Financial Performance - For the year ended December 31, 2022, the company recorded a consolidated loss attributable to shareholders of HKD 358.3 million, compared to a loss of HKD 494.4 million in the previous fiscal year[12]. - The company's core profit, excluding fair value changes, was HKD 175.2 million for 2022, down from HKD 267.8 million in the previous year[16]. - The company recorded a profit of HKD 4 million for the year, down from HKD 33.6 million in the previous year, primarily from property sales in Chengdu[25]. - The net cash flow from operating activities for the year was HKD 706 million, a decrease from HKD 716.2 million in the previous year[132]. - The net interest expense for the year was HKD 486.3 million, significantly higher than HKD 301.7 million in the previous year[132]. - As of December 31, 2022, the group's cash and bank deposits, along with time deposits, totaled HKD 2,372.3 million, down from HKD 3,033.6 million in the previous year[133]. - The debt-to-asset ratio as of December 31, 2022, was 41.4%, an increase from 38.3% in the previous year, with total liabilities amounting to HKD 17,302.8 million[155]. - The company’s financial performance and position for the year ended December 31, 2022, are detailed in the financial statements from pages 54 to 177[183]. Property and Investment Performance - The company's investment property portfolio generated a fair value gain of HKD 754.7 million, compared to HKD 309.3 million in the previous year, contributing to a total profit of HKD 929.9 million before distributions to fund unit holders[16]. - The average price of residential units in Hong Kong fell by over 15% during the year, marking the end of a decade-long upward trend in property prices[9]. - Regal Hotels International Holdings Limited's significant investments include hotel ownership, management, and property development through P&R Holdings Limited, which is a joint venture[75]. - The company has ongoing renovation projects in Lisbon, Portugal, and a historical building in London, which is yet to have a development plan finalized[23]. - The company operates a shopping mall named We Go MALL located in Ma On Shan, Hong Kong[63]. - The company has reported a comprehensive strategy involving asset management and property investment through its subsidiaries[75]. - The project covers a site area of 17,476 square meters (188,100 square feet) and has developed into a luxury residential complex with a total floor area of approximately 32,474 square meters (349,547 square feet), consisting of 136 apartment units and 24 garden houses[80]. - A total of 20 garden houses and 53 apartment units have been sold or contracted at a total sales amount of HKD 4,300,800,000, with 15 garden houses and 45 apartment units sold for HKD 3,422,300,000[80]. - The third phase of the property development has been completed, with total pre-sale and sales proceeds amounting to approximately RMB 2,046,200,000 (HKD 2,337,800,000)[94]. - The sales of commercial units in the third phase are ongoing, with 3,933 square meters (42,335 square feet) sold or contracted for a total sales amount of approximately RMB 90,900,000 (HKD 103,900,000)[95]. Hotel Operations - The company’s hotel operations resumed normal business following the end of mandatory quarantine requirements for inbound travelers in late September 2022[18]. - The basic rental income for three Regal Hotels in 2023 is set at HKD 92 million, an increase of approximately 13.6% from the previous year's total[20]. - The new hotel project at Hong Kong International Airport has been granted development rights, with a total of 1,208 rooms and suites planned, featuring sustainable design and operations[86][88]. - The hotel is set to officially open in April 2023 after a trial operation began in December 2021[88]. - The hotel project at 2 Yung Ka Street, Kowloon, has developed into a 20-story building with 288 guest rooms and opened in March 2019, currently operated by P&R and managed by the group[106]. - The hotel project near Hong Kong International Airport has a site area of approximately 6,650 square meters (71,580 square feet) and a total gross floor area of 33,700 square meters (362,750 square feet)[110]. Corporate Governance and Shareholder Information - No interim dividends were declared for ordinary shareholders for the year ended December 31, 2022, consistent with the previous year[164]. - The board has decided not to recommend the payment of a final dividend for the year ended December 31, 2022, similar to the previous year[184]. - Major shareholders include YSL Int'l, Grand Modern Investments Limited, and Century City, each holding 694,124,547 ordinary shares, representing 62.28% of the issued ordinary shares[197]. - Almighty International Limited holds 346,994,526 ordinary shares, accounting for 31.13% of the issued ordinary shares[197]. - Cleverview Investments Limited possesses 180,811,470 ordinary shares, which is 16.22% of the issued ordinary shares[197]. - Century City is owned 52.72% by Grand Modern, and its shareholding is included in Grand Modern's reported holdings[198]. - The company has no other disclosures required under the Listing Rules as of December 31, 2022[200]. Market Conditions and Economic Impact - The Hong Kong economy contracted by 3.5% in 2022, with external exports and domestic demand both declining[13]. - The group maintains a large investment portfolio, including investments in funds, private equity, and bonds, but recorded a net loss in its financial asset investment business due to a challenging market environment[126]. - The company is exploring alternative business and renovation plans for a historical property in response to recent market changes[143].
百利保控股(00617) - 2022 - 年度财报