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华星控股(08237) - 2019 - 年度财报
2020-05-14 08:39
Financial Performance - The company recorded total revenue of approximately HKD 37.7 million, a decrease of about 37.8% compared to the previous fiscal year, primarily due to negative returns from bad debt assets[11] - The loss attributable to shareholders was approximately HKD 55.6 million, a significant increase of about 16.1 times compared to the previous fiscal year, largely due to poor performance in bad debt asset management[11] - The group recorded total revenue of approximately HKD 37.7 million, a decrease of about HKD 22.9 million or 37.8% compared to the previous fiscal year[16] - The loss attributable to shareholders was approximately HKD 55.6 million, an increase of about HKD 52.4 million or 16.1 times compared to the previous year[16] - The group reported a net loss of HKD 55,711,582 for the year ended December 31, 2019, compared to a loss of HKD 3,052,772 in 2018[60] - The group faces additional uncertainty regarding its bank borrowings of HKD 179,378,400 due to the COVID-19 pandemic, impacting its ability to generate sufficient cash flow[126] Hotel Operations - The hotel business revenue increased by approximately 9.0%, mainly driven by the new onsen hotel opened in Japan[11] - Room revenue for the year was approximately HKD 41.4 million, accounting for about 75.0% of total hotel operating revenue[18] - The average room rate was HKD 555.5, a decrease from HKD 577.7 in the previous year, while the occupancy rate increased to 65.0% from 62.61%[20] - The new onsen hotel in Japan was opened in September 2019, contributing to the company's hotel operations[15] - The group’s main business operations are hotel management in Singapore and Japan, which have been adversely affected by the COVID-19 pandemic[126] Development Projects - The company plans to complete the development of the Bintan resort project in Indonesia in the first half of 2021, following design changes to reduce overall construction costs[11] - The construction of the Bintan resort is expected to be completed in the first half of 2021 due to financial resource constraints and the impact of the COVID-19 pandemic[22] - The group remains optimistic about future growth, focusing on attracting new guests to its hotels in Singapore and Japan, and developing land in Bintan to enhance revenue and asset returns[69] Financial Position and Liquidity - As of December 31, 2019, the group had a net current liability of approximately HKD 227.1 million, an increase from HKD 159.4 million in the previous year[25] - The debt-to-equity ratio was approximately 80.3%, up from 73.1% in the previous year[25] - The group plans to extend repayment terms for construction payables by over 12 months to alleviate liquidity pressure[62] - The board believes that the preparation of financial statements on a going concern basis is appropriate, contingent on the successful implementation of liquidity improvement measures[127] Corporate Governance - The board consists of eight directors, including two executive directors and three independent non-executive directors, with changes in composition noted during the reporting period[76] - The company has confirmed the independence of its independent non-executive directors in accordance with GEM listing rules[77] - The company has adopted a board diversity policy to enhance diversity in terms of gender, age, cultural background, and experience[88] - The company has complied with the corporate governance code as per GEM listing rules during the year[87] - Continuous professional development for all directors is mandated to ensure they remain informed and effective[92] Risk Management - The group has implemented risk management measures to mitigate operational and financial risks[44] - The company has established an enterprise risk management framework to effectively implement risk management[104] - The Board is responsible for ensuring the effectiveness of the enterprise risk management system and conducts annual reviews[105] - A three-year internal control review plan has been submitted to the Board and Audit Committee to effectively monitor and mitigate major risks[117] Employee Relations and Training - The group employed approximately 90 staff members, an increase from 60 in the previous year, with total employee costs of approximately HKD 21.6 million[30] - Total training hours provided to employees in 2019 were 115.58 hours, a decrease from 157.25 hours in 2018[158] - The company conducts regular performance evaluations at least once a year to assess employee performance and provide feedback[159] - Comprehensive training is provided to new employees to familiarize them with operational standards, typically lasting from three months to one year[158] Environmental Impact - The company emphasizes sustainable development, focusing on relationships with guests, employees, the community, and the environment[148] - The company has implemented an environmental policy focusing on energy conservation, waste reduction, and water management[180] - Total greenhouse gas emissions (Scope 1 and Scope 2) amounted to 1,103.93 tons, an increase from 974.621 tons in 2018[182] - Total water consumption in 2019 was 18,958.60 cubic meters, a decrease of 4.78% from 19,910.20 cubic meters in 2018[190] Community Engagement - The company organizes local cultural events, such as the Mid-Autumn Festival, to enhance guest experience and promote cultural engagement[170] - Community investment strategies are being developed to ensure business activities consider community interests, although specific contributions were not disclosed[200]
华星控股(08237) - 2019 Q3 - 季度财报
2019-11-13 12:47
Financial Performance - The group's revenue for the nine months ended September 30, 2019, was approximately HKD 54.7 million, an increase of about 6.9% compared to HKD 51.1 million in the same period of 2018[32]. - Profit attributable to the owners of the company for the same period was approximately HKD 7.3 million, representing a 15.1% increase from HKD 6.3 million in 2018[32]. - Basic earnings per share for the nine months was approximately HKD 0.21, compared to HKD 0.18 in the previous year[33]. - Gross profit for the nine months was approximately HKD 41.9 million, up from HKD 38.8 million in 2018[32]. - The group reported a profit before tax of approximately HKD 11.9 million for the nine months, compared to HKD 8.6 million in the same period of 2018[36]. - Total comprehensive income for the nine months was a loss of approximately HKD 2.1 million, compared to a loss of HKD 21.9 million in the previous year[36]. - The group incurred administrative expenses of approximately HKD 31.1 million for the nine months, compared to HKD 27.6 million in 2018[36]. - Other income for the nine months was approximately HKD 295,745, compared to HKD 3.6 million in the same period of 2018[36]. - The group experienced a significant increase in sales costs, amounting to approximately HKD 12.7 million for the nine months, compared to HKD 12.3 million in 2018[36]. - The company reported a profit attributable to owners of HKD 7,296,597 for the nine months ended September 30, 2019, compared to HKD 6,337,865 for the same period in 2018, representing an increase of approximately 15.2%[39]. - Basic earnings per share increased to HKD 0.209 for the nine months ended September 30, 2019, up from HKD 0.182 in the same period of 2018, reflecting a growth of about 14.8%[39]. - The diluted earnings per share for the nine months ended September 30, 2019, was HKD 0.205, compared to HKD 0.178 for the same period in 2018, indicating an increase of approximately 15.2%[39]. - The company recorded a total comprehensive income attributable to owners of HKD (2,547,923) for the nine months ended September 30, 2019, compared to HKD (21,566,025) for the same period in 2018, showing a significant improvement[39]. - The profit attributable to owners for the three months ended September 30, 2019, was HKD 2,527,156, compared to a loss of HKD (133,775) in the same period of 2018, marking a turnaround[39]. - The company’s total comprehensive income for the three months ended September 30, 2019, was HKD (10,399,464), compared to HKD (16,198,798) for the same period in 2018, indicating a reduction in losses[39]. - The total income tax expense for the nine months ended September 30, 2019, was HKD 4,302,047, compared to HKD 2,101,593 for the same period in 2018, marking an increase of about 104.5%[65]. - Employee costs for the nine months ended September 30, 2019, totaled HKD 13,205,554, an increase from HKD 11,091,549 in the same period of 2018, reflecting a rise of approximately 19.1%[61]. Strategic Initiatives - The company is committed to enhancing its operational efficiency and exploring new market opportunities to drive future growth[31]. - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth[40]. - The company plans to invest in new technologies and product development to stay competitive in the market[40]. - The management expressed optimism about future performance, citing strategic initiatives aimed at improving operational efficiency and profitability[40]. - The company is exploring potential mergers and acquisitions to enhance its market position and expand its service offerings[40]. - The group plans to continue focusing on the development of the Bintan land to enhance revenue and asset returns[97]. - The group is optimistic about future growth opportunities in the Greater China region and other Asian countries[97]. - The construction of the first phase of the Bintan development is expected to be completed around mid-2020[93]. - The group will continue to explore potential acquisition opportunities in China as part of its strategy to expand revenue sources[97]. Revenue Breakdown - The hotel operations segment generated revenue of HKD 30,556,692 for the nine months ended September 30, 2019, compared to HKD 31,636,526 in the same period of 2018, indicating a decline of about 3.4%[58]. - Room revenue was approximately HKD 30.6 million, accounting for about 55.9% of total revenue, with an occupancy rate of 67% compared to 65% last year[89]. - Food and beverage revenue increased to approximately HKD 4.0 million, representing 7.4% of total revenue, up from 4.3% last year[92]. - Income from distressed debt asset management was approximately HKD 14.9 million, accounting for about 27.3% of total revenue, compared to 22.5% last year[96]. Shareholding Structure - As of September 30, 2019, Vertic Holdings Limited holds 1,900,000,000 shares, representing approximately 54.44% of the company's shares[117]. - CMI Financial Holding Company Limited owns 690,000,000 shares, accounting for 19.77% of the total shares[117]. - China Eastern Asset Management Company holds 310,000,000 shares, which is about 8.88% of the company's shares[123]. - The convertible bonds held by CMI Hong Kong amount to HKD 25,278,000, representing 2.19% of the total issued share capital[129]. - The beneficial ownership of Mr. Yan Yi is 500 shares, which is 50% of Vertic[110]. - Ms. Yan Yi Ping holds 250 shares, representing 25% of Vertic[110]. - The spouse of Ms. Yan Yi Zhen, Datuk Siu Pak To, has a beneficial interest in 250 shares, also 25% of Vertic[110]. - No other individuals were reported to have significant interests in the company's shares as of September 30, 2019[132]. - The company has no other disclosures regarding interests or short positions in shares or related securities[113]. - The board of directors is aware of no other persons holding or deemed to hold interests in the company's shares that require disclosure under the Securities and Futures Ordinance[132].
华星控股(08237) - 2019 - 中期财报
2019-08-14 10:35
Financial Performance - For the six months ended June 30, 2019, the group recorded revenue of approximately HKD 34.2 million, a decrease of about 7.8% compared to HKD 37.1 million in the same period last year[31]. - Net profit for the period was approximately HKD 5.2 million, down 20% from HKD 6.5 million in the previous year[31]. - Hotel room revenue was approximately HKD 17.8 million, accounting for about 52.1% of total revenue, down from 55.5% in the previous year[35]. - The average occupancy rate for the hotel was 61%, a decrease from 64% in the previous year[35]. - Average room rate decreased to HKD 533.8 from HKD 586.7 in the previous year[35]. - Revenue from bad debt assets was approximately HKD 10.4 million, accounting for about 30.3% of total revenue[43]. - Basic earnings per share for the period were HKD 0.137, down from HKD 0.180 in the previous year[31]. - Total comprehensive income for the six months ended June 30, 2019, was HKD 8,436,611, compared to a loss of HKD 5,426,773 in the same period of 2018[100]. - Gross profit for the six months ended June 30, 2019, was HKD 26,184,202, down from HKD 29,019,906 in 2018, indicating a decrease of about 9.5%[97]. - Net profit for the six months ended June 30, 2019, was HKD 5,237,140, compared to HKD 6,470,645 in the same period of 2018, reflecting a decline of approximately 19%[100]. Cash Flow and Financial Position - The company reported a net cash flow from operating activities of HKD (6,029,645) for the six months ended June 30, 2019, compared to HKD 12,296,920 for the same period in 2018[168]. - Cash flow from investing activities showed a net outflow of HKD (31,328,506) for the first half of 2019, compared to an inflow of HKD 8,112,070 in the previous year[177]. - The company experienced a significant decrease in cash and cash equivalents, with a net decrease of HKD (53,499,232) for the six months ended June 30, 2019, compared to an increase of HKD 148,209,602 in 2018[181]. - The total cash and cash equivalents at the end of the reporting period were HKD 111,044,385, down from HKD 190,474,342 at the end of June 2018[181]. - The group reported a current liability exceeding current assets by HKD 171,602,533[192]. - The company's net asset value increased to HKD 458,109,239 as of June 30, 2019, compared to HKD 449,672,628 at the end of 2018, reflecting an increase of approximately 1%[113]. - Current assets totaled HKD 217,875,824 as of June 30, 2019, down from HKD 244,399,592 at the end of 2018[104]. - Total liabilities decreased to HKD 564,620,433 as of June 30, 2019, from HKD 578,106,380 at the end of 2018, indicating a reduction of about 2.3%[107]. - The company's total assets as of June 30, 2019, were HKD 458,109,299, compared to HKD 445,626,8 at the end of June 2018[181]. Shareholder Information - Vertic holds a beneficial interest in 1,900,000,000 shares, representing approximately 54.44% of the total issued voting shares of the company[80]. - CMI Financial Holding Company owns 690,000,000 shares, accounting for 19.77% of the total issued voting shares[80]. - China Eastern Asset Management Company holds 310,000,000 shares, which is about 8.88% of the total issued voting shares[87]. - The company maintains sufficient public float as of the date of the interim report[95]. - The major shareholders' interests and holdings are disclosed in accordance with the Securities and Futures Ordinance[80]. - The beneficial ownership structure of Vertic includes 50% by Mr. Yan Yi, 25% by Ms. Yan Yizhen, and 25% by Ms. Yan Yiping[84]. - The company has maintained compliance with the GEM Listing Rules regarding shareholder disclosures[80]. - The board of directors is aware of no other interests or short positions in the company's shares that require disclosure[91]. Future Outlook and Strategic Plans - The first phase of the Bintan development project is expected to be completed in the second half of 2019[39]. - The company plans to leverage opportunities from the Belt and Road Initiative to explore potential acquisitions in China and other Asian countries[60]. - The company aims to enhance asset returns and corporate value through land development in Bintan[60]. - The company plans to continue its expansion in the hotel and property investment sectors, focusing on improving operational efficiency and managing debt levels[182]. - The company maintains a positive outlook for future growth in its existing and newly acquired businesses[60]. Compliance and Accounting Standards - The financial statements are prepared in accordance with International Accounting Standard 34 and GEM Listing Rules Chapter 18[187]. - The group’s accounting policies remain consistent with those adopted in the annual financial statements for 2018, except for new standards effective from January 1, 2019[188]. - The group has not applied any new standards or interpretations that have not yet come into effect during the current accounting period[198]. - The impact of adopting IFRS 16 has been outlined, indicating no significant effect from other new or revised standards[198]. - The group’s financial statements do not include all the information required for a complete set of financial statements under IFRS[189]. Dividends and Earnings - The board recommended not to declare any dividends for the period[31]. - The board of directors recommended not to declare any dividends for the review period[56].
华星控股(08237) - 2019 Q1 - 季度财报
2019-05-15 10:32
Financial Performance - For the three months ended March 31, 2019, the group recorded revenue of approximately HKD 18.4 million, a decrease of about 13.6% compared to HKD 21.3 million for the same period in 2018[32] - Net profit for the review period was approximately HKD 1.8 million, down about 83% from HKD 10.3 million in the same period last year[32] - Earnings per share for the review period were HKD 0.052, compared to HKD 0.297 for the same period in 2018[32] - Gross profit for the same period was HKD 14,394,901, down from HKD 17,073,008, reflecting a decline in profitability[79] - The total comprehensive income for the period was HKD 9,070,657, down from HKD 14,181,966, a decrease of about 36.1%[79] - The group reported a profit before tax of HKD 1,800,855 for the three months ended March 31, 2019, compared to HKD 10,362,616 in the same period of 2018, indicating a significant decline[115] Revenue Breakdown - Room revenue was approximately HKD 9.0 million, accounting for about 48.9% of total revenue, down from 52.6% in the previous year[36] - Food and beverage revenue was approximately HKD 1.2 million, representing about 6.6% of total revenue, up from 0.9% in the previous year[39] - Rental income from hotel tenants was approximately HKD 1.5 million, accounting for about 8.2% of total revenue, compared to 7.5% in the previous year[39] - Revenue from non-performing debt assets was HKD 6.3 million, accounting for approximately 34.2% of total revenue[44] - Revenue from hotel operations was HKD 9,008,753, a decrease of 19.4% compared to HKD 11,166,645 in the previous year[95] - The revenue from bad debt assets classified as receivables was HKD 9,380,638, down from HKD 11,109,346, a decrease of approximately 15.6%[93] Operational Metrics - The occupancy rate for the review period was 61%, down from 69% in the same period last year[36] - Average room rate was HKD 547.2, a decrease from HKD 600.6 in the previous year[36] - Employee costs increased to HKD 3,852,866 from HKD 3,503,841, reflecting a rise of approximately 9.9%[103] - The group incurred tax expenses of HKD 497,991 during the review period, with no tax provision made for profits generated in Hong Kong[112] Corporate Governance - The board has recommended not to declare any quarterly dividend for the review period[32] - The company is committed to maintaining high standards of corporate governance to ensure transparency and protect shareholder interests[51] - The audit committee is responsible for reviewing and supervising the financial reporting process and risk management of the group[48] Future Outlook - The company is optimistic about future growth from existing and newly acquired businesses, focusing on land development in Mindan to enhance revenue and asset returns[45] - The company plans to leverage opportunities from the "Belt and Road" initiative to identify potential acquisition opportunities in China[45] - The company aims to expand its business footprint into Greater China and other Asian countries to capitalize on the growth in the tourism industry[45] Shareholding Structure - As of March 31, 2019, the company held 1,900,000,000 shares, representing 54.44% ownership through Vertic Holdings Limited[67] - CMI Financial Holding holds 690,000,000 shares, representing 19.77% ownership in the company[67] - CMI Hong Kong holds 76,600,000 shares, representing approximately 2.19% of the company's issued share capital[71] - The company maintained sufficient public float as of the report date[78] - There were no other individuals or companies with reportable interests in the company's shares as of March 31, 2019[74] Accounting and Reporting - The group expects no significant impact on its financial performance from the adoption of new accounting standards effective after January 1, 2019[92] - The board approved and authorized the release of financial data on May 15, 2019[119] - The first quarter report for 2019 was published by PB Huaxing Holdings Limited[120]
华星控股(08237) - 2018 - 年度财报
2019-03-29 14:18
Financial Performance - The company recorded a loss of approximately HKD 3.1 million for the year, a decrease of about HKD 14 million or 127% compared to the previous year[9]. - The loss attributable to owners of the company was approximately HKD 3.3 million, compared to a profit of about HKD 11 million in the previous year[14]. - Basic loss per share was approximately HKD 0.093, compared to basic earnings of about HKD 0.32 in the previous year[14]. - Room revenue for the year was approximately HKD 39.8 million, accounting for about 65.7% of total revenue, compared to 61.7% in the previous year[16]. - The board does not recommend any dividend payment for the year, consistent with the previous year[14]. Operational Highlights - The hotel operations in Singapore remain the main business focus, with no significant changes during the year[15]. - Total available room nights for the year ended December 31, 2018, remained at 100,010, with an occupancy rate of 62.61%, down from 63.9% in 2017[17]. - Average room rate decreased to HKD 577.7 from HKD 587.6 in 2017, while average revenue per available room fell to HKD 361.5 from HKD 370.6[17]. - Restaurant revenue for the year was approximately HKD 3.3 million, representing 5.5% of total revenue, an increase from 2.1% in 2017[17]. - Rental income from hotel tenants was about HKD 6.1 million, up from HKD 5.6 million in 2017, accounting for 10% of total revenue compared to 8.5% in the previous year[20]. Debt and Liabilities - As of December 31, 2018, the net current liabilities were approximately HKD 159 million, an increase from HKD 100.3 million in 2017, with cash and cash equivalents of about HKD 165 million[24]. - The debt-to-equity ratio as of December 31, 2018, was approximately 73.1%, significantly higher than 44.6% in 2017[24]. Employee and Training - The total employee cost for the year was around HKD 21 million, up from HKD 15 million in 2017, with a total of 57 employees compared to 50 in the previous year[30]. - The company provided a total of 157.25 hours of training to employees[119]. - In 2018, 95.5% of male employees and 100% of female employees received training[121]. - The company maintains a gender diversity ratio of 52% male and 48% female among its workforce[117]. - The company emphasizes the importance of employee training to ensure high-quality service and maintain customer satisfaction[56]. Corporate Governance - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[166]. - The company adheres to the GEM Listing Rules and has confirmed the independence of its independent non-executive directors[167]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[163]. - The company has adopted a board diversity policy to enhance the effectiveness of its board[167]. - The audit committee reviewed the financial statements for the year, ensuring compliance with accounting principles and practices[179]. Sustainability and Environmental Impact - The company is committed to integrating sustainability into its operations and business strategies, focusing on safety, service quality, and resource conservation[93]. - In 2018, the total greenhouse gas emissions (Scope 1 and Scope 2) were 975 tons, a decrease from 1,105 tons in 2017[143]. - The total energy consumption in 2018 was 2,327 MWh, down from 2,608 MWh in 2017[147]. - The total water consumption in 2018 was 19,910 cubic meters, an increase from 16,474 cubic meters in 2017[147]. - The company has implemented various green measures, including encouraging the use of recycled paper and electronic communication to reduce paper usage[147]. Future Outlook - The company anticipates that the performance of its associate company will rebound in 2019, viewing the previous year's losses as a one-time event[9]. - The construction of the Bintan asset is expected to be completed in the second half of 2019, following improvements made during the year[9]. - The group maintains an optimistic outlook for future growth and aims to enhance overall asset returns and corporate value[10]. - The group is actively seeking acquisition opportunities to expand its hotel business in Southeast Asia, with a terminated agreement for a property acquisition valued at SGD 29 million (approximately HKD 168.4 million)[86]. - The group aims to leverage the "Belt and Road" initiative to explore potential acquisition opportunities in China and other Asian countries[88].