Financial Performance - The Group recorded a loss of approximately HK$2.4 million for the year ended December 31, 2023, a significant reduction from a loss of approximately HK$41.1 million for the preceding year, primarily due to increased revenue and gross profit from the Paris Marriott Hotel[10]. - Revenue from the hotel operation segment increased by approximately 91.3% to approximately HK$293.6 million for the year, compared to approximately HK$153.5 million for the preceding year, driven by the full availability of 192 rooms after renovations[11]. - The gross profit from the hotel operation segment was approximately HK$9.0 million for the year, a turnaround from a gross loss recorded in the preceding year[10]. - The loss for the year was approximately HK$2.4 million, a decrease of approximately 94.2% from the loss of approximately HK$41.1 million in the preceding year[34]. - The hotel operation segment generated revenue of approximately HK$293.6 million, mainly due to the Paris Marriott Hotel, which resumed full operations after renovations[41]. - The Paris Marriott Hotel achieved an occupancy rate of 76.2% in 2023, up from 46.3% in 2022, with an average room rate of €570 compared to €509 in the previous year[50]. - The Group recorded a profit of approximately HK$9,000,000 from the hotel operations segment for the year, a turnaround from a loss of approximately HK$51,000,000 in the previous year[48]. Credit Loss Provisions - The provision for expected credit loss on the loan granted to an associate increased to approximately HK$8.2 million for the year, compared to approximately HK$3.5 million in the preceding year[18]. - The Group recorded a provision for expected credit loss from unsecured convertible bonds of approximately HK$11.3 million for the year[10]. - The provision for expected credit loss on loans to an associate was approximately HK$8.2 million for the year, compared to approximately HK$3.5 million in the previous year[32]. - The provision for expected credit loss on convertible bonds was approximately HK$11.3 million for the year, whereas there was no provision in the previous year[33]. - The expected credit loss (ECL) provision for outstanding principal as of December 31, 2023, was approximately HK$11.3 million, compared to HK$0 in 2022[88][91]. - The expected credit loss (ECL) for the Group was assessed at RMB97.5 million (approximately HK$106.0 million) as of December 31, 2023[67]. - The expected credit loss (ECL) provision on pledged assets was approximately HK$8,200,000 for the year, compared to approximately HK$3,500,000 in the previous year[56]. Asset and Liability Overview - The total non-current assets of the Group as of December 31, 2023, amounted to approximately HK$2,449.9 million, reflecting an increase of approximately 0.4% from HK$2,440.1 million in the previous year[39]. - The total current assets of the Group as of December 31, 2023, were approximately HK$1,218.1 million, representing an increase of approximately 3.5% from HK$1,176.4 million in the previous year[39]. - The total current liabilities of the Group as of December 31, 2023, amounted to approximately HK$1,594.9 million, an increase of approximately 1,623.1% from HK$92.6 million in the previous year, primarily due to the reclassification of a bank loan[40]. - The total non-current liabilities decreased to approximately HK$145,300,000 as of December 31, 2023, down about 90.9% from HK$1,593,400,000 as of December 31, 2022, due to the same reclassification of the bank loan[43]. - The Group had net current liabilities of approximately HK$376.8 million as of December 31, 2023, a significant change from net current assets of approximately HK$1,083.9 million in the previous year[105][106]. - Outstanding bank loans and other borrowings amounted to approximately HK$1,502.7 million as of December 31, 2023, compared to HK$1,450.1 million as of December 31, 2022[105][106]. - The Group's gearing ratio was approximately 41.0% as of December 31, 2023, slightly up from 40.1% in the previous year[105][106]. Governance and Management - The Company has complied with the corporate governance code provisions throughout the year ended December 31, 2023, with certain deviations noted[140]. - The Board is responsible for formulating strategic business development and reviewing the Group's business performance[151]. - The Company has adopted a code of conduct regarding Directors' securities transactions that meets the required standards[145]. - Continuous efforts are made to enhance the Group's internal control policy and procedures in line with local and international developments[139]. - The Board's composition and responsibilities are designed to ensure effective leadership and control of the Group[146]. - The Board held a total of five meetings and general meetings for the year ended December 31, 2023[159]. - The Company aims to increase female representation on the Board and in the workforce[180]. Directors and Board Composition - The Board currently comprises two executive Directors and four independent non-executive Directors, with no Chairman appointed during the Year[150]. - A female independent non-executive Director was appointed on January 1, 2023, to enhance gender diversity on the Board[179]. - The independent directors bring a wealth of knowledge from their previous roles in listed companies, contributing to the company's strategic direction[136]. - The Board includes members with significant experience in various industries, including steel manufacturing and asset management, which may provide valuable insights for market expansion[125][130]. - The Audit Committee consists of four independent non-executive Directors and met four times during the year to discuss interim and annual results[185][193]. Audit and Risk Management - The Audit Committee reviewed the integrity of the Company's annual report and accounts, focusing on compliance with accounting standards and legal requirements[192]. - The Audit Committee discussed the sufficiency and efficiency of risk management and the internal control system[197]. - The internal control and risk management systems were reviewed for adequacy and efficiency[198]. - The management will provide detailed analyses and supporting documents to the audit committee if there are any doubts regarding the financial statements and internal control systems[198].
开源控股(01215) - 2023 - 年度财报