Revenue and Sales - The company's revenue increased by approximately HKD 8,000,000 due to a sales contract with an independent third party for plastic sales worth RMB 6,900,000 (approximately HKD 8,000,000) at the end of 2021[4] - The company experienced delays in recognizing revenue due to COVID-19 infections among accounting staff, which affected the timely submission of sales contracts[6] Loans and Receivables - The total principal and interest amount of the loans in China as of December 31, 2021, was approximately RMB 15,300,000 (approximately HKD 18,740,000), with a total credit loss provision of approximately RMB 7,210,000 (approximately HKD 8,830,000)[9] - As of December 31, 2021, the total outstanding principal amount of loans granted in Hong Kong was HKD 8,330,000, with interest rates ranging from 8% to 36%[17] - The total outstanding principal amount of loans granted in China was RMB 14,900,000 (approximately HKD 17,760,000), with interest rates between 8% and 12%[17] - The total receivables from Hong Kong and China loans amounted to HKD 27,390,000 before credit loss provisions[19] - The total loan interest income for the year ended December 31, 2021, was approximately HKD 1,180,000, a decrease from HKD 2,280,000 in 2020[20] - The recognized impairment loss on total receivables was approximately HKD 15,550,000 as of December 31, 2021, significantly up from HKD 8,180,000 in 2020[21] - The largest borrower accounted for approximately 23.14% of the total receivables, with a principal amount of RMB 5,180,000 (approximately HKD 6,340,000)[19] - The company has received partial repayments of interest and principal from Chinese loans in 2022, with further repayment proposals under consideration[23] - The credit loss provision for the Chinese loans was approximately HKD 8,830,000 as of December 31, 2021[17] Impairment and Losses - An increase in expected credit loss under the expected credit loss model amounted to approximately HKD 8,000,000, primarily due to impairment losses on other receivables related to loans provided to seven individuals in China[7] - The impairment loss on paid deposits increased by approximately HKD 5,000,000 related to property acquisition deposits[10] - The fair value of the properties (net of selling costs) as of December 31, 2021, was approximately RMB 20,908,000 (approximately HKD 25,601,000), with an impairment loss on paid deposits of approximately RMB 4,517,000 (approximately HKD 5,445,000) recognized for the year[13] Business Strategy and Future Plans - The company is actively seeking buyers for properties to recover and control funds to settle outstanding loans[11] - The company plans to test the waters in the Chinese market by providing microloans to explore new business opportunities[7] - The company plans to only consider loans to independent third parties with collateral due to economic uncertainties[24] - The company has implemented internal control procedures for credit assessments, including evaluating potential borrowers' backgrounds and credit histories[25] - The company will follow up with customers for overdue loans and may initiate legal action if payments are not made[28] Financial Adjustments and Reporting - The company has made adjustments to the financial statements based on updated assessments from independent valuers and auditors regarding the fair value of properties and impairment losses[13] - The company anticipates that the impact of the adjustments on the final results will not be significant[6] - The announcement is made in accordance with GEM listing rules to provide information about the company[30] - The exchange rates used for conversion are 1.1919 HKD to 1 CNY for the year ending December 31, 2020, and 1.2245 HKD to 1 CNY for the year ending December 31, 2021[30]
中国农业生态(08166) - 2022 Q4 - 年度财报