Financial Performance - The group incurred a pre-tax loss of HKD 850,141,000 for the year ended December 31, 2023, compared to a pre-tax loss of HKD 390,513,000 for the previous year, reflecting a worsening financial performance[16]. - The company reported a loss attributable to shareholders of HKD 853,749,000 for 2023, compared to a loss of HKD 383,659,000 in 2022, reflecting an increase in losses of approximately 122%[38]. - The company reported a loss for the year of HKD 853,749,000, which is a significant increase from the loss of HKD 383,659,000 in 2022, reflecting a deterioration of approximately 122.3%[53]. - The company reported a basic and diluted loss per share, which remained the same due to the losses incurred during the year[96]. - The company recorded an unrealized loss of HKD 302.7 million primarily due to impairment losses on debt securities, which are non-cash items and do not immediately impact cash flow[129]. Revenue and Income - Revenue for the year ended December 31, 2023, was HKD 413,790,000, an increase from HKD 371,721,000 in 2022, representing a growth of approximately 11.5%[35]. - The group’s total revenue from external sources for the property investment segment was HKD 193,904,000 in 2023, compared to HKD 193,714,000 in 2022, showing a slight increase of 0.1%[16]. - The group’s hotel operations segment generated revenue of HKD 202,697,000 in 2023, compared to HKD 128,129,000 in 2022, representing a substantial increase of 58%[16]. - The group’s total other income increased to HKD 28,841,000 in 2023 from HKD 9,679,000 in 2022, marking an increase of approximately 197.5%[11]. - The company’s investment property rental income was HKD 193,904,000 in 2023, slightly up from HKD 193,714,000 in 2022, showing a marginal increase of about 0.1%[20]. Assets and Liabilities - The company’s total assets less current liabilities amounted to HKD 9,674,757,000 in 2023, down from HKD 11,457,694,000 in 2022[42]. - Total assets as of December 31, 2023, were HKD 9,674,757,000, a decrease from HKD 11,457,694,000 in 2022, representing a decline of approximately 15.6%[57]. - The company’s total equity decreased to HKD 4,087,028,000 from HKD 4,687,728,000, representing a decline of about 12.8%[57]. - The total liabilities as of December 31, 2023, amounted to HKD 201,780,000, a decrease of 22.8% from HKD 261,431,000 in 2022[100]. - Non-current liabilities decreased to HKD 5,587,729,000 from HKD 6,769,966,000, indicating a reduction of about 17.5%[57]. Financial Investments - The group reported interest income from listed debt securities and time deposits of HKD 16,656,000 for 2023, down from HKD 42,426,000 in 2022, representing a decrease of approximately 60.8%[7]. - The interest income and other income for the year were HKD 17,189,000, a decrease from HKD 49,878,000 in 2022, representing a decline of approximately 65%[20]. - The total financial investments as of December 31, 2023, were HKD 200,300,000, down from HKD 376,100,000 in 2022[150]. - The fair value loss on debt instruments recognized in other comprehensive income increased to HKD 302,667,000 in 2023 from HKD 152,439,000 in 2022[113]. Dividends - The proposed final dividend for the year ending December 31, 2023, is HKD 0.03 per share, totaling HKD 18,064,000, consistent with the previous year's dividend[73][94]. - The group confirmed a total of HKD 12,042,000 in interim dividends for the year, matching the previous year's figure[72]. - The company plans to propose a final dividend of HKD 0.03 per share for the year ended December 31, 2023, consistent with the previous year's dividend[119]. Operational Highlights - The company completed the "Victoria Harbour" residential development project, holding a 14.5% stake, with over 1,100 units sold and total sales exceeding HKD 19 billion, generating approximately HKD 800 million in cash inflow during the year[124]. - The company is focusing on luxury residential projects, holding a 50% stake in a joint venture for a development project in South Bay and 100% ownership of land for another luxury residential project[142]. - The company’s hotel properties had a carrying value of HKD 506,200,000 as of December 31, 2023, down from HKD 526,200,000 in 2022[109]. - The company’s investment property, Warwick House, generated rental income similar to the previous year, with an occupancy rate of 94%, up from 92% in 2022[141]. Economic Outlook - The Hong Kong economy is projected to grow by 2.5% to 3.5% in 2024, with inflation expected to remain moderate at 1.7%[155]. - The hotel industry in Hong Kong is expected to maintain positive growth due to resilient consumer spending and ongoing government economic stimulus[156]. - The UK economy experienced a modest growth of 0.1% in 2023, with the Bank of England maintaining a benchmark interest rate of 5.25%[166]. Employee and Management - The company has a total of approximately 190 employees as of December 31, 2023, with employee costs amounting to HKD 98.4 million, up from HKD 82.8 million in 2022[135]. - The group has implemented an employee stock option plan and a share incentive plan to retain and motivate management and high-performing employees[164]. - The group maintains good working relationships with employees and conducts annual reviews of compensation and benefits based on market conditions and individual assessments[164].
爪哇控股(00251) - 2023 - 年度业绩