Financial Performance - Revenue for the year ended December 31, 2023, was HKD 26,150.2 million, an increase of 25.8% from HKD 20,913.2 million in 2022[2] - The adjusted EBITDA for 2023 was HKD 167.0 million, down 63.2% from HKD 453.5 million in 2022[2] - The company reported a loss before tax of HKD 159.6 million compared to a profit of HKD 300.7 million in the previous year[4] - Basic loss per share for 2023 was HKD (1.72), a decline from earnings of HKD 3.26 per share in 2022[4] - Total comprehensive loss for the year was HKD (148.7) million, compared to a total comprehensive income of HKD 151.6 million in 2022[5] - The group reported a net loss attributable to shareholders of HKD 150.5 million for 2023, compared to a profit of HKD 285.9 million in 2022[47] - The company recorded a net loss of HKD 150.5 million for the year ended December 31, 2023, while adjusted EBITDA was HKD 167.1 million[61] - The company reported a gross loss of HKD 136.9 million for the year, primarily due to a non-cash impairment charge of HKD 119.9 million related to its Canadian assets[133] Revenue Sources - Revenue from external customers in Hong Kong was HKD 25,616.9 million, up 28.8% from HKD 19,910.7 million in 2022[17] - Revenue from Customer 1 increased dramatically to HKD 3,718.7 million in 2023 from HKD 1,198.0 million in 2022, representing a growth of 210.3%[39] - The group reported total revenue of HKD 26,150.2 million for the year, an increase from HKD 20,913.2 million in 2022, with HKD 533.3 million coming from upstream oil and gas product sales, down from HKD 1,002.6 million in the previous year[150] Dividends and Share Repurchase - The company did not declare any final dividend for the year ended December 31, 2023[2] - The board has recommended not to declare a final dividend for the year ending December 31, 2023[135] - The company did not declare a final dividend for the year ending December 31, 2023, and repurchased a total of 67,104,000 ordinary shares at a total price of HKD 7.8 million, which were subsequently cancelled[175] - The board believes that the share repurchase will enhance earnings per share and increase net asset value per share attributable to shareholders[175] Asset Management - The company experienced a significant decrease in current assets, with net current assets reported at HKD 1,028.3 million, down from HKD 1,185.2 million in 2022[25] - The group’s total assets were reported at HKD 1,245.0 million in 2023, down from HKD 1,863.3 million in 2022, indicating a reduction of 33.1%[34] - The company’s net working capital decreased to HKD 134.3 million as of December 31, 2023, down from HKD 193.9 million in 2022, primarily due to year-end settlements of trade receivables[109] - The company reported a total asset reduction in current liabilities, indicating a need for improved asset management strategies[199] Costs and Expenses - Financing costs increased to HKD (54.6) million in 2023 from HKD (27.8) million in 2022[21] - General and administrative expenses for the year were HKD 108.3 million, a decrease of HKD 22.6 million from HKD 130.9 million in the previous year, primarily due to cost control measures[151] Impairment and Losses - The company reported a net loss from investments of HKD (20.9) million, a decrease from a net income of HKD 25.0 million in the previous year[4] - The group recognized a loss of HKD 119.9 million due to asset impairment in 2023, which was not present in 2022[34] - The company recorded an impairment charge of HKD 119.9 million due to the significant drop in natural gas prices and production halts in Canada[83] Future Outlook and Strategies - The company is optimistic about future profitability and cash flow improvements due to expected rebounds in energy commodity prices and efficiency measures implemented by NTE Canada[119] - The company is actively exploring partnerships with local authorities and stakeholders to achieve net-zero emissions and support its ESG initiatives[113] - The company is transforming its energy strategy by redeveloping the 1,200-acre Discovery Park in British Columbia into a green ecosystem center, incorporating hydrogen/green ammonia facilities and vertical farming[63] - The company plans to establish a production facility for hydrogen/green ammonia at Discovery Park, leveraging abundant water supply and renewable energy[92] Market Conditions - The Argentine business experienced a significant decline in revenue and profit due to an annual inflation rate of 211% and a 354% depreciation of the Argentine peso against the US dollar[62] - The Argentine peso depreciated by 354% against the US dollar, with an inflation rate reaching a record 211%, making operations in Argentina challenging[129] Research and Development - Ongoing research and development efforts are prioritized to innovate and stay competitive in the industry[197] - The company is exploring new product development initiatives aimed at expanding market share in emerging sectors[197] - Market expansion strategies are being evaluated to penetrate new geographic regions and diversify revenue streams[197] Environmental Initiatives - The company aims to reduce carbon emissions and achieve net-zero targets through various carbon reduction initiatives[89] - Discovery Park is conducting a System Impact Study (SIS) with BC Hydro for a 300 MW hydroelectric power supply, with electricity priced as low as CAD 0.05 per kWh[124]
新时代能源(00166) - 2023 - 年度业绩