Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 4,096.7 million, representing a 20% increase from HKD 3,423.2 million in 2021[30]. - The gross profit for 2022 was HKD 1,572.6 million, up 17% from HKD 1,339.6 million in the previous year[30]. - The company reported a loss attributable to shareholders of HKD 540.0 million for 2022, compared to a profit of HKD 854.4 million in 2021[30]. - The core consolidated profit attributable to shareholders was HKD 658.0 million, reflecting a 4% increase from HKD 683.0 million in the previous year[29]. - The company reported a net loss of HKD 323.9 million for the year, compared to a profit of HKD 917.6 million in the previous year, indicating a significant decline in profitability[169]. - The total comprehensive loss for the year amounted to HKD 613.5 million, which includes a loss of HKD 540.0 million and other comprehensive losses[174]. - The company’s cash flow hedge gains amounted to HKD 10.1 million during the year, contributing positively to the overall financial position[174]. - The company reported a total comprehensive income for the year ended December 31, 2022, was HKD 943.8 million, compared to HKD 880.6 million in the previous year, reflecting an increase of approximately 7.5%[177]. Asset and Equity Position - The total assets as of December 31, 2022, were HKD 35,499.2 million, an 8% decrease from HKD 38,738.5 million in 2021[31]. - The total equity attributable to shareholders was HKD 25,684.8 million, down from HKD 26,652.9 million in 2021[33]. - The company's net asset value decreased to HKD 27,327.3 million in 2022 from HKD 28,165.8 million in 2021, a decline of about 3.0%[173]. - The total equity as of December 31, 2022, was HKD 27,327.3 million, down from HKD 28,165.8 million in the previous year, indicating a decrease of approximately 3.0%[174]. Investment and Development - The company plans to continue its market expansion and investment in property development projects, including OMA by the Sea and other strategic developments[27]. - The company is focused on enhancing its service apartment investments and management, with 100% ownership in several properties[27]. - The company achieved a pre-tax profit of HKD 783,000,000 in the property development segment, down from HKD 1,053,000,000 in 2021[37]. - The company is actively seeking long-term strategic investment opportunities[36]. - The company has a commitment to expanding its market reach through strategic partnerships and investments[56]. Dividends and Shareholder Returns - The company maintained a dividend of 27.0 HKD cents per share for the year, consistent with the previous year[31]. - The company declared a total dividend of HKD 0.27 per share for the year, consistent with the previous year[35]. - The company reported a mid-term dividend of HKD 0.06 per share, totaling approximately HKD 81.4 million, consistent with the previous year[63]. - The board proposed a final dividend of HKD 0.21 per share for the year ending December 31, 2022, amounting to approximately HKD 366.4 million, maintaining the same level as the previous year[63]. Financial Management and Borrowings - The group's total bank and other borrowings as of December 31, 2022, amounted to HKD 6.728 billion, slightly down from HKD 6.804 billion in 2021[45]. - The debt ratio as of December 31, 2022, was 16.4%, down from 19.0% in 2021, calculated as net borrowings divided by total equity[46]. - The group completed a 5-year syndicated loan financing of HKD 1.9 billion during the year, refinancing a 10-year SGD 170 million fixed-rate bond maturing in November 2022[46]. - The group had cash and bank deposits of HKD 2.241 billion, up from HKD 1.465 billion in 2021, and undrawn revolving loan facilities of HKD 3.393 billion, compared to HKD 2.582 billion in 2021[47]. Governance and Compliance - The company emphasizes governance and social responsibility through its dedicated committees[55]. - The company has a strong governance structure with multiple committees including the Environmental, Social and Governance Committee and the Corporate Governance Committee[59]. - The independent non-executive directors have confirmed their independence according to the listing rules, ensuring objective oversight of the company's strategies and policies[111]. - The company has established a framework to ensure fair operation of its business amidst competitive interests held by its directors[89]. Risk Management - The risk management system has been effective and operational throughout the review year, identifying and prioritizing significant risks aligned with strategic objectives[137]. - The management team regularly assesses major risks related to operations, finance, compliance, and environmental, social, and governance factors[139]. - The board is tasked with establishing and maintaining effective risk management and internal control systems[115]. Shareholder Communication - The company provided a platform for shareholders to communicate with the board during the annual general meeting[151]. - All company publications, including annual reports and voting results, are available on the Hong Kong Stock Exchange website[151]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting[152]. Related Party Transactions - The company has a continuous related party transaction with its major shareholder, resulting in a rental income of HKD 4,900,000 for the year ended December 31, 2022[94]. - The ongoing related party transactions are in compliance with the listing rules, with no significant transactions reported outside of those disclosed[90]. Audit and Financial Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance, with a historical cost basis[2]. - The audit aimed to obtain reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error[163]. - Key audit matters identified include the valuation of investment properties[159].

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].

Financial Performance - Revenue for the first half of 2022 reached HKD 859.8 million, a significant increase from HKD 496.8 million in the same period of 2021, representing a growth of 73%[9] - Profit before tax for the first half of 2022 was HKD 456.6 million, compared to HKD 245.0 million in the first half of 2021, marking an increase of 86%[9] - Net profit attributable to shareholders for the first half of 2022 was HKD 404.8 million, up from HKD 219.6 million in the same period of 2021, reflecting an increase of 84%[9] - For the six months ended June 30, 2022, the group recorded a consolidated profit attributable to shareholders of HKD 374 million, compared to HKD 188 million for the same period last year, representing a 99% increase[16] - The group's revenue for the first half of 2022 was HKD 860 million, up from HKD 497 million in the same period of 2021, marking a 73% increase[16] - The core consolidated profit attributable to shareholders, excluding fair value changes, was HKD 168 million, an increase of 70% from HKD 99 million in the previous year[16] - The operating profit for the same period was HKD 279.5 million, compared to HKD 148.9 million in the previous year, reflecting an increase of 88%[39] - The net profit for the six months ended June 30, 2022, was HKD 404.8 million, up 84% from HKD 219.6 million in the prior year[40] Assets and Liabilities - Total assets as of June 30, 2022, amounted to HKD 38,562.5 million, while total liabilities were HKD 10,418.2 million[9] - The company's equity attributable to shareholders stood at HKD 26,654.9 million as of June 30, 2022, showing stability compared to previous periods[9] - The group's total bank and other borrowings amounted to HKD 6,662 million as of June 30, 2022, down from HKD 6,804 million at the end of 2021[22] - The group's net asset value was HKD 28,144 million as of June 30, 2022, a slight decrease from HKD 28,166 million at the end of 2021[25] - The debt ratio improved to 16.7% as of June 30, 2022, compared to 19.0% at the end of 2021[26] - The group's total liabilities increased to HKD 6,468.4 million from HKD 6,806.3 million, indicating a decrease of 4.96%[44] Dividends and Shareholder Returns - The interim dividend declared for the period was not specified, but the company continues to focus on shareholder returns[9] - The group announced an interim dividend of HKD 0.06 per share, consistent with the same period in 2021[16] - The company declared an interim dividend of HKD 0.06 per share for the year ending December 31, 2022, consistent with the previous year[33] - The interim dividend declared was HKD 6.0 cents per share, totaling HKD 81.4 million, consistent with the previous year's dividend of HKD 81.3 million[82] Market and Strategic Outlook - Future outlook remains positive with ongoing efforts in market expansion and potential new product developments[3] - The company is actively exploring strategic acquisitions to bolster its market position and operational capabilities[3] - The company plans to continue expanding its property development and management segments, focusing on enhancing operational efficiency and profitability[68] - The company is exploring market expansion and new product development as part of its future strategy[110] Operational Performance - The property development segment's revenue was HKD 475 million, significantly higher than HKD 150 million in the same period last year, reflecting a 217% increase[17] - The rental performance of Landmark East improved, with occupancy rates gradually stabilizing despite economic pressures[16] - The property investment and management segment reported revenue of HKD 295 million for the first half of 2022, compared to HKD 293 million in the same period of 2021, reflecting a slight increase[19] - The service apartment investment and management segment generated revenue of HKD 60 million in the first half of 2022, compared to HKD 27 million in the same period of 2021[20] Cash Flow and Investments - The net cash from operating activities was HKD 482.2 million, a decrease of 30% from HKD 689.5 million in the same period last year[48] - The net cash used in investing activities was HKD 199.7 million, compared to HKD 310.2 million in the previous year, indicating a reduction in investment outflows[48] - The company raised HKD 1,236.5 million from financing activities, significantly higher than HKD 820.9 million in the previous year[48] - The company paid dividends of HKD 284.5 million during the period, consistent with the previous year's payment[48] Employee and Governance - The group has approximately 410 employees as of June 30, 2022, and provides comprehensive compensation and benefits plans[32] - The company has adhered to the corporate governance code as per the listing rules during the six months ending June 30, 2022[129] - The audit committee reviewed the unaudited interim financial report and discussed internal controls with management[128] Stock Options and Share Capital - The company granted a total of 3,000,000 stock options during the six months ended June 30, 2022[111] - The total number of stock options exercised during the six months ended June 30, 2022, was 355,250[112] - The total number of options granted as of June 30, 2022, is 14,170,750[113] - The total number of options lapsed or expired during the same period is 4,170,000[113]

Financial Performance - The company's revenue for the year ended December 31, 2021, was HKD 3,423.2 million, representing a 23% increase from HKD 2,777.8 million in 2020[33]. - The gross profit increased by 34% to HKD 1,339.6 million, up from HKD 1,000.1 million in the previous year[33]. - Core consolidated profit attributable to shareholders was HKD 683.0 million, a 50% increase compared to HKD 456.0 million in 2020[31]. - The profit attributable to shareholders for 2021 was HKD 854.4 million, a significant recovery from a loss of HKD 674.4 million in 2020[38]. - The company reported a total comprehensive income of HKD 943.8 million for the year, compared to a total comprehensive loss of HKD 566.6 million in 2020[173]. - Operating profit for the year was HKD 899.8 million, compared to an operating loss of HKD 491.5 million in the previous year[169]. - Net profit for the year was HKD 917.6 million, a significant recovery from a net loss of HKD 615.9 million in 2020[172]. - The basic earnings per share for the year was HKD 0.63, compared to HKD 0.50 in 2020[32]. - The gross profit margin improved to 39.1% in 2021 from 36.0% in 2020, reflecting better cost management[169]. Assets and Liabilities - The total assets as of December 31, 2021, amounted to HKD 38,738.5 million, a 4% increase from HKD 37,245.8 million in 2020[34]. - The total equity increased by 2% to HKD 28,165.8 million from HKD 27,641.0 million in the previous year[34]. - The total assets and liabilities as of December 31, 2021, were HKD 38,738.5 million and HKD 10,572.7 million, respectively, compared to HKD 37,245.8 million and HKD 9,604.8 million in 2020[36]. - The company's net asset value increased to HKD 28.165 billion as of December 31, 2021, compared to HKD 27.641 billion in 2020[52]. - Total bank and other borrowings amounted to HKD 6.804 billion as of December 31, 2021, up from HKD 4.38 billion in 2020[52]. - The net debt of the group was HKD 5.339 billion as of December 31, 2021, representing 19.0% of the net asset value[52]. Investment Properties - The company reported a significant improvement in fair value changes of investment properties and financial instruments, with a loss of HKD 452.3 million, compared to a loss of HKD 1,214.9 million in 2020, reflecting a 63% improvement[33]. - The investment properties portfolio had a total market fair value of approximately HKD 19,900,000,000 as of December 31, 2021, with a total area of about 1,919,000 square feet[46]. - The group recorded a fair value loss of HKD 332,000,000 on investment properties in 2021, down from a loss of HKD 985,000,000 in 2020[45]. - The group’s investment properties were recorded at a fair value of HKD 21,777,700,000 as of December 31, 2021, with a revaluation loss of HKD 527,400,000[164]. Dividends - The company declared a total dividend of 27.0 HKD cents per share for the year, unchanged from the previous year[34]. - The company proposed a final dividend of HKD 0.21 per share, maintaining the total dividend for 2021 at HKD 0.27 per share, consistent with the previous year[39]. - The board proposed a final dividend of HKD 0.21 per share for the year ended December 31, 2021, amounting to approximately HKD 366.1 million, also unchanged from the previous year[76]. Property Development - The company completed the OMA OMA project in Tuen Mun in 2021, contributing to its property development portfolio[4]. - The property development segment's revenue was HKD 2,729,000,000 for 2021, up from HKD 2,054,000,000 in 2020, driven by higher sales from the "OMA OMA" project[40]. - The group sold approximately 90% of the residential units in the "OMA OMA" project by the end of 2021, with about 87% of these units delivered to buyers[42]. - The company is focusing on the "Affordable Luxury" development strategy, continuing to sell remaining units of the "Upper Gold Coast" project[38]. Hotel Operations - The hotel business continued to incur operating losses in 2021, although the Lanson Place hotel saw improved occupancy and revenue after joining the designated quarantine hotel program[38]. - The group anticipates gradual improvement in hotel operations as the Omicron variant situation is controlled and travel restrictions are eased[55]. Corporate Governance - The company emphasizes the importance of corporate governance and compliance, with a dedicated audit committee[68]. - The board consists of five executive directors, four non-executive directors, and five independent non-executive directors, ensuring a diverse governance structure[118]. - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the fiscal year ending December 31, 2021[116]. - The company has implemented a risk management framework and approved the corporate governance report for the year 2020[125]. Shareholder Information - The total number of issued shares as of December 31, 2021, was 1,354,742,279 shares[85]. - The interests of directors and senior management in the company's shares amounted to a total of 480,719,751 shares, representing approximately 35.48% of the issued share capital[84]. - The largest shareholder, Crossbrook Group Limited, holds 270,411,036 shares, representing approximately 19.96% of the issued share capital[93]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting by submitting a written request to the company's registered office[156]. Risk Management - The company has implemented a whistleblowing policy to encourage employees to report misconduct confidentially, with no reports received in the current year[147]. - The board regularly assesses the effectiveness of the risk management and internal control systems, finding them to be effective and adequate[148]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[168]. - The company aims to continue selling units from the "OMA OMA" and "OMA by the Sea" projects, targeting contract completion certificates in Q4[55].

WING TAI PROPERTIES LIMITED 永泰地產有限公司 STOCK CODE 股份代號 369 ANNUAL REPORT 年報 2018 WINGTAI ASIA La Vetta, Kau To Shan, was completed in 2018. 九肚山漂遭於2018年落成『 Le Cap, Kau To Shan, was completed in 2018. 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 our committed professional teams. We strive to deliver sophisticated yet warm homes that turn our customers' dreams into reality. At Wing Tai Asia, WE DON'T J ...