丽新发展(00488) - 2023 - 年度业绩

Financial Performance - Total revenue for the year 2023 was HKD 4,901,537,000, a decrease of 3.8% from HKD 5,093,703,000 in 2022[17]. - The group reported a total operating loss of HKD 2,965,960,000 for 2023, compared to a loss of HKD 1,966,921,000 in 2022[25]. - The annual loss attributable to the company's owners was HKD 3,434,712 thousand, compared to HKD 2,323,585 thousand in the previous year, marking a year-over-year increase of approximately 47.9%[60]. - The gross profit for the year was HKD 727,728 thousand, down from HKD 1,544,023 thousand, indicating a significant decline in profitability[60]. - The operating loss for the year was HKD 2,310,163 thousand, compared to a loss of HKD 1,144,342 thousand in the previous year, representing an increase in losses[60]. - The company reported a net loss attributable to shareholders of approximately HKD 2,966 million for the year ended July 31, 2023, compared to HKD 1,966.9 million in 2022, reflecting an increase in losses due to reduced property sales and increased financing costs[74]. Revenue Breakdown - Revenue from property investment decreased by 6.5% to HKD 1,160.6 million, while property development and sales dropped by 43.8% to HKD 946.6 million[73]. - The hotel business saw a significant increase in revenue, rising by 50.4% to HKD 977.7 million, and restaurant and catering sales increased by 31.6% to HKD 552.6 million[73]. - The group's media and entertainment segment reported revenue of HKD 36,101 thousand for 2023, down from HKD 42,728 thousand in 2022, reflecting a decrease of approximately 15.5%[12]. - The restaurant and catering sales business generated revenue of HKD 552.6 million for the year ended July 31, 2023, an increase of approximately 31.6% compared to HKD 419.9 million in the previous year[171]. - The film and television production and distribution segment recorded a revenue of HKD 113.1 million, down from HKD 184.6 million in 2022, with a loss of HKD 48.6 million, slightly improved from a loss of HKD 52.8 million in the previous year[190]. Assets and Liabilities - Total assets of the group as of 2023 amounted to HKD 60,154,247,000, down from HKD 64,239,886,000 in 2022[14]. - The total liabilities decreased from HKD 40,987,500 thousand in 2022 to HKD 36,861,826 thousand in 2023, a reduction of approximately 10.3%[2]. - Non-current liabilities decreased from HKD 27,409,408 thousand in 2022 to HKD 25,987,416 thousand in 2023, a reduction of approximately 5.2%[2]. - The company's equity attributable to shareholders decreased to HKD 29,783.6 million from HKD 32,794.3 million year-on-year, with net asset value per share dropping from HKD 33.847 to HKD 20.493[77]. - The net debt ratio increased to approximately 70% as of July 31, 2023, up from 62% a year earlier[70]. Investment and Development - The company is currently developing the second phase of the Hengqin Innovation Square project, which is expected to provide approximately 1,585,000 sq ft of office space and commercial facilities[55]. - The construction of residential projects Bal Residence and Tai Keng Ling is on schedule, expected to add approximately 71,800 sq ft and 42,200 sq ft to the development portfolio upon completion in H1 2024[46]. - The company has completed renovations and space optimization projects to enhance the competitiveness of its major leasing properties in Hong Kong and London[45]. - The company is actively expanding its portfolio with new projects and developments in key locations, enhancing its market presence in the Greater Bay Area[123]. - The company plans to consider expanding its land reserves based on macroeconomic conditions and existing business risks in first-tier cities and the Greater Bay Area[56]. Market Conditions - The overall economic environment remains weak, with a recession risk heightened by geopolitical tensions and high inflation impacting investor confidence[42]. - The leasing market continues to face pressure, with expectations of rising vacancy rates and suppressed rental prices due to deteriorating business sentiment[43]. - The company maintains a diversified customer base, reducing credit risk, with accounts receivable being interest-free[32]. Shareholder Actions - The company completed a rights issue, issuing 484,442,943 shares at a subscription price of HKD 1.64 per share, raising approximately HKD 777,000,000[38]. - The company did not declare a final dividend for the year ending July 31, 2023, consistent with the previous year[40]. Impairments and Losses - The group reported a significant impairment loss of HKD 858,000,000 on development properties in 2023, compared to HKD 310,187,000 in 2022[21]. - The company reported a net loss from investment properties of HKD (812,687) thousand in 2023, compared to a net gain of HKD 226,415 thousand in 2022, indicating a significant downturn[8]. - The impairment of property, plant, and equipment was recorded at HKD 16,372 thousand, compared to HKD 2,452 thousand in the previous year, showing a substantial increase in impairment losses[12]. Cash Flow and Financing - The group issued secured notes totaling USD 500 million and HKD 385 million, with fixed interest rates ranging from 4.9% to 5.25%[194]. - The group's total bank loans were approximately HKD 21,344.4 million, with HKD 6,000.8 million due within one year[200]. - The group capitalized HKD 1,585,407,000 in financing costs related to construction projects in 2023, compared to HKD 1,198,152,000 in 2022[23]. Property Sales and Performance - The confirmed revenue from property sales for the year ended July 31, 2023, was HKD 946.6 million, a decrease of 43.8% from HKD 1,685.5 million in 2022[131]. - The average selling price for residential units in the Hong Kong market was 21,382 HKD per square foot, contributing to a revenue of 59.6 million HKD from 8 units sold[128]. - The average selling price for residential units in the mainland China market was 14,000 HKD per square foot, with a total revenue of 41.1 million HKD from 1 unit sold in Shanghai[128].