建滔集团(00148) - 2018 - 年度财报

Financial Performance - The Group's revenue increased by 6% to HK$45,994.4 million in FY 2018, compared to HK$43,371.3 million in FY 2017[11]. - Underlying net profit decreased by 18% to HK$4,603.1 million, down from HK$5,589.1 million in the previous year[11]. - Reported net profit rose by 9% to HK$6,075.8 million, influenced by a pre-tax gain of HK$2,089.8 million from the disposal of a subsidiary[11][19]. - Basic earnings per share based on underlying net profit fell by 20% to HK$4.313, compared to HK$5.358 in FY 2017[11]. - The proposed final dividend is HK$0.70 per share, a decrease of 30% from HK$1.00 in the previous year, resulting in a total full-year dividend of HK$1.80 per share[19]. Segment Performance - The chemicals division recorded significant growth due to steady price increases and effective cost control measures[18]. - The properties division saw improved profit margins from residential property sales, aided by a surge in average selling prices[18]. - The commercial property portfolio registered rental income growth due to higher occupancy rates[18]. - The laminates division's turnover rose by 3% to HK$17,144.9 million, but EBITDA declined by 21% to HK$3,536.5 million due to rising raw material costs[24]. - The PCB division reported a turnover growth of 19% to HK$9,754.1 million, with EBITDA dropping 11% to HK$1,051.1 million as production efficiency for high-grade products has not yet reached optimal levels[24]. - The chemicals segment's turnover increased by 15% to HK$16,150.3 million, with EBITDA rising significantly by 30% to HK$2,114.8 million due to improved supply and demand conditions[24]. - The property segment's turnover decreased by 28% to HK$4,685.8 million, but EBITDA increased by 10% to HK$2,170.0 million due to rising average selling prices[27][28]. Financial Position - Net asset value per share increased by 1% to HK$43.7, up from HK$43.2[11]. - Net gearing rose to 37%, compared to 20% in the previous year[11]. - As of December 31, 2018, the Group's net current assets were approximately HK$25,502.1 million, with a current ratio of 2.36, up from 2.26 in 2017[29]. - The Group's cash and cash equivalents amounted to approximately HK$7,473 million, with total bank facilities of HK$31,925 million, of which 86% had been utilized[29]. - The net gearing ratio increased to 37% as of December 31, 2018, compared to 20% in 2017, while short-term to long-term bank borrowings stood at 26%:74%[31]. Strategic Initiatives - The Group continues to adapt its marketing strategies and optimize product mix in response to market challenges, particularly in the electronics industry[20]. - The Group is focused on expanding market shares and exploring new development opportunities, particularly in the Greater Bay Area[32]. - The Group invested HK$2.9 billion in new production capacity and HK$2.2 billion in property construction expenses during the year[31]. - The PCB division anticipates strong order growth due to increased investments in 5G telecommunications projects and is expanding capacities for PCBs in growth sectors[34]. - The chemical division aims to optimize resource deployment and enhance environmental protection efforts, with new production lines ramping up to full capacity[34]. Corporate Governance - The Company has adopted good corporate governance principles and complied with the CG Code throughout the year ended December 31, 2018[174]. - The Board is responsible for the leadership and control of the Group, approving strategic plans, annual budgets, and major investments[180]. - The Company plans to hold Board meetings quarterly in the coming year, with a minimum of four meetings[182]. - The roles of the Chairman and Managing Director are segregated, ensuring effective governance and management[187]. - The Company has taken sufficient measures to ensure its corporate governance practices meet or exceed the standards set by the CG Code[189]. Risk Management - The Group faces significant risks including product defects, customer contract variability, and intense industry competition[55][56][57][58]. - Recent global market fluctuations and economic conditions have adversely affected demand for the Group's products, particularly in the PRC[66]. - The global economic slowdown, particularly in China, poses risks that may adversely affect the Group's business operations and financial performance[69]. Environmental Commitment - The Group is committed to environmental sustainability and complies with relevant laws and regulations regarding environmental protection[67]. - The Group's commitment to environmental sustainability includes compliance with relevant laws and regulations and regular reviews of its environmental policies[70]. Employee Relations - The Company regularly reviews its employee remuneration and benefits policies to ensure alignment with market standards[71]. - The Group organizes recreational activities for employees to maintain a close relationship and enhance their living environment[71]. - The Group's workforce decreased to approximately 41,900 employees as of December 31, 2018, from 42,800 in 2017[31]. Shareholder Relations - The Group expresses gratitude to shareholders, customers, and employees for their support over the past year[37]. - The Board will review the dividend policy periodically, considering financial results, distributable reserves, and future development plans[79].