Financial Performance - For the year ended December 31, 2022, the Group reported revenue of approximately HK$41.0 million, a decrease of approximately 45.8% from HK$75.6 million in the previous year[5]. - The loss attributable to owners of the Company for the year was approximately HK$123.1 million, a decrease of approximately 52.4% compared to HK$258.8 million in 2021[6]. - The provision for impairment losses on non-current assets decreased to approximately HK$43.9 million, down approximately 52.5% from HK$92.4 million in the previous year[7]. - The provision for impairment losses on financial assets, net, was approximately HK$0.6 million, representing a decrease of approximately 98.5% compared to HK$41.8 million in 2021[12]. - The Financial Services Business generated revenue of approximately HK$41.0 million for the year ended December 31, 2022, a decrease of approximately 45.8% compared to HK$75.6 million in 2021[29]. - Revenue from EAM services for the year ended December 31, 2022, was approximately HK$24.7 million, representing a decrease of approximately 38.4% from HK$40.0 million in 2021[35]. - Revenue from fund management services amounted to approximately HK$13.6 million for the year ended December 31, 2022, a decrease of approximately 46.8% compared to HK$25.6 million in 2021[37]. - Revenue from corporate finance advisory services for the year ended December 31, 2022, was approximately HK$1.2 million, a decrease of about 50.9% compared to HK$2.4 million in 2021[59]. - The Group recorded an unrealized loss on financial assets at fair value through profit or loss of approximately HK$36.8 million for the year ended December 31, 2022, compared to an unrealized gain of approximately HK$2.2 million in 2021[66]. - The Group's total indebtedness was approximately HK$110.4 million, an increase from approximately HK$97.8 million in 2021, resulting in a gearing ratio of 139.3% compared to 48.3% in 2021[145][148]. Investment and Asset Management - As of December 31, 2022, the Group invested HK$72.0 million in the BeiTai Investment LP, representing approximately 71.0% of the total capital commitment of the Investment Fund[16]. - The fair value of the Investment Fund as of December 31, 2022, was approximately HK$29.5 million, down from HK$71.3 million in 2021[16]. - The Group's share of the carrying values of two underlying investments in bonds amounted to approximately HK$16.9 million as of December 31, 2022[67]. - The Group's share of the carrying value of listed shares in AMC was approximately HK$8.3 million as of December 31, 2022[67]. - The Group's investment in the Investment Fund as of December 31, 2022, was HK$72.0 million, representing approximately 71.0% of the total capital contribution, down from HK$77.0 million in 2021[66]. - The Group has been exploring alternative proposals from the General Partner regarding the distribution of non-cash assets from the liquidation of the Investment Fund[83]. - The liquidation process of the Investment Fund has been initiated, with the expectation that proceeds will be recovered by the Group before the end of 2023[83]. Operational Challenges - The Group expects a challenging business environment due to geopolitical tensions, high interest rates, and global inflationary pressures[22]. - Increased market volatility, macroeconomic downturn, and geopolitical tensions have negatively impacted the Group's ability to attract new clients and conduct business development activities[30]. - The Group expects limited growth in AUM and revenue for investment advisory and fund management services in the coming years due to adverse economic and political factors[34]. - The overall revenue and profitability of the Financial Services Business have been adversely affected due to reduced investor risk appetite and decreased transaction volumes[30]. Management and Governance - The Group has implemented measures to monitor liquidity and working capital, including proactive collection of receivables and exploring fundraising activities[90]. - The Group has implemented internal control systems to mitigate credit risk exposures from lending transactions[123]. - The company has maintained a strong governance structure with various committees, including audit, remuneration, and nomination committees, to oversee its operations[186]. - The board of directors includes experienced professionals with diverse backgrounds in finance, law, and academia, contributing to the company's strategic direction[192]. Employee and Compensation - The Group incurred staff costs of approximately HK$23.5 million in 2022, a significant decrease from approximately HK$76.3 million in 2021, reflecting a reduction in full-time employees from 45 to 31[167]. - The company adopted a share option scheme in June 2018 to incentivize employees and align their interests with shareholders[171]. - A share award scheme was also adopted in August 2018, which was terminated on October 28, 2022, to reward employees and directors for their contributions[172]. - The company has a comprehensive and attractive compensation and benefits package for all employees[171]. Future Outlook - Management expects to recover the liquidation proceeds from the Investment Fund by the end of 2023, which is crucial for improving the Group's financial position[85]. - The Group plans to continue exploring emerging financial market opportunities to further develop its financial services business[63]. - Management remains optimistic about the financial services segment, anticipating increased global trade activities and liquidity as COVID-19 restrictions ease[63].
贝森金融(00888) - 2022 - 年度财报