Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 10,422,620, representing a 26% increase from HKD 8,272,122 in the previous year[2]. - The cost of sales for the same period was HKD 10,156,477, up from HKD 8,312,472, resulting in a gross profit of HKD 266,143 compared to a loss of HKD 40,350 in the prior year[2]. - The net loss for the year was HKD 371,251, an improvement from a loss of HKD 513,040 in the previous year[3]. - The company reported a basic loss per share of HKD 0.298, compared to HKD 0.358 in the previous year, indicating a reduction in losses per share[3]. - The total comprehensive loss for the year was HKD 348,833, compared to HKD 513,426 in the previous year, reflecting an overall improvement[3]. - The total revenue for 2023 reached HKD 10,422,620, an increase of 26% compared to HKD 8,272,122 in 2022[38]. - Construction contract revenue was HKD 7,782,591, up from HKD 6,305,274, representing a growth of 23.5%[38]. - Sales from property development increased to HKD 2,638,670, a rise of 34.4% from HKD 1,964,774 in the previous year[38]. - The adjusted segment loss for 2023 was HKD (46,680), significantly improved from HKD (183,993) in 2022[36]. - The gross profit margin for the reporting period was approximately 2.6%, a significant improvement from -0.5% in the previous year[110]. Assets and Liabilities - Total assets as of December 31, 2023, were HKD 11,121,372, down from HKD 12,179,430 in the previous year[6]. - As of December 31, 2023, the total equity amounted to HKD 2,826,962,000, a decrease of 10.8% from HKD 3,168,251,000 in 2022[8]. - The total liabilities decreased to HKD 8,294,410,000, down 7.9% from HKD 9,011,179,000 in the previous year[8]. - The group has total borrowings of HKD 5,048,518,000 as of December 31, 2023, down from HKD 6,118,203,000 in 2022[69]. - The group’s net book value of unsold development properties is HKD 1,538,858,000, a decrease from HKD 2,974,381,000 in 2022, which are pledged as collateral for bank loans[68]. - The total amount of other receivables decreased to HKD 280,658,000 in 2023 from HKD 739,883,000 in 2022, a decline of approximately 62%[55]. Cash Flow and Financing - The company’s cash and cash equivalents amounted to HKD 1,604,091, an increase from HKD 1,506,649 in the previous year[5]. - The company has outstanding borrowings of HKD 5,048,518,000, with HKD 3,979,159,000 classified as current liabilities[14]. - A three-year term loan of HKD 546,000,000 was established to refinance existing borrowings[18]. - The company plans to repay HKD 68,570,000 of borrowings after December 31, 2023, and expects to fully repay the remaining borrowings by April 2024[18]. - The group has projected a net expected cash flow of approximately HKD 15.4 billion from construction contracts that are in progress as of December 31, 2023[19]. - The group is seeking alternative financing and borrowing to cover existing financial obligations and future operating expenses[20]. - The group has received waivers from lenders regarding certain financial covenants until December 31, 2024[18]. Business Strategy and Market Outlook - The company plans to focus on market expansion and new product development to drive future growth[2]. - The company plans to expand its operations in Southeast Asia, focusing on new projects and partnerships[38]. - The group plans to utilize a three-year term loan of HKD 546,000,000 to refinance existing syndicated loans[70]. - The group aims to maintain its competitive position in the HDB market while exploring other construction project bidding opportunities[119]. - The Singapore construction industry is expected to remain vibrant, with projected annual construction demand reaching SGD 31 billion to SGD 38 billion from 2025 to 2028, with 55% of this demand coming from public sector tenders[119]. Segment Performance - The segment "Building and Construction - Hong Kong and Macao" generated external sales of HKD 3,433,430,000, while "Property Development - Singapore and Southeast Asia" contributed HKD 4,350,520,000[30]. - Revenue from a single external customer in the "Building - Singapore and Southeast Asia" segment was approximately HKD 3,190,683,000, accounting for 31% of the total group revenue, up from 27% in the previous year[32]. - The segment "Property Development - Hong Kong" reported external sales of HKD 2,638,670,000, contributing to the overall growth in property development revenue[30]. Compliance and Governance - The company has adhered to the corporate governance code as per the listing rules throughout the reporting period[139]. - The board of directors confirmed compliance with the standards for securities trading during the entire reporting period[140]. - The audit committee reviewed the accounting principles and practices adopted by the group and discussed financial reporting matters[141]. - The group's auditor confirmed that the figures in the preliminary announcement align with the audited consolidated financial statements for the year ending December 31, 2023[143]. Future Projects and Developments - The group plans to construct approximately 172,000 public housing units in the first five years from 2024 to 2029, including "modular housing"[124]. - The group aims to provide around 500,000 new housing units in the future through the development of the "Northern Metropolis" area[124]. - The group has successfully secured three public housing construction projects in Singapore, including Punggol North Contract 15, Choa Chu Kang Neighbourhood 8 Contract 12, and Bukit Batok Neighbourhood 4 Contract 26[79].
青建国际(01240) - 2023 - 年度业绩