Financial Performance - The total revenue for the year ended December 31, 2023, was not explicitly stated in the provided documents, but the overall financial performance indicates a challenging year for the group[9]. - The group's revenue for 2023 was HKD 12,630,739, compared to HKD 10,064,529 in 2022, reflecting an increase of approximately 25.5%[37]. - The total revenue from external customers reached HKD 12,630,739, an increase from HKD 10,064,529, reflecting a growth of about 25.5%[51]. - The group's consolidated revenue increased by 24.6% year-on-year to HKD 12.308 billion, primarily driven by property development projects in the Pearl River Delta region[104]. - Revenue from customer contracts for 2023 was HKD 12,579,543,000, up from HKD 10,022,500,000 in 2022[77]. - Revenue from real estate development was HKD 12.308 billion, accounting for 97.4% of total revenue, with a year-on-year increase of 24.6%[123]. - Revenue from professional construction rose by 83.8% to HKD 272 million, representing 2.2% of total revenue[123]. - Property investment revenue increased by 21.4% to HKD 51 million, maintaining a 0.4% share of total revenue[125]. Assets and Liabilities - The total assets of the group as of December 31, 2023, amounted to HKD 53,575,153, a decrease from HKD 67,387,025 in 2022, representing a decline of approximately 20.5%[11]. - The group's total liabilities decreased from HKD 50,574,927 in 2022 to HKD 39,227,508 in 2023, a reduction of approximately 22.4%[11]. - The group's cash and cash equivalents decreased from HKD 7,701,361 in 2022 to HKD 3,410,744 in 2023, representing a decrease of about 55.7%[11]. - The total non-current assets amounted to HKD 5.847 billion, a decrease from HKD 6.048 billion in the previous year[56]. - The group's total assets decreased by 20.5% to HKD 53.575 billion, down from HKD 67.387 billion in 2022[135]. - The total number of employees decreased by 9.7% to 1,094 as of December 31, 2023, from 1,211 in 2022[162]. Equity and Losses - The total equity attributable to the company's shareholders decreased to HKD 5,287,069 in 2023 from HKD 6,819,529 in 2022, reflecting a reduction of about 22.5%[11]. - The net loss attributable to equity holders for 2023 was HKD 1,015,518, an improvement from a loss of HKD 1,362,468 in 2022[38]. - The total comprehensive loss for 2023 was HKD 1,178,946, down from HKD 4,280,640 in 2022, indicating a significant reduction in overall losses[38]. - The group reported a loss attributable to equity holders of HKD 1,015,518,000 for 2023, an improvement from a loss of HKD 1,362,468,000 in 2022[82]. - Net assets fell by 14.7% to HKD 14.348 billion, primarily due to dividend distributions of HKD 1.199 billion to non-controlling shareholders and a loss attributable to equity holders of HKD 1.016 billion[135]. Financial Costs and Income - The group's financial income for the year was HKD 184,386, compared to HKD 178,863 in the previous year, showing a slight increase[51]. - The group’s financial costs increased to HKD 477,416 from HKD 138,144, indicating a rise in financing expenses[51]. - Financial costs rose by 245.7% to HKD 477 million, attributed to increased financing costs and a decrease in the interest capitalization rate[131]. - The average borrowing cost increased by 0.9 percentage points to 5.0%[138]. Market and Operational Insights - The group continues to operate primarily in the real estate development and investment sector within the People's Republic of China[5]. - The real estate market remains weak despite government policies, with sales showing a fluctuating trend and insufficient recovery momentum[70]. - The company aims to strengthen its operational and management capabilities to ensure safe and healthy development amid a challenging real estate market[90]. - The group successfully leased most vacant units in commercial buildings, benefiting from the reopening of borders between Hong Kong and mainland China[125]. Capital Expenditure and Investments - The company recorded a capital expenditure of HKD 96.372 million, significantly up from HKD 12.637 million in the previous year[60]. - The group has pledged assets worth HKD 2.72 billion as collateral for bank credit and mortgage financing as of December 31, 2023[162]. Debt Management - As of December 31, 2023, the group's debt-to-asset ratio was 73.2%, down from 75.1% in 2022[155]. - The net debt-to-equity ratio increased to 138.0% in 2023, compared to 94.5% in 2022[155]. - Total borrowings as of December 31, 2023, amounted to HKD 23.317 billion, with 65.3% due within one year[158]. - 27.6% of the group's borrowings were at fixed interest rates as of December 31, 2023, compared to 23.0% in 2022[160]. - The group signed a HKD 970 million three-year club loan agreement and a CNY 1 billion one-year revolving loan agreement in 2023 for refinancing and working capital[157]. Accounting and Reporting - The group is currently evaluating the impact of recent accounting standard revisions, which are not expected to have a significant effect on financial statements[22]. - The revisions to Hong Kong Financial Reporting Standards are expected to have no significant impact on the group's financial statements[45]. - The annual report for the year ending December 31, 2023, will be published on the company's website and the Hong Kong Stock Exchange[174].
五矿地产(00230) - 2023 - 年度业绩