Financial Performance - The company's revenue for the fiscal year was HKD 64,900,000, an increase from HKD 54,000,000 in the previous year, representing a growth of approximately 20.4%[8] - The loss attributable to the company's owners was HKD 108,300,000, compared to a loss of HKD 66,600,000 in the previous year, indicating a significant increase in losses[8] - The basic loss per share was HKD 2.76, up from HKD 1.7 in the previous year, reflecting a deterioration in financial performance[8] - Revenue from network solutions and project services was HKD 18,200,000, a decrease of about 8% from HKD 19,800,000 in the previous year[9] - The revenue from property investment was HKD 6,600,000, an increase from HKD 6,100,000 in the previous year, showing a growth of approximately 8.2%[12] - Revenue from private jet management services was HKD 40,100,000, a significant increase from HKD 28,100,000 in the previous year, representing a growth of about 42.7%[14] - The fair value loss of investment properties amounted to HKD 40,200,000, significantly increasing from HKD 6,200,000 in the previous year[18] - Employee benefit expenses rose to HKD 21,400,000 due to share-based payment expenses, up from HKD 5,700,000 in the prior year[19] - Financing costs increased to HKD 1,400,000, compared to HKD 20,000 in the previous year, primarily due to increased borrowings[21] - The total equity decreased to HKD 393,119,000 from HKD 472,278,000, a decline of 16.8%[184] - The company reported a total comprehensive loss of 111,498 thousand HKD for the year, which included a loss of 108,328 thousand HKD and a currency translation difference of 1,309 thousand HKD[194] Business Operations - The company’s core business from private jet management accounted for approximately 61.8% of total revenue, while network and project services accounted for about 28.0%[16] - The company received a mining license for a gold mine covering approximately 7,120 hectares, with estimated resources of 7.2 tons of gold and additional resources including 195.1 tons of silver and 2,113.2 tons of copper[13] - The company plans to continue reviewing its property portfolio to align with its investment strategy aimed at generating rental income and capital appreciation[12] - The company is evaluating the best development plan for a gold mine after obtaining mining permits, with new exploration plans set for the next fiscal year[26] - The company has provided rental concessions to support tenants during the difficult economic period caused by the COVID-19 pandemic[26] - The company is primarily engaged in providing network solutions and project services, property investment, yacht construction in Hong Kong, mineral exploration in Mongolia, and private jet management services in Hong Kong[198] Corporate Governance - The board consists of five executive directors and three independent non-executive directors, ensuring compliance with listing rules requiring at least three independent non-executive directors[36] - The company has adopted a board diversity policy, considering various factors such as gender, age, cultural background, and professional experience in board member appointments[37] - The board is responsible for formulating the group's business development strategy and reviewing business performance, including the approval of annual and interim results[40] - The company has arranged appropriate directors' and officers' liability insurance to provide indemnity for liabilities incurred in the course of corporate activities[34] - The board believes that having a single individual serve as both chairman and CEO, along with a majority of non-executive directors, effectively balances power within the company[54] - The board is committed to ensuring compliance with good corporate governance practices and procedures, seeking independent professional advice when necessary[40] - The company has established a risk management and internal control system to safeguard shareholder investments and group assets[49] - The audit committee has reviewed the independent auditor's report during the fiscal year[63] - The independent auditor provided audit services amounting to HKD 1,430,000 and non-audit services of HKD 26,000 during the fiscal year[69] Shareholder Information - The company has a single class of shares, with all shares enjoying equal voting rights and dividend entitlements[74] - Shareholders can propose candidates for election as directors by submitting written notice to the company[76] - The company did not declare an interim dividend for the fiscal year, nor did it recommend a final dividend[100] - The company has maintained ongoing communication with shareholders and timely disclosure of significant developments[73] - The company ensures compliance with voting procedures at shareholder meetings as per listing rules[73] Employee and Environmental Policies - The company has maintained a harmonious and professional working environment for its employees, ensuring reasonable compensation[98] - The company has implemented ongoing internal waste reduction activities to contribute to environmental sustainability[96] - The company reported a significant increase in employee benefits expenses, rising to HKD 51,441,000 from HKD 33,256,000, an increase of 54.7%[177] Financial Position and Assets - The total amount of contracts on hand as of June 30, 2020, was approximately HKD 11,300,000, with significant business coming from a Hong Kong telecommunications operator[26] - The yacht construction division's work in progress was valued at HKD 83,800,000, after accounting for an impairment provision of HKD 19,800,000[163] - The group’s exploration and evaluation assets had a carrying amount of HKD 53,800,000 as of June 30, 2020, with no impairment loss recognized in the consolidated income statement for the year[161] - The carrying value of investment properties was HKD 301,100,000, with a fair value loss of HKD 40,200,000 recognized in the consolidated income statement for the year[156] Risk Management - The board has established a permanent procedure to identify, review, and manage significant risks faced by the group[49] - The audit identified key audit matters including the fair value of investment properties and impairment of exploration and evaluation assets, which required significant management judgment[158] - The effectiveness of future development cost budgeting processes was assessed by comparing actual exploration costs with previously approved budgets[161]
远见控股(00862) - 2020 - 年度财报