Financial Performance - For the year ended December 31, 2023, the revenue was approximately HKD 1,243.7 million, a decrease of 26.8% from HKD 1,699.3 million in the previous year[2] - The net loss for the year was approximately HKD 298.2 million, compared to a profit of HKD 331.1 million in the previous year, representing a significant decline[3] - Basic and diluted loss per share for the year was approximately HKD 0.4592, compared to earnings of HKD 0.5143 and HKD 0.2440 in the previous year[4] - The total comprehensive loss for the year amounted to HKD 303.1 million, compared to a total comprehensive income of HKD 335.1 million in the previous year[3] - The group reported a loss before tax of HKD 301,174,000 for 2023, compared to a profit of HKD 372,784,000 in 2022[17] - The loss attributable to the company's owners for the year ended December 31, 2023, was approximately HKD 294.6 million, compared to a profit of HKD 329.9 million for the year ended December 31, 2022[49] Assets and Liabilities - The group's total assets decreased to HKD 3,157.1 million from HKD 4,013.2 million, reflecting a reduction of 21.3%[6] - Current liabilities decreased to HKD 2,426.4 million from HKD 3,215.9 million, a reduction of 24.6%[6] - The group's net asset value decreased to HKD 1,414.3 million from HKD 1,717.3 million, a decline of 17.6%[7] - Total assets decreased to HKD 4,022,204,000 in 2023 from HKD 5,108,108,000 in 2022, reflecting a decline of 21.3%[19] - Total liabilities also decreased to HKD 2,607,928,000 in 2023 from HKD 3,390,778,000 in 2022, a reduction of 23.0%[19] - The group's total borrowings as of December 31, 2023, were approximately HKD 2,069.0 million, down from HKD 2,691.9 million the previous year, reflecting repayment activities[69] Revenue Breakdown - Revenue from property sales was HKD 1,157,984,000, down 28.5% from HKD 1,619,219,000 in the previous year[17] - The property development segment reported a loss of HKD 178,376,000 in 2023, compared to a profit of HKD 376,611,000 in 2022[17] - The wine business segment generated revenue of HKD 16,960,000 in 2023, an increase of 32.8% from HKD 12,813,000 in 2022[17] - The group’s investment property segment reported revenue of HKD 45,609,000, a slight decrease from HKD 46,341,000 in the previous year[17] - The group’s total rental income from investment properties was HKD 3,553,000, significantly up from HKD 624,000 in 2022[14] - Revenue from property investment for the year ended December 31, 2023, was approximately HKD 45.6 million, a decrease of about HKD 0.7 million compared to HKD 46.3 million for the year ended December 31, 2022[56] Cost Management - Administrative expenses were reduced to HKD 110.8 million from HKD 179.6 million, indicating a cost-cutting effort[3] - Interest expenses totaled HKD 220,850,000 for the year ended December 31, 2023, compared to HKD 179,272,000 in the previous year, reflecting an increase of approximately 23%[21][22] - The total employee costs for the year ended December 31, 2023, were HKD 39,218,000, down from HKD 46,396,000 in 2022, indicating a reduction of approximately 15%[28] Strategic Direction - The group plans to focus on property development and management services as part of its strategic direction moving forward[9] - The company is considering opportunities to purchase investment properties or develop properties with potential for appreciation to generate more stable rental income[59] - The group plans to establish and manage real estate funds to broaden financing sources and expand market share in property development[66] - The company anticipates a gradual recovery in the real estate market due to measures taken by the Hong Kong government to stimulate the economy and relax property market policies[86] Market and Operational Insights - The company identified several potential risks, including market risk, business risk, and regulatory risk, which could significantly impact its operations and financial condition[83] - The company remains flexible and competitive in response to market dynamics, adopting prudent strategies to navigate potential challenges in 2024[87] - The company has not experienced any significant disputes with employees or difficulties in hiring skilled personnel, maintaining good relationships with its workforce[82] Corporate Governance - The company believes it has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[94] - The audit committee, consisting of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ending December 31, 2023[96] - The company's auditor confirmed that the financial data in the announcement is consistent with the audited financial statements for the year ending December 31, 2023[98] Miscellaneous - The company did not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with the previous year[50] - No significant events requiring disclosure have occurred since December 31, 2023, up to the date of this announcement[89] - The company will suspend the transfer of shares from May 20, 2024, to May 23, 2024, to determine eligibility for the annual general meeting[91]
星星集团(01560) - 2023 - 年度业绩