Financial Performance - The company reported a revenue of HKD 113,970,000 for the year ended December 31, 2023, a decrease of 37.0% compared to HKD 181,076,000 in 2022[3]. - The gross profit for the year was HKD 31,559,000, down 62.7% from HKD 84,595,000 in the previous year[3]. - The company incurred a net loss of HKD 46,447,000 for the year, compared to a loss of HKD 2,236,000 in 2022, representing a significant increase in losses[3]. - Total comprehensive loss for the year amounted to HKD 50,144,000, compared to HKD 19,728,000 in the prior year[4]. - The group reported external customer revenue of HKD 113,970,000 for the year ended December 31, 2023, a decrease of 37% from HKD 181,076,000 in 2022[21]. - The group experienced an operating loss of HKD 44,394,000 for the year ended December 31, 2023, compared to an operating profit of HKD 3,204,000 in 2022[19]. - The group recorded revenue of approximately HKD 88.8 million for the year ended December 31, 2023, down from HKD 119.8 million for the previous year, representing a decrease of about 26%[56]. - The group reported a net loss attributable to equity holders of approximately HKD 46.4 million for the year ended December 31, 2023, compared to a loss of HKD 2.2 million in the previous year, indicating a substantial increase in losses[65]. Assets and Liabilities - Current liabilities exceeded current assets by HKD 42,462,000, a decline from a net asset position of HKD 9,251,000 in 2022[6]. - The company’s cash and cash equivalents decreased to HKD 69,107,000 from HKD 104,326,000 in the previous year[6]. - The group’s total liabilities increased to HKD 364,658,000 as of December 31, 2023, compared to HKD 414,790,000 in 2022[19]. - As of December 31, 2023, the company's shareholders' deficit was approximately HKD 3.0 million, down from HKD 47.2 million in 2022[73]. - The group had a debt ratio of 0% as of December 31, 2023, a significant improvement from approximately 90% in the previous year, reflecting a net debt-free status[70]. - The company had a significant increase in accounts payable, rising to HKD 101.1 million as of December 31, 2023, from HKD 66.4 million as of December 31, 2022[37]. Cash Flow and Liquidity - The company has a significant amount of cash frozen in bank accounts, approximately RMB 43,437,000 (equivalent to about HKD 47,450,000)[9]. - The company plans to implement measures to improve its financial condition and liquidity[10]. - Cash and cash equivalents dropped to HKD 21.7 million as of December 31, 2023, down from HKD 104.3 million as of December 31, 2022[34]. - As of December 31, 2023, the group's cash balance was approximately HKD 69.1 million, down from HKD 104.3 million in the previous year, impacted by a court ruling that froze approximately RMB 43.4 million (equivalent to about HKD 47.5 million) in cash deposits[68]. Business Operations - The company operates in integrated circuit and semiconductor parts design and sales, private jet management services, and yacht manufacturing and sales[7]. - The yacht sales market experienced a decline of 29% in total sales revenue in 2023 compared to 2022, despite stable yacht prices, with second-hand and new yacht prices increasing by 39% and 11% respectively[44]. - The private jet management segment recorded no revenue for the year ending December 31, 2023, with a loss of approximately HKD 5.4 million, compared to revenue of HKD 26.8 million and a loss of HKD 0.1 million in 2022[52]. - The company plans to prioritize the development and expansion of its superyacht sales, after-sales services, luxury yacht rentals, onboard entertainment, and yacht tourism businesses[46]. - The company aims to leverage its expertise in manufacturing and selling superyachts to consider expanding into other vessel sectors, such as mega yachts, cruise ships, and cargo ships[46]. Capital Expenditure and Investments - The group’s capital expenditure for the year was HKD 5,486,000, significantly higher than HKD 2,525,000 in the previous year[19]. - The company signed a non-binding memorandum of understanding on November 7, 2023, to acquire B&W Beleggingen B.V., which holds a lease for a new port construction site named "Maritieme Servicehaven Noordeliike Flevoland" (MSNF)[44]. - The proposed acquisition aims to develop MSNF, including the construction of a new shipyard for manufacturing superyachts and conducting refurbishment work[46]. - The management believes that the acquisition of B&W Beleggingen B.V. will be a milestone for the company's yacht business, allowing it to enhance its service offerings and broaden its revenue sources[46]. Employee and Corporate Governance - The total employee count as of December 31, 2023, was approximately 42, a decrease from 140 in 2022, with total employee benefit expenses around HKD 30.3 million compared to HKD 32.8 million in 2022[83]. - The company has complied with the corporate governance code, with some deviations regarding the appointment and re-election of independent non-executive directors[85]. - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the company's financial position as of December 31, 2023[104]. Future Outlook and Strategies - The company aims to maintain its core business that generates reliable returns and competitive advantages while seeking opportunities to enhance its revenue base and profitability[40]. - The company is optimistic about its future prospects and is committed to continuous growth despite ongoing challenges from the COVID-19 pandemic[43]. - The company is undergoing reforms to lower costs and improve efficiency across its business segments to create stable cash flow and promote sustainable business development[41]. - The company has implemented several expansion strategies, including expanding its shipyard in Hainan, establishing a research and development center in the Netherlands, and building sales teams in major cities worldwide[55].
巴克1798集团(01010) - 2023 - 年度业绩