Financial Performance - Property sales amounted to RMB 27.65 billion in 2023, a decrease of 34.4% from RMB 42.02 billion in 2022[4] - Property delivery revenue reached RMB 31.65 billion in 2023, down 7.4% from RMB 34.20 billion in 2022[4] - The company reported a loss attributable to shareholders of HKD 3.96 billion in 2023, compared to a profit of HKD 0.50 billion in 2022[6] - Total revenue for the year ended December 31, 2023, was HKD 13,075,348,000, a decrease from HKD 17,155,976,000 in 2022, representing a decline of approximately 23.5%[40] - The company reported a total loss of HKD (3,760,547,000) for the year, compared to a profit of HKD 458,612,000 in the previous year[40] - The group reported total income of HKD 13,000,936 thousand in 2023, compared to HKD 17,073,281 thousand in 2022, reflecting a decline of around 24%[31] - The group’s total equity decreased by approximately 15% from the previous year, primarily due to reduced reserves[16] - The company’s basic loss per share for the year was HKD (5.29), compared to HKD (0.66) in the previous year[40] Assets and Liabilities - Total assets decreased to HKD 73.15 billion in 2023, down 18.8% from HKD 90.00 billion in 2022[7] - The company’s equity attributable to shareholders decreased to HKD 15.70 billion in 2023, down 22.5% from HKD 20.25 billion in 2022[4] - Total liabilities decreased from HKD 90,002,373 thousand in 2022 to HKD 73,146,313 thousand in 2023, representing a reduction of about 19%[16] - Non-current liabilities, including bank and other loans, decreased significantly from HKD 21,890,008 thousand in 2022 to HKD 12,753,149 thousand in 2023, a drop of approximately 42%[16] - The total assets of the group amounted to HKD 73,146,313,000, down from HKD 90,002,373,000 in 2022, indicating a decrease of approximately 18.7%[35] - Total liabilities decreased to HKD (45,948,649,000) from HKD (57,241,890,000) in 2022, reflecting a reduction of approximately 19.5%[35] Cash Flow and Financial Position - Cash and bank balances were HKD 5.48 billion in 2023, a decline of 33.0% from HKD 8.26 billion in 2022[7] - The net debt-to-equity ratio improved to 63% in 2023, down from 73% in 2022[4] - The group’s net current assets were HKD 14.166 billion as of December 31, 2023, compared to HKD 21.709 billion in 2022[77] - The group’s accounts receivable from customer contracts amounted to HKD 217.618 million in 2023, an increase from HKD 154.797 million in 2022[74] - The group repaid a total of HKD 11.051 billion in loans during the year, including a USD 343 million offshore bond and part of an offshore syndicated loan[148] Revenue Sources - Segment revenue from real estate development and investment was HKD 13,000,936,000, while toll road operations generated HKD 74,412,000 in revenue[33] - The group's revenue for the year primarily comes from the sale of completed residential properties and property management services[91] - The total revenue is derived entirely from customers in mainland China and Hong Kong, with no single customer accounting for more than 10% of total revenue in relevant segments[92][93] Market Conditions and Future Outlook - The group continues to face a challenging real estate operating environment, with financing difficulties for property companies unresolved and market confidence not fully restored[147] - The group anticipates a continued bottoming out of the mainland real estate market in 2024, with potential policy easing to support reasonable housing and financing needs[152] - The Hong Kong government plans to remove all residential property demand management measures in February 2024, which may stimulate buyer demand despite ongoing high interest rates[152] - The group plans to focus on expanding its investment in infrastructure projects and exploring new market opportunities[4] Operational Highlights - The group achieved property sales of RMB 27.65 billion and highway project toll revenue of RMB 3.91 billion for a total of RMB 31.56 billion for the year ending December 31, 2023[107] - The group plans to sell its entire mainland highway business for RMB 4.4118 billion, with an estimated after-tax gain of approximately HKD 1.5 billion expected to be reflected in the 2024 financial statements[111] - The group has successfully acquired four toll roads in Indonesia and will continue to seek reasonable investment return projects in the Asia-Pacific region in 2024[163] Employee and Cost Management - The total employee costs (excluding directors' remuneration) amounted to HKD 847,874, a decrease from HKD 1,018,688 in the previous year[96] - The total number of employees as of December 31, 2023, was 3,994, with employee expenses amounting to HKD 907 million[125] Accounting and Reporting Changes - The company has implemented revised accounting standards effective from January 1, 2023, impacting the preparation of its financial statements[10] - The group plans to apply the revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact future financial reporting[52]
路劲(01098) - 2023 - 年度业绩