Financial Performance - The group's revenue for the year ended December 31, 2023, was HKD 413.8 million, an increase of 11% from HKD 371.7 million in 2022[11]. - The group reported a loss attributable to shareholders of HKD 853.7 million, compared to a loss of HKD 383.7 million in 2022[11]. - The company recorded a loss of HKD 853,700,000 for the fiscal year 2023, primarily due to non-cash items[54]. - The group recorded revenue of HKD 413,800,000 for the fiscal year 2023, an increase of 11.3% compared to HKD 371,700,000 in fiscal year 2022, primarily due to increased hotel operating revenue[64]. - The group reported a loss attributable to shareholders of HKD 853,700,000 for the fiscal year 2023, compared to a loss of HKD 383,700,000 in fiscal year 2022, mainly due to fair value losses on investment properties of HKD 451,500,000[64]. - The company maintained a consistent dividend payout of HKD 5.0 per share over the past five years, despite the losses incurred in 2023[99]. - The group aims to maintain a stable dividend policy, proposing a final dividend of HKD 0.03 per share, totaling HKD 0.05 per share for the year[64]. - The adjusted net asset value attributable to shareholders was HKD 8,710.8 million, down from HKD 9,481.5 million in 2022, reflecting a decline in overall asset valuation[101]. - The adjusted net asset value per share decreased to HKD 14.5 in 2023 from HKD 15.7 in 2022, indicating a reduction in shareholder value[101]. Property Development - The development project "Victoria Harbour" consists of 1,437 residential units, with the first phase completed in May 2023 and subsequent phases expected to complete in July 2023[19]. - The total gross floor area for the "Victoria Harbour" project is approximately 987,812 square feet[19]. - The group has a 14.5% interest in the "Victoria Harbour" project, which is being developed in phases[19]. - The "Chai Wan" development project is expected to be completed by 2028, with the group holding a 50% stake[22]. - The group sold over 1,100 units in the "Victoria Harbour" residential project, generating total sales proceeds exceeding HKD 19,000,000,000[56]. - The group expects to receive an additional HKD 1,000,000,000 from the "Victoria Harbour" project in 2024 following strong sales momentum after the lifting of government restrictions[60]. - The company is focusing on expanding its residential property portfolio in prime locations in Hong Kong[20]. - The company is focusing on luxury residential projects, including a 50% stake in the South Bay Road project and 100% ownership of land for a luxury residential development in Jardine's Lookout[120]. Investment Strategy - The company maintains a focus on property development and investment as its core business strategy[48]. - The group aims to enhance its market position through strategic partnerships and new developments in high-demand areas[20]. - The company is actively monitoring external market changes, including interest rate trends and geopolitical conditions, to adjust its investment strategy accordingly[52]. - The group plans to continue a prudent investment strategy while seeking opportunities for business expansion and partnerships for land development[66]. - The company aims to maintain a geographically balanced investment property portfolio to mitigate business risks[48]. - The group has established a quality investment portfolio through a prudent investment strategy, with ongoing projects expected to enhance revenue and profitability[48]. Hotel Business - The hotel business is gradually recovering as tourists return following the reopening of borders and international flights[47]. - The hotel revenue improved to HKD 202,700,000 for the year ending December 31, 2023, representing an increase of approximately 58.2% compared to HKD 128,100,000 in 2022[127]. - The hotel at Crown Plaza Causeway Bay offers some of the largest rooms and suites in the area, catering to both business and leisure travelers[44]. - The hotel industry is expected to maintain growth momentum in 2024, supported by the recovery of consumer spending and ongoing government economic stimulus measures[82]. - The hotel valuation has been impacted by the post-COVID-19 situation and a sluggish economy, yet the group's credit condition remains good[72]. Financial Position - The group maintained a healthy asset-to-liability ratio and has approximately HKD 5,700,000,000 in available cash to ensure financial flexibility[61]. - The group has successfully repaid a USD 141,700,000 guaranteed note due in January 2023, maintaining high liquidity and financial flexibility despite rising interest rates[60]. - As of December 31, 2023, the total available cash of the group is HKD 5,516,200,000, including bank deposits and cash of HKD 2,679,800,000, and undrawn financing of HKD 2,836,400,000[72]. - The net debt as of December 31, 2023, was HKD 4,767,600,000, down from HKD 5,675,000,000 in 2022, with an asset-to-liability ratio of 35.1%[133]. - The group anticipates no significant refinancing needs before 2026, indicating sufficient financial flexibility and liquidity[129]. Governance and Corporate Culture - The company emphasizes a strong corporate culture focused on sustainable development and ethical standards, ensuring zero tolerance for dishonest behavior[153]. - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a diverse and independent governance structure[156]. - The company has established mechanisms to ensure the independence of the board, with at least one-third of the members being independent non-executive directors[158]. - The company provides excellent training opportunities for employees to enhance their professional knowledge and capabilities[154]. - The company regularly conducts various activities to strengthen employee belonging and engagement, such as company trips and gatherings[154]. - The board diversity policy aims to enhance performance quality, with a target to appoint at least one female director by 2024[174]. - The company has achieved gender diversity in its workforce, with males accounting for 49% and females for 51% as of December 31, 2023[176]. Market Outlook - The International Monetary Fund (IMF) projects global economic growth of 3.1% in 2024, unchanged from 2023, but below the average growth rate of 3.8% from 2000 to 2019[78]. - The expected inflation rate for consumer goods in 2024 is projected to be 1.7%[139]. - The Hong Kong economy is forecasted to grow between 2.5% and 3.5% in 2024[139]. - The management expressed a cautious outlook for future performance, focusing on cost control and potential market expansion strategies[108].
爪哇控股(00251) - 2023 - 年度财报