Financial Performance - The Group's revenue for the year ended June 30, 2019, was HK$210.4 million, representing an increase of 1.2% compared to HK$208 million in 2018[7]. - The loss attributable to owners of the Company for the year ended June 30, 2019, was HK$360.9 million, an improvement from a loss of HK$425 million in 2018[7]. - The basic loss per share was approximately HK2.66 cents, improved from approximately HK4.68 cents in 2018[21]. - The Club recorded a slight revenue increase of 2.7% in Pound Sterling, but overall revenue decreased by 1.1% to approximately HK$205.8 million due to the devaluation of Pound Sterling[38]. - Operating expenses decreased by approximately 11.5% to about HK$470.4 million, primarily due to reduced staff costs[41]. - Other income for the year was approximately HK$8.8 million, mainly from subsidies received from the Premier League[43]. - Profit on sales of players' registration increased to approximately HK$42.1 million from HK$21.7 million in 2018, attributed to higher player sales[44]. - The Group recorded gains of approximately HK$23.2 million from changes in the fair value of investment properties, with no gains recorded in 2018[45]. - The Group's reserves available for distribution as of June 30, 2019, amounted to approximately HK$229,224,000, an increase from approximately HK$222,694,000 in 2018[114]. Business Operations - The Group operates Birmingham City Football Club, with revenue streams including match day receipts, broadcasting revenue, and commercial income[22][23]. - The Club maintained a position within the top 10 since the start of the second half of the 2018/19 season, finishing the season at the 17th position despite a 9-point deduction due to breaches of the Championship Profitability and Sustainability Rules[27]. - The Birmingham City Football Academy continues to operate at Category 2 status, contributing players to the first team squad[28]. - The Group's principal activities include operating a professional football club in the UK and investing in properties in Cambodia[113]. - The Group has diversified its business by acquiring residential and commercial properties in Cambodia, which are expected to provide a stable stream of income[13]. - The construction of the properties in Cambodia has been completed, and they have started to contribute revenue to the Group[13]. - The management anticipates long-term appreciation in the value of the investment properties in Cambodia, enhancing the overall value of the Group[13]. Strategic Initiatives - The Group acquired Wangmei Online in July 2019, enhancing its capabilities in lottery service solutions in the PRC[14][16]. - Wangmei Online aims to explore overseas business opportunities, particularly in Southeast Asia, Europe, and Australia[14][16]. - The Group's strategy includes diversifying business development and increasing revenue sources to enhance overall value for shareholders[15]. - The management is focused on improving operating results and exploring joint ventures with strategic partners to enhance competitiveness[17][19]. - The Group's strategic focus includes market expansion and potential mergers and acquisitions to enhance growth opportunities[98]. Financial Position - As of June 30, 2019, the Group's current ratio was 44.0%, down from 68.4% in 2018, while the gearing ratio increased to 26.4% from 22.2%[74]. - The Group's bank balances and cash as of 30 June 2019 were approximately HK$83.7 million, an increase from approximately HK$69.2 million in 2018[74]. - Total borrowings as of 30 June 2019 were approximately HK$214.5 million, up from approximately HK$166.0 million in 2018, with HK$130.0 million repayable within one year[74]. - The Rights Issue completed on 23 April 2019 raised net proceeds of approximately HK$293.7 million, with 5,903,340,836 new shares issued[76]. - Approximately HK$236.0 million, or 80.4% of the net proceeds from the Rights Issue, was used for repayment of external debts[77]. - The Group's current liabilities exceeded current assets by approximately HK$187.0 million as of 30 June 2019, compared to approximately HK$67.7 million in 2018[81]. Risk Management - The Group is exposed to financial risks including interest rate, foreign currency, credit, and liquidity risks in its ordinary course of business[97]. - The Group's financial condition may be influenced by fluctuations in the global economy or specific markets, which could materially affect its results of operations[91]. - The uncertainties surrounding the UK's withdrawal from the European Union may have a material effect on the Group's operations and the stability of global financial markets[92]. - The management will continue to monitor identified risks and allocate adequate resources for effective control measures[198]. - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement[190]. Corporate Governance - The Company aims to achieve a high standard of corporate governance to improve efficiency and safeguard shareholder interests[158]. - The Company has complied with the provisions of the Corporate Governance Code during the year ended June 30, 2019, except for one deviation regarding the attendance of the Chairman at the AGM[159]. - The Board is responsible for determining corporate governance policies and practices, including compliance with legal and regulatory requirements[190]. - The Company has established a policy for handling inside information to ensure compliance with statutory and listing rule disclosure requirements[197]. - The Company provides tailored induction for newly appointed Directors to ensure understanding of business operations and responsibilities[162]. Employee Relations - The Group recognizes the importance of high-caliber staff and provides remuneration packages based on industry practices and individual performance[89]. - The Group continues to offer employee benefits including medical insurance, training subsidies, discretionary bonuses, and participation in the Company's share option scheme[89]. - As of June 30, 2019, the Group employed approximately 279 full-time employees and 522 temporary staff members, maintaining the same number of full-time employees as in 2018 but a decrease in temporary staff from 549[89]. Shareholder Information - The Directors do not recommend the payment of a final dividend for the year ended June 30, 2019, consistent with 2018[113]. - The Company has no provisions for pre-emptive rights under its Articles of Association or the laws of the Cayman Islands[114]. - The interests and short positions of the directors in shares and debentures as of June 30, 2019, are recorded in the register required by the Company[119]. - The total number of shares issued by the company as of June 30, 2019, was 17,710,022,508[120]. - The Company has not pledged other assets to secure its borrowings apart from the specific bank deposit account[82].
大象未来集团(02309) - 2019 - 年度财报