Financial Performance - The company recorded a consolidated profit attributable to shareholders of approximately HKD 11 million for the year, a significant decrease from HKD 327 million in 2018, which included a non-recurring gain of HKD 114 million from the sale of a joint venture interest[7]. - The decrease in profit was primarily due to a reduction in fair value gains from investment properties and an unrealized exchange loss of approximately HKD 101 million from a joint venture, compared to a profit of HKD 177 million in 2018[12]. - The revenue from continuing operations decreased to HKD 71 million in the current year, down from HKD 101 million in 2018, primarily due to a reduction in property sales[13]. - Other operating expenses from continuing operations increased to HKD 54 million, up from HKD 20 million in 2018, mainly due to a foreign exchange loss of HKD 12 million compared to a gain of HKD 14 million in 2018[14]. - The group recorded a loss of HKD 112 million from its investment in LAAPL, a significant decline from a profit of HKD 159 million in 2018, primarily due to unrealized exchange losses and reduced fair value gains on investment properties[24]. - Revenue from joint ventures and associates decreased to HKD 6 million, down from HKD 40 million in 2018, while profit from these investments fell to HKD 2 million from HKD 24 million[25]. - The financial and securities investment segment reported a net profit of HKD 5 million, an increase from HKD 1 million in the previous year, with total revenue rising to HKD 5 million from HKD 2 million[26]. - The group's share of profits from Macau Chinese Bank decreased to HKD 8 million from HKD 19 million in 2018, attributed to a reduction in equity following the sale of a 31% stake[27]. - Total assets as of March 31, 2019, were HKD 11.8 billion, down from HKD 12.3 billion in 2018, with property-related assets accounting for 94% of total assets[29]. - The group's total liabilities decreased to HKD 800 million from HKD 1 billion in 2018, while cash and bank balances fell to HKD 507 million from HKD 545 million[29]. - The capital debt ratio increased to 6.7% from 4.3% in the previous year, with bank loans amounting to HKD 737 million, up from HKD 482 million[30]. Dividends and Shareholder Returns - The company plans to distribute a final cash dividend of HKD 0.01 per share, bringing the total dividend for the year to HKD 0.02 per share[7]. - The total dividend for the year will be HKD 0.02 per share, amounting to approximately HKD 40,000,000, consistent with the previous year[38]. - The interim dividend of HKD 0.01 per share was paid in January 2019, with the same amount proposed for the final dividend[38]. Acquisitions and Investments - The company completed the sale of Lippo Securities Holdings Limited for a consideration of HKD 348.7 million during the year[4]. - The company has signed a conditional agreement to acquire multiple plots of land in South Jakarta, Indonesia, for the development of a 57-story mixed-use building[5]. - The company completed the acquisition of Bowsprit Capital Corporation Limited, which manages assets totaling approximately SGD 8 billion (about HKD 46 billion)[5]. - The company has completed the acquisition of interests in two companies in Myanmar, which operate three hospitals, one medical center, and two clinics[6]. - The group completed the sale of minority interests in Aquamarina Hotel Private Limited and Marina Centre Holdings Private Limited for a total consideration of SGD 390 million (approximately HKD 2.26 billion)[20]. Corporate Governance - The company has received annual confirmation letters regarding the independence of its independent non-executive directors, affirming their status as independent individuals[47]. - The company’s board of directors includes both executive and independent non-executive members, with specific terms of appointment outlined[45][46]. - The company has established a compensation insurance policy for its directors and senior management to cover potential liabilities arising from business operations[47]. - The company has independent non-executive directors with extensive experience in finance and accounting, contributing to governance and oversight[52]. - The company has established various committees, including audit, remuneration, and nomination committees, to enhance corporate governance[53]. - The company’s governance structure includes a clear delineation of roles and responsibilities among its board members[53]. - The company’s governance report indicates that all directors are required to retire at least once every three years, promoting board refreshment[105]. - The nomination policy adopted in January 2019 outlines the criteria and procedures for the nomination, appointment, and re-election of directors[112]. - The board members can seek independent advice from legal and other professionals as needed, with costs covered by the group[101]. - The company emphasizes the importance of board diversity in achieving strategic goals and sustainable development[114]. Risk Management - The group has identified various risks and uncertainties that may impact its financial condition and operational performance[87]. - The company has established a risk management framework that includes regular reporting on risk management progress and significant risks, ensuring effective oversight by the board[154]. - The company has implemented a business continuity plan to address risks from natural disasters, including extreme weather events, to maintain operations and protect critical data[151]. - The company has set up a compliance function to monitor adherence to legal and regulatory requirements, reducing the risk of legal penalties and reputational damage[152]. - The group identified major risks across various business sectors through a structured risk review process[146]. - Risks are categorized into four main types: strategic, operational, financial, and compliance-related risks[147][148]. - The group has revised its risk management manual to improve clarity and reflect changes from the past year[145]. - The company has integrated ESG risks into its risk management framework, which is based on ISO 31000:2009 and COSO ERM frameworks[134]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to enhancing its environmental, social, and governance (ESG) management strategies to better address sustainability risks and opportunities[160]. - The company has conducted workshops across three locations to train employees on identifying and assessing risk areas, promoting a culture of risk awareness[160]. - The total greenhouse gas emissions for the year were 144.8 tons of CO2 equivalent, a reduction of 58.5% compared to the previous year[186]. - The company has implemented measures to reduce waste, including the use of electronic communications and double-sided printing[192]. - The company has not encountered any significant environmental regulations or violations during the fiscal year[195]. - The company remains committed to community investment projects and leveraging its expertise for social development[197]. - The company has established effective systems and controls to prevent child labor and forced labor in its operations[184]. - The company has implemented policies to manage energy, water, and waste efficiently and responsibly[187]. - The company continues to seek methods to manage energy consumption and water usage to minimize its environmental impact[195]. Employee and Stakeholder Engagement - The company aims to create a motivating, fair, harmonious, and safe work environment as part of its human resources policy[180]. - The company provides competitive compensation and benefits beyond statutory requirements, including paid marriage leave, sick leave, and medical insurance[182]. - The company emphasizes open communication channels for employees to raise concerns confidentially[183]. - The company aims to strengthen stakeholder engagement through various communication methods[168].
香港华人有限公司(00655) - 2019 - 年度财报