Financial Performance - The Group's revenue increased by HK$102.5 million to HK$293.2 million for the year ended 31 December 2023, compared to HK$190.7 million for the year ended 31 December 2022[12]. - Overall gross profit rose by HK$26.3 million to HK$60.8 million for FY2023, up from HK$34.5 million in FY2022[12]. - The Group recorded a loss of HK$0.9 million for FY2023, a decrease of approximately HK$0.5 million from the loss of HK$1.4 million in FY2022[13]. - The increase in revenue and gross profit was primarily driven by the consumer goods business[12]. - The increase in loss for the year was attributed to higher selling and distribution expenses and administrative expenses despite the rise in gross profit[13]. - The consumer goods business generated revenue of approximately HK$209.9 million in FY2023, representing a 149.0% increase from HK$84.3 million in FY2022[36]. - Revenue from construction and ancillary services decreased by HK$23.1 million to HK$83.2 million in FY2023, down from HK$106.3 million in FY2022[30]. Business Strategy and Outlook - The economic environment in Hong Kong, Macau, and the PRC is expected to recover, which may enhance the Group's business performance in 2024[14]. - The Group plans to commence more construction projects in Hong Kong and Macau to maintain a stable revenue stream in 2024[14]. - The Group aims to maximize shareholder value by exploring new business opportunities in the consumer goods sector and other areas[15]. - The Group's strategic focus will remain on pragmatic and enterprising approaches to business execution[15]. - The Group has two major segments for continuing operations: construction and ancillary services, and consumer goods business[25]. Expenses and Financial Management - Selling and distribution expenses for the consumer goods business rose by HK$19.9 million to HK$26.9 million in FY2023, compared to HK$7.0 million in FY2022[44]. - Administrative expenses increased by HK$2.6 million to HK$17.2 million in FY2023, up from HK$14.6 million in FY2022[45]. - Finance costs increased by HK$1.4 million to HK$6.4 million in FY2023, compared to HK$5.0 million in FY2022, due to an increase in other borrowings from HK$41.7 million to HK$73.7 million[46]. Liquidity and Financial Position - As of December 31, 2023, the Group had total cash and bank balances of HK$40.4 million, down from HK$52.5 million as of December 31, 2022[57]. - The Group's net current assets increased to HK$338.5 million as of December 31, 2023, compared to HK$219.1 million as of December 31, 2022, reflecting a strong liquidity position[58]. - The current ratio improved to approximately 3.9 times as of December 31, 2023, from approximately 3.4 times a year earlier[58]. - The gearing ratio increased to approximately 20.3% as of December 31, 2023, up from 16.8% as of December 31, 2022, indicating a higher level of financial leverage[59]. Share Capital and Rights Issue - The proposed Rights Issue aims to raise up to approximately HK$120.96 million by issuing up to 864,000,000 Rights Shares at a subscription price of HK$0.140 per Rights Share[75]. - The company proposed a share consolidation where every two existing shares will be consolidated into one new share, increasing the nominal value from HK$0.01 to HK$0.02 per share[78]. - The company's authorized share capital will increase from HK$10 million to HK$60 million, allowing for a total of 6 billion shares post-consolidation[78]. - A rights issue was conducted, with 864 million rights shares offered, raising approximately HK$120.96 million before expenses[78]. - The net proceeds from the rights issue, totaling HK$119 million, were fully utilized as intended by December 31, 2023[89]. Corporate Governance and Compliance - The Group has complied with relevant laws and regulations that significantly impact its operations[103]. - The Company has not purchased, sold, or redeemed any of its listed securities during FY2023[118]. - The Group's financial risk management objectives and policies are detailed in note 29(b) to the consolidated financial statements[102]. - The Company did not enter into any management contracts concerning the administration of its business during FY2023[176]. Employee and Director Information - As of December 31, 2023, the Group had 64 employees, with total remuneration of HK$12.1 million, up from HK$9.1 million in FY2022[48]. - The remuneration of Mr. Liang Zhichao includes a discretionary bonus of HK$3,120,000 for the performance since October 22, 2020[135]. - The Company appointed Mr. Xiao Yi as an executive director on August 21, 2023, and Ms. Chan Wai Yan as an independent non-executive director on October 17, 2023[126][135]. - The remuneration for Mr. XIAO Yi is set at HKD 240,000 per year, effective from August 21, 2023[146]. - The remuneration for Ms. CHEN Hui En is set at HKD 120,000 per year, effective from October 17, 2023[146]. Risk Factors - The Group is exposed to foreign exchange risk primarily related to Renminbi, which may impact performance, and currently has no foreign currency hedging policy[63]. - There were no pledged assets as of December 31, 2023, consistent with the previous year[64]. - The Group's five largest customers accounted for approximately 87.1% of total turnover, with the largest customer contributing about 26.2%[177]. - The five largest suppliers represented approximately 92.5% of total purchases, with the largest supplier accounting for around 25.8%[178].
旷逸国际(01683) - 2023 - 年度财报