Financial Performance - Total revenue decreased from approximately HKD 65.3 million for the year ended June 30, 2022, to about HKD 37.4 million for the year ended June 30, 2023, representing a decline of approximately 42.7%[9]. - The group recorded a gross loss of approximately HKD 3.1 million for the year ended June 30, 2023, compared to a gross profit of approximately HKD 8.2 million for the year ended June 30, 2022[9]. - Total loss and comprehensive loss amounted to approximately HKD 8.9 million and HKD 23.2 million for the years ended June 30, 2022, and June 30, 2023, respectively, indicating a significant increase in losses[14]. - The gross margin for the year ended June 30, 2023, was approximately -8.3%, down from a gross margin of 12.6% for the year ended June 30, 2022[11]. - The company reported a net loss attributable to owners of HKD 23,203,000, which is a significant increase from the net loss of HKD 8,948,000 in 2022[163]. - Basic loss per share for the year was HKD 19.3, compared to HKD 8.0 in the previous year[163]. - Total assets as of June 30, 2023, were HKD 41,795,000, down from HKD 68,912,000 in 2022, indicating a decrease of 39.4%[166]. - Total equity decreased to HKD 36,545,000 from HKD 59,748,000, reflecting a decline of 38.8%[168]. - The company recognized an expected credit loss provision of HKD 9,107,000, significantly higher than HKD 2,972,000 in the previous year[163]. Operational Highlights - The group secured three construction projects with a total contract value of approximately HKD 123 million since May 2023[9]. - The company anticipates a challenging business environment with increased operational risks due to the recent downturn in the Hong Kong property market[15]. - The board aims to expand market share and compete for more foundation and site formation projects, superstructure construction projects, and renovation projects[15]. - The company is closely monitoring developments in the Hong Kong property market and will adjust strategies as necessary[15]. - The group emphasizes timely project delivery to clients, maintaining a quality management system compliant with ISO 9001 standards[116]. Financial Position - As of June 30, 2023, the group maintained a strong financial position with cash and bank balances of approximately HKD 33.3 million, up from HKD 30.7 million in 2022[17]. - The current ratio as of June 30, 2023, was approximately 7.1 times, slightly down from 7.2 times in 2022, indicating stable liquidity[17]. - The debt-to-equity ratio was recorded at approximately 0.9% as of June 30, 2023, a decrease from 1.8% in 2022, reflecting a low level of leverage[18]. - Cash and cash equivalents increased to HKD 33,291,000 from HKD 30,710,000, showing a growth of 5.1%[166]. - The company’s cash and cash equivalents at the end of the year stood at HKD 33,291,000, an increase from HKD 30,710,000 at the beginning of the year, indicating a stable liquidity position[172]. Governance and Compliance - The company has adhered to all applicable provisions of the corporate governance code, except for a deviation regarding the separation of the roles of the board and daily management, which is primarily handled by Mr. Gan Jianbin[40]. - The board consists of three independent non-executive directors, exceeding one-third of the total board members, in compliance with GEM listing rules[44]. - The company has implemented a board diversity policy, ensuring the inclusion of two female directors during the reporting period[50]. - The independent non-executive directors provide impartial opinions on the company's strategy and performance, ensuring the interests of all shareholders are considered[46]. - The company has established a risk management and internal control system to protect shareholder investments and assets[75]. - The company has adopted a shareholder communication policy to ensure timely and equal access to information[72]. Shareholder and Capital Management - The board does not recommend declaring a final dividend for the year ended June 30, 2023, consistent with the previous year[30]. - The company had no distributable reserves as of June 30, 2023, consistent with the previous year[113]. - The company will continue to review the dividend policy but does not guarantee any specific amount of dividends for any designated period[79]. - The total number of shares that can be issued upon the exercise of options under the share option plan is capped at 10% of the issued shares[99]. - The total number of shares issued and to be issued due to the exercise of options by any participant within any 12-month period cannot exceed 1% of the issued shares[100]. Audit and Financial Reporting - The independent auditor, Changqing (Hong Kong) CPA Limited, audited the consolidated financial statements for the year ended June 30, 2023[142]. - Key audit matters identified include revenue recognition for construction contracts and expected credit loss provisions for trade receivables and contract assets[147]. - The audit committee reviewed the independence of external auditors and the effectiveness of the company's internal control systems during the reporting period[58]. - The group uses the output method to recognize revenue over time based on direct measurements of the value of work transferred to customers[149]. - The audit included recalculating the expected credit loss amounts for accounts receivable and contract assets to ensure appropriateness as of June 30, 2023[153]. Employee and Management Policies - The group values its employees as its most valuable asset, providing competitive compensation and effective performance evaluation systems[119]. - The compensation policy includes fixed and variable components based on employee experience, responsibilities, individual performance, and overall market conditions[128]. - The salary range for senior management (excluding independent non-executive directors) as of June 30, 2023, shows three individuals earning HKD 1,000,000 or below, one earning between HKD 1,000,001 and HKD 2,000,000, and none earning above HKD 2,000,000[127]. - The company has adopted a share option scheme to attract and retain talent, effective for ten years from December 1, 2017[97].
WT集团(08422) - 2023 - 年度财报