Financial Performance - The revenue for the fiscal year ending June 30, 2024, was HKD 524,800,000, an increase from HKD 400,700,000 in 2023, representing a growth of approximately 31%[4] - The loss attributable to the company's owners was HKD 56,400,000, compared to a loss of HKD 10,000,000 in 2023, indicating a significant increase in losses[4] - The basic loss per share attributable to the company's owners was HKD 1.44, up from HKD 0.26 in 2023, reflecting a deterioration in financial performance[4] - The company reported a total comprehensive loss of HKD 56,467,000 for the year ended June 30, 2024, compared to a loss of HKD 10,029,000 in the previous year[153] - The company reported a net loss attributable to the company's owners was HKD 43,811,000, compared to a profit of HKD 389,000 in the previous year[141] - The company's total assets increased to HKD 701,692,000 from HKD 633,609,000, reflecting a growth of approximately 10.7%[145] - The total liabilities increased to HKD 416,455,000 from HKD 307,409,000, marking a rise of about 35.4%[147] - The company’s accumulated losses increased to HKD 315,414,000 as of June 30, 2024, compared to HKD 255,566,000 in 2023, indicating worsening financial performance[153] Revenue Breakdown - Logistics business accounted for approximately 91.7% of total revenue, while private jet management services contributed 6.2%[11] - Revenue from the logistics joint venture reached HKD 456,100,000, compared to HKD 352,100,000 in the previous year, marking a growth of about 30%[10] - Logistics service revenue for the year reached HKD 456,052,000, up from HKD 352,125,000 in the previous year, representing a growth of 29.5%[185] - The group reported a rental income of HKD 5,136,000, a decrease from HKD 6,077,000 in the previous year, reflecting a decline of 15.5%[185] - The group’s private jet management service revenue increased to HKD 32,322,000 from HKD 29,120,000, marking an increase of 7.6%[185] Exploration and Mining Activities - The company holds a mining license covering approximately 7,120 hectares in Mongolia, with ongoing geological exploration activities conducted in collaboration with a technical team[6] - The geological exploration report for the Purple Dragon project was completed in April and May 2024, marking the end of the 2023 exploration work[6] - The exploration efforts in 2023 revealed significant geological features and potential mineralization, particularly in the areas of targets 15 to 18, indicating good prospects for copper and gold deposits[7] - The company is evaluating the feasibility of implementing heap leaching technology at the Purple Dragon project, which could reduce capital expenditures and accelerate project development[7] - A regional geochemical survey conducted in 2023 identified 25 geochemical anomaly areas, expanding the distribution of copper and gold mineralization significantly[7] Governance and Board Structure - The board consists of six executive directors and four independent non-executive directors, ensuring a balanced governance structure[22] - The company has implemented a board diversity policy, considering factors such as gender, age, cultural background, and professional experience[22] - The company has established mechanisms to enhance board independence, including the requirement for at least three independent non-executive directors[24] - The company conducts annual reviews of its board composition to ensure it meets the business's needs for expertise and experience[23] - The company has arranged appropriate directors' and officers' liability insurance to provide indemnity for liabilities incurred in corporate activities[21] Risk Management - The board has established a permanent procedure to identify, assess, and manage significant risks faced by the group[29] - An internal auditor has been appointed to independently audit and assess the adequacy and effectiveness of the group's internal controls[30] - The audit committee will regularly follow up on the implementation of audit recommendations and discuss them with the internal auditor[30] - The company has not identified any instances of employees violating the employee trading guidelines during the fiscal year[20] - The group faces foreign exchange risk primarily related to USD, RMB, and Mongolian Tugrik, with a potential loss of approximately HKD 1,338,000 if RMB appreciates/depreciates by 1% against HKD as of June 30, 2024[164] Employee and Compensation Matters - The company employed a total of 50 full-time employees as of June 30, 2024, down from 63 in 2023[121] - The company’s employee benefit expenses decreased to HKD 38,351,000 from HKD 40,891,000, showing a reduction of approximately 6.2%[142] - The remuneration committee has reviewed and made recommendations on the remuneration policies for all directors and senior management during the fiscal year[37] - The company has appointed an external consultant to review the remuneration levels for directors and senior management[35] Shareholder Communication and Rights - The company has maintained effective communication with shareholders, with no negative feedback received regarding the communication policy during the fiscal year[49] - The board has established a process for shareholders to propose candidates for director elections at general meetings[53] - The company is committed to maintaining transparency and timely disclosure of significant developments to shareholders and investors[49] Financial Instruments and Liabilities - The group has a total of HKD 408,077,000 in financial liabilities due within one year and one to two years combined as of June 30, 2024[174] - The group maintains a prudent liquidity risk management policy, ensuring sufficient cash and cash equivalents to meet operational funding needs[173] - The group’s capital structure is regularly reviewed, balancing debt and equity to optimize returns for shareholders[176] - The group’s largest credit risk comes from trade receivables, with the top five customers accounting for 93% of trade receivables as of June 30, 2024[167] Accounting Policies and Standards - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and have been consistently applied across the reported years[155] - The adoption of new accounting standards effective from July 1, 2023, did not result in any significant changes to the company's accounting policies or have a major impact on the financial statements[159] - The company has changed its accounting policy regarding the offsetting arrangement for long service payments, which will lead to an increase in long service payment liabilities for the fiscal year ending June 30, 2024[162] Environmental and Social Responsibility - The company is committed to environmental sustainability and has implemented internal waste reduction activities[77] - The company has maintained a harmonious and professional work environment for employees, ensuring fair compensation and regular reviews of benefits and safety policies[78]
远见控股(00862) - 2024 - 年度财报