Financial Performance - The total revenue for TOM Group in 2023 decreased by 5.5% to HKD 784.446 million compared to HKD 830.121 million in 2022[6]. - The loss attributable to equity holders was HKD 221.426 million, compared to a profit of HKD 142.420 million in 2022[5]. - The group's total revenue decreased by 5.5% to HKD 784 million, primarily due to adverse foreign exchange impacts and geopolitical tensions affecting the global economic outlook[12]. - The group reported a loss of HKD 80 million for the year, compared to a profit of HKD 286 million in the previous year, primarily due to increased financing costs and reduced equity earnings[15]. - The group’s attributable loss to equity holders was HKD 221 million, a significant decline from a profit of HKD 142 million in the previous year[16]. - The net loss for the year 2023 was HKD 211,463,000, compared to a profit of HKD 185,193,000 in 2022, indicating a significant decline in performance[180]. - The total comprehensive loss for the year ended December 31, 2023, amounted to HKD 1,010,566,000[186]. Revenue Breakdown - Revenue from the media business was HKD 755.583 million, while revenue from technology platforms and investments was HKD 31.1 million[6]. - Revenue from the media business declined by 3.5% to HKD 757 million, with a segment profit of HKD 70 million[6]. - The social media business, Pixnet, generated total revenue of HKD 25 million, with a segment loss of HKD 15 million[6]. - The publishing business in Taiwan recorded total revenue of HKD 742.2 million, with a segment profit of HKD 73 million[7]. - The advertising business group reported total revenue of HKD 15 million, resulting in a segment loss of HKD 2 million due to an uncertain economic outlook[14]. E-commerce Performance - The e-commerce business, Youle, saw a 47.8% increase in transaction volume to RMB 18.107 billion in 2023[6]. - The total transaction volume for the e-commerce business operated by China Post increased by 47.8% to RMB 18.107 billion in 2023[9]. - The total transaction volume of the e-commerce company Youle, invested by the group, increased by 47.8% to RMB 18.107 billion in 2023[13]. Financial Position - The total assets of the company amounted to HKD 3,007.9 million, while total liabilities were HKD 4,298.361 million[5]. - As of December 31, 2023, the group had cash and bank balances of approximately HKD 538 million, with total credit facilities of HKD 4.52 billion, of which 81% was utilized[17]. - The group’s net current assets were approximately HKD 335 million, down from HKD 426 million the previous year, with a current ratio of 1.62[17]. - The group’s capital debt ratio increased to 154.4% as of December 31, 2023, compared to 135.6% the previous year[17]. - The group's net liabilities as of December 31, 2023, amounted to HKD 1.29 billion[191]. Impairment and Losses - The company confirmed non-cash impairment losses of approximately HKD 14 million related to Youle and HKD 8 million related to goodwill[6]. - The group confirmed a non-cash goodwill impairment of approximately HKD 8 million in the social networking segment due to a challenging market environment[13]. - The impairment provision for goodwill as of December 31, 2023, is HKD 8 million, with the carrying amount of goodwill related to the publishing business group being HKD 500.2 million after impairment[166]. Investments - WeLab, a fintech investment, has over 60 million users and facilitated over USD 13 billion in loans, with TOM Group holding an 8.03% stake[9]. - TOM Group's investment in Miaoying Technology has positioned it as a leading ESG data provider in Asia, with a 6.22% stake held by TOM Group[9]. - The investment in WeLab resulted in an unrealized loss of HKD 150.19 million, with no realized gains or dividends received during the same period[21]. Corporate Governance - The board of directors did not recommend the distribution of dividends for the year[37]. - The company has no stock option plans as of the report date[46]. - The board of directors includes 3 independent non-executive directors, confirming their independence according to the listing rules[44]. - The company has established a Nomination Committee to review the board's structure, size, diversity, and member capabilities, ensuring alignment with corporate strategy and shareholder value[133]. - The board consists of seven directors, including the chairman, CEO, two non-executive directors, and three independent non-executive directors, meeting the requirement of one-third independent directors as per listing rules[83]. Risk Management - The company has adopted a risk management framework aligned with the COSO framework, which systematically identifies, assesses, and manages risks, including sustainability and cyber risks[114]. - The audit committee reviews the comprehensive risk register and risk management reports biannually to ensure effective systems are in place[114]. - The group has implemented a rigorous compliance procedure for legal and regulatory matters, ensuring adherence to local and international laws[117]. Employee and Compensation - The total employee cost for the year, excluding director remuneration, was HKD 308 million, with approximately 1,200 full-time employees as of December 31, 2023[24]. - The group emphasizes competitive compensation and benefits for employees, including medical insurance and retirement funds[24]. - The remuneration for directors and senior management is based on their industry expertise, the group's performance, and comparisons with local and international companies[141]. Sustainability and Corporate Social Responsibility - The group aims to achieve specific environmental targets by 2025, including reducing its operational environmental footprint[154]. - The group has established a Human Rights Policy and emphasizes the importance of diversity, training, and development in its workplace[155]. - The group integrates sustainability into its risk management approach, conducting formal reviews of significant sustainability risks every six months[156]. Shareholder Communication - The company emphasizes transparency and investor relations, providing various communication channels for shareholders and stakeholders[144]. - The company has a shareholder communication policy to ensure timely and fair access to information for all shareholders[125]. - The audit committee regularly reviews the effectiveness and compliance of the shareholder communication policy, which was updated in December 2022 and reviewed again in December 2023[149].
TOM集团(02383) - 2023 - 年度财报