Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 9,072,000, a decrease of 27.4% from HKD 12,480,000 in 2022[5] - Other income decreased to HKD 886,000 from HKD 1,147,000, representing a decline of 22.8%[5] - The company reported a profit from continuing operations of HKD 4,022,000, compared to a loss of HKD 8,783,000 in the previous year, marking a significant turnaround[5] - Basic and diluted earnings per share from continuing and discontinued operations were HKD 0.43, compared to a loss of HKD 0.54 in 2022[6] - The segment performance showed a loss of HKD 8,504,000 for 2023, compared to a loss of HKD 6,844,000 in 2022, indicating a worsening performance[26] - Revenue from Hong Kong decreased significantly to HKD 5,475,000 in 2023 from HKD 11,290,000 in 2022, representing a decline of 51.5%[28] - Total comprehensive income for the year ended December 31, 2023, was approximately HKD 4,000,000, a significant improvement from a loss of approximately HKD 8,800,000 for the year ended December 31, 2022[67] - Basic earnings per share for the year ended December 31, 2023, was approximately HKD 0.43, compared to a loss of approximately HKD 0.54 per share for the year ended December 31, 2022[68] Assets and Liabilities - Non-current assets increased to HKD 11,810,000 from HKD 7,101,000, reflecting a growth of 66.7%[8] - Current liabilities decreased to HKD 18,002,000 from HKD 21,553,000, a reduction of 16.5%[8] - The company's total equity attributable to owners decreased to HKD (4,877,000) from HKD (14,363,000), indicating an improvement in financial position[9] - The total liabilities of the group exceeded total assets by HKD 8,269,000 as of December 31, 2023, down from HKD 15,773,000 in 2022[15] - The group's total assets increased to approximately HKD 15,500,000 as of December 31, 2023, from approximately HKD 10,100,000 as of December 31, 2022[69] - The company’s total liabilities exceeded its total assets by HKD 8,269,000 as of December 31, 2023, compared to HKD 15,773,000 on December 31, 2022[85] Cash Flow and Financing - Cash and cash equivalents increased to HKD 2,416,000 from HKD 1,179,000, a growth of 105.5%[8] - The group had cash and cash equivalents of HKD 2,416,000 as of December 31, 2023, an increase from HKD 1,179,000 in 2022, but insufficient to cover all current liabilities[15] - The company completed the second placement on December 19, 2023, successfully placing a total of 276,480,000 shares at a price of HKD 0.013 per share[73] - The total proceeds from the second placement are estimated to be approximately HKD 3,600,000, with a net amount of about HKD 3,500,000 after expenses[72] - As of December 31, 2023, the company's interest-bearing borrowings amounted to approximately HKD 3,300,000, a significant increase from HKD 343,000 on December 31, 2022[76] - The group plans to continue seeking alternative financing solutions and/or restructuring to address financial difficulties[18] Operational Changes and Strategies - The company has plans for market expansion and new product development, focusing on enhancing its restaurant and online wine sales services[12] - The group has taken measures to alleviate cash flow pressure and improve financial conditions, including restructuring underperforming subsidiaries[18] - The group opened two new restaurants under the Sushi Qubey brand, contributing to the restaurant service revenue segment[25] - The management believes that the restaurant business will recover as COVID-19 is being managed appropriately[18] - The company is optimistic about the recovery of the restaurant business post-COVID-19 while continuing to seek financing options and restructuring[89] - The overall revenue decreased due to underperformance in Hong Kong's restaurant and bar operations, with a focus on cost control and new business opportunities in Southeast Asia[90] Employee Costs and Workforce - The company reported a significant reduction in employee costs to HKD 4,186,000 from HKD 5,372,000, a decrease of 22.1%[5] - Employee costs decreased from approximately HKD 5,400,000 for the year ended December 31, 2022, to approximately HKD 4,200,000 for the year ended December 31, 2023, attributed to staff reductions and the transition of employees from full-time to part-time[59] - The total employee cost for the year ended December 31, 2023, was approximately HKD 4,200,000, down from HKD 5,400,000 in the previous year[95] - The company’s full-time and part-time employee count decreased to 25 as of December 31, 2023, from 31 the previous year[95] Governance and Compliance - The company has adopted corporate governance practices in line with GEM listing rules, ensuring accountability and shareholder protection[93] - The company has adopted the mandatory trading standards as per GEM Listing Rules from sections 5.46 to 5.67, confirming compliance for the year ending December 31, 2023[97] - The Audit and Risk Management Committee, along with management and external auditors, reviewed the accounting principles and policies adopted by the group for the year ending December 31, 2023[99] - The external auditor confirmed that the figures in the preliminary announcement for the year ending December 31, 2023, were checked against the audited consolidated financial statements[100] Miscellaneous - The company did not declare or propose any dividends for the years ended December 31, 2023, and 2022[38] - The company has no significant capital commitments as of December 31, 2023[81] - The board expressed gratitude to customers, business partners, and shareholders for their continuous support, as well as to the management team and employees for their contributions to the group's development[103] - No significant events requiring disclosure occurred after December 31, 2023, up to the date of this report[101]
TOPSTANDARDCORP(08510) - 2023 - 年度业绩