Financial Performance - The group's total revenue for the fiscal year ended March 31, 2022, was approximately HKD 127,000,000, a decrease from HKD 148,600,000 in the previous fiscal year, primarily due to a decline in insurance brokerage service income[38] - The group recorded an annual loss of approximately HKD 73,100,000 for the fiscal year 2022, compared to a loss of HKD 8,400,000 in the fiscal year 2021[81] - The group reported a net loss of approximately HKD 69,900,000, primarily due to non-cash impairment losses of HKD 59,400,000 in the fur business and investment losses of HKD 16,800,000 from the fund portfolio[57] - The group confirmed a loss of approximately HKD 1,900,000 related to expected credit losses on loans receivable in the lending business for the fiscal year[55] - The company raised approximately HKD 450 million in funding to support its lending business, generating significant interest income[21] Business Segments - The securities business contributed approximately HKD 33.9 million in revenue and HKD 10.1 million in profit, down from HKD 36 million and HKD 18.1 million respectively in the previous year[21] - The wealth management division attracted over 670 new clients and issued more than 1,715 insurance policies, managing over 7,855 policies with an annualized first-year premium exceeding HKD 271 million[24] - The asset management services recorded revenue of HKD 8.1 million, down from HKD 13 million in the previous year[27] - The fur business generated approximately HKD 7.2 million in revenue, a decline from HKD 23.4 million in the previous year, with a loss of approximately HKD 51.5 million due to non-cash impairment[26] - Revenue from the insurance brokerage segment was approximately HKD 47,700,000, a decrease from HKD 65,900,000 in the previous fiscal year, resulting in a segment loss of approximately HKD 5,400,000[41] Acquisitions and Investments - The company completed two acquisitions, FGA Holdings Limited and First Achiever Venture Limited, expected to contribute significantly to future revenue[21] - The company agreed to acquire 70% of FGA Holdings Limited for a total consideration of USD 35,000,000 (approximately HKD 271,600,000)[107] - The company acquired a 60% stake in First Achiever Venture Limited for a total consideration of $3,000,000, which will consolidate the financial performance of its subsidiaries[110] Market Environment - The company faced a challenging market environment due to the COVID-19 pandemic, impacting overall performance and investment returns[21] - The overall economic recovery in Hong Kong remained weak, affecting the company's operational performance[21] - The company plans to continue focusing on market expansion and new business strategies to enhance revenue streams[21] Financial Management - Administrative expenses increased by approximately 3.3% to HKD 99,600,000 from HKD 96,400,000 in the previous fiscal year, mainly due to increased legal and professional fees related to acquisition projects[56] - Financing costs for the fiscal year 2022 amounted to approximately HKD 13,500,000, an increase from HKD 9,200,000 in the fiscal year 2021[80] - The company has established credit policies to monitor and manage credit risk effectively, significantly reducing credit risk exposure[118] - The company regularly monitors liquidity needs to ensure sufficient cash and financing resources are available for short-term and long-term requirements[119] Corporate Governance - The company has maintained high standards of corporate governance to enhance shareholder value and ensure transparency, accountability, and independence[131] - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of power and responsibility towards shareholders[134] - The company has adopted a securities trading code that is at least as stringent as the listing rules, with all directors confirming compliance for the year ending March 31, 2022[133] - The company has established mechanisms to ensure the company secretary is well-informed about the group's developments without significant delays[131] Risk Management - The company has established an effective risk management and internal control system, with no significant risks identified during the fiscal year[184] - The company assesses and manages foreign exchange risks, particularly from sales and procurement transactions, with a focus on mitigating currency fluctuations[120] - The company has a dedicated credit risk management department that monitors loan performance and reports to management[194] Employee and Shareholder Engagement - Employee costs for the fiscal year 2022 were approximately HK$43,300,000, a decrease from HK$44,300,000 in the previous fiscal year[117] - The total number of employees as of March 31, 2022, was 69, down from 76 the previous year[117] - The company maintains open communication with shareholders, encouraging participation in annual general meetings[195] - The company ensures independent resolutions are presented at shareholder meetings, adhering to regulatory requirements for timely updates on business matters[196]
京基金融国际(01468) - 2022 - 年度财报