Financial Performance - The company's revenue for the fiscal year ending March 31, 2023, was HKD 174.9 million, an increase of 82.7% compared to HKD 95.7 million in the previous year[11]. - Revenue from restaurant and bar operations increased to HKD 174.2 million, up approximately 83.2% from HKD 95.1 million in the previous year[16]. - Gross profit from restaurant and bar operations rose to HKD 129.0 million, an increase of 85.1% from HKD 69.7 million, with a gross margin of 74.1%[16]. - Property investment income increased by 12.9% to HKD 764,000 from HKD 677,000 in the previous year[17]. - Other income decreased by 27.2% to HKD 16.8 million from HKD 23.0 million, primarily due to fewer government subsidies received[18]. - Employee costs rose to HKD 57.3 million, a 61.0% increase from HKD 35.6 million, attributed to the hiring of more staff following the reopening of bars and restaurants[19]. - Depreciation expenses for property, plant, and equipment increased by 8.1% to approximately HKD 9.5 million from HKD 8.8 million due to business expansion[21]. - Depreciation for right-of-use assets rose by 30.6% to HKD 34.1 million from HKD 26.1 million, also due to business expansion[22]. - Financing costs increased by 14.0% to HKD 4.5 million from HKD 3.9 million, primarily due to rising borrowing rates[25]. Business Operations - The company operated 51 bars/restaurants across Hong Kong as of March 31, 2023, with new openings including a cocktail bar in Tsim Sha Tsui and two new bars in Tai Wai and Tuen Mun under the "Pacific Bar" brand[15]. - The company aims to continue upgrading existing bar/restaurant facilities as part of its growth strategy[15]. - The company has expanded its brand portfolio to target different customer segments, including neighborhood bars and upscale venues[15]. - The easing of COVID-19 restrictions by the Hong Kong government is expected to improve the business environment and economic outlook[12]. - The company is closely monitoring market trends and will adjust strategies as necessary to mitigate adverse business impacts[12]. - The management plans to enhance services by providing more value-added offerings and developing management systems and digital infrastructure[12]. Management and Governance - Ms. Chen Zhiqiao was appointed as the Executive Director and Chairperson on August 12, 2022, and has a background in marketing and digital transformation[47]. - Ms. Chen Jing was appointed as the CEO on March 31, 2023, bringing over 20 years of retail experience to the company[50]. - The company has a strong management team with members holding significant experience in various sectors, including finance, marketing, and law[52][53][54]. - The management team includes individuals with extensive backgrounds in the bar and restaurant industry, contributing to operational efficiency[56]. - The company emphasizes digital transformation and marketing activities as key areas of focus for future growth[47][48]. - The company has established a robust governance structure with independent non-executive directors overseeing audit and compensation committees[52][53][54]. - The management team is committed to improving customer service and operational training within the organization[56]. - The company is committed to enhancing shareholder value through effective corporate governance practices and transparency[61]. Risk Management - The group faces significant risks including reliance on key employees, potential inability to secure necessary licenses, and rising costs of alcohol and labor impacting financial performance[141]. - The group has established risk management objectives and policies to monitor various risks including market and liquidity risks[141]. - The group plans to continue monitoring and adapting to market conditions to mitigate potential operational impacts from identified risks[141]. - The audit committee reviewed the group's risk management and internal control systems and found no significant issues during the year[121]. - The board believes that the risk management and internal control systems adequately meet the group's current business environment needs[121]. Corporate Governance - The company has adopted corporate governance practices in accordance with the GEM listing rules, except for the dual role of the chairperson and CEO, which was maintained due to the chairperson's expertise in the industry[64]. - The board of directors consists of six members, with independent non-executive directors making up 50% of the board, exceeding GEM listing rules requirements[68]. - The board has received annual independence confirmations from all independent non-executive directors, ensuring compliance with GEM listing rules[71]. - The company emphasizes the importance of good corporate governance to achieve effective accountability and risk management[62]. - The board is responsible for setting the company's values and standards, ensuring necessary financial and operational support to achieve its goals[65]. - The company has established various board committees to oversee business management and performance[65]. - The company has arranged appropriate insurance for legal liabilities concerning directors and senior management[73]. - The board's dividend policy aims to allow shareholders to share in profits while retaining sufficient liquidity for future growth opportunities[89]. Shareholder Information - As of March 31, 2023, Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[160]. - The total issued share capital of the company is 860,000,000 shares[168]. - Chen Zhiqiao and Chen Zhihao are both beneficiaries of the Pacific Bar Trust, each holding 431,543,700 shares, equating to 50.18% ownership[160]. - Chen Jing is recognized as the custodian of the Pacific Bar Trust, which holds voting rights for the shares[168]. - The company has not issued any new shares or made any significant changes to its capital structure during the reporting period[168]. - The company has maintained a public float of at least 25% of its issued shares, in compliance with GEM listing rules[196]. Employee and Remuneration Policies - The company provides group hospitalization and personal accident insurance to its employees, along with a bonus plan to encourage individual performance[183]. - The remuneration of the company's directors and senior management is determined based on merit, qualifications, and industry experience[183]. - The remuneration details for senior management (excluding directors) indicate that there are 7 individuals earning between HKD 0 and 1,000,000[115]. - The company has a strong commitment to training and employee development, as evidenced by the experience of its management team in the hospitality industry[60].
太平洋酒吧(08432) - 2023 - 年度财报