Financial Performance - For the year ended December 31, 2023, the company reported revenue from customer contracts of HKD 77,199,000, a decrease of 40.7% compared to HKD 130,394,000 in 2022[3]. - The cost of sales for the same period was HKD 53,250,000, down from HKD 99,040,000 in the previous year, resulting in a gross profit of HKD 23,949,000, a decline of 23.5% from HKD 31,354,000[3]. - The company incurred an operating loss of HKD 33,317,000, compared to a loss of HKD 22,649,000 in 2022, indicating a worsening operational performance[3]. - The total comprehensive loss for the year was HKD 40,449,000, compared to a loss of HKD 32,338,000 in the previous year, reflecting a 25.2% increase in losses[4]. - Basic and diluted loss per share for the year was HKD 1.97, compared to HKD 1.74 in 2022, indicating a decline in shareholder value[4]. - The company reported other income of HKD 5,000, which was significantly lower than HKD 1,786,000 in the previous year, showing a decrease of 72%[3]. - The expected credit loss model resulted in a significant increase in impairment losses, with trade receivables impairment rising to HKD 6,781,000 from HKD 3,095,000[3]. - The group recorded a net loss of approximately HKD 40,449,000 for the year ending December 31, 2023, compared to a net loss of approximately HKD 32,338,000 in 2022[18]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 190,274 million, a decrease of 22.2% from HKD 244,680 million in 2022[6]. - Current assets decreased to HKD 189,399 million in 2023, down 21.9% from HKD 242,396 million in 2022[6]. - Total liabilities as of December 31, 2023, were HKD 155,029 million, a decrease of 17.0% from HKD 186,491 million in 2022[7]. - The company reported a cumulative loss of HKD 126,631 million as of December 31, 2023, compared to HKD 86,182 million in 2022[7]. - Cash and cash equivalents decreased to HKD 507 million in 2023 from HKD 1,319 million in 2022, reflecting a decline of 61.6%[6]. - Trade receivables decreased to HKD 14,138 million in 2023, down 38.5% from HKD 22,777 million in 2022[6]. - Total equity decreased to HKD 35,245 million in 2023, down 39.4% from HKD 58,189 million in 2022[7]. - The company reported total current liabilities of HKD 128,545 million in 2023, slightly down from HKD 129,161 million in 2022[7]. - The company’s non-current liabilities decreased to HKD 26,484 million in 2023 from HKD 57,330 million in 2022, a reduction of 53.8%[7]. Acquisition and Investments - The company acquired Pacific Mining Limited for an initial price of HKD 100 million, with a guaranteed profit of no less than HKD 18 million for the fiscal year ending December 31, 2023[10]. - The acquisition of Pacific Mining Limited was completed on November 24, 2023, with an initial payment of HKD 100 million, consisting of HKD 50 million in shares issued at the completion date and another HKD 50 million in shares issued within 14 business days after the audited report for the year ending December 31, 2023[11][12][14]. - The transaction costs related to the acquisition are approximately HKD 3 million, which will be recorded under "administrative expenses" in the profit and loss statement for the year ending December 31, 2023[12]. - The financial statements for the year ending December 31, 2022, have been restated to include the assets and liabilities of Pacific Mining Limited, reflecting its operations as if the acquisition had been completed on January 1, 2022[14]. Revenue Breakdown - Revenue from customer contracts for the year ending December 31, 2023, was HKD 77,199,000, a decrease of 40.7% from HKD 130,394,000 in 2022[28]. - Revenue from Hong Kong for the year ended December 31, 2023, was HKD 41,260,000, down 54.8% from HKD 91,347,000 in 2022[32]. - Revenue from China for the year ended December 31, 2023, was HKD 35,858,000, a decrease of 7.4% from HKD 38,708,000 in 2022[32]. - Major customer D contributed HKD 26,072,000 in 2023, compared to HKD 23,134,000 in 2022, reflecting an increase of 12.6%[33]. - Revenue from Hong Kong stone products supply and paving accounted for less than 10% of total revenue for the year ended December 31, 2023[34]. Operational Challenges - The group faces significant uncertainty regarding its ability to continue as a going concern due to the current financial situation[20]. - The construction industry is gradually recovering as COVID-19 restrictions are lifted, but faces challenges from high inflation, high interest rates, and labor shortages[72]. - Revenue for the year ended December 31, 2023, decreased primarily due to several large projects reaching completion, while new large projects have not yet commenced[72]. Corporate Governance and Future Outlook - The company adheres to strict corporate governance principles, ensuring transparency and accountability to shareholders[104]. - Management has developed cash flow forecasts based on plans and measures to improve liquidity and financial condition, which are critical for the going concern assumption[68]. - The annual report for 2023 will be sent to shareholders and published on the stock exchange and the company's website[116]. - The Annual General Meeting is scheduled for June 28, 2024, with a notice to be published in due course[117].
基石控股(01592) - 2023 - 年度业绩