Financial Performance - Total revenue for the year ended December 31, 2022, was approximately HKD 12,500,000, an increase from HKD 6,600,000 for the year ended December 31, 2021[10]. - Total comprehensive expenses for the year ended December 31, 2022, were approximately HKD 8,800,000, compared to HKD 3,100,000 for the year ended December 31, 2021[10]. - The company reported a net income of approximately HKD 30.27 million for the year ended December 31, 2022, compared to HKD 44.19 million for the previous year, reflecting a decrease of about 31.5%[64]. - Basic loss per share for the year ended December 31, 2022, was approximately HKD 0.54, compared to HKD 0.25 for the year ended December 31, 2021, consistent with the increase in total losses and comprehensive expenses[26]. - Total losses and comprehensive expenses for the year ended December 31, 2022, amounted to approximately HKD 8,800,000, up from HKD 3,100,000 for the year ended December 31, 2021, reflecting the cumulative impact of various factors and the transition from profit to loss in discontinued operations[25]. Revenue Drivers - The increase in revenue was primarily due to the acquisition of "The Code" bar and the establishment of new restaurants MEW (Hong Kong) and MEW (Singapore)[15]. - The acquisition of "The Code" bar contributed to the overall revenue increase for the fiscal year[15]. - The revenue from continuing operations increased, and losses decreased, indicating positive signals from the strategy of exploring new business opportunities[42]. - The subsidiary Xxperience Lifestyle restaurant in Singapore contributed approximately HKD 1,200,000 in revenue during the year[162]. Cost and Expenses - Employee costs for the year ended December 31, 2022, were approximately HKD 5,400,000, up from HKD 3,400,000 for the year ended December 31, 2021[17]. - The cost of raw materials and consumables increased from approximately HKD 1,200,000 for the year ended December 31, 2021, to approximately HKD 4,200,000 for the year ended December 31, 2022[16]. - Other expenses rose from approximately HKD 4,400,000 for the year ended December 31, 2021, to approximately HKD 7,800,000 for the year ended December 31, 2022, mainly due to the full-year contributions from "The Code" and "MOW" and new restaurant contributions[24]. Assets and Liabilities - As of December 31, 2022, the group's total assets were approximately HKD 10,100,000, down from HKD 16,700,000 as of December 31, 2021, with total liabilities and shareholders' deficit amounting to approximately HKD 25,900,000 and HKD 15,800,000, respectively[28]. - The group's interest-bearing loans totaled approximately HKD 343,000 as of December 31, 2022, a significant increase from HKD 50,000 as of December 31, 2021, with a bank overdraft interest rate of 14.13%[33]. - The group's current liabilities exceeded current assets by HKD 18,542,000 as of December 31, 2022, compared to HKD 3,396,000 a year earlier[157]. - The total liabilities of the group exceeded total assets by HKD 15,773,000 as of December 31, 2022, up from HKD 6,984,000 in the previous year[157]. Business Strategy and Outlook - The company remains optimistic about the recovery of the restaurant industry as Hong Kong and the world return to normalcy post-COVID-19[11]. - The company plans to continue exploring new business opportunities to diversify and stabilize its revenue sources[11]. - The management is actively seeking potential expansion opportunities in Hong Kong and overseas to diversify and stabilize revenue sources[42]. - The group anticipates improvement in the overall economic environment and the food and beverage business as the impact of COVID-19 diminishes, aiming to recover from past challenges[42]. - The company has opened new restaurants, including "Sushi Miao (Hong Kong)" and "Sushi Miao (Singapore)" as part of its expansion strategy[57]. Governance and Compliance - The company has established a whistleblowing policy for employees and business associates to report fraud or unethical behavior, ensuring confidentiality and anonymity[181]. - The anti-corruption policy mandates compliance with relevant laws and outlines integrity requirements for all directors and employees[182]. - The company has complied with all relevant laws and regulations without any significant violations during the year[101]. - The board has established mechanisms to ensure independent viewpoints are maintained within its operations[136]. - The company has adopted the GEM Listing Rules as its own code of conduct for securities trading by directors and employees[138]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of its business and strategies[194]. - The company has reviewed the implementation and effectiveness of its shareholder communication policy for the year ending December 31, 2022, concluding that the policy is effective[194]. - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting within two months of submission[197]. - The company's articles of association have been amended to comply with GEM listing rules and to allow for hybrid or electronic meetings[200].
TOPSTANDARDCORP(08510) - 2022 - 年度财报