Financial Performance - For the year ended December 31, 2023, the total revenue was HKD 479,453,000, a decrease of 9.9% from HKD 532,358,000 in 2022[2] - The gross loss for the year was HKD 19,845,000 compared to a gross profit of HKD 60,069,000 in the previous year[2] - The net loss attributable to the owners of the company was HKD 1,966,236,000, significantly higher than the loss of HKD 201,699,000 in 2022, representing an increase of 873.5%[3] - The total comprehensive loss for the year was HKD 2,052,353,000, compared to a total comprehensive loss of HKD 212,775,000 in 2022[3] - The basic loss per share for the year was HKD 20.65, compared to HKD 2.12 in the previous year[3] - The group reported a net loss of approximately HKD 2,053,255,000 for the year ended December 31, 2023, compared to a net loss of HKD 151,108,000 in 2022[17] - The group reported a significant operating loss of HKD 2,268,922,000 for the year ended December 31, 2023[26] - The company’s EBITDA for the year was approximately HKD (2,108.96) million, resulting in an EBITDA margin of (440%) compared to 48.9% in the previous year[48][49] Assets and Liabilities - Non-current assets decreased to HKD 1,009,631,000 from HKD 3,117,902,000 in 2022, a decline of 67.6%[4] - Current liabilities increased to HKD 1,963,051,000 from HKD 1,824,863,000 in 2022, an increase of 7.6%[5] - Current liabilities exceeded current assets by approximately HKD 1,360,246,000 as of December 31, 2023, compared to HKD 1,101,658,000 in 2022[17] - Total assets for the group as of December 31, 2023, amounted to HKD 1,612,436,000, a decrease from HKD 3,841,107,000 in 2022[27] - Total liabilities for the group as of December 31, 2023, were HKD 2,937,673,000, down from HKD 3,113,991,000 in 2022[27] - The current ratio decreased from approximately 0.4 times in 2022 to about 0.31 times in 2023[53] - Total liabilities were approximately HKD 2,937.7 million in 2023, compared to HKD 3,114.0 million in 2022, resulting in a debt-to-asset ratio of approximately 182.2%[53] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 27,245,000 from HKD 17,607,000 in 2022, an increase of 54.5%[4] - Cash and cash equivalents were only HKD 27,245,000 as of December 31, 2023, indicating significant liquidity concerns[17] - The group plans to negotiate refinancing with existing lenders to meet financial obligations[18] - As of December 31, 2023, the group had approximately HKD 1,040,376,000 in unused bank financing available for withdrawal between 2024 and 2028[19] Impairment and Adjustments - The company reported a significant impairment loss on property, plant, and equipment amounting to HKD 1,001,035,000[2] - The company recorded impairment losses of approximately HKD 792.2 million on right-of-use assets and HKD 50.9 million on goodwill and related intangible assets for the year ended December 31, 2023[41] - The company recognized goodwill impairment losses of approximately HKD 51 million and HKD 36 million for the years ended December 31, 2023, and 2022, respectively[66] - The impairment losses for intangible assets were approximately HKD 29 million for the year ended December 31, 2023, and zero for the previous year[66] - The company recognized expected credit loss impairment of approximately HKD 108 million and HKD 17 million for the years ended December 31, 2023, and 2022, respectively[68] Operational Performance - The company operates primarily in the data center services sector[7] - Revenue from data center services decreased to HKD 436,272,000 in 2023 from HKD 484,357,000 in 2022[21] - The utilization rate of the group's self-built data centers was approximately 22.3% as of December 31, 2023, down from 28.9% in 2022, primarily due to the negative impact of the COVID-19 pandemic[39] - The total number of server cabinets in operation as of December 31, 2023, was 12,792, with an additional 19,842 under construction, totaling 32,634 cabinets[38] - The average service fee per server cabinet and average gross margin (excluding depreciation) in the five-year cash flow forecast increased by approximately 31.84% and 16.00%, respectively, compared to the previous year's forecast[42] Shareholder and Management Support - Major shareholder Dr. Hoi Kwan has committed to providing ongoing financial support to the group for the next 19 months[19] - The group expects to maintain its ability to continue as a going concern for the next twelve months[18] Regulatory and Accounting Changes - The application of the revised Hong Kong Financial Reporting Standards (HKFRS) has been mandatory since January 1, 2023, impacting the preparation of consolidated financial statements[8] - The group did not declare or recommend any dividends for the years ended December 31, 2023, and 2022[33] - The independent auditor's report indicated significant uncertainties regarding the group's ability to continue as a going concern due to its financial position[62]
中国新电信(08167) - 2024 - 年度业绩