Financial Performance - The company reported revenue of approximately HKD 166.6 million for the year ended December 31, 2021, an increase of about HKD 43.3 million or 35.1% compared to the previous year[9]. - Gross profit decreased to approximately HKD 25.9 million, a decline of about HKD 13.4 million or 34.1% from the previous year[9]. - The company recorded a net loss of approximately HKD 9.7 million for the year ended December 31, 2021, compared to a net profit of approximately HKD 7.1 million in the previous year[9]. - Total revenue for the fiscal year ending December 31, 2021, was approximately HKD 166.6 million, an increase of about HKD 43.3 million or 35.1% from HKD 123.3 million in the previous year[17]. - Revenue from exhibitions accounted for approximately 67.9% of total revenue in the fiscal year ending December 31, 2021, slightly down from 68.5% in the previous year[17]. - The majority of revenue, approximately HKD 98.9 million or 59.4%, was generated from China, while Hong Kong contributed HKD 66.2 million or 39.7%[19]. - Service costs increased to HKD 140.7 million in the fiscal year ending December 31, 2021, from HKD 84.0 million in the previous year, primarily due to rising equipment rental costs, employee benefits, and consumables[20]. - Gross profit for the fiscal year ending December 31, 2021, was approximately HKD 25.9 million, with a gross margin of about 15.6%, down from HKD 39.3 million and 31.9% in the previous year[25]. Impact of COVID-19 - The ongoing COVID-19 pandemic has had a significant negative impact on operations, particularly in Hong Kong, China, and Macau[10]. - The management team will continue to take necessary measures to minimize the impact of the pandemic on operations[10]. - The pandemic continues to pose risks and uncertainties that may affect the company's financial condition and operational performance[15]. - The company participated in approximately 780 events in the fiscal year ending December 31, 2021, compared to about 400 events in the previous year, reflecting a significant recovery from the pandemic impact[13]. Business Strategy and Opportunities - The company plans to explore potential business opportunities outside the live event industry, such as content distribution and production expertise, to expand revenue sources[10]. - The board aims to maintain cost control and enhance competitive advantages by carefully evaluating each project to improve returns[10]. - The company will actively seek potential business opportunities to expand revenue sources and enhance shareholder value[14]. - The board is committed to expanding the company's geographical coverage to enhance shareholder value[10]. Governance and Management - The company has a management team with extensive experience in the audio-visual solutions industry, with over 30 years of industry knowledge collectively among the executive directors[46][47][48]. - The independent non-executive director, Dr. Leung, has over 30 years of experience in financial reporting and management, enhancing the company's governance and financial oversight[50]. - The board consists of executive directors, including Mr. Wong Man Po as Chairman and CEO, and Mr. Wong Han Po, with Mr. Fu Bin Bin resigning on September 30, 2021[69]. - The company emphasizes the importance of transparency and accountability in maintaining good corporate governance practices[61]. - The company has been compliant with the corporate governance code, with a noted deviation regarding the separation of the roles of Chairman and CEO[62]. - The board is responsible for the group's risk management and internal control systems, ensuring that appropriate and effective measures are in place[112]. Sustainability and Environmental Responsibility - The company emphasizes the integration of sustainability into business operations to enhance long-term competitiveness[118]. - The company has implemented policies to manage and monitor risks related to environment, employment, operations, and community[118]. - The company is committed to achieving net-zero carbon emissions through comprehensive energy-saving policies and the introduction of renewable energy[159]. - The company aims to reduce air pollutant emissions by 5% by 2025[142]. - The company aims to reduce greenhouse gas emissions by 5% by 2025[143]. - The company aims to reduce total energy consumption by 5% by 2025[150]. - The company aims to reduce water consumption by 5% before 2025 as part of its sustainability goals[152]. Employee and Labor Practices - The total number of employees at the end of the reporting period was 171, down from 186 in the previous year[182]. - Employee turnover rate for males was 18.6%, an increase from 15.2% in the previous year, while for females it rose to 23.4% from 7.3%[182]. - The company is committed to providing a safe and equal working environment for all employees[175]. - The group recorded zero work-related injuries during the reporting period, consistent with the previous two years (2020: none; 2019: none)[184]. - All employees received safety training, achieving a 100% training rate across all categories, including management and general staff[188]. Stakeholder Engagement - Stakeholder engagement is crucial for the company's success, with a focus on effective communication and maintaining good relationships[119]. - The company has established various communication channels to engage with stakeholders effectively[120][122]. - The report aims to provide insights into the company's commitment to corporate social responsibility and sustainable development[118].
AV策划推广(08419) - 2021 - 年度财报