Dividend Policy and Shareholder Returns - The company has adopted a dividend policy aimed at providing stable and continuous returns to shareholders, considering financial status, operational needs, and future expansion plans[2] - The company did not declare or pay dividends due to certain conditions outlined in the Bermuda Companies Act[77] - The company did not recommend a final dividend for the year ended December 31, 2022, compared to a dividend of HKD 0.11 per share in 2021[150] Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 12,630 million, an increase from HKD 10,277 million in 2021, representing a growth of 23%[147] - The company reported a loss attributable to shareholders of HKD 7 million for the year, compared to a profit of HKD 676 million in 2021, marking a decline of 101%[147] - Basic loss per share was HKD (0.85), a significant decrease from HKD 85.25 in the previous year[147] - Total assets as of December 31, 2022, were HKD 17,592 million, down from HKD 18,404 million in 2021, reflecting a decrease of 4.4%[124] - Total liabilities decreased to HKD 6,712 million from HKD 6,939 million, a reduction of 3.3%[124] - The return on equity attributable to shareholders was -0.1% for 2022, compared to 6.3% in 2021, indicating a significant decline in profitability[147] Revenue and Sales Performance - In 2022, the real estate development projects generated property sales of approximately RMB 769 million[19] - Road King achieved property sales in mainland China totaling RMB 41.71 billion, with a 5% increase compared to 2021, and an average selling price of RMB 24,000 per square meter[34] - Toll revenue in mainland China decreased by 12% to RMB 2.782 billion, with average daily traffic dropping by 17% to 227,300 vehicles[35] - In 2022, toll revenue from Indonesian operations increased by 49% to RMB 934 million, with average daily traffic rising to 91,800 vehicles[35] - Daily mixed traffic volume and toll revenue for the mainland and Indonesian highway projects reached 319,100 vehicles and RMB 3,716,000,000, representing a decrease of 1% and 2% respectively compared to the previous year[183] Investment and Financial Management - The company will adopt a conservative strategy in making new investment decisions and will closely monitor the performance of existing investments[55] - The nominal amount of interest rate swap contracts designated as effective hedging instruments was HKD 800,000,000, with a fair value of HKD 60,000,000 as of December 31, 2022[82] - The company’s investment portfolio in quoted debt securities was valued at HKD 497,000,000 as of December 31, 2022, down from HKD 850,000,000 in 2021[168] - As of December 31, 2022, the net loss from investments was HKD 54 million, down from HKD 94 million in 2021, with a net loss of HKD 45 million from niche investments[49] Operational Performance - The construction materials segment recorded revenue of HKD 473 million, a slight decrease from HKD 482 million in 2021, with net profit dropping to HKD 23 million from HKD 33 million[23] - The construction business experienced a 24% increase in revenue, although actual growth was lower than expected due to COVID-19-related project suspensions[22] - The concrete business saw improved revenue and net profit in the second half of 2022 due to the recovery of construction activities[25] - The asphalt business recorded a slight loss in 2022, facing challenges from low activity in major infrastructure projects and aggressive pricing strategies from competitors[162] - The stone quarry segment generated revenue of HKD 205,000,000, down from HKD 213,000,000 in 2021, but net profit increased to HKD 36,000,000 from HKD 28,000,000[163] Environmental and Risk Management - The company implemented an environmental management system compliant with ISO 14001:2015 to monitor its environmental impact[105] - The company aims to exceed regulatory requirements and has established an environmental policy to collaborate with stakeholders to reduce its operational impact[104] - The company’s risk management and internal control systems are based on the COSO framework, which includes 17 principles across five components[84] Debt and Financial Ratios - Total borrowings decreased from HKD 2,238 million to HKD 1,655 million, with financial costs recorded at HKD 74 million for the year[50] - The capital debt ratio improved to 16.6% from 21.0% in the previous year, while the net capital debt ratio was -10.1% compared to 0.8% in 2021[52] - As of December 31, 2022, total bank loans amounted to HKD 114 million, a decrease from HKD 169 million in 2021[197] Project and Engineering Developments - The total value of new engineering projects won by the group amounted to HKD 7.3 billion, with ongoing projects valued at HKD 25.8 billion[39] - The company signed a supplementary agreement with the Hong Kong government in October 2022 to extend the operating rights of the Blue Land Quarry until the end of 2025, which is expected to improve the segment's performance in 2023[165] Shareholder Communication - The company emphasizes effective communication with shareholders through various channels, including financial reports and shareholder meetings, to ensure transparency and engagement[16]
WAI KEE HOLD(00610) - 2022 - 年度财报