Financial Performance - The company reported a pre-tax loss of HKD 755,444,000 for the year ended December 31, 2022, compared to a loss of HKD 1,117,574,000 in the previous year, indicating a 32.4% improvement[2]. - Basic loss per share for the year was HKD 9.79, an improvement from HKD 19.20 in the previous year, reflecting a 48.9% reduction in losses[12]. - The group reported a net loss of HKD 606,728,000 for the year 2022, compared to a net loss of HKD 1,206,245,000 in 2021, indicating an improvement of about 49.7%[37]. - The group’s loss for the year ended December 31, 2022, was approximately HKD 607.2 million, an improvement from a loss of approximately HKD 1,190.4 million in the previous year, primarily due to the absence of impairment losses on overseas projects and cost control measures taken by the group[136]. - Adjusted EBITDA for the year was a loss of HKD 260.06 million, compared to a loss of HKD 282.02 million in the previous year[111]. - The adjusted EBITDA loss for the group was approximately HKD 218.8 million for the year ended December 31, 2022, an improvement of about HKD 81.5 million or 27.1% compared to a loss of HKD 300.3 million in the previous year[160]. Revenue and Assets - Total revenue for the year 2022 was HKD 711,605,000, a decrease from HKD 1,135,586,000 in 2021, representing a decline of approximately 37.3%[34]. - Total gaming revenue for the year 2022 was HKD 519,119,000, a significant decrease from HKD 917,340,000 in 2021, representing a decline of approximately 43.5%[52]. - Non-gaming revenue for 2022 was HKD 192,486,000, down from HKD 218,246,000 in 2021, indicating a decrease of about 11.8%[54]. - The total assets as of December 31, 2022, were HKD 3,708,212,000, down from HKD 4,314,940,000 in the previous year[39]. - The company’s total equity decreased from HKD 3,694,821,000 in 2021 to HKD 3,088,093,000 in 2022, a decline of 16.4%[15]. Liabilities and Financing - The total liabilities decreased from HKD 3,655,166,000 in 2021 to HKD 3,442,168,000 in 2022, a reduction of 5.8%[14]. - The group had a net current liability of approximately HKD 977,700,000 as of December 31, 2022, with total bank and other borrowings amounting to HKD 2,558,000,000[42]. - The group has drawn down HKD 350,000,000 from major shareholders under loan agreements, which is due for repayment in 2023[44]. - The group obtained waivers from its lenders regarding breaches of certain loan covenants, effective until December 31, 2023, but may need to seek extensions or amendments thereafter[123]. - As of December 31, 2022, the group had outstanding secured bank loans of approximately HKD 2,158 million and unsecured loans of HKD 400 million, with interest rates ranging from 2.5%-3% and 5%-9% respectively[144]. Operational Insights - The company anticipates a significant increase in tourist arrivals to Macau following the lifting of travel restrictions, which is expected to improve business and financial performance[21]. - The group has implemented cost control measures to reduce unnecessary cash outflows in response to the current business environment[45]. - The average occupancy rate for the group's hotels was 60.2% for the year, compared to 67.5% in the previous year[133]. - The average daily room rate for the group's hotels was HKD 580, down from HKD 769 in the previous year[133]. - The group plans to upgrade its dining and entertainment offerings at the Macau Fisherman's Wharf to attract both domestic and international visitors[167]. Employee and Governance - The total employee costs for 2022 amounted to HKD 290,503,000, down from HKD 326,972,000 in 2021, a reduction of about 11.1%[68]. - The group had a total of approximately 1,966 employees as of December 31, 2022, down from 3,603 employees in the previous year[177]. - The company has adhered to corporate governance codes, although it did not fully comply with the requirement for the separation of the roles of Chairman and CEO[178]. - The company appointed new co-chairmen and a CEO on March 1, 2022, following the resignation of a non-executive director[179]. Future Outlook - The group is optimistic about the rebound in tourism following the lifting of travel restrictions in January 2023, anticipating a significant increase in visitor numbers to Macau[168]. - The group is negotiating a repayment plan for existing bank loans and seeking additional credit financing[170]. - The group aims to continue providing effective management services for satellite casinos and is committed to identifying collaboration opportunities under new legal regulations[165].
澳门励骏(01680) - 2022 - 年度业绩