Financial Performance - The group's revenue for 2023 was approximately HKD 91.3 million, a decrease of about 39.3% compared to HKD 150.5 million in 2022[4] - The net loss attributable to equity holders for 2023 was approximately HKD 37.8 million, compared to a loss of HKD 231.4 million in 2022[4] - The basic loss per share for 2023 was approximately HKD 0.5559, down from HKD 3.7412 in 2022[4] - The total comprehensive loss for the year was HKD 29.78 million, compared to HKD 220.29 million in 2022[7] - The group reported a pre-tax loss of HKD 37,846,000 for 2023, significantly improved from a loss of HKD 231,423,000 in 2022, indicating a reduction in losses by approximately 83.7%[33] - The gross profit for the year was approximately HKD 0.4 million, compared to a gross loss of approximately HKD 113.9 million in 2022[49] Revenue and Sales - Total revenue from the sale of laptop and tablet shells decreased to HKD 91,259,000 in 2023 from HKD 150,545,000 in 2022, representing a decline of approximately 39.2%[23] - Major customer A contributed HKD 46,750,000 to total revenue in 2023, down from HKD 71,665,000 in 2022, a decrease of about 34.8%[22] - The total revenue for the year decreased by approximately 39.3% to about HKD 91.3 million, down from approximately HKD 150.5 million in 2022[49] Expenses and Cost Management - Research and development costs were reduced to HKD 3,118,000 in 2023 from HKD 16,631,000 in 2022, a decrease of about 81.2%[29] - The group incurred total financial costs of HKD 5,851,000 in 2023, down from HKD 11,865,000 in 2022, reflecting a reduction of approximately 50.7%[27] - Sales and distribution expenses decreased by approximately 72.0% to about HKD 1.4 million, consistent with the decline in sales[49] - The group's general and administrative expenses decreased by approximately 62.9% from about HKD 52.9 million in 2022 to about HKD 19.6 million in the current year, primarily due to reductions in salary and research and development expenses[51] Assets and Liabilities - Current liabilities increased to HKD 256.29 million in 2023 from HKD 149.36 million in 2022, resulting in a net current liability of HKD 169.66 million[9] - Non-current liabilities decreased to HKD 64.61 million in 2023 from HKD 200.44 million in 2022[10] - The total assets less current liabilities showed a significant decline to HKD (168.59) million in 2023 from HKD (2.98) million in 2022[9] - The group's debt-to-equity ratio increased to approximately 109.4% as of December 31, 2023, compared to 89.1% in 2022[59] Cash Flow and Working Capital - The management believes that the group will have sufficient working capital for at least the next twelve months[17] - As of December 31, 2023, the group's cash and bank balances were approximately HKD 6.3 million, down from HKD 7.6 million in 2022[53] - The group expects to complete a rights issue within the next twelve months to ensure financial obligations are met[20] - The group has received a financial support commitment from a major shareholder to ensure it can meet its financial responsibilities over the next twelve months[20] Inventory and Receivables - The total inventory decreased from HKD 49,912,000 in 2022 to HKD 32,409,000 in 2023, representing a reduction of approximately 35.3%[11] - Trade receivables decreased from HKD 57,771,000 in 2022 to HKD 32,591,000 in 2023, a decline of approximately 43.5%[12] - The aging analysis of trade receivables showed that amounts within three months decreased from HKD 44,375,000 in 2022 to HKD 27,555,000 in 2023, a reduction of approximately 38.0%[41] Future Plans and Strategic Initiatives - The company plans to relocate production facilities to Southeast Asia and explore opportunities in electric vehicle and infrastructure production[48] - The company aims to raise approximately HKD 79.0 million through a rights issue, with an estimated net amount of HKD 76.0 million after expenses[45] - The company is implementing cost control measures and restructuring operations to improve cash flow amidst challenging market conditions[48] Shareholder and Governance Matters - The company did not recommend any dividend payment for the year ended December 31, 2023[4] - The company has maintained compliance with the corporate governance code as per the listing rules throughout the year[76] - The annual general meeting is scheduled for April 26, 2024, with notices to be sent out by April 3, 2024[84] - The audit committee has reviewed the annual performance and confirmed that the financial statements are prepared in accordance with applicable accounting standards[77]
通达宏泰(02363) - 2023 - 年度业绩