Financial Performance - For the year ended December 31, 2023, the revenue was HKD 319.15 million, a decrease of HKD 29.85 million or 8.6% compared to HKD 349.00 million in 2022, primarily due to reduced income from water supply and commercial property rentals in China [2]. - The net loss attributable to shareholders for the year was HKD 137.34 million, an increase of HKD 33.27 million from HKD 104.07 million in 2022, mainly due to adverse market conditions leading to asset impairment losses and a decrease in the fair value of investment properties [2]. - Basic and diluted loss per share for the year was HKD 2.49, compared to HKD 1.89 in 2022 [2]. - The total comprehensive loss for the year was HKD 189.42 million, compared to HKD 230.49 million in 2022 [10]. - The group reported a net loss of HKD 192,709,000 for the year ending December 31, 2023, with a net current liability of HKD 259,801,000 [35]. - The total comprehensive loss for the year ending December 31, 2023, was HKD 189,420,000, with a loss of HKD 137,336,000 attributable to equity holders [17]. - The company reported a net loss attributable to shareholders of HKD 137,336,000 in 2023, compared to a loss of HKD 104,068,000 in 2022, representing a 32% increase in losses [86]. - The total comprehensive loss for the year was HKD 230,488,000, which included a loss of HKD 104,068,000 attributable to equity holders [17]. Revenue and Income Sources - Revenue from water supply and related services decreased to HKD 286,829,000 in 2023 from HKD 302,238,000 in 2022, representing a decline of approximately 5.4% [37]. - Total revenue for the year was HKD 319,147,000, down from HKD 349,000,000 in the previous year, indicating a decrease of about 8.6% [37]. - Revenue from water supply and related services was approximately HKD 296,112,000, down 5% or about HKD 15,885,000 from approximately HKD 311,997,000 in the previous year, primarily due to a decrease in water consumption by commercial users and the depreciation of the RMB against the HKD [141]. - The group's financial services segment recorded revenue of approximately HKD 259,000, a decrease of about HKD 3,689,000 from last year's revenue of HKD 3,948,000, attributed to poor performance in the Hong Kong stock market [142]. Asset and Liability Changes - Non-current assets decreased to HKD 1,517.09 million from HKD 1,734.31 million in 2022, with significant reductions in property, plant, and equipment, and intangible assets [13]. - Current liabilities increased to HKD 785.10 million from HKD 639.85 million in 2022, with bank and other borrowings rising to HKD 255.98 million [15]. - The company's net assets decreased to HKD 613.51 million from HKD 1,085.16 million in 2022, reflecting a decline in reserves [15]. - Total assets decreased to HKD 2,042,382,000 in 2023 from HKD 2,522,167,000 in 2022, reflecting a decline of approximately 19% [77]. - Total liabilities slightly decreased to HKD 1,428,869,000 in 2023 from HKD 1,437,012,000 in 2022 [77]. - The group's investment properties decreased from HKD 656,381,000 as of December 31, 2022, to HKD 603,127,000 as of December 31, 2023, a reduction of HKD 53,254,000 due to impairment losses [126]. - The group's intangible assets decreased from HKD 189,370,000 to HKD 122,340,000, a reduction of HKD 67,030,000, mainly due to impairment losses and amortization during the fiscal year [129]. Impairment and Loss Provisions - The company reported a significant increase in impairment losses on receivables, totaling HKD 52.01 million compared to HKD 33.13 million in 2022 [4]. - The fair value change of investment properties resulted in a loss of HKD 32.59 million, contrasting with a gain of HKD 1.26 million in the previous year [4]. - The company recognized goodwill impairment losses of HKD 11,328,000, an increase of HKD 11,328,000 from the previous year, primarily related to the financial services business [96]. - Non-current asset impairment losses increased to HKD 52,009,000, up HKD 18,875,000 from the previous year, mainly due to the water supply and related services [97]. - The company reported a loss provision of HKD 3,095,000 for other receivables in 2023, significantly higher than the HKD 571,000 provision in 2022, marking an increase of about 442.5% [68]. Cash Flow and Financing - Interest expenses on bank loans amounted to HKD 48,597,000 in 2023, compared to HKD 53,824,000 in 2022, reflecting a reduction of approximately 9.5% [40]. - The group maintained unused bank financing of HKD 420,326,000 as of December 31, 2023, supporting its ability to continue as a going concern [35]. - The group expects to have sufficient financial resources to meet its financial obligations in the foreseeable future based on projected cash flows [35]. - Cash and bank balances decreased to HKD 229,666,000, down HKD 334,828,000 from the previous year, primarily due to loan repayments and deposits for property acquisitions [111]. - Bank and other borrowings decreased to HKD 866,798,000, down HKD 83,154,000 from the previous year, mainly due to loan repayments [112]. Corporate Governance and Future Outlook - The company has adopted corporate governance principles to enhance shareholder value and protect stakeholder interests [187]. - The group plans to continue exploring potential investment and development opportunities in the property market to increase recurring income and capital appreciation [171]. - For 2024, the group anticipates a slowdown in global economic growth and will adopt a cautious approach to regularly review its existing business and assess strategies in response to market conditions [172]. - The board believes that the group's existing financial resources are sufficient to meet its current obligations and operational capital needs [177]. Employee and Operational Changes - As of December 31, 2023, the total number of employees was 412, an increase from 405 in the previous year [174]. - The company has not purchased, sold, or redeemed any of its listed securities during the year [186]. - The company plans to hold its annual general meeting on or before June 30, 2024 [185].
环球实业科技(01026) - 2023 - 年度业绩