Financial Performance - The company reported a loss attributable to shareholders of HKD 105 million, equating to a loss of HKD 0.031 per share, compared to a loss of HKD 767 million or HKD 0.228 per share in the previous year[17]. - Revenue for the year was HKD 3.054 billion, an increase from HKD 2.721 billion in the previous year, representing a growth of approximately 12.3%[17]. - The company reported that the top five customers accounted for 51% of total sales, with the largest customer contributing 17%[185]. - The company's net loss attributable to ordinary shareholders was HKD (104,882,000) for the year ended December 31, 2020, compared to a profit of HKD 360,908,000 in 2019[178]. - Total assets amounted to HKD 2,267,268,000 as of December 31, 2020, a decrease from HKD 4,899,657,000 in 2019[178]. - Total liabilities were HKD 834,141,000, down from HKD 2,577,791,000 in the previous year[178]. - The equity attributable to ordinary shareholders was HKD 1,433,127,000, compared to HKD 2,321,866,000 in 2019[178]. - The company had distributable reserves of HKD 1,523,223,000 as of the reporting date[184]. Cash and Assets - As of December 31, 2020, the company had cash on hand of approximately HKD 707 million, down from HKD 2.892 billion the previous year[26]. - Total assets and net assets were approximately HKD 2.267 billion and HKD 1.433 billion, respectively, compared to HKD 4.900 billion and HKD 2.322 billion in the previous year[26]. Corporate Governance - The company has fully complied with the corporate governance code as of December 31, 2020, except for specific disclosures in sections (D) and (F)[57]. - The board of directors consists of 12 members, including 3 executive directors and 4 independent non-executive directors, ensuring a balanced composition for effective governance[59]. - The independent non-executive directors account for one-third of the board, providing strong independent judgment and oversight[59]. - The company has received independence confirmation letters from all independent non-executive directors for the fiscal year ending December 31, 2020[60]. - The management team has extensive experience, with the financial director having over 20 years in auditing and financial management[53]. - The company is committed to maintaining good corporate governance practices in line with the Hong Kong Stock Exchange's listing rules[57]. - The board has delegated daily responsibilities to executive directors and senior management while retaining oversight of significant decisions[58]. - The company has established good corporate governance practices and procedures to ensure effective communication with shareholders[65]. - The company has established a formal and transparent procedure for the appointment and removal of directors, ensuring compliance with corporate governance codes[82]. Risk Management - The board is responsible for ensuring the effectiveness of the risk management and internal control systems, which are reviewed annually[145]. - The internal control system is designed in accordance with the COSO 2013 framework to achieve effective operations and reliable financial reporting[137]. - The company has established a risk management system that includes risk identification, assessment, and management phases[134]. - The company has a comprehensive risk management framework to monitor and respond to significant risks affecting its operations[145]. - The board reviews the effectiveness of the risk management and internal control systems, considering changes in risk nature and management's oversight[145]. Employee and Compensation - The group employed approximately 814 employees as of December 31, 2020[34]. - The compensation guidelines are based on current market salary levels and employee performance[34]. - The group provides additional benefits including provident fund, medical insurance, and training[34]. - The company aims to attract and retain talented employees by offering compensation based on fair market value[106]. - The annual salary range for senior management as of December 31, 2020, included three employees earning between HKD 2,000,001 and HKD 2,500,000, one earning between HKD 2,500,001 and HKD 3,000,000, and one earning between HKD 3,500,001 and HKD 4,000,000[110]. Strategic Planning - The company plans to cautiously evaluate potential property investment opportunities depending on the evolution of the pandemic[25]. - The company will focus on cost control and risk management to enhance competitiveness in the market[25]. - The group has a strong focus on business development and strategic planning, with executives having over 41 years of experience in engineering consulting and property development[38]. - The company has a strategy for business development and overall administration led by the vice chairman[66]. Audit and Compliance - The audit committee held three meetings during the year, reviewing the group's financial reports and internal control systems[97]. - The audit committee members demonstrated a high attendance rate, with the chairman attending all three meetings[96]. - The company has adopted the standard code of conduct for securities trading by directors, confirming full compliance during the review year[84]. - The company paid a total of HKD 2,073,000 for audit services, which includes HKD 1,800,000 for annual audit services and HKD 273,000 for non-audit services[129]. - The company has recommended the reappointment of external auditors and reviewed their remuneration[97]. Environmental and Social Responsibility - The company has established an environmental policy to minimize its impact and will continue to review and improve its management practices[168]. - The company will publish its "Environmental, Social and Governance Report" by the end of May 2021[169]. - The company has not faced any significant disputes with employees, customers, or suppliers during the year, which is considered key to sustainable development[175]. - The company has allocated resources to ensure compliance with relevant laws and regulations in Hong Kong, Bermuda, China, and Macau[170]. - The company has confirmed that it has complied with all applicable laws and regulations without any serious violations during the year[170].
泰升集团(00687) - 2020 - 年度财报