Business Performance - The company reported a significant recovery in business during the second half of the fiscal year 2023, attributed to increased orders for electronic gaming equipment and improvements in smart vending machine operations[9]. - The company experienced a slight loss for the entire fiscal year 2023 but achieved profitability in the second half, driven by customer orders for equipment upgrades and new machines[9]. - The company anticipates continued growth in its core electronic gaming equipment business, with expectations of new orders from customers for reliable and profitable machines[9]. - The overall electronic gaming equipment business is expected to continue its growth trajectory[9]. - The total revenue of the electronic gaming equipment business for the year was approximately HKD 27.4 million, an increase of about 185.2% compared to approximately HKD 9.6 million in the fiscal year 2022[15]. - The group's revenue for the fiscal year 2023 increased by approximately 182.5% to about HKD 29.7 million, up from approximately HKD 10.5 million in fiscal year 2022[25]. - Gross profit surged to approximately HKD 10.9 million in fiscal year 2023, compared to a gross loss of about HKD 0.1 million in fiscal year 2022[25][26]. Revenue Breakdown - The revenue from technical sales and distribution of electronic gaming equipment was approximately HKD 14.0 million, up approximately 129.9% from about HKD 6.1 million in the previous fiscal year[15]. - The consulting and technical services revenue reached approximately HKD 11.8 million, representing an increase of approximately 288.6% from about HKD 3.0 million in the fiscal year 2022[15]. - The revenue from maintenance services was approximately HKD 1.6 million, up 236.0% from approximately HKD 0.5 million in the fiscal year 2022[175]. - The smart vending machine business generated revenue of approximately HKD 2.3 million with a gross profit of about HKD 0.3 million during the fiscal year 2023[23]. Market and Industry Insights - By the end of 2023, Macau's monthly gaming revenue approached pre-pandemic levels, indicating a strong rebound in the tourism sector[8]. - The total gaming revenue in Macau for the year 2023 increased by 334% year-on-year, reaching MOP 183.1 billion (approximately USD 22.7 billion), compared to about MOP 42.55 billion in 2022[18]. - The number of visitors to Macau in 2023 was 28.2 million, which is 71.6% of the pre-pandemic levels[19]. - Strategic opportunities for business development are being actively sought, leveraging Macau's unique position as the only legal gambling location in China[9]. Corporate Governance and Management - The company emphasizes compliance and corporate governance, with independent directors overseeing the board[59]. - The board consists of 6 members, including 3 executive directors and 3 independent non-executive directors[51]. - The company has adopted the corporate governance code and complies with all mandatory disclosure requirements, except for one specific provision regarding attendance at shareholder meetings[68]. - The board is responsible for overseeing the company's business management and overall performance, ensuring necessary financial and human resources are in place[70]. - The company has established a robust corporate culture that aligns with its vision and mission, essential for achieving sustainable growth[72]. Risk Management and Internal Control - The company believes that the risk management and internal control measures are sufficient and effective for the current business environment[142]. - The company has established policies and procedures for risk management and internal control, with the board overseeing their effectiveness[141]. - The internal control system is designed to address specific business needs and minimize risks associated with daily operations[141]. - External auditors have conducted an annual review of the risk management and internal control systems, including financial, operational, compliance, and IT controls[145]. Financial Position - The net loss after tax for fiscal year 2023 was approximately HKD 1.9 million, significantly reduced from a net loss of about HKD 14.7 million in fiscal year 2022[28]. - As of December 31, 2023, the group's current assets net value was approximately HKD 12.7 million, down from about HKD 15.2 million as of December 31, 2022[29]. - The capital debt ratio was not applicable as the group had no debt as of December 31, 2023[29]. - The company has made appropriate insurance arrangements to protect directors against liabilities incurred in the performance of their duties[89]. Shareholder and Board Activities - The board has decided not to recommend any dividend distribution for the current year, consistent with the previous year[43]. - The company has adopted a dividend policy that allows shareholders to share in the profits while reserving sufficient reserves for future development, with the board having full discretion over dividend declarations[99]. - The board held four meetings during the year, reviewing and approving the audited consolidated financial statements for the fiscal year ending December 31, 2022[91]. - The attendance record for board meetings shows that the chairman and CEO attended all four meetings, while one independent non-executive director attended only one[92]. Future Outlook - The company expresses optimism for the upcoming year, supported by the recovery of the tourism industry and mass gaming[10]. - The company aims to provide diversified and innovative entertainment experiences through electronic gaming equipment and smart vending machines, positioning itself as a leading supplier in Macau and Southeast Asia[75]. - The management team is committed to providing financial guidance and analysis to support strategic planning[62].
亚洲先锋娱乐(08400) - 2023 - 年度财报