Financial Performance - Total revenue for the year ended December 31, 2023, was approximately HKD 183,442,000, a decrease of about 0.7% compared to HKD 184,683,000 in 2022[4] - The loss attributable to the owners of the company was approximately HKD 17,500,000, compared to a loss of HKD 9,855,000 in 2022[4] - The company proposed no dividend for the year ended December 31, 2023, consistent with 2022[4] - The company reported a total comprehensive loss of HKD 34,783,000 for the year, compared to HKD 42,557,000 in 2022[7] - Basic and diluted loss per share was HKD 0.017 for 2023, compared to HKD 0.010 for 2022[7] - The company experienced a net loss of HKD 17,500,000 for the year ended December 31, 2023, which is an increase from the previous year's loss of HKD 9,855,000, representing an increase of approximately 77%[14] - The reported segment profit for 2023 was HKD 12,643,000, a decrease of 44.6% from HKD 22,805,000 in 2022[56] - The company reported a pre-tax loss of HKD 17,083,000 for 2023, which is a significant increase from a loss of HKD 8,311,000 in 2022[56] Assets and Liabilities - Non-current assets increased to HKD 647,090,000 in 2023 from HKD 564,521,000 in 2022, primarily due to an increase in property, plant, and equipment[9] - Current assets decreased to HKD 108,196,000 in 2023 from HKD 174,000,000 in 2022, with cash and cash equivalents at HKD 30,644,000[9] - Total liabilities rose to HKD 454,672,000 in 2023 from HKD 403,103,000 in 2022, with significant increases in bank borrowings[10] - The net asset value decreased to HKD 300,614,000 in 2023 from HKD 335,418,000 in 2022[10] - Total assets increased to HKD 755,286,000 in 2023 from HKD 738,521,000 in 2022, representing a growth of 2.3%[56] - The group's current assets as of December 31, 2023, were approximately HKD 108,196,000, with current liabilities of about HKD 125,551,000, resulting in a debt-to-equity ratio of approximately 136%[90] Cash Flow and Financing - The group had a cash flow forecast covering the period until March 31, 2025, indicating sufficient operating funds for the next twelve months[44] - As of December 31, 2023, the group had unused bank and other loan financing totaling RMB 95,697,000 (approximately HKD 105,292,000)[46] - The interest expense for financing costs increased to HKD 8,617,000 in 2023 from HKD 6,360,000 in 2022, reflecting a rise of 35.4%[65] Operational Highlights - The gas business remains the core segment, with stable operations and growth driven by increasing demand for clean energy in China[80] - The biomass gasification heating business in Huaining County showed stable growth, with expectations for significant revenue generation as construction completes[81] - The clean energy business in Yichang is expected to start operations in 2024, contributing to future revenue and profit[80] - The group aims to strengthen control over operating expenses to improve profitability and generate positive cash flow[46] - The group has established a sales network for natural gas, which is expected to grow steadily under China's clean energy policies[85] Shareholder Value and Future Outlook - The company will continue to explore viable investment opportunities to enhance shareholder value amid unstable global political and economic conditions[83] - The board is optimistic about the group's performance starting in 2024, driven by the expansion of the energy segment, primarily natural gas and biomass gasification heating businesses[85] Accounting and Regulatory Updates - The adoption of the amendments to Hong Kong Accounting Standard No. 12 will not have any impact on the consolidated financial statements[25] - The management determined that the group is not within the scope of the OECD Pillar Two legislative framework, and the related deferred tax asset and liability recognition and disclosure exceptions do not apply[26] - The amendments to Hong Kong Accounting Standard No. 1 clarify the classification of liabilities as current or non-current, effective from January 1, 2024, with retrospective application allowed[30] - The group anticipates that the adoption of the amendments related to supplier financing arrangements will not have a significant impact on the consolidated financial statements[39] - The group has no significant contingent liabilities as of December 31, 2023[92]
中国基础能源(08117) - 2023 - 年度业绩