Financial Performance - For the year ended December 31, 2020, the Group's revenue was approximately HK$173.7 million, representing a decrease of approximately 14.2% compared to HK$202.5 million in 2019[6]. - Gross profit for the year was approximately HK$25.6 million, a slight increase of approximately 0.9% from HK$25.4 million in 2019[6]. - The net loss for the year was approximately HK$70.1 million, primarily due to an expected credit loss provision of approximately HK$88.0 million recognized during 2020[6]. - The B2B cross-border e-commerce segment's revenue increased by approximately 23.9% from approximately HK$65.9 million to approximately HK$81.7 million compared to 2019[6]. - For the year ended December 31, 2020, the Group's total revenue was approximately HK$81.7 million, with a gross profit of HK$1.8 million[17]. - The Group reported a net loss of approximately HK$67.3 million for the year ended December 31, 2020[17]. Financial Position - As of December 31, 2020, the Group had cash on hand of approximately HK$21.6 million and net current assets of approximately HK$253.8 million[20]. - The Group's current ratio improved to 6.75 in 2020 from 6.55 in 2019, indicating strong liquidity[20]. - The total market value of financial assets at fair value through profit or loss was approximately HK$61.1 million as of December 31, 2020, up from HK$39.9 million in 2019[30]. - The Group recognized an unrealized gain of approximately HK$10.6 million on financial assets at fair value through profit or loss for the year ended December 31, 2020[31]. - The gearing ratio was reported at 0.014 as of December 31, 2020, indicating low leverage[20]. Business Strategy - The Group plans to continue deploying more resources to the e-commerce business due to the limited future development expected in the sales of residential telephones and related products[8]. - The Group will seek potential investment and business opportunities to broaden its income stream and further develop existing business segments[8]. - The Group's strategy will be repositioned towards more optimistic business segments in response to the unpredictable business environment[8]. Corporate Governance - The company emphasizes high standards of corporate governance, focusing on a quality Board and sound internal controls[49]. - The company has a board composition that meets the requirement of having at least three INEDs, representing one-third of the total board members[55]. - The roles of chairman and chief executive are not performed by the same individual, aligning with the CG Code[66]. - Continuous professional development is mandated for all directors to ensure their contributions remain informed and relevant[58]. - The company follows a formal and transparent procedure for the appointment of new directors, with re-election occurring at the next general meeting[60]. - The company conducts periodic reviews of its corporate governance practices to ensure compliance with the CG Code[52]. - The Board concluded that the Group's risk management and internal control systems were in place and effective[125]. Risk Management - The Group's risk management framework is designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[125]. - Each division is tasked with identifying and assessing principal risks quarterly and establishing mitigation plans[117]. - The Group does not have an internal audit department; the Board, supported by the Audit Committee, directly oversees risk management and internal control systems[121]. - The external auditors' remuneration for audit services during the financial year 2020 was HK$600,000[126]. Environmental Impact - In 2020, the total amount of electricity consumed was 38.4 MWh, an increase from 17 MWh in 2019, with an energy consumption intensity of 0.008 MWh per square foot[151]. - The total amount of water use in 2020 was 17.4 cubic meters, with a water consumption intensity of 0.003 cubic meters per square foot of floor area[154]. - The Group's total GHG emissions in 2020 was 25.0 tonnes of CO2-equivalent, up from 13.7 tonnes in 2019, with the GHG intensity for the year being 0.005 tonnes of CO2-equivalent per square foot[164][167]. - The Group has implemented energy-saving measures, including the installation of an energy-efficient lighting system and encouraging the use of electric fans[151]. - The Group prioritizes the efficient use of water and will continue to monitor water consumption for improvements[155]. Employee Relations - The Group employed a total of 11 employees as of December 31, 2020, down from 18 in 2019[181]. - The employee turnover rate was 11% for males and 0% for females[190]. - The Group has implemented various occupational health and safety measures, with no non-compliance cases noted during the year[197]. - The Group's remuneration policies are based on employee performance and market conditions, with regular reviews to ensure competitiveness[179]. - The Group provides professional development opportunities and a healthy working environment to attract and retain qualified employees[176]. Shareholder Engagement - The Company maintains an ongoing dialogue with shareholders, encouraging participation in annual general meetings with at least 20 clear business days' notice[131]. - Shareholders have the right to propose separate resolutions on substantial issues at meetings, with all resolutions voted by poll[140]. - Special general meetings can be convened by shareholders holding not less than one-tenth of the paid-up capital[141]. - The Company maintains a website with extensive information on business developments, financial information, and updates[131].
新确科技(01063) - 2020 - 年度财报