Financial Performance - The Group recorded a loss of approximately HK$41.1 million for the year, a significant reduction from the loss of approximately HK$164.4 million in the preceding year, representing a decrease of about 75%[11]. - The Group's revenue for the year ended December 31, 2022, amounted to approximately HK$153.5 million, representing an increase of approximately 63.4% from approximately HK$93.9 million for the preceding year[25]. - The Group recorded a loss for the year of approximately HK$41.1 million, a decrease of approximately 75.0% from the loss of approximately HK$164.4 million for the preceding year[33]. - The Group's gross loss decreased due to the increase in revenue, contributing to the overall reduction in loss for the year[33]. - The provision for expected credit loss on the loan and interest receivables from the associate decreased to approximately HK$3.5 million, down from approximately HK$103.6 million in the preceding year[33]. - The fair value gain from the three-year convertible bonds was approximately HK$0.4 million, compared to a fair value loss of approximately HK$9.6 million for the preceding year[27]. Hotel Operations - Revenue from the Paris Marriott Hotel increased due to the lifting of lockdown measures and a surge in international travel, benefiting from the "revenge travel" trend[12]. - The Paris Marriott Hotel experienced a rebound in occupancy, average daily rate, and revenue per available room, with strong demand leading to increased guestroom prices[12]. - The average room rate for the Paris Marriott Hotel increased to €509 from €351 in the previous year, contributing to the revenue growth[49]. - The occupancy rate for the Paris Marriott Hotel decreased to 46.3% from 66.2% in the previous year[49]. - The Paris Marriott Hotel underwent renovations, which were initially scheduled to complete in June 2022 but were delayed to late October 2022 due to labor shortages[41]. - The Paris Marriott Hotel expects a significant rise in room rates during the recovery in 2023, with demand for hotel rooms from international travelers anticipated to sustain at 2022 levels, paving the way for a full recovery to pre-pandemic levels in 2019[65][69]. Investment and Impairment - The Group recorded an expected credit loss provision of approximately HK$3.5 million on loans and interest receivables from its associate during the year[13]. - The Group had a 37.125% equity interest in the associate, which continued to operate at a loss, leading to a total impairment provision of approximately HK$137.5 million in the preceding year[13]. - The Group did not record any share of loss from the associate for the year, as the investment had been fully provided for impairment[33]. - The Group's investment in the associate resulted in an impairment provision of approximately HK$137.5 million, covering the investment impairment and expected credit loss provisions[26]. - The Group sought legal advice and initiated proceedings to recover overdue interest and principal amounting to approximately HK$201.5 million from an associate[52]. Assets and Liabilities - The total non-current assets of the Group as of December 31, 2022, amounted to approximately HK$2,440.1 million, representing a decrease of approximately 9.6% from approximately HK$2,698.5 million as of December 31, 2021[34]. - The total current assets of the Group as of December 31, 2022, amounted to approximately HK$1,176.4 million, representing an increase of approximately 15.7% from approximately HK$1,016.7 million as of December 31, 2021[34]. - Total current liabilities increased by approximately 44.2% to approximately HK$92.6 million from approximately HK$64.2 million as of December 31, 2021[38]. - The Group's cash and bank balance as of December 31, 2022, was approximately HK$700.2 million, down from HK$871.7 million in 2021[81][84]. - The Group's outstanding bank loans and other borrowings amounted to approximately HK$1,450.1 million as of December 31, 2022, a decrease from HK$1,516.8 million in 2021[81][84]. - The Group's gearing ratio as of December 31, 2022, was approximately 40.1%, slightly down from 40.8% in 2021[81][84]. Corporate Governance - The Board is responsible for formulating strategic business development and monitoring the business performance of the Group[126]. - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2022, with certain deviations noted[114]. - The Board is committed to maintaining high standards of corporate governance and will continue to monitor and revise policies as necessary[115]. - The Company has adopted a code of conduct regarding Directors' securities transactions that meets the required standards[119]. - The Board currently comprises two executive Directors and four independent non-executive Directors, with no Chairman appointed during the Year[125]. - The Company will publish an announcement once a Chairman appointment has been made in accordance with the Listing Rules[118]. Committees and Meetings - The Audit Committee consists of four independent non-executive directors, with Mr. Tam Sun Wing serving as the Chairman[166]. - The Audit Committee held four meetings during the year to discuss and approve interim and annual results, as well as review internal control procedures[174]. - The Remuneration Committee was established on March 21, 2005, and consists of one executive Director and four independent non-executive Directors[176]. - The Remuneration Committee held three meetings during the year, focusing on reviewing significant changes in human resources policies and determining remuneration packages for Directors and senior management[183]. - The Nomination Committee held two meetings during the year ended 31 December 2022, with full attendance from all members[195]. Employee and Remuneration - The Group had a total employee remuneration of approximately HK$7.7 million for the year ended December 31, 2022, a decrease of about 1.3% from approximately HK$7.8 million in the previous year[91]. - The Group's remuneration policies are regularly reviewed to ensure alignment with market levels, including bonuses and participation in a share option scheme[91]. - The Company is committed to performance-based remuneration, aligning it with corporate goals and objectives resolved by the Board[177]. Risk Management - The Group operates in multiple currencies including Euro, Renminbi, US Dollar, and Hong Kong Dollar, exposing it to foreign currency risks[92]. - The Group's management regularly monitors foreign exchange risks and will consider hedging arrangements when appropriate[92]. - The Company emphasizes the adequacy of resources and staff qualifications in its risk management and internal control systems[174].
开源控股(01215) - 2022 - 年度财报