and Eurasia, to diversify income streams and enhance investment returns[81] - The Group will focus on investments in real estate, co-working, and co-living spaces, particularly in Europe and Asia, following a collaboration agreement with Equitativa[83] Financial Performance - Revenue for FY2019 decreased by 8.6% to HK$171,266,000 compared to HK$187,357,000 in FY2018[15] - Gross profit fell by 11.9% to HK$48,521,000, down from HK$55,092,000 in the previous year[15] - Loss before income tax improved significantly by 66.4%, from HK$128,555,000 to HK$43,220,000[15] - Basic and diluted loss per share decreased by 67.3% to HK(2.52) from HK(7.70) in FY2018[15] - Net assets decreased by 16.3% to HK$197,978,000 from HK$236,508,000[15] - Cash and cash equivalents dropped by 48.0% to HK$28,443,000 compared to HK$54,686,000 in FY2018[15] - The consolidated loss attributable to equity holders for FY19 was HK$42.8 million, a substantial decrease of 67.0% compared to FY18's loss of HK$129.8 million[43] - Basic loss per share for FY19 was 2.52 HK cents, representing a decrease of 67.3% from FY18's 7.70 HK cents[43] - Sales contribution from the pearl and jewellery products for FY19 was HK$169.4 million, down from HK$176.5 million in FY18, reflecting a weak global market sentiment[47] - The return on capital for pearls and jewellery products improved to (1.5)% in FY19 from (10.3)% in FY18[47] - Revenue for FY19 decreased to HK$171.3 million from HK$187.4 million in FY18, with pearl and jewellery sales at HK$169.4 million, down from HK$176.5 million[85] - Gross profit fell by HK$6.6 million or 12.0% to HK$48.5 million, with a gross profit margin of 28.3% in FY19 compared to 29.4% in FY18[89] - Loss attributable to equity holders decreased by HK$87.0 million or 67.0% to HK$42.8 million in FY19, primarily due to no realised losses on financial assets[91] - Total equity as of 31 March 2019 was HK$198.0 million, a decrease of 16.3% from HK$236.5 million in 2018[92] - Cash and cash equivalents decreased to HK$28.4 million from HK$54.7 million in the previous year[93] Corporate Governance - The Company has maintained high standards of corporate governance to manage business risks and enhance transparency[151] - The Group has adopted a corporate governance policy in line with the Corporate Governance Code, ensuring compliance with statutory and regulatory requirements[153] - The Board consists of 3 executive Directors, 1 non-executive Director, and 3 independent non-executive Directors, ensuring a balance of skills and experience[160] - The Company does not have a Chief Executive Officer, which is a deviation from the recommended best practices of the Corporate Governance Code[154] - The Board held four regular meetings during the fiscal year ending March 31, 2019, to discuss overall strategy and review financial performance[169] - The Audit Committee consists of 3 independent non-executive Directors, with Mr. Lai Yat Yuen serving as the chairman[185] - The Company has confirmed compliance with the Model Code for Securities Transactions by Directors throughout the year ended March 31, 2019[156] - The Company has a Board comprising 7 Directors, including 3 independent non-executive Directors, promoting critical review and control of management processes[182] - The Company has a Board Diversity Policy adopted in October 2014, recognizing the importance of diversity in achieving strategic objectives and sustainable development[179] - The roles of the Chairman and executive Directors are clearly segregated to ensure independence and proper checks and balances[168] Management and Strategy - The Company aims to explore new business opportunities to maximize shareholder value in the future[12] - The Group's management emphasizes the importance of maintaining a competitive position through product quality and market trend reviews[126] - The management regularly reviews strategies and performance of each business unit to mitigate strategic risks[124] - The Group will actively seek suitable investment projects to enhance its financial performance moving forward[66] - The Group aims to leverage its resources as a listed company to enhance profitability and returns through acquisition projects[66] Risk Management - Economic risks include potential downturns affecting customer repayment abilities, which could lead to increased bad debts[126] - Credit risk is managed by conducting thorough credit quality assessments before granting loans[126] - The Group monitors liquidity regularly to ensure it can meet financial obligations as they arise[127] - Price risk is addressed by diversifying equity investments to mitigate the impact of price changes[127] - Exchange risk is managed by closely monitoring financial position and cash flow exposures[127] - Legal and regulatory risks are mitigated by seeking appropriate legal advice and monitoring changes in the regulatory environment[127] - The Group aims to retain key personnel by providing competitive reward and benefit packages[127] Human Resources - The total staff costs for the Group increased to approximately HK$53.2 million in 2019 from HK$44.4 million in 2018, reflecting a rise in employee remuneration[111] - The Group's workforce decreased to 260 employees as of March 31, 2019, down from 322 a year earlier[111] Investment Activities - The Group entered into an investment agreement to subscribe up to GBP3.5 million in convertible guaranteed redeemable loan notes with Wonderland (UK) Holdings Limited[49] - As of 31 March 2019, the Group had subscribed approximately GBP3.4 million in loan notes under the investment agreement with Wonderland (UK)[51] - The Group has invested HK$76,000,000 in the Orient Capital Real Estate Fund SP, focusing on a residential project in West London comprising 49 apartment units and 31 parking spaces, expected to be completed in 2020[52] - As of March 31, 2019, the Group has contributed HK$38,000,000 to the Sub-Fund, with an additional HK$38,000,000 pending call[52] Board Composition and Experience - The company has a diverse board with members holding qualifications in law, finance, and accounting, enhancing its governance structure[142] - The executive team includes professionals with significant experience in real estate and investment management, indicating a strong operational foundation[132][135] - The company aims to enhance its investment strategies by utilizing the diverse backgrounds of its directors in finance and management[139][142] - Mr. Yuen is an independent non-executive director of Winson Holdings Hong Kong Limited and Real Nutriceutical Group Limited, both listed companies[131][139] - Mr. Cheung has over 20 years of experience in public listed companies and was previously the CFO of Dingyi Group Investment Limited[134][137] - Mr. Leung has more than 16 years of experience in auditing, accounting, and corporate management, and is currently the vice chairman of China Healthwise Holdings Limited[133][136] - Mr. Lai has extensive experience in financial management from his role at Asia Port Services Limited since 1994[138][140] - Mr. Lee holds multiple degrees in commerce and finance and has worked in various prestigious accounting firms, including Deloitte Touche Tohmatsu[139][141]