Financial Performance - For the fiscal year 2023, the group's revenue increased by 84% to HKD 83,082,000, compared to HKD 45,102,000 in 2022, primarily due to the full-year contribution from the Canadian oil assets acquired in July 2022[9]. - The group recorded a profit attributable to shareholders of HKD 21,500,000 in fiscal year 2023, a turnaround from a loss of HKD 46,746,000 in 2022, driven by various factors including a reversal of expected credit losses[9]. - Earnings per share for fiscal year 2023 were HKD 0.41, compared to a loss per share of HKD 0.89 in 2022[9]. - The lending business recorded a profit of HKD 13,820,000 in fiscal year 2023, a significant improvement from a loss of HKD 16,237,000 in 2022[11]. - The group reported a revenue increase of 84% to HKD 83,082,000 for the fiscal year 2023, compared to HKD 45,102,000 in 2022, primarily due to the full-year contribution from the Canadian oil assets acquired in July 2022[23]. - The group achieved a profit attributable to shareholders of HKD 21,500,000 in fiscal year 2023, reversing a loss of HKD 46,746,000 in 2022, with earnings per share of HKD 0.41 compared to a loss per share of HKD 0.89 in the previous year[23]. Oil and Gas Operations - The Canadian oil assets generated revenue of HKD 71,597,000 and EBITDA of HKD 38,568,000 for the fiscal year 2023, significantly up from HKD 30,932,000 and HKD 13,178,000 in 2022, respectively[7]. - The oil exploration and production segment contributed a profit of HKD 17,874,000 in fiscal year 2023, up from HKD 4,078,000 in 2022[11]. - In the fiscal year 2023, the oil exploration and production business generated revenue of HKD 71,597,000, an increase of 131% from HKD 30,932,000 in 2022[25]. - EBITDA for the oil segment rose to HKD 38,568,000, up 192% from HKD 13,178,000 in the previous year[25]. - The average selling price of crude oil was CAD 78.2 per barrel, compared to CAD 81.6 per barrel in 2022[25]. - The group has successfully acquired Canadian oil assets, which are considered a valuable opportunity for further development in oil exploration and production[19]. Solar Energy Business - The solar energy business contributed revenue of HKD 8,160,000 and EBITDA of HKD 7,735,000 in fiscal year 2023, compared to HKD 6,536,000 and HKD 5,157,000 in 2022[8]. - The solar energy business recorded a revenue increase of 25% to HKD 8,160,000, up from HKD 6,536,000 in 2022[34]. - EBITDA for the solar segment increased by 50% to HKD 7,735,000, compared to HKD 5,157,000 in the previous year[34]. - The group invested a total of HKD 58,265,000 in solar power projects under the Feed-in Tariff Scheme, which aims to encourage private sector participation in clean energy production[20]. Lending Business - The lending business reported a revenue decrease of 36% to HKD 2,490,000, down from HKD 3,877,000 in 2022[35]. - The overall profit from the lending business was HKD 13,820,000, a significant recovery from a loss of HKD 16,237,000 in the previous year[35]. - The group's loan portfolio decreased by 73% to HKD 16,598,000 (from HKD 60,852,000 in 2022) due to the repayment of several receivables[40]. - The impairment provision for receivables and interest was HKD 11,910,000, reflecting credit risk assessments based on borrower credit records and current economic conditions[40]. Market Conditions and Risks - The international oil prices fluctuated within a narrower range in 2023, with Brent crude oil prices rising from approximately USD 80 per barrel in December 2022 to USD 94 per barrel in September 2023, before falling back to around USD 78 per barrel by December 2023[6]. - The group anticipates ongoing fluctuations in international oil prices in 2024 due to global supply and demand changes and geopolitical uncertainties[18]. - The group faces significant business risks from global economic conditions and international financial markets, which are beyond its control but have a major impact on its financial performance[65]. - The oil and solar businesses are subject to inherent risks such as mechanical failures and adverse weather conditions, which could disrupt operations and negatively impact financial performance[69]. Corporate Governance and Management - The company has complied with all applicable provisions of the corporate governance code as of December 31, 2023, with some deviations explained[123]. - The management team includes experienced professionals with backgrounds in finance, accounting, and corporate governance, enhancing the group's operational capabilities[74][75][79][80]. - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced composition for effective independent judgment[131]. - The company emphasizes the importance of transparency and accountability in its corporate governance practices[121]. - The board encourages continuous professional development for all directors to enhance their knowledge and skills, ensuring they are updated on regulatory changes and the business environment[134]. Environmental, Social, and Governance (ESG) - The company’s environmental, social, and governance (ESG) policies and performance are discussed in the annual report[87]. - The board is committed to sustainable development, focusing on environmental protection and resource management[191]. - The group aims to create long-term value for the business and its stakeholders through prudent financial management policies[192]. - The management team is committed to improving internal controls and risk management systems to ensure compliance and operational integrity[199]. - An independent consulting firm has been hired to provide advice on ESG matters and to assist in data collection and analysis[198].
长盈集团(控股)(00689) - 2023 - 年度财报