Financial Performance - The company reported a revenue of HKD 422,492,000 for the year ended December 31, 2023, a decrease of 41.8% compared to HKD 726,536,000 in 2022[11]. - The net loss for the year was HKD 202,150,000, significantly higher than the loss of HKD 14,261,000 in the previous year, representing a year-over-year increase of 1,319.5%[11]. - The total comprehensive loss for the year was HKD 216,739,000, compared to HKD 77,493,000 in 2022, indicating a substantial increase in overall losses[12]. - The company reported a net loss attributable to shareholders of HKD 201,747,000 for 2023, compared to a loss of HKD 14,259,000 in 2022, indicating a significant increase in losses[60]. - The company reported a pre-tax loss of HKD 199,451,000 for the current period, reflecting ongoing operational challenges[50]. Revenue Breakdown - Total revenue from external customers was HKD 422,492,000, with the supply chain business contributing HKD 298,284,000, property investment contributing HKD 2,672,000, and hotel management and catering services contributing HKD 121,536,000[66]. - Revenue from supply chain business products was HKD 294,706,000, down 53.0% from HKD 626,693,000 in the previous year[17]. - The supply chain business generated revenue of HKD 298,300,000, down from HKD 632,200,000 in the previous year[143]. - Revenue from hotel management and catering services increased from HKD 87,500,000 in 2022 to HKD 121,500,000 in 2023, showing growth despite challenges[170]. Expenses and Costs - Direct costs and operating expenses decreased to HKD 389,177,000 from HKD 689,812,000, reflecting a reduction of 43.6%[11]. - The company recorded a significant increase in administrative expenses, which rose to HKD 43,612,000 from HKD 43,174,000, a rise of 1.0%[11]. - The company reported a total cost of goods sold of HKD 293,191,000 from supply chain operations, down from HKD 594,619,000 in the previous year, indicating a reduction of approximately 50.7%[34]. - The company incurred financial costs of HKD 31,863,000 during the year, contributing to the overall loss[86]. Asset and Liability Management - The company's total assets decreased from HKD 658,903,000 in 2022 to HKD 449,570,000 in 2023, reflecting a decline in overall asset value[52]. - The company's equity total decreased from HKD 568,923,000 in 2022 to HKD 367,254,000 in 2023, indicating a decline in shareholder equity[55]. - The total liabilities as of December 31, 2023, were HKD 580,986,000, compared to HKD 758,884,000 in 2022, indicating a reduction in debt[88]. - The company's overdue receivables over 12 months increased to HKD 20,408,000 in 2023 from HKD 17,354,000 in 2022, representing a 6.06% increase[102]. - The company's bank loans amounted to HKD 367,308,000 in 2023, down from HKD 448,450,000 in 2022, reflecting a reduction of 18.06%[127]. Credit Risk and Provisions - The company recognized an expected credit loss provision of HKD 60,090,000 for trade receivables, which increased from HKD 18,259,000 in the previous year, reflecting a significant rise in credit risk[34]. - The expected credit loss provision increased to HKD 89,000,000, up from HKD 19,500,000 in the previous year, primarily due to delayed payments from several customers in the supply chain business[147]. - The net expected credit loss provision for the supply chain business was HKD 56,199,000 in 2023, up from HKD 15,725,000 in 2022[89]. Funding and Liquidity - The company plans to obtain additional funding through shareholder loans to address liquidity issues and repay overdue bank loans[24]. - Cash and cash equivalents at year-end were HKD 85,362,000, which is insufficient to cover the total overdue bank loans of approximately HKD 330,578,000[24]. - The company has outstanding loans totaling approximately RMB 294,300,000 (about HKD 322,612,000) that have not been repaid, leading to legal claims from the bank[108]. - The company is actively negotiating with banks to revise repayment terms for existing loans that were demanded for immediate repayment due to covenant breaches[24]. Future Outlook and Strategy - For 2024, the group is cautiously optimistic about its supply chain business and is actively managing risks while exploring growth opportunities[194]. - The company plans to enhance product and service quality in hotel management and catering services to maintain competitiveness[141]. - The group is in discussions with banks to renew and extend overdue bank loans, expecting successful negotiations in the coming months[195].
百德国际(02668) - 2023 - 年度业绩