Financial Performance - For the fiscal year 2020, Courage Investment Group Limited reported a revenue decrease of 46% to $7,920,000, down from $14,708,000 in 2019[13]. - The group recorded a net loss attributable to shareholders of $3,470,000 for the fiscal year 2020, compared to a profit of $180,000 in 2019, resulting in a basic loss per share of 0.63 cents[13]. - The shipping business generated a profit of $1,716,000 in fiscal year 2020, down from $2,081,000 in 2019[13]. - The group recognized an impairment loss on vessels of $2,760,000 in 2020, significantly higher than the $247,000 recognized in 2019[13]. - The fair value of investment properties decreased by $1,167,000 in 2020, compared to an increase of $38,000 in 2019[13]. - Revenue from the group's commodity trading business decreased by 91% to $323,000 in 2020, down from $3,707,000 in 2019, with operating profit dropping 92% to $4,000[35]. - The investment property segment recorded a loss of $1,003,000, down from a profit of $30,000 in 2019, with revenue contribution of $186,000[28]. - The group reported a significant increase in current assets to $11,740,000 in 2020, up from $5,941,000 in 2019, leading to a current ratio of approximately 1.58, compared to 0.83 in the previous year[40]. - The group’s equity attributable to shareholders increased by $5,698,000 or 13% to $49,540,000 in 2020, mainly due to subscription amounts received from a public offering[40]. - The group incurred a loss of $45,000 from an associate in 2020, compared to a profit of $399,000 in 2019, primarily due to a decrease in fair value of an investment property[36]. Business Operations - The global economic slowdown due to COVID-19 significantly impacted international trade volumes and freight rates, adversely affecting the group's business[13]. - The group plans to explore potential acquisition opportunities in Hong Kong and China to diversify its business and enhance returns[22]. - The group aims to develop online training services for maritime crew, capitalizing on the growing demand due to COVID-19[22]. - The company is actively seeking suitable vessels to expand its shipping business as part of its corporate development strategy[14]. - The group’s top five customers accounted for approximately 89.3% of total sales for the year, up from 79.1% in 2019, with the largest customer representing about 57.4% of total sales, compared to 20.6% in 2019[80]. - The group’s top five suppliers accounted for approximately 50.6% of total procurement for the year, down from 64.0% in 2019, with the largest supplier representing about 34.3%, compared to 25.1% in 2019[80]. Capital and Financing - In November 2020, the company completed a capital reorganization and raised approximately HKD 71,350,000 (about $9,150,000) through a public offering[14]. - The net proceeds from the public offering were approximately HKD 67,240,000 (about $8,620,000), with HKD 22,000,000 (about $2,820,000) allocated to repay bank loans[14]. - The remaining net proceeds of approximately HKD 45,240,000 (about $5,800,000) are intended for the acquisition of a second-hand super handymax vessel[14]. - The group’s borrowings decreased to $15,875,000 in 2020 from $19,143,000 in 2019, resulting in a debt-to-equity ratio of approximately 32% compared to 44% in the previous year[44]. Risk Management - The group faced significant risks from the COVID-19 pandemic and ongoing US-China trade disputes, affecting the shipping industry[52]. - The group identified financial risks related to foreign currency, interest rates, and liquidity during its operations[56]. - The company has established a risk management and internal control system in place to manage risks associated with achieving business objectives[139]. - The board has conducted an annual risk assessment to identify and manage significant strategic, operational, financial, and compliance risks[143]. Corporate Governance - The company emphasizes high standards of corporate governance to benefit shareholders[109]. - The board of directors consists of six members, including three executive directors and three independent non-executive directors[112]. - The company has adopted a specific code of conduct for directors' securities transactions, ensuring compliance with regulations[111]. - The company has established a compensation policy based on employee capabilities, performance, experience, and current market conditions[100]. - The company emphasizes the importance of board diversity, considering skills, industry experience, and other factors in board composition[125]. Environmental, Social, and Governance (ESG) - The total greenhouse gas emissions decreased by approximately 34.54% from about 12.19tCO2e in the fiscal year 2019 to about 7.98tCO2e in the fiscal year 2020, primarily due to the implementation of various environmental measures and reduced business travel during the COVID-19 pandemic[183]. - The company emphasizes the importance of sustainable business practices and continuously improves existing policies to mitigate potential negative environmental impacts[178]. - The company actively collects and analyzes environmental, social, and governance data to identify and manage related issues[167]. - The company aims to improve its environmental, social, and governance performance by listening to stakeholder feedback and collaborating with them[167]. - The company has established effective management policies and internal controls regarding environmental, social, and governance matters for the fiscal year 2020[174]. Employee and Workforce - Employee costs for the fiscal year 2020 were $416,000, unchanged from 2019, with a total of 15 employees[51]. - The company employed 15 employees as of December 31, 2020, compared to 13 employees in 2019, indicating a growth in workforce[189]. - The company’s employee expenses for crew services amounted to $1,665,000 in 2020, a decrease from $1,714,000 in 2019[51]. Compliance and Legal - The company maintained compliance with relevant laws and regulations, with no significant violations reported during the fiscal year[57]. - The company reported no significant violations of relevant laws and regulations that would have a major impact, including the Air Pollution Control Ordinance, Waste Disposal Ordinance, and Water Pollution Control Ordinance in Hong Kong[178].
勇利投资(01145) - 2020 - 年度财报