Financial Performance - For the fiscal year 2020, the group's revenue decreased to approximately HKD 249.4 million, a decline of 10.3% compared to the previous year[9] - The gross profit for the fiscal year 2020 was HKD 76.2 million, down 12.8% from HKD 87.5 million in the previous year[9] - The profit attributable to owners of the company was HKD 36.4 million, representing a decrease of 19.8% from HKD 45.4 million in the fiscal year 2019[9] - The gross margin for the fiscal year 2020 was 30.6%, slightly down from 31.5% in the previous year, primarily due to strict cost control measures[15] Cash and Liquidity - The company reported a total cash and bank balance of approximately HKD 77.5 million as of December 31, 2020, significantly up from HKD 19.3 million at the end of 2019[17] - As of December 31, 2020, the group's current ratio was approximately 3.53, compared to 2.93 as of December 31, 2019[18] - The group's debt ratio was zero as of December 31, 2020, with no bank borrowings, compared to HKD 14.6 million in borrowings as of December 31, 2019[20] - The interest coverage ratio for the year ended December 31, 2020, was 216.6 times, up from 88.8 times in the previous year[20] Operational Strategy - The company plans to improve risk management, operational cost control, supply chain flexibility, and enhance liquidity in response to ongoing challenges[14] - The company anticipates that the fiscal year 2021 will remain challenging due to uncertainties in the global economy and geopolitical tensions[13] - The company aims to gradually restore import demand for fans and power tools as the COVID-19 pandemic is expected to ease with vaccine rollouts[13] Corporate Governance - The company has maintained compliance with the corporate governance code as per the listing rules from June 2, 2020, to December 31, 2020[47] - The board of directors is responsible for the overall leadership and strategic decision-making of the group, with three committees established for oversight[49] - The company has a strong management team with extensive experience in the electric appliance industry, including over 20 years in manufacturing and operations[44] - The independent non-executive directors bring over 40 years of experience in export and corporate finance, enhancing the company's strategic judgment[39] Risk Management - The company has established a risk management and internal control system to protect shareholder investments and group assets, which is reviewed annually by the board[96] - The risk management framework includes identifying significant risks, assessing risk levels, and implementing strategies to mitigate those risks[99] - The audit committee assists the board in reviewing the effectiveness of the internal control and risk management systems[98] Environmental Impact - The company reported a total nitrogen oxide emissions of 239.70 kg in 2020, an increase of 20.4% from 199.01 kg in 2019[128] - Sulfur oxide emissions were recorded at 0.13 kg in 2020, up from 0.11 kg in 2019, reflecting an 18.2% increase[128] - The company generated approximately 430 tons of non-hazardous waste during the reporting period[142] - The total direct emissions from fuel consumption by trucks amounted to 20.94 tons in 2020, compared to 18.16 tons in 2019, marking a 15.3% increase[128] Employee Management - The total number of employees as of December 31, 2020, was 140, down from 163 as of December 31, 2019[27] - Employee turnover rate for 2020 was 1.49%, indicating a stable workforce[156] - The company employed 140 staff members as of December 31, 2020, with a gender ratio of 1:2.78[155] - The company recorded a total of 4,839 training hours for employees during the reporting period, with an average training time of approximately 35 hours per employee[198] Safety and Compliance - The company has a zero-tolerance policy towards workplace accidents and aims to provide a safe working environment[175] - All safety equipment meets local fire department standards and is regularly inspected to prevent malfunctions[185] - The company conducts regular safety inspections and audits at production sites to ensure compliance with local laws and regulations[183] - The company prohibits any form of child labor or forced labor in its production facilities and requires suppliers to adhere to the same standards[199]
蚬壳电业(02381) - 2020 - 年度财报