Financial Performance - The total revenue of AMCO United Holding Limited decreased by HK$2.7 million or 3.8%, from HK$71.9 million in 2021 to HK$69.2 million in 2022[15]. - The loss for the year increased significantly to HK$104.3 million in 2022, compared to a loss of HK$18.1 million in 2021[7]. - The equity attributable to owners of the Company dropped to HK$18.6 million in 2022 from HK$114.8 million in 2021[7]. - The total assets decreased from HK$184.8 million in 2021 to HK$172.8 million in 2022[7]. - The current ratio declined from 2.3 in 2021 to 1.7 in 2022, indicating a decrease in liquidity[7]. - The total debt to total assets ratio increased from 0.4 in 2021 to 0.9 in 2022, reflecting higher leverage[7]. - The return on total assets was recorded at (60.3%) in 2022, compared to (9.8%) in 2021, indicating a significant decline in asset efficiency[7]. - The return on sales also worsened to (150.6%) in 2022 from (25.2%) in 2021, highlighting increased operational losses relative to revenue[7]. Business Segments Performance - Revenue from Medical Products was HK$54.4 million, a decrease of 4.1% or HK$2.3 million compared to HK$56.7 million in the previous year, representing 78.6% of the Group's total revenue[38]. - The Medical Products segment recorded a loss of HK$25.6 million for the year ended December 31, 2022, compared to a profit of HK$0.5 million in 2021, primarily due to the provision for expected credit loss[42]. - Revenue from the Plastic Products segment increased by 175% or HK$0.7 million to HK$1.1 million, but accounted for only 1.6% of the Group's total revenue[44]. - Revenue from the Building Contract Works Business decreased by HK$1.4 million or 34.1% to HK$2.7 million, contributing 3.9% of the Group's total revenue[48]. - The Building Contract Works segment achieved a gain of HK$42,000 for the year ended December 31, 2022, a significant improvement from a loss of HK$7.6 million in 2021, mainly due to reduced staff costs[50]. - The Group's Money Lending Business turned from profit to loss in the current year, while the Securities Investment segment recorded a profit[22]. Credit Risk and Provisions - The expected credit loss (ECL) provision was approximately HK$74.7 million, up from HK$14.4 million in 2021, reflecting a credit loss rate of 46.3%[37]. - The expected credit loss rate for receivables as of December 31, 2022, was 46.3%, up from 23.3% in 2021, reflecting increased credit risk amid the COVID-19 pandemic[39]. - The Group recognized net impairment losses of approximately HK$47.4 million due to expected credit losses, compared to approximately HK$9.1 million in 2021, indicating a significant increase in credit risk[58]. - To mitigate default risk, the Group has enhanced loan requirements, including the necessity for borrowers to provide asset or income proof[57]. Investment Strategy - The Group intends to adopt a prudent investment attitude and develop its investment strategy to improve capital usage efficiency and generate additional returns on idle funds[77]. - The Group plans to closely monitor the performance of its investment business in light of recent market volatility, aiming to reduce concentration and investment risks[77]. - The Group maintained a diversified investment portfolio to minimize financial risks and will assess the performance of investments regularly[86]. - The Group's investment strategy aims for sustained long-term returns while traditional business continues stable growth[87]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the year ended 31 December 2022[121]. - All Directors have confirmed full compliance with the Model Code for Securities Transactions during the year ended 31 December 2022[122]. - The Board consists of two Executive Directors and three Independent Non-executive Directors, ensuring a balanced governance structure[124]. - The Company has a commitment to maintaining high standards of corporate governance and shareholder accountability[121]. - The company has arranged liability insurance for directors and officers to cover costs incurred in the execution of their duties[156]. Board Composition and Meetings - The Board of Directors held two meetings during the year, with all members attending 100% of the meetings[129]. - The Nomination Committee is responsible for reviewing the structure, size, and diversity of the Board at least annually[170]. - The Nomination Committee evaluated candidates based on character, qualifications, skills, and diversity in line with the company's corporate strategy[175]. - The Audit Committee also conducted two meetings, with full attendance from its members[184]. - The Remuneration Committee held two meetings during the year, with all members attending[166]. Financial Management - The Group's total cash and bank balances amounted to HK$3.7 million as of December 31, 2022, a decrease of HK$1.0 million from HK$4.7 million as of December 31, 2021[92]. - The Group's gearing ratio increased to 277.1% as of December 31, 2022, compared to 25.8% as of December 31, 2021[93]. - The Directors prepared the financial statements for the year ended December 31, 2022, on a going concern basis[200].
隽泰控股(00630) - 2022 - 年度财报