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Financial Performance - Revenue for 2022 was HK$66,267,000, an increase of 4.0% from HK$63,663,000 in 2021[17] - Loss for the year was HK$43,023,000, compared to a loss of HK$22,130,000 in 2021, representing an increase in loss of 94.4%[17] - Equity attributable to owners of the Company decreased to HK$100,776,000 from HK$132,518,000, a decline of 24.0%[17] - Total assets decreased to HK$110,423,000 from HK$154,684,000, a reduction of 28.6%[17] - Return on total assets was (38.96%) in 2022, down from (14.31%) in 2021[17] - Return on sales was (64.92%) in 2022, compared to (34.76%) in 2021, indicating worsening profitability[17] - Basic loss per share increased to (31.77) from (18.86) year-on-year[17] - The Group's total revenue increased by HK$2.6 million or 4.09%, from HK$63.7 million in 2021 to HK$66.3 million in 2022, primarily due to revenue growth in the Financial Magazine and Other Media Business[29] - Gross profit decreased by HK$5.4 million or 19.8%, from HK$27.2 million in 2021 to HK$21.8 million in 2022, with a gross profit margin of approximately 32.9% compared to 42.7% in 2021[30] Expenses and Losses - The Group recorded net gains of HK$1.2 million in other income, down from HK$4.7 million in 2021, primarily due to increased realized losses on financial assets[31] - Impairment losses under the expected credit loss model amounted to approximately HK$23.8 million, compared to a reversal of HK$5.7 million in 2021[38] - Selling and distribution costs decreased by HK$2.8 million to HK$4 million, representing a decrease of 41.2% compared to 2021[39] - Administrative expenses decreased by approximately HK$14.4 million to approximately HK$38.1 million, a decrease of 27.3% from 2021[39] - The loss attributable to owners of the Company was HK$43 million for the year ended 31 December 2022, compared to a loss of HK$22.1 million in 2021[40] Business Segments - For the year ended December 31, 2022, the Travel Media Business recorded a revenue of HK$14.9 million, a decrease of 1% or HK$0.1 million compared to HK$15 million in 2021, representing 22.9% of the Group's total revenue[46] - The Travel Media Business incurred a segment loss of HK$8.1 million, an increase of HK$10.6 million from a segment gain of HK$2.5 million in the previous year, primarily due to the absence of government grants during the year[47] - Revenue from the Financial Magazine and Other Media Business was HK$46.9 million, contributing 70.8% of the Group's total revenue, with segment losses amounting to HK$15.4 million[49] Financial Position - As of December 31, 2022, the total market value for held-for-trading investments was approximately HK$6.6 million, with a fair value loss of approximately HK$3.44 million, and a realized loss on financial assets of approximately HK$5 million[50] - The Group's money lending business generated revenue of HK$1.1 million, accounting for 1.66% of the total revenue, with outstanding principal and accrued interest of approximately HK$9.7 million[58] - The Group recorded an expected credit loss of approximately HK$23.8 million due to the impact of the COVID-19 pandemic, compared to a reversal of HK$5.7 million in the previous year[42] - As of December 31, 2022, the total loan receivables amounted to approximately HK$11,000,000 with interest receivables of HK$823,000, compared to no interest receivables in 2021[63] - The interest rates for loan receivables ranged from 8% to 10% per annum, with the largest loan receivable being approximately HK$4,000,000[63] Strategic Outlook - The travel sector is expected to return to 2019 levels by the end of 2023, with nearly 126 million new jobs projected to be created in the next decade[22] - The Group is well positioned to capitalize on the strong long-term demand for advertising and media services as enterprises gradually return to normal operations[22] - The management anticipates potential broader economic downturns due to ongoing challenges from the COVID-19 pandemic, which could negatively impact the Group's financial results[36] - The outlook for 2023 appears positive with expected travel surges, which may increase advertising and exhibition spending[80] - The Group aims to maintain the same operational calendar as 2022, with a gradual increase in advertising and media operations as international travel recovers[81] - The Group will actively expand its customer base and explore business opportunities in the financial magazine and other media sectors[82] Capital and Equity - The Group's total equity decreased to HK$102.8 million as of December 31, 2022, down approximately HK$31.7 million from HK$134.5 million in 2021[88] - Total assets amounted to HK$110.4 million as of December 31, 2022, compared to HK$154.7 million in 2021[88] - The Group's cash and bank balances were HK$31.2 million as of December 31, 2022, down from HK$37.2 million in 2021[88] - The Group issued corporate bonds with a principal amount of HK$6 million, fully repaid by the end of the reporting period[94] - The net proceeds from the corporate bonds were approximately HK$5.95 million, utilized for general working capital[94] Employee and Management - The Group had 42 employees as of December 31, 2022, down from 45 in 2021, with a notable increase in Hong Kong-based employees from 6 to 13[107] - The employee remuneration packages include salaries, insurance, medical cover, and share options, reflecting industry practices[107] - The Group regularly reviews compensation and benefit policies to retain loyal employees and build a professional management team[142] Compliance and Governance - The Group recognizes the importance of compliance with legal and regulatory requirements and is not aware of any non-compliance that significantly impacts its operations[134] - The Directors conducted a review of related party transactions and found no transactions requiring disclosure under GEM Listing Rules[177] - The Directors' fees are subject to shareholders' approval, and other emoluments are reviewed by the remuneration committee based on performance and Group results[186] - The Company received annual confirmations of independence from all independent non-executive Directors, who are considered independent[188] Dividend Policy - The Directors do not recommend the payment of a final dividend for the year ended December 31, 2022[144] - The Group's distributable reserves amounted to Nil as of December 31, 2022, consistent with the previous year[160] - The Company has adopted a dividend policy that allows for the declaration and distribution of dividends to shareholders[161] - The Company has adopted a dividend policy, but there is no assurance that a dividend will be proposed or declared in any specific periods[169][170]