Financial Performance - The company reported total revenue of MOP 5,582,928, a decrease of 2.0% compared to MOP 598,823 in the previous year[4]. - Gross profit was MOP 10,329, down 56.5% from MOP 23,753 in the previous year[4]. - The company incurred a net loss attributable to owners of MOP 34,123, compared to a loss of MOP 11,641 in the previous year, representing an increase in loss of 193.5%[4][6]. - The group reported a loss before tax of MOP 33,429,000 for 2023, compared to a loss of MOP 9,598,000 in 2022, indicating a significant increase in losses[27]. - The group reported a net loss of approximately 34.1 million MOP for the year ended December 31, 2023, compared to a net loss of about 11.6 million MOP in the previous year[56]. - Total comprehensive loss for the year ended December 31, 2023, was approximately 34.1 million MOP, compared to about 11.7 million MOP in the previous year[58]. - Basic loss per share for 2023 was MOP 3.12, compared to MOP 1.16 in 2022, indicating a worsening of the loss per share[34]. Assets and Liabilities - Total assets decreased to MOP 467,754 from MOP 535,492, a decline of 12.6%[8]. - Total liabilities decreased to MOP 289,284 from MOP 334,229, a reduction of 13.4%[10]. - The company’s equity attributable to owners decreased to MOP 178,470 from MOP 201,263, a decline of 11.3%[8]. - Total bank borrowings decreased to MOP 73,212,000 in 2023 from MOP 127,743,000 in 2022, a reduction of approximately 42.7%[43]. - The debt-to-equity ratio decreased from 63.5% on December 31, 2022, to 41.0% on December 31, 2023, due to a larger reduction in debt compared to total equity[65]. Trade Receivables and Payables - The company reported a significant increase in trade receivables, rising to MOP 69,145 from MOP 32,204, an increase of 114.5%[8]. - Trade receivables increased significantly to MOP 69,906,000 in 2023 from MOP 32,947,000 in 2022, reflecting a growth of 112%[36]. - The aging analysis of trade receivables shows that MOP 44,441,000 (63.6%) are within 30 days, compared to MOP 13,329,000 (40.4%) in 2022[36]. - Trade payables decreased to MOP 116,450,000 in 2023 from MOP 125,353,000 in 2022, indicating a decline of approximately 7.1%[38]. Financing Costs - The company’s financing costs increased to MOP 6,182 from MOP 5,162, an increase of 19.7%[4]. - Financing costs increased to MOP 6,182,000 in 2023 from MOP 5,162,000 in 2022, reflecting a rise of approximately 19.7%[30]. - The group’s financing costs included MOP 5,588,000 in interest expenses on bank loans for 2023, an increase from MOP 4,770,000 in 2022[30]. Impairment Losses - The company reported a significant impairment loss of MOP 6,658, compared to MOP 903 in the previous year[4]. - The company reported a significant impairment loss of MOP 4,470,000 related to a failed machinery purchase due to suspected fraud[29]. - Expected credit loss under the expected credit loss model was approximately 6.7 million MOP for the year ended December 31, 2023, up from about 0.9 million MOP in the previous year[52]. Administrative Expenses - The total administrative expenses for 2023 were MOP 29,797,000, slightly lower than MOP 30,577,000 in 2022[28]. - Administrative expenses decreased by approximately 780,000 MOP or 2.6% to about 29,797,000 MOP for the year ended December 31, 2023[53]. Cash Flow and Financing - As of December 31, 2023, the group had available committed bank financing of approximately 31,923,000 Macanese Patacas, and subsequently withdrew 7,120,000 Macanese Patacas by March 27, 2024[16]. - The group will continue to implement cost control measures and accelerate the collection of trade receivables to generate sufficient operating cash flow[17]. - The directors believe that the group will have sufficient operating funds to meet its financial obligations due within the next twelve months from December 31, 2023[17]. Market and Business Strategy - The company aims to capitalize on opportunities in the expanding private market and strengthen its influence in the public market in Macau[77]. - The company plans to explore new market opportunities, including the Greater Bay Area, to achieve business diversification[77]. - Cost control remains a top priority for the company to improve financial performance and ensure ongoing stability and success[79]. Employee and Management - As of December 31, 2023, the total number of full-time employees increased to 598 from 538 in 2022[76]. - The total employee cost, including director remuneration, was approximately 111.1 million MOP for the year ending December 31, 2023, compared to 93.5 million MOP in 2022, representing a year-over-year increase of about 18.1%[76]. Corporate Governance - The audit committee was established on November 24, 2017, consisting of three independent non-executive directors[89]. - The group's financial statements for the year ending December 31, 2023, were reviewed and confirmed by the auditor, KPMG[91]. - The annual performance announcement will be published on the company's website and the Hong Kong Stock Exchange website[92]. Dividends and Shareholder Returns - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with 2022[32]. - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2023, compared to no dividend in 2022[80].
建鹏控股(01722) - 2023 - 年度业绩