REGAL INT'L(00078) - 2023 - 年度业绩

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 1,791.9 million for the year, compared to a loss of HKD 358.3 million in the previous fiscal year, representing an increase of 400.1%[3]. - Revenue for the year was HKD 1,792.2 million, a decrease of 2.1% from HKD 1,831.1 million in the previous year[2]. - Gross profit decreased by 24.0% to HKD 652.3 million from HKD 857.8 million year-on-year[2]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,791,900,000 for the year ended December 31, 2023, compared to a loss of HKD 358,300,000 in the previous fiscal year[7]. - The net loss attributable to equity holders for the year was HKD 1,931.6 million, significantly higher than the loss of HKD 411.3 million in 2022, resulting in a basic and diluted loss per share of HKD 2.12[55]. - The group's financing costs increased to HKD 969.0 million from HKD 463.5 million in the previous year, contributing to the overall loss[54]. - The adjusted pre-tax loss for the group in 2023 was HKD 1,951.1 million, compared to a loss of HKD 445.3 million in 2022, indicating a significant increase in losses[69]. - The loss attributable to equity holders of the parent company was HKD 1,791.9 million in 2023, compared to a loss of HKD 358.3 million in 2022, marking a substantial increase in losses[69]. Hotel Operations - The average hotel occupancy rate in Hong Kong for 2023 was 82.0%, an increase of 16.0 percentage points year-on-year, with average room revenue (RevPAR) rising by 62.3%[9]. - Three Regal Hotels and two Regal Residence Hotels experienced a significant rebound in business operations, with property revenue net total increasing by approximately 221.7% compared to the previous year[5]. - The group’s investment in Regal Airport Hotel is expected to generate strong recurring income in the coming years due to increased events at the AsiaWorld-Expo and the opening of the new passenger terminal[10]. - The total revenue for the hotel operations and management segment in 2023 was HKD 1,676.5 million, an increase from HKD 1,647.0 million in 2022, representing a growth of approximately 1.7%[69]. - Revenue from hotel operations and management services increased to HKD 1,611.2 million in 2023 from HKD 1,580.1 million in 2022, representing a growth of about 2.0%[75]. Asset Management and Investments - The company incurred a fair value loss of HKD 770.9 million related to its investment in Cosmopolitan International Holdings Limited, which had no immediate impact on cash flow[3]. - Fair value losses on financial assets amounted to HKD 770,900,000, mainly related to investments in Cosmopolitan International Holdings Limited, reflecting a decline in market price[7]. - The group’s financial assets investment business recorded a net loss due to a weak local stock market[43]. - The financial asset investment segment's revenue decreased to HKD 14.2 million in 2023 from HKD 23.9 million in 2022, a decline of about 40.5%[69]. Property Development - The group has ongoing property development projects in Hong Kong, including commercial/residential projects and a significant luxury residential development in Shatin[17]. - The group sold a total of 4 garden houses and 8 apartment units in the Favour Mountain project, with significant remaining value in unsold units[17]. - The residential project "Shang Zhu" has sold all units, while 8 garden houses in "Fuhao Yuting" are still available for sale[32]. - The group currently manages a total of four Favour hotels in mainland China, with a new hotel in Chengdu under development[15]. - The Chengdu project has a total floor area of approximately 495,000 square meters, with residential unit sales generating total revenue of approximately RMB 2,048,300,000 (HKD 2,211,500,000) from nearly all units sold[39]. Financial Position - The group's total assets attributable to equity holders amounted to HKD 9,193.6 million, with an adjusted net asset value per share of HKD 21.03 if revalued at market value[45]. - The group's debt, after deducting cash and bank deposits, was HKD 14,483.3 million, up from HKD 13,831.2 million in 2022, resulting in a debt-to-asset ratio of 50.8%, compared to 45.7% in the previous year[48]. - The total assets, adjusted for the market value of hotel properties in Hong Kong, were HKD 40,901.0 million, leading to a debt-to-asset ratio of 35.4%, an increase from 33.2% in 2022[48]. - Total liabilities increased from HKD 16,380.6 million in 2022 to HKD 17,408.2 million in 2023, an increase of approximately 6.3%[62]. - The company's total non-current liabilities rose from HKD 9,026.1 million in 2022 to HKD 13,975.8 million in 2023, an increase of approximately 54.1%[62]. Corporate Governance - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2023, ensuring compliance with accounting standards[87]. - The company has adhered to the corporate governance code as per the Stock Exchange's listing rules, with no separation of roles between the chairman and CEO[87]. - The board of directors did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[51]. - The annual general meeting is scheduled for June 13, 2024, to discuss the financial results and other matters[52].