Supplier and Customer Concentration - The top five suppliers accounted for approximately 19.7% of the Group's total trade purchases from continuing operations for the year ended December 31, 2023[5]. - The largest supplier accounted for 7.2% of the Group's total trade purchases from continuing operations for the year ended December 31, 2023[5]. - Sales to the top five customers represented approximately 66.2% of total revenue from continuing operations for the year ended December 31, 2023[6]. - The largest customer accounted for 30.3% of total revenue from continuing operations for the year ended December 31, 2023[6]. - The Company has a well-diversified customer base, including leading national and regional dairy product manufacturers[175]. - There are no material interests in any of the Group's five largest customers from Directors or shareholders owning more than 5% of the issued capital[176]. Performance Share Plan (PSP) and Remuneration - The AAG Performance Share Plan (PSP) allows for a maximum of 40 participants at any time[16]. - The Remuneration Committee administers the AAG PSP and has the authority to determine various conditions related to awards[18]. - Any individual participant's share grants under the AAG PSP shall not exceed 1% of the shares in issue[22]. - The maximum number of shares granted under the AAG Performance Share Plan (PSP) is limited to 5% of the issued shares as of the New Approval Date[46]. - The AAG PSP allows for the vesting of awards, with specific conditions set by the Remuneration Committee[29]. - The awards granted to directors include 566,470 shares for TAN Yong Nang, 629,000 shares for Edgar Dowse COLLINS, and 251,600 shares for YANG Ku, representing 0.08%, 0.09%, and 0.04% of issued shares respectively[32]. - A total of 910,200 shares are allocated to 36 other employees, accounting for 0.13% of the issued shares[32]. - The RSU Scheme aims to attract and retain skilled personnel by providing equity interests in the company[36]. - The plan mandates that any awards granted to directors or key executives must be approved by independent non-executive directors[51]. - The maximum aggregate number of new Shares that may be issued under the RSU Scheme is subject to a formula that considers the Scheme Mandate Limit and the number of Shares already issued[72]. - The vesting of Awards is subject to the satisfaction of performance conditions, and if not met, the Award will lapse automatically for the unvested portion[81]. - The AAG PSP was adopted on July 3, 2020, and amended on December 5, 2022, effective from the Listing Date[60]. - The Remuneration Committee has the discretion to cancel previously granted but unvested Awards and may grant new RSUs to the same grantee[86]. - The maximum number of new Shares that may be issued to any individual participant in a 12-month period is subject to specific limits[73]. - The final number of Shares subject to the Award can vary based on the achievement of key performance indicators, emphasizing the performance-based nature of the plan[65]. Financial Performance and Challenges - The Company may not be able to sustain its historical growth rates, and past performance may not indicate future results[13]. - The Group did not issue any bonds during the year ended December 31, 2023[147]. - There were no charitable donations made by the Group during the year ended December 31, 2023[148]. - The financial summary section of the annual report outlines key financial metrics and performance indicators for 2023[271]. - AustAsia Group Limited reported its annual results for the financial year ended December 31, 2023, amidst challenges in the dairy farming industry[197]. - The Chinese dairy farming industry is facing its most difficult situation in over a decade, characterized by raw milk oversupply, price decline, and cost increases[198]. - AustAsia aims to enhance production efficiency and quality as key strategies to overcome current industry challenges[198]. - The company emphasizes its commitment to providing high-quality raw milk and beef cattle to customers[198]. - AustAsia is focused on sustainable farming practices and high-quality standards to maintain competitiveness in the market[192]. - The management team and employees have shown continuous commitment and hard work during uncertain times, contributing to the company's resilience[192]. - AustAsia is positioned to continue growth in the promising dairy market by leveraging its operational efficiency[192]. - The company is committed to navigating through the challenges of 2023 with the support of its board and management team[192]. - AustAsia's strategic focus includes innovative measures to enhance its sustainable development capabilities[198]. Corporate Governance and Management - The Company recognizes the importance of maintaining good relationships with stakeholders, which is key to its success[3]. - The Company has established a remuneration committee to develop remuneration policy and review the structure for Directors and senior management[128]. - The Directors' service contracts have a term of up to three years, subject to retirement and rotation provisions[154]. - The Company has undergone changes in its board of directors, with new appointments and redesignations in 2023[181]. - The Company is actively involved in corporate governance, as highlighted in the corporate governance report[182]. - The management discussion and analysis section of the annual report provides insights into the Company's performance and strategic direction[180]. - The Company maintains relationships with several principal banks for its financial operations[183]. - The company must notify grantees of any awards in the event of a voluntary winding-up resolution being proposed[108]. Share Capital and Dividends - As of December 31, 2023, the total number of issued shares is 700,463,112[33]. - The issued share capital of the company was 700,463,112 shares as of December 31, 2023, following the issuance of 606,000 shares at HK$6.40 per share on January 30, 2023[114]. - The board does not recommend the distribution of a final dividend for the year ended December 31, 2023[120]. - There were no agreements that would lead to the issuance of shares or any outstanding share-linked agreements as of December 31, 2023[121]. - The company has not granted or agreed to grant any restricted share units under the RSU Scheme as of December 31, 2023[113]. - The RSU Scheme is valid for ten years from the listing date, expiring on December 30, 2032[101]. - The company is required to provide sufficient funds to the trustee to fulfill its obligations related to the awards[29]. - Awards that have lapsed or been encashed will not count towards the maximum aggregate number of new shares that may be granted under the AAG PSP[49]. - The maximum number of shares granted under the AAG Performance Share Plan (PSP) is limited to 5% of the issued shares as of the New Approval Date[46].
澳亚集团(02425) - 2023 - 年度财报