MANAGEMEN.
DISCUSSION AND ANS
The following comments should be read in conjunction with the Audited Consolidated Financial Statements of the Company and
the related notes to the financial statements.
IEW OF RESU TS
The Group's revenue from continuing operations for the year amounted to approximately HK$494 million, representing a decrease of 2% when compared to the previous year. This was mainly attributed to the decrease in the sale of residential units of Shining Heights.
RIDITY, FINAL AOITAL STRU
As of 31 December 2017, shareholders' funds of the Group
showed an increase of around 4% as compared to the previous year and amounted to approximately HK$6,011 million. The increase was mainly due to the net effect of the profit realised from property sales, the gains on revaluation of the Group's investment properties, gain on disposal of the securities and the payment of dividends.
There was no change to the capital structure of the Group during the year. Funding for the Group's activities during the year under review was mainly generated from the sale of the Group's properties and other operations.
During the year, there was no material acquisition and disposal of subsidiary and associate.
Current assets of the Group were recorded at approximately HK$3,070 million and the current liabilities were approximately HK$760 million as of 31 December 2017. Current ratio of the
Group had been increased to 4 as at 31 December 2017, mainly
attributed to the increase in cash and bank balances.
CHARGE OF ASSETS
As at 31 December 2017, shares in the Joint Venture Company were charged to secure the loan facility made available by banks to the Joint Venture Company. Details of the loan facility, the relevant guarantees granted and the securities provided are set out in note 29 on page 146 and note 30(b)(xiii) on page 152 to the financial statements of this Annual Report.
GEARING RATIO AND FINANCIAL MANAGEMENT
As there was no borrowing as at 31 December 2017, no gearing ratio, which is calculated on the basis of bank borrowing as a ratio of the Group's shareholders' fund, was shown.
The Group's financing and treasury activities were managed centrally at the corporate level. Financing facilities extended to the Group were denominated in Hong Kong dollar.
EMPLOYEES
As at 31 December 2017, the number of employees of the Group stood at about 210 (2016: about 210). The remuneration packages to employees were commensurable to the market trend and levels of pay in similar industries. A discretionary year-end bonus was paid to employees based on individual performance. Other benefits to employees included medical insurance, retirement scheme, training programmes and educational subsidies. Total employees' costs for the year amounted to approximately HK$91 million, which was commensurate with that recorded in the previous year.
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Hong Kong Ferry (Holdings) Company Limited Annual Report 2017
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