Financial Performance - The total reported revenue for the year ended December 31, 2023, was approximately HKD 901.6 million, an increase of about HKD 190 million or approximately 26.7% compared to HKD 711.6 million in the previous year[34]. - The operating loss before tax for 2023 was HKD 408.9 million, a significant improvement from a loss of HKD 755.4 million in 2022[4]. - The net loss for the year was HKD 4.9 million, compared to a net loss of HKD 607.2 million in the previous year[4]. - The adjusted EBITDA for the group was HKD 101,896,000 for the year ended December 31, 2023, compared to an adjusted EBITDA of HKD (260,064,000) for the previous year[41]. - Adjusted EBITDA for the year ending December 31, 2023, was approximately HKD 101.9 million, an improvement of about HKD 362 million compared to a loss of approximately HKD 260.1 million in the same period last year[64]. - The company reported a basic loss per share of HKD 0.08 for the year, compared to HKD 9.79 in the previous year[9]. - The company reported a segment loss of HKD 143,293,000, with gaming segment profit at HKD 163,087,000 and non-gaming segment loss at HKD 306,380,000[112]. - The company incurred financing costs of HKD 202,849,000, which impacted overall profitability[111]. - The company reported a pre-tax loss of HKD 17,165,000 for the year 2023, compared to a loss of HKD 72,585,000 in 2022, showing an improvement[143]. Assets and Liabilities - The total non-current assets decreased to HKD 6,652.2 million in 2023 from HKD 6,925.7 million in 2022[5]. - Current liabilities totaled HKD 1,010.0 million in 2023, down from HKD 1,202.4 million in 2022[5]. - The company’s total assets less current liabilities stood at HKD 5,852.6 million in 2023, compared to HKD 5,948.0 million in 2022[10]. - The company’s non-current liabilities totaled HKD 2,147.4 million in 2023, a decrease from HKD 2,239.8 million in 2022[11]. - The total equity as of December 31, 2023, was HKD 3,705.2 million, showing stability in the company's financial position[78]. - Outstanding secured bank loans amounted to approximately HKD 2,103,600,000, with additional unsecured loans of HKD 465,000,000 as of December 31, 2023[165]. - The group’s total net asset value as of December 31, 2023, was approximately HKD 3,705,200,000, a slight decrease from HKD 3,708,200,000 in the previous year due to the reported loss[164]. Revenue Breakdown - Total gaming revenue for the year was HKD 493,133,000, compared to HKD 519,119,000 in the previous year, reflecting a decrease of approximately 5.0%[107]. - Non-gaming revenue amounted to HKD 408,512,000, contributing to a total external revenue of HKD 901,645,000, which is consistent with the previous year[112]. - Non-gaming revenue from hotel room income surged to HKD 221,054,000 in 2023, compared to HKD 50,422,000 in 2022, representing a growth of 338.5%[134]. - The total revenue from non-gaming operations reached HKD 901,645,000 in 2023, up from HKD 711,605,000 in 2022, an increase of 26.7%[134]. - The group recorded a net win of HKD 428,006,000 from the mass gaming tables for the year ended December 31, 2022, with a win rate of 23.46%[36]. - The group reported a net win of HKD 607,674,000, up 269.7% from HKD 164,388,000 in 2022[177]. - The average daily net win per gaming table was HKD 51,000, a 218.8% increase from HKD 16,000 in 2022[177]. Operational Developments - The group operated 33 gaming tables in Macau as of December 31, 2023, compared to none in the previous year, indicating a significant expansion in operations[61]. - The group plans to focus resources on its operations in Macau, reallocating resources from its overseas business, particularly following the sale of MLD Resorts Laos Limited for an initial consideration of USD 39,000,000[44]. - The average number of mass tables increased to 20 in 2023, up from 10 in 2022, indicating a 100% growth[130]. - The group remains optimistic about the recovery of the tourism industry and is preparing to seize opportunities in the coming years[163]. - The group anticipates challenges and competition in 2024, focusing on talent recruitment and technology upgrades to enhance productivity[187]. Cash Flow and Financing - The total financing costs increased to HKD 202.8 million in 2023 from HKD 110.0 million in 2022[21]. - The company has received written confirmations from its controlling and major shareholders regarding the non-repayment of HKD 150 million in shareholder loans until specified dates in 2024, providing financial support[81]. - The company aims to enhance cash flow by completing the sale of its business in the Lao People's Democratic Republic[83]. - The group reported financing costs of HKD 170,562,000 for the year ended December 31, 2023, compared to HKD 105,696,000 in the previous year[41]. - The company has implemented various mitigation measures, including cost control plans to reduce unnecessary cash outflows, ensuring sufficient operating funds for at least the next 12 months[100]. Market and Economic Conditions - The company expects to improve its business and financial performance, leveraging the Macau government's goal to restore international tourist numbers to pre-pandemic levels by 2024[83]. - Visitor numbers to Macau surged, with an average of 2.35 million visitors per month in 2023, compared to 0.48 million in 2022, reaching 71.6% of pre-pandemic levels[162]. - Non-gaming revenue increased significantly due to the easing of travel restrictions since January 2023, leading to a rise in occupancy rates and average room rates, resulting in increased hotel room revenue[62]. Employee and Operational Costs - Employee costs totaled HKD 260,974,000 in 2023, down from HKD 290,503,000 in 2022, a reduction of 10.1%[140]. - The group employed a total of 2,273 staff as of December 31, 2023, an increase from 1,966 in the previous year[192]. Miscellaneous - The company is registered in the Cayman Islands and its shares are listed on the main board of the stock exchange[196]. - The consolidated financial statements for the year ending December 31, 2023, have been verified by Ernst & Young, aligning with the final draft of the group's financial reports[195]. - The term "Adjusted EBITDA" refers to the group's earnings before interest income, financing costs, income tax, depreciation, amortization, and certain pre-item adjustments[196]. - The company will not declare any final dividend for the year ended December 31, 2023, consistent with the previous year[186].
澳门励骏(01680) - 2023 - 年度业绩