Financial Performance - For the year ended June 30, 2022, the Group's revenue was approximately HK$40.0 million, a decrease of 53.8% compared to HK$86.6 million in 2021[12]. - The gross profit for the same period was approximately HK$11.7 million, down 37.4% from HK$18.7 million in the previous year[12]. - The Group recorded a loss of approximately HK$21.9 million for the year, an increase of 85.6% from a loss of approximately HK$11.8 million in 2021[12]. - Total assets as of June 30, 2022, were HK$48.5 million, a slight decrease of 0.2% from HK$48.6 million in 2021[12]. - The gross profit margin improved to 29.1% from 21.6% in the previous year[12]. - The Group's capital deficiency increased to HK$12.4 million from total equity of HK$7.3 million in the previous year[12]. - The Group's consolidated net loss increased due to a revenue decrease of approximately HK$46.6 million, resulting in total revenue of approximately HK$40.0 million in 2022, down from approximately HK$86.6 million in 2021, representing a decline of about 53.8%[100][111]. - Gross profit decreased by approximately 37.4% from approximately HK$18.7 million in 2021 to approximately HK$11.7 million in 2022, in line with the decrease in revenue[120][127]. - Administrative expenses decreased by approximately HK$2.3 million to approximately HK$29.8 million in 2022, primarily due to reduced employee remuneration and lower legal and professional fees[122][128]. Market and Business Strategy - Revenue in European countries increased by approximately 216% compared to 2021, driven by the resumption of large luxury hotel projects in the UK[18]. - The Group aims to strengthen cost control and resource management while actively participating in project tenders to maintain competitiveness[19]. - The management is focusing on developing the local business in the PRC market, establishing new relationships with luxury brands and property developers[17]. - The company is exploring opportunities in the online gaming business, conducting research and development, and seeking suitable business partners for strategic cooperation[29]. - The gradual recovery of the COVID-19 pandemic is expected to lead to a promising business outlook in the PRC market in the coming years[27]. - The Group is committed to keeping abreast of market developments and seizing potential business opportunities for sustainable growth[28]. - The management is committed to resuming overseas business and strengthening local competitive advantages despite the uncertainties in the global economic environment[101][106]. - The Group is actively seeking potential acquisition targets that may synergize with its existing business for ongoing strategic growth[109][114]. COVID-19 Impact - The ongoing COVID-19 pandemic has led to delays in business activities and projects, significantly impacting financial performance[16]. - The COVID-19 pandemic has led to the suspension or delay of business activities globally, significantly impacting the Group's revenue[88]. Corporate Governance - The Company has adopted the Corporate Governance Code to enhance corporate value and accountability, with the Board overseeing strategic decisions and performance[166]. - The company held eleven board meetings during the year, with all directors attending each meeting[185]. - The company complied with the requirement of having at least three independent non-executive directors, with one possessing appropriate professional qualifications[173]. - The board composition includes a balanced mix of executive and independent non-executive directors to ensure a balance of power and authority[176]. - The chairman and CEO roles are held by Mr. Lee Wai Sang, which the board believes provides strong and consistent leadership[176]. - The company intends to hold board meetings at least four times a year, with notices given at least fourteen days in advance[182]. - The board will continue to review the separation of the chairman and CEO roles as appropriate[176]. - The company has complied with the requirement for independent non-executive directors to represent at least one-third of the board[174]. Audit Committee - The Audit Committee held three meetings during the year to review the interim and annual results of the Company[200]. - The Audit Committee is composed of three independent non-executive Directors, ensuring compliance with Listing Rules and corporate governance standards[198]. - The primary responsibilities of the Audit Committee include supervising the financial reporting process, risk management, and internal control systems[199]. - The Audit Committee has access to independent professional advice and is provided with sufficient resources to perform its duties[199]. - The Audit Committee can make recommendations to the Board regarding the appointment and removal of the external auditor[199]. Management Team - Mr. Lee has over 30 years of experience in the interior design industry and has been the CEO since March 18, 2016[48]. - Mr. Leung Pak Yin has over 20 years of experience in sales and business development, serving as a project director since joining the Group on September 13, 2006[49]. - Ms. Leung Mo Shan Jackie has over 25 years of experience in finance and has been an executive director since April 15, 2021[51]. - Mr. Lam Wing Hung was appointed as the finance director of the Company effective September 16, 2022, and has over 10 years of experience in auditing and corporate management[58]. - Mr. Hu Xiongjie has been an executive director since October 11, 2022, bringing several years of experience in the logistics industry and entrepreneurial experience in Singapore and Malaysia[59]. - Mr. So Chi Hang has over 25 years of finance experience and has served as the vice president of project management at BSN Medical KK in Japan from October 2015 to December 2017[60]. - The Company is focused on expanding its management team with experienced professionals to strengthen its operational capabilities[58].
易纬集团(03893) - 2022 - 年度财报