Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 472,980,000, a decrease from HKD 498,368,000 in 2022, representing a decline of approximately 5.5%[1] - The company reported a loss attributable to equity holders of the parent for the year 2023 of HKD 1,937,240,000, slightly improved from a loss of HKD 1,940,341,000 in 2022[3] - The total comprehensive loss for the year was HKD 1,281,955,000, compared to a loss of HKD 3,471,252,000 in the previous year, indicating a significant reduction in losses[3] - The company reported a significant foreign exchange gain of HKD 725,072,000 in 2023, compared to a loss of HKD 1,641,787,000 in 2022, indicating a positive turnaround in currency impacts[3] - The company incurred a loss of HKD (1,998,151,000) from the fair value of investment properties, which was a significant factor in the overall financial performance[10] - The company reported a fair value loss on investment properties of HKD 1,998.2 million for the year[17] - The net loss for the year was HKD 1,937.2 million, slightly down from HKD 1,940.3 million in 2022, primarily due to fair value losses on investment properties in the UK amounting to approximately HKD 2 billion and increased financing costs[26] Assets and Liabilities - Non-current assets decreased to HKD 21,367,992,000 in 2023 from HKD 22,814,453,000 in 2022, reflecting a decline of approximately 6.3%[4] - Current assets increased to HKD 3,993,846,000 in 2023, up from HKD 3,382,576,000 in 2022, marking an increase of about 18.1%[4] - Total liabilities increased to HKD 11,830,916,000 in 2023 from HKD 10,305,505,000 in 2022, representing an increase of about 14.8%[4] - The net asset value decreased to HKD 13,531,922,000 in 2023 from HKD 14,891,524,000 in 2022, a decline of approximately 9.1%[4] - The group had cash on hand of HKD 2.7 billion as of December 31, 2023, with 11% in HKD, 30% in USD, 58% in GBP, and 1% in other currencies[50] - Total debt amounted to HKD 11.4 billion as of December 31, 2023, up from HKD 10.7 billion in 2022, with a debt-to-total-assets ratio of 45%[52] - The net debt slightly decreased to HKD 8.6 billion from HKD 8.8 billion in 2022, while the net asset leverage ratio increased from 59.2% in 2022 to 63.7% in 2023[50] Revenue Sources - For the year ended December 31, 2023, total revenue from property development and investment was HKD 471,138,000, while financial investment revenue was HKD 1,842,000, leading to a total revenue of HKD 472,980,000[10] - The company reported a significant decrease in revenue from the previous year, with property development revenue dropping from HKD 494,601,000 in 2022 to HKD 471,138,000 in 2023, a decline of approximately 4.75%[11] - The total income from other sources, including rental income from investment properties, was HKD 472,980,000 in 2023, compared to HKD 496,308,000 in 2022, indicating a decline of approximately 4.7%[14] - Rental income from investment properties was HKD 471.1 million, a decrease of 4.8% compared to HKD 494.6 million in 2022[33] Financing Costs - The company’s financing costs increased to HKD 2,138,999,000 in 2023 from HKD 1,636,027,000 in 2022, reflecting a rise of approximately 30.7%[2] - The weighted average cost of debt for the year was 5.8%, compared to 3.7% in 2022[52] - The company’s financing costs resulted in a pre-tax loss of HKD (640,772,000) for the year, contributing to the overall financial challenges faced[10] - The company’s financing costs increased due to interest rate hikes during the year[26] Investments and Projects - The group expects significant contributions from its development projects in the short to medium term, with a total development potential of approximately 8.1 million square feet[37] - The group has pre-sold a total of 463 residential units in Thames City Phase 1, valued at over £853 million, and 89 residential properties in The Whiteley, totaling approximately £557 million as of December 31, 2023[38][41] - The construction of Thames City Phase 1 was completed, with 280,300 square feet sold during the year, contributing £495 million to sales revenue[39] - The Whiteley redevelopment project is expected to provide approximately 603,000 square feet of space, including 139 luxury residential apartments and a five-star hotel with 109 rooms[40][41] - Future phases of Thames City are in preparation, with saleable areas of 526,000 square feet and 598,000 square feet, respectively, and Phase 2 is expected to commence construction in the second half of 2024[39] Market and Operational Insights - The group maintained a stable rent collection rate of 98% during the year[33] - The occupancy rate of the Kai Tak project in Hong Kong increased to 71% as of December 31, 2023, following the move-in of a major new tenant[42] - The group recorded a loss of HK$182.6 million in its financial investment segment, with a fair value loss of HK$136.1 million on its investment portfolio[47] - The group plans to adopt a conservative approach while closely monitoring the market for potential acquisition opportunities[48] Shareholder Information - The company did not recommend a final dividend for the year ending December 31, 2023, compared to a dividend of HKD 0.02 per share in 2022[27] - The basic loss per share for the year was HKD 0.4990, compared to HKD 0.4998 in 2022[26] Employee and Governance - The group employed a total of 112 employees across its main operations in Hong Kong, mainland China, and the UK, with a total salary cost of approximately HKD 130 million for the year[56] - The board of directors includes executive directors Zhang Songqiao, Lin Xiaowen, Huang Zhiqiang, and Liang Weihui, as well as independent non-executive directors Lin Jianfeng, Liang Yuming, and Lu Yujing[62]
中渝置地(01224) - 2023 - 年度业绩