Financial Performance - Total revenue for the year ended December 31, 2023, was approximately HKD 9,100,000, a decrease from HKD 12,500,000 for the year ended December 31, 2022, representing a reduction of about 27.4%[11][16] - The comprehensive income for the year ended December 31, 2023, was approximately HKD 4,000,000, compared to comprehensive expenses of approximately HKD 8,800,000 for the previous year[11] - Total profit and comprehensive income amounted to approximately HKD 4,000,000 for the year ended December 31, 2023, a significant improvement from a loss of approximately HKD 8,800,000 in the previous year[27] - Basic earnings per share for the year ended December 31, 2023, were approximately HKD 0.43, compared to a loss of approximately HKD 0.54 per share in the previous year[28] - The group reported a decrease in overall revenue due to underperformance in Hong Kong's restaurant and bar operations, although Southeast Asia's new business has provided support[50] Operational Changes - Employee costs for the year ended December 31, 2023, were approximately HKD 4,200,000, down from HKD 5,400,000 in the previous year, reflecting a reduction due to staff downsizing and transitioning full-time employees to part-time[18] - Depreciation expenses increased to approximately HKD 3,100,000 for the year ended December 31, 2023, compared to HKD 1,800,000 in the previous year, primarily due to the acquisition of new restaurant properties and equipment[19] - Rental and related expenses amounted to approximately HKD 800,000 for the year ended December 31, 2023, down from HKD 1,000,000 in the previous year[22] - Utility expenses increased to approximately HKD 328,000 due to the establishment of new restaurants[23] - The total employee count as of December 31, 2023, was 25, a decrease from 31 employees as of December 31, 2022[91] Strategic Initiatives - The group has expanded its operations in Southeast Asia, acquiring shares in a new Japanese ramen restaurant in Malaysia, which is expected to support revenue growth in the coming years[12] - The group aims to diversify its revenue sources and stabilize income through strategic expansion and new business possibilities in Southeast Asia[12] - The group remains optimistic about the recovery of the restaurant industry as Hong Kong and the world move past the impacts of COVID-19, while continuing to control costs and explore new business opportunities[12] - The group has taken measures to respond to uncertainties affecting its ongoing viability, including optimizing its restaurant and online sales operations[169] - The subsidiary SUSHI QUBEY Sdn Bhd and SUSHI MEW Sdn Bhd in Malaysia contributed approximately HKD 2,726,000 to the group's revenue during the year[172] Financial Position - Total assets as of December 31, 2023, were approximately HKD 15,500,000, an increase from HKD 10,100,000 in the previous year[29] - As of December 31, 2023, the group's interest-bearing borrowings amounted to approximately HKD 3,300,000, a significant increase from HKD 343,000 as of December 31, 2022[41] - The company has no assets pledged as collateral as of December 31, 2023, and December 31, 2022[42] - As of December 31, 2023, the company's current liabilities exceeded its current assets by HKD 14,340,000, compared to HKD 18,542,000 as of December 31, 2022[167] - The total liabilities of the group exceeded its total assets by HKD 8,269,000 as of December 31, 2023, compared to HKD 15,773,000 as of December 31, 2022[167] Corporate Governance - The company emphasizes compliance and corporate governance, overseen by independent non-executive directors[57] - The board consists of two executive directors and three independent non-executive directors, ensuring a diverse range of business experience and expertise[128] - The company has established three board committees: Audit and Risk Management Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of its affairs[125] - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1 and has complied with all applicable code provisions for the year ending December 31, 2023[124] - The company provides necessary induction training and regular updates on the latest developments in GEM Listing Rules and other regulatory requirements to its directors[134] Risk Management - The group is exposed to various financial risks, including interest rate risk, credit risk, currency risk, and liquidity risk[49] - The management has implemented plans to alleviate liquidity pressure and improve cash flow, which are crucial for the group's ongoing viability[169] - The Audit and Risk Management Committee agreed with management's position regarding the audit qualifications and the actions to be taken to address them[170] - The company is committed to continuing the implementation of the action plan to mitigate liquidity pressure and eliminate audit qualifications[170] - The board confirmed that the financial statements for the year ending December 31, 2023, fairly reflect the company's affairs and performance[164] Legal and Compliance - The group has received multiple lawsuits related to overdue rent and salaries, which have been recognized in other payables and accrued expenses[45] - The company has established a whistleblowing policy for employees and business partners to report unethical behavior or legal non-compliance[192] - The company has implemented an anti-corruption policy to ensure compliance with relevant laws and ethical standards among its directors and employees[193] - The company has complied with all relevant laws and regulations affecting its business operations during the year[108] - There were no significant legal proceedings or arbitrations involving the company during the year ending December 31, 2023[107] Shareholder Information - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[47] - The company has maintained at least 25% of its issued shares held by the public as required by the stock exchange regulations[117] - The company did not purchase, sell, or redeem any listed securities during the year ending December 31, 2023[102] - The company has not made any charitable donations during the year ending December 31, 2023[106] - The company has no major investments or capital asset plans beyond those disclosed in the prospectus and report[48] Diversity and Inclusion - The employee gender ratio is 25 males to 8 females, indicating a gender diversity that the company considers suitable for its operations[190] - The board currently consists of five male directors, with plans to add one female director by December 2024 to enhance board diversity[190] - The company has adopted a board diversity policy that includes measurable targets related to age, skills, expertise, and gender, among other factors[188] - The company emphasizes gender diversity in hiring senior staff and allocates more resources for the career development and training of female employees[190] - The nomination policy aims to ensure that the board possesses a balanced mix of skills, experience, knowledge, and diverse perspectives[196]
TOPSTANDARDCORP(08510) - 2023 - 年度财报