Financial Performance - Revenue for the year ended December 31, 2023, was HKD 462.3 million, a decrease of 17.7% compared to HKD 561.8 million in 2022[2] - Gross profit for the same period was HKD 39.3 million, down 7.7% from HKD 42.6 million in the previous year, with a gross margin of 8.5%[2] - The net loss attributable to equity holders for the year was HKD 5.0 million, significantly improved by 85.5% from a loss of HKD 34.5 million in 2022[2] - Basic and diluted loss per share was HKD 0.0083, compared to HKD 0.0574 in the prior year[2] - Revenue decreased by 17.7% to approximately HKD 462.3 million in 2023, down from HKD 561.8 million in 2022[42] - Gross profit decreased by 7.7% to approximately HKD 39.3 million in 2023, compared to HKD 42.6 million in 2022, with a gross margin increase to approximately 8.5% from 7.6%[42] - The company recorded a loss of approximately HKD 5 million in 2023, significantly reduced from a loss of HKD 34.5 million in 2022[42] Assets and Liabilities - Total assets decreased to HKD 260.96 million from HKD 319.86 million in 2022, reflecting a decline in both non-current and current assets[6][7] - Cash and cash equivalents dropped to HKD 96.17 million from HKD 160.72 million, indicating a liquidity contraction[6] - Total liabilities decreased to HKD 191.43 million from HKD 244.43 million, showing a reduction in financial obligations[7] - Non-current assets, excluding deferred tax assets, totaled HKD 9,319,000 in 2023, a decrease of 69.1% from HKD 30,237,000 in 2022[23] - Accounts receivable decreased to HKD 51.6 million in 2023 from HKD 67.2 million in 2022[36] - Other receivables decreased to HKD 10.9 million in 2023 from HKD 12.3 million in 2022[36] - Property, plant, and equipment decreased from approximately HKD 27.6 million at the end of 2022 to approximately HKD 9.1 million at the end of 2023, primarily due to impairment and depreciation charges from a subsidiary in Cambodia[49] - Inventory balance decreased from approximately HKD 48.1 million at the end of 2022 to approximately HKD 43.3 million at the end of 2023, with inventory turnover days increasing from 33 days to 40 days[51] Expenses and Cost Management - The company reported a significant reduction in administrative expenses, down to HKD 40.3 million from HKD 54.7 million[5] - Total expenses for cost of sales, selling and marketing expenses, and administrative expenses amounted to HKD 464,792,000 in 2023, down 19.5% from HKD 577,298,000 in 2022[26] - The group’s employee benefit expenses were HKD 60,176,000 in 2023, a decrease of 5.5% from HKD 63,972,000 in 2022[26] - Sales and marketing expenses decreased to approximately HKD 1.5 million in 2023 from HKD 3.4 million in 2022[43] - The total employee cost for the year ended December 31, 2023, was approximately HKD 60.2 million, down from HKD 64 million in 2022[62] - Administrative expenses decreased to approximately HKD 40.3 million in 2023 from HKD 54.7 million in 2022, primarily due to a reduction in the scale of loss-making subsidiaries and a decrease in employee benefits expenses from approximately HKD 26.2 million to HKD 16.1 million[45] Tax and Government Subsidies - The income tax expense for the year was HKD (373,000), compared to HKD 2,409,000 in 2022, indicating a tax credit in 2023[28] - Government subsidies received were HKD 41,000 in 2023, a decrease of 96.1% from HKD 1,058,000 in 2022[24] - Income tax credit was approximately HKD 400,000 in 2023 compared to an income tax expense of HKD 2.4 million in 2022[48] - The potential tax risk from Cambodian tax authorities is estimated at approximately USD 200,000 (around HKD 1.6 million)[40] Strategic Focus and Future Plans - The company continues to focus on its core business of providing apparel supply chain services to global brands, with no specific new product or market expansion strategies mentioned in the report[9] - The group plans to enhance product innovation and improve operational efficiency to shorten product delivery times in 2024[70] - The company’s management plans to continue implementing cost-saving measures as part of its strategy[42] - The group aims to simplify its organizational structure and operational processes to save costs[70] Compliance and Governance - The company has not adopted any new accounting standards that would have a significant impact on the financial statements for the current or future periods[15] - The company has adopted a code of conduct for securities trading in compliance with the listing rules[73] - The group acknowledges the importance of compliance with corporate governance codes and is considering appointing an independent CEO[75] Shareholder Information - The company did not declare any dividends for the years ended December 31, 2023, and 2022[35] - The annual general meeting is scheduled for May 24, 2024[77] - The annual report for the year ending December 31, 2023, will be sent to shareholders around April 27, 2024[79]
迅捷环球控股(00540) - 2023 - 年度业绩