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松景科技(01079) - 2023 - 年度财报
PINE TECHPINE TECH(HK:01079)2023-10-27 08:45

Financial Performance - The company's revenue for the fiscal year ended June 30, 2023, was approximately HKD 46,993,000, a decrease of 9% compared to HKD 51,776,000 in the previous year[3]. - The gross loss for the fiscal year was approximately HKD 1,268,000, compared to a gross profit of approximately HKD 4,455,000 in the previous year, resulting in a gross margin of -2.7%[11]. - The annual loss attributable to the company's owners was HKD 103,123,000, representing a 41% increase from HKD 73,009,000 in the previous year[3]. - The company reported a significant decline of approximately 78% in revenue from computer software and hardware development services, which was a major contributor to the overall revenue decrease[10]. - Revenue from the computer hardware and software development segment was approximately HKD 11,320,000, a decrease of about 78% compared to approximately HKD 51,776,000 in the previous year[15]. - The loss in the computer hardware and software development services segment increased to approximately HKD 98,266,000, up about 68% from a loss of HKD 58,516,000 in the previous year[36]. - The company reported a loss attributable to owners of approximately HKD 103,123,000 for the year, compared to a loss of HKD 73,009,000 in the previous year, representing an increase in loss of about 41.3%[23]. - The company reported a basic and diluted loss per share of HKD 0.078 for continuing operations, compared to HKD 0.055 in 2022[174]. - The company experienced a loss before tax from continuing operations of (HKD 117,785,000) in 2023, compared to a loss of (HKD 76,260,000) in 2022, reflecting a worsening financial performance[178]. Cash Flow and Assets - Cash and cash equivalents decreased by 12% to HKD 98,109,000 from HKD 111,639,000 in the previous year[3]. - The total assets of the company decreased by 54% to HKD 107,606,000 from HKD 233,916,000 in the previous year[3]. - As of June 30, 2023, the company's net current assets were approximately HKD 84,581,000, down from HKD 114,041,000 in the previous year, a decrease of about 25.8%[24]. - The company reported a cash flow from operating activities of (HKD 5,516,000) for the year ended June 30, 2023, compared to HKD 83,806,000 in the previous year, indicating a significant decline in operational cash flow[178]. - The company recorded a net cash outflow from financing activities of (HKD 7,261,000) in 2023, compared to (HKD 6,082,000) in 2022, indicating increased financial strain[179]. - The company’s cash and cash equivalents decreased by HKD 12,729,000 in 2023, resulting in a year-end balance of HKD 98,109,000, down from HKD 111,639,000 in 2022[179]. Impairment and Losses - The company recognized goodwill impairment loss of approximately HKD 18,289,000 and intangible asset impairment loss of approximately HKD 58,007,000, primarily related to a subsidiary in China[14]. - The company incurred an impairment loss of HKD 58,007,000 on intangible assets during the year[52]. - The company reported a significant impairment loss on goodwill of HKD 18,289,000 in 2023, down from HKD 43,991,000 in 2022, suggesting some improvement in asset valuation[178]. Operational Challenges - The company faced challenges due to the ongoing geopolitical tensions, inflationary pressures, and a slower-than-expected economic recovery in China[6]. - The strict lockdown measures and pandemic policies in China adversely affected business activities, leading to operational challenges for the subsidiary[16]. - The company anticipates facing various challenges in the upcoming fiscal year but remains cautiously optimistic about future economic growth in core markets[8]. - The group anticipates continued uncertainty and external adverse factors affecting its business due to geopolitical conflicts, global interest rates, and the unpredictable recovery of the Chinese economy post-COVID-19[37]. Corporate Governance - The company is committed to maintaining high levels of corporate governance, which is crucial for gaining and maintaining the trust of shareholders and stakeholders[51]. - The board of directors includes executive director Zhang Sanhua (Chairman and CEO) and independent non-executive directors Su Hanzhang, Zhou Chunsheng, and Tian Hong[53]. - The company has fully complied with the corporate governance code, except for the separation of roles between the Chairman and CEO, which is currently held by Zhang Sanhua[51]. - The attendance record for board meetings shows that all directors attended 100% of the meetings held during the year[55]. - The company has established clear written terms of reference for its board committees, including the audit, nomination, and remuneration committees[64]. - The company has established mechanisms to ensure the independence of non-executive directors, who have confirmed their independence[69]. - The company has a balanced mechanism in place to ensure that shareholders' interests are fairly reflected[51]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to strengthen investor relations[101]. - The company’s investor relations policy aims to provide shareholders and potential investors with timely and understandable information[101]. - Shareholders have the right to submit written requests for special meetings if they hold at least 10% of the voting rights[96]. - The board of directors does not recommend the distribution of dividends for the current fiscal year, consistent with the previous year where no dividends were declared[113]. - The company has no predetermined dividend payout ratio, and past dividend distribution records do not serve as a reference for future dividends[112]. Employee and Director Compensation - Employee costs, including director remuneration, amounted to approximately HKD 22,230,000 for the year, down from approximately HKD 30,621,000 in the previous year[40]. - The remuneration policy for employees is based on performance, qualifications, and work capability, as determined by the board[135]. - The remuneration committee has reviewed the compensation policy for all directors and senior management based on operational performance and market statistics[135]. Risk Management - The company has established a comprehensive risk management and internal control system to identify and monitor business-related risks[83]. - The board is committed to managing and monitoring risks associated with its business activities, including environmental, social, and governance risks[83]. - The company has implemented a whistleblowing policy for employees and business partners to report any suspected misconduct[85]. - The risk management system includes regular updates and reviews of policies and procedures related to operational, financial, compliance, and risk monitoring[83]. Changes in Capital Structure - The company has changed its presentation currency from USD to HKD to better reflect its financial performance for shareholders and potential investors[132]. - The company has adopted a share option scheme to reward directors and eligible employees[136]. - The updated plan authorization allows the company to grant options for up to 132,670,173 shares, equivalent to about 10% of the issued shares as of the annual general meeting date[145]. - The total number of share options available for issuance under the updated plan is 132,670,173 shares, representing approximately 10% of the company's issued share capital as of the report date[148]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of June 30, 2023, in accordance with Hong Kong Financial Reporting Standards[162]. - The audit committee reviewed the accounting principles and practices adopted by the group, ensuring compliance with internal controls and financial reporting matters[157]. - The independent auditor, Crowe Horwath, will be proposed for reappointment at the upcoming annual general meeting[158].