Financial Performance - Revenue for the year ended December 31, 2022, decreased significantly to approximately HKD 139,285,000 from about HKD 543,280,000 in the previous year, representing a decline of approximately 74.3%[9] - The loss for the year was approximately HKD 593,714,000, compared to a loss of HKD 377,947,000 in the previous year, indicating an increase in losses of about 57%[9] - Cash and cash equivalents as of December 31, 2022, were approximately HKD 25,418,000, down from HKD 51,582,000 in the previous year, a decrease of about 50.8%[12] - The company reported a loss attributable to shareholders of approximately HKD 392.6 million for the year[145] - The net cash flow used in operating activities was approximately HKD 72.1 million[145] Assets and Liabilities - The total assets as of December 31, 2022, were approximately HKD 2,821,259,000, down from HKD 3,750,128,000 in the previous year, reflecting a decrease of about 24.8%[13] - The total interest-bearing borrowings amounted to approximately HKD 648,475,000, a decrease from HKD 675,330,000 in the previous year, showing a reduction of about 4%[14] - The debt-to-equity ratio was approximately 114% as of December 31, 2022, compared to 65% in the previous year, indicating a significant increase in leverage[15] Strategic Plans - The group plans to focus on completing the leasing and operation of all properties in 2023 to increase occupancy rates and optimize the asset portfolio[10] - The group intends to sell non-core assets to reduce the debt ratio and improve cash flow amidst a recovering market post-COVID[10] - The group aims to adopt a cautiously optimistic approach in 2023 to enhance cash flow and improve financial metrics on the balance sheet[5] Corporate Governance - The company has complied with all provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which remains unfilled[50] - The board consists of seven members, with four executive directors and three independent non-executive directors, ensuring a balance of professional knowledge and experience[53] - The company has established good corporate governance practices and procedures to ensure accountability and transparency[50] - The board is responsible for approving and monitoring the overall strategy and policies of the group[53] Board Composition and Diversity - The board consists of five male directors and two female directors, achieving gender diversity as per the company's policy[118] - The company emphasizes the importance of diversity in the board to support strategic goals and sustainable development, with a focus on merit-based selection[104] - The board's composition should reflect a balance of executive, non-executive, and independent non-executive directors to facilitate informed decision-making[107] Risk Management - The company has established a risk management framework consisting of two main components: risk management structure and risk management procedures[126] - The board of directors is responsible for establishing the risk management framework and policies, continuously monitoring the effectiveness of the risk management and internal control systems at least once a year[127] - The management is responsible for identifying and continuously monitoring strategic, operational, financial, reporting, and compliance risks during daily operations[132] Shareholder Communication - The company emphasizes effective communication with shareholders and investors through various channels, including interim and annual reports[152] - The company encourages shareholder participation in annual general meetings and ensures that key committee chairs are present to answer questions[160] - The board of directors must review the effectiveness of shareholder communication policies annually[171] Employee and Management - The group employed 132 staff members as of December 31, 2022, with total employee costs (including director remuneration) approximately HKD 14,105,000, a slight decrease from HKD 14,496,000 in 2021[30] - The management team is responsible for daily operations while retaining certain important matters for board approval[53] ESG Commitment - The company is committed to environmental, social, and governance (ESG) practices, with a dedicated committee in place[32] - The ESG committee, established in 2012, oversees the company's environmental, social, and governance strategies and policies[122]
钧濠集团(00115) - 2022 - 年度财报