Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 153,068,000, a decrease from HKD 156,466,000 in 2022, representing a decline of approximately 2.5%[3] - Gross profit for the year was HKD 2,956,000, down from HKD 3,924,000 in the previous year, indicating a decrease of about 24.7%[3] - The company reported a net loss of HKD 47,164,000 for 2023, compared to a net loss of HKD 48,590,000 in 2022, reflecting a slight improvement of 2.9%[3] - Basic and diluted loss per share for 2023 was HKD 0.83, compared to HKD 0.73 in 2022, indicating a worsening of approximately 13.7%[3] - The company reported a total comprehensive loss of HKD 54,536,000 for the year, compared to HKD 64,763,000 in 2022, indicating an improvement of approximately 15.8%[4] - The group reported a net loss of approximately HKD 48.6 million for the year ending December 31, 2023[10] - The group reported a basic loss per share of approximately HKD 49,386,000 for 2023, compared to HKD 43,588,000 in 2022, indicating an increase in losses[37] - The company experienced an annual loss of HKD 48,590,000 for the fiscal year ending December 31, 2023[23] - The net loss for the year was approximately HKD 48,600,000, an increase of about HKD 1,400,000 from the previous year's net loss of HKD 47,200,000[54] Revenue Breakdown - Revenue from gas and oil product trading was HKD 0, down from HKD 149.955 million in 2022, while LED product supply and installation services generated HKD 0.530 million in 2023[16] - Total revenue for the group decreased to HKD 3.398 million in 2023 from HKD 153.068 million in 2022, representing a decline of approximately 97.8%[16] - Revenue from external customers in China was HKD 3.398 million in 2023, compared to HKD 3.113 million in 2022[19] - For the fiscal year ending December 31, 2023, the total revenue from the LED product supply and installation services was HKD 3,398,000, with a segment profit of HKD (2,409,000)[23] - The financing lease and loan services generated revenue of HKD 2,868,000, contributing to a segment profit of HKD (3,325,000)[23] - The financing leasing business recorded revenue of approximately HKD 2,900,000, a decrease of about 6% from HKD 3,100,000 in 2022[55] - The natural gas and oil products business recorded no revenue this year, down from HKD 150,000,000 in 2022[60] - The new subsidiary for LED product supply and installation services generated revenue of HKD 530,000 by year-end[61] Assets and Liabilities - Total assets decreased to HKD 1,348,996,000 in 2023 from HKD 1,317,270,000 in 2022, showing an increase of about 2.4%[6] - Current liabilities increased to HKD 1,348,996,000 in 2023 from HKD 1,317,270,000 in 2022, reflecting a rise of approximately 2.4%[6] - Total liabilities exceeded total assets by approximately HKD 730.6 million as of December 31, 2023[10] - The group's total borrowings amounted to approximately HKD 1,038.3 million, including loans from related companies and non-controlling shareholders[10] - The total assets of the company amounted to HKD 618,737,000, with total liabilities of HKD 1,349,331,000[25] - Total liabilities as of December 31, 2023, were approximately HKD 1,346,700,000, compared to HKD 1,316,600,000 in 2022[62] - The net debt was approximately HKD 1,326,000,000, with a capital debt ratio of 197.1%, up from 186.4% in 2022[62] Financial Expenses - The company’s financial expenses increased to HKD 43,877,000 in 2023 from HKD 39,108,000 in 2022, representing an increase of about 10.5%[3] - Other income decreased from HKD 4,003,000 in 2022 to HKD 2,190,000 in 2023, a decline of approximately 45.4%[31] - Interest expenses on bank and other borrowings significantly reduced from HKD 6,202,000 in 2022 to HKD 1,303,000 in 2023, a decrease of about 79.0%[32] - The group’s total financial expenses decreased from HKD 43,877,000 in 2022 to HKD 39,108,000 in 2023, a decline of about 11.0%[32] Employee and Operational Costs - The group’s employee benefit expenses, excluding directors and CEO remuneration, decreased from HKD 7,778,000 in 2022 to HKD 4,088,000 in 2023, a reduction of approximately 47.5%[35] - The group had a total of 22 employees as of December 31, 2023, down from 24 in 2022, with employee costs around HKD 4,100,000[65] Legal and Compliance Issues - The group continues to face challenges due to legal issues in China and Hong Kong, impacting overall performance[51] - The independent auditor refused to express an opinion on the consolidated financial statements for the year ended December 31, 2023, due to insufficient audit evidence[77] - The group submitted a lawsuit to the Putian Intermediate People's Court in May 2018 regarding the enforcement of a land development contract[81] - The group received a ruling from the Putian Court on June 10, 2020, rejecting the group's lawsuit[81] - The group filed an appeal to the Fujian High People's Court in June 2020, which was accepted in August 2020[81] - The appeal was dismissed by the Fujian High People's Court on May 30, 2022, and the group is currently seeking legal advice on the administrative decision[81] - The company has initiated legal proceedings to obtain the accounting records from China Aviation Fuzhou Construction, with a court ruling requiring compliance within 20 days of the judgment date[92] - The company is currently executing the court's decision to acquire the necessary accounting records[92] - The company has faced challenges in auditing due to insufficient supporting documents from China Aviation Fuzhou Construction and its subsidiaries[93] - The company has been unable to obtain the accounting records from Jia Lian Group for the years ended December 31, 2023, and December 31, 2022, due to ongoing legal disputes[97] Governance and Future Outlook - The group is actively seeking additional funding sources to support its business development[11] - Major shareholder, Xin Jing International Limited, has committed to providing financial support through guarantees or loans within one year[12] - The group is in discussions with counterparties to renew existing loans[13] - The group will continue to explore new business opportunities and focus on sustainable development of existing operations to enhance financial performance and create value for shareholders[71] - The company has adhered to the corporate governance code, although there are exceptions regarding the separation of the roles of Chairman and CEO[74] - The audit committee has reviewed the group's annual performance for the year[101] - The consolidated financial statements have been acknowledged by the auditors as consistent with the audited financial amounts for the year[102] - Trading of the company's shares has been suspended since November 29, 2022, and will continue until further notice[104]
幸福控股(00260) - 2023 - 年度业绩