Financial Performance - For the year ended December 31, 2023, the company reported total revenue of HKD 114,570,000, a decrease of 37.7% compared to HKD 184,020,000 in 2022[5] - The gross profit for the same period was HKD 3,062,000, significantly up from HKD 486,000 in the previous year, indicating a substantial improvement in gross margin[5] - The company incurred an operating loss of HKD 38,456,000, compared to a loss of HKD 11,985,000 in 2022, reflecting increased operational challenges[5] - The net loss for the year was HKD 35,905,000, worsening from a loss of HKD 11,199,000 in the prior year, highlighting ongoing financial difficulties[5] - The company reported a basic and diluted loss per share of HKD 22.13, compared to HKD 6.90 in the previous year, reflecting increased losses per share[5] - The company recorded a loss of approximately HKD 35.9 million for the period, compared to a loss of approximately HKD 11.2 million in the same period last year, marking a significant increase in net loss[66] - Revenue decreased by approximately 37.7%, from about HKD 184.0 million to approximately HKD 114.6 million, primarily due to a reduction in the number of revenue-generating projects[69] Assets and Liabilities - Total assets decreased to HKD 130,799,000 from HKD 186,244,000, representing a decline of 29.7% year-over-year[6] - Total liabilities also decreased to HKD 65,136,000 from HKD 84,618,000, a reduction of 23.1% compared to the previous year[6] - The company's equity fell to HKD 65,663,000 from HKD 101,626,000, indicating a decline of 35.4% in shareholder equity[6] - The company's contract assets decreased from HKD 123,288,000 in 2022 to HKD 81,963,000 in 2023, reflecting a decline of approximately 33.5%[39] - The total amount of contract assets expected to be recovered after 12 months increased from HKD 18,973,000 in 2022 to HKD 20,100,000 in 2023, an increase of approximately 5.9%[40] - The company’s total receivables, including other receivables and deposits, decreased from HKD 35,666,000 in 2022 to HKD 34,428,000 in 2023, a decline of about 3.5%[43] Expenses and Costs - Material costs for the year ended December 31, 2023, were HKD 46,601,000, a decrease of 37.6% from HKD 74,717,000 in 2022[31] - The total expenses for the year ended December 31, 2023, were HKD 153,303,000, down 24.0% from HKD 201,657,000 in 2022[31] - Administrative expenses increased by approximately HKD 0.5 million or about 2.8% to approximately HKD 18.4 million, primarily due to increased employee benefits[76] - The company experienced a decrease in sales costs from approximately HKD 183.5 million to about HKD 111.5 million, a reduction of approximately 39.2%[70] Tax and Credit - The income tax credit recognized in the consolidated statement of comprehensive income for the year ended December 31, 2023, was HKD (4,354,000), compared to HKD (2,616,000) in 2022[32] - The company recognized a tax credit of HKD 4,354,000 for the year ended December 31, 2023, compared to HKD 2,616,000 in 2022, reflecting an increase of approximately 66.3%[34] - The income tax credit rose by approximately HKD 1.8 million or about 69.2% to approximately HKD 4.4 million, mainly due to an increase in pre-tax losses[77] Operational Focus and Strategy - The company has been focusing on providing mechanical ventilation and air conditioning systems, which remains its core business area[8] - The company plans to enhance its bidding strategy and seek new investment opportunities to improve financial performance amid a challenging business environment[67] - The company has secured a new project with a preliminary contract amount exceeding HKD 182 million, marking the highest contract amount awarded in Hong Kong[66] Employee and Corporate Governance - The number of employees decreased to 165 from 230, primarily due to the completion of several large projects[92] - Employee costs, including director remuneration, were approximately HKD 22.7 million, down from approximately HKD 27.2 million in 2022[92] - The company has adopted and complied with the corporate governance code during the relevant period, except for the separation of the roles of Chairman and CEO[98] Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with 2022[35] - The company does not recommend the distribution of a final dividend for the years ended December 31, 2023, and December 31, 2022[104] - The annual general meeting for the fiscal year 2023 is scheduled to be held on June 6, 2024[108] - The company will suspend share transfer registration from May 31, 2024, to June 6, 2024, to determine shareholder eligibility for the annual general meeting[109] Market Conditions - The company noted that the overall market atmosphere remains weak due to geopolitical tensions, rising interest rates, and inflationary pressures[65] - The company anticipates that its financial performance for the year ending December 31, 2024, may be affected by the current macroeconomic situation[67]
荣丰集团亚洲(08526) - 2023 - 年度业绩