Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 194,536,000, a decrease from HKD 194,536,000 in 2022[1] - The operating loss for the group was HKD 58,344,000, compared to a loss of HKD 53,107,000 in the previous year[1] - The net loss attributable to shareholders was HKD 41,184,000, improving from a loss of HKD 53,107,000 in 2022, resulting in a basic loss per share of HKD 5.87[10] - The group's total revenue for the year was approximately HKD 155,390,000, a decrease of about HKD 39,150,000 or 20.1% compared to HKD 194,540,000 in 2022[21] - Revenue decreased by 20.1% to HKD 155,390,000[72] - Gross profit decreased by 29.2% to HKD 33,300,000[72] - Operating loss decreased by 26.5% to HKD 42,860,000[72] - Loss attributable to owners of the company decreased by 22.5% to HKD 41,180,000[72] - Basic loss per share decreased by 22.5% to HKD 5.87[72] - The total comprehensive loss for the year amounted to HKD 46,059,000[74] Assets and Liabilities - The group's total assets as of December 31, 2023, amounted to HKD 488,498,000, down from HKD 577,266,000 in 2022[3] - The total liabilities of the group were HKD 173,297,000, a decrease from HKD 216,006,000 in the previous year[3] - As of December 31, 2023, the group's net asset value was HKD 315,200,000, down from HKD 361,260,000 in 2022; the operating cash surplus was HKD 174,660,000, compared to HKD 254,710,000 in 2022[40] - The total cash and restricted cash balance as of December 31, 2023, was approximately HKD 46,130,000, a decrease from HKD 91,230,000 in 2022[42] - The group had borrowings of approximately HKD 22,620,000, slightly up from HKD 22,390,000 in 2022, with an asset-to-liability ratio of 4.44%[44] - Total assets decreased from HKD 577,266,000 to HKD 488,498,000, a decline of approximately 15.4% year-over-year[79] - Total liabilities decreased from HKD 216,006,000 to HKD 173,297,000, a decline of about 19.7%[81] Revenue Breakdown - The group reported a significant decrease in revenue from cigarette packaging products, which was HKD 154,875,000 compared to HKD 167,582,000 in 2022[5] - Revenue from the cigarette packaging business was approximately HKD 154,880,000, down HKD 12,700,000 or 7.6% from HKD 167,580,000 in 2022[23] - Revenue from the environmental management business was approximately HKD 260,000, a significant decrease of HKD 26,380,000 or 99.0% compared to HKD 26,640,000 in 2022[24] - The environmental governance business reported a significant loss of HKD 28,175,000[93] Expenses - The overall gross profit for the year was approximately HKD 33,300,000, down from HKD 47,060,000 in 2022[25] - The overall gross profit margin decreased to 21.4% from 24.2% in 2022, primarily due to increased raw material prices and a decline in product prices[26] - Distribution costs for the year were approximately HKD 930,000, an increase of about 50% compared to approximately HKD 620,000 in 2022[28] - Administrative expenses for the year were approximately HKD 45,810,000, a decrease of 6.9% or about HKD 3,380,000 from HKD 49,190,000 in 2022[32] Corporate Governance and Future Plans - The company is committed to maintaining high standards of corporate governance to ensure competitiveness and healthy growth[57] - The company has adhered to the corporate governance code and will continue to review its governance practices regularly[59] - The company plans to invest more resources into new wastewater treatment projects to expand its revenue sources[54] - The company aims to strengthen relationships with existing customers and seek new customers to increase its market share in the cigarette packaging materials market[54] - The company will continue to explore opportunities in ecological restoration projects to enhance its market share[54] - The company anticipates intense competition in the cigarette packaging and environmental management sectors in 2024[52] Employment and Compensation - As of December 31, 2023, the company employed a total of 288 full-time employees, a decrease from 295 employees as of December 31, 2022[55] - Total employee compensation for the year amounted to HKD 37,990,000, down from HKD 43,160,000 in the previous year[55] Dividends - The group did not recommend any dividend for the year, consistent with the previous year[12] - The board does not recommend the payment of a final dividend for the year ending December 31, 2023[72] Miscellaneous - The company completed the sale of 48% equity in its subsidiary Shengshi Hengrui (Guangdong) Technology Co., Ltd. for a total consideration of RMB 3 million on November 17, 2023[51] - The annual general meeting is scheduled for June 26, 2024, with a suspension of share transfer registration from June 21 to June 26, 2024[56] - The company did not engage in any purchases, redemptions, or sales of its listed securities during the year[68] - Management did not submit monthly reports to the board as all directors were involved in daily operations and fully aware of the company's performance[67] - The company held two regular board meetings and three additional meetings for specific matters during the year[66]
华禧控股(01689) - 2023 - 年度业绩