Financial Performance - For the year ended December 31, 2023, the Group reported revenue of approximately HK$35.6 million, a decrease of approximately 13.2% from HK$41.0 million in the previous year[5]. - The loss attributable to owners of the Company for the year was approximately HK$20.6 million, representing a decrease in loss of approximately 83.2% compared to HK$123.1 million in 2022[6]. - The loss before tax for 2023 was HK$20.6 million, a reduction from HK$126.7 million in the previous year[104]. - The Group recorded a net loss of HK$20.6 million for 2023, compared to a net loss of HK$123.1 million in 2022, indicating a significant improvement in financial performance[104]. - Cash and cash equivalents decreased to HK$112.4 million as of December 31, 2023, down from HK$124.1 million in 2022[104]. - The total assets of the Group were HK$186.6 million, a decrease from HK$207.8 million in 2022[104]. - The total liabilities remained relatively stable at HK$128.0 million, compared to HK$128.5 million in 2022[104]. - The current ratio decreased to 1.42 in 2023 from 1.74 in 2022, indicating a decline in short-term liquidity[104]. - The debt-to-equity ratio increased to 176.0% in 2023 from 139.3% in 2022, reflecting a higher level of leverage[104]. Revenue Breakdown - Revenue from External Asset Management (EAM) services increased to approximately HK$27.0 million in 2023, up approximately 9.7% from HK$24.7 million in 2022, with total assets under management reaching approximately HK$4.1 billion[29]. - Fund management services revenue decreased significantly by approximately 60.1% to HK$5.4 million in 2023 from HK$13.6 million in 2022, primarily due to tightened liquidity affecting management fees[34]. - Corporate finance advisory services revenue increased by approximately 62.4% to HK$1.9 million in 2023, up from HK$1.2 million in 2022, driven by increased demand following the end of the COVID-19 pandemic[35]. Impairment and Losses - The provision for impairment losses on non-current assets for 2023 was HK$nil, down from approximately HK$43.9 million in 2022[6]. - The net realised and unrealised losses on financial assets at fair value through profit or loss decreased to approximately HK$5.4 million in 2023 from approximately HK$39.7 million in 2022[7]. - The reversal of provision for impairment losses on financial assets amounted to approximately HK$20.6 million in 2023, compared to a provision of approximately HK$0.6 million in 2022[12]. - A net reversal of impairment losses for Third Party Loans was approximately HK$14.3 million in 2023, compared to HK$1.8 million in 2022, due to recoveries of approximately HK$21.6 million[126]. - The expected credit loss (ECL) rate for third-party loans decreased significantly to 31.16% as of December 31, 2023, down from 49.23% in 2022, reflecting improved loan recoverability[132]. Investment Fund Performance - The Group's investment in BeiTai Investment LP remained at HK$72.0 million, representing approximately 71.0% of the total capital commitment of the Investment Fund[16]. - The fair value of the Investment Fund decreased to approximately HK$23.9 million in 2023 from approximately HK$29.5 million in 2022[16]. - The Group's investment in the Investment Fund as of December 31, 2023, is HK$72.0 million, representing approximately 71.0% of the total capital contribution of the Investment Fund[60]. - The fair value of the Investment Fund as of December 31, 2023, is approximately HK$23.9 million, which is about 12.8% of the total assets of the Group[60]. - The Group recorded an unrealized loss on financial assets at fair value through profit or loss of approximately HK$5.6 million for the year ended December 31, 2023[60]. Dividends and Shareholder Returns - No final dividend is recommended for the year ended December 31, 2023[13]. - The Group did not provide any new loans during the year ended December 31, 2023[117][120]. - The Group will strategically adjust resource allocation within the Financial Services Business and continue to seek investment opportunities to maximize returns for shareholders[22]. - The Group is actively monitoring the liquidation process to maximize returns for the Company and its shareholders[86]. Management and Governance - The Credit Control Committee is responsible for monitoring margin calls and ensuring appropriate checks and balances in the loan approval process[48]. - The Credit Control Committee reports directly to the board of directors to ensure independent oversight of credit decisions[48]. - The Group's management team possesses extensive asset management experience and a strong network with high net worth clients, which is expected to broaden the customer base[30]. - Enhanced internal control measures have been adopted to prevent similar incidents in future investments[99]. Economic Environment and Future Outlook - The Group expects a challenging business environment due to geopolitical tensions, high interest rates, and global inflation pressures[22]. - The overall business environment remains challenging due to geopolitical tensions, high interest rates, and global inflation pressures[27]. - The Group continues to face challenges in its Financial Services Business due to geopolitical tensions and high interest rates, but management remains optimistic about future recovery in Hong Kong's economy[52]. - The Group is exploring new opportunities in emerging financial markets to further develop its Financial Services Business[58]. Employee and Operational Metrics - As of December 31, 2023, the Group had 26 full-time employees, a decrease from 31 full-time employees in 2022, with staff costs of approximately HK$22.8 million, down from approximately HK$23.5 million in 2022[180]. - The Group's internal control system includes periodic reviews and due diligence to mitigate credit risk exposures from lending transactions[133].
贝森金融(00888) - 2023 - 年度财报