Financial Performance - The company's revenue for the fiscal year ending March 31, 2023, was HKD 174.9 million, an increase of 82.7% compared to HKD 95.7 million in the previous year[11]. - Revenue from restaurant and bar operations increased to HKD 174.2 million, up approximately 83.2% from HKD 95.1 million in the previous year[16]. - Gross profit from restaurant and bar operations rose to HKD 129.0 million, an increase of 85.1% from HKD 69.7 million, with a gross margin of 74.1%[16]. - Property investment income increased by 12.9% to HKD 764,000 from HKD 677,000 in the previous year[17]. - Other income decreased by 27.2% to HKD 16.8 million from HKD 23.0 million, primarily due to fewer government subsidies received[18]. - Employee costs rose to HKD 57.3 million, a 61.0% increase from HKD 35.6 million, attributed to the hiring of more staff following the reopening of bars and restaurants[19]. - Depreciation expenses for property, plant, and equipment increased by 8.1% to approximately HKD 9.5 million from HKD 8.8 million due to business expansion[21]. - Depreciation for right-of-use assets rose by 30.6% to HKD 34.1 million from HKD 26.1 million, also due to business expansion[22]. - Financing costs increased by 14.0% to HKD 4.5 million from HKD 3.9 million, primarily due to rising borrowing rates[25]. Business Operations - The company operated 51 bars/restaurants across Hong Kong as of March 31, 2023, with new openings including a cocktail bar in Tsim Sha Tsui and two new bars in Tai Wai and Tuen Mun under the "Pacific Bar" brand[15]. - The company aims to continue upgrading existing bar/restaurant facilities as part of its growth strategy[15]. - The company has expanded its brand portfolio to target different customer segments, including neighborhood bars and upscale venues[15]. - The easing of COVID-19 restrictions by the Hong Kong government is expected to improve the business environment and economic outlook[12]. - The company is closely monitoring market trends and will adjust strategies as necessary to mitigate adverse business impacts[12]. - The management plans to enhance services by providing more value-added offerings and developing management systems and digital infrastructure[12]. Management and Governance - Ms. Chen Zhiqiao was appointed as the Executive Director and Chairperson on August 12, 2022, and has a background in marketing and digital transformation[47]. - Ms. Chen Jing was appointed as the CEO on March 31, 2023, bringing over 20 years of retail experience to the company[50]. - The company has a strong management team with members holding significant experience in various sectors, including finance, marketing, and law[52][53][54]. - The management team includes individuals with extensive backgrounds in the bar and restaurant industry, contributing to operational efficiency[56]. - The company emphasizes digital transformation and marketing activities as key areas of focus for future growth[47][48]. - The company has established a robust governance structure with independent non-executive directors overseeing audit and compensation committees[52][53][54]. - The management team is committed to improving customer service and operational training within the organization[56]. - The company is committed to enhancing shareholder value through effective corporate governance practices and transparency[61]. Risk Management - The group faces significant risks including reliance on key employees, potential inability to secure necessary licenses, and rising costs of alcohol and labor impacting financial performance[141]. - The group has established risk management objectives and policies to monitor various risks including market and liquidity risks[141]. - The group plans to continue monitoring and adapting to market conditions to mitigate potential operational impacts from identified risks[141]. - The audit committee reviewed the group's risk management and internal control systems and found no significant issues during the year[121]. - The board believes that the risk management and internal control systems adequately meet the group's current business environment needs[121]. Corporate Governance - The company has adopted corporate governance practices in accordance with the GEM listing rules, except for the dual role of the chairperson and CEO, which was maintained due to the chairperson's expertise in the industry[64]. - The board of directors consists of six members, with independent non-executive directors making up 50% of the board, exceeding GEM listing rules requirements[68]. - The board has received annual independence confirmations from all independent non-executive directors, ensuring compliance with GEM listing rules[71]. - The company emphasizes the importance of good corporate governance to achieve effective accountability and risk management[62]. - The board is responsible for setting the company's values and standards, ensuring necessary financial and operational support to achieve its goals[65]. - The company has established various board committees to oversee business management and performance[65]. - The company has arranged appropriate insurance for legal liabilities concerning directors and senior management[73]. - The board's dividend policy aims to allow shareholders to share in profits while retaining sufficient liquidity for future growth opportunities[89]. Shareholder Information - As of March 31, 2023, Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[160]. - The total issued share capital of the company is 860,000,000 shares[168]. - Chen Zhiqiao and Chen Zhihao are both beneficiaries of the Pacific Bar Trust, each holding 431,543,700 shares, equating to 50.18% ownership[160]. - Chen Jing is recognized as the custodian of the Pacific Bar Trust, which holds voting rights for the shares[168]. - The company has not issued any new shares or made any significant changes to its capital structure during the reporting period[168]. - The company has maintained a public float of at least 25% of its issued shares, in compliance with GEM listing rules[196]. Employee and Remuneration Policies - The company provides group hospitalization and personal accident insurance to its employees, along with a bonus plan to encourage individual performance[183]. - The remuneration of the company's directors and senior management is determined based on merit, qualifications, and industry experience[183]. - The remuneration details for senior management (excluding directors) indicate that there are 7 individuals earning between HKD 0 and 1,000,000[115]. - The company has a strong commitment to training and employee development, as evidenced by the experience of its management team in the hospitality industry[60].

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 全部或任何部分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。 BAR PACIFIC GROUP HOLDINGS LIMITED 太 平 洋 酒 吧 集 團 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8432） 截 至2023年3月31日 止 年 度 的 全 年 業 績 公 告 太平洋酒吧集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本 公司及其附屬公司（統稱「本集團」）截至2023年3月31日止年度的經審核業績。該 全年業績已經由本公司核數師天職香港會計師事務所有限公司審核。此外，全 年業績已由本公司審核委員會審閱，並由董事會於2023年6月26日批准。 本公告列載本公司2022/23年年報的全文，符合香港聯合交易所有限公司（「聯交 所」）GEM證券上市規則（「GEM上市規則」）中有關年度業績初步公告附載資料的 相關規定。本公司2022/23年年度報告的印刷版本將於2023年6月30日寄發予本公 司股東，並 ...

Financial Performance - Revenue for the three months ended December 31, 2022, was HKD 53,084,000, an increase of 18.5% compared to HKD 44,684,000 for the same period in 2021[8] - Revenue for the nine months ended December 31, 2022, reached HKD 124,238,000, up 36% from HKD 91,411,000 in the previous year[8] - The profit before tax for the three months ended December 31, 2022, was HKD 3,093,000, a decrease of 60.5% compared to HKD 7,816,000 in the same period of 2021[8] - The total comprehensive income for the three months ended December 31, 2022, was HKD 2,992,000, down 60.7% from HKD 7,606,000 in the same period of 2021[8] - Basic and diluted earnings per share for the three months ended December 31, 2022, were HKD 0.31, compared to HKD 0.84 for the same period in 2021[8] - The company reported a profit before tax of HKD 4,809,000 for the nine months ended December 31, 2022, compared to HKD 4,054,000 for the same period in 2021, marking an increase of 18.6%[30][31] - The operating profit for the nine months ended December 31, 2022, was HKD 6,267,000, up from HKD 5,322,000 in the same period of 2021, reflecting an increase of 17.8%[30][31] - Total revenue for the nine months ended December 31, 2022, was HKD 124,238,000, compared to HKD 91,411,000 for the same period in 2021, indicating a growth of 36%[30][31] Costs and Expenses - The cost of goods sold for the three months ended December 31, 2022, was HKD 13,820,000, representing an increase of 10.3% from HKD 12,534,000 in the same period of 2021[8] - The company incurred financing costs of HKD 3,330,000 for the nine months ended December 31, 2022, compared to HKD 2,999,000 for the same period in 2021, which is an increase of 11%[35][36] - The company reported a total depreciation expense of HKD 30,797,000 for the nine months ended December 31, 2022, compared to HKD 21,785,000 for the same period in 2021, indicating a significant increase of 41.3%[35][36] - Other operating expenses increased by 24.7% to HKD 22.2 million from HKD 17.8 million in the previous period, due to the operation of more bars and restaurants[63] - Financing costs rose to HKD 3.3 million, a 10.0% increase from HKD 3.0 million in the previous period, mainly due to rising borrowing rates[64] Assets and Liabilities - The total liabilities of the company as of December 31, 2022, were HKD 21,498,000, an increase from HKD 16,951,000 as of April 1, 2022[10] - As of December 31, 2022, the company had cash and cash equivalents of HKD 2.9 million, up from HKD 2.1 million as of March 31, 2022[76] - The company's debt-to-equity ratio improved to 741% from 911% in the previous period, indicating a stronger capital structure[76] Market and Operational Impact - The group reported a significant impact on operations due to COVID-19 restrictions, with no revenue generated from bar operations between April 1 and May 18, 2022[13] - The group’s financial performance is closely tied to the operational status of its bars, which have faced significant restrictions due to government measures[13] - The company has recognized COVID-19 related rent concessions amounting to HKD 212,000 for the three months ended December 31, 2022[8] Future Plans and Strategies - The company plans to continue exploring market expansion opportunities and new product development to drive future growth[8] - The group plans to maintain its bank loan financing at levels comparable to the previous year and may sell properties to repay bank borrowings if necessary[19] - The group anticipates obtaining approximately HKD 21,100,000 in loans under the SME Financing Guarantee Scheme provided by the Hong Kong government[19] - Management is taking measures to improve liquidity and financial conditions amid ongoing uncertainties[17] Shareholding and Governance - Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[85] - The only shareholder of Moment to Moment is Harneys Trustees Limited, which acts as the trustee for the Pacific Bar Trust[85] - The total issued share capital of the company is 860,000,000 shares[92] - The company has established a governance framework to ensure transparency and accountability in its operations[94] - The company adopted and complied with all applicable corporate governance codes as per GEM Listing Rules until December 31, 2022[94] Compliance and Reporting - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the period and found them compliant with applicable accounting standards[102] - The company confirmed that all directors adhered to the trading compliance standards during the reporting period[95] - No significant events occurred between December 31, 2022, and the approval date of this report[103]

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 71,154,000, representing a 52.4% increase from HKD 46,727,000 in the same period of 2021[8] - Other income for the same period was HKD 9,423,000, a decrease of 6.9% compared to HKD 10,118,000 in 2021[8] - The cost of goods sold for the six months was HKD 18,530,000, up 48.7% from HKD 12,492,000 in the previous year[8] - The company reported a profit before tax of HKD 1,716,000, compared to a loss of HKD 3,762,000 in the same period last year[8] - Basic earnings per share for the six months was HKD 0.14, an improvement from a loss of HKD 0.48 per share in the previous year[8] - The total comprehensive income for the period was HKD 1,207,000, a significant decrease from a loss of HKD 4,103,000 in the same period of 2021[11] - For the six months ended September 30, 2022, the company reported a loss attributable to owners of HKD 1,207,000, compared to a loss of HKD 4,103,000 for the same period in 2021, representing a significant improvement[48] - The basic loss per share for the six months ended September 30, 2022, was HKD 0.14, compared to a loss of HKD 0.48 per share in the same period of 2021[48] Assets and Liabilities - Non-current assets as of September 30, 2022, totaled HKD 184,603,000, an increase from HKD 180,829,000 as of March 31, 2022[10] - Current assets decreased to HKD 13,705,000 from HKD 15,210,000 as of March 31, 2022[10] - Total liabilities increased to HKD 179,802,000 from HKD 178,588,000 as of March 31, 2022[10] - The company's net assets increased to HKD 18,506,000 from HKD 16,951,000 as of March 31, 2022[10] - As of September 30, 2022, the company had a total equity of HKD 12,848,000, an increase from HKD 11,641,000 as of April 1, 2022[11] - The company’s total liabilities increased to HKD 22,606,000 as of September 30, 2022, from HKD 20,124,000 as of March 31, 2022[61] Cash Flow - The company reported a net cash inflow from operating activities of HKD 13,641,000 for the six months ended September 30, 2022, compared to HKD 9,572,000 in the same period of 2021, representing an increase of approximately 42.9%[13] - The company incurred a net cash outflow from investing activities of HKD 2,842,000, a decrease from HKD 5,806,000 in the previous year[13] - The company reported a net cash outflow from financing activities of HKD 10,964,000, compared to HKD 2,159,000 in the same period of 2021[13] - The company reported a cash and cash equivalents balance of HKD 1,912,000 as of September 30, 2022, down from HKD 5,119,000 at the end of the previous year[13] Operational Impact - The company experienced a significant impact on operations due to COVID-19, with no revenue generated from bar operations from April 1 to May 18, 2022, due to government restrictions[16] - The company received rent concessions during the COVID-19 pandemic, resulting in a reduction of lease payments by approximately HKD 1,652,000 for the period[51] - The management will closely monitor the ongoing COVID-19 situation in Hong Kong and adjust strategies as necessary to mitigate adverse impacts[97] Future Plans and Strategies - The company plans to continue expanding its market presence and developing new products to drive future growth[9] - The company plans to improve liquidity and financial condition through financial support from major shareholders, ensuring sufficient working capital to meet upcoming obligations[19] - The group plans to sell properties used as collateral if necessary to maintain bank financing levels[21] - The group is currently evaluating the impact of newly issued or revised Hong Kong Financial Reporting Standards that will come into effect on January 1, 2023[24] Employee and Operational Metrics - The total employee costs for the six months ending September 30, 2022, were HKD 24,097,000, up from HKD 18,094,000 in the same period of 2021, indicating a 33.2% increase[45] - As of September 30, 2022, the group had 420 employees, an increase from 390 employees as of September 30, 2021, with total employee costs amounting to approximately HKD 24.1 million, up from HKD 18.1 million in the previous period[89] - The group operated 47 bars/restaurants as of September 30, 2022, with a new cocktail bar opened in Tsim Sha Tsui during the period[72] Financing and Debt - The company has a bank loan covenant breach amounting to HKD 47,489,000, raising substantial doubt about its ability to continue as a going concern[17] - The group is in discussions with the bank regarding covenant breaches, as the net asset value was below HKD 30 million[64] - The group’s bank borrowings amounted to HKD 55.7 million as of September 30, 2022, down from HKD 57.9 million as of March 31, 2022[14] - The debt-to-equity ratio improved to 826% as of September 30, 2022, from 911% as of March 31, 2022[92] Corporate Governance - The audit committee consists of three independent non-executive directors, with Mr. Chan as the chairman[117] - The company has complied with all applicable corporate governance code provisions as of September 30, 2022[109] - The board has decided not to declare a dividend for the current period, compared to none in the previous period[87] Miscellaneous - The company has not issued any stock options since the adoption of the stock option plan on December 17, 2016[112] - There were no significant events occurring after September 30, 2022, up to the date of report approval[118] - The company has not repurchased any of its listed securities during the reporting period[111]

Revenue and Income - Revenue for the three months ended June 30, 2022, was HKD 22,560,000, a significant increase of 165.5% compared to HKD 8,495,000 for the same period in 2021[8] - For the three months ended June 30, 2022, the total revenue was HKD 22,560,000, a significant increase of 166.5% compared to HKD 8,495,000 for the same period in 2021[31] - The revenue from bar and restaurant operations reached HKD 22,373,000, up 167.5% from HKD 8,375,000 in the previous year[40] - Other income decreased to HKD 6,111,000 from HKD 9,241,000, reflecting a decline of 33.1% year-over-year[8] - Other income decreased by 33.7% to HKD 6.1 million from HKD 9.2 million, primarily due to a reduction in government subsidies[54] Costs and Expenses - The cost of goods sold increased to HKD 5,603,000, up from HKD 1,848,000, representing a rise of 203.5%[8] - Employee costs rose to HKD 9,270,000, compared to HKD 6,916,000, marking an increase of 34.5%[8] - Total employee costs for the period amounted to approximately HKD 9.3 million, an increase from HKD 6.9 million in the previous period, with 465 employees as of June 30, 2022, up from 390 a year earlier[69] - The company reported a financing cost of HKD 1,063,000 for the three months ended June 30, 2022, compared to HKD 829,000 for the same period in 2021, reflecting an increase of 28.2%[35] - The depreciation of property, plant, and equipment amounted to HKD 2,698,000, which is an increase from HKD 1,814,000 in the previous year[35] - Depreciation expenses for property, plant, and equipment increased by approximately 50.0% to HKD 2.7 million from HKD 1.8 million, driven by business expansion[57] - Depreciation of right-of-use assets increased by 40.0% to HKD 7.0 million from HKD 5.0 million, also due to business expansion[58] Profit and Loss - The loss before tax for the period was HKD 1,737,000, an improvement from a loss of HKD 2,832,000 in the previous year, indicating a reduction of 38.7%[8] - Total comprehensive loss for the period was HKD 1,805,000, compared to HKD 2,832,000, showing a decrease of 36.2%[8] - Basic and diluted loss per share improved to HKD 0.20 from HKD 0.32, reflecting a 37.5% reduction in loss per share[8] - The operating loss for the reporting period was HKD 1,349,000, an improvement from a loss of HKD 2,396,000 in the same quarter of the previous year[31] - The basic loss per share improved to HKD (0.20) from HKD (0.32) in the previous period, with a loss attributable to shareholders of HKD (1.741 million) compared to HKD (2.781 million)[49] Financial Position - As of June 30, 2022, total equity attributable to owners of the company was HKD 9,900,000, down from HKD 21,903,000 a year earlier[10] - The company reported a decrease in non-controlling interests to HKD 5,246,000 from HKD 5,498,000, a decline of 4.6%[10] - The group’s bank borrowings totaled approximately HKD 56.5 million as of June 30, 2022, down from HKD 58.0 million as of March 31, 2022[76] - The debt-to-equity ratio increased to 1,022% as of June 30, 2022, compared to 911% as of March 31, 2022[74] - As of June 30, 2022, the group had no capital commitments, compared to HKD 1,300,000 as of March 31, 2022[63] - The group reported no significant contingent liabilities as of June 30, 2022, consistent with the previous period[64] Operational Impact - The group reported a significant impact on operations due to COVID-19, with no revenue generated from bar operations between April 1 and May 18, 2022, due to government restrictions[14] - The company opened a new cocktail bar under the "Pacific Bar" brand in Tsim Sha Tsui during the period, expanding its presence to 47 bars/restaurants[51] - The group operates 47 bars and restaurants under four different brands, aiming to increase market share in Hong Kong[79] - The group is engaged in property investment in Hong Kong alongside its bar and restaurant operations[14] Future Outlook and Strategies - The company continues to explore market expansion opportunities and new product development strategies to enhance future growth[8] - The group anticipates maintaining its bank loan financing at the same level as the previous year, with plans to sell properties if necessary to repay bank borrowings[19] - The group expects to secure approximately HKD 21,100,000 in loans under the SME Financing Guarantee Scheme provided by the Hong Kong government[19] - The board has prepared cash flow forecasts covering a 12-month period to assess the appropriateness of using the going concern basis in preparing the financial statements[17] - The group has committed to financial support from major shareholders to ensure sufficient operating funds to meet upcoming liabilities[17] Compliance and Governance - The company has adopted the GEM Listing Rules and has complied with all applicable corporate governance code provisions[89] - The Audit Committee was established in accordance with the GEM Listing Rules and is responsible for reviewing financial statements and providing recommendations regarding the appointment of external auditors[97] - The Audit Committee consists of three independent non-executive directors, with Mr. Chan as the chairman[97] - The unaudited consolidated financial statements for the period have been reviewed and deemed compliant with applicable accounting standards and GEM Listing Rules[97] Shareholder Information - Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[87] - Harneys, as the trustee of the Pacific Bar Trust, also holds 431,543,700 shares, equivalent to 50.18% of the issued share capital[87] - The company has no knowledge of any other individuals or entities holding any interests or positions in shares or related shares as of June 30, 2022[86]

Financial Performance - The company's revenue for the fiscal year ending March 31, 2022, was HKD 95.7 million, representing a 65.6% increase compared to HKD 57.8 million in the previous year[11]. - The revenue for the restaurant and bar operations increased by approximately 65.3% to HKD 95.1 million from HKD 57.5 million in the previous year[16]. - The gross profit for the restaurant and bar operations rose by 60.6% to HKD 69.7 million compared to HKD 43.4 million in the previous year, with a slight decrease in gross profit margin to 73.3% from 75.5%[16]. - Property investment revenue increased by 92.9% to HKD 677,000 from HKD 351,000 in the previous year[17]. - Other income decreased significantly by 40.0% to HKD 23.0 million from HKD 38.3 million, primarily due to reduced subsidies from the Hong Kong government[18]. - Employee costs rose by 8.8% to HKD 35.6 million from HKD 32.7 million in the previous year, attributed to the resumption of operations after the lifting of the closure order[19]. - Depreciation expenses for property, plant, and equipment decreased by approximately 12.0% to HKD 8.8 million from HKD 10.0 million in the previous year[21]. - Other operating expenses increased by 21.8% to HKD 20.4 million from HKD 16.8 million, reflecting the resumption of operations[24]. - Financing costs increased by 21.9% to HKD 3.9 million from HKD 3.2 million, mainly due to increased financing costs from new borrowings[25]. Operational Environment - The operational environment was severely impacted by the COVID-19 pandemic, with a complete shutdown of bars from January 7 to May 18, 2022, resulting in no bar revenue during that period[10]. - The company acknowledges the resilience and hard work of its employees during the challenging year[13]. - The company expresses gratitude to customers, owners, and business partners for their support during difficult times[13]. - The management is closely monitoring the ongoing COVID-19 situation in Hong Kong and will adjust strategies as necessary to mitigate adverse impacts[44]. Business Strategy and Growth - The company operated 46 bars/restaurants across Hong Kong as of March 31, 2022, with four new establishments opened during the year under the "Moon Ocean" and "形" brands[15]. - The company is focused on expanding and upgrading existing bar/restaurant facilities as part of its growth strategy[15]. - The company plans to enhance its service offerings by developing a mobile application and improving its business management and inventory systems[12]. - The company aims to explore and seize suitable business opportunities to create more value for customers and shareholders[12]. - The company aims to increase its market share in Hong Kong by leveraging its existing customer base and network advantages[44]. - The company opened 14 new outlets from January 11, 2017, to the reporting date and plans to open 3 additional outlets in 2022 to expand its network[44]. Corporate Governance - The board consists of six directors, with independent non-executive directors making up 50% of the board, exceeding GEM listing rules requirements[66]. - The company has adopted and complied with all applicable code provisions of the corporate governance code as per GEM listing rules, except for the roles of the chairman and CEO not being separated[62]. - The company is committed to maintaining and enhancing shareholder value through good corporate governance practices[59]. - The board is responsible for overseeing the management of the group's business affairs and overall performance[63]. - The company has received annual independence confirmation letters from all independent non-executive directors, confirming their independence as per GEM listing rules[67]. - The company has made appropriate insurance arrangements for legal liabilities concerning directors and senior management[70]. - The company has a strong focus on operational management, with key personnel having extensive experience in the restaurant and bar industry[58]. - The board has established various committees to delegate responsibilities and ensure effective governance[63]. - The company is actively seeking suitable candidates for the role of chairman and CEO to comply with corporate governance code requirements[62]. - The board has held at least one meeting with independent non-executive directors in the absence of other executive directors during the year[69]. - All independent non-executive directors are required to be appointed for a specific term, with one-third of the directors rotating off at each annual general meeting[71]. - The board held a total of six meetings during the year, with four being regular meetings[80]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to oversee specific areas of the company's affairs[86]. - All directors received formal and tailored onboarding training to ensure they understand the company's business and their responsibilities under relevant laws and regulations[74]. - The board confirmed compliance with the corporate governance code regarding continuous professional development for directors[75]. - The attendance record for board meetings shows that Mr. Chen attended all four meetings since his appointment on July 7, 2021[79]. - The company secretary is responsible for the minutes of all board and committee meetings, ensuring proper documentation and follow-up[78]. - The company held two meetings of the Remuneration Committee during the year to review remuneration matters for directors and senior management[89]. - The Nomination Committee conducted two meetings during the year to assess the independence of independent non-executive directors and made recommendations for reappointment at the 2022 Annual General Meeting[92]. - The Audit Committee held four meetings during the year to review the independence and objectivity of the independent auditor, and to ensure the effectiveness of the group's internal control procedures[97]. - The company has established a board diversity policy to ensure a balanced mix of skills, experience, and diverse perspectives among board members[93]. - The company is committed to reviewing its board diversity targets regularly to align with business needs[93]. Risk Management - The board of directors is responsible for the risk management and internal control systems, which are designed to manage risks rather than eliminate them[105]. - The audit committee assists the board in overseeing the effectiveness of the risk management and internal control systems[107]. - The audit committee conducts an annual review of the effectiveness of the risk management and internal control systems[109]. - The company faces significant risks including reliance on key employees, potential licensing issues, and impacts from the COVID-19 pandemic[127]. Shareholder Information - As of March 31, 2022, the company has a total of 860,000,000 issued shares, with Moment to Moment holding 431,543,700 shares, representing approximately 50.18% of the issued share capital[147]. - The company’s independent non-executive directors have confirmed their independence in accordance with GEM listing rules, ensuring compliance with governance standards[142]. - The board of directors includes significant shareholdings, with Ms. Xie and Ms. Chen holding 431,543,700 shares each, also representing 50.18% of the company[145]. - Major shareholders include Moment to Moment and Harneys, both holding 431,543,700 shares, equating to 50.18% of the issued share capital[150]. - Ms. Chen Wei holds an additional 24,925,038 shares, representing 2.90% of the issued share capital, indicating a diversified ownership structure[150]. - The company’s governance structure requires one-third of the directors to retire at the annual general meeting, promoting accountability and rotation[141]. - The board has received annual written confirmations regarding the independence of independent non-executive directors, reinforcing corporate governance practices[142]. - The company’s trust structure involves multiple beneficiaries, ensuring a layered approach to ownership and control[147]. - There are no known interests or holdings by other individuals or entities that require disclosure under the Securities and Futures Ordinance, indicating a transparent ownership landscape[151]. - Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[152]. - As of March 31, 2022, the company had 860,000,000 shares issued, with no stock options granted or exercised during the year[153]. - The maximum number of shares available for issuance under the stock option plan is capped at 30% of the company's issued share capital[156]. - The total number of shares that can be issued due to stock options granted under the plan is limited to 10% of the shares issued at the time of GEM listing, equating to 86,000,000 shares[156]. - The stock option plan has a remaining validity period of approximately 4.5 years as of the report date[157]. - No arrangements were made during the year that would allow directors or their associates to benefit from purchasing shares or debt securities of the company[158]. - The company did not enter into any stock-linked agreements that would lead to the issuance of shares during the year[159]. - There were no significant related party transactions that required disclosure under GEM Listing Rules[160]. - The group’s five largest suppliers accounted for approximately 74.22% of total procurement, with the largest supplier representing about 21.25% of total procurement[169]. - The company has a public float of 25% of its issued shares, in compliance with GEM listing rules[175]. Sustainability and Social Responsibility - The group has adopted green office measures to reduce energy and natural resource consumption, including the use of energy-efficient LED lighting and double-sided printing[186]. - The group provided a pleasant and healthy working environment for employees, organizing various activities to promote friendship and health[188]. - The company is focused on sustainable development strategies, including achieving environmental sustainability and maintaining relationships with local communities[198]. - The environmental, social, and governance (ESG) report covers the performance of the company's main business in Hong Kong for the fiscal year ending March 31, 2022[199]. - The company emphasizes the importance of stakeholder communication and understanding their needs and expectations for successful operations[197]. - The company has adopted a top-down approach to implement sustainable development strategies across all levels[198]. - The company is committed to continuous monitoring of risks and opportunities in daily operations to balance business needs and social demands[197]. Compliance and Legal Matters - The company has maintained compliance with relevant laws and regulations without any significant violations during the year[184]. - The company has no significant transactions or contracts involving directors or their related entities during the year[178]. - The company has implemented strict internal controls for handling and disclosing insider information[119]. - The company has not reported any significant events affecting its operations since the end of the fiscal year[126]. - The company did not declare any interim dividends for the six months ended September 30, 2021, consistent with the previous year[130]. - The board has decided not to recommend a final dividend for the year, similar to the previous year[131]. - As of March 31, 2021, the company's distributable reserves were zero, down from HKD 13 million the previous year[136]. - The company did not issue any debt securities during the year[189]. - The group’s financial statements were audited by a reputable firm, with plans to reappoint the auditor at the upcoming annual general meeting[173].

Revenue and Profitability - Revenue for the three months ended December 31, 2021, was HKD 44,684,000, a 131% increase compared to HKD 19,362,000 for the same period in 2020[8] - For the nine months ended December 31, 2021, revenue reached HKD 91,411,000, up 58.5% from HKD 57,713,000 in the previous year[8] - The company reported a profit of HKD 7,606,000 for the three months ended December 31, 2021, compared to a profit of HKD 1,826,000 in the same period of 2020[8] - Basic and diluted earnings per share for the three months ended December 31, 2021, were HKD 0.84, compared to HKD 0.17 for the same period in 2020[8] - The total comprehensive income attributable to owners of the company for the nine months ended December 31, 2021, was HKD 3,126,000, compared to a loss of HKD 4,382,000 in the previous year[10] - For the three months ended December 31, 2021, the company reported a profit attributable to owners of the company of HKD 7,229,000, compared to a profit of HKD 1,475,000 for the same period in 2020, representing a significant increase[40] - The basic earnings per share for the nine months ended December 31, 2021, was HKD 0.36, compared to a loss of HKD 0.51 for the same period in 2020[40] Costs and Expenses - The cost of goods sold for the nine months ended December 31, 2021, was HKD 25,026,000, an increase from HKD 13,472,000 in the previous year[8] - Employee costs for the three months ended December 31, 2021, were HKD 12,260,000, compared to HKD 8,105,000 in the same period of 2020, reflecting a 51.5% increase[8] - Total financing costs for the nine months ended December 31, 2021, were HKD 2,999,000, an increase from HKD 2,572,000 in the previous year, reflecting a 16.6% rise[34] - The company incurred total employee costs of HKD 30,354,000 for the nine months ended December 31, 2021, which is an increase from HKD 27,860,000 in the same period of 2020, reflecting an 8.9% rise[36] - Other operating expenses rose by 17.9% to HKD 17.8 million from HKD 15.1 million as the business resumed operations after mandatory closures[54] Financial Position and Equity - The total equity attributable to owners of the company as of December 31, 2021, was HKD 25,029,000, an increase from HKD 21,903,000 at the beginning of the period[10] - As of December 31, 2021, the group had total bank borrowings of approximately HKD 56.8 million, up from HKD 52.7 million as of March 31, 2021[66] - The asset-liability ratio increased to 448% from 430% in the previous period, indicating a higher level of debt relative to equity[66] Operational Challenges and Strategies - The group is facing a breach of bank loan covenants amounting to HKD 56,801,000, raising significant doubts about its ability to continue as a going concern[13] - Management has implemented measures to improve liquidity, including potential property sales estimated at a fair value of approximately HKD 70,000,000[14] - The group is enhancing cost control measures on employee costs and other operating expenses to improve cash flow and working capital[14] - The group has received commitments for financial support from major shareholders to ensure sufficient operating funds to meet obligations during the forecast period[13] - The group is exploring various legal and regulatory measures to expand its revenue base under the "vaccine bubble" conditions set by the Hong Kong government[14] - The company is closely monitoring the COVID-19 situation and will adjust its strategies as necessary to mitigate impacts on operations[43] Segment Performance - The group reported external customer revenue of HKD 91,411,000 for the nine months ended December 31, 2021, with bar operations contributing HKD 90,925,000 and property investment contributing HKD 486,000[21] - The bar operation segment generated external customer revenue of HKD 88,149,000 for the nine months ended December 31, 2021, up from HKD 55,506,000 in the previous year, marking a 58.5% increase[30] - The group reported a total segment performance of HKD 5,322,000 for the nine months ended December 31, 2021[21] Compliance and Governance - The audit committee has reviewed the unaudited condensed consolidated financial statements and believes they comply with applicable accounting standards[87] - The company confirms compliance with the corporate governance code as per GEM listing rules, except for the roles of the chairman and CEO not being separated[79] Shareholder Information - Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[80] - Harneys, as the trustee, also holds 431,543,700 shares, equivalent to 50.18% of the issued share capital[80] - Mr. Chen Wei directly holds 24,925,038 shares, which accounts for 2.90% of the company's issued share capital[80] - The total number of issued shares as of December 31, 2021, is 860,000,000[80] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[82] - The company has adopted a share option scheme since December 17, 2016, but no options have been granted or exercised as of December 31, 2021[83] - The company has bank financing agreements totaling HKD 20,000,000 and HKD 10,000,000 with specific performance obligations[84] - The company maintains a minimum tangible net worth of HKD 30 million as part of its financing agreements[84]

Financial Performance - Total revenue for the six months ended September 30, 2021, was HKD 46,727,000, an increase of 21.8% compared to HKD 38,351,000 for the same period in 2020[8] - The company reported a loss before tax of HKD 3,762,000 for the six months ended September 30, 2021, compared to a loss of HKD 6,088,000 for the same period in 2020, representing a 38.2% improvement[8] - The company’s net loss attributable to owners for the six months ended September 30, 2021, was HKD 4,103,000, compared to HKD 5,857,000 for the same period in 2020, a decrease of 30%[8] - The company reported a net loss of HKD 4,103,000 for the six months ended September 30, 2021, compared to a net loss of HKD 5,857,000 for the same period in 2020, indicating a reduction in losses[16] - The basic and diluted loss per share for the six months ended September 30, 2021, was HKD 0.48, an improvement from HKD 0.68 in the same period of 2020[8] - Revenue for the period was HKD 46.4 million, an increase of 21.5% compared to HKD 38.2 million for the previous period[69] - Gross profit for the period was HKD 33.9 million, up 14.9% from HKD 29.5 million in the previous period, with a gross margin of 73.1%[69] Assets and Liabilities - The total assets as of September 30, 2021, amounted to HKD 93,994,000, an increase from HKD 86,926,000 as of March 31, 2021[10] - Non-current assets increased to HKD 162,765,000 as of September 30, 2021, from HKD 145,750,000 as of March 31, 2021, representing an increase of 11.7%[10] - The company’s total liabilities increased to HKD 103,925,000 as of September 30, 2021, compared to HKD 89,674,000 as of March 31, 2021, reflecting a 16% increase[10] - The company’s current liabilities exceeded its current assets by HKD 86,598,000 as of September 30, 2021, raising significant doubts about its ability to continue as a going concern[16] - The group violated a covenant requiring a net asset value of HKD 30,000,000, with a net asset value of HKD 17,800,000 as of September 30, 2021[58] Cash Flow and Financing - Cash generated from operating activities was HKD 9,572,000 for the six months ended September 30, 2021, a significant improvement from cash used of HKD 2,451,000 in the previous year[13] - The company had a cash and cash equivalents balance of HKD 5,119,000 at the end of the reporting period, compared to HKD 8,012,000 at the end of the previous year[13] - The company is in communication with banks to address covenant breaches amounting to HKD 58,028,000 to maintain existing bank loan financing[16] - Total bank borrowings reached HKD 58,028,000 as of September 30, 2021, up from HKD 52,680,000 as of March 31, 2021, with new loans of HKD 17,106,000 obtained during the period[57] - Financing costs increased by 25% to HKD 2.0 million, up from HKD 1.6 million in the previous period due to higher costs of new borrowings[78] Employee Costs - Employee costs decreased to HKD 18,094,000 for the six months ended September 30, 2021, down from HKD 19,755,000 in 2020, a reduction of 8.4%[8] - The total employee costs for the six months ended September 30, 2021, were HKD 18,094,000, down from HKD 19,755,000 in the same period of 2020, representing a decrease of 8%[38] - The group employed approximately 390 staff as of September 30, 2021, compared to 380 staff as of September 30, 2020, with total employee costs around HKD 18.1 million, down from HKD 19.8 million in the previous period[91] Government Support and Grants - The company received government subsidies of HKD 7,800,000 during the reporting period, compared to HKD 13,135,000 in the previous year[13] - Government grants received amounted to HKD 8,100,000 for the six months ended September 30, 2021, down from HKD 15,242,000 in the same period of 2020, reflecting a decrease of 47%[34] Corporate Governance - The company has adopted and complied with all applicable corporate governance codes as per GEM Listing Rules Appendix 15, except for the separation of the roles of Chairman and CEO, which the company believes is in its best interest[101] - The company is actively seeking suitable candidates to separate the roles of Chairman and CEO as per corporate governance guidelines[101] - The Audit Committee, consisting of four independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2021, and found them to be prepared in accordance with applicable accounting standards[111] Operational Developments - The company plans to enhance its revenue base through various legal and regulatory measures related to social distancing for dining establishments, as set by the Hong Kong government[16] - The group opened 12 new outlets since the listing date, with plans to open 2 more in 2021 to further expand its network[67] - The group has adopted a share option scheme to reward directors, employees, and eligible participants[92] Investments and Acquisitions - The company is considering the sale of properties estimated at a fair value of approximately HKD 70 million to strengthen its liquidity position[16] - The group acquired properties, plants, and equipment amounting to approximately HKD 6,249,000 during the period, compared to HKD 6,743,000 for the six months ended September 30, 2020[47] Miscellaneous - The company did not declare any interim dividend for the six months ended September 30, 2021, consistent with the previous year[41] - The company has not repurchased any of its listed securities during the period[103] - There were no changes in the information of directors as of September 30, 2021, except for the appointment of Mr. Chan Chun Yeung as an independent non-executive director on July 7, 2021[108]

Financial Performance - Revenue for the three months ended June 30, 2021, was HKD 8,495,000, a decrease of 69% compared to HKD 27,454,000 for the same period in 2020[7] - Other income for the same period was HKD 9,241,000, down from HKD 12,715,000 in 2020, reflecting a decline of 27%[7] - The company reported a loss before tax of HKD 2,832,000, compared to a profit of HKD 5,375,000 in the previous year[7] - Basic and diluted loss per share for the period was HKD 0.32, compared to earnings of HKD 0.57 per share in the same quarter of 2020[7] - Total comprehensive loss for the period attributable to owners of the company was HKD 2,781,000, compared to a total comprehensive income of HKD 4,863,000 in the prior year[9] - The consolidated loss before tax for the period was HKD 2,832,000, compared to a profit in the previous year, indicating a significant downturn in financial performance[22] - The company reported a loss attributable to owners of HKD 2,781,000 for the three months ended June 30, 2021, compared to a profit of HKD 4,863,000 in 2020, resulting in a basic loss per share of HKD 0.32[36] Revenue Breakdown - For the three months ended June 30, 2021, the total revenue was HKD 8,495,000, a decrease from HKD 27,454,000 in the same period of 2020, representing a decline of approximately 69%[27] - The revenue from bar operations was HKD 8,375,000, down from HKD 26,480,000 in the previous year, indicating a decrease of about 68%[27] - Revenue from bar operations decreased by 69.3% to approximately HKD 8.4 million compared to HKD 27.4 million in the previous period[41] - Gross profit from bar operations was HKD 6.6 million, down 68.0% from HKD 20.6 million in the previous period, with a stable gross margin of approximately 77.9%[41] - The rental income from investment properties increased to HKD 120,000, compared to HKD 88,000 in the same period last year, reflecting a growth of approximately 36%[27] - Property leasing revenue increased by 36.4% to HKD 120,000 from HKD 88,000 in the previous period[42] Cost Management - Employee costs decreased to HKD 6,916,000 from HKD 10,648,000, a reduction of 35% year-on-year[7] - Employee costs decreased by approximately 34.9% to about HKD 6.9 million from HKD 10.6 million in the previous period, benefiting from cost savings during the closure period[44] - Other operating expenses decreased by approximately 25.2% to about HKD 4.3 million from HKD 5.7 million in the previous period, mainly due to cost savings during the closure period[49] - Depreciation of property, plant, and equipment was HKD 1,814,000, down from HKD 2,339,000, indicating a 22% decrease[7] - Depreciation of property, plant, and equipment decreased by approximately 21.7% to about HKD 1.8 million from HKD 2.3 million in the previous period[45] - Depreciation of right-of-use assets decreased by approximately 35.0% to about HKD 5.0 million from HKD 7.7 million in the previous period[46] Strategic Initiatives - The company plans to continue exploring market expansion opportunities and new product development strategies in the upcoming quarters[7] - The company plans to open two additional outlets in 2021 to further expand its network, building on the 12 new outlets opened since its listing[39] - The company has resumed operations under the D class operating model since April 29, 2021, and has seen a recovery in revenue compared to pre-COVID-19 levels[39] - The company will closely monitor the ongoing COVID-19 situation and adjust strategies as necessary to mitigate adverse impacts on business operations[39] Corporate Governance - The board of directors has adopted a dividend policy that allows shareholders to share in the company's profits while retaining sufficient liquidity for future growth opportunities[69] - The board will continue to review the dividend policy and will not guarantee any specific amount of dividends in any designated period[70] - The company has confirmed compliance with the GEM Listing Rules regarding the conduct of securities trading by directors[71] - The audit committee, consisting of four independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the period[78] Financing and Equity - The company’s total equity as of June 30, 2021, was HKD 24,569,000, down from HKD 70,576,000 a year earlier[9] - The company has outstanding bank financing agreements totaling HKD 77.3 million, with specific performance obligations related to its major shareholder[75] - The financing includes a term loan of HKD 20 million dated June 12, 2019, and a revolving loan, with no fixed term but subject to review until May 15, 2022[75] - The company maintains a minimum tangible net worth of HKD 30 million as part of its financing obligations[75] - Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[64]

Company Operations and Market - The company operates in the GEM market, which is designed for small to medium-sized companies with higher investment risks compared to other listed companies[1]. - The company is subject to significant market volatility risks due to its small to medium-sized nature in the GEM market[1]. - The company operates a chain of bars in Hong Kong, providing beverages and snacks, and is also involved in property investment[139]. Financial Performance - The group's consolidated revenue decreased by approximately 65.4% from HKD 167.2 million in the previous year to about HKD 57.8 million due to COVID-19 restrictions[17]. - The net loss for the year was HKD 36.9 million, compared to a net profit of HKD 4.4 million in 2020[17]. - The operating loss before tax for the bar business was HKD 36.7 million, reflecting a significant decline in sales[25]. - The gross profit for the bar operations was HKD 43.4 million, down 66.3% from HKD 128.9 million in the previous year[27]. - Employee costs decreased by approximately 28.1% from HKD 45.5 million to HKD 32.7 million due to reduced working hours and staff turnover[31]. - Other income recorded was approximately HKD 38.3 million, including government subsidies of HKD 35.7 million under the anti-epidemic fund[30]. - The company anticipates revenue improvement as COVID-19 is brought under control in Hong Kong[16]. - The company maintains a stable gross profit margin of approximately 75.5%[28]. - Property rental and related expenses decreased by approximately 48.5% from about HKD 6.6 million to about HKD 3.4 million compared to the previous year[33]. - Other operating expenses decreased by approximately 32.3% from about HKD 24.8 million to about HKD 16.8 million, mainly due to cost savings during the mandatory closure period[36]. - Financing costs increased by 10.3% to approximately HKD 3.2 million from about HKD 2.9 million, primarily due to new bank borrowings of HKD 20.3 million[37]. - Total tax expenses remained stable at approximately HKD 1 million, with current tax expenses of about HKD 494,000 and deferred tax expenses of about HKD 537,000[38]. - The group reported cash and cash equivalents of HKD 3.5 million, down from HKD 32.6 million in the previous year, with bank borrowings increasing to HKD 52.7 million from HKD 32.4 million[54]. - The debt-to-equity ratio increased significantly to 430% from 101% year-on-year[54]. Corporate Governance - The company confirms that the information in the annual report is accurate and complete, with no misleading or fraudulent elements[1]. - The company has adopted and complied with all applicable corporate governance code provisions as per GEM listing rules, except for the roles of the chairman and CEO not being separated[77]. - The board includes independent non-executive directors with extensive experience in law, finance, and the beverage industry, ensuring robust governance[65][66][67]. - The company has established appropriate insurance arrangements for legal liabilities against directors and senior management[84]. - The board consists of six directors, with independent non-executive directors making up 50% of the board, exceeding GEM listing rules requirements[81]. - The company has received annual independence confirmation letters from all independent non-executive directors, confirming their independence as per GEM listing rules[82]. - The company has a balanced composition of the board with both executive and independent non-executive directors to ensure high independence and effective judgment[80]. - The board has established various committees to delegate responsibilities and enhance governance practices[78]. - The board of directors has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific areas of the company's affairs[99]. - The Audit Committee reviewed the financial statements for the year ended June 30, 2021, ensuring compliance with applicable accounting standards and GEM listing rules[114]. - The Audit Committee is composed entirely of independent non-executive directors, ensuring independence and objectivity in financial reporting[110]. - The company has implemented a comprehensive internal control system, which was reviewed by the Audit Committee[115]. - The Nomination Committee evaluates the independence of independent non-executive directors annually[104]. - The company has a structured process for selecting and recommending candidates for the board, considering various diversity aspects[108]. - The company has adopted a board diversity policy, focusing on a balanced mix of skills, experience, and diverse perspectives[107]. - The company has established a compensation committee to assist the board in formulating compensation policies and reviewing the remuneration of senior management and directors[183]. Management and Leadership - The company’s board of directors includes an executive director who also serves as the chairman and CEO[11]. - The independent auditor for the company is Hong Kong Lee & Associates CPA Limited[11]. - The company has been led by Ms. Xie Yingqian, who has approximately 20 years of experience with the group and is responsible for overall business strategy and performance oversight[62]. - Ms. Chen Jing, appointed as an executive director in October 2020, has nearly 20 years of experience in the Hong Kong retail industry, focusing on human resources within the group[62]. - Ms. Chen Zhitong, the marketing director since 2015, has been involved in the group's marketing activities and was appointed as an executive director in December 2018[63]. - The group has a strong management team with diverse backgrounds, including legal, retail, and accounting expertise, enhancing its operational capabilities[65][66][67]. - Ms. Fan Meili, the current operations manager, has over 10 years of experience in the restaurant industry, overseeing daily operations and employee training[68]. - The company emphasizes employee performance evaluation and training standards to improve service quality across its establishments[68]. - The management team is actively involved in negotiating with potential business partners to drive growth and expansion[62]. Shareholder Information - The company’s dividend policy aims to allow shareholders to share in profits while retaining sufficient liquidity for future growth opportunities[97]. - The board of directors has a policy to review the dividend policy periodically, without guaranteeing any specific amount of dividends during any designated period[98]. - As of March 31, 2021, the company's distributable reserves amounted to approximately HK$13 million, down from HK$55 million as of March 31, 2020[151]. - The net proceeds from the share placement on the listing date amounted to approximately HK$45.2 million after deducting listing-related expenses[149]. - As of March 31, 2021, the directors and key executives held approximately 431,543,700 shares, representing 50.18% of the issued share capital[160]. - Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[162]. - The company has not granted any share options since the adoption of the share option plan on December 17, 2016, and there are no unexercised options as of March 31, 2021[168]. - The maximum number of shares that may be issued under the share option plan is capped at 30% of the company's issued share capital[172]. - The company has a maximum limit of 1.0% of its issued share capital for the total number of shares that can be issued to each participant in any 12-month period under the share option plan[175]. - The largest supplier accounted for approximately 26.36% of the total procurement amount, while the top five suppliers together represented about 84.28% of the total procurement[190]. - The company has confirmed that its public float complies with the GEM listing rules, with 25% of its issued shares held by the public as of the reporting date[197]. - There were no arrangements made during the year for the purchase, sale, or redemption of any listed securities by the company or its subsidiaries[189]. - The company has not entered into any management or administrative contracts concerning its overall or any significant part of its business during the year[192]. - The company received annual confirmations from the covenant parties regarding their compliance with the non-competition agreements as of June 2021[199]. - Independent non-executive directors reviewed and assessed the effectiveness of the non-competition agreements, confirming compliance for the year[199]. - No significant transactions, arrangements, or contracts involving the company or its subsidiaries and directors with substantial interests were reported for the year, aside from those disclosed in financial statement note 28[200].