Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HKD 500 million, an increase of 8.8% from HKD 460 million for the same period in 2023[1] - Gross profit for the same period was approximately HKD 135 million, representing a 24.0% increase from HKD 109 million in 2023[1] - Gross profit margin improved to 26.9%, up from 23.7% in the previous year, reflecting a 3.2% increase[1] - The company reported a loss attributable to shareholders of approximately HKD 29 million, compared to a loss of HKD 37 million in the same period last year[2] - Basic loss per share was HKD 0.27, compared to HKD 0.34 for the same period in 2023[3] - The group reported a pre-tax loss of HKD 2,784,000 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 3,558,000 for the same period in 2023, showing an improvement[17] - The company reported a loss attributable to shareholders of HKD 2,943,000 for the six months ended June 30, 2024, compared to a loss of HKD 3,699,000 for the same period in 2023, indicating a decrease in losses by approximately 20.5%[19] - The net loss for the first half of 2024 decreased to approximately HKD 2,900,000, a reduction of about 20.4% compared to the first half of 2023[45] Revenue Breakdown - Total revenue for the hotel operations segment reached HKD 27,097 million, while property management generated HKD 18,924 million, and restaurant management contributed HKD 3,969 million, leading to a total revenue of HKD 49,990 million[11] - The revenue from hotel accommodation was HKD 8,990 million, and dining services generated HKD 12,177 million, indicating strong performance in these areas[11] - Hotel operations generated revenue of HKD 27,097,000 for the six months ended June 30, 2024, compared to HKD 24,888,000 in 2023, reflecting a growth of about 8.8%[13] - Property management revenue was HKD 18,924,000 for the six months ended June 30, 2024, slightly down from HKD 18,992,000 in 2023, indicating a decrease of approximately 0.4%[13] - The restaurant management segment reported revenue of HKD 3,969,000 for the six months ended June 30, 2024, up from HKD 2,083,000 in 2023, showing a significant increase of around 90.5%[13] - Hotel operations revenue accounted for approximately 54.2% of total revenue, increasing from about HKD 24,900,000 in the first half of 2023 to approximately HKD 27,100,000 in the first half of 2024, representing an increase of about 8.9%[42] - Property management revenue decreased by approximately HKD 100,000 or 0.4% to about HKD 18,900,000 in the first half of 2024, down from approximately HKD 19,000,000 in the first half of 2023[43] - Catering management revenue surged by approximately HKD 1,900,000 or 90.5% to about HKD 4,000,000 in the first half of 2024, compared to approximately HKD 2,100,000 in the first half of 2023[44] Assets and Liabilities - Total assets as of June 30, 2024, were approximately HKD 98,434 million, down from HKD 102,751 million as of December 31, 2023[4] - Current liabilities amounted to HKD 138,655 million, an increase from HKD 134,912 million at the end of 2023[4] - The total assets of the group as of June 30, 2024, amounted to HKD 120,422,000, compared to HKD 120,380,000 as of December 31, 2023, indicating a slight increase[14] - Total liabilities as of June 30, 2024, were HKD 146,709,000, up from HKD 143,833,000 as of December 31, 2023, reflecting an increase of approximately 2.0%[14] - The group’s net current liabilities decreased from approximately HKD 117,300,000 as of December 31, 2023, to approximately HKD 116,700,000 as of June 30, 2024[35] Operational Highlights - The company is focused on expanding its operations in Canada and managing properties in China, indicating a strategic approach to market expansion[6] - The company is actively involved in managing hotels, properties, and dining services, showcasing a diversified business model[11] - The company is investing in new product development and technology to improve customer experience and operational capabilities[15] - The company is implementing measures to reduce operational losses and improve financial performance while exploring new business opportunities[46] - The overall outlook for the Canadian hotel business and Chinese property management remains positive despite potential challenges in certain regions[45] Accounting and Reporting - The company continues to adopt the Hong Kong Financial Reporting Standards, ensuring consistency in accounting policies and methods[9] - The financial statements were prepared based on historical cost, except for financial instruments measured at fair value, reflecting a conservative approach to financial reporting[8] - The company has implemented new accounting policies in accordance with the revised Hong Kong Financial Reporting Standards, effective from January 1, 2024, which will not significantly impact the financial position[9] - The average credit period granted to trade customers is between 0 to 90 days, indicating a stable credit policy[23] - The average credit period for purchases is 0 to 90 days[27] Dividends and Shareholder Communication - The company did not declare an interim dividend for the six months ended June 30, 2024[2] - The company did not declare or recommend any dividends for the interim period ending June 30, 2023[18] - The mid-term performance announcement has been published on the company's website and the Hong Kong Stock Exchange website[51] - The mid-term report for 2024 is expected to be sent to shareholders by September 30, 2024, or earlier[51] - The chairman expressed gratitude to shareholders, business partners, and employees for their continued support and contributions[52]

Rights Issue - The total amount raised from the rights issue was approximately HKD 52,800,000, with the net proceeds after expenses being around HKD 52,000,000[4]. - A total of 364,292,398 ordinary shares were issued under the rights issue at an issue price of HKD 0.145 per share[3]. - 126,561,279 shares were allocated to Great Match International Limited and another 126,561,279 shares to Rich Vision Development Limited[3]. - As of March 30, 2023, the net proceeds from the rights issue were fully utilized, with specific allocations including debt repayment and operational costs[4]. - The company reported a net utilization of HKD 52 million from the rights issue proceeds, with significant amounts allocated to employee costs and legal fees[4].

Financial Performance - For the year ended December 31, 2023, the Group's revenue increased by approximately 5.7% to HK$101.6 million from HK$96.1 million in 2022[21]. - The net loss attributable to equity shareholders decreased to approximately HK$8.3 million in 2023, compared to HK$28.3 million in 2022[21]. - Revenue from continuing operations increased by approximately HK$5.5 million or 5.7% from approximately HK$96.1 million for FY2022 to approximately HK$101.6 million for FY2023, mainly due to increased revenue from Properties Management[31]. - Gross profit from continuing operations increased by approximately HK$2.2 million or 9.4% from approximately HK$23.3 million for FY2022 to approximately HK$25.5 million for FY2023, with a gross profit margin of approximately 25.1% for FY2023[32]. - The Group recorded a net loss from continuing operations of approximately HK$8.3 million for FY2023, a significant improvement compared to a loss of approximately HK$24.2 million for FY2022[50][56]. - Total net loss for the year was approximately HK$8.3 million in FY2023, down from approximately HK$28.3 million in FY2022[52][58]. Revenue Breakdown - Revenue from Hotel Operation and Properties Management accounted for approximately 55.3% and 38.2% of total revenue, respectively[21]. - Revenue from Hotel Operation accounted for approximately 55.3% of total revenue, with an increase in hotel occupancy rate to 83.8% in 2023 from 82.8% in 2022, resulting in revenue growth from approximately HK$55.1 million in FY2022 to approximately HK$56.2 million in FY2023[75][81]. - Revenue from Properties Management increased by 7.2% to approximately HK$38.8 million in FY2023, compared to approximately HK$36.2 million in FY2022[76][82]. - Revenue from Catering Management rose by approximately 37.5% to approximately HK$6.6 million in FY2023, up from approximately HK$4.8 million in FY2022[77][83]. Asset and Liability Management - Total assets decreased by 12.3% to HK$120.4 million in 2023 from HK$137.3 million in 2022[12]. - Total liabilities decreased by 5.5% to HK$143.8 million in 2023 from HK$152.2 million in 2022[12]. - As of December 31, 2023, the Group's net current liabilities were approximately HK$117.3 million, with a current ratio of 0.13 times, compared to net current liabilities of approximately HK$103.2 million and a current ratio of 0.22 times in 2022[53][59]. - The Group's total deficit increased to approximately HK$23.5 million as of December 31, 2023, compared to approximately HK$14.9 million as of December 31, 2022[65][69]. Cost Management - Administrative expenses decreased by approximately HK$4.8 million or 15.0% from approximately HK$31.9 million for FY2022 to approximately HK$27.1 million for FY2023[34]. - Finance costs decreased by approximately HK$1.6 million or 34.0% from approximately HK$4.7 million for FY2022 to approximately HK$3.1 million for FY2023[43]. - Staff costs for the Group were approximately HK$47.2 million for FY2023, representing a slight decrease of approximately HK$0.4 million or 0.8% compared to FY2022[78]. - Cost-saving measures are being implemented to control operating, administrative, and corporate costs to reduce working capital requirements[118]. Strategic Initiatives - The Group plans to explore new opportunities in Hotel Operation in Canada and Properties Management in the PRC as the hospitality industry recovers[20]. - Management is committed to pursuing new projects and expanding through various investment methods[20]. - The management team aims to seize opportunities for market expansion and stable returns for shareholders as the Chinese economy recovers[25]. - The Group is actively considering developing new business opportunities to enhance cash flow and reviewing existing investments[123]. - A loan agreement for facilities of up to HK$50 million from the Controlling Shareholder is being sought to provide ongoing financial support[123]. Corporate Governance - The Board of Directors comprises seven members with diverse backgrounds, meeting at least four times annually to review business development and strategic policies[105]. - The Board has established various committees, including the Remuneration Committee, Audit Committee, and Nomination Committee, to enhance corporate governance practices[121]. - The Nomination Committee is responsible for reviewing the Board composition and ensuring a balance of expertise and skills[125]. - The Audit Committee held four meetings in 2023 to monitor the integrity of financial reporting and review internal control and risk management systems[139]. - The Remuneration Committee conducted two meetings in 2023 to review the remuneration packages of directors and senior management[143]. Risk Management - Management is responsible for designing and monitoring the risk management and internal control system to safeguard the Group's assets[180]. - The Group has established risk management procedures to address significant business risks and conducts annual reviews of changes in the business environment[181]. - Risks are assessed and prioritized based on their impact and occurrence opportunity, with relevant management strategies applied accordingly[182]. - For the year ended December 31, 2023, the Group engaged an external advisory firm for internal audit, confirming no significant deficiencies in the internal control system[187]. - The Group's risk management and internal control system was deemed reasonably effective and adequate, covering all material controls including financial, operational, and compliance controls[188].

Financial Statements Submission - The financial statements for the year ended December 31, 2023, have been submitted to the Companies Registry as required by the Hong Kong Companies Ordinance[3] - The company will submit the financial statements for the year ended December 31, 2022, and will also submit the financial statements for the year ended December 31, 2023, at the appropriate time[3] Audit Findings - The auditor's report indicated that sufficient and appropriate audit evidence was not obtained regarding the interests and receivables from an associate company[5]

Financial Performance - Revenue from continuing operations for the year ended December 31, 2023, was approximately HKD 101.6 million, representing a 5.7% increase from HKD 96.1 million in 2022[3] - Gross profit for the year was HKD 25.5 million, up 9.4% from HKD 23.3 million in the previous year, with a gross margin of 25.1% compared to 24.2% in 2022[3] - The loss attributable to shareholders from continuing operations decreased to HKD 8.3 million from HKD 24.2 million in 2022, indicating a significant improvement[3] - Basic loss per share from continuing operations was HKD 0.76, a reduction from HKD 2.21 in the previous year[3] - Total comprehensive expenses for the year amounted to HKD 8.6 million, down from HKD 31.1 million in 2022[7] - For the year ending December 31, 2023, the group reported a loss from continuing operations of approximately HKD 8,290,000[30] - The group generated total revenue of HKD 101,560,000 in 2023, an increase from HKD 96,055,000 in 2022, representing a growth of approximately 5.2%[33] - The group reported a net loss from continuing operations of approximately HKD 8,290,000 for the fiscal year ending December 31, 2023[61] - The net loss from continuing operations for fiscal year 2023 was approximately HKD 8,300,000, a decrease from approximately HKD 24,200,000 in fiscal year 2022[75] Operational Highlights - Hotel operations revenue was HKD 56,200,000 in 2023, up from HKD 55,108,000 in 2022, reflecting a growth of about 2%[33] - Revenue from property management for fiscal year 2023 was approximately HKD 38,800,000, an increase of 7.2% from about HKD 36,200,000 in fiscal year 2022[85] - Revenue from food and beverage management increased by approximately 37.5% to about HKD 6,600,000 in fiscal year 2023 from approximately HKD 4,800,000 in fiscal year 2022[86] - The company has ceased its cryptocurrency investment operations as of the end of 2022, focusing on hotel operations in Canada and property management in China[12] - The company expects continued growth in hotel operations and property management, leveraging opportunities from the recovery of the Chinese economy[92] Financial Position - Non-current assets as of December 31, 2023, totaled HKD 102.8 million, a decrease from HKD 108.6 million in 2022[9] - Current liabilities increased to HKD 134.9 million from HKD 131.9 million in the previous year, resulting in a net current liability position[10] - Current liabilities exceeded current assets by approximately HKD 117,283,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[30] - The current liabilities net amount and current ratio as of December 31, 2023, were approximately HKD 117,300,000 and 0.13 times, respectively, compared to approximately HKD 103,200,000 and 0.22 times in the previous year[78] Cost Management - The group plans to implement cost-saving measures to control operating, administrative, and corporate costs, aiming to reduce working capital requirements[31] - Employee costs totaled HKD 47,195,000 in 2023, slightly down from HKD 47,584,000 in 2022, indicating a focus on cost management[39] - Administrative expenses decreased from approximately HKD 31,900,000 in fiscal year 2022 to approximately HKD 27,100,000 in fiscal year 2023, a reduction of about 15.0%[68] Tax and Liabilities - The company’s tax rate for its Chinese subsidiaries was 25%, with some subsidiaries benefiting from reduced rates between 5% to 15%[40] - The company reported a credit loss provision of HKD 12,478,000 against trade receivables in 2023, down from HKD 19,444,000 in 2022, reflecting improved credit quality[46] - The company's deferred tax expense for the year was HKD 5,187,000 in 2023, compared to a deferred tax credit of HKD 4,728,000 in 2022, indicating a shift in tax position[40] - The income tax expense for fiscal year 2023 was approximately HKD 6,200,000, while fiscal year 2022 had a tax credit of about HKD 4,100,000[74] Dividends and Shareholder Information - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[3] - The board of directors did not recommend any final dividend for the fiscal year ending December 31, 2023, maintaining a long-term dividend policy of at least 30% of net profit[63] - The annual report for fiscal year 2023 is expected to be sent to shareholders by April 30, 2024, or earlier[100] Accounting Standards and Compliance - The company has adopted new and revised Hong Kong Financial Reporting Standards for the year, which did not significantly impact its financial position or performance[13] - The application of the revised Hong Kong Accounting Standard No. 8 did not have a significant impact on the group's consolidated financial statements for the year[16] - The application of the revised Hong Kong Accounting Standard No. 12 regarding deferred tax assets and liabilities did not have a significant impact on the group's consolidated financial statements for the year[18] - The implementation of the revised Hong Kong Accounting Standard No. 12 related to international tax reform did not have a significant impact on the group's consolidated financial statements for the year[20] - The application of the revised Hong Kong Accounting Standard No. 1 regarding the disclosure of accounting policies did not have a significant impact on the group's financial position and performance, but affected the disclosure of accounting policies in the consolidated financial statements[23] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and expects no significant impact from these standards on the consolidated financial statements in the foreseeable future[28] Impairment and Losses - The group recognized a reversal of impairment losses of approximately HKD 1,400,000 in fiscal year 2023, compared to an impairment loss provision of approximately HKD 16,900,000 in fiscal year 2022[69] - The impairment loss on intangible assets decreased by approximately HKD 5,000,000 or 96.2% to about HKD 200,000 in the fiscal year 2023 from approximately HKD 5,200,000 in fiscal year 2022[70] - The goodwill impairment loss for fiscal year 2023 was approximately HKD 1,200,000, compared to zero in fiscal year 2022, due to poor performance of a cash-generating unit in the property management segment[71] - The group's share of losses from an associate company, Total Blossom, was approximately HKD 1,115,000 for the fiscal year ending December 31, 2023[55] - Total Blossom's investment property was written off, with a value of approximately HKD 29,694,000 as of December 31, 2022, and subsequently reduced to zero by December 31, 2023[56]

Revenue and Profitability - Revenue for the six months ended June 30, 2023, increased by approximately HK$0.9 million or 2.0% to approximately HK$46.0 million compared to HK$45.1 million for the same period in 2022[19]. - Gross profit for the same period increased by approximately HK$0.9 million or 9.0% to approximately HK$10.9 million, driven by better control on direct costs in Hotel Operation[20]. - The Group's revenue increased by approximately HK$900,000 or 2.0% from about HK$45,100,000 in 1H2022 to approximately HK$46,000,000 in 1H2023, primarily due to the new food and beverage management segment contributing about HK$2,100,000[22]. - Gross profit rose by approximately HK$900,000 or 9.0% from about HK$10,000,000 in 1H2022 to approximately HK$10,900,000 in 1H2023, mainly driven by improved cost control in the hotel business[22]. - Loss before tax improved to HK$3,558,000, a reduction of 58% from HK$8,539,000 in the previous year[89]. - Loss for the period from continuing operations was HK$3,699,000, down from HK$8,548,000 in 2022, indicating a significant improvement[89]. Expenses and Liabilities - Administrative expenses increased by approximately HK$1.2 million or 8.2% from approximately HK$14.7 million in 1H2022 to approximately HK$15.9 million in 1H2023[21]. - Staff costs increased by approximately HK$1.9 million or 9.0% from about HK$21,100,000 in 1H2022 to approximately HK$23,000,000 in 1H2023, mainly due to higher occupancy rates in the hotel operation business[42]. - Total liabilities decreased by 6.2% to HK$142.7 million from HK$152.2 million at the end of 2022[16]. - The current ratio decreased to 1 from 0.14 at the end of 2022, indicating a significant decline in liquidity[16]. - The quick ratio also decreased to 2 from 0.14 at the end of 2022, further highlighting liquidity challenges[16]. Assets and Equity - Total assets as of June 30, 2023, were HK$124.1 million, a decrease of 9.6% from HK$137.3 million at the end of 2022[16]. - Shareholder's equity was reported at negative HK$18.6 million as of June 30, 2023, compared to negative HK$14.9 million at the end of 2022[16]. - Non-current assets totaled HK$106,710,000 as of June 30, 2023, slightly down from HK$108,584,000 at the end of 2022[93]. - Current assets decreased to HK$17,382,000 from HK$28,727,000, reflecting a decline of approximately 39.3%[93]. - Total equity as of June 30, 2023, was HK$ (18,587,000), down from HK$ (14,866,000) at the end of 2022, showing a decline in shareholder equity[95]. Cash Flow and Financing - For the six months ended June 30, 2023, net cash from operating activities was HK$2,372,000, compared to a cash outflow of HK$3,331,000 in the same period of 2022[108]. - Net cash used in investing activities amounted to HK$3,415,000, a significant increase from HK$23,000 in the prior year[108]. - Net cash used in financing activities was HK$9,416,000, compared to HK$2,219,000 in the same period of 2022, primarily due to a repayment of bonds totaling HK$9,000,000[108]. - The total net decrease in cash and cash equivalents for the period was HK$10,459,000, compared to a decrease of HK$5,573,000 in the previous year[108]. - Cash and cash equivalents at the end of the period stood at HK$8,599,000, down from HK$19,137,000 at the beginning of the period[108]. Market and Business Outlook - The management team anticipates increased market potential and business opportunities with the recovery of the economies in China and Canada[58]. - The Group aims to explore new business opportunities to deliver stable returns to shareholders[58]. Corporate Governance and Compliance - The Company has maintained the required amount of public float as per the Listing Rules during the six months ended June 30, 2023[71]. - The Company is committed to enhancing corporate governance practices to protect shareholders' interests and improve transparency[75]. - The Audit Committee reviewed the unaudited condensed financial statements for the six months ended June 30, 2023, ensuring compliance with accounting principles[87]. Accounting Policies and Standards - The Group's financial statements for the six months ended June 30, 2023, were prepared in accordance with the historical cost basis, except for certain financial instruments measured at fair value[126]. - The application of new and amended HKFRSs during the interim period had no material impact on the Group's financial positions and performance[128]. - The Group will disclose information regarding its exposure to Pillar Two income taxes in future financial statements once the legislation is enacted[135]. - The Group's interim report for 2023 is prepared in compliance with the updated accounting standards and reflects the necessary disclosures[142].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TIMES UNIVERSAL GROUP HOLDINGS LIMITED 時 代 環 球 集 團 控 股 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：2310） 二零二三年中期業績公告 財務摘要 截至六月三十日止六個月 二零二三年 二零二二年 百分比變動 概約 概約 概約 （未經審核） 來自持續經營業務的收益 46.0百萬港元 45.1百萬港元 2.0% 毛利 10.9百萬港元 10.0百萬港元 9.0% 毛利率 23.7% 22.2% 1.5% 來自持續經營業務的本公司股東應佔虧損 3.7百萬元 8.5百萬元 不適用 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何 部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 TIMES UNIVERSAL GROUP HOLDINGS LIMITED 時 代 環 球 集 團 控 股 有 限 公 司 （於香港註冊成立之有限公司） 2310 （股份代號： ） 補充公告 茲提述時代環球集團控股有限公司（「本公司」）日期為二零二三年三月三十日的公 告，內容有關本公司及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日 止年度之全年業績（「該公告」）。除另有界定外，本公告所用詞彙與該公告所定義者 具相同涵義。 本公司謹此於該公告第17頁「獨立核數師報告摘要」一節的第一段前提供以下補充資 料： 「本公告所載本集團截至二零二一年及二零二二年十二月三十一日止年度的財務資 料並不構成（但乃摘錄自）本公司該等年度的法定年度綜合財務報表。 本公司已按照公司條例（第622章）第662(3)條及附表6第3部分的規定向公司註冊處 ...

Financial Performance - Total revenue for the year ended December 31, 2022, was approximately HK$96.1 million, representing a 23.6% increase from HK$77.7 million in 2021[25] - The net loss for the Group was approximately HK$28.3 million in 2022, compared to a loss of approximately HK$20.9 million in 2021[25] - Basic loss per share increased to HK$2.59 in 2022, compared to HK$1.92 in 2021, reflecting a 34.9% decline[16] - Revenue from continuing operations increased by approximately HK$18.4 million or 23.6%, from approximately HK$77.7 million in FY2021 to approximately HK$96.1 million in FY2022[28] - The gross profit increased by approximately HK$4.2 million or 22.3%, from approximately HK$19.0 million in FY2021 to approximately HK$23.2 million in FY2022, with a gross profit margin of approximately 24.2% for FY2022[36] - Other income, gains, and losses increased by approximately HK$2.5 million or 44.1%, from approximately HK$5.7 million in FY2021 to approximately HK$8.3 million in FY2022[37] - The net loss from continuing operations was approximately HK$24.2 million for FY2022, compared to approximately HK$17.5 million for FY2021[49] - The Group's net loss for FY2022 was approximately HK$28.3 million, compared to approximately HK$20.9 million for FY2021, reflecting an increase in losses of about 35.5%[57] Revenue Breakdown - Revenue from hotel operations accounted for approximately 57.4% of total revenue, while properties management contributed 37.6%[25] - Revenue from hotel operations accounted for approximately 57.4% of total revenue, with an increase in hotel occupancy rate to 82.8% in FY2022 from 71.1% in FY2021, resulting in revenue growth from approximately HK$42.3 million to approximately HK$55.1 million[74] - Revenue from the hotel operation in Canada increased by approximately 30.2%, with an occupancy rate of approximately 82.8% for FY2022[29] - Revenue from Properties Management for FY2022 was approximately HK$36.2 million, an increase of 2.3% compared to approximately HK$35.4 million in FY2021[81] - Revenue from Catering Management amounted to approximately HK$4.8 million, accounting for approximately 5.0% of the Group's revenue from continuing operations in FY2022[82] Asset and Liability Management - The Group's total assets decreased by 24.4% to HK$137.3 million in 2022 from HK$181.7 million in 2021[16] - Total liabilities decreased by 8.0% to HK$152.2 million in 2022 from HK$165.4 million in 2021[16] - The Group's net current liabilities as of December 31, 2022, were approximately HK$103.2 million, with a current ratio of 0.22 times, down from HK$75.5 million and 0.43 times in 2021[58] - As of December 31, 2022, the Group's current liabilities exceeded its current assets by approximately HK$103.2 million, resulting in net liabilities of approximately HK$14.9 million[140] Operational Performance - The occupancy rate for hotel operations in Canada reached approximately 82.8% in FY2022, up from 71.1% in FY2021, indicating strong performance[26] - The Group recorded approximately HK$4.8 million in revenue from its new segment, Catering Management, in FY2022[35] - The Group plans to continue exploring new business opportunities in hotel operations and property management in Canada and China[27] - The Group's Properties Management continues to expand its business and grow steadily in revenue, benefiting from the recovery of the PRC economy[122] Cost Management - Administrative expenses decreased by approximately HK$2.1 million or 6.1%, from approximately HK$33.9 million in FY2021 to approximately HK$31.9 million in FY2022[38] - Staff costs for the Group were approximately HK$47.6 million for FY2022, representing an increase of approximately HK$6.9 million or 16.9% compared to approximately HK$40.7 million in FY2021[83] - The Group's financing costs decreased by approximately HK$500,000 or 8.9% to approximately HK$4.7 million in FY2022, mainly due to reduced bond interest from the repayment of HK$20 million in bonds[52] Legal and Compliance Matters - The auditor issued a qualified opinion on the Group's consolidated financial statements for the year ended December 31, 2022, due to limitations in obtaining sufficient audit evidence[101] - The Group has initiated legal proceedings for some customers to recover outstanding trade receivables, with local courts confirming the Group's legal rights in several cases[62] - The Company has engaged a Malaysian legal advisor to retrieve necessary documents from a joint venture, with legal action initiated on March 1, 2023[109] Corporate Governance - The Board has established various committees, including the Remuneration Committee, Audit Committee, and Nomination Committee, to enhance corporate governance practices[146] - The Nomination Committee is responsible for reviewing Board composition and ensuring a balance of expertise and skills appropriate for the Company's business needs[150] - The Company has adopted a going concern basis in preparing its consolidated financial statements, despite existing material uncertainties[141] - The Company is committed to corporate governance practices and has sufficient resources allocated to its committees to perform their duties effectively[164] Future Outlook and Strategy - The management plans to explore new opportunities in hotel operations in Canada and properties management in the PRC as the hospitality industry recovers[24] - The recovery of the PRC economy is expected to bring various business opportunities for the Group[26] - The Directors believe that the Group will have sufficient cash resources to meet future working capital and financing requirements over the next twelve months[145] - The Group is actively considering realizing other loss-making investments or terminating loss-making businesses[148] - The Group's strategy includes actively considering new business development opportunities to enhance cash flow[143]