Financial Performance - The net profit attributable to the owners of the company for the year ended December 31, 2023, was HKD 47 million, a decrease of HKD 71 million compared to HKD 118 million in 2022, representing a decline of approximately 60%[2] - Total revenue for the year was HKD 606,035 thousand, a slight decrease of 1.1% from HKD 612,687 thousand in the previous year[2] - The gross profit margin decreased significantly, with gross profit amounting to HKD 193,789 thousand, down from HKD 279,912 thousand, indicating a decline of approximately 30.7%[2] - The company reported a loss before tax of HKD 16,154 thousand, compared to a profit of HKD 688,444 thousand in 2022, marking a substantial shift in performance[2] - The total comprehensive loss for the year was HKD 25,916 thousand, a stark contrast to a comprehensive income of HKD 502,828 thousand in 2022[5] - Basic loss per share for 2023 was HKD 45,018,000, compared to a profit of HKD 258,021,000 in 2022[19] - Total financial costs increased to HKD 63,175,000 in 2023, up from HKD 27,359,000 in 2022[18] - The overall profit for the year decreased primarily due to increased hotel operating costs, startup expenses, maintenance costs, financial costs, and income tax expenses[28] Revenue Breakdown - Hotel operating revenue increased to HKD 488,325,000 in 2023, up 5.5% from HKD 462,692,000 in 2022[11] - Property rental income decreased to HKD 117,665,000, down 21.5% from HKD 149,953,000 in 2022[11] - Revenue from Hong Kong operations was HKD 566,077,000, a slight increase from HKD 559,045,000 in 2022[17] - Hotel business revenue increased by 5% to HKD 488 million for the year ended December 31, 2023, compared to HKD 463 million in 2022[25] - Total revenue for the hotel group increased by 3% from HKD 439 million to HKD 452 million, driven by higher room rates and occupancy rates[30] Assets and Liabilities - Non-current assets decreased to HKD 9,485,741 thousand from HKD 9,579,244 thousand, a reduction of approximately 1%[7] - Current liabilities decreased to HKD 288,034 thousand from HKD 229,351 thousand, indicating an increase of approximately 25.6%[7] - The total debt of the group as of December 31, 2023, was HKD 1,075 million, a decrease from HKD 1,102 million in 2022, with a debt-to-equity ratio of 7%[32] Operational Highlights - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the year[9] - The group’s trade receivables increased to HKD 23,880,000 in 2023, compared to HKD 23,573,000 in 2022[20] - Trade payables rose to HKD 53,957,000 in 2023, compared to HKD 61,377,000 in 2022[21] - The group has maintained a high occupancy rate across its hotels in Hong Kong, despite operational cost increases due to labor shortages[34][36] Future Outlook - The group expects the number of overnight visitors to Hong Kong to continue rising in 2024, benefiting from the government's budget to promote tourism[36] - The group is facing challenges in hotel and rental income due to the weak Chinese economy and the impact of the US-China trade war on international trade companies[36][37] Employee and Dividend Information - The company will not recommend a final dividend for the year ended December 31, 2023, due to the financial performance[22] - The company has a total of 562 employees as of December 31, 2023, up from 387 in 2022, indicating growth in workforce[32] Property Acquisitions and Renovations - The group acquired the Glamour Bay Hotel in December 2023, which has 435 rooms and a total area of 216,314 square feet[34] - The group has completed significant renovations and reopened the Glamour Bay Hotel and Shanghai Huamei International Hotel in August 2023[34] - The group plans to purchase properties for a total consideration of HKD 207 million, which includes multiple residential parking spaces[39][40] Market Conditions - In 2023, approximately 17 million overnight visitors came to Hong Kong, with about 12 million from China, compared to 23 million in 2019 before the pandemic[34] - The rental income from the Royal Scot Hotel in London is expected to rise, linked to the UK retail price index, which has been at a 40-year high[35] - The Royal Scot Hotel in London maintained a valuation of GBP 88.5 million, with rental income for the year remaining stable at GBP 3.546 million[30]
顺豪控股(00253) - 2023 - 年度业绩