Financial Performance - For the fiscal year ending December 31, 2023, the group reported revenue of approximately HKD 178.5 million, an increase of about 31.7% compared to the previous fiscal year ending December 31, 2022[4]. - The company achieved a profit attributable to owners of approximately HKD 8.0 million, a significant turnaround from a loss of approximately HKD 41.4 million in the previous fiscal year[4]. - Total revenue for the year ended December 31, 2023, was HKD 178,523,000, an increase of 31.6% from HKD 135,552,000 in 2022[33]. - The group reported a profit attributable to shareholders of HKD 7.987 million for the fiscal year 2023, compared to a loss of HKD 41.352 million in 2022[43]. - The gross profit margin slightly increased to approximately 64.2% this year, compared to 61.8% in 2022[57]. Assets and Liabilities - The total assets of the company increased from HKD 108.0 million in 2022 to HKD 141.9 million in 2023, reflecting a growth of approximately 31.4%[6]. - Total liabilities decreased from HKD 208,586,000 in 2022 to HKD 165,736,000 in 2023, representing a reduction of approximately 20.5%[7]. - Non-current liabilities decreased from HKD 78,269,000 in 2022 to HKD 55,105,000 in 2023, a decline of about 29.6%[7]. - Current liabilities decreased from HKD 130,317,000 in 2022 to HKD 110,631,000 in 2023, reflecting a decrease of approximately 15.1%[7]. - The net current liabilities amounted to HKD (72,348,000) in 2023, compared to HKD (79,780,000) in 2022, indicating an improvement in liquidity[7]. Cash Flow and Financing - The cash and cash equivalents rose from HKD 16.9 million in 2022 to HKD 23.5 million in 2023, indicating an increase of about 39.5%[6]. - The group has a net debt of approximately HKD 57,728,000 as of December 31, 2023[12]. - The group is actively seeking external funding, including bank loans, to improve its working capital situation[13]. - A major shareholder has agreed to continue providing financial support to ensure the company's ongoing operations[13]. - The company has no bank borrowings due within one year as of December 31, 2023, compared to HKD 3,192 million in 2022[49]. Revenue Sources - Revenue from external customers in Hong Kong decreased to HKD 19,124,000 in 2023 from HKD 26,595,000 in 2022, representing a decline of 28.3%[30]. - Revenue from external customers in Mainland China increased significantly to HKD 159,399,000 in 2023, up 46.3% from HKD 108,957,000 in 2022[30]. - Revenue from Hong Kong restaurants was approximately HKD 19.1 million, a decrease of about 28.1% from HKD 26.6 million in 2022, primarily due to the closure of three Chinese restaurants and one Thai restaurant[58]. - Revenue from three Chinese restaurants in Shenzhen was approximately HKD 159.4 million, an increase of about 46.3% from HKD 108.9 million in 2022, attributed to a gradual business recovery[58]. Cost Management - Employee benefits expenses increased slightly from HKD 50.8 million to HKD 51.9 million, reflecting the company's commitment to workforce stability[5]. - The company plans to optimize resources and adjust management salaries to control expenses[13]. - Other expenses amounted to approximately HKD 39.6 million, a decrease of about 10.8% from HKD 44.4 million in 2022, mainly due to the absence of bad debt provisions and reduced rental payments[61]. - Financial costs, including bank loan interest expenses, decreased to HKD 7,766,000 in 2023 from HKD 9,865,000 in 2022, a decline of 21.2%[39]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and business ethics to protect shareholder interests[93]. - The company has established a clear division of responsibilities between the Chairman and the CEO, with the Chairman overseeing the board's functions and the CEO managing the group's business[96]. - The board will continue to review the company's corporate governance functions and assess their effectiveness in response to changing circumstances[98]. - The company has adopted a code of conduct for securities trading, ensuring all directors comply with trading regulations, except for a former non-executive director who violated these rules[99]. Future Outlook - The group anticipates continued revenue growth driven by strategic initiatives and market expansion efforts in the coming year[4]. - The company expects to benefit from various economic stimulus policies implemented by the Chinese government, which are anticipated to enhance consumer confidence and improve the revenue of the restaurant industry[87]. - Future challenges include the impact of the US-China trade war and geopolitical tensions on consumer spending, which may adversely affect the retail and restaurant sectors[89]. - The company acknowledges potential risks from fluctuating food material prices and labor shortages in the restaurant industry, which could pressure management and financial resources[89].
利宝阁集团(01869) - 2023 - 年度业绩