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大唐西市(00620) - 2023 - 年度业绩
DTXS SILK ROADDTXS SILK ROAD(HK:00620)2024-04-29 14:55

Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 44,493,000, a significant decrease from HKD 1,134,264,000 in 2022, representing a decline of approximately 96.1%[4] - The company reported a loss before tax of HKD 371,436,000 for 2023, compared to a profit of HKD 397,490,000 in 2022, indicating a turnaround of HKD 768,926,000[4] - The net loss for the year attributable to equity holders was HKD 302,064,000, compared to a profit of HKD 106,448,000 in the previous year, marking a change of HKD 408,512,000[5] - The group reported a net loss of approximately HKD 358,453,000 for the year ending December 31, 2023, with total interest-bearing borrowings amounting to approximately HKD 1,339,549,000[14] - The group reported a loss of approximately HKD 358,500,000 for the year, compared to a profit of approximately HKD 186,400,000 in the previous year[57] Assets and Liabilities - The company's total assets decreased to HKD 3,328,203,000 in 2023 from HKD 3,180,371,000 in 2022, reflecting a growth of approximately 4.6%[7] - Current liabilities increased significantly to HKD 2,493,360,000 in 2023 from HKD 1,366,097,000 in 2022, representing an increase of approximately 83.0%[7] - The total equity attributable to equity holders decreased to HKD 887,417,000 in 2023 from HKD 1,207,091,000 in 2022, a decrease of approximately 26.5%[8] - The total liabilities increased significantly from HKD 354,023,000 in 2022 to HKD 853,596,000 in 2023, more than doubling[55] Cash Flow and Liquidity - The company's cash and cash equivalents decreased to HKD 23,079,000 in 2023 from HKD 102,812,000 in 2022, a decline of approximately 77.6%[7] - As of December 31, 2023, cash and cash equivalents were only about HKD 23,079,000, raising significant doubts about the group's ability to continue as a going concern[14] - The group’s management has prepared a cash flow forecast covering an 18-month period starting from December 31, 2023, which the board believes will provide sufficient operating funds[14] Revenue Breakdown - Revenue from property sales dropped to HKD 6,575,000 in 2023 from HKD 1,090,100,000 in 2022, reflecting a decline of 99.4%[37] - Revenue from external customers in mainland China decreased to HKD 15,338,000 in 2023 from HKD 1,102,828,000 in 2022, a decline of 98.6%[34] - The company’s rental income slightly decreased to HKD 2,496,000 in 2023 from HKD 2,696,000 in 2022, a decline of approximately 7.4%[4] - The total income from rental of investment properties was HKD 35,948,000 in 2023, down from HKD 37,580,000 in 2022[37] Impairment and Write-downs - The company reported a significant impairment loss on goodwill of HKD 102,572,000 in 2023, compared to HKD 24,940,000 in 2022, indicating increased financial strain[4] - The company incurred a loss of HKD 178,564,000 from the write-down of development properties and completed properties held for sale in 2023[41] - The group recognized an impairment loss of HKD 178,600,000 on development properties and completed properties held for sale due to their carrying values exceeding fair values[59] Financing and Debt - The group successfully extended interest-bearing borrowings of approximately HKD 615,418,000 for an additional two and a half years until October 2026[15] - The financing costs totaled HKD 115,104,000 in 2023, an increase from HKD 108,864,000 in 2022[41] - The group's capital debt ratio was approximately 148.3%, up from 117.3% in 2022[69] Corporate Governance and Compliance - The company failed to comply with certain listing rules regarding the number of independent non-executive directors on the board as of August 31, 2023[80] - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial statements for the year ended December 31, 2023[84] Future Plans and Developments - The group plans to accelerate the pre-sale and sale of properties under development and completed properties for sale[15] - The group plans to develop the Silk Road International Cultural Center, which is expected to be completed in 2026, with a total construction area of approximately 260,000 square meters[58] - The group is focusing on the construction, sales, and leasing of the Silk Road International Cultural Center as part of its cautious strategy amid economic recovery efforts in China[66] Shareholder Information - No dividends were paid or proposed to ordinary shareholders for the years ended December 31, 2023, and 2022[45] - The board of directors did not recommend the payment of dividends for the year ended December 31, 2023, consistent with the previous year[78] - The company plans to hold its annual general meeting on June 21, 2024, with a suspension of share transfer registration from June 18 to June 21, 2024[87] - The company will publish its annual report for 2023 by May 24, 2024, on its website and the Hong Kong Stock Exchange website[88] - The company's shares will be suspended from trading on April 2, 2024, and a request has been made to resume trading on April 30, 2024[89]