Financial Performance - Revenue for the year ended December 31, 2023, was HKD 86,702,000, a decrease of 29.3% from HKD 122,517,000 in 2022[2] - Cost of services for the same period was HKD 108,191,000, down 28.5% from HKD 151,145,000 in 2022[2] - The gross loss for the year was HKD 21,489,000, compared to a gross loss of HKD 28,628,000 in 2022, representing a 25.2% improvement[2] - The company reported a loss before tax of HKD 51,618,000 for the year, slightly improved from a loss of HKD 56,310,000 in 2022[2] - Basic loss per share for the year was HKD 16.54, compared to HKD 19.49 in 2022, indicating a reduction in loss per share by 15.1%[2] - The company reported a loss of HKD 51,618,000 in 2023, an improvement from a loss of HKD 56,203,000 in 2022, indicating a reduction in losses of approximately 8%[46] - The net loss attributable to shareholders decreased by approximately 4.6 million HKD or about 8.2% to approximately 51.6 million HKD for the year, compared to a net loss of approximately 56.2 million HKD in the previous year[64] Assets and Liabilities - Total assets decreased to HKD 71,757,000 in 2023 from HKD 123,936,000 in 2022, a decline of 42.1%[3] - The net asset value decreased to HKD 53,168,000 in 2023 from HKD 104,786,000 in 2022, a decline of 49.3%[3] - The company's total liabilities classification will not be affected by the application of the amendments to accounting standards as of December 31, 2023[26] - The asset-liability ratio was approximately 18.1%, up from 9.3% on December 31, 2022[72] - The total borrowings of the group were approximately 9.6 million HKD as of December 31, 2023, compared to approximately 9.7 million HKD as of December 31, 2022[67] Cash Flow and Financial Position - Cash and cash equivalents increased to HKD 18,600,000 in 2023 from HKD 14,006,000 in 2022, an increase of 32.5%[3] - Interest income increased to HKD 112,000 in 2023 from HKD 35,000 in 2022, representing a growth of 220%[39] - The gain from the sale of properties, plants, and equipment was HKD 3,314,000 in 2023, compared to a loss of HKD 1,881,000 in 2022, indicating a significant turnaround[39] - The net trade receivables decreased to HKD 5,512,000 in 2023 from HKD 6,472,000 in 2022, a decline of approximately 15%[48] - The group had pledged financial assets valued at approximately HKD 2.7 million as of December 31, 2023, compared to HKD 2.6 million on December 31, 2022[69] Revenue Segmentation - The construction services segment generated revenue of HKD 86,336 thousand in 2023, down from HKD 121,720 thousand in 2022, reflecting a decline of 29.1%[31] - The construction information technology services segment recorded a revenue of HKD 366 thousand in 2023, down from HKD 797 thousand in 2022, representing a decline of 54.0%[31] - Revenue from Customer I accounted for HKD 70,089 thousand in 2023, up from HKD 60,047 thousand in 2022, reflecting an increase of 16.9%[37] - The group did not report any inter-segment sales, with all reported segment revenues derived from external customers[31] Employee and Administrative Expenses - The total employee benefits expenses rose to HKD 5,584,000 in 2023 from HKD 5,294,000 in 2022, an increase of about 5%[43] - The total employee cost for the year was approximately HKD 5.6 million, compared to HKD 5.3 million for the year ending December 31, 2022[79] - Administrative expenses increased by approximately 15.8% to about 9.1 million HKD from approximately 7.9 million HKD in the previous year, primarily due to increased administrative costs allocated to employees[62] - The group employed a total of 14 employees as of December 31, 2023, down from 16 employees as of December 31, 2022[79] Accounting Standards and Policies - The company has adopted new accounting standards, which may impact future financial reporting but did not have a significant effect on the current year's results[9] - The application of the revised Hong Kong Financial Reporting Standard No. 17 has been postponed to January 1, 2023, or later for the first reporting period[11] - The group has contracts that meet the definition of insurance contracts under Hong Kong Financial Reporting Standard No. 17, but these contracts are explicitly excluded from its scope, resulting in no significant impact on the consolidated financial statements for the year[12] - The group has adopted the revised definition of accounting estimates under Hong Kong Accounting Standard No. 8, which clarifies the distinction between changes in accounting estimates and changes in accounting policies[13] - The application of the revised Hong Kong Accounting Standard No. 1 and the practical guide has not had a significant impact on the group's financial position and performance, but it has affected the disclosure of accounting policies in the consolidated financial statements[16][17] - The accounting policy changes during the year did not have a significant impact on the consolidated financial statements[22] - The group does not anticipate that the newly issued and revised Hong Kong Financial Reporting Standards will have a significant impact on the consolidated financial statements in the foreseeable future[23] Corporate Governance and Future Outlook - The audit committee was established on July 22, 2019, consisting of three independent non-executive directors to review internal controls, risk management, and financial reporting[90] - The preliminary announcement of the consolidated financial statements for the fiscal year ending December 31, 2023, was agreed upon by the auditors, confirming consistency with the audited financial statements approved by the board on March 26, 2024[91] - The annual performance announcement will be published on the company's website and the Hong Kong Stock Exchange website[93] - The group is actively seeking opportunities to expand its customer base and market share in the civil engineering sector[57] - The group has established an online platform to assist clients in reviewing contractor payment requests, leveraging its expertise in providing information technology solutions for civil engineering payment requests[54] - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[74] - The group did not hold any significant investments during the year[76] - The group maintained sufficient public float as required by the listing rules[89] - The group did not encounter any significant labor disputes or difficulties in hiring and retaining experienced staff during the year[80] - The board has resolved not to recommend a final dividend for the year[81]
恒新丰控股(01920) - 2023 - 年度业绩