Financial Performance - The company's revenue increased from approximately HKD 45.8 million in the year ended December 31, 2022, to approximately HKD 103.5 million in the year ended December 31, 2023, representing a growth of 126.0%[6] - The gross profit for the year was approximately HKD 44.2 million, up 96.4% from HKD 22.5 million in the previous year[6] - The company reported a profit of approximately HKD 2.9 million for the year, a significant turnaround from a loss of approximately HKD 13.8 million in the prior year, marking a change of 121.0%[3] - Basic and diluted earnings per share improved to HKD 0.2 from a loss of HKD 1.2 per share in the previous year, reflecting a 116.7% increase[6] - The overall gross profit rose by approximately HKD 21.7 million or about 96.4% from approximately HKD 22.5 million to approximately HKD 44.2 million, although the gross profit margin decreased by about 6.5 percentage points to approximately 42.7%[89] - The company reported a net profit of HKD 2,917,000 for the year ended December 31, 2023, compared to a net loss of HKD 13,802,000 in the previous year[36] Revenue Segments - The company operates four main business segments: (1) ticket distribution, (2) travel business process management, (3) travel products and services, and (4) other business process management[33] - The ticket distribution segment generates revenue through commission and margin income from airlines[34] - The travel business process management segment provides administrative and management services to travel agents, earning management fees[34] - The travel products and services segment combines various travel products from different suppliers for self-operated tours and sells other travel products[34] - External customer revenue for the travel business reached HKD 103,510,000 in 2023, a significant increase from HKD 45,777,000 in 2022, representing a growth of 126%[35] - The ticket distribution segment's revenue significantly increased by approximately HKD 10.7 million or about 93.9% from approximately HKD 11.4 million to approximately HKD 22.1 million, driven by the recovery of the global travel industry[80] - The travel products and services segment generated revenue of approximately HKD 60.3 million, attributed to the resumption of self-operated tours in the Greater Bay Area following the easing of COVID-19 restrictions[84] - The travel business process management segment's revenue decreased by approximately HKD 10.9 million or about 34.1% from approximately HKD 32.0 million to approximately HKD 21.1 million due to reduced collaboration with lower-margin clients[92] - The other business process management segment reported no revenue for the current year, down from approximately HKD 2.3 million in the previous year, following the cancellation of COVID-19 testing for international travelers in Canada[94] Asset and Liability Management - Total liabilities increased to approximately HKD 91.5 million from HKD 85.1 million year-on-year[9] - The total assets of the company rose to approximately HKD 141.8 million from HKD 133.0 million, indicating growth in the asset base[14] - Trade receivables significantly increased to approximately HKD 32.7 million from HKD 2.2 million, highlighting improved collection and sales performance[14] - Trade payables amounted to HKD 15,273,000 as of December 31, 2023, a significant increase from HKD 12,000 in 2022[69] - The debt-to-equity ratio decreased by approximately 1.8 percentage points from about 8.4% as of December 31, 2022, to about 6.6% as of December 31, 2023[110] - The group's net current assets increased to approximately HKD 20.0 million as of December 31, 2023, compared to approximately HKD 4.2 million as of December 31, 2022[111] Cash Flow and Expenditures - The net cash used in operating activities for the current year was approximately HKD 24.8 million, compared to approximately HKD 11.2 million for the year ended December 31, 2022[109] - As of December 31, 2023, the group's cash and cash equivalents were approximately HKD 26.4 million, a decrease of approximately 39.7% from about HKD 43.8 million as of December 31, 2022[109] - Capital expenditures for the travel business amounted to HKD 25,000 in 2023, up from HKD 64,000 in 2022, reflecting increased investment in operations[36] - The group plans to utilize HKD 21.5 million for repaying bank loans and HKD 13.4 million for expanding ticket distribution business in 2024[133] Tax and Financial Costs - The company’s tax expense for the year was HKD (2,234,000), reflecting the tax obligations based on the taxable income for the year[51] - The financial cost net amount improved to HKD (70,000) in 2023 from HKD (285,000) in 2022, showing a reduction in financial expenses[50] - The company recorded a deferred tax expense of HKD 13,967,000 for the year ended December 31, 2023, compared to a deferred tax benefit of HKD 1,188,000 in 2022[52] Dividends and Shareholder Information - The company did not declare any final dividend for the year[6] - The board of directors did not recommend a final dividend for the current year, aiming to retain more cash for operational needs and future development[85] - The annual general meeting is scheduled for June 26, 2024[136] Compliance and Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards and relevant interpretations, ensuring compliance with disclosure requirements[20] - The company has adopted several new accounting standards, but they did not have a significant impact on the consolidated financial statements[24] - The financial statements are presented in Hong Kong dollars, rounded to the nearest thousand[18] - The preliminary announcement of the group's annual performance figures has been verified against the audited consolidated financial statements[144] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[146] - The annual report will include all information required by the Listing Rules Appendix D2 and will be sent to shareholders at the appropriate time[146] Market Outlook and Strategic Plans - The company plans to continue expanding its market share in the Greater Bay Area and explore new business opportunities in travel consulting, healthcare, hotels, and other potential service industries[88] - The company is optimistic about the recovery of the travel industry in 2023, with increasing demand and flight numbers expected to create more business opportunities[86] - The company has entered into a non-binding memorandum of understanding for potential collaboration in travel wellness services with a provider in Hainan, China[72] Employee and Operational Costs - The total employee cost for the year was approximately HKD 31.7 million, down from approximately HKD 46.3 million for the year ended December 31, 2022[120] - The group has adopted a share option scheme to attract and retain experienced personnel since May 7, 2018, but no options have been granted or exercised to date[124]
富盈环球集团(01620) - 2023 - 年度业绩