Financial Performance - Total revenue for the year ended December 31, 2021, was HKD 866,602,000, a decrease of 26.4% from HKD 1,176,982,000 in 2020[3]. - Gross profit for the year was HKD 112,734,000, down 11.2% from HKD 126,890,000 in the previous year[3]. - The company reported a loss before tax of HKD 21,513,000, significantly improved from a loss of HKD 527,533,000 in 2020[3]. - Net loss for the year was HKD 31,182,000, compared to a net loss of HKD 532,532,000 in the prior year, indicating a reduction in losses[3]. - Basic and diluted loss per share was HKD 0.109, an improvement from HKD 1.688 in 2020[5]. - The group reported a loss attributable to shareholders of HKD 31,259,000 for the year ended December 31, 2021, compared to a loss of HKD 484,675,000 for the previous year[13]. - The group recorded a net cash outflow from operating activities of approximately HKD 8,753,000 as of December 31, 2021[13]. - The company reported a total comprehensive loss of HKD 33,191,000 for the year, compared to HKD 537,999,000 in 2020, reflecting a substantial reduction in overall losses[5]. Assets and Liabilities - Total assets as of December 31, 2021, amounted to HKD 1,560,835,000, an increase from HKD 1,504,567,000 in 2020[7]. - Current liabilities totaled HKD 2,360,223,000, up from HKD 2,076,901,000 in the previous year[7]. - Non-current liabilities decreased significantly to HKD 19,273,000 from HKD 112,344,000 in 2020[8]. - The company’s total liabilities as of December 31, 2021, were HKD 2,379,496,000, compared to HKD 2,189,245,000 in 2020, reflecting an increase of approximately 8.7%[21][23]. - Current liabilities and total liabilities as of December 31, 2021, were HKD 1,699,654,000 and HKD 158,092,000, respectively[13]. - As of December 31, 2021, the company's asset-liability ratio was 107%, compared to 106% on December 31, 2020[77]. Cash Flow and Financial Position - The company’s cash and bank balances decreased to HKD 7,903,000 from HKD 21,119,000 in 2020[7]. - The company incurred financial expenses of HKD 113,936,000 in 2021, up from HKD 73,351,000 in 2020, representing an increase of approximately 55.5%[31]. - The net cash outflow from operations for the year ended December 31, 2021, was approximately HKD 8,753,000[108]. - The company had no significant investments or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2021[73]. Business Segments - The group operates in three business segments: coke trading, coal-related ancillary business, and coke production[20]. - Revenue from the coking trade segment was zero, down from HKD 3,042,000 in the previous year, due to the cessation of coking trade operations[64]. - Revenue from coal-related subsidiaries was approximately HKD 81,517,000, an increase from HKD 65,600,000 in the previous year, reflecting an improvement in performance[65]. - Revenue from the coking production segment was approximately HKD 785,085,000, down from HKD 1,108,340,000 in the previous year, primarily due to reduced production capacity[66]. Employee and Operational Costs - The total employee benefits expenses decreased to HKD 53,882,000 in 2021 from HKD 64,152,000 in 2020, reflecting a reduction of about 16%[36]. - The group’s selling and distribution costs were approximately HKD 1,417,000, a significant decrease from HKD 10,953,000 in the previous year, mainly due to changes in transportation models[68]. - Management expenses for the year were approximately HKD 99,920,000, slightly higher than HKD 93,595,000 in the previous year, with differences attributed to exchange rates[69]. Governance and Compliance - The company is committed to complying with corporate governance codes and has acknowledged deviations in its governance structure, which it plans to review[96]. - The independent auditor's report indicated a significant uncertainty regarding the company's ability to continue as a going concern due to substantial losses and cash flow issues[107]. - The audit committee consists of three independent non-executive directors and one non-executive director, overseeing the financial performance for the year ended December 31, 2021[105]. Future Plans and Investments - The company intends to acquire and subscribe to the equity of Energy Technology, aiming to hold over 50% of the expanded share capital[45]. - A new coke oven with an annual capacity of at least 600,000 tons is to be constructed with a total investment of approximately RMB 600,000,000[48]. - The company plans to submit a resumption proposal to the stock exchange within 2022, aiming to restore trading of its shares[93]. - The company is considering the sale of certain assets and the issuance of convertible bonds to strengthen its financial position and reduce debt levels[93]. Shareholder Information - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2021, compared to no dividend in 2020[116]. - The company’s shares have been suspended from trading since March 29, 2021, and will continue to be suspended until further notice[126]. - Shareholders and potential investors are advised to exercise caution when trading the company's securities[127].
和嘉控股(00704) - 2022 Q4 - 年度财报