Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 155,905,000, a decrease of 12.1% compared to HKD 177,458,000 in 2022[2] - Gross profit for the same period was HKD 50,198,000, down 18.4% from HKD 61,505,000 in 2022[2] - The company reported a loss before tax of HKD 27,606,000, compared to a loss of HKD 5,818,000 in the previous year, indicating a significant increase in losses[2] - The total comprehensive loss for the year was HKD 30,578,000, compared to a loss of HKD 5,971,000 in 2022, reflecting a worsening financial position[3] - Basic and diluted loss per share was HKD 9.34, compared to HKD 2.09 in the previous year, indicating a substantial increase in per-share losses[3] - The company reported a total loss of HKD 30,578,000 for the year 2023, compared to a loss of HKD 5,971,000 in 2022[21] - The loss attributable to the company's owners for the year ended December 31, 2023, was approximately HKD 30,532,000, compared to a loss of HKD 6,825,000 in 2022[49] - The core business recorded a loss of approximately HKD 20,480,000 for the year ended December 31, 2023, compared to a profit of HKD 715,000 in 2022[49] Assets and Liabilities - Current assets decreased to HKD 89,423,000 from HKD 127,043,000 in 2022, a decline of 29.5%[5] - The company's total equity decreased to HKD 74,661,000 from HKD 106,539,000 in 2022, a reduction of 29.9%[6] - The total assets of the company as of 2023 amounted to HKD 115,893,000, a decrease from HKD 157,638,000 in 2022[24] - The company’s liabilities totaled HKD 41,232,000 in 2023, compared to HKD 51,099,000 in 2022, indicating a reduction of 19.4%[24] - Trade receivables decreased to HKD 17,708,000 in 2023 from HKD 30,597,000 in 2022, a decline of 42.3%[36] - The total trade and other payables decreased to HKD 28,992,000 in 2023 from HKD 37,680,000 in 2022, a reduction of 23.1%[42] Revenue Breakdown - Revenue from toy products was HKD 152,049,000 in 2023, down from HKD 170,895,000 in 2022, representing a decline of 10.9%[27] - Revenue from Hong Kong customers was HKD 14,675,000 in 2023, an increase from HKD 14,060,000 in 2022[26] - Revenue from Europe decreased to HKD 12,133,000 in 2023 from HKD 15,986,000 in 2022, a decline of 24.5%[26] - Sales to the largest customer generated revenue of HKD 140,514,000, accounting for approximately 90% of total revenue in 2023[27] - Revenue from toy products decreased by approximately 11% to about HKD 152,049,000, accounting for about 98% of total revenue[50] Operational Insights - The company continues to focus on the manufacturing and sales of novelty gifts, decorative items, and toys, indicating ongoing commitment to its core business[9] - The loss in the toy product category increased to approximately HKD 16,714,000, primarily due to a decline in sales in Asia (excluding Hong Kong) and the United States[50] - Administrative expenses increased by approximately 10% to about HKD 77,982,000, mainly due to an increase in the average number of full-time employees[53] - The average credit period granted to trade customers was 60 days[39] Investment and Future Plans - The company invested HKD 3,403,000 in property, plant, and equipment in 2023[22] - The group has entered into a non-binding cooperation framework agreement to develop sustainable energy infrastructure, which is expected to enhance long-term profitability[62] - The group has no specific plans for significant investments or capital assets for the year ending December 31, 2024[63] - The company is actively seeking high-quality acquisition opportunities in the oil, gas exploration, and sustainable energy infrastructure sectors to enhance its core energy business[64] - The board will carefully evaluate potential investment opportunities to bring additional value and new revenue sources to the group, aiming for long-term returns for shareholders[64] Governance and Compliance - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with the standards set forth in the listing rules[67] - The company has complied with the corporate governance code, with the exception of the separation of roles between the chairman and the CEO[69] - The audit committee, consisting of all independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2023[72] - The financial figures for the group have been agreed upon by the auditors, although no formal verification has been conducted according to Hong Kong auditing standards[73] - The annual results announcement will be published on the company's website and the Hong Kong Stock Exchange's website[75] Market Conditions - High interest rates are expected to continue creating uncertainty and challenges for the group's operating environment in the second half of 2024[64] - The group will continue to optimize its product portfolio to meet customer needs and improve production and operational efficiency while implementing strict cost control measures[64]
PERFECTECH INTL(00765) - 2023 - 年度业绩