Financial Performance - For the year ended December 31, 2023, revenue was HKD 246,531,000, a decrease of HKD 204,584,000 or 45.4% compared to HKD 451,115,000 in the previous year[3] - Gross profit for the year was HKD 37,556,000, down HKD 68,041,000 or 64.4% from HKD 105,597,000 in the prior year[3] - The loss attributable to owners of the company was HKD 45,146,000, an increase of HKD 7,761,000 or 20.8% from HKD 37,385,000 in the previous year[3] - Basic and diluted loss per share was HKD 25.14, an increase of HKD 4.32 or 20.8% from HKD 20.82 in the prior year[3] - Total comprehensive loss for the year amounted to HKD 67,761,000, compared to HKD 48,701,000 in the previous year, reflecting an increase of HKD 19,060,000 or 39.1%[6] - The group reported a net loss of HKD 21,570,000 for the year 2023, compared to a net loss of HKD 34,928,000 in 2022[28] Revenue Breakdown - The group's revenue for the year 2023 was HKD 246,531,000, a decrease of 45.4% compared to HKD 451,115,000 in 2022[25] - The revenue from prestressed high-strength concrete piles was HKD 70,147,000, down 18% from HKD 85,498,000 in the previous year[25] - The revenue from ready-mixed concrete was HKD 145,885,000, a decline of 53% from HKD 311,792,000 in 2022[25] - The external customer revenue for the fiscal year 2023 was HKD 246,531,000, a decrease of approximately 45% compared to HKD 451,115,000 in the previous year due to a sluggish property market[42] Assets and Liabilities - Non-current assets decreased to HKD 134,710,000 from HKD 174,746,000, a decline of 23%[8] - Current assets decreased to HKD 196,228,000 from HKD 234,791,000, a decline of 16.4%[8] - Total liabilities decreased slightly to HKD 190,637,000 from HKD 194,666,000, a decrease of 2.1%[8] - The company's equity attributable to owners decreased to HKD 91,961,000 from HKD 139,785,000, a decline of 34%[9] - The total trade receivables, net of credit loss provisions, were HKD 108,172,000 for the fiscal year 2023, down from HKD 160,261,000 in the previous year[36] - The aging analysis of trade receivables showed that HKD 75,463,000 was within 3 months, compared to HKD 79,140,000 in the previous year[37] - The total amount of assets pledged as collateral for bank borrowings was HKD 86,303,000, down from HKD 100,955,000 in the previous year[39] Expenses and Costs - The cost of materials used was HKD 147,149,000, down from HKD 238,914,000 in the previous year, reflecting a decrease of 38.3%[28] - Administrative expenses for the fiscal year 2023 were HKD 23,977,000, representing an 18% decrease from HKD 29,398,000 in the previous fiscal year[44] - The financing costs for the year 2023 totaled HKD 1,624,000, a decrease of 48% from HKD 3,129,000 in 2022[27] Dividends - The company does not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with the previous year[3] - The company did not declare or recommend any final dividends for the fiscal year 2023, consistent with the previous year[32] Legal and Compliance Issues - The company has issued convertible bonds amounting to HKD 15,000,000, which are currently considered invalid and non-convertible due to ongoing legal disputes[48] - There are ongoing legal actions involving claims of approximately HKD 40,000,000 related to convertible bonds, which have been dismissed without costs awarded[54] - The company has initiated legal actions to recover unpaid loans from guarantor Mr. Chen, with the court ruling that he is responsible for repaying the principal amount, accrued interest, and related legal fees[72] - The company has received legal advice regarding the recovery of receivables from Charmate, which is currently undergoing liquidation, with no evidence of asset holdings found[72] - Legal actions have been initiated against six borrowers for unpaid loans and interest, with ongoing litigation against various parties including Hua Li Capital and Tailor Wealth[64] Employment and Staff - As of December 31, 2023, the company employed approximately 264 full-time staff across management, administration, technical, and production departments in Hong Kong and mainland China[51] Market and Economic Conditions - The group recognized government subsidies of HKD 328,000 in 2022 related to COVID-19 support, with no similar subsidies reported in 2023[25] - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5% starting February 5, 2024, providing approximately RMB 1 trillion in long-term liquidity to the market[74] - The central bank lowered the 5-year Loan Prime Rate (LPR) by 25 basis points to 3.95% on February 20, 2024, marking the largest cut since the LPR was introduced in 2019, aimed at boosting the real estate sector[75] - Guangdong Province has introduced 30 measures to support the private economy, encouraging financial institutions to provide more financing support to private enterprises[76] - The implementation of comprehensive tax reduction and fee reduction policies is expected to positively impact the construction materials industry in Guangdong Province, benefiting the company[78] Corporate Governance - The company has confirmed compliance with the corporate governance code, although it has not yet appointed a chairman or CEO following the resignations of previous executives[82] - The audit committee has reviewed the annual performance for the year ending December 31, 2023[83] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the year[80] - The company plans to publish its annual report on its website and the stock exchange's website in due course[87]
新威国际(00058) - 2023 - 年度业绩