Revenue and Growth - Revenue from electric vehicle charging business reached HKD 78,132,000 in 2023, up from HKD 31,827,000 in 2022, representing a growth of 145%[1] - The revenue from external customers in the electric vehicle segment was HKD 78,132,000, while the printing business generated HKD 45,729,000, totaling HKD 123,861,000[3] - The company recorded a revenue of approximately HKD 78,100,000 for the year ending December 31, 2023, representing a significant increase of approximately 145.6% from HKD 31,800,000 in the previous year[92] - Revenue from installation services surged by approximately 339.3% to about HKD 39,100,000, attributed to an increase in project numbers under the EHSS program[93] - Sales of electric vehicle charging systems increased by approximately 48.8% to about HKD 31,400,000, driven by a rise in customer numbers and orders from both new and existing clients[94] - Electric vehicle charging revenue rose significantly by approximately 300.0% to about HKD 5,600,000, due to an increase in the number of public members and private subscription plan users[95] - Total revenue for the electric vehicle charging business reached HKD 78,100,000, an increase of HKD 46,300,000 or 145.6% compared to HKD 31,800,000 in 2022[124] - The electric vehicle charging business revenue increased from HKD 31,800,000 in 2022 to HKD 78,100,000 in 2023, more than doubling year-over-year[129] Financial Performance - The company reported a total loss of HKD 124,420,000 for the year, compared to a loss of HKD 161,187,000 in the previous year, indicating a reduction in losses[3] - The company reported a loss from continuing operations of HKD 106,402,000 for the year ended December 31, 2023, compared to a loss of HKD 129,972,000 in 2022, representing a decrease of approximately 18.2%[26] - The basic loss per share attributable to the owners of the company from continuing operations was HKD 0.128, down from HKD 0.191 in the previous year, indicating an improvement in loss per share[20] - The company reported a net loss of HKD 124,186,000 for the year, an improvement from a net loss of HKD 160,311,000 in the previous year, representing a decrease of approximately 22.5%[20] - The company recorded a loss from discontinued operations of approximately HKD 18 million, an improvement from a loss of approximately HKD 31.2 million in the previous year due to improved gross margins and reduced operating expenses[50] - The adjusted LBITDA decreased by approximately 5.2% from about HKD 46.5 million to approximately HKD 44.1 million[49] - The company reported a comprehensive adjusted loss before interest, tax, depreciation, and amortization (LBITDA) of HKD 44,100,000 in 2023, a decrease of 5.2% from HKD 46,500,000 in 2022[129] Assets and Liabilities - The total assets of the company amounted to HKD 220,140,000, with liabilities totaling HKD 114,704,000[3] - The total current assets increased to HKD 94,778,000 from HKD 45,772,000, showing a significant growth of approximately 106.7%[149] - The company’s non-current assets rose to HKD 125,362,000 from HKD 124,307,000, indicating a slight increase of about 0.8%[150] - The company’s total liabilities decreased from HKD 80,857,000 to HKD 41,103,000, a reduction of approximately 49.1%[149] - As of December 31, 2023, the company's debt-to-equity ratio was approximately 40.2%, a significant improvement from 103.0% the previous year[52] - The current ratio improved to approximately 2.3 times as of December 31, 2023, compared to 0.6 times the previous year[52] - The net asset value of the company increased to HKD 105,436,000 from HKD 50,891,000, reflecting a growth of approximately 107.5%[154] Employee and Operational Costs - The total employee costs amounted to HKD 67,883,000 for the year, compared to HKD 43,781,000 in the previous year, reflecting an increase of approximately 54.9%[18] - Administrative and operational expenses increased by approximately 23.3% from HKD 55,900,000 to HKD 68,900,000, primarily due to increased employee costs associated with the expansion of the electric vehicle charging business[82] Financing and Investments - The company incurred financing costs of HKD 2,441,000 in 2023, slightly up from HKD 2,097,000 in 2022[10] - The company’s bank borrowings increased to HKD 57,720,000 in 2023 from HKD 25,441,000 in 2022, indicating a significant rise in leverage[30] - A green financing agreement was established on August 31, 2023, allowing for a secured green loan of up to USD 20,000,000[70] - Approximately 80% of the green loan proceeds will be allocated for the production and deployment of electric vehicle chargers and related infrastructure[71] - The company agreed to issue 100,000,000 warrants at a subscription price of HKD 0.80 per share, with a five-year exercise period[73] Dividends and Share Issuance - The company did not declare or recommend any dividends for the year ended December 31, 2023, consistent with the previous year[19] - The company issued a total of 20 million shares at a subscription price of HKD 0.62 per share on March 6, 2023[41] - A total of 35.2 million shares were issued at a subscription price of HKD 1.144 per share on May 30, 2023[41] - The company has conditionally agreed to issue 19,516,000 new ordinary shares at a subscription price of HKD 0.82 per share, raising approximately HKD 15,700,000 for the development of its electric vehicle charging business[78] Strategic Changes and Business Focus - The company completed the sale of two subsidiaries in the printing business for HKD 1, indicating a strategic exit from that segment[13] - The company completed the sale of 100% equity in two subsidiaries engaged in printing, typesetting, and translation services for a cash consideration of HKD 1, resulting in a gain of approximately HKD 28,600,000[124] - The company has ceased operations in the printing business after the sale of its discontinued operations, focusing on the electric vehicle charging business in Hong Kong[159] - The company plans to expand its Cornerstone HOME model and invest more in private residential parking infrastructure to provide customized monthly subscription services for electric vehicle owners[127] - The company aims to leverage opportunities in the electric vehicle charging industry and expand its geographical reach, particularly in emerging markets like Thailand, Cambodia, Malaysia, and Indonesia[138] Government Support and Programs - The Hong Kong government launched the EHSS program with a total budget of HKD 3,500,000,000 to support the installation of electric vehicle charging infrastructure in existing private residential buildings[126] - The company has been granted operational rights by the Hong Kong government to provide charging services at 27 electric vehicle charging stations, equipped with a total of 827 AC chargers, to be integrated into the Cornerstone GO network in Q1 2024[127] Miscellaneous - The company had no significant contingent liabilities or capital commitments as of December 31, 2023[54][55] - The company did not engage in any major investments or acquisitions during the year[59][60] - The company recorded a tax credit of approximately HKD 172,000 and HKD 2,300,000 for the current year and the year ended December 31, 2022, respectively[101] - The company has applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on its financial position or performance for the year[160]
基石科技控股(08391) - 2023 - 年度业绩