Financial Performance - Total revenue for 2022 was HK$1,965,280 thousand, a decrease of 14% compared to HK$2,285,650 thousand in 2021[8] - Net loss for 2022 was HK$127,783 thousand, an increase of 84% compared to HK$69,411 thousand in 2021[8] - Revenue for 2022 was HK$180.19 million, a decrease from HK$197.82 million in 2021[96] - Gross profit for 2022 was HK$81.81 million, down from HK$93.76 million in 2021[96] - Operating loss for 2022 was HK$91.19 million, compared to HK$37.72 million in 2021[96] - Net loss for 2022 was HK$127.78 million, an increase from HK$69.41 million in 2021[96] - The company's loss attributable to owners was HK$76.23 million in 2022, compared to HK$64.42 million in 2021[96] - Basic loss per share was HK$0.8808 in 2022, compared to HK$0.7444 in 2021[96] - Pre-tax loss for 2022 increased to HK$125.055 million from HK$69.402 million in 2021[154] - Total comprehensive income for the year ended December 31, 2022, was HK$523.212 million, compared to a loss of HK$210.361 million in the previous year[127] Assets and Liabilities - Total assets decreased by 7% to HK$1,442,068 thousand in 2022 from HK$1,552,077 thousand in 2021[8] - Total liabilities decreased by 29% to HK$523,212 thousand in 2022 from HK$733,573 thousand in 2021[8] - Total non-current assets decreased from HKD 1,126,711,000 in 2021 to HKD 1,015,870,000 in 2022, a decline of approximately 9.8%[97] - Investment properties decreased from HKD 925,677,000 in 2021 to HKD 856,025,000 in 2022, a reduction of about 7.5%[97] - Current assets decreased from HKD 1,158,939,000 in 2021 to HKD 949,410,000 in 2022, a decline of approximately 18.1%[97] - Cash and bank balances increased from HKD 6,035,000 in 2021 to HKD 8,608,000 in 2022, a growth of about 42.6%[97] - Current liabilities increased from HKD 98,982,000 in 2021 to HKD 186,576,000 in 2022, a rise of approximately 88.5%[97] - Net current assets decreased from HKD 1,059,957,000 in 2021 to HKD 762,834,000 in 2022, a decline of about 28.0%[97] - Total assets minus current liabilities decreased from HKD 2,186,668,000 in 2021 to HKD 1,778,704,000 in 2022, a reduction of approximately 18.7%[97] - The fair value of Guangzhou Property One, a significant investment property, was HKD 724,416,000 as of December 31, 2022[111] - Deposits and other receivables amounted to approximately HKD 86,932,000 as of December 31, 2022[117] Environmental Impact - Total greenhouse gas emissions increased significantly to 2,205.8 tons of CO2 equivalent in 2022 from 184.2 tons in 2021[41] - Total energy consumption increased to 3,621,613.4 kWh equivalent in 2022 from 349,527.0 kWh in 2021[41] - Electricity consumption increased to 3,564,325.7 kWh in 2022 from 277,140.5 kWh in 2021[41] - Scope 2 indirect emissions increased to 2,170.8 tons of CO2 equivalent in 2022 from 164.7 tons in 2021[41] Employee Statistics - The company had 63 employees as of December 31, 2022, a decrease from 69 employees in 2021[30] - Total number of employees in 2022 was 63, with an overall employee turnover rate of 16.9%[42] - Male employees had a turnover rate of 12.8%, while female employees had a higher turnover rate of 23.1%[42] - Employees aged 31-50 had the highest turnover rate at 17.5%, followed by those aged 51+ at 17.0%[42] - Employees in China had a turnover rate of 18.5%, compared to 9.1% in Hong Kong[42] - 46.2% of employees received training in 2022, with an average training duration of 0.5 hours[43] - Female employees had a higher training participation rate (53.3%) compared to male employees (46.7%)[43] - Middle management had the highest training participation rate at 83.3%, with an average training duration of 0.8 hours[43] - The company employed approximately 63 employees in Hong Kong and China as of December 31, 2022, compared to 69 employees in 2021[68] Corporate Governance - The Board of Directors consists of 2 executive directors and 6 independent non-executive directors[47] - All directors participated in continuous professional development training in 2022[50] - The Audit Committee is composed of 3 independent non-executive directors and oversees financial reporting and internal controls[65] - The company's registered office is located at P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands, with its principal place of business in Hong Kong at Room D, 17th Floor, Mega Trade Centre, 133 Hoi Bun Road, Kowloon, Hong Kong[129] - The company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since May 24, 2000[129] Financial Reporting and Standards - The application of revised Hong Kong Financial Reporting Standards during the year had no significant impact on the financial position and performance of the group[131] - The group did not apply any new or revised standards and interpretations that have been issued but are not yet effective for the fiscal year beginning January 1, 2022[132] - Non-controlling interests are presented within equity in the consolidated statement of financial position and consolidated statement of changes in equity, and are allocated to non-controlling shareholders and owners of the company in the consolidated income statement and consolidated statement of comprehensive income[135] - Investments in subsidiaries are accounted for at cost less impairment losses, unless classified as held for sale[136] - The group assesses whether there is any objective evidence that the investment in associates may be impaired, and any impairment loss recognized is not allocated to any assets forming part of the carrying amount of the investment[140] - Foreign currency transactions and balances in the financial statements of each entity are translated using the exchange rate at the transaction date, and exchange differences arising are recognized in other comprehensive income and accumulated in the foreign currency translation reserve[145] - Investment properties are initially measured at cost, including all directly attributable costs, and any gain or loss on disposal is recognized in profit or loss[150] - Development properties are carried at the lower of cost and net realizable value. Cost includes the acquisition cost of leasehold land, construction costs, capitalized borrowing costs, and other direct costs attributable to the property. Net realizable value is the estimated selling price less the estimated costs of completion and sale[187] - The company's investment properties are subsequently measured at fair value, unless they are under construction or development and fair value cannot be reliably measured at the reporting date. Gains or losses from changes in fair value are recognized in profit or loss during the period in which they arise[197] Cash Flow and Expenses - Operating cash flow for 2022 was HK$175.742 million, compared to a negative HK$263.083 million in 2021[154] - Financing costs rose to HK$33.863 million in 2022 from HK$31.682 million in 2021[154] - Depreciation of property, plant, and equipment increased to HK$10.856 million in 2022 from HK$8.678 million in 2021[154] - Provision for development properties was HK$70.851 million in 2022, with no provision in 2021[154] - Impairment loss on deposits and other receivables decreased to HK$3.091 million in 2022 from HK$54.580 million in 2021[154] - Cash generated from operations before working capital changes was HK$4.490 million in 2022, down from HK$33.520 million in 2021[154] - Inventory decreased by HK$983,000 in 2022, compared to an increase of HK$6.412 million in 2021[154] - Prepayments, deposits, and other receivables decreased by HK$138.675 million in 2022, compared to an increase of HK$223.164 million in 2021[154] - Cash flow from investing activities was HK$85,000 in 2022, compared to a negative HK$8.680 million in 2021[154] - The company's administrative and other operating expenses increased to HK$89.36 million in 2022 from HK$76.56 million in 2021[96] - The company's finance costs increased to HK$33.86 million in 2022 from HK$31.68 million in 2021[96] Property and Investments - The company's development property in Zhuhai had a net realizable value of approximately HK$456.40 million as of December 31, 2022[86] - A provision of approximately HKD 70,851,000 was recognized in the income statement for the year ended December 31, 2022, related to the net realizable value of Zhuhai property[114] - The company's right-of-use assets are initially measured at cost, which includes the initial amount of the lease liability, any lease payments made on or before the commencement date, and any initial direct costs incurred. In applicable cases, the cost also includes estimates of dismantling, removal, or restoration costs, discounted to their present value, and less any lease incentives received[178] - Lease modifications, such as changes in lease scope or lease payments (excluding initial amounts), result in the remeasurement of the lease liability. The lease liability is recalculated based on the revised lease payments, lease term, and revised discount rate as of the modification date. Exceptions apply for COVID-19-related rent concessions under specific conditions[184] - The company classifies leases as either finance leases or operating leases at the commencement date. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the asset to the lessee. Otherwise, it is classified as an operating lease[185]
新城市建设发展(00456) - 2022 - 年度财报