KINGBOARD HLDG(00148)2024-03-18 04:07Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue decreased by 20% to HKD 39,712.5 million from HKD 49,375.9 million in 2022[2]. - The company's profit before tax dropped by 57% to HKD 3,025.2 million compared to HKD 7,050.0 million in the previous year[2]. - Net profit attributable to shareholders decreased by 41% to HKD 2,274.3 million from HKD 3,882.7 million in 2022[2]. - Basic earnings per share fell by 41% to HKD 2.052 from HKD 3.502 in the previous year[2]. - The company reported a loss of HKD 113.4 million from changes in the fair value of investment properties, compared to a loss of HKD 147.6 million in 2022[4]. - The company's profit for the year 2023 was HKD 2,344,102, a decrease of 44% compared to HKD 4,188,554 in 2022[5]. - The total comprehensive income for the year was HKD 1,403,941, significantly up from HKD 57,342 in the previous year[5]. - The group reported a 20% decline in revenue to HKD 39,712,500,000 for the fiscal year, with net profit attributable to shareholders (excluding exceptional items) falling 41% to HKD 2,274,430,000[37]. Dividends - The company declared a total dividend of HKD 1.02 per share, a decrease of 3% from HKD 1.05 in 2022[2]. - The proposed final dividend for the year ending December 31, 2023, is HKD 0.36 per share, down from HKD 0.75 per share in 2022, totaling HKD 398,992,000 compared to HKD 831,594,000 in the previous year[29]. - The declared interim dividend for 2023 was HKD 177,330, down from HKD 332,637 in 2022, indicating a reduction of about 46.8%[28]. - The special interim dividend for 2023 was HKD 554,155, which was not declared in 2022[28]. - The proposed final dividend is HKD 0.36 per share, subject to approval at the 2024 Annual General Meeting[57]. Financial Position - The net debt ratio increased to 29% from 20% in the previous year[2]. - The company's total liabilities decreased to HKD 4,088,322 from HKD 6,693,336, a reduction of approximately 38.9%[7]. - The company's equity attributable to shareholders was HKD 1,182,747, a significant increase from HKD 1,272 in 2022[5]. - The company's total equity attributable to shareholders decreased from HKD 60,057,655 in 2022 to HKD 59,741,361 in 2023[9]. - The company's bank loans due within one year decreased to HKD 5,269,171 from HKD 8,145,695, indicating improved short-term liquidity[9]. - The current ratio decreased to 2.33 from 2.64 year-over-year[46]. - The net current assets of the group were HKD 25.25 billion, down from HKD 28.11 billion on December 31, 2022[46]. Segment Performance - Total revenue for the year ended December 31, 2023, was HKD 39,712,499, with a breakdown of external sales: HKD 13,730,259 for copper-clad laminates, HKD 11,647,776 for printed circuit boards, and HKD 10,567,369 for chemical products[15]. - The company reported a segment profit of HKD 4,862,991 for the year, with the highest contribution from the copper-clad laminates segment at HKD 1,571,625[15]. - The copper-clad laminate segment sold 100 million units, a 3% increase from 2022, despite a 14% decline in revenue to HKD 17,182.7 million due to falling sales prices[41]. - The printed circuit board segment's revenue decreased by 12% to HKD 11,647.8 million, but EBITDA increased by 17% to HKD 2,027.7 million[42]. - The chemical segment's revenue dropped by 19% to HKD 11,198.9 million, with EBITDA declining by 68% to HKD 896.4 million[43]. - The real estate segment's revenue fell by 56% to HKD 2,752.2 million, with EBITDA decreasing by 62% to HKD 1,613.0 million[44]. Costs and Expenses - Gross profit margin decreased significantly, with gross profit dropping to HKD 7,592.2 million from HKD 12,373.1 million[4]. - The company experienced a significant increase in financing costs, rising to HKD 1,124.5 million from HKD 504.3 million in 2022[4]. - Administrative expenses slightly decreased to HKD 2,237.8 million from HKD 2,334.9 million in the previous year[4]. - The total tax expense for 2023 was HKD 443,609, a decrease from HKD 2,588,518 in 2022, representing a decline of approximately 82.8%[22]. - Depreciation for property, plant, and equipment was approximately HKD 1,930,000 in 2023, compared to HKD 1,839,000 in 2022, showing an increase of about 5%[20]. Investments and Future Plans - The group invested approximately HKD 4.2 billion in new production facilities and HKD 840 million in real estate construction costs during the review period[46]. - The group plans to invest approximately HKD 900 million by December 31, 2024, expecting to produce 200 million kWh of green electricity annually, saving 54,000 tons of standard coal and reducing CO2 emissions by 120,000 tons[49]. - The company is planning an 800,000-ton acetic acid project in Hebei, utilizing advanced low-energy carbon capture technology[54]. - The company plans to increase copper-clad laminate production capacity in Thailand by 400,000 pieces per month in 2024[51]. - The printed circuit board (PCB) department is experiencing strong demand for PCBs used in new energy vehicles and photovoltaic applications[52]. - The company will enhance its PCB production capacity in Thailand by 200,000 square feet per month in 2024[52]. Governance and Compliance - The company has implemented new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position or performance for the current and prior years[11]. - The audit committee reviewed the accounting policies and practices of the group, including the financial information for the year ended December 31, 2023[63]. - The company confirmed that the financial statements for the year ended December 31, 2023, were approved by the board on March 18, 2024[65]. - The company is committed to maintaining internal controls and financial reporting standards as part of its governance practices[63]. - The board of directors includes a diverse group of members, ensuring a range of perspectives in decision-making[67].