Financial Performance - The company's revenue for 2022 increased by 30.5% to HKD 505,400,000 compared to HKD 387,300,000 in 2021[7]. - Direct operating costs rose by 32.9% to HKD 411,600,000, leading to a 34.1% decrease in profit before tax to HKD 17,700,000[7]. - Gross profit increased by approximately 21.0% to HKD 93,800,000, while the gross profit margin slightly declined from about 20.0% to approximately 18.6%[11]. - The company recorded a net profit of approximately HKD 11,200,000, a decrease of about 38.8% from HKD 18,400,000 in the previous year[19]. - Total revenue for the year ended December 31, 2022, was HKD 505,361,000, an increase of 30.5% from HKD 387,267,000 in 2021[190]. - Gross profit for the same period was HKD 93,771,000, representing a gross margin of 18.5% compared to 20.0% in the previous year[190]. - Net profit for the year was HKD 11,224,000, down 38.7% from HKD 18,351,000 in 2021[190]. - Basic earnings per share decreased to HKD 2.25 cents from HKD 3.68 cents in the prior year[190]. - The company reported a net loss provision for trade receivables and other receivables of HKD 14,944,000, significantly higher than HKD 9,000 in 2021[190]. - Other comprehensive loss for the year was HKD 14,597,000, compared to a loss of HKD 15,349,000 in the previous year[190]. - The total comprehensive loss for the year amounted to HKD 3,373,000, contrasting with a comprehensive income of HKD 3,002,000 in 2021[190]. Costs and Expenses - Administrative expenses increased by approximately 36.9% to HKD 39,300,000, driven by costs associated with Griffin Press and salary adjustments due to inflation[14]. - The company’s administrative expenses rose to HKD 39,327,000 from HKD 28,732,000, reflecting an increase of 37%[190]. - The company’s direct operating costs increased to HKD 411,590,000, up from HKD 309,745,000, indicating a rise of 32.8%[190]. Acquisitions and Investments - The acquisition of Griffin Press is expected to enhance the company's position in the Australian reading printing market, although integration progress is behind schedule[8]. - The group completed the acquisition of Ovato's book printing business on June 17, 2022, for an initial consideration of AUD 8.5 million (approximately HKD 47.175 million) and deferred consideration of AUD 396,000 (approximately HKD 2.198 million)[27]. - Capital expenditures during the year amounted to approximately HKD 21.9 million, significantly higher than HKD 2.6 million in 2021, funded by internal resources[25]. - Approximately HKD 66.5 million of net proceeds from the IPO has been fully utilized, including HKD 19.5 million for the acquisition initial costs and HKD 9 million for purchasing new digital printing machines[34][35]. Financial Position - As of December 31, 2022, the group's net current assets were approximately HKD 173.4 million, a decrease from HKD 226 million in 2021, primarily due to various corporate projects during the year[21]. - The group's cash and bank balances were approximately HKD 48.3 million as of December 31, 2022, down from HKD 169.9 million in 2021, reflecting a decrease of about HKD 121.6 million[21]. - The current ratio as of December 31, 2022, was approximately 2.8 times, down from 4.5 times in 2021, indicating a decline in liquidity[21]. - Total assets decreased from HKD 295,553,000 to HKD 280,284,000, a decline of approximately 5.5% year-over-year[192]. - Total equity decreased from HKD 273,120,000 to HKD 254,787,000, a reduction of about 6.7%[195]. - Cash and cash equivalents decreased from HKD 169,884,000 to HKD 48,349,000, a decline of approximately 71.5%[192]. Workforce and Employment - The group employed 325 full-time employees as of December 31, 2022, an increase from 271 in 2021, indicating growth in workforce[29]. - As of December 31, 2022, the group had 325 full-time employees, an increase from 271 in 2021, indicating a growth of approximately 20% in workforce[116]. - As of December 31, 2022, the gender distribution among full-time employees was 74% male and 26% female, indicating a commitment to diversity within the workforce[164]. Governance and Compliance - The company operates as an investment holding company, with its subsidiaries primarily providing printing solutions and services in Australia[56]. - The board of directors includes both executive and independent non-executive members, with specific terms of service outlined[76]. - The company has adopted governance measures to manage potential conflicts of interest related to Mr. Celarc's interests in Ligare (NZ)[96]. - The company has maintained compliance with all applicable principles and provisions of the Corporate Governance Code throughout the fiscal year ending December 31, 2022[122]. - The independent qualified accountant conducted an annual review of the internal control system, finding it effective and sufficient without any significant deficiencies[141]. - The company has established a whistleblowing policy to encourage employees to report any suspected misconduct[139]. Risks and Challenges - The management team maintains a cautious outlook for 2023 due to rising costs of raw materials and macroeconomic conditions affecting domestic demand[8]. - The company faces risks related to customer demand, which is influenced by various factors including new book publications and legislative changes[58]. - Fluctuations in raw material prices, particularly paper, could significantly impact the company's business and profitability if costs cannot be passed on to customers[60]. - The rise of electronic publishing and changing consumer preferences may affect the demand for printed products[61]. - Economic downturns can lead to reduced consumer spending, impacting the demand for non-essential items like books[63]. Shareholder Information - The company reported a reserve available for distribution to shareholders of approximately HKD 171,500,000 as of December 31, 2022, down from HKD 175,000,000 as of December 31, 2021[71]. - The board of directors did not recommend a final dividend for the year ended December 31, 2022, compared to a final dividend of HKD 0.03 per share for the year ended December 31, 2021[70]. - The company has adopted a dividend policy that considers various factors, including financial performance and capital requirements, but does not guarantee any specific dividend amount[162]. Inventory and Receivables - As of December 31, 2022, the group's inventory was valued at HKD 87,854,000, with a provision for inventory impairment of HKD 4,284,000[177]. - The group's trade receivables and other receivables amounted to HKD 120,949,000, with an impairment provision of HKD 14,944,000 recognized during the year[179]. - The group assesses impairment of trade receivables based on default risk and expected credit loss rates, utilizing historical customer data and current market conditions[179].
澳狮环球(01540) - 2022 - 年度财报