Financial Performance - For the year ended December 31, 2023, the group recorded revenue of approximately HKD 38.3 million, a decrease of about HKD 1.6 million or 4.0% compared to the revenue of approximately HKD 39.9 million for the year ended December 31, 2022[2]. - The group achieved a net profit of approximately HKD 2.2 million for the year, a significant turnaround from a net loss of approximately HKD 47.0 million in the previous year, primarily due to a fair value gain of approximately HKD 2.0 million on investment properties compared to a fair value loss of approximately HKD 46.0 million in the prior year[2]. - Total comprehensive income for the year amounted to HKD 1.6 million, compared to a total comprehensive loss of HKD 48.0 million in the previous year[4]. - The group reported a basic and diluted earnings per share of HKD 0.09, recovering from a loss per share of HKD 1.67 in the previous year[6]. - The company reported a profit of HKD 2,509,000 for 2023, a significant recovery from a loss of HKD 47,007,000 in 2022[67]. - The company reported a pre-tax profit of 2,417 thousand HKD for the year 2023, a recovery from a pre-tax loss of 46,617 thousand HKD in 2022[39]. Revenue Breakdown - Revenue from property management and related services decreased to HKD 25,365,000 in 2023, down 8.9% from HKD 27,768,000 in 2022[25]. - Total revenue for the group in 2023 was HKD 38,267,000, a decline of 4% compared to HKD 39,875,000 in 2022[25]. - Revenue from major customer A in property management services was 3,652 thousand HKD in 2023, down from 4,454 thousand HKD in 2022, representing a decline of 18%[55]. - The group’s total income from gardening services and plant sales was HKD 6,504,000 in 2023, a slight increase from HKD 6,343,000 in 2022[31]. - Rental income from investment properties increased by HKD 634,000 or 11% to HKD 6,398,000 for the year ending December 31, 2023, compared to HKD 5,764,000 in the previous year[95]. Assets and Liabilities - As of December 31, 2023, the group had total assets of approximately HKD 388.8 million, compared to HKD 240.9 million in the previous year[8]. - The group’s net current liabilities were approximately HKD 140.2 million, an improvement from HKD 216.1 million in the previous year[8]. - Total assets increased to 598,619 thousand HKD in 2023 from 372,078 thousand HKD in 2022, reflecting a growth of 60.8%[47]. - Total liabilities rose to 465,575 thousand HKD in 2023 from 240,889 thousand HKD in 2022, an increase of 93.3%[47]. - The total value of mortgaged investment properties and bank deposits was HKD 363,332,000 as of December 31, 2023, compared to HKD 360,891,000 in 2022[110]. Financial Support and Governance - The company has confirmed that its controlling shareholder will continue to provide financial support for the repayment of all debts if the company is unable to do so within at least the next twelve months[107]. - The board of directors did not recommend the payment of a final dividend for the year[2]. - The board does not recommend the payment of a final dividend for the year ended December 31, 2023, compared to no dividend in 2022[120]. - The audit committee has reviewed the financial statements for the year ended December 31, 2023, and found no discrepancies[113]. - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of chairman and CEO, which are held by the same individual[119]. Operational Insights - The group has three operating segments: property investment, gardening services and plant sales, and property management and related services[29]. - The company aims to strengthen its property management and related services to stimulate future revenue and profit growth[104]. - The company plans to enhance its service portfolio and provide comprehensive property management solutions to tenants, generating synergies in property management[104]. - The group is currently evaluating the impact of the revised long service payment regulations on its obligations[23]. - The group has not adopted new Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and is assessing their potential impact[18]. Cost Management - The group plans to take measures to improve its financial position, including cost reduction and securing sufficient funding from the controlling shareholder to meet its obligations[13]. - Total employee costs rose to HKD 20,922,000 in 2023, up from HKD 18,503,000 in 2022, marking an increase of 12.9%[61]. - Other operating and administrative expenses increased by HKD 512,000 or 7.0% to HKD 7,809,000 for the year ending December 31, 2023[97]. - The cost of goods sold decreased to HKD 1,039,000 in 2023 from HKD 1,121,000 in 2022, a reduction of 7.3%[65]. - Financing costs increased by HKD 3,435,000 or 70.8% to HKD 8,289,000 for the year, attributed to rising bank loan interest rates[100].
中亚烯谷集团(00063) - 2023 - 年度业绩