Financial Performance - The total revenue for the year ended December 31, 2024, was approximately HKD 14,300,000, an increase from HKD 9,100,000 for the year ended December 31, 2023, representing a growth of about 58%[9][14][15]. - The group reported a total loss of approximately HKD 15,400,000 for the year ending December 31, 2024, compared to a profit of approximately HKD 4,000,000 for the previous year, primarily due to the absence of a one-time cancellation of consolidation income of approximately HKD 13,400,000 and significant impairment losses[26]. - Basic loss per share was approximately HKD 5.72 for the year ending December 31, 2024, compared to a basic profit of approximately HKD 4.06 for the previous year[27]. - Total comprehensive loss for the year was HKD 15,492,000, compared to a comprehensive income of HKD 3,995,000 in 2023[191]. - The company reported a loss of HKD 15,376,000 for the year, compared to a profit of HKD 4,022,000 in the previous year[189]. - The net loss for the year increased significantly from HKD 9,801,000 in 2023 to HKD 15,376,000 in 2024, representing a 56.0% increase in losses[197]. Expenses and Costs - Total comprehensive expenses for the year ended December 31, 2024, were approximately HKD 15,500,000, compared to HKD 4,000,000 for the previous year, leading to a significant loss due to the absence of a one-time gain recorded in the prior year[9]. - The cost of materials and supplies increased from approximately HKD 4,200,000 in 2023 to about HKD 5,700,000 in 2024, attributed to a higher number of operating months for the Malaysian restaurants[16]. - Employee costs rose to approximately HKD 5,000,000 for the year ended December 31, 2024, up from HKD 4,200,000 in the previous year, due to hiring new staff for the new restaurants[17]. - Depreciation expenses increased to approximately HKD 3,400,000 in 2024 from HKD 3,100,000 in 2023, primarily due to depreciation from new restaurant assets in Malaysia[18]. - The group recorded an impairment loss of approximately HKD 5,100,000 for property and equipment and HKD 4,600,000 for right-of-use assets for the year ending December 31, 2024[19]. Operations and Strategy - The group has closed all restaurants in Hong Kong and opened two new restaurants in Malaysia, with all revenue for the year coming from overseas operations[10]. - The company remains optimistic about future growth in the Malaysian restaurant sector and plans to explore new business opportunities in Southeast Asia[10][11]. - The overall strategy focuses on expanding overseas markets and diversifying revenue sources to stabilize income[10]. - The group aims to reduce costs and improve resource allocation efficiency to achieve profitability in its restaurants[10]. - The group has suspended all restaurant operations in Hong Kong due to underperformance, resulting in no revenue during this period[47]. Financial Position - Total assets as of December 31, 2024, were approximately HKD 6,400,000, down from approximately HKD 15,500,000 the previous year[28]. - As of December 31, 2024, the group's current liabilities exceeded current assets by HKD 18,473,000, compared to HKD 14,340,000 in 2023[139]. - The total liabilities of the group exceeded total assets by HKD 20,491,000 as of December 31, 2024, up from HKD 8,269,000 in 2023[139]. - Cash and cash equivalents were HKD 2,585,000 as of December 31, 2024, insufficient to cover all current liabilities, which include lease liabilities of HKD 1,512,000 and accrued expenses of HKD 5,099,000[139]. - The company's total equity attributable to owners decreased from HKD (4,877,000) to HKD (11,527,000), reflecting a loss of HKD 6,650,000[197]. Shareholder and Governance - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[44]. - The company has no predetermined dividend payout ratio and will consider operational performance, cash flow, financial condition, and other factors when deciding on dividends[168]. - The company will continuously review its dividend policy, with no guarantee of distributing any specified amount of dividends for any designated period[169]. - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of its business and strategies[170]. - The company has adopted corporate governance practices in line with the GEM listing rules and has complied with all applicable code provisions[107]. Legal and Compliance - The group has received multiple lawsuits related to overdue rent and salaries, with potential additional interest and penalties, but believes no further payments are necessary beyond the recognized amounts[43]. - The company has complied with all relevant laws and regulations that significantly impact its business and operations, with no major violations reported during the year[94]. - As of December 31, 2024, there are no significant legal proceedings or arbitrations involving the company[93]. Risk Management - The group has established a risk management policy and formal risk assessment system to identify and manage risks affecting operations[145]. - The internal audit function is responsible for implementing and monitoring the internal control system, reporting at least annually to the board[148]. - The board reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2024, and found them to be effective and adequate[149]. Future Outlook - The group is optimistic about the recovery of the overall restaurant business as the world moves past COVID-19, while continuing to control costs and seek new opportunities[47]. - The management plans to focus on expanding the catering business and developing event management services to diversify existing services and create synergies within the group[142]. - The group is exploring various financing options, including new investments and potential mergers or collaborations to enhance financial stability[142].
TOPSTANDARDCORP(08510) - 2024 - 年度财报