万洲国际(00288) - 2022 - 年度财报

Financial Performance - Revenue rose by 3.1% to $28,136 million in 2022, compared to $27,293 million in 2021[7] - Operating profit increased by 6.5% to $2,093 million in 2022, up from $1,966 million in 2021[7] - Profit attributable to shareholders (before biological fair value adjustments) surged by 34.3% to $1,401 million in 2022, compared to $1,043 million in 2021[8] - Basic earnings per share (before biological fair value adjustments) rose by 48.2% to 10.92 cents in 2022, compared to 7.37 cents in 2021[8] - The company reported a significant increase in revenue, with a year-over-year growth of 15% in the last quarter[29] - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the upcoming fiscal year[29] - The company achieved a revenue growth rate of 3.1% in 2022, down from 6.7% in 2021, reflecting a decrease of 3.6 percentage points[46] - The adjusted EBITDA margin before biological fair value adjustments improved to 11.2% in 2022 from 9.1% in 2021, an increase of 2.1 percentage points[46] - The net profit margin before biological fair value adjustments increased to 6.0% in 2022, up from 4.7% in 2021, representing a rise of 1.3 percentage points[46] Sales and Production - Meat product sales increased by 0.7% to 3,344 thousand tons in 2022, compared to 3,320 thousand tons in 2021[6] - Pork sales decreased by 7.9% to 4,019 thousand tons in 2022, down from 4,362 thousand tons in 2021[6] - The meat products segment accounted for 98.7% of the group's operating profit and 51.7% of total revenue in 2022, up from 96.4% and 50.6% in 2021, respectively[36] - The pork business contributed 1.4% to the group's operating profit and 41.9% to total revenue in 2022, compared to 0.2% and 43.9% in 2021[36] - The poultry business slaughtered approximately 240 million birds in 2022, an increase of 30.2% from the previous year, contributing to the protein diversification strategy[42] - The total output of live pigs in China in 2022 was 700 million heads, an increase of 4.3% from 671 million heads in 2021[31] - The total pork production in China reached 55.4 million tons in 2022, up 4.5% from 53 million tons in 2021[31] Dividends and Shareholder Returns - The company plans to distribute a final dividend of HK$0.25 per share, bringing the total dividend for the year to HK$0.30 per share[12] - The company proposed a final dividend of HKD 0.25 per share for the year ended December 31, 2022, compared to HKD 0.14 per share in 2021, resulting in a total dividend of HKD 0.30 per share for 2022, amounting to approximately HKD 38.49 billion or USD 4.90 billion[109] - The company plans to continue paying interim and final dividends amounting to no less than 30% of the net profit attributable to equity holders of the parent company[112] Management and Governance - The board consists of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors[13] - The leadership team is committed to enhancing the company's market position and operational efficiency[15] - The company is committed to maintaining high standards of corporate governance through its experienced board and management team[18] - The management team has a diverse range of experiences across various sectors, which is expected to drive innovation and market expansion[18] - The company emphasizes the importance of corporate culture aligned with its purpose, values, and strategy, promoting a legal and ethical framework[79] Market and Operational Strategy - The company aims to enhance its supply chain and diversify its meat products while expanding market reach and optimizing processes for better competitiveness[12] - The Americas business saw a significant 20% increase in meat product profitability despite ongoing inflationary pressures[12] - The European business faced challenges with sales and profitability declining due to the impacts of war, animal diseases, and inflation[12] - The company is focused on leveraging the expertise of its board members to enhance strategic decision-making and market positioning[18] - The company aims to increase its market share by 3% through targeted marketing strategies[29] Financial Position and Ratios - The company maintained a current ratio of 1.6 as of December 31, 2022, compared to 1.7 in 2021[48] - The debt-to-equity ratio improved to 32.3% in 2022 from 41.4% in 2021, a decrease of 9.1 percentage points[46] - The company has a total unused bank financing amounting to $5.725 billion as of December 31, 2022, compared to $5.796 billion in 2021[48] - The total outstanding loan principal as of December 31, 2022, was $3.395 billion, a decrease from $4.049 billion in 2021[55] - The company's capital expenditures for 2022 amounted to $975 million, compared to $933 million in 2021, with significant investments in China and the U.S.[58] Risk Management and Compliance - The company has a risk management system in place to monitor and report on significant risks, with an effective Enterprise Risk Management (ERM) system[69] - The company emphasizes the importance of proper handling and disclosure of inside information, adhering to relevant regulations and guidelines[99] - The company has established a comprehensive risk management and reporting system to address significant risks and ensure business objectives are met[97] - The company conducted an annual review of its risk management and internal control systems, ensuring their adequacy and effectiveness[96] Sustainability and Community Engagement - The company was selected as a constituent of the Hang Seng Sustainable Development Index and received an A+ rating in 2022, indicating recognition of its performance in sustainability[75] - The company achieved a BBB rating from MSCI, the world's largest index provider, reflecting its commitment to environmental, social, and governance (ESG) standards[75] - Charitable donations made by the company during the review period totaled USD 5 million, reflecting its commitment to community engagement[114] - The company is actively monitoring the impact of its operations on the environment and surrounding communities, reflecting its commitment to sustainable development[75] Audit and Financial Reporting - The consolidated financial statements for the year ended December 31, 2022, were audited by Ernst & Young[148] - The audit committee assists the board in overseeing the financial reporting process and ensuring compliance with relevant regulations[153] - The auditor's responsibility includes identifying and assessing risks of material misstatement in the financial statements and designing appropriate audit procedures[155] - The company is responsible for preparing financial statements that are free from material misstatement due to fraud or error, in accordance with International Financial Reporting Standards[153] Shareholding and Equity - Mr. Wan Long holds a total of 2,169,781,518 shares, representing approximately 16.91% of the company's equity[127] - Mr. Ma Xiangjie has a significant stake of 5,029,376,978 shares, accounting for 39.20% of the company's equity[127] - The company has a total of 146,198,889 shares held by Mr. Wan Long related to stock options, which is about 1.14% of the total shares[129] - The company has a total of 301,736 shares held by Mr. Wan Long in a related corporation, representing 0.01%[130]