Financial Performance - Revenue for the year 2022 was HKD 90,537,000, a decrease of 12.5% from HKD 103,513,000 in 2021[5] - Net loss for the year 2022 was HKD 20,171,000, slightly improved from a loss of HKD 21,973,000 in 2021[5] - Net asset value decreased to HKD 62,867,000 in 2022 from HKD 66,548,000 in 2021[5] - Bank balances and cash decreased to HKD 18,031,000 in 2022 from HKD 30,663,000 in 2021[5] - The overall revenue of the group decreased by approximately 12.6% from about HKD 103,500,000 in the previous year to about HKD 90,500,000 this year[19] - The telecommunications business recorded revenue of approximately HKD 88,100,000, a decrease of about 13.7% from approximately HKD 102,100,000 in the previous year, primarily due to a decline in wholesale voice telecommunications service revenue[22] - The loss attributable to the owners of the company increased by approximately 5.5% from about HKD 22,000,000 in the previous year to about HKD 23,200,000 this year[20] - The group's revenue decreased by approximately 12.6% from about HKD 103,500,000 in the previous year to about HKD 90,500,000 this year[35] - Revenue from the telecommunications business fell by approximately 13.7% to about HKD 88,100,000, primarily due to a cautious pricing strategy and the loss of several large contracts[35] - The group's gross profit increased by approximately 14.6% to about HKD 5,500,000, with the overall gross profit margin rising from about 4.7% to approximately 6.1%[35] - The group recorded a net loss of approximately HKD 3,300,000 this year, compared to a net income of about HKD 14,500,000 in the previous year[36] - The group's operating and administrative expenses decreased by approximately 29.8% to about HKD 21,900,000, mainly due to fewer corporate actions and reduced legal and professional fees[36] - The net asset value of the group as of December 31, 2022, was approximately HKD 62,900,000, down from about HKD 66,500,000 in the previous year[40] - The group completed a rights issue in November 2022, raising approximately HKD 16,500,000 after expenses, with about HKD 6,200,000 allocated to repay a director's loan[41] - The group's cash and bank balances decreased to approximately HKD 18,000,000 from about HKD 30,700,000 in the previous year[41] Business Strategy and Development - The company is developing an e-commerce platform for wine trading, expected to start operations in the first half of 2023[13] - The company has streamlined its business by selling underperforming IT and distribution operations in China[13] - The company aims to seek new business opportunities that can provide stable returns compared to its telecommunications business[13] - The company is prepared to seize opportunities in the post-COVID-19 era as social and economic activities return to normal in Singapore and Hong Kong[14] - The group plans to cease further investments in the Chinese information technology and distribution business following the sale of its subsidiary, Stage Charm Limited, on December 16, 2022[27] - The group is focusing on maintaining existing businesses and exploring new products to enhance its market position in Singapore and Hong Kong[32] - The group is developing a platform for online wine trading, with operations slightly delayed to Q2 2023 due to challenges in recruiting skilled IT personnel[32] Corporate Governance - The company has adopted a board diversity policy to enhance the skills, expertise, and perspectives of its board members, aiming for gender equality as the ultimate goal[64] - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced governance structure[60] - The chairman and acting CEO roles are currently held by the same individual, which the board believes provides strong leadership and effective decision-making until a suitable candidate is found[56] - The company has confirmed compliance with the corporate governance code and has not identified any significant non-compliance issues during the year[56] - The nomination committee reviews the board's structure and diversity policy annually to ensure its effectiveness and alignment with the company's strategic goals[65] - The independent non-executive directors have specific terms of three years, ensuring a rotation and fresh perspectives on the board[63] - The company has maintained a high level of corporate governance, prioritizing shareholder interests and long-term value[56] - The chairman was unable to attend the annual general meeting due to other business commitments but reviewed all relevant documents prior to the meeting[57] - The company has established measurable targets for board diversity, considering various factors such as gender, age, and professional experience[64] - The board will continue to assess its current management structure and will nominate suitable candidates for the CEO position when identified[56] - The board is responsible for setting the overall strategy and monitoring the company's operational and financial performance[72] - The board's governance responsibilities include reviewing compliance with legal and regulatory requirements and monitoring the training and development of directors[96] Internal Control and Risk Management - The company has established a comprehensive internal control mechanism and strict anti-corruption policies to prevent and monitor misconduct[115] - The internal control mechanism aims to ensure operational efficiency, reliability of financial reporting, and compliance with applicable laws and regulations[121] - The board of directors is responsible for maintaining the internal control mechanism and risk management, with no significant risks identified during the annual risk assessment[120] - The company has not established an internal audit function but has appointed an internal control consultant to review the effectiveness of risk management and internal control mechanisms[124] - The board believes that the risk management and internal control mechanisms are effective and sufficient, and will continue to review their effectiveness in response to changing business environments[125] - The company has implemented a whistleblowing policy to provide employees with guidance and channels to report misconduct without fear of retaliation[117] - The internal control consultant submitted a report on the effectiveness of the internal control and risk management mechanisms to the audit committee and board in March 2023[124] - The company has adopted and implemented insider information policies to ensure the authenticity, accuracy, completeness, and timeliness of disclosures[123] - The board reviews the internal control mechanism's effectiveness annually and reports the results to the board[125] Environmental, Social, and Governance (ESG) Initiatives - The company has achieved the "Waste Reduction Certificate - Excellence Level" for eight consecutive years, recognizing its efforts in waste reduction[134] - The company has successfully implemented all applicable mandatory measures of the Hong Kong Green Organization Certification and reported related achievements[136] - The ESG report focuses on improving data collection systems and expanding disclosure scope, particularly regarding greenhouse gas emissions and climate change awareness[135] - The board is committed to integrating ESG considerations into business decision-making processes and regularly reviewing progress towards ESG-related goals[131] - The company aims to create long-term value for stakeholders while addressing sustainability issues through cross-departmental collaboration[132] - Stakeholder feedback is welcomed to improve ESG performance, with various communication channels established for engagement[137] - The company emphasizes compliance with environmental laws and regulations in its operations across different countries[139] - The ESG report includes quantitative data and key performance indicators (KPIs) to provide a balanced overview of the company's overall ESG performance[136] - The company recognizes the importance of environmental protection and community engagement as both a moral responsibility and a business imperative[132] - The report outlines the main stakeholders and their concerns, including business development plans, financial stability, and corporate governance[138] - The company reported a total greenhouse gas emissions of 12.87 tons of CO2 equivalent in the current year, a decrease of 25.1% compared to 17.18 tons in the previous year[143][146]. - The indirect emissions from purchased electricity decreased by 25.7%, from 15.68 tons to 11.65 tons[146]. - The company maintained zero hazardous waste generation for the current year, consistent with the previous year[149]. - The total energy consumption for the current year was 16,411 kWh, down from 22,083 kWh in 2010, with a density of 47.77 kWh per square meter[164]. - The company aims to keep greenhouse gas emissions at a level similar to that of the current year for 2023[154]. - The density of greenhouse gas emissions per employee decreased from 0.75 tons to 0.51 tons of CO2 equivalent[143]. - The company has implemented various energy-saving measures to reduce electricity consumption in office operations[167]. - The company has set a target to maintain the generation of non-hazardous waste at the lowest level possible in future years[152]. - The company actively promotes the use of electronic documents to reduce paper usage[143]. Employee Management and Diversity - The total number of employees as of December 31, 2022, is 25, an increase from 23 in 2021, with 100% being full-time employees[183] - The employee turnover rate for the year is 12.5%, significantly lower than 73.9% in 2021, with 3 employees leaving the company[188] - The company has implemented energy-saving measures, including encouraging employees to turn off lights and equipment when not in use[36] - The company has adhered to all relevant employment and labor laws, with no significant non-compliance issues reported during the year[181] - The company has established a fair compensation distribution principle based on performance and efficiency, with annual salary evaluations to maintain competitiveness[176] - The company has a commitment to sustainable development activities, ensuring compliance with environmental regulations and reporting on environmental KPIs[172] - The company has taken measures to mitigate climate-related risks, including emergency plans for extreme weather events, with no significant impact reported[173] - The company provides various employee benefits, including medical and dental allowances, annual health check subsidies, and paid maternity leave[179] - The company promotes a diverse and fair recruitment process, strictly enforcing anti-discrimination policies[179] - The company has a dual communication policy allowing employees to express concerns and communicate with management through various channels[178] - Employee turnover rate for males is 7.1% and for females is 20.0%[189] - The turnover rate for employees aged 36-45 is 36.4%[189] - Total training hours for employees this year amounted to 91.5 hours[197] - Percentage of trained employees: 26.7% for males and 10.0% for females[197] - Average training hours for male employees is 4.2 hours, while for female employees it is 2.8 hours[197] - Senior management training hours average 2.4, while middle management averages 9.9 hours[197] - The company has implemented COVID-19 preventive measures to ensure employee health[192] - No reported cases of workplace fatalities or significant safety hazards this year[190] - The company strictly adheres to labor laws and regulations in Hong Kong and Singapore[198] - The company prohibits the use of child labor and forced labor[200]
长城天下(00524) - 2022 - 年度财报