Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 1,415,709, an increase from HKD 1,372,184 in 2021, representing a growth of 3.1%[18]. - Gross profit decreased to HKD 769,790 in 2022 from HKD 868,327 in 2021, reflecting a decline of 11.3%[18]. - Operating profit for 2022 was HKD 152,708, down from HKD 240,848 in 2021, indicating a decrease of 36.5%[18]. - Net profit attributable to shareholders for the year was HKD 154,462, compared to HKD 221,043 in the previous year, a decline of 30.1%[18]. - Basic and diluted earnings per share decreased to HKD 15.73 from HKD 22.51, a drop of 30.3%[18]. - The total comprehensive income for the year ended December 31, 2022, was HKD 307,625,000, compared to HKD 221,043,000 in the previous year, reflecting a significant increase[21]. - The company reported a net loss of HKD 69,816,000 for the year, compared to a profit of HKD 154,462,000 in the previous year, indicating a shift in financial performance[21]. Assets and Liabilities - Total assets as of December 31, 2022, were HKD 5,490,787, down from HKD 5,790,323 in 2021, a decrease of 5.2%[16]. - Total liabilities decreased to HKD 1,043,404 in 2022 from HKD 1,165,583 in 2021, a reduction of 10.5%[16]. - The company reported a decrease in cash and cash equivalents to HKD 309,805 from HKD 454,342, a decline of 31.7%[18]. - The company’s investment properties decreased to HKD 2,775,582 from HKD 2,994,394, a decline of 7.3%[15]. - The company’s reserves decreased to HKD 3,346,025 from HKD 3,523,382, a reduction of 5.0%[15]. - The total financial liabilities amounted to HKD 237,136,000, with HKD 179,307,000 due within one year[98]. - The total lease liabilities increased to HKD 52,888,000 from HKD 26,450,000 in the previous year[99]. Inventory and Provisions - The group's inventory as of December 31, 2022, was valued at HKD 205 million, with significant estimates involved in the provision for obsolete inventory[8]. - The company’s management has applied specific provisions for obsolete inventory based on historical sales data and current market conditions, indicating a high level of estimation uncertainty[8]. - The audit identified key audit matters, including the valuation of investment properties and the carrying value of inventory, which are critical for assessing financial performance[6]. - The impairment provision for inventories was HKD 33,813,000 in 2022, compared to a reversal of HKD (50,591,000) in 2021, indicating a shift towards increased provisions[182]. Investment Properties - As of December 31, 2022, the group's investment properties were valued at HKD 27.76 billion, representing approximately 51% of the total asset value[9]. - The fair value loss on investment properties for the year ended December 31, 2022, was approximately HKD 57 million[9]. - The valuation methods used for investment properties included the income capitalization approach and direct comparison method, which rely on unobservable input data such as market rent and yield[9]. - The company engaged independent valuation experts to assess the valuation methods and assumptions applied, ensuring their appropriateness and objectivity[9]. - The audit identified significant inherent risks related to the valuation of investment properties due to the reliance on estimates and market data[9]. Cash Flow and Financing - The net cash generated from operating activities for the year was HKD 30,964,000, a decrease of 84.7% from HKD 202,318,000 in the previous year[23]. - Cash and cash equivalents decreased by HKD 106,588,000, ending the year at HKD 309,805,000, down from HKD 454,342,000 at the beginning of the year[23]. - The company has arranged bank financing for several property units and provided guarantees for buyers' repayment obligations[90]. - The net cash position was HKD (1,127,199,000) as of December 31, 2022, compared to HKD (1,326,058,000) in the previous year[101]. Governance and Compliance - The independent auditor's report confirmed that the consolidated financial statements reflect a true and fair view of the group's financial position as of December 31, 2022[3]. - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[3]. - The company’s board approved the revised financial statements on September 20, 2024, indicating ongoing governance and oversight[1]. - The independent auditor emphasized the importance of management's judgment in estimating provisions for inventory, which is subject to inherent risks due to market trends and customer preferences[8]. Dividends and Share Buybacks - The company paid dividends totaling HKD 103,122,000 during the year, consistent with the previous year's dividend payments[23]. - The company repurchased and canceled 3,678,000 ordinary shares during the year at a total cost of HKD 4,419,000, with an average repurchase price of HKD 1.192 per share[169]. - The proposed final dividend for the year 2022 is HKD 5.0 per share, totaling HKD 48,922,000[199]. Taxation - The total tax expense for the year ended December 31, 2022, was HKD 19,678,000, a decrease from HKD 40,008,000 in 2021[197]. - The estimated taxable profit before tax for the year ended December 31, 2022, was HKD 174,140,000, down from HKD 261,051,000 in 2021[197]. - The effective tax rate applied was 16.5% for both 2022 and 2021[197]. Employee Costs - Employee costs, including directors' remuneration, decreased to HKD 203,617,000 in 2022 from HKD 224,356,000 in 2021, a decline of 9.2%[183]. - The total remuneration for the highest-paid individuals in 2022 was HKD 9,388,000, down from HKD 15,667,000 in 2021[193]. - The total remuneration for the CEO in 2022 was HKD 9,773,000, compared to HKD 11,031,000 in 2021[193]. - The company did not pay any retirement benefits to directors during the year ended December 31, 2022[189].
金利来集团(00533) - 2024 - 年度财报