Financial Performance - The revenue from continuing operations for the year ended December 31, 2023, was approximately HKD 51,780,000, a decrease of about 21.1% compared to HKD 65,593,000 in 2022[3] - The net loss for the year was approximately HKD 111,332,000, a reduction of about 2.5% from the net loss of HKD 114,216,000 in 2022[3] - The gross profit for the year was HKD 32,508,000, slightly down from HKD 33,225,000 in 2022[5] - Basic and diluted loss per share from continuing operations was HKD 3.56, compared to HKD 3.43 in 2022[6] - The company reported a total loss of HKD 111,332,000 for the year ended December 31, 2023[22] - The group's consolidated revenue decreased by 21.1% to approximately HKD 51,800,000 for the year ended December 31, 2023, down from approximately HKD 65,600,000 in the previous year[43] - Overall gross profit decreased by 2.2% to approximately HKD 32,500,000, with a gross profit margin increase from 50.7% to 62.8%[43] - The loss from continuing operations for the year 2023 was HKD 111,332,000, a slight improvement from the loss of HKD 114,216,000 in 2022, representing a decrease of approximately 2.5%[31] Assets and Liabilities - Total assets as of December 31, 2023, were approximately HKD 1,229,839,000, down about 12.3% from HKD 1,402,305,000 in 2022[3] - The total liabilities decreased to HKD 573,440,000 in 2023 from HKD 609,841,000 in 2022[11] - The company's equity attributable to owners decreased to HKD 656,399,000 from HKD 792,464,000 in 2022[10] - The debt-to-equity ratio increased to approximately 50.5% as of December 31, 2023, compared to 44.2% in 2022[3] - The debt-to-asset ratio increased to approximately 50.5% as of December 31, 2023, compared to 44.2% in 2022, primarily due to the net loss incurred during the year[72] - Total borrowings, including bank loans and other loans, were approximately HKD 344.3 million as of December 31, 2023, down from HKD 367.7 million in 2022[70] Income and Expenses - Financial expenses decreased to HKD 45,200,000 in 2023 from HKD 75,436,000 in 2022, primarily due to reduced interest expenses on bank loans[23] - The income tax expense for the year was HKD 2,523,000, compared to HKD 16,889,000 in the previous year[23] - Other comprehensive expenses for the year totaled HKD 24,733,000, down from HKD 108,434,000 in 2022[8] - Total employee costs decreased to HKD 17,153,000 in 2023 from HKD 24,088,000 in 2022, reflecting a reduction of about 28.9%[26] - Administrative expenses decreased by approximately 18.1% to HKD 29,800,000, mainly due to reductions in legal, professional fees, and employee costs[64] - Other operating income decreased to approximately HKD 2,200,000 from HKD 4,600,000 in the previous year, primarily due to a reduction in government subsidies[59] Investment Properties - The fair value loss on investment properties was HKD 33,111,000, significantly higher than the loss of HKD 3,936,000 in 2022[5] - The group recorded a net fair value loss of investment properties amounting to approximately HKD 33,100,000 for the year ended December 31, 2023, compared to HKD 3,900,000 in the previous year[43] - The total fair value of the group's investment properties was approximately HKD 1,051,600,000 as of December 31, 2023, down from HKD 1,121,400,000 in the previous year[46] - The rental income generated from investment properties was approximately HKD 36,400,000, a slight decrease from HKD 36,800,000 in the previous year[46] - The total revenue from investment properties rental income was HKD (36,405,000) in 2023, slightly down from HKD (36,754,000) in 2022, indicating a decrease of about 0.9%[26] Discontinued Operations - The group’s discontinued operations included a hotel business segment, which was terminated during the year ended December 31, 2022[19] - The loss from discontinued operations for the year 2022 was HKD 6,963,000, which was fully attributed to the hotel business that was deemed unprofitable[28] Future Outlook and Strategy - The company is actively seeking potential projects compatible with its main business to support further development[42] - The management is actively seeking potential projects aligned with the company's main business, particularly in infrastructure-related sectors, amid a complex operating environment[76] Other Information - The group has not adopted the newly issued but not yet effective Hong Kong Financial Reporting Standards, which are expected to have no significant impact on future financial statements[15] - The total number of employees as of December 31, 2023, was approximately 119, with total employee costs for the year amounting to about HKD 17.2 million[75] - The current ratio was 1.04 as of December 31, 2023, down from 1.77 in 2022[72] - The company did not recommend any dividends for the years ended 2023 and 2022[29] - The company will not declare a dividend for the year ended December 31, 2023, consistent with the previous year[77] - The consolidated financial statements for the year ending December 31, 2023, have been verified by Tianjian International Certified Public Accountants, confirming the accuracy of the reported figures[88] - The annual report containing all financial and related information will be published on the Hong Kong Stock Exchange website and the company's website at an appropriate time[89]
中国城市基础设施(02349) - 2023 - 年度业绩