Financial Performance - Revenue for the year ended December 31, 2024, was HKD 1,031.1 million, representing a 17% increase from HKD 882.4 million in 2023[17] - Gross profit decreased to HKD 635.2 million from HKD 680.7 million, reflecting a 7% decline[17] - The fair value change of investment properties and financial instruments resulted in a loss of HKD 1,357.9 million, up 97% from a loss of HKD 690.0 million in the previous year[17] - The pre-tax loss increased to HKD 2,521.6 million, a 228% rise compared to HKD 768.6 million in 2023[17] - The loss attributable to shareholders was HKD 2,559.5 million, which is 187% higher than the loss of HKD 890.4 million in the prior year[17] - Core consolidated profit attributable to shareholders, excluding fair value changes and impairment provisions, was HKD 92.0 million, a 53% decrease from HKD 197.0 million[17] - The group recorded a comprehensive loss of HKD 2,576,000,000 for the year, an increase from HKD 812,000,000 in 2023, highlighting significant financial pressures[29] - The total non-cash valuation loss for the year was HKD 2,652,000,000, compared to HKD 1,087,000,000 in 2023, reflecting ongoing market challenges[27] Assets and Equity - Total assets as of December 31, 2024, amounted to HKD 31,085.5 million, down 9% from HKD 33,988.1 million in 2023[17] - Total equity decreased to HKD 23,320.8 million from HKD 26,094.6 million, reflecting an 11% decline[17] - The net asset value of the group as of December 31, 2024, was HKD 23,321,000,000, a decrease of HKD 2,774,000,000 from HKD 26,095,000,000 in 2023, primarily due to dividend distributions and a loss of HKD 2,576,000,000 during the year[45] Dividends - The interim dividend per share was reduced to HKD 0.03 from HKD 0.06, and the final dividend per share was also reduced to HKD 0.04 from HKD 0.08, totaling HKD 0.07 compared to HKD 0.14 in the previous year[17] - The board proposed a final dividend of HKD 0.04 per share, totaling HKD 0.07 per share for the year, reflecting a cautious approach to shareholder returns amid financial losses[20] Property Development and Management - The property development segment reported revenue of HKD 325,000,000, up from HKD 212,000,000 in 2023, despite lower profit margins due to market conditions[30] - The group has initiated pre-sale preparations for residential projects "Cloud Towards" and a joint venture project near MTR stations, indicating ongoing market engagement[21] - The group has signed a management contract for a long-term rental apartment project in Shenzhen, consisting of 1,610 units, expanding its portfolio in the Greater Bay Area[23] - The group holds a 70% interest in the "OMA by the Sea" residential project, with 517 units and approximately 252,000 sq ft of usable area, having sold about 96% of the units by December 31, 2024[32] Market Outlook - The economic outlook for Hong Kong in 2025 remains uncertain, with potential support from recent U.S. Federal Reserve rate cuts, but caution is advised due to the changing global economic environment[55] - The residential property market may benefit from a gradual recovery in demand, supported by new capital investment plans, although a large supply of unsold units could hinder significant price growth in the short term[55] - The company anticipates a slight decrease in rental income from Hong Kong, while London rental income is expected to remain stable[56] - The company maintains a cautiously optimistic outlook for the Hong Kong real estate market, supported by the government's commitment to the sector and the foundation of the local economy[56] Corporate Governance - The company is committed to maintaining high standards of corporate governance, as evidenced by the qualifications and experience of its directors[80] - The board consists of five executive directors, three non-executive directors, and five independent non-executive directors, ensuring a balanced governance structure[166] - The company has established a Corporate Governance Committee on August 25, 2022, to enhance and ensure high standards of corporate governance[182] - The board has full discretion in granting these options and incentives, reflecting the company's commitment to rewarding performance and contribution[112] Employee Compensation and Incentives - The company continues to utilize stock options as a key component of its employee compensation strategy, aligning employee interests with shareholder value[105] - The 2023 stock option plan and share incentive plan aim to recognize, motivate, and reward contributors to the group, helping retain existing and attract new valuable directors and employees[113] - The total number of employees eligible for the share incentive plan is significant, with 4,346,750 share incentives granted specifically to employees[117] Sustainability and Social Responsibility - The company is committed to corporate social responsibility initiatives, including community engagement and environmental policies[61][63] - The company has a strong focus on environmental, social, and governance (ESG) policies, which are crucial for its business success[88] Leadership and Management - 郭炳聯先生 has been a non-executive director since 1991 and is the chairman and managing director of Sun Hung Kai Properties, a major shareholder of the company[73] - The company has a strong board with members holding degrees from prestigious universities such as Harvard and Cambridge, enhancing its governance and strategic direction[73][79] - The company has a diverse leadership team with members from different professional backgrounds, contributing to a well-rounded strategic approach[79]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 WING TAI PROPERTIES LIMITED 永泰地產有限公司 （於百慕達註冊成立之有限公司） （股份代號：369） 二零二四年年度業績、 末期股息、記錄日期及暫停辦理股份過戶登記手續公佈 主席報告 致各位股東： 二零二四年對香港經濟和房地產市場來說是困難的一年。高利率、中美緊張局勢以及疲弱的投資情 緒營造了艱難的經營環境，並抑制了經濟活動。 儘管美國聯邦儲備局在二零二四年下半年三次減息，香港政府也推出了刺激措施，包括在二零二四 年二月撤銷房地產降溫措施，但住宅價格年內持續走軟。同時，供應量高企和需求疲弱使甲級寫字 樓的租金受壓。正如許多香港物業發展商近期的業績公告所顯示，低迷的市場導致許多香港物業發 展商在年底進一步下調住宅和商業物業資產估值，突顯了行業持續面臨的挑戰。 因應獨立估值反映香港物業價值面臨下行壓力，本集團錄得香港物業組合的估值虧損淨額及減值撥 備總額為 2,549,000,00 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 560.3 million, an increase from HKD 477.3 million in the same period of 2023, representing a growth of 17.4%[10] - The company reported a loss before tax of HKD (1,323.2) million for the first half of 2024, compared to a loss of HKD (307.7) million in the first half of 2023, indicating a significant increase in losses[10] - The total comprehensive loss for the period was HKD (1,361.6) million, compared to a loss of HKD (334.0) million in the prior year[10] - The consolidated loss for the six months ended June 30, 2024, was HKD 1,362,000,000, compared to a loss of HKD 334,000,000 in the same period of 2023, representing an increase in loss of HKD 1,028,000,000[17] - The core consolidated profit attributable to shareholders was HKD 32,000,000, down from HKD 63,000,000 in 2023, a decrease of HKD 31,000,000[17] - The total comprehensive loss for the period amounted to HKD 1,375.9 million, compared to HKD 350.1 million in the previous period, reflecting a significant increase in losses[47] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 32,519.3 million, while total liabilities were HKD 7,927.4 million, resulting in a net asset position for the company[10] - The equity attributable to shareholders decreased to HKD 22,994.7 million as of June 30, 2024, down from HKD 24,440.1 million in the previous year[10] - The company’s total liabilities increased slightly from HKD 7,893.5 million in 2023 to HKD 7,927.4 million in 2024[10] - As of June 30, 2024, the group's net asset value was HKD 24.592 billion, a decrease of HKD 1.503 billion from HKD 26.095 billion on December 31, 2023[31] - The total bank and other borrowings as of June 30, 2024, amounted to HKD 6.912 billion, compared to HKD 6.808 billion on December 31, 2023[31] - The debt ratio as of June 30, 2024, was 16.7%, up from 16.0% on December 31, 2023[33] Revenue Segments - The property development segment's revenue was HKD 221,000,000, compared to HKD 143,000,000 in the same period of 2023, driven by increased sales of "OMA by the Sea" despite lower profit margins[18] - The property investment and management segment reported revenue of HKD 282 million for the first half of 2024, down from HKD 288 million in the same period of 2023, while the core profit before tax increased to HKD 179 million from HKD 164 million[25] - Revenue from other business segments for the first half of 2024 was HKD 30 million, up from HKD 27 million in the same period of 2023, representing an increase of 11.1%[29] - The revenue from Hong Kong increased to HKD 513.3 million, up from HKD 429.4 million, indicating a growth of 19.6%[74] Market Conditions and Outlook - Future outlook remains cautious due to the current financial performance and market conditions, with no specific guidance provided for the upcoming quarters[10] - The company anticipates a gradual recovery in the Hong Kong economy in the second half of 2024, with residential property demand expected to remain resilient[44] - The management remains focused on maintaining a robust financial position and exploring suitable investment opportunities despite market volatility[44] Dividends and Shareholder Returns - The company proposed an interim dividend of HKD 0.03 per share, totaling HKD 41,000,000[16] - The interim dividend declared is HKD 0.03 per share, down from HKD 0.06 per share in 2023, reflecting a cautious approach amid financial losses[44] - The company declared an interim dividend of HKD 0.03 per share, totaling HKD 40.7 million, down from HKD 81.4 million in the previous year[81] Employee and Management Compensation - The group is committed to providing comprehensive compensation and benefits plans for its approximately 480 employees, including retirement benefits and training activities[44] - Employee costs, including directors' remuneration, increased to HKD 165.0 million in the first half of 2024 from HKD 132.7 million in the same period of 2023[77] Investment Properties and Projects - The company is actively developing a mixed-use project in Central Hong Kong, integrating grade A office space, a high-end international hotel, and retail spaces[15] - The company has sold approximately 95% of the residential units in the "OMA OMA" project, totaling 466 units with a usable area of about 234,000 square feet, as of June 30, 2024[19] - The company is expanding its service apartment management portfolio in the Greater Bay Area and the Philippines, with a new long-term apartment project in Shenzhen featuring 1,610 units[15] Financial Risks and Governance - Financial risks include market risk, credit risk, and liquidity risk, with no changes in risk management policies since year-end[60] - The company maintains a commitment to high standards of corporate governance, complying with all applicable codes and regulations as of June 30, 2024[136] Share Options and Awards - The new 2023 Share Option Scheme and 2023 Share Award Scheme were approved by shareholders on May 23, 2023, with a validity period of ten years until May 22, 2033[107] - The company has a structured approach to managing share options, ensuring compliance with regulatory requirements and shareholder interests[108] - A total of 4,439,000 stock options were granted under the 2023 stock option plan, representing approximately 0.33% of the weighted average number of shares issued during the period[121]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而 引致之任何損失承擔任何責任。 WING TAI PROPERTIES LIMITED 永泰地產有限公司 （於百慕達註冊成立之有限公司） （股份代號：369） 截至二零二四年六月三十日止六個月之 中期業績、中期股息及記錄日期公告 主席報告 致各位股東： 二零二四年上半年，受全球金融市場不明朗、高利率、地緣衝突以及中國大陸經濟復甦緩慢等因素拖 累，香港經濟復甦依然乏力。住宅和商業物業以及酒店行業的復甦進度均不及預期，投資情緒持續低 迷。 儘管香港政府於二月份撤銷所有房地產降溫措施，但置業需求的反彈卻僅是短暫。另一方面，由於新 的寫字樓供應持續上升，加上需求疲弱，使甲級寫字樓的租金水平依然受壓。在香港物業市場持續低 迷的情況下，住宅和寫字樓物業價格在二零二四年上半年進一步下跌，導致許多香港房地產公司在截 至六月底的財務報告中繼續調低所持有物業的公平價值。 因應市場估值下調及根據獨立估值，集團錄得香港物業投資組合的估值虧損淨額及減值撥備為 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 882.4 million, a decrease of 78% compared to HKD 4,096.7 million in 2022[32]. - Gross profit for the same period was HKD 680.7 million, reflecting a decrease of 57% from HKD 1,572.6 million in the previous year[32]. - The company reported a pre-tax loss of HKD 768.6 million, which is an increase of 406% compared to a loss of HKD 152.0 million in 2022[32]. - The loss attributable to shareholders was HKD 890.4 million, up 65% from HKD 540.0 million in the prior year[31]. - Core consolidated profit attributable to shareholders for 2023 was HKD 197 million, down from HKD 658 million in 2022, with core earnings per share at HKD 0.15 compared to HKD 0.49 in the previous year[38]. - The company reported a net loss of HKD 812.4 million for the year, compared to a net loss of HKD 323.9 million in the previous year, representing a 150.5% increase in losses[182]. - The gross profit for the year was HKD 680.7 million, down 56.7% from HKD 1,572.6 million in 2022[181]. - The company reported a comprehensive loss of HKD 890.4 million for the year, compared to a profit in the previous year[192]. Assets and Equity - Total assets as of December 31, 2023, were HKD 33,988.1 million, a decrease of 4% from HKD 35,499.2 million in 2022[33]. - Total equity attributable to shareholders was HKD 24,440.1 million, down from HKD 25,684.8 million in 2022[36]. - The net asset value of the group as of December 31, 2023, was HKD 26,095,000,000, a decrease of HKD 1,232,000,000 from HKD 27,327,000,000 on December 31, 2022, primarily due to dividend distributions and an annual loss of HKD 812,000,000[45]. - The company's total assets decreased to HKD 25,999.0 million from HKD 27,715.8 million in 2022, reflecting a decline of 6.2%[187]. - The company's total equity decreased from HKD 27,327.3 million in 2022 to HKD 26,094.6 million in 2023, a decrease of approximately 4.5%[190]. Dividends - The company declared a total dividend of 14.0 HKD cents for the year, a decrease of 48% from 27.0 HKD cents in the previous year[33]. - The group proposed a final dividend of HKD 0.08 per share, totaling an annual dividend of HKD 0.14 per share, which represents approximately 96% of this year's core profit[38]. - The board proposed a final dividend of HKD 0.08 per share for the year ending December 31, 2023, totaling approximately HKD 190 million, down from HKD 0.21 per share in the previous year[74]. Property and Investment - The company holds a 100% interest in Landmark East and several other properties, indicating a strong position in property investment and management[29]. - The group recorded a net property valuation loss and impairment provision totaling HKD 963 million in 2023, compared to HKD 1.7 billion in 2022[38]. - The investment property portfolio's fair market value was approximately HKD 20,000,000,000, with Hong Kong accounting for 1,633,000 square feet and London for 328,000 square feet[41]. - The group completed the sale of an investment property in Beijing in November 2023, generating approximately HKD 340 million in cash inflow and realizing an investment gain of HKD 250 million[39]. - The group is progressing with two residential development projects, with foundation works expected to be completed in Q2 2024 and Q3 2024 respectively[38]. Market Outlook - The group anticipates that recent government measures to ease mortgage pressure will improve market sentiment and gradually increase transaction volumes in 2024[38]. - The company expects the Hong Kong real estate market to gradually recover, supported by the lifting of cooling measures and increased sales of new residential properties[53]. Financial Management - The group is focused on prudent management of business operations, cash flow, and financing capabilities to ensure a robust financial position and liquidity[39]. - The company maintains a resilient balance sheet and diversified asset portfolio, allowing it to remain cautious amid market fluctuations while exploring suitable investment opportunities[54]. - The company is closely monitoring foreign exchange risks, with 87% of its borrowings in HKD and 13% in other currencies, primarily GBP[48]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency through its independent directors[66]. - The board consists of five executive directors, three non-executive directors, and five independent non-executive directors, ensuring a balance of power and authority[122]. - The company has established a corporate governance committee to enhance and ensure high standards of corporate governance, consisting of at least three members including an executive director, the financial director, and the company secretary[132]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules, and the board believes they can continue to provide independent and objective views[126]. Employee and Social Responsibility - The group employs approximately 450 staff members and offers comprehensive compensation and benefits plans, including retirement benefits through mandatory provident fund schemes[58]. - The group has implemented various corporate social responsibility initiatives, including recycling programs and community engagement activities in 2023[59]. Shareholder Information - The total number of issued shares as of December 31, 2023, was 1,357,200,279 shares[83]. - The company has established a shareholder communication policy to ensure timely access to comprehensive and understandable information for shareholders and potential investors[165]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting[167].

Financial Performance - Core profit attributable to shareholders for 2023 was HKD 197 million, a decrease of 70% from HKD 658 million in 2022, resulting in a core earnings per share of HKD 0.15 compared to HKD 0.49 in the previous year[1]. - The group reported a consolidated loss attributable to shareholders of HKD 890 million for 2023, compared to a loss of HKD 540 million in 2022, with a loss per share of HKD 0.66 versus HKD 0.40 in the prior year[1]. - The company reported a total loss of HKD 812.4 million for the year ended December 31, 2023, compared to a loss of HKD 323.9 million in 2022, indicating a significant increase in losses[8]. - The company's total comprehensive loss attributable to shareholders was HKD 890.0 million in 2023, up from HKD 613.5 million in the previous year[8]. - Total revenue for 2023 was HKD 882.4 million, a significant decrease from HKD 4,096.7 million in 2022, representing a decline of approximately 78.5%[18]. - The operating loss for the year was HKD 461.5 million, with property development reporting a loss of HKD 159.1 million and property investment and management a loss of HKD 282.0 million[19]. - The pre-tax loss for the year was HKD 768.6 million, with the total loss for the year amounting to HKD 812.4 million[20]. - The basic loss per share for 2023 was HKD 0.66, compared to HKD 0.40 in 2022, representing a 65% increase in loss per share[30]. Dividends - The board proposed a final dividend of HKD 0.08 per share, bringing the total dividend for 2023 to HKD 0.14 per share, which represents approximately 96% of the core profit[2]. - The company declared an interim dividend of HKD 0.06 per share in 2023, unchanged from 2022, while the proposed final dividend decreased to HKD 0.08 per share from HKD 0.21 per share in 2022[32]. Asset and Liability Management - Non-current assets decreased from HKD 27,715.8 million in 2022 to HKD 25,999.0 million in 2023, reflecting a decline of approximately 6.2%[10]. - Current assets increased from HKD 7,783.4 million in 2022 to HKD 7,989.1 million in 2023, representing a growth of about 2.6%[10]. - The company's total equity decreased from HKD 27,327.3 million in 2022 to HKD 26,094.6 million in 2023, a decline of approximately 4.5%[11]. - The company’s bank and other borrowings increased from HKD 2,550.5 million in 2022 to HKD 2,808.2 million in 2023, an increase of about 10.1%[12]. - The company’s total liabilities decreased from HKD 4,567.0 million in 2022 to HKD 4,256.8 million in 2023, a reduction of about 6.8%[12]. - The company's total assets as of December 31, 2023, amounted to HKD 33,988.1 million, a decrease from HKD 35,499.2 million in 2022[21]. - The group's liabilities totaled HKD 7,893.5 million as of December 31, 2023, compared to HKD 8,171.9 million in 2022, reflecting a decrease of approximately 3.4%[24]. Revenue Breakdown - External sales in property development amounted to HKD 212.4 million, while property investment and management generated HKD 572.9 million, and serviced apartment investment and management contributed HKD 37.6 million[19]. - The property development segment's revenue for 2023 was HKD 212 million, a sharp decline from HKD 3,342 million in 2022, with a pre-tax loss of HKD 290 million compared to a profit of HKD 783 million in the previous year[44]. - The property investment and management segment reported revenue of HKD 573 million in 2023, down from HKD 589 million in 2022, with a pre-tax loss of HKD 411 million compared to HKD 768 million in 2022, primarily due to reduced valuation losses on office properties[48]. - The service apartment investment and management segment generated revenue of HKD 37 million in 2023, down from HKD 106 million in 2022, with a pre-tax loss of HKD 81 million compared to HKD 158 million in 2022[52]. Market Outlook and Strategy - The group anticipates that recent government measures to ease mortgage stress tests and the expected interest rate cuts will improve market sentiment and gradually increase transaction volumes in 2024[3]. - The group plans to continue selling remaining units of the "Upper Gold Coast" series and is preparing for the pre-sale of residential projects in Sheung Shui and Sha Tin, which are expected to attract local and Greater Bay Area buyers[65]. - The group expects stable recurring income from its commercial properties despite challenges in the Hong Kong office market, with a focus on high-quality properties that meet ESG standards[65]. - The group aims to maintain a cautious approach to market fluctuations while continuously improving operational performance and exploring suitable investment opportunities[65]. Property Management and Development - The group’s flagship property, Landmark East, maintained an occupancy rate of over 90% despite a competitive and weak demand environment in Kowloon East[3]. - Two residential development projects are progressing as planned, with foundation works expected to be completed in Q2 and Q3 of 2024[3]. - As of December 31, 2023, approximately 95% of the residential units in the "OMA OMA" project have been sold, with no new sales recorded in 2023[45]. - The "OMA by the Sea" project, in which the company holds a 70% interest, has sold about 92% of its residential units as of December 31, 2023, with only 2% sold in 2023[46]. - The company is currently managing a project in Fanling with an expected completion date in the second quarter of 2024, which is in the foundation engineering stage[46]. Environmental and Corporate Governance - The group received two prestigious green building certifications, demonstrating its commitment to enhancing building quality and green standards[3]. - The group has established environmental policies and is committed to corporate social responsibility initiatives within the community[71]. - The group adheres to high standards of corporate governance and complies with all applicable regulations[74]. - The group regularly reviews procurement and tendering processes to ensure transparency and fairness[73]. Employee and Operational Management - The group employs approximately 450 employees as of December 31, 2023, providing comprehensive compensation and benefits plans[69]. - The company has maintained a capital structure to ensure financial resources are available for operational needs and business expansion, with sufficient revolving loan financing to mitigate external economic shocks[55].

WING TAI PROPERTIES LIM 永泰地層 STOCK CODE 股份代號 369 GTAI ASIA INTERIM REPORT 中期報告２０２３ | --- | --- | --- | |------------------------|-------|-------| | | | | | | | | | | | | | 專業團隊合作無間、 | | | | 發揮所長、彰顯價值， | | | | 完美詮釋「永泰亞洲」和 | | | | 「Lanson Place」品牌的 | | | | 優質工藝。 | | | | | | | | 我們全力為客戶 | | | | 精挑細琢， | | | | 打造溫馨創意的居庭， | | | | 讓客戶美夢成真。 | | | 雕 琢 틈 永 價 值 目錄 | --- | --- | |------------------------|-------| | | | | 公司資料 | 4 | | 財務摘要 | 5 | | 主席報告 | 6 | | 管理層討論及分析 | 8 | | 中期股息 | 14 | | 中期財務資料的審閱報告 | 15 | | 簡明綜合收益表 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而 引致之任何損失承擔任何責任。 WING TAI PROPERTIES LIMITED 永泰地產有限公司 （於百慕達註冊成立之有限公司） （股份代號：369） 截至二零二三年六月三十日止六個月之 中期業績、中期股息及記錄日期公告 主席報告 致各位股東： 二零二三年上半年，香港經濟自一月份與內地通關以及三月份解除本地防疫措施以來，開始緩慢復甦。 然而，香港經濟及物業市場持續受地緣政治緊張、加息周期以及中國大陸疲弱的經濟前景等因素影響。 住宅及寫字樓物業市場氣氛仍然偏弱。 鑒於利率上升以及香港和倫敦經濟復甦步伐不明朗，截至二零二三年六月三十日，集團商業物業之公 平價值減少 480,000,000 港元，而去年同期為 119,000,000 港元。受加息步伐減慢及幅度減弱影響， 金融工具之估值收益淨額顯著下跌至 43,000,000 港元，去年同期為 325,000,000 港元。非現金估值虧 損淨額為 437,000,000 港元，去年同 ...

WING TAI PROPERTIES LIN 永泰地 STOCK CODE 股份代號 369 GTAI ASIA ANNUAL REPORT 年報 ２０２２ All photos in this annual report were taken at OMA by the Sea, Tuen Mun. The project was completed in 2022. 本年報所有圖片均攝於屯門 OMA by the Sea 。此項目於2022年落成。 Our brands, | --- | --- | |-------------------------------|-----------------------------------| | | | | | Wing Tai Asia and Lanson Place, | | are synonymous with quality | | | craftsmanship, a result of | | | the close alignment of values | | | and seamless cooperation of | | | | o ...

Financial Performance - The company recorded a net loss attributable to shareholders of HKD 540 million for 2022, compared to a profit of HKD 854 million in the previous year, resulting in a loss per share of HKD 0.40[1]. - The company achieved a core net profit attributable to shareholders of HKD 658 million in 2022, which is comparable to HKD 683 million in 2021, excluding non-cash valuation losses[1]. - The company reported a net loss of HKD 323.9 million for the year, a significant decline from a profit of HKD 917.6 million in 2021[17]. - The group recorded a consolidated loss for the year of HKD 324,000,000, a decrease of HKD 1,242,000,000 compared to a profit of HKD 918,000,000 in 2021[37]. - The loss attributable to shareholders was HKD 540,000,000, down HKD 1,394,000,000 from a profit of HKD 854,000,000 in 2021[37]. Revenue and Growth - Total revenue for the year ended December 31, 2022, was HKD 4,096.7 million, an increase from HKD 3,423.2 million in 2021, representing a growth of 19.7%[15]. - Property development revenue reached HKD 3,342.5 million, while property investment and management revenue was HKD 589.2 million, contributing significantly to overall revenue[16]. - The revenue from Hong Kong for the year ended December 31, 2022, was HKD 3,991.2 million, up from HKD 3,310.6 million in 2021[19]. - The property development segment's revenue was HKD 3,342,000,000, up from HKD 2,701,000,000 in 2021[39]. Asset and Liability Management - The company's total assets decreased to HKD 27.33 billion as of December 31, 2022, down from HKD 28.17 billion the previous year[1]. - Non-current assets decreased from HKD 29,020.0 million in 2021 to HKD 27,715.8 million in 2022, a decline of approximately 4.5%[7]. - Current assets decreased from HKD 9,718.5 million in 2021 to HKD 7,783.4 million in 2022, a decline of approximately 19.9%[7]. - Total liabilities increased from HKD 6,806.3 million in 2021 to HKD 3,604.9 million in 2022, a decrease of approximately 47.0%[8]. - The total equity decreased from HKD 28,165.8 million in 2021 to HKD 27,327.3 million in 2022, a decline of approximately 3.0%[9]. Investment and Development Activities - The company acquired a residential land plot in Shatin with a maximum gross floor area of approximately 89,000 square feet, which is expected to benefit from government development strategies[2]. - The company continues to sell remaining units of the "Upper Gold Coast" project despite a sluggish residential property market in Hong Kong[2]. - The project "The Carmel" has sold all 178 residential units, with approximately 1% delivered to buyers[40]. - The project "OMA OMA" has sold about 95% of its 466 residential units, with approximately 8% delivered to buyers[40]. - The group successfully acquired a commercial site in Central with a 50% interest, which will include a Grade A office building and a hotel, providing a total floor area of 433,500 square feet[42]. Financial Stability and Cash Flow - Cash and cash equivalents increased significantly from HKD 1,465.5 million in 2021 to HKD 2,240.5 million in 2022, an increase of approximately 52.8%[7]. - The company's accounts receivable decreased to HKD 193.7 million in 2022 from HKD 264.5 million in 2021, indicating improved cash flow management[30]. - The group’s net borrowings amounted to HKD 4,487 million, a decrease from HKD 5,339 million as of December 31, 2021, reflecting a reduction of 15.9%[52]. - The group's debt ratio was 16.4% as of December 31, 2022, down from 19.0% a year earlier, indicating improved financial stability[52]. Operational Challenges - The fair value of the company's commercial and residential properties continued to decline, with a total property valuation loss and impairment provision of HKD 1.7 billion for 2022[1]. - The fair value change of investment properties resulted in a loss of HKD 1,198.8 million, indicating challenges in the property market[16]. - The property investment and management segment reported revenue of HKD 589 million in 2022, a decrease from HKD 597 million in 2021, with a pre-tax loss of HKD 768 million due to increased valuation losses[43]. - The service apartment investment and management segment generated revenue of HKD 106 million in 2022, up from HKD 69 million in 2021, but reported a pre-tax loss of HKD 158 million due to increased valuation losses[48]. Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules throughout the fiscal year ending December 31, 2022[65]. - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2022, including the accounting principles adopted by the group[67]. - Wing Tai Properties (Finance) Limited fully redeemed S$170 million fixed-rate bonds (4.25% per annum) under its US$1 billion medium-term note program on November 29, 2022[67]. - The company has complied with the listing rules regarding the number of independent non-executive directors after recent appointments[66].