Financial Performance - For the fiscal year ending December 31, 2023, the company reported a revenue of HKD 57,960,680, an increase from HKD 55,568,368 in 2022, representing a growth of approximately 4.5%[154]. - The gross profit for 2023 was HKD 36,265,866, slightly up from HKD 35,881,869 in 2022, indicating a marginal increase of about 1.1%[154]. - The net loss attributable to the company's owners for 2023 was approximately HKD 48,637,971, compared to a net loss of HKD 31,985,715 in 2022, reflecting an increase in losses of about 52%[143]. - Administrative expenses rose to approximately HKD 78,700,000 in 2023, up about 28% from HKD 61,600,000 in 2022, attributed to business recovery efforts and strategic planning[155]. - The company reported total revenue of approximately HKD 58 million for the fiscal year ending December 31, 2023, compared to HKD 55.6 million in the previous year, representing an increase of about 4%[167]. - The company's net loss for the fiscal year was approximately HKD 49.6 million, compared to a net loss of HKD 32.6 million in the previous year[167]. - The total assets of the company decreased to HKD 207.77 million in 2023 from HKD 281.06 million in 2022, indicating a decline of about 26%[164]. - The company's net asset value was HKD 150.26 million in 2023, down from HKD 199.74 million in 2022, reflecting a decrease of approximately 25%[164]. - The gross profit for the fiscal year was approximately HKD 36.3 million, a slight increase of about 1% from the previous year, with a gross margin decrease from 65% to 63%[177]. - The group's revenue for the year ended December 31, 2023, was approximately HKD 58,000,000, an increase of about 4% from HKD 55,600,000 in 2022[196]. - Revenue from the advertising and media business increased by approximately 6% to HKD 49,200,000 in 2023, compared to HKD 46,300,000 in 2022[196]. - The group's EBITDA for the year ended December 31, 2023, was approximately HKD 36,500,000, compared to HKD 22,700,000 in the previous year, marking an increase of about 60.8%[197]. Corporate Governance - The company aims to achieve long-term value through a flexible business model while maintaining a prudent approach to sustain value[22]. - The board of directors emphasizes the importance of good corporate governance as a factor for success and balancing the interests of shareholders, customers, and employees[22]. - The company has complied with the applicable code provisions of the new corporate governance code for the year ending December 31, 2023[22]. - The board consists of executive directors and independent non-executive directors, with recent changes in leadership roles[24]. - The company has adopted the standards for securities trading by directors as per GEM Listing Rules[23]. - The independent non-executive directors bring extensive experience in law, finance, and corporate governance to the board[17][18]. - The company is committed to continuous improvement of corporate governance principles and practices[22]. - The management discussion and analysis section of the annual report provides detailed performance and financial review for the year ending December 31, 2023[22]. - The company has a strategy to cultivate a culture of good corporate governance among employees[22]. - The board aims to contribute to the business development while enhancing awareness of legal, ethical, and responsible conduct among employees[22]. - The board of directors held one annual general meeting in 2023, with all executive directors attending 100% of board meetings[30]. - The independent non-executive directors also maintained a 100% attendance rate at board meetings, demonstrating strong governance practices[30]. - The company has established a nomination committee to review board diversity and recommend candidates for re-election, reflecting a commitment to governance standards[46]. - The company has arranged appropriate liability insurance for its directors, which is reviewed annually to ensure adequate coverage[34]. - The independent non-executive directors provided valuable advice and recommendations to the board, ensuring a balanced decision-making process[34]. - The company has implemented a training program for directors and senior management to keep them updated on legal and regulatory changes[49]. - The board's diversity policy was reviewed, emphasizing the importance of diverse perspectives in governance[43]. - The company has adopted a whistleblowing policy as of November 11, 2022, allowing employees and stakeholders to confidentially report concerns regarding improper conduct in operations and financial reporting[58]. - The board of directors is responsible for overseeing the company's performance and has established various committees to handle specific matters, ensuring compliance with corporate governance codes[60]. - The company has a remuneration policy aimed at ensuring competitive and fair compensation for executive directors based on their skills, knowledge, and contributions[78]. - The company confirmed that it has set up appropriate and effective management policies and internal control systems regarding environmental, social, and governance matters[104]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development, as outlined in its environmental, social, and governance report[71]. - The company has established a comprehensive risk management and internal control system to identify and manage significant risks to achieve business objectives[83]. - The company has integrated environmental, social, and governance principles into its risk management system to pursue sustainable business models[98]. - The company has been actively assessing its environmental, social, and governance (ESG) practices to enhance stakeholder engagement and improve overall performance[119]. - The company has implemented policies and procedures for environmental management to govern its operations and manage greenhouse gas emissions and waste[123]. - The company aims to reduce energy consumption and carbon emissions as part of its environmental policy, focusing on minimizing adverse environmental impacts from its operations[123]. - The company encourages stakeholders to provide feedback on its environmental, social, and governance report and sustainable development performance[105]. - The company reported a total of 0.2 tons of non-hazardous waste (paper) and 8.2 units of toner cartridges during the reporting period[109]. - The company generated no significant emissions or harmful waste during the reporting period, primarily producing non-hazardous waste such as paper and toner cartridges[107]. - The company is focused on employee development and training as part of its social responsibility initiatives[121]. - The company has outlined its key ESG areas, including emissions management, resource utilization, and community investment[121]. - The company plans to continue evaluating significant environmental, social, and governance issues to determine their impact on business operations and stakeholder interests[120]. Strategic Direction and Future Outlook - The company did not engage in any significant acquisitions or disposals during the fiscal year, indicating a focus on internal growth strategies[38]. - The chairman and executive director, who was absent from the annual general meeting, resigned effective September 5, 2023, highlighting changes in leadership[30]. - The executive committee held one meeting during the fiscal year, with the previous chairman resigning and a new chairman appointed on September 5, 2023[52]. - The company plans to maintain communication with existing clients and explore opportunities with potential clients to mitigate challenges in the current operating environment[147]. - The company plans to continue expanding its digital outdoor media network and expects programmatic digital out-of-home (pDOOH) advertising to be a major growth driver in the coming years[171]. - The company will explore new investment opportunities in various sectors to achieve business diversification and sustainable development[167]. - The estimated growth rate for cash-generating units in Hong Kong and Singapore is projected at 2.0% based on anticipated inflation rates through 2028[160]. - The estimated revenue growth rates for the Hong Kong cash-generating unit from 2024 to 2028 are projected at 5.60%, 4.88%, 4.16%, 3.44%, and 2.72% respectively[200]. - The estimated revenue for the Hong Kong cash-generating unit in 2024 is projected to be HKD 27,300,000, increasing to HKD 31,700,000 by 2028[200]. - The estimated revenue for the Singapore cash-generating unit in 2024 is projected to be HKD 25,700,000, increasing to HKD 32,800,000 by 2028[200].
基石金融(08112) - 2023 - 年度业绩