Revenue Performance - The total revenue for the logistics and warehousing services decreased from HKD 158.8 million in the 2022 fiscal year to HKD 81.5 million in the 2023 fiscal year, a decline of HKD 77.3 million[16]. - The total revenue for freight forwarding services was HKD 238.5 million in the 2023 fiscal year, down from HKD 439.2 million in the 2022 fiscal year, representing a decrease of approximately 45.7%[18]. - E-commerce revenue was HKD 72.3 million in the 2023 fiscal year, down from HKD 131.4 million in the previous year, indicating a decline of approximately 45%[18]. - The company's revenue decreased by 48.2% from HKD 512.7 million in the fiscal year 2022 to HKD 265.6 million in the fiscal year 2023, primarily due to reduced earnings from various operating segments[190]. - Air freight agency service revenue fell from HKD 120.3 million in fiscal year 2022 to HKD 77.6 million in fiscal year 2023, a decrease of 35.5%[190]. - Sea freight agency service revenue dropped significantly from HKD 93.1 million in fiscal year 2022 to HKD 23.1 million in fiscal year 2023, a decline of 75.2%[190]. Profitability - The gross profit margin decreased from 14.3% in the 2022 fiscal year to 10.2% in the 2023 fiscal year, a reduction of 4.1 percentage points[19]. - Gross profit decreased by 63.1% from HKD 73.5 million in fiscal year 2022 to HKD 27.1 million in fiscal year 2023, attributed to reduced earnings and lower gross margins[193]. - The gross profit for e-commerce services increased to HKD 11.1 million in the 2023 fiscal year, with a gross profit margin of 13.3%[20]. - The group recorded a loss attributable to the owners of the company of HKD 18.2 million for the fiscal year 2023, compared to a profit of HKD 4.5 million in the fiscal year 2022[40]. Cost Management - Administrative and selling expenses decreased from HKD 69.2 million in the 2022 fiscal year to HKD 41.2 million in the 2023 fiscal year, a reduction of approximately 40.5%[22]. Financial Position - The company reported a significant reduction in interest-bearing bank borrowings from approximately HKD 113.7 million in 2022 to about HKD 3.0 million in 2023[26]. - As of December 31, 2023, the group's cash and cash equivalents amounted to approximately HKD 11.7 million, an increase from approximately HKD 8.4 million in 2022[157]. - The group's current ratio improved to 1.53 times as of December 31, 2023, compared to 1.14 times on December 31, 2022, due to better working capital management during the fiscal year[157]. - As of December 31, 2023, the group had pledged bank deposits of HKD 16.0 million as collateral for bank loans and financing[44]. Corporate Governance - The board consists of seven members, including two executive directors, one non-executive director, and four independent non-executive directors[56]. - The board has established mechanisms to ensure independent views and opinions are obtained, encouraging independent non-executive directors to actively participate in board meetings[37]. - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules[95]. - The board of directors is responsible for corporate governance functions, including policy formulation and compliance with legal regulations[90]. - The company secretary has extensive experience in finance and accounting, contributing to effective corporate governance[83]. - The board has appointed independent non-executive directors, exceeding one-third of the total board members, to enhance governance[87]. - The company has established a strict anti-discrimination and equal opportunity policy for employment and promotion[76]. - The board plans to hold at least four regular meetings annually, ensuring adequate notice and preparation time for directors[88]. - The company emphasizes board diversity, considering factors such as gender, age, cultural background, and professional qualifications in its selection process[104]. Shareholder Engagement - Shareholders are encouraged to attend annual general meetings and vote, with voting results published on the stock exchange and the company's website[111]. - The company has a communication policy to facilitate timely and effective communication with shareholders, including the distribution of company communications via email or mail[116]. Strategic Focus - The company plans to focus on local transportation services and warehouse management in 2024, recognizing the need for emerging technologies like big data and analytics to enhance competitiveness[199]. - Management aims to continuously review business strategies and improve operational efficiency to achieve sustainable growth and long-term value for shareholders[188]. - The company is strategically expanding its logistics and warehousing services to meet the growing demand for customized value-added logistics solutions[196]. - The rise of online retail indicates significant growth potential for the logistics industry, with e-commerce currently accounting for less than 20% of total global retail sales[8]. - The development of the Guangdong-Hong Kong-Macao Greater Bay Area is expected to facilitate the integration of transportation networks, promoting rapid growth in air freight logistics[197]. Risk Management - The company has no foreign exchange hedging policy, as its operations are primarily conducted in HKD and USD, minimizing foreign exchange risk[27]. - The group has implemented a conservative funding and treasury policy to protect asset value and avoid unnecessary risks, holding no financial instruments other than bank deposits[41]. - The company has a comprehensive internal control and risk management system in place to safeguard its assets[78]. Dividend Policy - The company has adopted a dividend policy that considers financial performance, cash flow, and overall business conditions before declaring dividends[117]. - The board has the discretion to decide on dividend payments, which are subject to shareholder approval[117]. - The company will regularly review and reassess its dividend policy and its effectiveness[117].
骏高控股(08035) - 2023 - 年度财报