Financial Performance - For the year ended December 31, 2023, the group's revenue from continuing operations decreased by approximately HKD 357.2 million or about 45.7% to approximately HKD 193.8 million[5]. - The loss before tax from continuing operations for the year ended December 31, 2023, was approximately HKD 59.3 million, compared to a loss of approximately HKD 1.6 million for the year ended December 31, 2022, indicating a significant deterioration in performance[5]. - The group's gross loss for the year ended December 31, 2023, was HKD 7.15 million, compared to a gross profit of HKD 7.33 million for the previous year, reflecting a negative shift in profitability[3]. - The group reported a continuous loss of approximately HKD 59,284,000 for the year ending December 31, 2023[28]. - The company reported a loss attributable to owners from continuing operations of HKD 59,284,000 for 2023, compared to a loss of HKD 1,552,000 in 2022[45]. - The group reported a net loss attributable to owners of approximately HKD 59.3 million for the year, compared to a net loss of HKD 1.0 million in 2022[75]. Dividends and Shareholder Returns - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[4]. - The group did not declare or propose any dividends for the year ending December 31, 2023, consistent with 2022[43]. - The company did not recommend any final dividend for the year ended December 31, 2023, consistent with the previous year[95]. Financial Position - The group's total assets decreased to HKD 192.1 million as of December 31, 2023, from HKD 225.6 million in the previous year, reflecting a decline in asset base[11]. - The net liabilities position as of December 31, 2023, was HKD 10.4 million, compared to a net asset position of HKD 48.9 million in the previous year, indicating a significant shift in financial health[13]. - As of December 31, 2023, the group's current liabilities net worth was approximately HKD 4,853,000, with total liabilities net worth of HKD 10,416,000 and bank borrowings of HKD 9,000,000[28]. - The current ratio as of December 31, 2023, was 0.98, down from 1.27 as of December 31, 2022[79]. - The capital debt ratio was negative as of December 31, 2023, compared to approximately 16.4% as of December 31, 2022, due to total losses for the year[79]. - The net current liabilities of the group were approximately HKD 4,853,000, and the total liabilities amounted to HKD 10,416,000[103]. Revenue and Income - The group generated revenue of HKD 193,771,000 from contracting services in 2023, a decrease from HKD 357,154,000 in 2022[33]. - Other income for the year 2023 was HKD 410,000, a significant decrease from HKD 7,962,000 in 2022[39]. - The company recorded other income of HKD 0.41 million for the year, down from HKD 8.0 million in the previous year, indicating a decline in ancillary revenue sources[7]. Expenses and Cost Management - Total administrative expenses for the year decreased to HKD 16.5 million from HKD 21.4 million in the previous year, indicating cost management efforts[7]. - The group incurred a total employee cost of HKD 34,424,000 in 2023, down from HKD 46,611,000 in 2022[42]. - Administrative expenses decreased by approximately HKD 4.9 million or 22.9% to about HKD 16.5 million, down from HKD 21.4 million in 2022[69]. Credit Risk and Provisions - The group reported an expected credit loss of HKD 35.9 million for the year, a substantial increase from HKD 6.3 million in the previous year, highlighting increased credit risk[7]. - Impairment losses under the expected credit loss model increased by approximately HKD 29.6 million or 469.8% to about HKD 35.9 million, compared to HKD 6.3 million in 2022[63]. - Trade receivables increased to HKD 71,131,000 in 2023 from HKD 60,017,000 in 2022, with expected credit loss provisions rising from HKD 3,221,000 to HKD 5,609,000[47]. - The company’s expected credit loss provision for other receivables increased from HKD 169,000 in 2022 to HKD 38,000 in 2023[49]. Operational Outlook and Strategies - The group plans to explore various business and investment opportunities in different sectors and regions to enhance long-term growth potential[59]. - The group will conduct a detailed review of its existing operations and financial status to formulate sustainable business plans or strategies for future development[59]. - The group is actively reviewing its capital structure and considering new debt financing or issuing new shares to obtain additional capital[30]. - The group is implementing cost control measures to achieve positive and sustainable operational cash flow[30]. Accounting Policies and Standards - The group has adopted the revised Hong Kong Accounting Standard No. 1, which replaces "significant accounting policies" with "significant accounting policy information" without major impact on the financial position or performance[18]. - The consolidated financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, with historical cost as the basis for measurement, except for certain financial instruments measured at fair value[25]. - Fair value is determined based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date[26]. Employee and Workforce - The company employed a total of 69 employees as of December 31, 2023, down from 88 employees in the previous year, with employee costs around HKD 34.4 million compared to HKD 46.6 million in 2022[88]. Legal and Compliance - The company has not faced any significant litigation that would adversely affect its financial condition during the reporting period[89]. - There were no significant investments or capital asset plans disclosed for the year ended December 31, 2023[84]. Going Concern and Uncertainties - There are significant uncertainties regarding the company's ability to continue as a going concern, as indicated in the financial statements[103]. - The financial statements do not include any adjustments that may result from the uncertainties mentioned[103].
丰展控股(01826) - 2023 - 年度业绩