Financial Performance - For the year ended June 30, 2023, the Group recorded a revenue of approximately HK$31.2 million, a decrease from approximately HK$41.1 million in 2022[20]. - The net loss for the year was approximately HK$69.8 million, significantly reduced from approximately HK$135.8 million in 2022, resulting in a basic loss per share of approximately 0.44 HK cent[20]. - The hotel hospitality business generated revenue of approximately HK$25.6 million, up from approximately HK$15.9 million in 2022, but incurred a segment loss of approximately HK$10.3 million[21]. - The liquor and wine business revenue plummeted to approximately HK$0.1 million from approximately HK$18.9 million in 2022, with a segment loss of approximately HK$0.6 million[15]. - The decrease in net loss was attributed to the absence of gross loss and inventory write-downs of approximately HK$27 million, a decrease in fair value loss of approximately HK$26 million, and a reduction in general and administrative expenses of approximately HK$13 million[20]. - The hotel hospitality business accounted for approximately 82% of the Group's total revenue for the year[22]. - For the year ended June 30, 2023, the Group's revenue from continuing operations was approximately HK$31.2 million, a decrease from HK$41.1 million in 2022[23]. - The net loss for the year was approximately HK$69.8 million, down from HK$135.8 million in 2022, with a basic loss per share of approximately HK$0.44 compared to HK$0.87 in 2022[23]. - The hotel hospitality business generated revenue of approximately HK$25.6 million, an increase from HK$15.9 million in 2022, contributing about 82% of the Group's total revenue[24]. - The compound annual growth rate of revenue for the hotel hospitality business is projected to be approximately 2.0% over the next five years, with a revenue growth rate of approximately 61% in 2023 compared to 2022[35]. Loans and Receivables - The Group's loans receivable amounted to approximately HK$161.9 million, with related gross interest receivables of approximately HK$68.8 million for the year[10]. - As of June 30, 2023, the Group had loans receivable with a gross principal amount of approximately HK$161.9 million, slightly down from HK$162.7 million in 2022[39]. - The gross interest receivables for the year ended June 30, 2023, were approximately HK$68.8 million, up from approximately HK$51.6 million in 2022[39]. - The money lending business recorded a segment loss of approximately HK$8.6 million, an improvement from approximately HK$10.9 million in 2022, primarily due to impairment losses on loans receivable[40]. - The expected credit loss (ECL) rate for the Group's loans receivable ranged from 93.11% to 100% as of June 30, 2023, compared to a range of 10.52% to 100% in 2022[43]. - The Group's loan portfolio consisted of four individual borrowers and four corporate borrowers, with total outstanding principal and interest receivables amounting to approximately HK$230.7 million as of June 30, 2023, up from HK$214.3 million in 2022[57]. - The top borrower accounted for approximately 30.4% of the total outstanding principal and interest receivables, while the top five borrowers represented approximately 84.9%[57]. - The Group recorded an impairment loss on loan receivables of approximately HK$9 million for the year, down from HK$13 million in 2022, with impairment loss allowances totaling approximately HK$229 million, representing 99% of gross loan and interest receivables[69]. - The expected credit loss (ECL) rate for the Group's loan and interest receivables ranged from 93% to 100% as of June 30, 2023, compared to 10.52% to 100% in 2022[69]. Liquor and Wine Business - Revenue from the liquor and wine business significantly decreased to approximately HK$0.1 million in 2023 from HK$18.9 million in 2022, with a segment loss of approximately HK$0.6 million[70]. - The Group continues to seek customers to liquidate inventories in the liquor and wine business for working capital and investment opportunities[70]. Financial Position - As of June 30, 2023, the Group's total deposits and cash amounted to approximately HK$124.3 million, an increase from HK$87.5 million in 2022[84]. - The net current assets value was approximately HK$275.7 million, down from HK$331.3 million in 2022[84]. - The Group's gearing ratio remained stable at approximately 0.09, with total interest-bearing debts of approximately HK$46.2 million compared to HK$54.6 million in 2022[85]. - The total equity as of June 30, 2023, was approximately HK$526.1 million, a decrease from HK$609.6 million in 2022[85]. - The Group reported significant unrealized losses of HK$32,623,000 for the year ended June 30, 2023[80]. - The Group did not recommend any dividend for the year ended June 30, 2023, consistent with 2022[83]. Corporate Governance - The company has complied with the Corporate Governance Code except for deviations regarding the separation of the roles of chairman and chief executive officer, as there is currently no CEO since March 2020[136]. - The independent non-executive directors are not appointed for a specific term but are subject to retirement by rotation and re-election at the annual general meeting[137]. - The company emphasizes effective internal control and accountability to enhance shareholder value[135]. - The company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance among all directors during the year[141]. - The company has a commitment to high standards of corporate governance practices[135]. - The board confirmed compliance with the Model Code regarding directors' securities transactions during the year and up to the date of the report[141]. - The Board of Directors meets at least four times a year to oversee the Company's strategic decisions and performance[149]. - The Audit Committee held two meetings during the year ended June 30, 2023, reviewing interim and annual results with the external auditor[165]. - The Company has received annual confirmations of independence from all independent non-executive Directors, affirming their compliance with independence guidelines[147]. - The Company does not currently have a Chief Executive Officer since the resignation of Mr. Chi Chi Hung in March 2020, with the Board overseeing day-to-day operations[157]. Management and Employees - As of June 30, 2023, the Group employed approximately 28 employees, an increase from 27 in 2022[113]. - The Group's remuneration policy is periodically reviewed, considering market terms, company performance, and individual qualifications[113]. - The Group offers discretionary bonuses, medical schemes, and a share option scheme as part of its employee benefits[113]. Economic Outlook - The global economic outlook is challenged by inflationary pressures and geopolitical uncertainty, which the Group will continue to monitor[81]. - The depreciation of the Japanese Yen is expected to attract more tourists to Japan, presenting potential opportunities for the Group[81]. Investment Activities - The Group's investments in listed securities include significant holdings in companies like China Mobile Limited and Tencent Holdings Limited, with respective market values of HK$21,136,000 and HK$1,592,000[76]. - The company aims to preserve the value of its funds and achieve capital appreciation through strategic investment activities[195]. - The Investment Committee held one meeting during the year ended June 30, 2023, to review and recommend several listed securities for acquisitions to enhance investment returns[196]. - The company is focused on generating returns that align with its investment objectives through careful selection of securities[196].
德泰新能源集团(00559) - 2023 - 年度财报