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久融控股(02358) - 2019 - 年度财报
JIU RONG HOLDJIU RONG HOLD(HK:02358)2020-05-28 09:26

Financial Performance - The company recorded a revenue of approximately HKD 608,698,000 for the year ended December 31, 2019, representing a 12% increase compared to HKD 543,276,000 in the previous year[6]. - Gross profit for the year was approximately HKD 107,375,000, with a gross margin decreasing from about 23% to 18%[14]. - Profit attributable to the company's owners reached approximately HKD 26,241,000, with basic earnings per share of about HKD 0.48, down from HKD 0.99 in the previous year[6]. - The company reported a total comprehensive income of HKD 17.8 million, down from HKD 35.7 million in the previous year[160]. - The net profit attributable to the owners of the company was HKD 26.2 million, a significant decline of 51.6% compared to HKD 54.2 million in 2018[160]. - The company reported a total comprehensive loss of HKD 6,515,000 for the year ended December 31, 2019, compared to a loss of HKD 17,420,000 in the previous year[171]. Cash Flow and Liquidity - Cash and cash equivalents at year-end amounted to approximately HKD 109,248,000, an increase from HKD 42,627,000 in the previous year[6]. - The company generated cash from operating activities of approximately HKD 668,295,000, compared to HKD 163,670,000 in the previous year[16]. - The company has maintained sufficient cash reserves and committed funding to meet liquidity needs[116]. - The group recorded net current liabilities of approximately HKD 591,515,000 as of December 31, 2019, indicating significant uncertainty regarding the company's ability to continue as a going concern[141]. Assets and Liabilities - As of December 31, 2019, the company's total liabilities amounted to approximately HKD 1,397,875,000, up from HKD 1,159,446,000 in the previous year[17]. - Total assets as of December 31, 2019, amounted to HKD 2,050.5 million, an increase from HKD 1,814.1 million in 2018[162]. - The company's equity attributable to owners was HKD 520.0 million, up from HKD 474.9 million in 2018[164]. - Current liabilities increased to HKD 1,424.0 million, compared to HKD 1,244.1 million in 2018[162]. Business Segments - The digital video business achieved revenue of approximately HKD 355,363,000, an increase of about 38% from HKD 256,988,000 in the previous year[29]. - The new energy vehicle business reported revenue of approximately HKD 192,609,000, down from HKD 271,205,000 in 2018[29]. - The cloud ecosystem big data business generated revenue of approximately HKD 25,169,000, representing a significant increase of about 408% from HKD 4,956,000 in 2018[30]. - The property investment business recorded revenue of approximately HKD 16,202,000, an increase of about 60% from HKD 10,127,000 in the previous year[30]. Corporate Governance - The company has adhered to the corporate governance code and has taken measures to maintain high levels of corporate governance to protect the interests of shareholders and investors[41]. - The company has confirmed that all directors complied with the standards set out in the code of conduct for securities trading during the year ended December 31, 2019[45]. - The company has decided not to establish an internal audit department temporarily due to its streamlined operational structure and potential cost burden[43]. - The company is committed to ensuring strict compliance with the listing rules and corporate governance code regulations[44]. Board Structure and Diversity - The board of directors consists of three executive directors and four independent non-executive directors as of December 31, 2019[46]. - The company has a diverse board with members possessing various professional experiences suitable for long-term management[46]. - The board consists of five members, with three being independent non-executive directors, achieving the measurable target of the board diversity policy[57]. - The company has implemented a board diversity policy, aiming for at least one member with accounting or other professional qualifications[56]. Risk Management - The board of directors is directly responsible for the group's risk management and internal control systems, with no significant issues raised for improvement[78]. - The company is actively monitoring risks related to the new energy vehicle business strategy, including economic and regulatory changes[110]. - The company has faced significant operational risks, including project delays, which may adversely affect revenue and financial performance[117]. - The company has implemented budget control management and project planning to mitigate operational risks[117]. Audit and Compliance - The company has established an audit committee to oversee financial reporting and internal control systems[135]. - The independent auditor's report highlighted the inability to conclude on the recoverability of trade receivables, which may impact the financial performance and position[140]. - The audit identified key audit matters related to the fair value measurement of investment properties and impairment testing of property, plant, and equipment[143]. - The company has engaged a qualified auditor, Zhonghui Anda CPA Limited, for the fiscal year ending December 31, 2019[137]. Shareholder Information - The company's market capitalization as of December 31, 2019, was HKD 711,360,000, with an issued share capital of 5,472,000,000 shares and a closing price of HKD 0.13 per share[82]. - Major shareholders include Alpha Century Assets Limited with 600,000,000 shares (10.96%) and 数源科技股份有限公司 with 493,206,000 shares (9.01%) as of December 31, 2019[97]. - The company has a cash dividend policy, prioritizing cash distributions to shareholders based on financial performance and other factors[105].