Financial Performance - For the fiscal year ending December 31, 2023, the company reported a consolidated loss attributable to shareholders of HKD 1,791,900,000, compared to a loss of HKD 358,300,000 in the previous fiscal year, representing an increase in loss of 378.6%[2] - Revenue for the year was HKD 2,806.4 million, a decrease of 29.9% from HKD 4,003.7 million in the previous year[7] - Gross profit decreased by 34.8% to HKD 1,124.8 million from HKD 1,724.9 million year-on-year[7] - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) fell by 74.4% to HKD 277.8 million from HKD 1,086.4 million in the previous year[7] - The company’s basic loss per share attributable to shareholders was HKD 1.01, compared to HKD 0.27 in the previous year, reflecting an increase of 274.1%[7] - The total comprehensive loss for the year was HKD 2,082.3 million, compared to HKD 672.5 million in 2022[83] - The group reported a net loss attributable to equity holders of HKD 1,663.1 million for the year, significantly higher than the loss of HKD 376.4 million in 2022[83] - The total revenue for 2023 was HKD 2,806.4 million, down from HKD 4,003.7 million in 2022, indicating a decrease of approximately 30%[120] Asset and Liability Management - The net asset value per share decreased by 12.8% to HKD 9.21 from HKD 10.56 year-on-year[7] - The group's total liabilities, after deducting cash and bank deposits, were HKD 17,937.9 million, compared to HKD 17,302.8 million in 2022, resulting in a debt-to-asset ratio of 45.0%, up from 41.4% in the previous year[66] - The company's total liabilities increased from HKD 15,881.6 million in 2023 compared to HKD 13,464.8 million in 2022, reflecting a significant increase in financial obligations[90] - The group's total assets, after adjusting for cash and bank deposits, were HKD 39,824.5 million, down from HKD 41,787.2 million in 2022[66] - Cash and cash equivalents decreased significantly from HKD 1,107.9 million in 2022 to HKD 567.2 million in 2023, a decline of approximately 48.8%[89] Property Development and Investment - The company’s property development and investment business is primarily conducted through P&R Holdings Limited, a joint venture with Regal Hotels International Holdings Limited[9] - The major luxury residential development project, Regal Mountain Peak, includes a total of 24 garden houses and 136 apartment units, with 4 houses and 8 apartment units sold during the year[9] - P&R has significant remaining units at the luxury residential development project, 富豪‧山峯, with 3 garden houses and 83 apartment units still available for sale[20] - New development projects include commercial/residential projects in筲箕灣 and 青山道, with significant ownership rights already secured[20] - The commercial portion of the development project includes a commercial complex of approximately 52,500 square meters and five office buildings totaling about 86,000 square meters, with construction progressing steadily[53] Market Conditions - The Hong Kong property market saw an increase in transaction volume over the past two months, with expectations of recovery as interest rates begin to decline[14] - The overall property prices and transaction volume in the Hong Kong residential market decreased compared to 2022[18] - 香港政府近期宣佈一系列支持性措施，預期將對豪華住宅市場帶來新需求[42] Financing and Costs - The company faced increased financing costs due to rising interest rates in Hong Kong, which negatively impacted financial performance[9] - Interest expenses for the year amounted to HKD 1,069.4 million, up from HKD 486.3 million in the previous year[65] - The company reported a significant increase in financing costs, with total financing costs amounting to HKD 1,220.8 million in 2023, compared to HKD 600.8 million in 2022[109] Corporate Governance - The company has adhered to the corporate governance code as per the Stock Exchange Listing Rules, except for the roles of Chairman and CEO not being separated[138] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[140] - The company is committed to maintaining high standards of corporate governance and transparency in its operations[141]
百利保控股(00617) - 2023 - 年度业绩