时代环球集团二零二三年报

2023AnnualReport CONTENTS Financial Highlights02Corporate Information04Chairman’s Statement06Management Discussion and Analysis08Corporate Governance Report15Environmental, Social and Governance Report34Directors81Report of the Directors85Independent Auditor’s Report94Consolidated Statement of Profit or Loss andOther Comprehensive Income109Consolidated Statement of Financial Position111Consolidated Statement of Changes in Equity113Consolidated Statement of Cash Flows115Notes to the Consolidated Financial Statements117Five-year Financial Summary276 FINANCIAL HIGHLIGHTS For the year ended 31 December 2023 Basic Loss per Share (including both continuing and discontinued operations)()(HK cents) FINANCIAL HIGHLIGHTS For the year ended 31 December 2023 TIMES UNIVERSAL GROUP HOLDINGS LIMITED｜ANNUAL REPORT 2023 CORPORATE INFORMATION BOARD OF DIRECTORS Executive directors Mr. Choi Yun Chor(Chairman)Mr. Chen JianMr. Tai Kwok Keung KennyMs. Hung Wang Kai Grace Independent non-executive directors Ms. Lai Cheuk Yu CherrieMr. Huang XiangyangMr. Ngok Ho Wai AUDIT COMMITTEE Mr. Ngok Ho WaiMs. Lai Cheuk Yu CherrieMr. Huang Xiangyang REMUNERATION COMMITTEE Mr. Huang XiangyangMs. Lai Cheuk Yu CherrieMr. Ngok Ho Wai NOMINATION COMMITTEE Ms. Lai Cheuk Yu CherrieMr. Huang XiangyangMr. Ngok Ho Wai COMPANY SECRETARY Mr. Wong Chi Kong CORPORATE INFORMATION AUTHORISED REPRESENTATIVES Mr. Choi Yun ChorMr. Wong Chi Kong REGISTERED OFFICE AND PRINCIPAL PLACEOF BUSINESS 78303002 Unit 3002, 30/F, Workington Tower,78 Bonham Strand East, Sheung Wan, Hong Kong AUDITORS 88 Asian Alliance (HK) CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditors8/F., Catic Plaza, 8 Causeway RoadCauseway Bay, Hong Kong SHARE REGISTRAR AND TRANSFER OFFICE 1617 Tricor Standard Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong STOCK CODE 2310 The Stock Exchange of Hong Kong Limited: 2310 www.timesuniversal.com COMPANY WEBSITE www.timesuniversal.com CHAIRMAN’S STATEMENT YEAR UNDER REVIEW The Group faced a lot of challenges from the external marketenvironment in the past year. Resulted from the slow economicrecovery, the Group still recorded a loss. However, through theefforts of the managements, the steady growth of Hotel Operationand new development of Properties Management and CateringManagement have strengthened the confidence of the Group tobecome an integrated property-related service provider andinvestor. Management will continue to pursue new projects andexpand the feature through different investment methods. Uponthe full recovery of the hospitality industry, the Group willcontinue to explore new opportunities of Hotel Operation inCanada and Properties Management and Catering Managementin the People’s Republic of China (the “PRC”). BUSINESS REVIEW 55.3%38.2%96,100,000101,600,0005.7%5,500,0008,300,00028,300,000 Revenue represents mainly the revenue from Hotel Operationand Properties Management, which account for approximately55.3% and 38.2%, respectively, of total revenue of the Groupfrom continuing operations for the year ended 31 December2023. Revenues increased by approximately 5.7% or HK$5.5million from approximately HK$96.1 million for the year ended31 December 2022 to approximately HK$101.6 million for theyear ended 31 December 2023. Such increase was mainly due tothe increase in revenue from the Properties Management. Thenet loss of the Group amounted to approximately HK$8.3 millionfor the year ended 31 December 2023, as compared toapproximately HK$28.3 million for the year ended 31 December2022. PROSPECTS 2.0%83.8%82.8%7.2% The revenue from Hotel Operation in Canada increased byapproximately 2.0% and the Hotel Operation achieved anoccupancy rate of approximately 83.8% in FY2023 (FY2022:82.8%), which was of exceptional performance as compared withits regional competitors. Meanwhile, the Properties Managementcontinues to expand its business and grow steadily in revenue,with annual increment of approximately 7.2%. With the recoveryof the PRC economy, the market potential is increasing, bringingus various business opportunities. Our management team willseize the chance and explore new business opportunitiesconstantly to deliver stable returns to our shareholders. CHAIRMAN’S STATEMENT APPRECIATION On behalf of the Board of Directors, I would like to expresssincere thanks and appreciation to our Shareholders, businesspartners, and dedicated senior management, as well as staff, fortheir continued support and valuable attributions to the Group. CHOI Yun Chor Chairman and Executive Director Hong Kong, 27 March 2024 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW Revenue and Segment Information 96,100,0005,500,0005.7%101,600,000 The revenue of the Group represents the revenue from operationof a resort in Canada (the “Hotel Operation”), propertiesmanagement (the “Properties Management”) in the People’sRepublic of China (the “PRC”) and the management of kitc