Financial Performance - Total revenue for the year ended December 31, 2023, was approximately HKD 1,243.7 million, a decrease of about HKD 455.6 million from HKD 1,699.3 million for the year ended December 31, 2022[7]. - The net loss attributable to shareholders for the year was approximately HKD 294.6 million, compared to a profit of HKD 329.9 million for the previous year, representing a decrease of about HKD 624.5 million[11]. - Revenue from completed projects in the property development segment decreased from approximately HKD 1,619.2 million to HKD 1,158.0 million, a reduction of about HKD 461.2 million[14]. - The company recorded a loss of HKD 65.4 million from fair value changes in investment properties, compared to a gain of HKD 9.7 million in the previous year[14]. - Financing costs increased from approximately HKD 19.2 million to HKD 94.0 million, an increase of about HKD 74.8 million[14]. - Basic and diluted loss per share for the year was approximately HKD 0.4592, compared to earnings of HKD 0.5143 and HKD 0.2440 in the previous year[15]. - No final dividend was recommended for the year ended December 31, 2023, consistent with the previous year[12]. Property Development - The property development segment reported revenue of approximately HKD 1,158.0 million for the year ended December 31, 2023, down from HKD 1,619.2 million for the year ended December 31, 2022[16]. - The "Rain After" project generated revenue of approximately HKD 996.3 million upon completion and delivery of 168 residential units, with no revenue reported for the previous year[18]. - The "Cloud End" project confirmed revenue of approximately HKD 150.7 million from 49 properties and parking units, compared to HKD 402.9 million in the previous year[18]. - The company provided property management services for five completed projects, generating revenue of approximately HKD 12.8 million, up from HKD 10.4 million in the previous year[23]. Investment and Financing - The company plans to reduce debt and interest costs while exploring property opportunities in Japan and other Asian regions[8]. - The total carrying value of the investment property portfolio was approximately HKD 776.6 million as of December 31, 2023, compared to HKD 883.0 million a year earlier[20]. - The total amount of fund investments is approximately HKD 5.2 million, a decrease from HKD 6.1 million as of December 31, 2022, with plans to establish and manage real estate funds to raise more capital[29]. - As of December 31, 2023, total equity is approximately HKD 1,414.3 million, down from HKD 1,717.3 million as of December 31, 2022[30]. - The capital debt ratio decreased from approximately 156.7% as of December 31, 2022, to about 146.3% as of December 31, 2023, due to repayments[32]. - The debt-to-asset ratio decreased from approximately 51.6% as of December 31, 2022, to about 50.3% as of December 31, 2023, as a result of reduced total borrowings[32]. Market Outlook and Strategy - The group anticipates a gradual recovery in the real estate market due to the end of the interest rate hike cycle and the implementation of budget measures by the Hong Kong government to stimulate the market economy[48]. - The group plans to explore investment opportunities in Asian markets, particularly Japan, taking advantage of the depreciation of the yen and the country's zero interest rate monetary policy[50]. - The group remains flexible and competitive in response to market dynamics, preparing for potential challenges in 2024[50]. Corporate Governance - The company has adhered to the corporate governance code throughout the reporting period, with the exception of the separation of roles between the chairman and CEO[73]. - The board consists of 7 directors, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors, ensuring a balanced composition for decision-making[78]. - The company emphasizes high standards of corporate governance and business ethics, which are crucial for long-term success and sustainable development[75]. - The board has delegated corporate governance responsibilities to the audit committee, which includes reviewing governance policies and compliance with legal regulations[77]. - All independent non-executive directors have confirmed their independence according to listing rules, ensuring unbiased oversight[81]. Risk Management - The group identified several potential risks, including market risk, business risk, industry risk, regulatory risk, and credit risk, which could significantly impact its operations and financial condition[46]. - The group has established a risk control committee to manage and respond to potential risks and uncertainties affecting its business[47]. - The company’s board of directors is responsible for maintaining a sound and effective risk management and internal control system to protect shareholders' interests[114]. Environmental and Social Responsibility - The company has implemented a green office program aimed at reducing carbon emissions, including measures such as using energy-efficient equipment and encouraging a paperless environment[140]. - The company has committed to complying with applicable environmental laws and regulations to minimize pollution and resource consumption[140]. - The company has focused on integrating environmental and social responsibility into its operational goals and strategies[140]. - The company aims to provide stakeholders with reliable and comparable environmental, social, and governance information[134]. Employee and Workforce Management - The group employed 133 employees as of December 31, 2023, an increase from 122 employees the previous year, and maintained competitive salary levels with annual reviews[44]. - Employee turnover rate for the year ending December 31, 2023, was approximately 30%, with 63.2% of those being male[157]. - 49.10% of employees received training during the year ending December 31, 2023, with training hours ranging from 1 to 15 hours[163]. Community Engagement - The company has focused on community investment in areas such as environmental concerns, labor needs, and youth entrepreneurship[186]. - The company has implemented a whistleblowing policy to maintain high levels of openness and accountability, with no significant fraud reported during the reporting period[122].
星星集团(01560) - 2023 - 年度财报