Financial Performance - Profit for the year attributable to owners of the Company increased to HK$1,014,267,000 in 2018, up from HK$744,888,000 in 2017, representing a growth of 36.2%[5] - Basic earnings per share rose to HK$2.68 in 2018, compared to HK$1.97 in 2017, marking an increase of 36.1%[5] - The Group recorded a profit of HK$1,048 million for the year ended December 31, 2018, representing a 35% increase compared to 2017[23] - Revenue for 2018 was HK$1,836.2 million, a decrease of 17% from HK$2,215.4 million in 2017[86] - For the year ended December 31, 2018, the Group recorded an audited consolidated profit of approximately HK$1,047.9 million, representing an increase of approximately 35% compared to HK$773.8 million in 2017[89] Assets and Liabilities - Total assets for 2018 were HK$14,513,521,000, a slight decrease from HK$14,535,135,000 in 2017[5] - Total liabilities decreased significantly to HK$2,116,453,000 in 2018 from HK$2,696,260,000 in 2017, a reduction of 21.5%[5] - Total net assets increased to HK$12,397,068,000 in 2018, compared to HK$11,838,875,000 in 2017, indicating a growth of 4.7%[5] - The Group's share of results of joint ventures amounted to approximately HK$61.8 million, representing a 50% share of net asset value from investments in Japan and Australia[96] - Shareholders' funds increased from approximately HK$11,799.7 million in 2017 to approximately HK$12,332.8 million in 2018, a net increase of approximately HK$533.1 million[96] Dividends - The dividend per share for 2018 was HK$0.70, up from HK$0.60 in 2017, reflecting a growth of 16.7%[5] - The total cash dividend for the year 2018 amounted to HK$0.70 per share, including a final cash dividend of HK$0.48 per share and an interim cash dividend of HK$0.22 per share[24] - The dividend payout ratio from continuing operations was 26% in 2018, down from 30% in 2017[5] - The total dividend per share for 2018 was HK$0.70, an increase of 17% from HK$0.60 in 2017[86] Economic Environment - Hong Kong's economy expanded at a steady rate of around 3% until the third quarter of 2018, but market sentiment cooled significantly in the fourth quarter[19] - The unemployment rate in Hong Kong was 2.8% for the entire year, marking the lowest level in over 20 years[21] - Mainland China's GDP growth for 2018 was 6.6%, meeting market expectations despite challenges such as high debt levels and the Sino-US trade dispute[17] - The retail market in Hong Kong was sluggish throughout 2018, showing minimal growth compared to 2017, which weakened the rental market for retail properties[21] Property Development and Sales - In the Foshan property development project, 90%, 100%, and 100% of residential units in Phase 1, 2, and 3 have been sold, with total sale proceeds amounting to HK$5.2 billion as of December 31, 2018[27] - The Group expects to generate an additional HK$1.8 billion from the sale of remaining residential units, car parks, and shops in the future[27] - The comprehensive development project The Grand Riviera in Foshan was completed and handed over for occupation in September 2018[94] - Cash sale proceeds from The Grand Riviera, Foshan residential project amounted to approximately HK$1,177.2 million in 2018[97] Corporate Governance - The Company has substantially complied with the Corporate Governance Code throughout the year ended 31 December 2018[70] - The Audit Committee consists of four members, all of whom are Independent Non-executive Directors[79] - The Company has arranged directors and officers liability insurance for legal actions against its directors and senior management[71] - The Company has established a Corporate Governance Committee comprising three Executive Directors and two Independent Non-executive Directors[117] Environmental Initiatives - The Group has integrated environmental considerations into its operations, focusing on minimizing pollution, utilizing energy efficiently, and reducing waste[170] - Liu Chong Hing Investment Limited signed the Energy Saving Charter 2018, promoting energy efficiency and setting targets for indoor temperatures and energy-saving practices[170] - The design of The Grand Riviera includes ecological gardens and landscaped areas, with over 47% of its land space dedicated to greenery[170] - The operations of Chong Hing Bank Centre, Chong Hing Square, and Fairview Court are governed by ISO 14001:2015 environmental management standards[171] Employee Welfare and Management - The Group provides a comprehensive employee welfare package, including sick leave, casual leave, marriage leave, and statutory holidays[199] - The Group emphasizes health and safety, requiring property management staff to wear safety boots and ensuring well-stocked first-aid kits are available on all office floors[199] - Training allowances are provided for work-related training to enhance employee skills[199] - The Group strictly adheres to labor laws and regulations in its hiring practices, ensuring equal opportunities for all applicants[197]
廖创兴企业(00194) - 2018 - 年度财报