Financial Performance - For the year ended 30 September 2021, the Group reported a turnover of approximately HK$76.7 million, a significant increase from a negative turnover of HK$52.4 million in the previous year[43][46]. - The net profit attributable to equity holders of the Company was approximately HK$62.7 million, reversing from a net loss of HK$105.5 million in the prior year[43][46]. - The Group's performance of listed investments improved from a loss of HK$61.0 million in the previous year to a gain of approximately HK$53.4 million, which included a net realised gain of approximately HK$9.5 million and a net unrealised gain of approximately HK$43.7 million[44][53]. - As of 30 September 2021, the Group held total assets of approximately HK$554.3 million, up from HK$489.8 million in 2020, with cash and cash equivalents at HK$11.9 million[54][57]. - The current ratio increased from 13.8 as of 30 September 2020 to 14.1 as of 30 September 2021, indicating a healthy liquidity position[54][57]. - The gearing ratio decreased to 4.5% from 8.13% in the previous year, reflecting improved financial stability[55][58]. Investment Activities - The Group's listed investments turned from a loss of approximately HK$61.0 million in the year ended 30 September 2020 to a gain of approximately HK$53.4 million in the year ended 30 September 2021[14]. - The total carrying amounts of the bonds held by the Group increased from HK$119.9 million as at 30 September 2020 to HK$186.5 million as at 30 September 2021[20]. - The Group recognized aggregate bonds interest income of approximately HK$21.3 million during the year[20]. - The Group acquired/extended three bonds during the year, including one with a size of HK$42.0 million and a coupon of 8%[19]. - Another bond acquired had a size of HK$42.5 million with a coupon of 11%[19]. - The bond subscribed from China e-Wallet Payment Group Limited had a size of HK$20.0 million and a coupon rate of 10%[19]. - The increase in bond value was attributed to the purchase of new bonds during the year, offset by an expected loss of approximately HKD 4,800,000[23]. - Total bond interest income recognized for the year was approximately HKD 21,300,000[23]. - The company raised approximately HKD 16,900,000 through the placement of 68,640,000 new shares at HKD 0.25 per share in October 2021[24]. Market Conditions - The Hang Seng Index fell from over 31,000 points in February 2021 to 24,575 points as at 30 September 2021[13]. - The outlook for global investment for the remainder of the year is pessimistic due to the emergence of the Omicron variant and tensions in US-China relations[24]. - The Group will continue to adopt cautious measures to manage its investment portfolio due to the emergence of the Omicron variant and geopolitical tensions[22]. Corporate Governance - The Company is in compliance with the mandatory Corporate Governance Code provisions, with no significant deviations reported[130]. - The Board comprises two Executive Directors and three Independent Non-executive Directors as of the fiscal year ended September 30, 2021[133]. - All Directors are subject to retirement by rotation and re-election at annual general meetings, ensuring governance compliance[144]. - The Company has a strong corporate governance structure to ensure effective oversight of management[146]. - The Audit Committee held five meetings in the fiscal year 2020/21 to review the final results and accounts for the year ended September 30, 2021, and the interim results for the six months ended March 31, 2021[156]. - The Company has established a solid corporate governance framework to ensure effective oversight of management[149]. Risk Management - The Board is committed to implementing effective risk management and internal control systems to safeguard shareholders' interests and the Group's assets[171]. - The risk management and internal control systems aim to manage risks rather than eliminate them, providing reasonable assurance against material misstatements[175]. - The management has provided an action plan to address identified deficiencies in the risk management and internal control systems in a timely manner[189]. - The Company has engaged an independent professional adviser to conduct an annual review of the risk management and internal control systems, providing recommendations for improvement[186]. - The Audit Committee, with the assistance of the System Adviser, reviewed the efficiency and effectiveness of the Group's risk management and internal control systems during the year[188]. Employee and Operational Information - The Group's total staff costs, excluding Directors' remuneration, amounted to approximately HK$5.0 million as of September 30, 2021[122]. - The Group had a total of 13 employees (excluding directors) with total employee costs (excluding director remuneration) of approximately HK$5 million as of September 30, 2021[125]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[123][126]. Significant Investments - WLS Holdings Limited, a significant investment, reported a net asset value of approximately HK$535.5 million and a current asset coverage of total liabilities as of October 31, 2021[66]. - WLS recorded an audited consolidated loss of approximately HK$16.9 million for the year ended April 30, 2021, but improved to an unaudited net profit of approximately HK$27.8 million for the six months ended October 31, 2021[68]. - The company considers that all significant investments have sufficient financial resources to meet ongoing operations, with no signals of default on bonds issued[66][73][74].
首都创投(02324) - 2021 - 年度财报