Financial Performance - For the year ended December 31, 2023, the total revenue was HKD 161,497,000, a decrease of 54.5% compared to HKD 355,277,000 in 2022[4] - The gross profit for the year was HKD 1,509,000, down from HKD 15,277,000 in the previous year, indicating a significant decline in profitability[4] - The net loss for the year was HKD 49,552,000, compared to a loss of HKD 1,193,000 in 2022, reflecting a substantial increase in losses[5] - The total comprehensive loss for the year amounted to HKD 52,388,000, compared to HKD 11,243,000 in the prior year, highlighting worsening financial performance[5] - The group reported a net loss attributable to shareholders of HKD 49,552,000 for the year ending December 31, 2023[11] - The group incurred a loss before tax of HKD 59,279,000 in 2023, compared to a profit before tax of HKD 9,454,000 in 2022, reflecting a substantial decrease in financial performance[23][32] - The group reported a loss for the year of HKD 49,552,000 in 2023, compared to a loss of HKD 1,193,000 in 2022, indicating a worsening financial situation[23][27] - The oil and gas segment reported a loss of HKD 48,091,000 for the fiscal year 2023, compared to a profit of HKD 5,660,000 in the previous year[66] Assets and Liabilities - The company's total assets decreased to HKD 533,042,000 from HKD 553,498,000 in 2022, indicating a reduction in asset base[7] - The net asset value as of December 31, 2023, was HKD 408,274,000, down from HKD 460,662,000 in the previous year[8] - Non-current assets decreased to HKD 347,166,000 from HKD 394,941,000 in the previous year, indicating a decline in long-term asset investments[7] - The group's total liabilities increased to HKD 124,768,000 in 2023 from HKD 92,836,000 in 2022, marking an increase of approximately 34.4%[25][29] - The group has only HKD 1,252,000 in bank balances and cash, indicating significant uncertainty regarding its ability to continue as a going concern[11] - Total trade and other payables amounted to approximately HKD 50,581,000, with HKD 49,007,000 due within the next twelve months[11] Earnings Per Share - The basic and diluted loss per share for the year was HKD 5.89, compared to HKD 0.14 in 2022, showing a significant deterioration in earnings per share[5] - The basic and diluted loss per share for the year was HKD 0.0589, compared to a loss of HKD 0.0014 in the previous year[62] Cost Management - The company's administrative expenses were HKD 19,086,000, slightly reduced from HKD 20,465,000 in 2022, showing some cost control efforts[4] - The group plans to enhance cost control measures to improve profitability and cash flow from operations[15] Impairment and Valuation - The group recognized an impairment loss provision of HKD 39,870,000 for intangible assets in 2023, compared to HKD 6,645,000 in 2022, indicating increased risk in asset valuation[25][29] - Management must make estimates and judgments regarding potential impairment of oil and gas assets based on future price expectations and production conditions[19] Market Conditions - Brent crude oil prices fluctuated between USD 71.8 and USD 96.6 per barrel during 2023, closing at USD 77.0 per barrel in December[67] - Natural gas prices declined from USD 4.4 at the beginning of 2023 to USD 2.5 by December, and further to USD 1.8 by early March 2024[67] - The Henry Hub natural gas price decreased by approximately 57% from USD 4.4 per million British thermal units at the beginning of 2023 to USD 2.5 by the end of December[72] Future Outlook - The company anticipates ongoing evaluation and adjustment of its strategies in response to market conditions and geopolitical factors affecting its operations[66] - Future outlook includes potential market expansion and new product development initiatives[102] Governance and Compliance - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with the standards set out in the listing rules[89] - The audit committee has reviewed and confirmed the accounting policies and practices adopted by the group, ensuring appropriate disclosures in the financial statements[95] - The board of directors includes five executive directors and three non-executive directors, indicating a diverse leadership structure[102]
中港石油(00632) - 2023 - 年度业绩