Financial Performance - For the year ended December 31, 2023, the company reported revenue of MOP 88,189,000, a decrease of 48.8% compared to MOP 172,373,000 in 2022[2]. - Gross profit for the same period was MOP 14,721,000, down 58.9% from MOP 35,814,000, resulting in a gross margin of 16.7%, a decline of 4.1 percentage points from 20.8%[2]. - The company reported a loss attributable to owners of MOP 18,547,000, compared to a profit of MOP 5,316,000 in the previous year, resulting in a loss per share of MOP (4.6) versus earnings per share of MOP 1.3 in 2022[2]. - The company recorded a net loss of MOP 18,529,000 in total comprehensive income for the year, compared to a total comprehensive income of MOP 5,329,000 in 2022[7]. - Adjusted loss before tax for 2023 was MOP 18,725,000, compared to a profit of MOP 6,183,000 in 2022[26]. - The group reported a net loss attributable to the owners of the company of approximately MOP 18.5 million for the year ended December 31, 2023, compared to a profit of approximately MOP 5.3 million in 2022[59]. - Basic loss per share for the year ended December 31, 2023, was MOP 4.6 cents, a decrease of MOP 5.9 cents compared to earnings of MOP 1.3 cents per share in 2022[60]. Revenue Breakdown - Revenue from renovation, alteration, and addition works was MOP 72,860,000, down 51.7% from MOP 150,931,000 in the previous year[24]. - The construction segment generated revenue of MOP 10,115,000, a decline of 43.5% from MOP 17,832,000 in 2022[24]. - Maintenance services revenue increased to MOP 5,214,000, up 44.4% from MOP 3,610,000 in 2022[24]. - Revenue from external customers in Macau was MOP 66,950,000, a significant decrease from MOP 163,543,000 in 2022[22]. - Revenue from Hong Kong customers increased to MOP 21,239,000, up from MOP 8,830,000 in the previous year[22]. Assets and Liabilities - Total equity attributable to owners decreased by 15.0% to MOP 104,944,000 from MOP 123,473,000 in 2022[10]. - Non-current assets totaled MOP 105,743,000, down from MOP 109,762,000 in the previous year[9]. - Current assets decreased to MOP 74,564,000 from MOP 102,336,000, with cash and bank balances dropping to MOP 10,129,000 from MOP 22,386,000[9]. - Current liabilities decreased to MOP 71,869,000 from MOP 84,967,000, resulting in a net current asset position of MOP 2,695,000 compared to MOP 17,369,000 in 2022[9]. - The total value of uncompleted renovation and construction projects as of December 31, 2023, was approximately MOP 91.0 million, compared to MOP 72.7 million as of December 31, 2022[46]. - As of December 31, 2023, bank and other borrowings amounted to MOP 335 million, an increase from MOP 310 million in 2022[63]. - The group’s current assets and current liabilities were MOP 746 million and MOP 719 million respectively, resulting in a current ratio of 1.04, down from 1.2 in 2022[64]. - The debt-to-equity ratio increased to 0.32 as of December 31, 2023, compared to 0.25 in 2022, primarily due to losses incurred during the year[65]. Expenses - The company experienced an increase in administrative expenses to MOP 28,891,000 from MOP 26,275,000, alongside a significant rise in impairment losses on financial assets[5]. - Administrative expenses increased by approximately MOP 2.6 million or 10.0% to MOP 28.9 million for the year ended December 31, 2023, mainly due to increased bonuses to employees[56]. - The total employee costs for the year ended December 31, 2023, were MOP 36.3 million, down from MOP 39.5 million in 2022[83]. Dividends - The board of directors did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[2]. - The company did not declare any dividends for the years ended December 31, 2023, and 2022[32]. - The board does not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[85]. Corporate Governance and Compliance - The company did not restate comparative figures in the financial statements due to the immateriality of the adjustments related to the accounting impact of the MPF offsetting mechanism[15]. - The group continues to comply with all applicable corporate governance codes as per the listing rules[89]. - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements for the year ended December 31, 2023[91]. Market Outlook - The outlook for the Macau market remains positive, with the gaming industry and inbound tourist numbers meeting government expectations, indicating a recovery towards pre-pandemic levels[84]. - The group plans to explore broader market opportunities in light of the favorable economic environment in the Hong Kong-Macau market[84]. Legal and Tax Matters - The company has no provisions made in the consolidated financial statements for potential liabilities related to ongoing legal disputes as of December 31, 2023[41][42][43]. - The company has not made any provisions for tax liabilities in Hong Kong due to available carryforward tax losses[28]. - The company has a deferred tax expense of MOP (298,000) for 2023, compared to MOP 858,000 in 2022[29]. Risk Management - The group has not implemented any foreign currency hedging policies but monitors foreign exchange risks[74]. - The group has no interest rate hedging policies in place but manages interest rate risks proactively[75]. - The maximum credit risk arises from the carrying amount of financial assets recognized in the consolidated financial statements[76]. - The group has made provisions for expected credit losses on accounts receivable based on assessments of recoverability[78]. - As of December 31, 2023, the group's trade receivables and contract assets from its five major clients amounted to MOP 11.1 million, a decrease from MOP 38.2 million in 2022, representing 24.2% of total trade receivables and contract assets (2022: 66.3%)[79].
黎氏企业(02266) - 2023 - 年度业绩