Financial Performance - The company reported a net loss of HK$122,582,000 for the year ended December 31, 2023, compared to a net loss of HK$107,980,000 in the previous year[15] - Revenue for the year increased to HK$9,256,000 from HK$4,696,000 in 2022[15] - The company's basic loss per share was HK$0.0669, compared to HK$0.0632 in 2022[15] - The company's total comprehensive loss for the year was HK$122,582,000, with HK$72,851,000 attributable to the company's owners and HK$49,731,000 to non-controlling interests[15] - The group's pre-tax loss for the year ended December 31, 2023, was HKD 107,747 thousand[33] - The group's pre-tax loss attributable to owners for the year ended December 31, 2023, was HKD 72,851 thousand, compared to HKD 68,799 thousand in 2022[44] - Basic loss per share for the year ended December 31, 2023, was HKD 6.69 cents, compared to HKD 6.32 cents in 2022[44] - The company's pre-tax loss was HKD 122.137 million in 2023, compared to HKD 107.747 million in 2022[64] - The company's loss attributable to owners for the year was approximately HKD 72,900,000, compared to HKD 68,800,000 in 2022[105] - The total loss and comprehensive income for the year was approximately HKD 122,600,000, primarily due to increased financial costs[105] Revenue and Income - Revenue for the year increased to HK$9,256,000 from HK$4,696,000 in 2022[15] - The company's property investment segment generated a net rental income of HK$6,299,000, up from HK$1,666,000 in 2022[15] - Total investment property rental income for the year ended December 31, 2023, was HKD 9,256 thousand, compared to HKD 4,696 thousand in 2022[51] - Rental income for the year ended December 31, 2023, was HKD 9,256 thousand, up from HKD 4,696 thousand in 2022[73] - Revenue for the year ended December 31, 2023, increased by approximately 97.9% to HKD 9,300,000 compared to HKD 4,700,000 in 2022[105] - Rental income for the year was approximately HKD 9,300,000, up from HKD 4,700,000 in 2022[113] - Rental income from the property at 234 Aberdeen Main Road increased by 1,098% to HKD 1,486,000 in 2023[141] - Rental income from the property at 1 Wellington Street increased by 111% to HKD 6,078,000 in 2023[141] Liabilities and Borrowings - The company had current liabilities of HK$653,786,000, including bank borrowings of HK$410,551,000 and a non-controlling interest loan of HK$152,700,000 due in April 2024[5] - Financial costs increased significantly to HK$40,799,000 from HK$20,498,000 in the previous year[15] - The company secured mortgage loan financing by pledging two investment properties after the reporting period[6] - Current liabilities decreased to 624,899 from 661,598, with a notable reduction in bank borrowings and other payables[16] - The company secured an extension of non-controlling interest loans and accrued interest, extending the maturity date to April 30, 2025[21] - Total interest expenses for the year ended December 31, 2023, were HKD 40,799 thousand, compared to HKD 20,498 thousand in 2022[39] - Bank borrowings decreased to HKD 390,023 thousand in 2023 from HKD 410,551 thousand in 2022, with no repayment planned within one year[71] - The company's total bank borrowings as of December 31, 2023, were HKD 410,551 thousand, down from HKD 431,079 thousand in 2022[72] - The company's unsecured non-controlling interest loan of HKD 152,700,000 bears a fixed annual interest rate of 10%, up from 7% in 2022[98] - The company's unsecured loans totaling HKD 27,200,000 bear a fixed annual interest rate of 15%, up from 12% in 2022[98] Assets and Investments - Non-current assets increased to 1,434,764 from 1,348,070, with investment properties and property, plant, and equipment contributing significantly[16] - Current assets decreased to 7,001 from 7,812, primarily due to a reduction in held-for-trading investments and receivables[16] - The company's listed equity securities in Hong Kong increased to HKD 4,740 thousand in 2023 from HKD 1,560 thousand in 2022[68] - The company's trading investments amounted to approximately HKD 4,700 thousand in 2023, representing 0.3% of total assets, up from HKD 1,600 thousand (0.1%) in 2022[84] - The company's bank borrowings are secured by investment properties with a book value of HKD 1,230,000 thousand in 2023, down from HKD 1,310,000 thousand in 2022[95] - The company's trading investments as of December 31, 2023, were valued at approximately HKD 4,700,000, up from HKD 1,600,000 in 2022[118] - Cash and bank balances increased to HKD 1,700,000 as of December 31, 2023, compared to HKD 800,000 in 2022[129] - Fair value gains on held-for-trading investments were HKD 3,200,000 in 2023, compared to realized and fair value losses of HKD 4,800,000 in 2022[132][145] Property Investment - The company's property investment segment generated a net rental income of HK$6,299,000, up from HK$1,666,000 in 2022[15] - The company plans to reassess its marketing strategy to reduce the vacancy rate of its investment properties in the short term[6] - The company secured mortgage loan financing by pledging two investment properties after the reporting period[6] - The company is considering selling certain investment properties to strengthen liquidity if necessary[21] - The investment property portfolio as of December 31, 2023, was valued at approximately HKD 1,331,800,000, down from HKD 1,418,100,000 in 2022[113] - The company expects rental income to increase in 2024 due to the reopening of mainland China's borders and the normalization of Hong Kong's economy[146] - The company plans to diversify its tenant portfolio and seek additional investment properties to optimize its property portfolio[144] Financial Statements and Reporting - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and Hong Kong Companies Ordinance[18] - The company adopted new/revised Hong Kong Financial Reporting Standards effective January 1, 2023, with no significant impact on current or prior periods[24] - The company did not adopt any other new or revised Hong Kong Financial Reporting Standards that are not yet effective[24] - The company's consolidated financial statements for the year ended December 31, 2023, have been reviewed and agreed upon by the external auditor, BDO Limited[150] - The company has submitted its financial statements for the year ended December 31, 2022, to the Companies Registry and will submit the 2023 financial statements in due course[161] Other Financial Information - The company's cash flow forecast indicates it will be able to meet its financial obligations for at least the next 12 months[6] - The company's income tax expense was HKD 445,000 in 2023, compared to HKD 233,000 in 2022[64] - The company's bad debt due to long-term rental arrears was HKD 169,000 in 2023[62] - The company's depreciation of property, plant, and equipment was HKD 394,000 in 2023, compared to HKD 459,000 in 2022[57] - The company's tax rate for the first HKD 2 million of profit is 8.25%, and 16.5% for profits exceeding HKD 2 million under Hong Kong's two-tiered profits tax system[63] - The company's prepayments, deposits, and other receivables increased to HKD 801 thousand in 2023 from HKD 762 thousand in 2022[92] - The company's total liabilities due within one year were HKD 20,528 thousand in both 2023 and 2022[72] - The company did not engage in any significant acquisitions or disposals during the year[112] - The company has no contingent liabilities as of December 31, 2023[109] - No final dividend was recommended for 2023, consistent with 2022[135] - The company employed 8 staff in Hong Kong as of December 31, 2023, up from 7 in 2022[136] - The company is committed to environmental protection and sustainability by promoting paper reuse and double-sided printing[137] - No listed securities of the company were purchased, sold, or redeemed by the company or any of its subsidiaries during the year ended December 31, 2023[151]
远东控股国际(00036) - 2023 - 年度业绩