Share Option Scheme and Equity - The company adopted the 2012 Share Option Scheme on August 23, 2012, which expired on August 22, 2022, and no further options can be granted under this scheme[2]. - The total number of shares that may be issued upon the exercise of options granted under all share option schemes shall not exceed 10% of the total number of shares in issue as of the respective approval date of each scheme[5]. - The number of shares to be issued upon the exercise of options granted or to be granted to participants shall not exceed 1% of the issued shares in any 12-month period without shareholder approval[6]. - The company aims to retain and attract talented employees through its share option schemes[3]. - The company’s issued share capital remained unchanged at HKD 47,678 thousand for both 2022 and 2023[36]. Financial Performance - The company reported a loss for the year, with total comprehensive loss amounting to HKD 83,539 thousand in 2023 compared to a loss of HKD 138,935 thousand in 2022[36]. - The company reported a pre-tax loss of HKD 141,511 thousand for the year ended March 31, 2023, compared to a loss of HKD 138,819 thousand in the previous year[56]. - The group recorded a consolidated net loss of approximately HKD 137.9 million for the year ended March 31, 2023, compared to a net loss of approximately HKD 136 million in 2022[118]. - The loss attributable to equity holders of the parent decreased by 6.6% to approximately HKD 130.7 million from approximately HKD 139.9 million in the previous year[122]. - The annual loss for the year ended March 31, 2023, was HKD (137,879,000), compared to a loss of HKD (136,000,000) in the previous year[176]. Assets and Liabilities - Current liabilities increased to HKD 992,390 thousand in 2023 from HKD 875,388 thousand in 2022, representing a growth of 13.4%[35]. - Total non-current liabilities decreased to HKD 1,764,410 thousand in 2023 from HKD 2,050,235 thousand in 2022, a reduction of 13.9%[35]. - Total assets less current liabilities amounted to HKD 3,751,878 thousand in 2023, down from HKD 4,237,407 thousand in 2022, indicating a decline of 11.4%[35]. - The net assets of the company decreased to HKD 1,987,468 thousand in 2023 from HKD 2,187,172 thousand in 2022, reflecting a decrease of 9.1%[35]. - The equity attributable to owners of the parent company fell to HKD 1,911,824 thousand in 2023 from HKD 2,098,061 thousand in 2022, a decline of 8.9%[35]. - The total equity decreased from HKD 2,187,172 thousand in 2022 to HKD 1,987,468 thousand in 2023, a decrease of 9.1%[35]. - The company’s total liabilities increased, with financial expenses rising to HKD 98,906 thousand in 2023 from HKD 54,140 thousand in 2022, marking an increase of 82.5%[56]. - The group’s total outstanding debt as of March 31, 2023, was approximately HKD 1,745.2 million, down from HKD 1,934.2 million in the previous year, with a debt-to-equity ratio of approximately 87.8%[152]. Revenue and Operational Highlights - Revenue for the year was approximately HKD 1,311.3 million, an increase of 9.1% from approximately HKD 1,202.1 million in the previous year[122]. - Revenue from local transport services increased to approximately HKD 929 million, up 13.6% from approximately HKD 817.8 million in the previous year[124]. - Revenue from luxury car services was approximately HKD 66.1 million, an increase of 55.2% from HKD 42.6 million in the previous year, as tourist and business traveler numbers began to recover[144]. - Revenue from mainland China operations decreased by 44.3% to approximately HKD 116.8 million from HKD 209.7 million in the previous year, primarily due to repeated lockdowns and temporary closures of tourist attractions[145]. - Revenue from cross-border non-patented bus services was approximately HKD 57.9 million, a significant increase of 1,013.5% compared to the previous year's HKD 5.2 million, following the gradual resumption of operations since January 8, 2023[142]. Corporate Governance and Compliance - The company has adopted a board diversity policy, with a gender ratio of approximately 7:3 among employees as of March 31, 2023[195]. - The board of directors has established mechanisms to ensure independent opinions and recommendations are obtained[182]. - The company has adopted the standards of conduct for securities trading as outlined in Appendix 10 of the Listing Rules[199]. - The Compensation Committee reviews the company's compensation policies and structures annually, determining the annual compensation packages for executive directors and senior management[198]. - There were no known instances of employees failing to comply with written guidelines during the review year[200]. Strategic Focus and Future Outlook - The group aims to leverage opportunities from the Greater Bay Area's development to drive business growth, particularly with the completion of key cross-border infrastructure projects[152]. - Management maintains a prudent approach to business strategies, adjusting operations based on changing consumer demands and preferences in the post-pandemic environment[148]. - The group anticipates that the resumption of cross-border transport services will positively impact its core operations, despite facing challenges from global economic uncertainties and fluctuating oil prices[151]. - The group is confident in its future development due to the logistics and tourism sectors being two of Hong Kong's four pillar industries, supported by national policies like the Greater Bay Area and Belt and Road initiatives[109]. - The group is exploring the enhancement of bus station land use and actively seeking partners for new business opportunities[170].
冠忠巴士集团(00306) - 2023 - 年度财报