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德泰新能源集团(00559) - 2020 - 年度财报

Financial Performance - The net loss for the year ended June 30, 2020, attributable to shareholders was approximately HK$163.5 million, compared to HK$155.0 million in 2019, representing an increase of about 3.2%[7] - The Group recorded a revenue of approximately HK$48.9 million for the year ended June 30, 2020, down from approximately HK$62.9 million in 2019, representing a decrease of about 22.4%[10] - The net loss for the year was approximately HK$167.6 million, slightly improved from a loss of approximately HK$168.9 million in 2019, with a loss attributable to owners of the Company of approximately HK$163.5 million[10] - The hotel hospitality business generated revenue of approximately HK$31.5 million, a decrease from HK$33.2 million in 2019, with a segment loss of approximately HK$135.3 million, up from HK$6.8 million in 2019[7] - The liquor and wine business achieved revenue of approximately HK$2.5 million, up from HK$0.9 million in 2019, and recorded a segment profit of approximately HK$3.1 million, compared to a segment loss of HK$3.1 million in 2019[7] Business Segments - Interest income from loans receivable was approximately HK$12.9 million, down from HK$22.3 million in 2019, with a segment loss of approximately HK$5.3 million, significantly reduced from HK$106.5 million in 2019[7] - The new energy business reported revenue of approximately HK$2.1 million, down from HK$6.4 million in 2019, with a segment loss of approximately HK$11.6 million, improved from HK$29.9 million in 2019[7] - The hotel hospitality business contributed approximately 64.3% of the Group's total revenue for the year ended June 30, 2020[13] Loans and Receivables - The Group's loans receivable amounted to approximately HK$201.8 million as of June 30, 2020, down from approximately HK$219.9 million in 2019[26] - Interest income from loans receivable was approximately HK$12.9 million for the year ended June 30, 2020, compared to approximately HK$22.3 million in 2019, indicating a decrease of about 42.5%[26] - The money lending business recorded a segment loss of approximately HK$5.3 million, significantly reduced from a loss of approximately HK$106.5 million in 2019, primarily due to a decrease in impairment loss on loans receivable[27] - The expected credit loss (ECL) rates for loans receivable ranged from 9% to 100%, depending on the nature and probability of default[31] Impairment and Valuation - Impairment losses recognized for the hotel hospitality business totaled approximately HK$125.6 million, mainly related to goodwill, freehold land, and buildings[10] - The key assumptions for the value-in-use approach included a perpetual growth rate of 2% and a pre-tax discount rate of 17.62% for 2020[24] - The management engaged an independent valuer to assess the recoverable amount of the cash generating unit of the new energy business as of 30 June 2020, using a pre-tax discount rate of 26%[56] COVID-19 Impact - The COVID-19 pandemic has severely impacted the hotel hospitality business, which is among the hardest hit sectors globally[67] - The Japanese Government's border enforcement measures in response to COVID-19 resulted in a significant decline in the number of tourists from Japan in 2020[67] Corporate Governance - The Company has complied with the Corporate Governance Code during the year ended June 30, 2020, with some deviations noted[127] - The roles of chairman and chief executive are not separated, as the Company currently lacks a Chief Executive Officer since March 2020[127] - The Company emphasizes effective internal control and accountability to enhance shareholder value[127] - The Board has established three committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, each with defined written terms of reference[135] Shareholder Relations - Shareholders holding at least one-tenth of the paid-up capital can requisition a Special General Meeting if the Board does not convene within 21 days[176] - Shareholders can send inquiries to the Company via email or post, and can also make inquiries directly at general meetings[176] Risk Management - The Company has established a Risk Management Policy to formalize its risk management system, ensuring operations in a safe and steady environment[180] - The risk management process includes periodic risk identification and analysis, assessing the consequences and likelihood of identified risks, and developing management plans[180] - The Audit Committee oversees the management in the design, implementation, and monitoring of risk management and internal control systems[180] Future Outlook - The Group remains optimistic about the hotel hospitality business in Japan, aiming to attract approximately 60 million international visitors by 2030[69] - The company is focused on expanding its market presence and exploring new investment opportunities in various sectors[121] - Future outlook includes potential new product developments and technological advancements to meet market demands[121]