Financial Performance - For the fiscal year ending December 31, 2023, the total revenue decreased to HKD 166,784,000 from HKD 219,293,000 in 2022, representing a decline of approximately 24%[2] - Gross profit remained relatively stable at HKD 41,921,000 compared to HKD 41,948,000 in the previous year, showing a slight decrease of 0.06%[2] - The net profit for the year was HKD 6,998,000, down from HKD 8,316,000 in 2022, indicating a decrease of about 15.8%[2] - Basic and diluted earnings per share decreased to HKD 0.39 from HKD 0.46, reflecting a decline of approximately 15.2%[2] - The company reported a pre-tax profit of HKD 7,983,000, down from HKD 8,347,000 in the previous year[21] - The company recorded a net profit of approximately HKD 7.0 million in 2023, down from HKD 8.3 million in 2022, mainly due to reduced revenue[34] - The profit attributable to owners of the company for 2023 was approximately HKD 7.0 million, down from approximately HKD 8.3 million in 2022 due to reduced revenue[45] Revenue Breakdown - Revenue from low-voltage distribution cabinets was HKD 65,349,000, down 31% from HKD 95,295,000 in the previous year[15] - Revenue from motor control centers decreased by 19% to HKD 24,657,000 from HKD 30,499,000[15] - Revenue from external customers in Hong Kong was HKD 146,212,000, a decline of 15% from HKD 172,820,000 in 2022[17] - The company's revenue for 2023 was approximately HKD 166.8 million, a decrease of about 23.9% from HKD 219.3 million in 2022, primarily due to the completion of a major project in Macau[36] Assets and Liabilities - Total assets decreased to HKD 171,999,000 from HKD 205,361,000, a reduction of about 16.2%[3] - Current liabilities significantly decreased to HKD 33,505,000 from HKD 71,480,000, a drop of approximately 53%[3] - The net asset value increased to HKD 167,932,000 from HKD 162,648,000, showing a growth of about 3.5%[4] - The current ratio improved, with working capital at approximately HKD 138.5 million in 2023 compared to approximately HKD 133.9 million in 2022[46] - The asset-liability ratio decreased to approximately 1.6% as of December 31, 2023, from 9.2% in 2022, mainly due to the repayment of short-term loans[46] Cost Management - The cost of sales for 2023 was approximately HKD 124.9 million, down about 29.6% from HKD 177.3 million in 2022, attributed to enhanced cost control measures[38] - The overall gross profit margin improved to approximately 25.1% in 2023 from 19.1% in 2022, reflecting effective cost management strategies[39] - The total employee costs for 2023 were HKD 38,445,000, a decrease from HKD 40,622,000 in 2022[18] - Sales and distribution expenses reduced by approximately HKD 2.5 million, or about 30.5%, from approximately HKD 8.2 million in 2022 to about HKD 5.7 million in 2023, consistent with the decline in sales[41] - Administrative and other expenses increased by approximately HKD 1.7 million, or about 5.9%, from approximately HKD 28.9 million in 2022 to about HKD 30.6 million in 2023, mainly due to increased testing fees and depreciation[42] - Financing costs decreased from approximately HKD 0.6 million in 2022 to about HKD 0.3 million in 2023, attributed to the repayment of short-term loans[43] Foreign Exchange Impact - The company reported a foreign exchange loss of HKD 1,714,000 from overseas operations, compared to a loss of HKD 5,955,000 in the previous year, indicating an improvement in currency impact[2] - The company recorded a foreign exchange gain of HKD 545,000, down from HKD 2,855,000 in 2022[17] Strategic Focus - The company plans to continue focusing on the development of low-voltage distribution and power control devices, aiming for market expansion in the coming year[6] - The company has diversified its sales network and expanded its customer base to achieve sustainable business growth[34] - The company has implemented strict cost control strategies to turn losses into profits during the fiscal year[34] Employee and Shareholder Information - The company has 229 full-time employees as of December 31, 2023, down from 238 a year earlier, with the majority being factory workers in mainland China[58] - The company did not declare any dividends for 2023, consistent with 2022[23] - The company has not paid or proposed any dividends to ordinary shareholders for the fiscal year 2023, consistent with the previous year[69] Compliance and Reporting - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements for the current year[8] - The audit committee, consisting of two independent non-executive directors and one non-executive director, reviewed the financial reporting processes and internal controls[71] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[73] - The annual report will be available for shareholders at an appropriate time[73] Other Information - There were no significant investments, acquisitions, or disposals during the 2023 fiscal year[48] - There have been no significant events occurring after December 31, 2023, up to the date of this announcement[64]
全达电器集团控股(01750) - 2023 - 年度业绩