Financial Performance - Revenue for the year ended December 31, 2023, was HKD 332,034,000, representing a 2.8% increase from HKD 323,028,000 in 2022[59]. - Profit attributable to owners of the company decreased by 16.5% to HKD 69,529,000 from HKD 83,265,000 in the previous year[59]. - Basic earnings per share fell by 17.0% to HKD 0.73 compared to HKD 0.88 in 2022[59]. - The group reported a profit before tax of HKD 90,765,000, slightly down from HKD 91,819,000 in the prior year[70]. - Total comprehensive income for the year was HKD 5,238,000, a recovery from a loss of HKD 52,366,000 in 2022[71]. - The group reported a decrease in other income to HKD 5,414,000 from HKD 8,152,000 in the previous year[70]. - The group’s financing costs decreased to HKD 49,176,000 from HKD 54,616,000 in the prior year[70]. - The net profit attributable to the owners of the company decreased by approximately HKD 13,736,000 or 16.5% to HKD 69,529,000, primarily due to a reduction in impairment reversals and an increase in tax expenses[128]. - The net profit margin decreased by 4.9% to 20.7%, while the EBITDA margin decreased by 1.1% to 66.1% for the year ended December 31, 2023[119]. Assets and Liabilities - As of December 31, 2023, the group's current liabilities exceeded current assets by approximately HKD 158,851,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[38]. - Current liabilities primarily consisted of amounts payable for construction, plant, and equipment, totaling approximately HKD 77,256,000, down from HKD 142,966,000 as of December 31, 2022[39]. - The group’s total current liabilities amounted to HKD 304,698,000, a decrease from HKD 543,941,000 in the previous year[46]. - Non-current liabilities totaled HKD 329,866,000, compared to HKD 289,550,000 in the previous year, reflecting an increase of approximately 13.9%[48]. - The group's total assets less current liabilities stood at HKD 2,061,722,000, slightly up from HKD 2,016,168,000 in the previous year[46]. - The net asset value was reported at HKD 1,731,856,000, showing a marginal increase from HKD 1,726,618,000 year-on-year[48]. - The group’s total non-current assets were valued at HKD 2,220,573,000, down from HKD 2,367,579,000 in the previous year, indicating a decrease of approximately 6.2%[46]. - The group’s current assets totaled HKD 145,847,000, a decrease from HKD 192,530,000 in the previous year, reflecting a decline of approximately 24.2%[46]. Capital Expenditures - The group incurred capital expenditures of approximately HKD 1,945,000 for natural gas exploration, production, and distribution, with a significant portion (approximately HKD 992,000) covered by China National Petroleum Corporation[7]. - The group’s capital expenditure increased to HKD 30,829,000 for the year ended December 31, 2023[75]. - The company incurred costs of approximately HKD 30,829,000 for property, plant, and equipment in 2023, significantly higher than HKD 7,595,000 in 2022[107]. Segment Performance - The group recorded no revenue from the food and beverage segment in 2023 and 2022, with a pre-tax segment loss of approximately HKD 410,000 in 2023 (2022: approximately HKD 509,000) due to a planned reduction in reliance on this segment[2]. - For the year ended December 31, 2023, the revenue from gas exploration, production, and distribution in China was HKD 332,034,000, an increase from HKD 323,028,000 in 2022[79]. - The segment profit before tax for the year ended December 31, 2023, was HKD 113,979,000, down from HKD 117,736,000 in 2022[84]. - The reported segment profit before tax for the gas exploration, production, and distribution segment was HKD 118,413,000, while the total reported segment profit was HKD 117,736,000[77]. Governance and Compliance - The group has maintained compliance with public shareholding requirements as stipulated by listing rules during the reporting period[17]. - The audit committee consists of three independent non-executive directors, with two members holding recognized professional accounting qualifications[21]. - The consolidated financial statements for the year ending December 31, 2023, have been reviewed by the audit committee and are deemed to comply with applicable accounting standards and regulations[21]. - The audit committee has adopted a scope of authority consistent with corporate governance guidelines[21]. - The company is actively seeking to appoint a female director to comply with the new diversity requirements by December 31, 2024[33]. Risk Management - The group has not established any derivative contracts to mitigate foreign exchange risks during the year, but management will closely monitor foreign currency risks and consider hedging if necessary[6]. - The group has not established an internal audit function during the reporting period, but will review the appropriateness and effectiveness of its risk management and internal control systems[19]. - The group has no significant contingent liabilities as of December 31, 2023[168]. Future Outlook - The group will continue to evaluate the value and performance of the food and beverage segment and will review resource allocation as needed based on economic conditions[12]. - The group’s cash flow forecasts are based on several assumptions, including financial support from the largest shareholder, UK Woburn, if the company cannot meet its obligations[40]. - Management will continue to seek additional debt and/or equity financing to improve the company's financial condition and liquidity[174]. - The company anticipates sufficient operating funds to meet its financial obligations within 12 months from December 31, 2023, based on several assumptions including financial support from its largest shareholder[170]. Miscellaneous - There were no significant events affecting the group from the end of the reporting period until the date of this announcement[18]. - The company has not entered into any significant external guarantees or contracts that would generate profit or loss during the reporting period[15][16]. - The company has not disclosed any material contracts or arrangements that require reporting under the listing rules[29]. - The company did not declare any dividends for the year ended December 31, 2023, consistent with 2022[91]. - The company has not experienced any bankruptcy restructuring during the reporting period[28]. - The company has not purchased, redeemed, or sold any of its listed securities during the reporting period[184].
中能控股(00228) - 2023 - 年度业绩