Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 90,982,000, a decrease of 44.6% compared to HKD 164,305,000 in 2022[2] - The gross loss for the year was HKD 90,443,000, compared to a gross loss of HKD 48,914,000 in the previous year, representing an increase of 84.8%[2] - The net loss for the year was HKD 139,674,000, which is a 42.7% increase from the net loss of HKD 97,746,000 in 2022[2] - The total comprehensive loss for the year attributable to owners of the company was HKD 87,159,000, compared to HKD 66,274,000 in 2022, reflecting a 31.5% increase[3] - The group reported a total loss before tax of HKD 184,058,000 for the year ended December 31, 2023, compared to a loss of HKD 116,808,000 in 2022, representing an increase in losses of 57.5%[29] - The group reported a pre-tax loss of HKD 93,075,000 for the year ended December 31, 2023, compared to a loss of HKD 68,152,000 in 2022[47] - The company recorded an EBITDA loss of HKD 110,168,000 for the year, compared to an EBITDA profit of HKD 7,148,000 in 2022[92] - The loss attributable to the company's owners increased from HKD 68,152,000 in 2022 to HKD 93,075,000 for the year ended December 31, 2023[95] Revenue Breakdown - Revenue from the sale of logs and timber products was HKD 80,050,000, down 48.5% from HKD 155,201,000 in the previous year[14] - Customer contract revenue totaled HKD 85,108,000, a decline of 47.1% compared to HKD 160,639,000 in 2022[14] - Total revenue from leases increased to HKD 5,874,000 in 2023, up from HKD 3,666,000 in 2022, representing a growth of 60.3%[22] - External segment revenue for Suriname was HKD 25,782,000 and for New Zealand was HKD 65,200,000, totaling HKD 90,982,000 for the year ended December 31, 2023[29] - The New Zealand division's revenue dropped by 50.9%, primarily due to reduced demand and a 52.5% decrease in sales volume[66] - The Suriname division experienced an 18.2% decrease in revenue, attributed to lower sales volumes of logs and lumber products[67] - Total revenue decreased by 44.6% to HKD 90,982,000, with contributions from the New Zealand and Suriname divisions of HKD 65,200,000 and HKD 25,782,000 respectively[78] - Revenue from the New Zealand division decreased by 50.9% or HKD 67,577,000, primarily due to a decline in demand from China and reduced supply from owned plantations[78] Assets and Liabilities - The company's total assets decreased to HKD 799,301,000 from HKD 968,017,000 in 2022, a decline of 17.5%[5] - The company's cash and cash equivalents decreased to HKD 47,714,000 from HKD 71,681,000, a reduction of 33.5%[5] - The total liabilities decreased to HKD 512,247,000 from HKD 547,205,000, a decrease of 6.4%[6] - The company's equity attributable to owners decreased to HKD 764,046,000 from HKD 851,205,000, a decline of 10.2%[6] - The group's outstanding borrowings as of December 31, 2023, amounted to HKD 202,512,000 from the direct holding company, HKD 166,948,000 from a subsidiary, HKD 24,644,000 in bank loans, and HKD 14,068,000 in lease liabilities, resulting in a capital debt ratio of 53.4%[97] Operational Challenges - The Suriname operations faced various external challenges, including extreme weather, pandemic lockdowns, rising fuel and transport costs, and social unrest due to economic inflation, increasing operational risks[101] - The company is closely monitoring the impact of geopolitical instability and economic recession risks on supply chain costs for 2024[70] - The International Monetary Fund predicts a 30% to 60% decline in investment in China's residential real estate projects over the next decade, which may affect demand for New Zealand radiata pine[70] - The group is currently in a low harvesting period for most of its radiata pine plantations in New Zealand, requiring ongoing cash support until the plantations mature over the next ten years[100] Employee and Operational Costs - The group’s employee benefits expenses increased to HKD 34,547,000 in 2023 from HKD 33,361,000 in 2022[43] - Financing costs rose to HKD 23,806,000 in 2023 from HKD 17,108,000 in 2022, with interest from loans from a related company increasing significantly from HKD 7,467,000 to HKD 12,780,000[42] - The group incurred capital expenditures of approximately HKD 1,150,000 for investments in properties, plants, and equipment for the year ended December 31, 2023, compared to HKD 9,298,000 in 2022[108] Dividends and Share Options - The group did not declare or recommend any dividends for both years under review[45] - No final dividend was recommended for the year ended December 31, 2023, consistent with the previous year[107] - The maximum number of share options available under the share option scheme adopted on May 24, 2022, is 185,499,105 shares, representing approximately 10.0% of the company's issued share capital[112] Compliance and Governance - The company has complied with all applicable corporate governance code provisions throughout the year ended December 31, 2023, with minor deviations noted[117] - The group has not purchased, sold, or redeemed any of its listed securities during the year ended December 31, 2023[120] - The company acknowledges the inherent risks and uncertainties in forward-looking statements regarding its financial condition and operational performance[121]
绿心集团(00094) - 2023 - 年度业绩