國際友聯融資租賃有限公司 (Incorporated in the Cayman Islands with limited liability) Stock code : 1563 ANNUAL REPORT 2019 INTERNATIONAL ALLIANCE FINANCIAL LEASING CO., LTD. 國際友聯融資租賃有限公司 （於開曼群島註冊成立的有限公司） 股份代號：1563 INTERNATIONAL ALLIANCE FINANCIAL LEASING CO., LTD. 2019年度報告 | --- | --- | --- | --- | |-------|-------|--------|--------------------------| | | | | | | | 目錄 | 2 | 公司資料 | | | | 3 | 行政總裁致辭 | | | | 4-10 | 管理層討論及分析 | | | | 11-14 | 董事履歷 | | | | 15-28 | 企業管治報告 | | | | 29-43 | 董事會報告 | | | | 44-48 | 獨立核數師報告 | | | | 49 ...

Revenue and Income - Revenue decreased by approximately 18.7% from RMB 175.1 million in the first half of 2018 to RMB 142.4 million in the first half of 2019, primarily due to no new financing lease business[11]. - Financing lease income for the first half of 2019 was approximately RMB 142.4 million, down from RMB 172.1 million in the same period of 2018[11]. - Other income decreased significantly from RMB 6.6 million in the first half of 2018 to RMB 0.9 million in the first half of 2019[12]. - Total revenue for the six months ended June 30, 2019, was RMB 143,285 thousand, a decrease of 21.1% from RMB 181,752 thousand in the same period of 2018[58]. - Total other income for the six months ended June 30, 2019, was RMB 890, down 86.6% from RMB 6,618 in the same period of 2018[99]. Expenses and Costs - Employee costs increased from RMB 6.0 million in the first half of 2018 to RMB 6.7 million in the first half of 2019, attributed to salary adjustments[14]. - Other operating expenses remained stable at approximately RMB 10.0 million, accounting for 7.0% of total revenue in the first half of 2019, compared to 5.7% in the same period of 2018[15]. - Listing expenses rose to approximately RMB 10.1 million in the first half of 2019 from RMB 7.3 million in the same period of 2018[16]. - Financial costs decreased by approximately 7.8% from RMB 117.6 million in the first half of 2018 to RMB 108.4 million in the first half of 2019[17]. - Employee benefit expenses for the six months ended June 30, 2019, were approximately RMB 67 million, compared to RMB 60 million for the same period in 2018[26]. - Employee costs for the six months ended June 30, 2019, totaled RMB 6,734, an increase of 11.8% from RMB 6,023 in the same period of 2018[101]. Financial Performance - The net loss for the six months ended June 30, 2019, was approximately RMB 33 million, a 117.3% increase from a profit of RMB 191 million for the same period in 2018, resulting in a net profit margin of -2.3%[19]. - The company reported a loss of RMB 3,250 for the six months ended June 30, 2019, compared to a profit of RMB 19,128 in the same period of 2018, resulting in a basic loss per share of RMB (0.0025) compared to earnings of RMB 0.0190[105]. - The company incurred a current income tax expense of RMB 6,120 for the six months ended June 30, 2019, down 33.7% from RMB 9,197 in the same period of 2018[102]. Assets and Liabilities - The group's cash and cash equivalents as of June 30, 2019, were approximately RMB 6,392 million, down from RMB 6,734 million as of June 30, 2018[22]. - The total equity of the group increased to approximately RMB 12,620 million as of June 30, 2019, compared to RMB 9,209 million as of June 30, 2018[22]. - The asset-liability ratio decreased to approximately 64.9% as of June 30, 2019, from 80.5% as of June 30, 2018, due to reduced borrowings and issued bonds[23]. - The financing lease receivables decreased by approximately 28.6% from RMB 4,183.6 million as of June 30, 2018, to RMB 2,985.1 million as of June 30, 2019[24]. - The total assets as of June 30, 2019, were RMB 2,967,627 thousand, slightly up from RMB 2,960,359 thousand as of December 31, 2018[59]. - The company’s total liabilities included current liabilities of RMB 539,723,000 and non-current liabilities of RMB 1,323,263,000, totaling RMB 1,862,986,000[121]. Risk Management - The company has focused on risk prevention and control, adjusting its business strategy in response to tightening financing conditions[10]. - The company has strengthened its project selection functions to improve asset management standards and reduce overall asset risks[10]. - The group has developed a comprehensive risk management system to address various risks, with credit risk being the primary concern[27]. - The group has identified potential significant losses due to tenants failing to make lease payments, with overdue payments exceeding 270 days being classified as loss assets[29]. - The expected credit loss for finance lease receivables was RMB 8.1 million, reflecting a rise in credit risk as disclosed in Note 13[120]. Corporate Governance - The company has adhered to the corporate governance code and has established various committees, including an audit committee, to oversee financial reporting and internal controls[37][39]. - The audit committee reviewed the group's financial performance for the six months ending June 30, 2019, and recommended the adoption of accounting principles and practices[39]. - The company established a remuneration committee consisting of three members, with independent non-executive director Liu Changxiang as the chairman, to review and recommend remuneration policies for directors and senior management[41]. - The nomination committee, also comprising three members and chaired by independent non-executive director Liu Xuewei, evaluated the board's structure and provided recommendations for the upcoming annual general meeting[42]. - The company has adopted a securities trading code for directors, ensuring compliance with trading restrictions prior to financial performance announcements[43]. Shareholder Information - Major shareholders include Union Capital Pte. Ltd. with a 51.23% stake and PA Investment Funds SPC holding 9.87% of the shares[52]. - Liu Changxiang holds 6,305,438 shares, representing 0.42% of the company's equity, while Li Luqiang holds 7,881,797 shares, representing 0.52%[48]. - The company completed a global offering on March 15, 2019, issuing 495,000,000 shares at a price of HKD 0.85 per share, raising approximately RMB 323.3 million in share premium[126]. Cash Flow and Financing Activities - Net cash generated from operating activities for the six months ended June 30, 2019, was RMB 753,604,000, a significant increase from RMB 193,797,000 in the same period of 2018, representing a growth of approximately 288%[61]. - The net cash used in financing activities was RMB 506,838,000, compared to a net cash inflow of RMB 56,428,000 in the previous year, indicating a shift in financing strategy[61]. - The company reported a net cash outflow from borrowings of RMB 795,700,000, down from RMB 1,427,015,000 in the previous year, reflecting a reduction in debt repayment[61]. - The company’s cash flow from financing activities was primarily utilized to support operational funding[121]. Accounting Standards and Policies - The company has adopted new accounting standards, including IFRS 16, which may impact future financial reporting and asset management strategies[67]. - The company has adopted IFRS 16, which significantly impacts the accounting policies related to lease liabilities and right-of-use assets[75]. - The company applied the modified retrospective approach for the transition to IFRS 16, without restating comparative information[88]. - As of January 1, 2019, the company recognized lease liabilities of RMB 62 million and right-of-use assets of RMB 63 million[88]. Employee Compensation - Total compensation for key management personnel for the six months ended June 30, 2019, was RMB 2.332 million, an increase from RMB 2.213 million in the same period of 2018[143]. - Basic salary and allowances for key management personnel increased to RMB 2.060 million for the six months ended June 30, 2019, compared to RMB 1.830 million in 2018[143]. - Employer contributions to retirement plans decreased to RMB 100,000 in 2019 from RMB 140,000 in 2018[143]. - Other social welfare expenses for key management personnel decreased to RMB 172,000 in 2019 from RMB 243,000 in 2018[143].