Financial Performance - The company reported a total comprehensive loss of HKD 737,911,000 for the year ended December 31, 2022, compared to a loss of HKD 411,438,000 in the previous year, representing an increase in loss of approximately 79%[5] - Total revenue for 2022 was HKD 371,721,000, a decrease of 30% from HKD 530,579,000 in 2021[18] - Profit before tax showed a loss of HKD 390,513,000 compared to a profit of HKD 129,375,000 in 2021[18] - The company's attributable loss for the year was HKD 383,659,000, a significant decline from a profit of HKD 70,162,000 in 2021[19] - Basic and diluted loss per share was HKD (63.7) compared to HKD 11.3 in the previous year[19] - The company reported a fair value loss on debt instruments of HKD 225,213,000 in 2022, compared to a loss of HKD 846,106,000 in 2021, showing an improvement of approximately 73%[5] - The company’s total comprehensive income for the year included other comprehensive expenses totaling HKD 354,252,000, down from HKD 481,600,000 in the previous year, indicating a reduction of about 26.4%[5] - The company reported a fair value loss on investment properties of HKD (234,954,000) compared to a gain of HKD 655,533,000 in 2021[18] - The company recorded a fair value loss on UK investment properties, contrasting with a fair value gain on other investment properties in 2021[88] - The group recorded an unrealized loss of HKD 152,400,000 primarily due to impairment losses on debt securities investments, which is a non-cash item[145] Assets and Liabilities - Non-current assets decreased to HKD 8,790,541,000 in 2022 from HKD 10,407,687,000 in 2021, reflecting a decline of about 15.5%[6] - Current assets increased to HKD 4,995,516,000 in 2022 from HKD 3,962,260,000 in 2021, marking an increase of approximately 25.9%[6] - The company's cash and cash equivalents stood at HKD 2,457,179,000, down from HKD 2,685,034,000 in the previous year, a decrease of about 8.5%[6] - Total liabilities related to assets classified as held for sale rose to HKD 466,656,000 in 2022 from HKD 160,491,000 in 2021, indicating a significant increase of approximately 190%[6] - The company’s total assets less current liabilities amounted to HKD 11,457,694,000, down from HKD 12,643,160,000 in the previous year, a decrease of about 9.4%[6] - Total equity decreased to HKD 4,687,728,000 from HKD 5,455,745,000 in 2021, reflecting a decline of approximately 14%[23] - Non-current liabilities increased to HKD 6,769,966,000 from HKD 7,187,415,000, indicating a slight reduction[23] - The group’s net debt as of December 31, 2022, was HKD 5,675,000,000, with an asset-to-liability ratio of 36.9%, compared to 27.6% in the previous year[146] Revenue Streams - Rental income from investment properties decreased to HKD 193,714,000, down 15% from HKD 227,555,000 in the previous year[18] - Hotel operating revenue from customer contracts reached HKD 82,788,000 for room revenue, an increase from HKD 63,913,000 in 2021, while food and beverage sales generated HKD 36,667,000, down from HKD 46,767,000[43] - Interest income from listed debt securities and time deposits was HKD 42,426,000, significantly lower than HKD 177,274,000 in 2021, reflecting a decline of about 76%[70] - The property development segment reported a profit of HKD 130,327,000, while the property investment segment incurred a loss of HKD 95,344,000[66] - Hotel operations generated a profit of HKD 6,483,000, and financial investments reported a loss of HKD 110,551,000, leading to a consolidated loss before tax of HKD 390,513,000[66] Investments and Acquisitions - The group increased its stake in the joint venture "Victoria Harbour" from 10.0% to 14.5%, with a related cost of approximately HKD 412,520,000 and a discount of HKD 158,896,000[46] - The group completed the acquisition of a luxury residential property in Jardine's Lookout, which will be redeveloped into low-density luxury housing for long-term investment[142] - The company recognized a discount amortization of HKD 101,800,000 related to additional investments in joint ventures during the year[67] - Approximately 900 units of the "Victoria Harbour" project have been sold, generating total sales proceeds of nearly HKD 13,600,000,000[140] Future Outlook and Strategy - The company plans to apply new accounting standards effective from January 2024, which may impact financial reporting[29] - The company aims to implement cost-saving measures and enhance service quality in its hotel operations to capture further market share during challenging times[96] - The economic outlook for Hong Kong is expected to improve in 2023, with a projected GDP growth rebound following a contraction of 3.5% in 2022 due to various challenges[151] - The hotel industry in Hong Kong is anticipated to rebound in 2023, with occupancy rates and demand significantly increasing following the removal of all social distancing and quarantine measures[153] - The group aims to identify new business opportunities and suitable investment opportunities to enhance its core business and competitiveness[134] - The company plans to continue its strategy of financial investments, particularly in fixed-income debt securities, to generate stable returns[64] Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code as per the listing rules appendix 14[188] - The company plans to adopt new articles of association to align with the current requirements under Bermuda law and enhance shareholder meeting formats[156] - The company will send the annual report containing all applicable information as required by the listing rules to shareholders in April 2023[157] - The company expressed gratitude to its founders, long-term business partners, customers, and shareholders for their contributions and support[158] Employee and Operational Metrics - The total number of employees increased to approximately 170 as of December 31, 2022, compared to 160 in 2021[129] - The average credit period for purchasing goods was 60 days, with current liabilities amounting to HKD 189.9 million and non-current liabilities at HKD 71.5 million as of the end of 2022[80]
爪哇控股(00251) - 2022 - 年度业绩