Financial Performance - The audited annual performance for the year ending December 31, 2023, has been reviewed by the board of directors and the audit committee[3]. - Total revenue for the year 2023 was HKD 1,986,000, a decrease of 36% compared to the previous year[14]. - Management and other operating expenses amounted to HKD 96,089,000, an increase of 3% from HKD 93,090,000 in the previous year[14]. - The expected credit loss provision was HKD 3,453,000, significantly reduced from HKD 9,652,000 in the previous year, indicating improved credit quality[14]. - The group reported a loss (after tax) for the year of approximately HKD 33.4 million, down from a loss of approximately HKD 47.9 million in the previous year[30]. - The group's gross profit increased from approximately HKD 106.4 million to approximately HKD 127.1 million, representing a growth of about 19.5%[41]. - The group recorded a loss of approximately HKD 35.9 million for the year, down from HKD 47.9 million in the previous year[61]. - The impairment loss for the year was HKD 9.2 million, a decrease from HKD 21.3 million in the previous year[58]. - The company reported a reserve available for distribution to shareholders of HKD 10,992,000 as of December 31, 2023, down from HKD 15,039,000 in 2022[123]. Revenue Breakdown - For the year ended December 31, 2023, the group's revenue was approximately HKD 250.6 million, an increase of about HKD 46.6 million or 22.8% compared to approximately HKD 204.0 million for the year ended December 31, 2022[30]. - Revenue from furniture sales decreased by approximately HKD 17.3 million or 11.7% to about HKD 130.9 million, primarily due to declines in retail and franchise sales in Hong Kong and Dubai[48]. - Furniture rental revenue increased by approximately HKD 4.7 million or 22.8% to about HKD 25.3 million, mainly driven by new leasing contracts with several embassies in the UAE[51]. - Project engineering revenue surged over twofold to approximately HKD 94.4 million from about HKD 35.2 million, attributed to the completion of multiple projects in Hong Kong[52]. Audit and Compliance - There are unresolved matters related to audit confirmations from debtors, creditors, and banks, which may affect the financial performance[5]. - The audit procedures include verification of significant balances with original contracts or invoices to ensure no material discrepancies[7]. - The company has engaged independent valuers to assess its assets, ensuring compliance with relevant accounting standards[11]. - The financial report indicates adjustments related to the fair value of financial assets and liabilities, impacting overall financial performance[17]. - The Audit Committee reviewed the consolidated financial statements for the year ended December 31, 2023, and confirmed compliance with applicable accounting standards and GEM listing rules[200]. Strategic Focus and Future Outlook - The company is focusing on improving its operational efficiency and reducing management expenses in the upcoming fiscal year[17]. - Future outlook includes potential market expansion and the introduction of new products and technologies to enhance revenue streams[17]. - The company strategically shifted its focus in Hong Kong and the UAE towards project engineering and furniture leasing businesses due to challenges in the retail sector[40]. - Future strategic priorities include a customer-centric approach, innovation and digitalization, market expansion, and enhancing sustainable practices[36]. Shareholder and Capital Management - The company plans to resume trading of its shares on June 3, 2024, after a temporary suspension[18]. - The board does not recommend the distribution of a final dividend for the year ended December 31, 2023[30]. - The company raised net proceeds of HKD 13.4 million, HKD 17.6 million, and HKD 1.7 million from three share placements completed on February 6, July 27, and September 13, 2023, respectively[41]. - The company has not purchased, sold, or redeemed any of its securities during the year[164]. Governance and Management - The board consists of experienced members, with an average service time of 4 years among executive directors and senior management[182]. - The company has established a governance framework to assess and manage risks effectively[183]. - The board is responsible for setting the strategic direction and overseeing management performance[181]. - The company has complied with all corporate governance code provisions during the reporting period[176]. - The company has implemented a board diversity policy, achieving measurable goals related to diversity in skills, experience, and gender representation[191]. Environmental and Social Responsibility - The company is committed to sustainability and has implemented measures to reduce its environmental footprint, including responsible sourcing and energy-saving practices[35]. - The environmental policy and compliance with laws and regulations are discussed in the ESG report, highlighting the company's commitment to sustainability[119]. - No charitable donations were made by the group during the year, consistent with the previous year[170].
PACIFIC LEGEND(08547) - 2023 - 年度业绩