Financial Performance - For the fiscal year ending June 30, 2022, the company reported revenue of HKD 127,122,000, a significant increase of 130.5% compared to HKD 55,120,000 in the previous year[4] - The net loss attributable to the company's owners for the year was HKD 37,546,000, a reduction of 45.6% from HKD 68,934,000 in the prior year[6] - The company experienced a gross operating loss of HKD 28,123,000, improving from a loss of HKD 49,026,000 in the previous year[4] - The company reported a comprehensive loss of HKD 39,354,000 for the year, compared to a comprehensive loss of HKD 67,535,000 in the previous year, marking an improvement of 41.8%[8] - The group recorded a loss of HKD 37,523,000 for the year ended June 30, 2022, compared to a loss of HKD 70,920,000 in the previous year[20] - The group reported a loss before tax of HKD 35,688,000 for the year, reflecting challenges in operational performance[39] - The group reported a total tax expense of HKD 1,835,000 in 2022, compared to HKD 296,000 in 2021, reflecting increased profitability in certain jurisdictions[56] - Basic loss per share for continuing operations improved to HKD (0.82) in 2022 from HKD (1.25) in 2021, while total basic loss per share was HKD (0.96) compared to HKD (1.76) in the previous year[62] Revenue Breakdown - Revenue from network solutions and project services significantly dropped to HKD 9,090,000, down from HKD 20,171,000 in the previous year, due to project delays caused by the COVID-19 pandemic[20] - The newly launched logistics service business generated approximately HKD 83,280,000 in revenue, accounting for 65.5% of the group's total revenue for the year[21] - Revenue from logistics services amounted to HKD 83,280,000, while private jet management services generated HKD 28,431,000, showing stable performance compared to the previous year[35] - Total revenue for the fiscal year rose to HKD 127,100,000, up from HKD 55,100,000, with logistics contributing approximately 65.5% of total revenue[96] Assets and Liabilities - Total assets decreased to HKD 478,053,000 from HKD 496,739,000 year-over-year, reflecting a decline of 3.8%[12] - The company's total equity stood at HKD 329,328,000, down from HKD 334,942,000, indicating a decrease of 1.7%[15] - The company’s liabilities decreased to HKD 148,725,000 from HKD 161,797,000, reflecting a reduction of 8.1%[17] - The group transitioned to a net current liability position with current liabilities exceeding current assets by HKD 51,467,000 as of June 30, 2022[20] - The total assets of the group as of June 30, 2022, were HKD 478,053,000, an increase from HKD 496,739,000 in the previous year[46] Financing and Cash Flow - The company’s cash and cash equivalents decreased to HKD 22,893,000 from HKD 30,819,000, a decline of 25.8%[11] - The group has a revolving financing facility of HKD 140,000,000 provided by a director, with HKD 137,000,000 remaining undrawn as of June 30, 2022[24] - A bank term loan of HKD 68,000,000 was fully repaid using the director's financing, and the group currently has no significant bank borrowings apart from those arising from note arrangements[24] - Financing income increased significantly to HKD 252,000 in 2022 from HKD 4,000 in 2021, while financing costs rose to HKD 2,444,000 from HKD 1,804,000[53] - The group has short-term revolving bank loans totaling HKD 68,000,000, which have been fully drawn and remain unpaid[103] Business Operations - The company completed the sale of its inventory of yachts for HKD 92,120,000, leading to the termination of its yacht manufacturing business[19] - The group has terminated its yacht construction business due to market uncertainties, impacting its operational segments[36] - The management expects the logistics business to generate positive operating cash flow in the coming year[25] - The group is focusing on developing its logistics business to improve operational performance and strengthen working capital[25] - The group is currently negotiating with banks to obtain financing against other investment properties valued at HKD 154,000,000[25] Employee and Corporate Governance - The company employed a total of 50 full-time employees in Hong Kong as of June 30, 2022, an increase from 36 in 2021[110] - The audit committee currently consists of three independent non-executive directors, with Mr. Liu Wei Biao serving as the chairman, possessing appropriate professional qualifications and expertise in accounting and related financial management[119] - The audit committee has reviewed the unaudited financial information[120] - As of the announcement date, the board comprises eight directors, including five executive directors and three independent non-executive directors[121] Market Conditions and Economic Outlook - The Hong Kong economy contracted by 3.9% in Q1 2022 and slowed to a 1.3% decline in Q2 2022, with the government projecting GDP growth between -0.5% and 0.5% for the year[108] - The World Bank has revised Mongolia's GDP growth forecast for 2022 down to 2.5% due to rising import prices and ongoing pandemic-related border restrictions[108]
远见控股(00862) - 2022 Q4 - 年度财报