Financial Performance - The Group recorded a loss attributable to owners of the Company of approximately HK$947.4 million for Year 2023, compared to a loss of approximately HK$734.6 million for Year 2022, representing a 29.0% increase in loss [15]. - Basic loss per share for Year 2023 was HK$0.4111, an increase of 29.0% from HK$0.3187 in Year 2022 [7]. - The Group recorded a loss attributable to shareholders of approximately HK$947,409,000 for the year 2023, compared to a loss of approximately HK$734,563,000 for the year 2022, resulting in a basic loss per share of 41.11 HK cents (2022: 31.87 HK cents) [17]. - Other income, gains, and losses decreased from approximately HK$467,687,000 for Year 2022 to approximately HK$258,946,000 for Year 2023, primarily due to a decrease in aggregate interest income from approximately HK$455,174,000 to approximately HK$202,694,000 [50]. - The impairment of financial assets increased from approximately HK$251,580,000 for Year 2022 to approximately HK$489,129,000 for Year 2023, mainly due to a provision increase of approximately HK$172,452,000 on loan receivables [57]. - The loss from the fair value of investment properties decreased from approximately HK$208,156,000 for Year 2022 to approximately HK$63,646,000 for Year 2023 [55]. - The Company resolved not to recommend the payment of a final dividend for the year 2023, consistent with the previous year where no dividend was declared [164]. Assets and Liabilities - Net assets decreased by 22.4% to HK$3,486.4 million in 2023 from HK$4,494.5 million in 2022 [7]. - Total assets also decreased by 22.4% to HK$7,771.1 million in 2023 from HK$10,018.8 million in 2022 [7]. - Cash and bank balances fell by 41.2% to HK$57.3 million in 2023 from HK$97.5 million in 2022 [7]. - The Group's total borrowings amounted to approximately HK$3,551,936,000, with short-term borrowings at HK$3,485,049,000 and long-term borrowings at HK$66,887,000 [79]. - The Group's cash and bank balances as of December 31, 2023, were HK$57,333,000, down from HK$772,331,000 in 2022 [75]. - The Group's outstanding loan receivables amounted to approximately HK$1,894,369,000 as of December 31, 2023, down from HK$2,246,377,000 in the previous year [104]. - The Group's gross loan receivables amounted to approximately HK$2,352,282,000, a slight decrease from HK$2,395,699,000 as of December 31, 2022 [109]. Financial Ratios - The gearing ratio increased to 113.85% in 2023 from 98.76% in 2022, reflecting a 15.3% rise [7]. - The current ratio declined significantly by 56.9% to 0.81x in 2023 from 1.88x in 2022 [7]. - The Group's gearing ratio increased to 114% as of December 31, 2023, from 99% as of December 31, 2022, indicating a higher level of leverage [85]. - The current ratio decreased to 0.8x as of December 31, 2023, down from 1.9x as of December 31, 2022, reflecting a decline in liquidity [85]. Economic Environment - The macroeconomic environment in 2023 was complex, influenced by extreme weather, AI developments, regional conflicts, and Sino-US relations, impacting the global economy and China's domestic demand [16]. - Despite challenges, China's economy remained a significant contributor to global growth in 2023 [16]. Investment Activities - The Group made investments totaling RMB505,000,000 (approximately HK$557,419,000) into the NT Trust Scheme, which focuses on property development investments in Zhuozhou and Shenyang [31]. - The Group is focusing on investments in the new energy industry, particularly in distributed photovoltaic projects and electric vehicle charging pile projects [22]. - The Group's strategic adjustments include scaling down non-performing asset investments and redirecting focus to equity investments in the new energy sector [28]. - The Group plans to increase investments in the "photovoltaics, storage, and charging" sectors within the new energy industry to support sustainable development [41]. Joint Ventures and Operations - The joint venture Zhong Hai You Qi successfully achieved its production and operation goals for 2023 despite challenges such as volatile international crude oil prices and declining chemical product prices [19]. - Zhong Hai You Qi implemented a diversified sales model, leading to a stable increase in customer numbers and improved delivery speed, which helped stabilize its market share [20]. Loan Management and Credit Risk - The Group recorded an impairment loss provision of approximately HK$310,200,000 for the Relevant Loan Receivables in 2023, compared to HK$137,748,000 in 2022 [120]. - The ageing analysis indicated that HK$1,547,742,000 of loan receivables were overdue by more than 365 days as of December 31, 2023 [114]. - The Group plans to enhance its measures for recovering loans and receivables to improve efficiency and financial resources [107]. - The Group's loan receivables have fixed terms ranging from 2 months to 2 years, with interest rates between 4.75% and 20% per annum [104]. Corporate Governance and Management - The company complied with all applicable corporate governance code provisions throughout 2023, except for the separation of the roles of chairman and chief executive officer [165]. - The executive team has a strong background in property development and financial management, enhancing the company's strategic direction [181]. - The management team emphasizes risk management and compliance as critical components of their operational strategy [184]. - The leadership's diverse expertise is expected to drive future growth and innovation within the company [184].
银建国际(00171) - 2023 - 年度财报