Financial Performance - Revenue for the year ended December 31, 2023, was HK$469,181,000, an increase of 27% from HK$369,452,000 in 2022[15]. - Gross profit for 2023 was HK$108,860,000, up from HK$86,157,000 in 2022, reflecting a gross margin improvement[15]. - Loss for the year decreased to HK$122,944,000 in 2023 from HK$171,741,000 in 2022, representing a 28% reduction in losses[16]. - Basic loss per share improved to HK$2.56 in 2023 compared to HK$3.51 in 2022[15]. - Total comprehensive loss for the year was HK$155,322,000, down from HK$331,375,000 in the previous year, indicating a significant reduction[16]. - The Group recorded a loss before tax of approximately HK$133.2 million (2022: loss of HK$141.1 million) during the Year[120]. - Loss attributable to owners of the Company was approximately HK$82.3 million (2022: loss of HK$112.5 million), with a basic loss per share of HK2.56 cents (2022: loss of HK3.51 cents)[121]. - The Group recorded a loss of approximately HK$122.9 million, an improvement from a loss of HK$171.7 million in 2022[168]. Assets and Liabilities - The audited consolidated results for the year ended December 31, 2023, show total assets of HK$1,792,449,000, a decrease from HK$1,886,963,000 in 2022, representing a decline of approximately 5%[5]. - Current liabilities increased to HK$498,086,000 in 2023 from HK$257,788,000 in 2022, marking a significant rise of about 93%[5]. - Cash and cash equivalents decreased sharply to HK$201,745,000 in 2023 from HK$554,705,000 in 2022, reflecting a decline of approximately 64%[5]. - The company's total equity decreased to HK$1,693,789,000 in 2023 from HK$1,810,227,000 in 2022, a reduction of about 6.4%[6]. - Non-current assets totaled HK$1,421,451,000 in 2023, up from HK$1,011,525,000 in 2022, representing an increase of approximately 40%[5]. - Segment assets totaled HK$2,257,609,000 as of December 31, 2023, with unallocated assets amounting to HK$32,926,000, leading to consolidated total assets of HK$2,290,535,000[34]. - Total liabilities decreased by 78.4% to approximately HK$596.7 million, primarily due to increased payables in the new segment and a bank loan for the wine business[122]. Revenue Streams - Revenue from the sale of completed properties decreased significantly to HK$43,632,000 in 2023 from HK$285,753,000 in 2022, representing a decline of 85.7%[49]. - Revenue from the production and distribution of wine increased slightly to HK$86,715,000 in 2023 from HK$83,699,000 in 2022, a growth of 3.7%[49]. - The entertainment business generated revenue of HK$1,178,000 in 2023, with no revenue reported in 2022[49]. - The property management segment reported revenue of HK$337,656,000 in 2023, with no revenue reported in 2022[47]. - Revenue generated from the entertainment business was approximately HK$1.2 million, marking its first contribution in the Year[1]. Expenses and Costs - Selling and distribution expenses decreased significantly to HK$33,627,000 from HK$66,109,000, showing improved cost management[15]. - Administrative and other operating expenses increased by 48.2% to approximately HK$126.6 million, mainly attributable to the New Segment[4]. - Total staff costs rose to HK$59,009,000 in 2023, compared to HK$37,133,000 in 2022, marking a 59% increase[82]. - Other revenue, gains, and losses amounted to HK$20,040,000 in 2023, compared to HK$22,199,000 in 2022[15]. Impairments and Losses - Impairment losses on intangible assets totaled HK$46,345,000 in 2023, with no such losses reported in 2022[15]. - The Group recognized impairment losses on completed properties held for sale of approximately HK$51.7 million during the Year (2022: Nil) based on a business valuation prepared by an independent professional valuer[120]. - Impairment loss on property, plant, and equipment recognized during the Year was approximately HK$2.1 million, reflecting the fair value assessment of the entertainment business[6]. - The company reported an accumulated impairment loss of HK$46,345,000 for intangible assets during the year[101]. Governance and Compliance - The Board consists of four executive directors and three independent non-executive directors, ensuring effective governance[175]. - The Company has complied with all applicable corporate governance code provisions, with a noted deviation from code provision C.2.1[178]. - The Group's auditor confirmed that the financial figures align with the consolidated financial statements for the year[174]. Future Outlook - The Group plans to explore the potential disposal of its South Korean business if suitable opportunities arise[135]. - The Group aims to integrate wine, resorts, and property management into a comprehensive cultural tourism service provider by 2024[142]. - For the Year 2024, the budgeted capital expenditure is approximately HK$20.0 million, primarily for the construction of winery factories[121].
新丝路文旅(00472) - 2023 - 年度业绩