2023 年 報 WWW.LETGROUPHOLDINGS.COM 2023 ANNUAL REPORT 年報 WWW.LETGROUPHOLDINGS.COM ai1752032624315_1383 LET Group 2023AR-Cover-31.8mm output.pdf 1 9/7/2025 11:43:45 目錄 | 公司資料 | 2 | | --- | --- | | 集團財務概要 | 3 | | 主席報告 | 5 | | 管理層討論及分析 | 7 | | 物業組合概覽 | 36 | | 董事及高級管理層之履歷 | 37 | | 董事會報告 | 40 | | 企業管治報告 | 60 | | 環 境、社 會 及 管 治 報 告 | 75 | | 獨立核數師報告 | 96 | | 綜合損益及其他全面收益表 | 101 | | 綜合財務狀況表 | 104 | | 綜合權益變動表 | 107 | | 綜合現金流量表 | 109 | | 綜合財務報表附註 | 112 | ANNUAL REPORT 2023 1 LET Group Holdings Limited 2023年年度報告 公司資料 董事會 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 LET GROUP HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1383） 截 至2024年12月31日止年度之 年度業績公告及繼續停牌 財務摘要 LET Group Holdings Limited（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2024年12月31日止年度的綜合業績。 – 1 – – 持續經營業務之總收入增加12%至 約414,505,000港 元（2023年： 約 369,127,000港元） – 持續經營業務之毛利增加36%至 約239,756,000港 元（2023年：約176,103,000 港元） – 2024年本公司權益持有人應佔年內溢利約54,736,000港 元（2023年：約 278,468,000港元） – ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 LET GROUP HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1383） 截 至2023年12月31日止年度之 年度業績公告 及 繼續停牌 財務摘要 LET Group Holdings Limited（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2023年12月31日止年度的綜合業績。 – 1 – – 持續經營業務之總收入減少1%至 約369,127,000港 元（2022年： 約 372,306,000港元） – 持續經營業務之毛利增加2%至 約176,103,000港 元（2022年：約173,360,000 港元） – 2023年本公司權益持有人應佔年內溢利約278,468,000港 元（2022年：本 公 司權益持有人應佔年內虧損約1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對就因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 LET GROUP HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1383） 截 至2024年6月30日止六個月中期業績公告及繼續停牌 財務摘要 LET Group Holdings Limited（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2024年6月30日止六個月之未經審核簡明綜合 中 期 業 績 連 同 比 較 數 字 及 節 選 解 釋 附 註，乃 按 照 香 港 會 計 師 公 會 頒 佈 之 香 港 財 務報告準則編製，並已由本公司審核委員會審閱： – 1 – – 來自持續經營業務之總收入增加4.4%至 約189,910,000港 元（截 至2023年6 月30日止六個月：約181,974,000港元） – 來自持續經營業務之毛利增加25.7%至 約102,267,000港 ...

智通财经APP讯，LET GROUP(01383)发布公告，本集团预期于截至2024年12月31日止年度取得股东应 占未经审核亏损约2.156亿港元，而截至2023年12月31日止年度(2023年全年)取得股东应占未经审核溢利 约5870万港元。 (iii)于报告期并无物业、经营权及设备的一次性减值亏损，而于2023年全年则取得减值亏损约4.39亿港 元(其中股东应占约3.06亿港元); (iv)于报告期取得应占一间合营公司溢利约9.57亿港元(2023年：应占一间合营公司溢利约1.12亿港元)， 乃由于非现金应占一间合营公司溢利约2.34亿港元，即拨回过往年度确认的应占一间合营公司亏损;及 非现金应占一间合营公司溢利约7.23亿港元，即自愿解散一间合营公司(解散)前变现一间合营公司资产 及其负债的收益。于2024年12月9日解散后，于报告期取得非现金亏损约7.33亿港元，即终止确认一间 合营公司的投资成本及账面值; (v)于报告期并无取得一次性其他收益，而于2023年全年则取得提早偿还一间合营公司贷款的一次性收 益约9840万港元及没收出售物业按金的一次性收益约3970万港元;及 (vi)报告期内取得汇兑亏 ...

智通财经APP讯，LET GROUP(01383)发布公告，有关由星将有限公司(公司间接全资附属公司)向金曜企业有限公司(由星将及Alpha Era Investments Limited各自拥有50%权益)垫付本额为3000万美元的贷款;及有关金曜偿还欠付星将部分未偿股东贷款及应计利息，合计约1.15亿美元(相当于约8.95亿港元)。于2024年4月18日，金曜已偿还欠付星将余下未偿还无息股东贷款，合计约3120万美元(相当于约2.43亿港元)。 进一步还款后及于本公告日期，金曜并无任何应付星将的未偿还股东贷款。根据香港会计准则，预期集团将取得应占一间合营公司溢利，指来自进一步还款产生确认过往年度应占合营公司亏损拨回，惟有待审核。 公司正研究解散集团拥有50%权益合营公司金曜的可行性，而集团及Alpha Era将于完成有关解散后平均分配任何剩余资产。根据香港会计准则，将由集团收取的剩余资产(倘有)将视作溢利处理，惟有待审核。 公司股份继续停牌。 ...

Project Development - LET Group Holdings Limited is focused on developing the Westside City project in the Philippines, aiming to create a world-class integrated resort by the end of 2024[6]. - The company is developing a five-star hotel and entertainment complex in Manila, Philippines, with operations expected to commence in 2024[21]. - The Westside City project in the Philippines is expected to commence trial operations by the end of 2024 and officially open in 2025, with significant construction progress reported[127]. - The Westside City project will feature shopping malls, cinemas, restaurants, and approximately 2,000 parking spaces upon completion[128]. - The Hoi An South integrated resort in Vietnam has completed the first phase of its $4 billion development project, which includes 1,000 acres of land[130]. - The company is currently in the preliminary planning stages for multiple land projects in Japan, including 40 villas and a hotel with over 100 rooms[138]. Financial Performance - For the first half of 2023, the company reported a profit attributable to equity holders of HKD 584.7 million, a significant increase from a loss of HKD 253.0 million in the same period of 2022[17]. - The adjusted EBITDA from continuing operations for the first half of 2023 was approximately HKD 21.0 million, down from HKD 50.6 million in the first half of 2022[17]. - The total revenue from continuing operations for the first half of 2023 was approximately HKD 190.9 million, a slight increase of 0.3% from HKD 190.4 million in the same period of 2022[21]. - The company recorded a significant increase in the share of profit from an associate, amounting to HKD 124,136,000, compared to a loss of HKD 160,331,000 in the previous year[148]. - Total comprehensive income for the period was HKD 593,488,000, a turnaround from a loss of HKD 451,194,000 in the same period last year[150]. - The company’s total comprehensive income attributable to shareholders for the six months ended June 30, 2023, was HKD 490,567,000, compared to a loss of HKD 575,115,000 in the same period of 2022, representing a significant recovery[153]. Debt and Financing - The company has successfully restructured its balance sheet to reduce debt and secured significant financing from a local financial institution, enhancing stakeholder confidence[7]. - The group’s debt ratio was approximately 7.6% as of June 30, 2023, a significant decrease from 29.3% as of December 31, 2022[44]. - The company’s financing costs were approximately HKD 28.7 million, significantly reduced from HKD 111.0 million in the previous year[20]. - The group provided loans to a joint venture totaling approximately USD 64.96 million (equivalent to about HKD 507.09 million) to support the development of the integrated resort project[30]. - The group has a five-year loan from its direct holding company amounting to USD 6.0 million (approximately HKD 47.0 million) at a fixed interest rate of 5.5% per annum as of June 30, 2023[40]. - The company raised approximately HKD 48.68 million from the placement of 269 million new shares at HKD 0.186 per share, representing about 3.88% of the issued share capital post-placement[52][56]. Market and Operations - The company is optimistic about the future development of the Westside City project, bolstered by strong support from guests, partners, and stakeholders[13]. - The group is dedicated to delivering exceptional travel products and personalized services, which are crucial for its success[13]. - The group is engaged in developing and operating a major hotel and entertainment complex in the Philippines through Suntrust Group[70]. - The group is also engaged in business development in Japan and market management in China[70]. - The Manila gaming market has a substantial growth potential, with a pre-pandemic compound annual growth rate (CAGR) exceeding 24%[135]. - The Philippines is identified as the preferred development region for the company, with the Westside City project expected to yield the highest potential returns compared to other integrated resorts[134]. Employee and Operational Costs - Employee costs for the first half of 2023 amounted to approximately HKD 97.2 million, compared to HKD 78.3 million for the same period in 2022, representing a year-on-year increase of about 24%[66]. - The group had approximately 1,071 employees, a slight decrease from 1,079 employees as of December 31, 2022[66]. - The company’s operational expenses for the six months ending June 30, 2023, were HKD 138,055 thousand, which is a significant increase from HKD 83,363 thousand in the same period of 2022[195]. Strategic Initiatives - The group is committed to diversifying its business and exploring new opportunities in regions with the most favorable returns, despite ongoing political instability in Russia[12]. - The newly established LETX Lifestyle brand aims to provide customized travel products and services, targeting a younger demographic with a focus on quality[9]. - The group emphasizes a core value of leisure, entertainment, and taste, integrating modern and traditional luxury in its offerings[10]. - The company is exploring strategic acquisitions to bolster its market position and expand its service offerings[192]. - The company is taking a conservative investment approach in Russia due to unpredictable geopolitical tensions[132]. Regulatory and Compliance - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which are expected to impact the annual consolidated financial statements[180]. - The group reported that there are no significant impacts on the interim consolidated financial statements due to the adoption of the revised standards[183]. - The company is subject to compliance with CRA reserve regulations as part of the loan agreement with Suntrust[90]. Revenue Streams - The revenue from the group's gaming and hotel operations in the Russian Federation accounted for 95.3% of total revenue from continuing operations in the first half of 2023, compared to 93.4% in the same period of 2022[39]. - The total gaming turnover for the mass market increased by 9% from HKD 354 million in the first half of 2022 to HKD 385 million in the first half of 2023[105]. - The net gaming revenue from slot machines was approximately HKD 90 million, an increase of 8% compared to HKD 83 million in the first half of 2022[106]. - The company reported a total income from hotel operations of HKD 190,918,000 for the first half of 2023, compared to HKD 190,445,000 in 2022, showing a marginal increase of 0.25%[191].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對就因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 LET GROUP HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1383） 截 至2023年6月30日止六個月中期業績公告 財務摘要 – 來自持續經營業務之總收入增加0.3%至 約190,918,000港 元（截 至2022年6 月30日止六個月：約190,445,000港元） – 來自持續經營業務之毛利減少8.5%至 約85,871,000港 元（截 至2022年6月30 日止六個月：約93,798,000港元） – 截 至2023年6月30日止六個月本公司權益持有人應佔期內溢利約 584,655,000港 元（截 至2022年6月30日止六個月：本公司權益持有人應佔期 內虧損約252,965,000港元） – 截 至2023年6月30日止六個月本公司股東應佔每股基本盈利6.58港 仙（截 至2022年6月30日止六個月：本公司股東應佔每股基本虧損5.80港仙） ...

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 394.34 million, an increase of 33.9% from HKD 294.31 million in 2021[5] - The company recorded a net loss of HKD 206.67 million for the year, a significant improvement from a loss of HKD 469.40 million in 2021[5] - The adjusted EBITDA from continuing operations was approximately HKD 77.5 million for 2022, compared to a negative HKD 13.3 million in 2021[20] - The comprehensive adjusted EBITDA for continuing operations was HKD 77.5 million in 2022, a significant improvement from a loss of HKD 13.3 million in 2021[24] - The group recorded a loss attributable to equity holders of approximately HKD 138.4 million for the year ended December 31, 2022, a decrease from a loss of HKD 258.3 million for the year ended December 31, 2021[20] - The group’s financing costs amounted to approximately HKD 195.1 million, and the share of losses from a joint venture was about HKD 160.9 million[21] - The company reported a net loss of HKD 206.7 million for the year, a reduction from a loss of HKD 469.4 million in 2021[24] Assets and Liabilities - Non-current assets decreased to HKD 5.41 billion in 2022 from HKD 5.62 billion in 2021, reflecting a decline of 3.7%[6] - Current liabilities decreased to HKD 1.32 billion in 2022 from HKD 2.02 billion in 2021, a reduction of 34.7%[6] - The company’s equity attributable to owners decreased to HKD 3.03 billion in 2022 from HKD 3.44 billion in 2021, a decline of 11.9%[6] - As of December 31, 2022, the group had total liabilities of approximately HKD 628.4 million in bonds payable, which was not present in the previous year[63] - The debt ratio as of December 31, 2022, was approximately 29.3%, down from 43.4% as of December 31, 2021[66] Development Projects - The company plans to focus on the Westside City project in the Philippines as its primary development initiative moving forward[9] - The Westside City project is a key focus, expected to introduce a unique five-star hotel and a comprehensive retail and entertainment experience in Manila[12] - The group aims to establish a world-class integrated resort in the Philippines, capitalizing on the growing demand for quality travel and entertainment experiences[11] - The company is developing a five-star hotel and entertainment complex in Manila, Philippines, expected to commence operations in 2024[29] - The Westside City project will feature a shopping mall, cinema, restaurants, and approximately 2,000 additional parking spaces upon completion[124] - The Westside City project in the Philippines is set to begin trial operations by the end of 2024 and grand opening in 2025, with the construction of the hotel tower currently underway[123][130] Joint Ventures and Loans - The company has provided a total of $34,045,000 in loans (approximately HKD 263,849,000) under Loan B, with an annual interest rate of 1.5% and a repayment period of five years from the drawdown date[35] - The company has advanced $30,000,000 (approximately HKD 232,500,000) under Loan C, which carries an annual interest rate of 14% and is due for repayment 12 months after the drawdown date, extendable to February 28, 2022[35] - As of December 31, 2022, the company has not received any repayment of principal or interest on Loan C from the joint venture partner, indicating a significant deterioration in the joint venture's financial performance[39] - The company's ability to recover Loans A, B, and C largely depends on the financial performance of the Hoi An South Integrated Resort, which is the sole source of income for the joint venture partner[40] - The company recognized a loss from impairment of loans to a joint venture amounting to HKD 17.6 million in 2022[24] - The company recorded a share of losses from a joint venture amounting to approximately HKD 160.9 million for the year 2022, compared to HKD 438.0 million in 2021[54] Market Conditions and Future Outlook - The company aims to optimize asset allocation to enhance growth opportunities in the Philippine market[9] - The group has identified significant growth potential in the Philippines compared to more mature gaming markets in Asia[11] - The local customer base in the Philippines contributes over one-third of the gaming revenue, providing a stable source of clientele[11] - The ongoing travel restrictions and quarantine measures in Vietnam have significantly affected the resort's operations and revenue generation capabilities[40] - The projected future revenue and cash inflows for the integrated resort project have been revised downwards due to the ongoing impact of COVID-19 on the Southeast Asian tourism and gaming industry[45] - The company remains optimistic about the future performance of the Hoi An South Integrated Resort despite the current challenges posed by the pandemic[38] Employee and Operational Changes - As of December 31, 2022, the group had 1,079 employees, a decrease from 1,103 employees as of December 31, 2021, reflecting a reduction of approximately 2.2%[78] - Total employee costs for the year ended December 31, 2022, amounted to approximately HKD 169.0 million, down from HKD 212.0 million in 2021, representing a decrease of about 20.2%[78] Shareholder Information - The company’s major shareholder, Mr. Lu, holds 4,999,694,857 shares, representing 74.98% of the issued share capital as of December 31, 2022[167] - Mr. Lu also has beneficial ownership of 40,000,000 share options, exercisable at HKD 0.455 per share[168] - Major Success holds a total of HKD 4,999,694,857 shares, representing 74.98% of the issued share capital as of December 31, 2022[175] Compliance and Governance - The board of directors has confirmed the independence of all independent non-executive directors[165] - The company has sufficient public float in compliance with the listing rules as of the report date[179] - The company has not reported any new strategies related to market expansion or acquisitions in the current report[158]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 LET GROUP HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1383） 截 至2022年12月31日止年度之年度業績公告 財務摘要 – 持續經營業務之總收入增加34%至 約394,340,000港 元（2021年： 約 294,308,000港元） – 持續經營業務之毛利增加113%至 約185,117,000港 元（2021年：約86,724,000 港元） – 2022年本公司權益持有人應佔年內虧損約138,362,000港 元（2021年：約 258,265,000港元） – 2022年本公司股東應佔每股基本虧損6.13港 仙（2021年：7.91港仙） LET Group Holdings Limited（「本公司」），前 稱 太 陽 城 集 團 控 股 有 限 公 司 董 事 會（「董 事 會」）欣 ...