联合集团(00373) - 2023 - 年度财报

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 7,618.6 million, a decrease of HKD 2,460.8 million from HKD 10,079.4 million in 2022[5] - The loss attributable to shareholders for the year was HKD 125.4 million, significantly reduced from a loss of HKD 1,220.5 million in 2022, representing a decrease of HKD 1,095.1 million[5] - Basic loss per share for 2023 was HKD 0.04, compared to HKD 0.35 per share in 2022[10] - The return on equity attributable to shareholders was (0.3)% for 2023, down from (2.8)% in 2022[10] - The net asset value per share attributable to shareholders was HKD 12.39 as of December 31, 2023, compared to HKD 12.27 in 2022[10] - The group's revenue for the year was HKD 7,618.6 million, down from HKD 10,079.4 million in 2022, primarily due to a decrease in Tianan's revenue attributed to the lack of new major development projects and a sluggish real estate market in mainland China[11] - The loss attributable to shareholders for the year was HKD 125.4 million, a significant reduction from a loss of HKD 1,220.5 million in 2022, mainly due to reduced losses from New Hongji and a non-recurring bargain purchase gain from acquiring China Medical Network[11] - Basic loss per share for the year was HKD 0.04, compared to HKD 0.35 in 2022, indicating improved financial performance[12] Cash and Liquidity - As of December 31, 2023, the group's cash and bank balances were approximately HKD 15,950.2 million, an increase from HKD 15,538.4 million in 2022[13] - The current ratio of the group was 1.51 times, down from 1.80 times in 2022, indicating a decrease in liquidity[13] - The company plans to extend the maturity of certain credit facilities and manage cash flow to maintain sufficient liquidity levels[31] - The company reported a significant increase in trade payables and other payables, which rose to HKD 3,099.5 million from HKD 2,897.4 million, an increase of about 7%[183] - The company's cash and cash equivalents rose to HKD 14,702.0 million, compared to HKD 11,413.1 million in the previous year, marking an increase of about 29%[182] Debt and Capital Structure - The capital to debt ratio improved to 19.4% in 2023 from 19.9% in 2022[10] - The group's total borrowings amounted to HKD 24,380.9 million, slightly up from HKD 24,137.1 million in 2022, with a current portion of HKD 12,547.4 million due within one year[13] - The debt-to-equity ratio was 19.4%, a slight decrease from 19.9% in 2022, reflecting stable capital structure management[13] - The company issued USD 350 million guaranteed notes at 5.75% interest due in November 2024, with an outstanding principal amount of USD 304.915 million as of December 31, 2023[115] - The company also issued USD 450 million guaranteed notes at 5.00% interest due in September 2026, with an outstanding principal amount of USD 386.164 million as of December 31, 2023[115] Business Operations and Strategy - The company remains focused on property development, investment, and financial services as its core business areas[9] - The company operates through subsidiaries and joint ventures, including a 56.94% stake in Tianan China Investment Limited for property development in mainland China[9] - The company expresses confidence in overcoming challenges in 2024 through prudent strategies and employee dedication[8] - The company has ongoing and planned development properties totaling approximately 2,478,700 square meters, with significant projects in Shenzhen, Dongguan, and Huizhou[44] - The company plans to upgrade and transform the Shenzhen Tianan Digital City to align with industrial upgrades and urban renewal initiatives[47] Risk Management - The company employs a comprehensive risk management framework, regularly reviewing and updating policies to adapt to market changes and business strategies[23] - Key risks identified include strategic risk, credit risk, market risk, liquidity risk, operational risk, and legal and compliance risk, with specific measures in place to mitigate these risks[24][25][27][28][33] - The company is monitoring emerging risks such as economic uncertainties and cybersecurity threats, which could impact business development and financial performance[25] - The company maintains diversified funding sources and has the capability to reprice assets to manage market risks effectively[29] Corporate Governance - The company emphasizes high levels of corporate governance, focusing on transparency, accountability, and independence[80] - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors[82] - The independent non-executive directors confirmed that the related party transactions were conducted on normal commercial terms and in the overall interest of shareholders[135] - The board believes that good corporate governance is crucial for the company's success and enhancing shareholder value[80] - The company has established appropriate insurance for directors against potential legal actions[128] Shareholder Communication - The board emphasizes the importance of maintaining good communication with shareholders, with the annual general meeting held on June 2, 2023, providing a platform for direct interaction[109] - The company has established a set of shareholder communication policies to enhance transparency and engagement with shareholders[112] - The company welcomes shareholder feedback to improve transparency and corporate governance practices[112] Employee and Workforce - The total employee count increased to 5,713 as of December 31, 2023, up from 3,930 in 2022, primarily due to the acquisition of China Medical Network[21] - Total employee costs amounted to HKD 1,390.8 million, an increase from HKD 1,224.3 million in 2022[21] - The employee gender ratio stands at 41:59, reflecting the company's commitment to gender diversity among its workforce[89] Investment Properties - The group's investment properties had a revaluation value of HKD 26,704.0 million as of December 31, 2023, with a net decrease in fair value of HKD 27.7 million recorded in the consolidated income statement[114] - Approximately 96% of the investment properties consist of office buildings, car parking spaces, residential units, industrial property units, retail stores, shopping malls, and godowns located in Hong Kong and the PRC[145] - The valuation of investment properties is based on independent qualified professional valuers, ensuring that all properties are held at fair value[145] Financial Reporting and Compliance - The auditor's report confirmed that the consolidated financial statements present a true and fair view of the Group's financial position as of December 31, 2023[140] - The Group's financial statements were prepared in compliance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[140] - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards (HKFRSs)[198]