Financial Performance - Total revenue for the year 2022 was HKD 439,482,000, an increase of 34.5% compared to HKD 326,398,000 in 2021[146]. - Gross profit for 2022 reached HKD 172,868,000, significantly up from HKD 49,104,000 in 2021, marking a gross margin improvement[146]. - Profit before tax surged to HKD 616,309,000, compared to HKD 73,868,000 in the previous year, reflecting a substantial increase of 736.5%[146]. - Net profit for the year was HKD 592,163,000, a remarkable rise from HKD 65,599,000 in 2021, indicating a growth of 803.5%[146]. - Basic earnings per share for 2022 was HKD 6.63, compared to HKD 0.73 in 2021, representing an increase of 807.5%[146]. - The company reported a gain from the sale of a subsidiary amounting to HKD 521,857,000, which was not present in the previous year[146]. - The fair value of investment properties experienced a net impairment loss of HKD 5,000,000 in 2022, contrasting with a gain of HKD 62,300,000 in 2021[146]. - Administrative expenses increased to HKD 37,977,000 from HKD 33,920,000, reflecting a rise of 6.0%[146]. - Financial costs rose significantly to HKD 23,098,000 from HKD 6,508,000, indicating an increase of 254.5%[146]. - The company's profit attributable to owners for the year ended December 31, 2022, was HKD 593 million, an increase of HKD 527 million compared to HKD 66 million in 2021[172][184]. Assets and Liabilities - The company's total equity as of December 31, 2022, was HKD 4,232,764,000, an increase from HKD 3,738,976,000 on January 1, 2021[66]. - Total non-current assets increased to HKD 4,971,785,000 in 2022 from HKD 4,175,608,000 in 2021, representing a growth of 19%[84]. - The company's total assets minus current liabilities reached HKD 4,536,518,000 in 2022, up from HKD 3,878,597,000 in 2021, an increase of 17%[96]. - Non-current liabilities included bank loans of HKD 219,715,000, which were not present in the previous year[63]. - Net current liabilities increased to HKD 435,267,000 in 2022 from HKD 297,011,000 in 2021, indicating a rise of 47%[96]. - The company’s bank loans decreased significantly to HKD 22,000,000 in 2022 from HKD 310,299,000 in 2021, a reduction of 93%[84]. - The company had unused bank financing totaling HKD 912,000,000 as of December 31, 2022, slightly up from HKD 910,500,000 in 2021[164]. - The overall debt amount is HKD 857 million, with interest payments of approximately HKD 25 million due in the coming year[171]. - As of December 31, 2022, the group's total debt was HKD 857 million, an increase from HKD 504 million in 2021, primarily due to the acquisition of the Ting Lan Hotel for HKD 1.42 billion[193]. Risk Management and Internal Controls - The audit committee reviewed the effectiveness and adequacy of the group's risk management and internal control systems during the year[6]. - The group established a risk management committee in 2019, focusing on business, financial, and property asset management risks[4]. - The board evaluates the effectiveness of existing controls and provides remediation plans when necessary[4]. - The internal audit team conducts independent reviews of the adequacy and effectiveness of the group's internal audit and control systems[4]. Shareholder and Dividend Policies - The company considers actual and future operational and liquidity conditions when deciding on dividend distributions[16]. - The company did not recommend the distribution of a final dividend for the year ended December 31, 2022, consistent with the previous year[35]. - The group has a dividend policy that allows for the declaration of dividends based on profits, with the option to distribute dividends in shares or other specified assets[139]. Hotel Operations and Market Conditions - The group operates eight hotels, with seven in Hong Kong and one in London, facing significant operational expenses and market volatility affecting profit margins[29]. - The market marginal profit for the hotel business is typically between 35% to 40% of total revenue, indicating potential for significant net profit reduction due to revenue reversals[29]. - The average occupancy rates for the hotels in 2022 ranged from 71% to 97%, with the highest being 97% at the Best Western Hotel Tsim Sha Tsui[175]. - Future hotel operations are expected to improve as the impact of COVID-19 lessens, but challenges remain due to economic and geopolitical instability[197]. - The future outlook for hotel and rental income remains challenging, with ongoing efforts to increase revenue and manage costs[198]. Acquisitions and Investments - The group acquired the Ting Lan Hotel at approximately HKD 6,570 per square foot, which includes 435 rooms and a total area of 216,314 square feet, excluding parking spaces[196]. - The group acquired the Wood Street Police Headquarters in London for GBP 40 million, covering 20,000 square feet with a total internal area of 117,472 square feet[199]. Environmental and Social Responsibility - The group aims to minimize its environmental impact through various measures to reduce carbon emissions and improve energy and water efficiency, with regular reviews of these measures[143]. - The company maintains a gender diversity policy, with women representing approximately 44% of both the board and total staff[13].
华大酒店(00201) - 2022 - 年度财报