Financial Performance - The group reported a total income of approximately HKD 2.3 million for the year ended March 31, 2023, a decrease of about 70.5% from approximately HKD 7.8 million for the year ended March 31, 2022[69]. - The group's revenue decreased from approximately HKD 36.2 million for the year ended March 31, 2022, to approximately HKD 29.7 million for the year ended March 31, 2023, representing a decline of about HKD 6.5 million or 18.0%[90]. - For the fiscal year ending March 31, 2023, the company reported revenue of HKD 29,744,000, a decrease of 17.0% from HKD 36,206,000 in the previous year[168]. - The company experienced a loss before tax of HKD 22,281,000, compared to a loss of HKD 10,138,000 in the prior year, indicating a significant decline in financial performance[168]. - Total assets decreased to HKD 53,587,000 from HKD 74,354,000, reflecting a reduction of approximately 28.0% year-over-year[168]. - The company's total equity fell to HKD 21,037,000, down 51.1% from HKD 43,047,000 in the previous year, highlighting a challenging financial environment[168]. Expenses and Costs - Administrative expenses decreased from HKD 12.9 million in 2022 to HKD 10.4 million in 2023, primarily due to reductions in maintenance, credit card commissions, and legal and professional fees[19]. - The group’s administrative and operating expenses primarily consist of costs related to cleaning, supplies, transportation, travel, credit card commissions, maintenance, insurance, and legal and professional fees[63]. - Employee costs remained stable at approximately HKD 18.7 million and HKD 18.8 million for the years ended March 31, 2022, and March 31, 2023, respectively[70]. - Depreciation expenses increased from approximately HKD 4.0 million for the year ended March 31, 2022, to approximately HKD 6.7 million for the year ended March 31, 2023, an increase of about HKD 2.7 million or 67.5%[71]. - Sales expenses decreased from approximately HKD 2.9 million for the year ended March 31, 2022, to approximately HKD 2.5 million for the year ended March 31, 2023, a reduction of about HKD 0.4 million or 13.8%[78]. - The cost of goods sold increased from approximately HKD 7.9 million for the year ended March 31, 2022, to approximately HKD 9.0 million for the year ended March 31, 2023, an increase of about HKD 1.1 million or 13.9%[91]. Governance and Compliance - The audit committee reviewed the independence and remuneration of the auditor, recommending the reappointment of the auditor for the fiscal year ending March 31, 2024, subject to shareholder approval[1]. - The company held six meetings of the remuneration committee during the fiscal year ending March 31, 2023, with full attendance from committee members[3]. - The investment committee reviewed the financial performance of the investment portfolio during the fiscal year ending March 31, 2023, and held 12 meetings with full attendance from members[25]. - The company has engaged an external consultant for an independent internal control review, which was completed by the date of the annual report[28]. - The board believes that the internal control system of the group is adequate and effective as of March 31, 2023[43]. - The group will continue to review its corporate governance standards and take necessary measures to ensure compliance with regulations and standards[52]. - The group did not establish an internal audit department, as the board has reviewed the effectiveness of the internal control system and deemed it unnecessary at this time[42]. - The company has received annual independence confirmations from all independent non-executive directors as per GEM Listing Rule 5.09[143]. - The company has a total of three independent non-executive directors, ensuring compliance with corporate governance standards[154]. Business Operations - The group’s main business includes providing leisure dining services in Hong Kong and engaging in the trading of luxury watches[56]. - The company operated several restaurants, including 100% ownership of "大呷台灣" and "度小月" in various locations[109]. - As of March 31, 2023, the group operated four restaurants, an increase from three restaurants as of March 31, 2022, and one retail store for luxury watches, which was not operational the previous year[189]. - The group implemented cost control measures and regularly assessed business strategies to navigate economic uncertainties in the Hong Kong restaurant industry[189]. - The restaurant industry in Hong Kong saw a significant drop in customer numbers due to the COVID-19 pandemic, impacting the company's operations[183]. - Following the easing of travel restrictions in early 2023, there has been an increase in the number of visitors to Hong Kong, which is expected to improve the restaurant sector[183]. - The group plans to adopt a conservative and prudent business strategy to support daily operations and explore other business opportunities for stable returns amid economic uncertainty[189]. - The outlook for the Hong Kong restaurant industry remains highly uncertain despite expectations of increased tourist numbers following policy relaxations[189]. Shareholder Communication - The company aims to ensure effective communication with shareholders through annual general meetings and encourages them to provide updated contact information[33]. - The group has adopted a shareholder communication policy to ensure timely updates on shareholder meetings and related documents[45]. Donations and Subsidies - The group made donations amounting to approximately HKD 253,000 for the year ended March 31, 2023, compared to approximately HKD 213,000 for the year ended March 31, 2022[79]. - The group received government subsidies totaling HKD 1.58 million for the year ended March 31, 2023, compared to HKD 500,000 in the previous year[69]. Stock Options and Director Interests - No stock options were granted, agreed upon, exercised, canceled, forfeited, or expired under the stock option plan as of March 31, 2023[120]. - The stock option plan was adopted on July 21, 2016, and is valid for a period of 10 years[129]. - The company has a stock option plan limit that does not exceed 30% of the issued share capital at any time[115]. - The company’s board of directors has the discretion to invite eligible participants to accept stock options[112]. - The total number of share options available for grant under the share option scheme as of March 31, 2023, is 140,000,000, representing approximately 5.3% of the total issued shares on that date[141]. - The company has 60,000,000 unexercised share options as of March 31, 2023[141]. - The exercise price for the share options granted is HKD 0.163 per share[141]. - The chairman and CEO, Mr. Wang Wenwei, holds 1,500,000,000 shares, representing 56.75% of the total shares[157]. - Mr. Wang also holds an additional 162,120,000 shares in his own name, representing 6.13% of the total shares[157]. - The company has not entered into any arrangements that would allow directors to benefit from purchasing shares or bonds of the company or any corporation during the year[133]. - There are no existing contracts related to the management and administration of the company's entire or any significant part of its business[134].
皇玺集团(08300) - 2023 - 年度财报