TOMSON GROUP-汤臣集团(00258) - 2023 - 年度财报

Financial Performance - The consolidated profit after taxation attributable to shareholders for the year ended December 31, 2023, was HK $42,684,000, a significant increase of approximately 149% compared to HK$ 17,168,000 in 2022[19]. - Basic earnings per share for the year amounted to 2.12 HK cents, up from 0.87 HK cents in 2022[19]. - The Group reported an operating profit before taxation of HK $223,819,000 for the year under review, compared to HK$ 217,288,000 in 2022[18]. - Revenue from the property development and trading segment increased during the year, although segment profit slightly improved to HK $99,085,000 from HK$ 98,828,000 in 2022[18]. - The Group recorded a net gain on trading securities investment of HK $2,287,000, down from HK$ 8,161,000 in 2022[18]. - Interest income increased to HK $72,633,000 from HK$ 70,210,000 in 2022, while net exchange loss decreased to HK $5,907,000 from HK$ 28,577,000[18]. - The Group shared a net profit from a joint venture of HK $22,645,000, compared to a net loss of HK$ 15,289,000 in 2022[18]. - An unrealized loss on fair value changes of investment properties in Shanghai was recorded at HK $109,255,000, compared to HK$ 75,204,000 in 2022[18]. - Administrative expenses and finance costs increased during the year[18]. - The Group's performance improvement was mainly attributed to the property development and trading business[18]. Dividends and Shareholder Returns - The Board declared an interim dividend of 10 HK cents per share for the year ended 31st December, 2023, an increase from 8.50 HK cents per share in 2022[20]. - The Scrip Dividend Scheme is subject to the approval of The Stock Exchange of Hong Kong Limited[21]. - The register of members will be closed from 30th April to 3rd May, 2024, for determining shareholders eligible for the interim dividend[179]. - The annual general meeting is scheduled for 6th June, 2024, with the register of members closed from 31st May to 6th June, 2024[180]. - The Company aims to provide stable and sustainable returns to shareholders through its dividend policy, with the payout ratio determined at the Board's discretion based on various factors[144]. Property Development and Investment - The property investment segment contributed a profit of HK $54,091,000 for the year ended 31st December, 2023, down from HK$ 94,780,000 in 2022[24]. - The property development and trading segment generated a profit of HK $44,994,000, significantly up from HK$ 4,048,000 in 2022[24]. - Total revenue from property development and investment was HK $459,870,000, accounting for approximately 81.05% of the Group's gross proceeds from operations for 2023[24]. - Tomson Riviera recognized total revenue of HK$ 293.39 million, representing about 51.71% of the Group's gross proceeds from operations[25]. - Rental income and property management fees from commercial and industrial properties provided HK $90.71 million, accounting for approximately 15.99% of the Group's gross proceeds[27]. - Miscellaneous residential developments, including Tomson Golf Villas and Garden, recognized revenue of HK$ 75.78 million, representing approximately 13.35% of the Group's gross proceeds[30]. - The Group's property development and investment segment will be significantly supported by the Jinqiao Town project in Pudong, Shanghai, which is expected to be a major profit contributor in the coming years[76]. Financial Position and Assets - Total assets decreased by approximately 2.31% to HK $18,361,211,000 as of December 31, 2023, while equity attributable to owners decreased by about 3.08% to HK$ 12,006,560,000[55]. - Cash and cash equivalents amounted to HK $3,541,040,000, reflecting a decrease of approximately 10.72% from the previous year[56]. - The Group's borrowings increased to HK$ 375,811,000, representing approximately 3.13% of equity attributable to owners, with 55.43% of borrowings denominated in Renminbi[61]. - As of December 31, 2023, liabilities totaled HK $6,218,040,000, with about 60.30% being tax payables under current liabilities[60]. - The Group's total liabilities were HK$ 6,218,040,000 as of December 31, 2023, compared to HK $5,967,079,000 in 2022, with about 60.30% classified as current liabilities[62]. - The current ratio as of December 31, 2023, was 2.05 times, slightly down from 2.12 times in 2022, while the gearing ratio rose to 51.79% from 49.15%[64]. Governance and Corporate Structure - The Board of Directors consists of six members, including three executive Directors and three independent non-executive Directors, following the retirement of Mr. Sean S J Wang[84]. - The Company has achieved gender diversity at the Board level with one female director and five male directors, aiming to maintain this representation[88]. - Throughout 2023, at least 50% of the Board members were independent non-executive directors, contributing valuable independent views[91]. - The Board has established mechanisms to ensure independent views are available, maintaining an appropriate proportion of independent non-executive directors[94]. - The management is responsible for implementing strategies and plans adopted by the Board, with clearly defined authorities and responsibilities[95]. - The Board met regularly throughout the year, with four regular meetings held in 2023[96]. - The Nomination Committee conducted an annual review of the Board's structure and composition, confirming the achievement of diversity[87]. Risk Management and Internal Control - The Audit Committee conducted three meetings in 2023 to review interim and annual financial statements, evaluating risk management and internal control systems[104]. - The Audit Committee confirmed that the risk management and internal control systems were effectively implemented in 2023[107]. - The risk management and internal control systems are designed to manage significant risks but cannot provide absolute assurance against material misstatement or loss[130]. - The Group's code on risk management and internal control has been regularly reviewed and modified since its adoption in 2005[129]. Charitable Contributions and Community Engagement - The Group has made charitable donations to various organizations, including World Vision Hong Kong and Médecins Sans Frontières, to support activities in poverty relief and education[152]. - The Group has participated in the "Heart to Heart Project" since 2005 to encourage youth volunteerism in the community[152]. - The Group donated approximately HK$ 257,000 for charitable and other causes during the year ended 31st December, 2023[182]. Employment and Staff - As of December 31, 2023, the Group employed approximately 400 staff members, with total emoluments amounting to HK$64,099,000[77]. - The gender ratio in the workforce, including senior management, was approximately 53:47 as of the end of the review year[83]. Future Outlook - The Group anticipates that Tomson Riviera and One Penha Hill will be the principal sources of profit in 2024, as it continues to focus on high-end residential property development[74]. - The management holds a positive view on potential demand for properties in Shanghai and Macau, and will closely monitor marketing and pricing strategies[72]. - The Group is cautiously optimistic about the long-term economic development in Mainland China, despite short-term volatility in the property market due to high interest rates[73][74].