Financial Performance - The company achieved a revenue growth of 14%, reaching HKD 13.5 billion in 2022, compared to HKD 11.9 billion in 2021[11]. - The after-tax profit increased by 13% to HKD 510.7 million, up from HKD 453.9 million in the previous year[11]. - EBITDA rose by 14% to HKD 1.5 billion, compared to HKD 1.3 billion in 2021[11]. - The operating profit was HKD 839.2 million, with an operating profit margin of 6.2%, up from 5.4% in 2021[11]. - The net debt ratio was 32%, with net debt recorded at HKD 3.7832 billion, an increase from net cash of HKD 265.7 million in 2021[11]. - The return on capital employed (ROCE) improved from 5.1% in 2021 to 5.8%[11]. - The total dividend for 2022 was HKD 201.33 million, a 53.8% increase from HKD 130.87 million in 2021[14]. Employee Statistics - The total number of employees increased by 8.5% to 5,537, primarily due to the integration of ETHOZ employees[12]. - As of December 31, 2022, the total employee count was 9,983 with a turnover rate of 15.0%[99]. - The training participation rate for male employees was 28% with an average training time of 8.87 hours, while female employees had a participation rate of 16% and an average of 2.33 hours[95]. - The average training time for management employees was 6.55 hours, while non-management employees averaged 8.01 hours[95]. - The employee turnover rate for part-time workers was 16.6%, while full-time workers had a turnover rate of 12.6%[100]. Market Performance - In Vietnam, the group's sales increased by 121% compared to 2021, outperforming the market with a TIVPC growth of 30.9%[18]. - In Taiwan, despite a TIVPC decline of 4.2%, the group achieved a sales growth of 30% due to strong demand for the new Forester model[18]. - In the Philippines, the group's sales grew by 88% compared to 2021, significantly outperforming the industry with a TIVPC growth of 30.5%[18]. - In Malaysia, the group recorded a sales growth of 101% with a TIVPC increase of 42.2% due to the extension of sales tax exemptions[18]. - In Thailand, the group's sales grew by 25% against a TIVPC growth of 11.6%[18]. - In Hong Kong, despite strict COVID-19 measures, the group achieved a sales growth of 14% with a TIVPC increase of 4.1%[20]. - In China, the group's sales increased by 74% with a TIVPC growth of 9.5% due to diversification from dealership operations[20]. Corporate Governance - The board of directors consists of four executive directors, two non-executive directors, and five independent non-executive directors, ensuring a balanced governance structure[28]. - The company has adopted the Corporate Governance Code and has complied with most of its provisions during the past year[26]. - The remuneration committee, consisting of two independent non-executive directors, is responsible for reviewing and determining the remuneration packages of executive directors and senior management[25]. - The nomination committee, chaired by an independent non-executive director, is tasked with evaluating board composition and recommending suitable candidates for directorship[25]. - The board meets at least four times a year to manage the company's business and approve key strategies, budgets, and financial performance[28]. - The company has established internal guidelines for significant transactions requiring board approval, including mergers and acquisitions[28]. - The company aims to maintain high standards of corporate governance to protect shareholders' interests and enhance financial performance[26]. Environmental Initiatives - The company is committed to sustainable operations and actively monitors greenhouse gas emissions, although it has not yet identified climate change as a significant ESG issue[58]. - The company aims to reduce water consumption by 8% from the 2021 baseline by 2030, with total water usage in 2022 recorded at 111,965 cubic meters, a 0.76% decrease from 2021[60]. - The company is actively researching the use of new fuel products like e-Fuel to reduce greenhouse gas emissions and plans to replace its fleet with automated electric vehicles[65]. - The company has implemented a water-saving program and has been gradually reducing water usage since 2016, focusing on measures such as "cleaning with wipes instead of washing" to conserve water[57]. - The group plans to reduce packaging material usage by 5% from the 2021 baseline by 2030, with a 0.68% decrease in 2022 compared to 2021[66]. - The group has set an internal target to reduce carbon dioxide emissions by 1% or more annually, focusing on fuel consumption efficiency rather than total volume[66]. Safety and Health - The company reported zero work-related fatalities in 2022, maintaining a death rate of 0%[105]. - The company has implemented safety measures including air quality monitoring and regular safety audits to ensure a safe working environment[98]. - The company encourages continuous learning and invests in employee development through internal and external training programs[102]. - The company has implemented a safety reporting system allowing employees to report safety incidents or suggestions, with a safety committee conducting monthly inspections[133]. - The company achieved a 100% vaccination rate among employees at the workplace to mitigate COVID-19 risks[98]. Community Engagement - The company has extended the adoption period for the "Marco & Jubilee" giraffes in Singapore until 2022, supporting the Methodist Welfare Services (MWS) with funds raised for 21 centers and projects benefiting over 8,000 individuals[147]. - The company has expanded its community clean-up activities in Japan to more locations in 2022, emphasizing its commitment to a clean environment[147]. - The company collected 10.4 kilograms of recycled pull tabs, sufficient to produce ten prosthetic limbs for individuals in need in Thailand[135]. Supply Chain Management - The company has established a strict supply chain management (SCM) system to ensure resource efficiency and compliance with contract agreements[145]. - The company maintains ISO 9001 quality assurance certification for its assembly plant in Thailand[145]. - The company has a process in place to manage technical issues or recalls that may affect vehicle performance or passenger safety[145]. - The company received a limited number of product and service-related complaints during the reporting period, all of which were resolved according to the complaint policy[139].

Financial Performance - The company's total revenue for the fiscal year ended December 31, 2022, was HKD 13,478,667, an increase of 13.5% from HKD 11,864,957 in 2021[2] - Gross profit for the same period was HKD 2,310,143, representing a gross margin of approximately 17.1%, compared to HKD 2,045,319 in 2021[2] - The net profit attributable to shareholders for the year was HKD 510,664, up 12.5% from HKD 453,876 in the previous year[2] - Basic and diluted earnings per share increased to HKD 20.77 from HKD 18.78, reflecting a growth of 10.6%[2] - The company reported a total EBITDA of HKD 1,460,840 thousand for the year, representing a 14.3% increase from HKD 1,278,312 thousand in 2021[18] - The net profit before tax for the year was HKD 775,815 thousand, up from HKD 658,089 thousand in 2021[19] - The company declared a total tax expense of HKD 265,151 thousand for the year, compared to HKD 204,213 thousand in 2021[20] - The company achieved a revenue growth of 14% in 2022, reaching HKD 13.5 billion compared to HKD 11.9 billion in 2021[26] - Net profit after tax increased by 13% to HKD 5.107 billion in 2022, up from HKD 4.539 billion in 2021[26] - Basic earnings per share for 2022 were HKD 0.207, compared to HKD 0.188 in 2021, with no diluted securities affecting the calculation[22] Assets and Liabilities - The company's total assets as of December 31, 2022, amounted to HKD 14,587,550, compared to HKD 13,876,849 in 2021, indicating a growth of 5.1%[4] - Non-current assets decreased to HKD 13,081,219 from HKD 11,840,507, a decline of 10.5%[4] - The company's cash and bank balances increased to HKD 2,587,009 from HKD 2,475,773, a rise of 4.5%[4] - Total liabilities increased to HKD 2,700,970 from HKD 1,793,003, reflecting a significant rise of 50.6%[5] - The net debt ratio as of December 31, 2022, was 32%, with net debt recorded at HKD 37.832 billion[26] - Trade receivables as of December 31, 2022, totaled HKD 1.366 billion, an increase from HKD 981.578 million in 2021[23] - Trade payables as of December 31, 2022, amounted to HKD 1.068 billion, compared to HKD 889.175 million in 2021[24] Revenue Breakdown - Revenue from goods sales reached HKD 5,048,992 thousand, up 9.1% from HKD 4,625,843 thousand in 2021[10] - Revenue from services provided increased to HKD 7,894,714 thousand, a rise of 11.7% compared to HKD 7,065,077 thousand in 2021[10] - Interest income from loans and advances surged to HKD 203,662 thousand, significantly up from HKD 30,084 thousand in 2021[10] - The geographical breakdown of revenue showed Japan contributing HKD 7,429,832 thousand, an increase of 11.7% from HKD 6,648,430 thousand in 2021[11] Strategic Plans and Developments - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[6] - The company plans to expand its distribution network in Southeast Asia, focusing on increasing market share in Thailand and Taiwan[13] - New product development initiatives are underway, particularly in the automotive sector, to enhance service offerings and customer engagement[14] - The ETHOZ Group, acquired in July 2022, has become a wholly-owned subsidiary, enhancing the company's diversified business in vehicle leasing and financing services across Singapore, Malaysia, and China[30] - The group anticipates a 60% increase in production output from its joint venture factory in Thailand in 2023 compared to the previous year[34] - The group remains optimistic about improving sales revenue in the next fiscal year, driven by the stabilization of semiconductor shortages and automotive parts supply in Southeast Asia[35] Market Performance - In Singapore, the total industry volume (TIV) decreased by 27% in 2022, with passenger car TIV down 32% and commercial vehicle TIV down 10% due to a significant reduction in Certificate of Entitlement (COE) supply[30] - Nissan's sales in Singapore fell by 58% in 2022, yet it maintained its position as one of the top ten best-selling passenger car brands[30] - In Hong Kong, despite strict COVID-19 measures, Subaru achieved a 14% sales increase with a 4.1% growth in passenger car TIV[32] - In China, the group's sales grew by 74% compared to 2021, despite a 9.5% increase in TIVPC[32] - In Malaysia, the group recorded a 101% sales increase with a 42.2% growth in TIVPC due to extended sales tax exemptions and post-COVID-19 economic recovery[34] Corporate Governance - The company has adopted high standards of corporate governance in line with the Hong Kong Stock Exchange's guidelines[42] - The chairman and CEO, Mr. Chen Yongshun, continues to play a crucial role in the company's operations[42] - The company has implemented self-management and oversight measures to enhance regulatory effectiveness[42] - The audit committee reviewed the financial reports for the year ended December 31, 2022[41] Shareholder Information - The annual general meeting is scheduled for May 25, 2023, at 11:00 AM[39] - The company will suspend share registration from May 22 to May 25, 2023, to ensure shareholder eligibility for the annual general meeting[38] - The proposed final dividend is subject to approval at the upcoming annual general meeting[38] - The company will suspend share registration from June 2 to June 5, 2023, for the proposed final dividend[38] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the year[39] Other Financial Information - The company reported a total comprehensive income of HKD 7,480, compared to a loss of HKD 20,692 in the previous year[3] - The company recorded an unrealized loss of HKD 222 million on investments classified at fair value through other comprehensive income[28] - The financial figures for the year ended December 31, 2022, were consistent with the amounts in the draft consolidated accounts[40]

Financial Performance - The group's revenue for the first half of 2022 was HKD 6.48 billion, a 5% increase from HKD 6.156 billion in the same period of 2021[4] - The group's profit after tax for the first half of 2022 was HKD 172.9 million, up 120% from HKD 78.6 million in the same period of 2021[4] - EBITDA increased by 14% to HKD 558 million from HKD 489 million in the previous year[4] - Operating profit for the same period was HKD 271,171, up from HKD 179,761 in 2021, indicating a significant increase of about 50.9%[14] - The profit before tax for the six months ended June 30, 2022, was HKD 276,702,000, compared to HKD 184,075,000 in 2021, indicating an increase of about 50.4%[34] - The company reported a net profit of HKD 130,560,000 for the six months ended June 30, 2022, compared to a profit of HKD 27,094,000 for the same period in 2021, representing a significant increase[23] - The company's total comprehensive income for the period was HKD 130,560,000, a significant increase from HKD 27,094,000 in the same period last year, representing a growth of approximately 383.5%[37] Cash and Liquidity - The net cash position as of June 30, 2022, was HKD 376.2 million, compared to HKD 265.7 million at the end of 2021[4] - The company's cash and bank balances as of June 30, 2022, were HKD 2,773,685, compared to HKD 2,475,773 at the end of 2021, showing an increase of approximately 12.1%[19] - Cash and cash equivalents increased to HKD 2,551,856,000 as of June 30, 2022, from HKD 2,332,654,000 at the end of the previous period[26] - Cash generated from operating activities was HKD 116,388,000 for the six months ended June 30, 2022, down from HKD 263,602,000 in the same period of 2021[26] - The company reported a net cash inflow from investing activities of HKD 243,398,000, compared to HKD 23,016,000 in the previous year[26] Revenue Breakdown - Revenue from goods sales was HKD 2,377,863,000, while service revenue increased to HKD 4,018,890,000 from HKD 3,669,850,000 year-on-year[30] - The geographical revenue breakdown showed Japan as the largest market with HKD 3,809,112,000, followed by Singapore with HKD 522,977,000[31] - In China, the group's automotive sales increased by 44% year-on-year, benefiting from diversification in dealership channels[8] - In Malaysia, sales increased by 196% year-on-year due to the extension of sales tax exemptions[9] - In Singapore, the total industry volume (TIV) decreased by 39% year-on-year in the first half of 2022, with Nissan's sales down 59%[7] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.025 per share for the first half of 2022[5] - The interim dividend declared is HKD 0.025 per share, totaling HKD 50,330,000, an increase from HKD 30,200,000 in the previous year[59] - The company declared dividends of HKD 100,665,000 during the period[24] - Basic earnings per share for the six months ended June 30, 2022, were HKD 0.065, compared to HKD 0.013 in 2021, marking a significant increase of 400%[37] Operational Challenges and Outlook - The company expects improved sales revenue in the next fiscal year, driven by a gradual recovery from COVID-19 and stabilization in semiconductor supply for automotive parts[11] - The company anticipates a brighter outlook for the second half of 2022 due to increased demand stemming from vehicle supply shortages[12] - The logistics business, ZERO, recorded a revenue increase of 10% to HKD 3.8 billion in the first half of 2022[10] - ZERO's net profit in the first half of 2022 decreased by 23% year-on-year due to a downturn in the Japanese automotive distribution market, rising fuel costs, and the depreciation of the yen against the Hong Kong dollar[11] - The company is implementing a fuel surcharge system to mitigate fluctuations in fuel costs, reflecting its proactive approach to managing operational challenges[11] Financial Position and Liabilities - The total liabilities decreased from HKD 3,460,411 in 2021 to HKD 4,047,589 in 2022, indicating a rise in financial obligations[20] - The company's total assets included an investment in Subaru Corporation valued at HKD 1,589,463,000, which accounted for 9.4% of the group's total assets[40] - The company reported a capital commitment of HKD 26,928,000 as of June 30, 2022, down from HKD 71,482,000 as of December 31, 2021, indicating a significant reduction in future financial obligations[57] Corporate Governance - The company’s major shareholder, Chen Chang United Limited, holds 35.05% of the total issued shares, indicating a strong ownership concentration[65] - The company’s executive director, Chen Yongshun, holds a personal interest of 152,460,000 shares, representing 29.15% of the total issued shares[62] - All directors confirmed compliance with the securities trading requirements during the first half of the year as per the Listing Rules Appendix 10[68] - No violations of the Corporate Governance Code were reported for the six months ending June 30, 2022[69] - The chairman's extensive expertise in the automotive industry is recognized as crucial for the group's operations[69]

Financial Performance - The group's total revenue for 2021 was HKD 11.9 billion, a decrease of 4% compared to 2020, primarily due to a 17% drop in automotive sales[5] - Operating profit increased from HKD 274.11 million in 2020 to HKD 646.23 million in 2021, with an operating profit margin rising from 2.2% to 5.4%[5] - The net profit attributable to shareholders for 2021 was HKD 3.78 billion, compared to HKD 851.7 million in 2020[5] - The group recorded a return on capital employed (ROCE) of 5.1% for 2021, up from 2.4% in 2020[5] - The total dividend payment for 2021 was HKD 1.30865 billion, with a final dividend of HKD 0.05 per share[8] - The company reported a significant increase in revenue, achieving a total of $X million, representing a Y% growth compared to the previous year[1] - The company reported a net loss from foreign exchange of HKD 62,446,000 in 2021, compared to a gain of HKD 66,754,000 in 2020[173] - The total comprehensive income for the year was HKD (7,480) thousand, a decrease from HKD (145,196) thousand in 2020, indicating an improvement in the loss situation[163] Employee and Workforce - The number of employees decreased by 6% from 5,407 in 2020 to 5,105 in 2021[6] - Total number of employees as of December 31, 2021, is 9,490, representing a 4.2% increase from the previous year[66] - The percentage of male employees is 85.5% (8,101), while female employees account for 14.5% (1,389)[66] - Full-time employees make up 39.5% (3,750) of the workforce, while part-time employees constitute 60.5% (5,740)[66] - The average training completion rate for male employees is 42%, while for female employees it is 31%[68] - The company reported zero work-related deaths in 2021, maintaining a death rate of 0%[70] - The company encourages continuous learning and invests in employee development through internal and external training programs[67] Corporate Governance - The board of directors is committed to high standards of corporate governance and has adopted relevant guidelines to protect shareholder interests[15] - The board meets at least four times a year to manage the group's business and approve major financial and operational strategies[17] - The board of directors meets approximately once a quarter, with special meetings convened for urgent matters[18] - The attendance record for board meetings in 2021 shows that all executive directors attended 100% of the meetings[19] - The remuneration committee consists of two independent non-executive directors, responsible for reviewing and determining the compensation packages for executive directors and senior management[22] - The nomination committee, chaired by an independent non-executive director, is tasked with reviewing the board's structure and recommending suitable candidates for directorship[23] - The company adopted a board diversity policy in August 2013, which is monitored by the nomination committee to enhance performance quality[24] - The board is responsible for establishing and reviewing corporate governance policies and practices[25] Environmental, Social, and Governance (ESG) Initiatives - The company has identified significant ESG issues, including resource utilization, emissions, and labor standards, and is actively engaging with stakeholders to address these concerns[41] - The total energy consumption for the company in 2021 was 264,151,732 kWh, with a goal to reduce energy consumption by 5% by 2030 compared to the 2021 baseline[47] - The total water consumption in 2021 was 112,828 cubic meters, with a target to reduce water usage by 8% by 2030 compared to the 2021 baseline[49] - The total carbon dioxide emissions in 2021 were 66,015 tons, with an internal target to reduce emissions by at least 1% annually[59] - The total hazardous waste disposed of in 2021 was 57,929 tons, with a goal to reduce hazardous waste by 5% by 2030 compared to the 2021 baseline[58] - The company is committed to complying with environmental regulations and supporting local governments in achieving zero emissions goals[43] - The ESG committee is responsible for evaluating and managing significant ESG issues, ensuring alignment with stakeholder expectations and corporate strategy[39] Market and Sales Performance - In Hong Kong, automotive sales increased by 43% in 2021 despite supply chain issues due to microchip shortages[10] - Sales in Thailand declined by 51% due to COVID-19 restrictions, but a gradual recovery is expected with production stabilizing by the end of 2021[14] - The Philippines saw an 8% revenue growth in 2021, attributed to positive consumer response to new models like the Subaru Evoltis and Subaru Outback[14] - Japan's ZERO division recorded a revenue increase of 5% to HKD 6.6 billion, partly due to the consolidation of logistics subsidiary Lu You Logistics[14] - The group anticipates a 30% increase in sales in 2022 with the launch of its first electric Subaru SUV in China[10] - The group anticipates a further increase in production and sales in 2022, driven by the launch of the new Subaru XV model featuring the popular Eyesight safety technology[14] Financial Position and Assets - Non-current assets increased to HKD 11,840,507 thousand in 2021, up from HKD 10,159,737 thousand in 2020, representing a growth of approximately 16.6%[165] - Current assets decreased to HKD 5,496,753 thousand in 2021 from HKD 7,779,617 thousand in 2020, a decline of approximately 29.3%[166] - Total liabilities decreased to HKD 3,460,411 thousand in 2021 from HKD 4,133,489 thousand in 2020, a decrease of approximately 16.3%[166] - The company's total equity attributable to shareholders decreased to HKD 10,807,235 thousand in 2021 from HKD 10,855,525 thousand in 2020, a slight decrease of approximately 0.4%[169] - The company reported a significant increase in investment properties, which rose to HKD 4,065,018 thousand, indicating a strategic focus on real estate assets[167] Compliance and Risk Management - The company is committed to complying with the Securities and Futures Ordinance and will disclose applicable internal information to the public as soon as reasonably practicable[30] - The company has established a compliance department focused on anti-corruption training for the board and senior management in 2021[79] - The group reported zero corruption cases to the ESG committee in 2021, indicating effective anti-corruption measures[80] - The company has not reported any regional violations of environmental laws and regulations during the reporting period[64] - The company aims to ensure proper management of hazardous waste in compliance with local laws and regulations[54] Related Party Transactions - The total annual transaction amount under the TCMH agreement reached HKD 19,397,000, remaining within the annual cap of HKD 33,960,000[119] - The total annual transaction amount for all related party transactions was HKD 27,264,000 for the year ended December 31, 2021, within the adjusted annual cap of HKD 49,890,000[126] - The independent non-executive directors confirmed that related party transactions were conducted under normal business terms and were fair and reasonable[126] - The company has complied with the disclosure requirements set forth by the listing rules regarding related party transactions[126]

Financial Performance - The group's revenue for the first half of 2021 was HKD 6.156 billion, a 6% increase compared to HKD 5.784 billion in the same period of 2020[5]. - EBITDA increased by 55% to HKD 489 million from HKD 315 million in the previous year[5]. - The operating profit was HKD 179.8 million with an operating profit margin of 2.9%, compared to 0.5% in the same period of 2020[5]. - Net profit after tax was HKD 78.6 million, a significant recovery from a loss of HKD 46.1 million in 2020[5]. - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 263,602, compared to HKD 39,630 for the same period in 2020[26]. - The total comprehensive income for the six months ended June 30, 2021, was a loss of HKD 132,392, compared to a loss of HKD 224,073 for the same period in 2020[25]. - The company reported a profit before tax of HKD 370,830 thousand for the six months ended June 30, 2021, compared to HKD 259,735 thousand in 2020, which is an increase of approximately 42.8%[36]. - The total profit before tax for the six months ended June 30, 2021, was HKD 184,075,000, compared to HKD 18,965,000 for the same period in 2020, representing an increase of approximately 868%[42]. Revenue Breakdown - Revenue from goods sold was HKD 2,394,349 thousand for the six months ended June 30, 2021, compared to HKD 2,394,880 thousand in 2020, showing a slight decrease of 0.02%[32]. - Revenue from services provided increased to HKD 3,669,850 thousand in 2021 from HKD 3,282,713 thousand in 2020, marking a growth of approximately 11.8%[32]. - Revenue from investment property rental was HKD 49,906 thousand in 2021, up from HKD 40,201 thousand in 2020, reflecting an increase of about 24.5%[32]. - Revenue from Singapore increased to HKD 845,753 thousand in 2021 from HKD 650,354 thousand in 2020, representing a growth of approximately 30%[33]. Shareholder Information - The board declared an interim dividend of HKD 0.015 per share for the first half of 2021[5]. - The company declared an interim dividend of HKD 0.015 per share, totaling HKD 30,200,000, an increase from HKD 20,133,000 in 2020[66]. - The interim dividend will be paid to shareholders listed on the register as of September 10, 2021[66]. - As of June 30, 2021, the total equity held by executive director Mr. Chen Yongshun is 586,937,672 shares, representing 29.15% of the total issued shares[69]. - Major shareholder Chen Chong United Limited holds 705,819,720 shares, accounting for 35.05% of the total issued shares[71]. Debt and Equity - The net debt to total equity ratio improved to 1.1% from 1.7% in the previous year[5]. - The return on capital employed (ROCE) increased to 1.5% from 0.4% in the first half of 2020[5]. - The total equity attributable to shareholders was HKD 10,682,929, down from HKD 10,855,525 at the end of 2020, reflecting a decline in shareholder value[21]. - As of June 30, 2021, the total equity attributable to shareholders was HKD 11,972,895, a decrease from HKD 12,181,125 as of December 31, 2020[25]. Operational Challenges - In Singapore, the Subaru business faced a double-digit sales decline due to strict vehicle emission surcharges[7]. - The group anticipates ongoing challenges in the automotive sector due to geopolitical risks and changing consumer preferences towards ride-hailing services instead of vehicle ownership[11]. - The impact of the prolonged COVID-19 crisis is expected to have a significant effect on the group's year-end performance, making future forecasts challenging[11]. Asset Management - Non-current assets as of June 30, 2021, totaled HKD 10,107,789, slightly down from HKD 10,159,737 at the end of 2020[17]. - Current assets amounted to HKD 7,725,587, a decrease from HKD 7,779,617 at the end of 2020, indicating a tightening liquidity position[18]. - The total assets as of June 30, 2021, were HKD 12,550,877, reflecting a decrease from previous periods[25]. - Cash and bank balances as of June 30, 2021, were HKD 2,433,795,000, slightly down from HKD 2,539,772,000 as of December 31, 2020[49]. Compliance and Governance - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[73]. - All directors confirmed compliance with the securities trading requirements during the first half of the year[74]. - The board of directors has not been informed of any violations of the Corporate Governance Code during the reporting period[75]. - The board believes that the current structure enhances leadership continuity and allows for effective decision-making[75].

Financial Performance - The group's revenue for 2020 was HKD 12.3 billion, a decrease of 15.2% compared to 2019, primarily due to a 35% decline in automotive distribution and retail sales[6]. - Operating profit fell to HKD 274 million, with an operating profit margin dropping from 3.9% in 2019 to 2.2% in 2020[6]. - Net profit attributable to shareholders was HKD 9.51 million, a significant decrease of 95.5% year-on-year[6]. - The group's return on capital employed (ROCE) was 2.4%, down from 4.5% in 2019[6]. - Total revenue for the year 2020 was HKD 12,319,495 thousand, a decrease of 15.2% compared to HKD 14,533,351 thousand in 2019[133]. - Gross profit for 2020 was HKD 2,352,440 thousand, down 15.4% from HKD 2,780,904 thousand in 2019[133]. - The net profit for the year 2020 was HKD 85,171 thousand, a significant decline of 72.6% from HKD 311,052 thousand in 2019[134]. - Basic and diluted earnings per share for 2020 were HKD 0.47, compared to HKD 10.58 in 2019, reflecting a decrease of 95.6%[133]. Debt and Equity - The net debt-to-equity ratio improved to 1.7% in 2020 from 6.1% in 2019, with net debt amounting to HKD 205.535 million[6]. - The company's total equity attributable to shareholders was HKD 10,855,525 thousand in 2020, down from HKD 11,316,507 thousand in 2019, a decrease of 4.1%[139]. Market Performance - The automotive sales in Singapore dropped by 33% for Nissan and also saw a decline for Subaru due to the pandemic[11]. - The group anticipates a 10% increase in new car sales in Singapore for 2021, driven by the recovery of the Certificate of Entitlement (COE) bidding[11]. - In China, total new car sales declined by 7% compared to 2019, with the company's sales dropping by 26% in 2020 due to negative impacts[12]. - The group's sales in Thailand declined compared to the previous year, but there is cautious optimism for recovery in 2021 due to the vaccine rollout and government infrastructure focus[14]. - The Philippine automotive market contracted by approximately 40% in 2020 due to the pandemic, impacting the group's sales significantly[14]. Operational Changes - Employee count decreased by 7.9% to 5,407 by the end of 2020, compared to 5,868 in 2019[8]. - The company aims to create a more streamlined and responsive operational structure by reducing redundancy[13]. - The company is focused on expanding its market presence, leveraging the experience of its board members in various sectors[67][70]. Corporate Governance - The board of directors is dedicated to high standards of corporate governance to protect shareholder interests and enhance financial performance[15]. - The board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring independent oversight with independent directors making up at least one-third of the board[17]. - The board met four times in 2020, with all members attending all meetings, demonstrating strong governance and engagement[19]. - The remuneration committee, composed of two independent non-executive directors, is responsible for reviewing and determining the compensation packages for executive directors and senior management based on group performance and individual contributions[22]. Environmental and Social Responsibility - The group is committed to sustainable operations and effective resource utilization, actively monitoring emissions and complying with environmental regulations[37]. - The group has established an ESG committee to enhance existing policies and engage with stakeholders, including customers and suppliers[35]. - The company actively promotes the 3Rs (Reduce, Reuse, Recycle) to minimize resource waste and collaborates with government-certified suppliers to comply with relevant regulations[43]. - The company has implemented water-saving measures, including the installation of automatic faucets and regular monitoring of water usage efficiency in Singapore[41]. Audit and Compliance - The independent auditor confirmed that the consolidated financial statements reflect the group's financial position and performance accurately as of December 31, 2020[118]. - The assessment of the net realizable value of inventory is considered a key audit matter due to its significant impact on the financial statements[122]. - The audit procedures included evaluating the design and implementation of internal controls related to accounts receivable valuation and credit control processes[124]. Future Outlook - The company is optimistic about the launch of new models such as the Subaru Evoltis and Outback in 2021[13]. - The long-term outlook for the Chinese automotive market remains positive due to its large population and relatively high cultural and wealth levels[13]. - The group anticipates ongoing uncertainty in the global automotive supply chain and inventory imbalances in 2021[14].

Financial Performance - Total revenue for the first half of 2020 was HKD 5.784 billion, a decrease of 16% compared to HKD 6.911 billion in the same period of 2019[10] - EBITDA dropped by 38% to HKD 315.2 million, down from HKD 511.3 million in the first half of 2019[10] - Net loss after tax was HKD 46.1 million, compared to a profit of HKD 143.2 million in the first half of 2019[10] - Revenue for the six months ended June 30, 2020, was HK$5,784,063 thousand, a decrease of 16.3% from HK$6,911,487 thousand in 2019[17] - Gross profit for the same period was HK$1,065,704 thousand, down 22.1% from HK$1,368,293 thousand in 2019[17] - The company reported a net loss of HK$46,117 thousand for the six months ended June 30, 2020, compared to a profit of HK$143,180 thousand in 2019[19] - Total comprehensive income for the period was HK$(669,557) thousand, a significant decline from HK$412,660 thousand in 2019[20] - The company reported a decrease in operating profit to HK$28,458 thousand from HK$227,784 thousand in the previous year[17] - The company reported a net loss of HKD 75,285 for the six months ended June 30, 2020, compared to a profit of HKD 97,137 for the same period in 2019[30] - The total comprehensive income for the period was HKD (224,073), reflecting a significant decline compared to the previous period[31] Debt and Equity - The net debt-to-equity ratio increased to 9.8% from 6.1% as of December 31, 2019[10] - The return on capital employed (ROCE) fell to 0.4% from 1.7% in the first half of 2019[10] - The company's total equity attributable to shareholders was HK$10,446,773 thousand, a decrease from HK$11,316,507 thousand in 2019[24] - As of June 30, 2020, the total equity attributable to shareholders was HKD 12,148,435, a decrease from HKD 12,550,877 as of January 1, 2020[27] Cash Flow and Assets - The company's cash and bank balances as of June 30, 2020, were HK$2,053,603 thousand, down from HK$2,450,254 thousand in 2019[22] - Current assets decreased to HK$8,253,658 thousand from HK$9,260,233 thousand in the previous year[22] - Non-current assets as of June 30, 2020, totaled HK$9,854,521 thousand, down from HK$10,264,750 thousand as of December 31, 2019[21] - The net cash used in operating activities was HKD 39,630, contrasting with a net cash outflow of HKD 157,254 in the prior year[32] - The company experienced a net cash outflow from investing activities of HKD 144,485, compared to HKD 109,353 in the previous year[32] - The company reported cash flow from operations of HKD 1,919,639,000 for the six months ended June 30, 2020, compared to HKD 2,363,597,000 for the same period in 2019[53] Revenue Breakdown - Revenue from goods sold was HKD 2,394,880 thousand, down 25.4% from HKD 3,211,910 thousand in the previous year[36] - Revenue from services provided was HKD 3,282,713 thousand, a decline of 8.4% from HKD 3,584,607 thousand in 2019[36] - Revenue from property sales was HKD 18,789 thousand, with no revenue recorded in the same period of 2019[36] - The geographical breakdown of revenue showed a significant drop in Singapore, from HKD 1,101,488 thousand in 2019 to HKD 650,354 thousand in 2020, a decrease of 41.0%[37] Market Conditions - Sales in the Philippines dropped over 50% due to COVID-19 and strict lockdown measures[13] - The automotive market in China continued to show negative growth, but the company aims to expand its customer base and product line[12] - The ongoing COVID-19 crisis is expected to have a significant impact on the company's year-end performance[16] Dividends and Shareholder Information - The company declared dividends amounting to HKD 181,198 during the reporting period[31] - The company declared an interim dividend of HKD 0.01 per share for the current period, down from HKD 0.02 per share in 2019, resulting in a total of HKD 20,133,000 for 2020 compared to HKD 40,266,000 in 2019[48] - The total interim dividend declared was 20,133,000 HKD for 2020, compared to 40,266,000 HKD in 2019, marking a 50% reduction in dividend payout[70] Investments and Fair Value - The company recorded an unrealized loss of HKD 398 million on investments, compared to an unrealized gain of HKD 255 million in the same period last year[11] - The fair value loss for the six months ended June 30, 2020, was primarily due to a decrease in the fair value of the investment in Subaru Corporation by HKD 385,272,000[51] - The fair value of financial instruments measured at fair value as of June 30, 2020, was 1,880,619,000 HKD, compared to 2,276,590,000 HKD as of December 31, 2019, reflecting a decline of approximately 17.4%[63] Compliance and Governance - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[77] - All directors confirmed compliance with the securities trading requirements during the first half of the year[78] - The company has not been informed of any violations of the Corporate Governance Code during the reporting period[79]

Financial Performance - The group's revenue reached HKD 14.5 billion, a decrease of 7.6% compared to 2018, primarily due to a 16% decline in the automotive distribution and retail sector[6]. - Operating profit significantly decreased by 42% to HKD 565.48 million, with an operating profit margin dropping from 6.2% in 2018 to 3.9%[6]. - Profit for the year was HKD 311.05 million, a 51% decrease compared to 2018, while profit attributable to shareholders fell by 65% to HKD 212.93 million[6]. - The return on capital employed (ROCE) was 4.5%, down from 7.4% in 2018[6]. - The net debt-to-equity ratio increased to 6.1% from 1.4% in 2018, with net debt amounting to HKD 771.396 million[6]. - The company anticipates a significant slowdown in global economic growth in 2020, influenced by various global issues[14]. - The company reported a profit of HKD 212,932 thousand for the year 2019, compared to HKD 600,899 thousand in 2018, indicating a decrease of about 64.60%[165]. - The total comprehensive income for the year was HKD 20,433,000, reflecting a significant decrease compared to previous periods[166]. Sales and Market Performance - In Singapore, automotive sales plummeted by 45% due to reduced COE quotas and stricter emission standards[9]. - New car sales in Hong Kong decreased by 20%, but Subaru's sales grew by 3% compared to 2018[10]. - The sales of Subaru Forester in Thailand achieved a double-digit growth in 2019 compared to the previous year, attributed to local assembly reducing pricing[11]. - In Malaysia, the company faced challenges due to changing automotive regulatory policies, resulting in a decline in sales for 2019[12]. - The revenue for Zero, the vehicle transportation and logistics division, increased to HKD 6.63 billion in 2019, representing a 9% growth compared to 2018[13]. Investments and Future Plans - The group invested approximately HKD 22.77 billion in listed and unlisted stocks, with a fair value gain of HKD 309.8 million recognized in other comprehensive income[7]. - The company plans to continue investing in the development of its automotive and commercial vehicle businesses, focusing on supply chain logistics and brand image[14]. - The company opened a new Subaru operations headquarters in Ho Chi Minh City, Vietnam, and plans to expand its sales network in the coming years[11]. - The company is optimistic about its CKD business in the ASEAN region due to inherent cost advantages[11]. - The company plans to continue cost reduction and productivity improvement initiatives while exploring growth opportunities in the Vietnamese market[6]. Corporate Governance - The board of directors held a total of 4 meetings in 2019, with all members attending all meetings[20]. - The remuneration committee consists of two independent non-executive directors, responsible for reviewing and determining the remuneration packages for executive directors and senior management[23]. - The nomination committee is currently executed by the board, which reviews the structure and composition of the board regularly[24]. - The company adopted a board diversity policy on August 30, 2013, to enhance performance quality through diverse board member backgrounds[24]. - The board is responsible for reviewing and monitoring compliance with legal and regulatory requirements[26]. Environmental and Social Responsibility - The company actively promotes recycling and waste reduction, encouraging employees to recycle paper and use double-sided printing[47]. - The company has installed various wastewater treatment facilities in its assembly plants to handle harmful substances before discharge[48]. - The company has not reported any violations of environmental laws during the reporting period[51]. - The company supports employment opportunities for individuals with disabilities, including hiring visually impaired employees[52]. - The company continues to support community initiatives, including partnerships with Rainbow Centre in Singapore to create opportunities for individuals with disabilities[59]. Financial Reporting and Compliance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and reflect the group's financial position accurately[138]. - The company has complied with the disclosure requirements set out in the listing rules regarding related party transactions[119]. - The audit committee assists the board in overseeing the financial reporting process[147]. - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error[149]. - The financial statements comply with the disclosure requirements of the Hong Kong Companies Ordinance and the applicable rules of the Hong Kong Stock Exchange[173]. Related Party Transactions - The total annual transaction amount for the related party transactions was HKD 49,851,000, which is within the annual cap of HKD 85,014,000 for the year ended December 31, 2019[119]. - The independent non-executive directors confirmed that the related party transactions were conducted on normal commercial terms and were fair and reasonable to the shareholders[119]. - The company’s auditors issued an unqualified opinion on the related party transactions disclosed in the annual report[121]. Asset Management - The group held inventory of various car brands and models with a total book value of HKD 2,634 million as of December 31, 2019[142]. - The assessment of the net realizable value of inventory was identified as a key audit matter due to its significant impact on the financial statements[142]. - The company’s total assets as of December 31, 2019, were HKD 12,550,877,000, up from HKD 12,148,435,000 in 2018[166]. - The company’s net cash used in financing activities was HKD 751,478,000, compared to HKD 901,177,000 in the previous year[169].

Financial Performance - The group's revenue for the first half of 2019 was HKD 6.911 billion, a decrease of 11% compared to HKD 7.779 billion in the same period of 2018[3] - EBITDA for the period was HKD 511.3 million, down 26.9%, while profit decreased by 64% to HKD 143.2 million[3] - Revenue for the six months ended June 30, 2019, was HK$6,911,487 thousand, a decrease of 11.1% compared to HK$7,779,025 thousand in 2018[13] - Gross profit for the same period was HK$1,368,293 thousand, down 15.5% from HK$1,619,914 thousand in 2018[13] - Operating profit decreased significantly to HK$227,784 thousand, a decline of 59.1% from HK$556,535 thousand in the previous year[13] - Net profit for the period was HK$143,180 thousand, representing a 64.1% decrease compared to HK$399,122 thousand in 2018[14] - Basic and diluted earnings per share were HK$0.05, down from HK$0.17 in the prior year[13] - The company reported a pre-tax profit of HKD 212,679 for the six months ended June 30, 2019, compared to HKD 546,222 in 2018, indicating a significant decrease of about 61.1%[44] - Basic earnings per share for the six months ended June 30, 2019, was HKD 0.048, down from HKD 0.172 in 2018, reflecting a decline of approximately 72.0%[52] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.02 per share for the first half of 2019[4] - The company declared dividends of HKD 191,264,000 for the six months ended June 30, 2019[27] - The interim dividend declared is HKD 0.02 per ordinary share, totaling HKD 40,266,000, a decrease from HKD 50,333,000 in 2018[73] - The company declared an interim dividend of HKD 0.02 per share for 2019, down from HKD 0.025 per share in 2018, which is a reduction of 20%[47] Debt and Equity - The net debt-to-equity ratio increased to 6.5% as of June 30, 2019, compared to 1.4% at the end of 2018[3] - The company's total equity attributable to shareholders increased to HK$11,133,318 thousand from HK$11,005,741 thousand in 2018[21] - As of June 30, 2019, the total equity attributable to shareholders was HKD 12,369,542,000, a decrease from HKD 12,736,857,000 as of June 30, 2018[22] - The company reported a total equity of HKD 11,005,741,000 as of January 1, 2019, reflecting a decrease from the previous year[26] Cash Flow and Liquidity - Cash and bank balances decreased to HK$2,245,228 thousand from HK$3,090,532 thousand in the previous year[19] - The net cash generated from operating activities for the six months ended June 30, 2019, was a negative HKD 157,254,000, compared to a positive HKD 706,893,000 for the same period in 2018[28] - The cash and cash equivalents decreased by HKD 875,661,000 during the six months ended June 30, 2019, compared to an increase of HKD 279,991,000 in the same period of 2018[28] - The company’s investment activities resulted in a net cash outflow of HKD 109,353,000 for the six months ended June 30, 2019[28] - The company’s financing activities led to a net cash outflow of HKD 609,054,000 for the six months ended June 30, 2019[28] Market and Sales Performance - Sales in Singapore and Malaysia experienced double-digit declines due to geopolitical factors and economic challenges[6] - The automotive manufacturing business in Nanjing and Xiamen made progress in sales despite a negative growth trend in the Chinese automotive market[7] - The group plans to expand its sales, service, and parts network in Vietnam to support growing sales, with initial sales responses being positive[9] - The group anticipates continued challenges in the second half of 2019 due to geopolitical and global trade risks affecting automotive sales[11] Investments and Assets - The group recorded an unrealized gain of HKD 255 million from investments, compared to an unrealized loss of HKD 227 million in the same period of 2018[5] - The company reported a significant increase in non-current assets, totaling HK$10,419,748 thousand as of June 30, 2019, compared to HK$9,346,826 thousand at the end of 2018[18] - The fair value of investments in Subaru Corporation increased by HKD 253,697,000 as of June 30, 2019, compared to the previous period[55] - The group reported a decrease in the fair value of non-listed financial securities to HKD 15,584,000 as of June 30, 2019, from HKD 17,624,000 at the end of 2018[69] Compliance and Governance - All directors confirmed compliance with the securities trading requirements during the first half of the year[81] - The board has not been informed of any violations of the corporate governance code during the reporting period[82] Accounting Standards - The company adopted IFRS 16 "Leases" starting January 1, 2019, which impacted its financial statements[30] - The company recognized lease liabilities based on the present value of remaining lease payments, discounted using the incremental borrowing rate as of January 1, 2019[35] - The company has opted not to recognize the right-of-use assets and lease liabilities for certain low-value or short-term leases[33] - The group adopted IFRS 16 on January 1, 2019, without restating comparative figures[72]

Financial Performance - The group recorded revenue of HKD 15.7 billion, a decrease of 1.00% compared to 2017, primarily due to a decline in automotive distribution and retail sales[5] - Operating profit increased to HKD 971.75 million, with an operating profit margin rising from 6.0% in 2017 to 6.2%[5] - Profit attributable to shareholders was HKD 600.89 million, an increase of 19.7% compared to 2017[5] - The group’s return on capital employed (ROCE) was 7.4%, up from 7.1% in 2017[5] - The net debt-to-equity ratio improved to 1.4% in 2018 from 4.5% in 2017[5] - Total revenue for the fiscal year ended December 31, 2018, was HKD 15,731,423, a decrease of 0.8% from HKD 15,855,612 in 2017[161] - Gross profit for 2018 was HKD 3,088,730, down from HKD 3,182,287 in 2017, reflecting a gross margin of approximately 19.6%[161] - Operating profit increased to HKD 971,750 in 2018, compared to HKD 952,175 in the previous year, indicating a growth of 2.1%[161] - Net profit for the year was HKD 630,618, slightly down from HKD 630,759 in 2017, resulting in earnings per share of HKD 0.30, up from HKD 0.25[161] - Other comprehensive income for the year was a loss of HKD 1,054,411, compared to a loss of HKD 98,425 in 2017[162] - Total comprehensive income for 2018 was HKD 423,793, a significant decrease from HKD 532,334 in 2017[162] Regional Performance - In Singapore, revenue dropped by 15% due to declining automotive sales, influenced by reduced COE quotas and stricter emission standards[8] - Taiwan's performance was strong with revenue growth exceeding the overall automotive industry, expanding market share[11] - In Thailand, the group began production of Subaru vehicles for export to ASEAN markets in February 2019, enhancing its competitive pricing strategy[10] Dividends and Shareholder Returns - The total dividend payment for 2018 was HKD 242 million, with a final dividend of HKD 0.095 per share, reflecting a 9.09% increase from HKD 0.11 per share in 2017[7] - The proposed final dividend for the fiscal year ending December 31, 2018, is HKD 0.095 per share, an increase from HKD 0.085 per share in 2017[115] Corporate Governance - The board of directors is committed to high standards of corporate governance and has adopted the corporate governance code as per the Hong Kong Stock Exchange[15] - The board meets at least four times a year to manage the group's business and approve major financial and investment plans[17] - Independent non-executive directors have confirmed their independence annually, ensuring effective oversight of the board's activities[18] - The company has adopted a board diversity policy since August 30, 2013, to enhance performance quality through diverse board member selection[24] - The company emphasizes the importance of corporate governance and regularly reviews policies and practices to ensure compliance with legal and regulatory requirements[25] Environmental and Sustainability Initiatives - The group reported electricity consumption of 12,431,427 kWh in 2018, with an intensity of 31.45 kWh/sqm[37] - The group managed hazardous waste, disposing of 306,525 liters of liquid hazardous waste, 322,325 kg of solid hazardous waste, and 278 cubic meters of oil filter waste in 2018[42] - The group implemented energy-saving technologies in Singapore, resulting in reduced electricity consumption in showrooms[37] - The group established an environmental management system (EMS) to identify environmental issues and implement control measures[36] - The new car assembly plant in Thailand is designed with sustainable materials and energy-efficient systems, including a VRV air conditioning system and motion sensor lighting[36] Risk Management and Internal Controls - The group has established a risk management and internal control system to achieve business objectives and ensure compliance with relevant laws and regulations[29] - The internal audit team continuously reviews the effectiveness of the company's risk management and internal control systems[30] - The Audit Committee ensures the effectiveness of internal management systems, including financial, operational, and compliance controls[26] Related Party Transactions - The company has established ongoing related party transactions with TCMA and APM, as defined under the Hong Kong Stock Exchange Listing Rules[120] - The total annual transaction amount for all related transactions as defined by the listing rules for the year ended December 31, 2018, was HKD 70,957,000, within the annual cap of HKD 118,598,000[128] Financial Position and Assets - The group's inventory had a total book value of HKD 2,166 million as of December 31, 2018, which is subject to fluctuations due to economic conditions and consumer preferences[152] - Trade receivables had a book value of HKD 1,096 million, with an allowance for losses amounting to HKD 68 million as of December 31, 2018[154] - Non-current assets increased to HKD 9,346,826 thousand in 2018 from HKD 9,184,464 thousand in 2017, reflecting a growth of 1.77%[163] - Current assets decreased to HKD 8,890,653 thousand in 2018, down 15.4% from HKD 10,497,191 thousand in 2017[164] Future Outlook and Strategic Initiatives - The group anticipates a satisfactory performance for Zero in 2019, despite global economic growth expected to slow down[13] - The group plans to continue investing in the development of its automotive and commercial vehicle businesses, as well as supply chain logistics infrastructure, particularly in emerging markets like Malaysia, Thailand, and Vietnam[13] - The company provided an optimistic outlook, projecting a revenue growth of 10% to 12% for the next fiscal year[90] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on electric vehicles[90]