Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 232,753,000, a decrease from HKD 174,208,000 in the previous year, representing a decline of approximately 25.1%[2] - Gross profit for the year was HKD 17,465,000, compared to HKD 29,860,000 in the previous year, indicating a decrease of about 41.3%[4] - The company reported a loss attributable to shareholders of HKD 64,222,000, an improvement from a loss of HKD 70,820,000 in the previous year, reflecting a reduction of approximately 9.1%[4] - Basic loss per share for the year was HKD 24.70, compared to HKD 27.24 in the previous year, showing a slight improvement[4] - Total comprehensive loss for the year amounted to HKD 62,555,000, compared to HKD 82,448,000 in the previous year, reflecting an improvement of about 24.2%[4] - The adjusted pre-tax loss for the group was HKD 65,247,000, compared to HKD 68,156,000 in the previous year[25][27] - The company recorded a significant increase in sales for the optical fiber segment, rising from HKD 25,933,000 to HKD 1,319,000 in the current year[24] - The company reported a significant increase in the impairment loss on trade receivables, amounting to HKD 11,417,000 for the year ending December 31, 2023, compared to a recovery of HKD 59,491,000 in the previous year[33] Assets and Liabilities - Non-current assets increased to HKD 231,169,000 from HKD 134,702,000 year-over-year, representing a growth of 71.5%[6] - Current assets totaled HKD 251,744,000, up from HKD 240,838,000, indicating a 4.0% increase[6] - Total assets decreased to HKD 450,918,000 from HKD 513,670,000, reflecting a decline of 12.2%[6] - Current liabilities rose to HKD 96,565,000 compared to HKD 66,188,000, marking an increase of 45.9%[6] - Total equity decreased to HKD 450,362,000 from HKD 512,917,000, a decline of 12.2%[7] - The company reported cash and cash equivalents of HKD 58,160,000, compared to HKD 14,489,000, showing a significant increase of 301.5%[6] - The company’s total liabilities increased to HKD 96,565,000 from HKD 66,188,000, reflecting a rise of 45.9%[6] Accounting and Regulatory Changes - The company adopted new accounting standards effective from January 1, 2023, which did not have a significant impact on the financial statements[10] - The application of the revised accounting policies did not have a significant impact on the group's financial position and performance[15] - The group is responsible for paying long service payments to employees under certain circumstances due to changes in accounting policies related to the cancellation of the offset mechanism for mandatory contributions[16] - The revised regulations will officially take effect on May 1, 2025, affecting the calculation of long service payments[16] - The group has adopted guidelines from the Hong Kong Institute of Certified Public Accountants regarding the accounting treatment of long service obligations[17] Revenue Breakdown - Total customer contract revenue for the year ended December 31, 2023, was HKD 174,208,000, an increase from HKD 232,753,000 in the previous year[24] - The revenue from external sales for the optical fiber and related products segment was HKD 172,889,000, while the optical fiber segment generated HKD 1,319,000[24] - The total revenue from the optical cable and related products segment was HKD 194,946,000, after inter-segment eliminations[24] - The revenue from the optical cable segment was HKD 172,889,000, while the optical fiber segment generated HKD 25,933,000 in external sales[27] Operational Insights - The company plans to continue focusing on expanding its market presence and enhancing product offerings in the optical fiber and cable sectors[22] - The company aims to enhance operational efficiency and shift from an effectiveness-based to an efficiency-based model[116] - The company will continue to seek opportunities to integrate the optical fiber and cable industry chain and optimize its industry structure[113] - The company will strengthen its ability to control raw material prices to improve cost control and enhance competitiveness and profitability[113] Employee and Cost Management - Employee costs totaled HKD 25,035,000 for the year ending December 31, 2023, an increase from HKD 23,950,000 in the previous year[33] - Selling and distribution expenses decreased by approximately 32.7%, from about HKD 5.5 million to HKD 3.7 million, mainly due to reduced sales leading to lower transportation and export costs[55] - Management expenses decreased from approximately HKD 20.7 million to HKD 19.7 million, a reduction of about 4.8%, primarily due to lower employee costs and auditor fees[56] Market Conditions - The company faced a challenging economic environment with a global economic growth slowdown due to various factors, including high inflation and international conflicts[106] - Sales in the ASEAN region decreased by approximately 16.4% compared to the same period in 2022, reflecting a slow market recovery[109] Future Plans and Governance - The company has not provided specific guidance for future performance or new product developments in the conference call[4] - The next annual general meeting will be held on May 30, 2024, with a notice to be sent to shareholders[129] - The company will suspend share registration procedures from May 27, 2024, to May 30, 2024, to determine eligibility for attending the annual general meeting and voting[130] Compliance and Risk Management - The group has established a credit risk management policy to mitigate potential financial losses from customer contracts and other receivables[66] - The group maintains a balanced mix of fixed and floating rate borrowings to manage interest rate risk effectively[65] - There were no significant non-compliance issues with relevant laws and regulations as of December 31, 2023[88]
高科桥(09963) - 2023 - 年度业绩