Financial Performance - The company recorded revenue from continuing operations of approximately HKD 39,700,000 for the year ended December 31, 2019, an increase of about 1,141% compared to HKD 3,200,000 in 2018[10] - The loss attributable to owners from continuing and discontinued operations was approximately HKD 132,300,000, compared to HKD 106,000,000 in 2018[10] - The total comprehensive expenses for the year amounted to approximately HKD 153,500,000, up from HKD 104,800,000 in 2018, primarily due to fair value losses on investments[10] - The group recorded a fair value loss of approximately HKD 106,800,000 on trading investments in 2019, compared to a loss of about HKD 127,400,000 in 2018, with dividend income remaining stable at HKD 3,200,000[38] - The company reported a total comprehensive loss of about HKD 19 million for the six months ended June 30, 2019[71] Cash and Investments - The company had cash and bank balances of approximately HKD 37,300,000 as of December 31, 2019, down from HKD 40,400,000 in 2018[11] - The fair value loss on held-for-trading investments was approximately HKD 106,800,000 for the year, compared to HKD 127,400,000 in 2018[20] - The total held-for-trading investments were approximately HKD 149,400,000, representing 7.9% of total assets, down from 72.4% in 2018[20] - The company holds 12 listed securities, which accounted for less than 0.1% of total assets as of December 31, 2019, down from 1.0% in 2018[72] - The company reported a retained profit of approximately HKD 123,102,000 as of December 31, 2019, compared to HKD 119,402,000 in 2018, indicating a year-over-year increase of about 1.5%[102] Acquisitions and Business Operations - The company acquired 51% of Joy Ease Limited for approximately HKD 552,000,000, with HKD 191,000,000 paid in cash and HKD 361,000,000 through the issuance of promissory notes[22] - The company faced significant losses in its garment manufacturing segment, leading to the decision to terminate operations in Jiangsu Province, China[23] - The group completed the acquisition of 51% of Joy Ease, resulting in bank borrowings of approximately HKD 492,700,000 and promissory notes of about HKD 213,200,000[33] - The group aims to expand operations to over 50 livable health resorts in the next three years, which is expected to create value for shareholders[44] Dividends and Shareholder Returns - The company did not recommend any final dividend for the year, consistent with the previous year[24] - No dividends were recommended for the fiscal year ending December 31, 2019[99] Risk Management and Compliance - The group has developed a comprehensive risk management system to ensure compliance with laws and regulations, which is a critical part of its operations[158] - The group recognizes the importance of responsible business management, which includes effective risk management and capital allocation strategies[151] - The company has established procedures for reporting illegal and corrupt activities, ensuring compliance with anti-corruption policies[186] - No violations of relevant laws and regulations occurred during the reporting year, indicating compliance with legal standards[159] Environmental and Social Responsibility - The group implemented green office measures to enhance energy efficiency and resource utilization in its Hong Kong office[152] - The group has established a "Green Office Policy" to respond to responsible emission management and environmental protection initiatives[196] - The group encourages employees to adopt green habits to reduce energy consumption, such as turning off lights and air conditioning in unused areas[197] - The group is committed to optimizing water usage and promotes the use of tap water, avoiding bottled water during office and meeting periods[199] Employee Welfare and Development - The company is committed to providing a safe and healthy work environment, ensuring employee satisfaction remains high[166] - A series of measures and guidelines have been established to safeguard employee health and safety, including regular reviews of medical plans and wellness needs[167] - All employees received training during the reporting year, emphasizing the importance of career development and maintaining competitiveness[179] - The company has implemented a mentorship program to assist new employees in adapting to the work environment[180] Corporate Governance - The audit committee held two meetings during the year to review financial reporting matters and ensure compliance with relevant accounting standards[129] - The company has arranged appropriate directors' and officers' liability insurance covering all directors and senior officers[117] - The board presented the audited consolidated financial statements for the year ending December 31, 2019[96] - The company has not engaged in any competitive business activities that could pose a conflict of interest for its directors during the year[109]
远东控股国际(00036) - 2019 - 年度财报