Financial Performance - The company's revenue for the year 2023 decreased to HKD 954,319,000 from HKD 3,667,163,000 in 2022, representing a decline of approximately 74%[1]. - The net loss for the year 2023 was HKD 900,330,000, compared to a net loss of HKD 183,641,000 in 2022, indicating a significant increase in losses[3]. - The company's property sales revenue dropped to HKD 405,500,000 in 2023 from HKD 3,139,900,000 in 2022, reflecting a decrease of about 87%[23]. - Revenue from external customers for 2023 was HKD 954,319,000, a decrease of 74% from HKD 3,667,163,000 in 2022[49]. - Reported segment revenue for 2023 was HKD 1,052,637,000, down from HKD 3,773,013,000 in 2022, reflecting a decline of approximately 72%[52]. - Adjusted EBITDA for the reporting segments showed a loss of HKD 455,926,000 in 2023 compared to a profit of HKD 276,674,000 in 2022[52]. - The group reported a fair value loss on financial assets of HKD (102,082,000) in 2023, compared to HKD (12,331,000) in 2022, indicating increased financial strain[36]. - The group recorded total comprehensive loss for the year was approximately HKD 1,143.6 million, compared to HKD 1,146.9 million for the previous year[97]. Assets and Liabilities - The total assets less current liabilities as of December 31, 2023, were HKD 13,418,892,000, down from HKD 15,688,656,000 in 2022[10]. - The company's equity attributable to shareholders and perpetual convertible securities holders decreased to HKD 8,092,201,000 in 2023 from HKD 9,223,880,000 in 2022[10]. - Total assets reported for 2023 were HKD 20,040,867,000, a decrease from HKD 21,832,640,000 in 2022, indicating a reduction of about 8%[52]. - Total liabilities for 2023 were HKD 11,917,705,000, down from HKD 12,550,634,000 in 2022, representing a decline of approximately 5%[52]. - The group’s total segment assets were HKD 19,581,235,000 in 2023, down from HKD 21,315,702,000 in 2022, reflecting a decrease of approximately 8%[52]. Cash and Financing - The company's cash and cash equivalents amounted to HKD 665,200,000 as of December 31, 2023, while the current bank loans and other borrowings were HKD 3,305,900,000[23]. - The financing costs for the year 2023 were HKD 319,999,000, slightly down from HKD 324,257,000 in 2022[21]. - The group has renewed existing bank financing of HKD 635,000,000 for at least 12 months and secured new bank loans of HKD 846,000,000, while repaying existing bank loans of HKD 799,000,000[24]. - The weighted average cost of borrowings as of December 31, 2023, was approximately 6.1%, up from 4.9% in 2022[98]. - The total borrowings of the group amounted to approximately HKD 7,289,300,000, with HKD 3,312,000,000 due within one year[108]. Market Conditions and Future Outlook - The company faces significant uncertainty regarding its ability to continue as a going concern due to the challenging property market and tightening financing environment[23]. - The group plans to accelerate the pre-sale and sale of its development and completed properties, as well as recover outstanding sales proceeds and other receivables[17]. - The group aims to maintain and moderately increase stable rental income properties while focusing on potential investment opportunities to foster new business growth points[194]. - The group plans to continue identifying land with investment potential in both domestic and overseas markets, particularly in the Greater Bay Area and Shanghai[186]. Property and Rental Income - The group's revenue from property management and related services for 2023 was HKD 405,477,000, compared to HKD 3,139,871,000 in 2022, indicating a significant decrease[30]. - Total rental income from investment properties was HKD 954,319,000 in 2023, down from HKD 3,667,163,000 in 2022[34]. - The rental income generated from investment properties for the year ended December 31, 2023, was approximately HKD 217.2 million, a decrease of about 2.7% from HKD 223.2 million for the year ended December 31, 2022[163]. - The average monthly rental income from operating investment properties was approximately HKD 69.3 per square meter, down from HKD 70.7 per square meter for the year ended December 31, 2022[163]. - The occupancy rate of the group's investment properties decreased from approximately 83.3% as of December 31, 2022, to about 82.5% as of December 31, 2023[163]. Shareholder Information - The group has no declared final dividend for the year ended December 31, 2023, compared to a final dividend of HKD 0.01 per share in 2022[74]. - The basic and diluted loss per share for the year ended December 31, 2023, was approximately HKD 0.57, compared to HKD 0.12 for the year ended December 31, 2022[78]. - As of December 31, 2023, the net asset value per share was approximately HKD 5.3, down from HKD 6.0 as of December 31, 2022[78]. - The net debt-to-equity ratio increased to approximately 62.8% as of December 31, 2023, from 54.7% as of December 31, 2022[78]. Governance and Compliance - The company maintained compliance with all corporate governance codes as of December 31, 2023, with a board composition that includes more than half independent non-executive directors[131]. - The company has adopted the standard code for securities trading by directors, ensuring compliance as of December 31, 2023[127]. - The company plans to review its existing governance structure in a timely manner to ensure effective leadership and strategic planning[131]. - The company’s chairman and CEO roles are held by the same individual, which the board believes enhances consistent leadership and effective business planning[131].
莱蒙国际(03688) - 2023 - 年度业绩