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]
LET GROUP(01383) - 2022 - 年度财报