Financial Performance - The company recorded a consolidated profit attributable to shareholders of approximately HKD 489 million for the year ended December 31, 2022, down from HKD 670 million in 2021, representing a decrease of about 27%[5] - Total revenue for the year was HKD 72 million, compared to HKD 81 million in 2021, indicating a decline of approximately 11%[17] - The contribution from property investment and development accounted for 96% of total revenue, slightly up from 95% in 2021[17] - The company reported a loss of HKD 80 million from its share of joint ventures, a significant decline from a profit of HKD 18 million in 2021, primarily due to provisions related to a legal claim[23] - The group recorded a consolidated profit attributable to shareholders of HKD 489 million for the year ended December 31, 2022, down from HKD 670 million in 2021, primarily due to a decrease in profit contributions from joint ventures[35] - The group's share of profits from its investment in LAAPL for the year was HKD 554 million, down from HKD 636 million in 2021, primarily due to reduced profit contributions from equity-accounted investments[40] - The group recorded a profit of HKD 17 million for the year before accounting for the performance of associated companies and joint ventures, compared to a loss of HKD 500,000 in 2021[40] Assets and Liabilities - As of December 31, 2022, total assets amounted to HKD 11.2 billion, a decrease from HKD 11.6 billion in 2021, with property-related assets accounting for HKD 11 billion, representing 98% of total assets[41] - The group's net asset value attributable to equity holders decreased to HKD 10.7 billion as of December 31, 2022, compared to HKD 11.2 billion in 2021, equivalent to HKD 5.3 per share[47] - As of December 31, 2022, total liabilities increased to HKD 523 million from HKD 349 million in 2021[41] - Cash and cash equivalents totaled HKD 207 million as of December 31, 2022, up from HKD 122 million in 2021[41] - The current ratio improved to 5.7 as of December 31, 2022, compared to 4.0 in 2021[41] Operational Developments - The company is preparing to capitalize on the growing demand from international business and leisure travelers with the newly renovated Hilton Orchard Singapore, which has upgraded all 1,080 rooms and suites[11] - The construction and development of two hospitals in mainland China are progressing as planned, expected to provide approximately 340 beds, with one hospital anticipated to open in 2023 and the other in 2024[20] - The hospitality sector showed improvement, with the Orchard Hilton hotel reopening 446 rooms in January 2023, marking the completion of asset enhancement initiatives announced in March 2020[38] Employee and Governance - The group's employee costs, including director remuneration, amounted to HKD 22 million in 2022, a decrease from HKD 27 million in 2021[27] - The company appointed one female director this year to enhance gender diversity in its leadership[68] - The board of directors confirmed that they dedicated sufficient time and attention to the company's affairs during the year[69] - The company has arranged for directors and senior staff liability insurance to provide indemnity against potential liabilities arising from the group's business[71] - The audit committee will hold at least two meetings annually to oversee financial reporting and risk management[72] Risk Management and Compliance - The company has established a risk management framework based on ISO 31000 and COSO guidelines, focusing on systematic risk identification and compliance with relevant laws[88] - The board is responsible for overseeing the risk management and internal control systems, which are reviewed for adequacy and effectiveness at least annually[112] - The group has established a risk management framework to identify, assess, and manage risks across its operations, ensuring continuous monitoring and reporting[115] - The internal audit department regularly assesses internal control measures and provides recommendations for improvement[135] Environmental, Social, and Governance (ESG) - The board is responsible for overseeing the company's environmental, social, and governance (ESG) matters, including policies and performance[85] - The company conducted online ESG training workshops for employees, covering the latest local reporting standards and data protection[86] - The group has integrated environmental, social, and governance (ESG) risk factors into its enterprise risk management processes, reflecting the increasing importance of these risks[119] - The company has identified significant risks related to ESG factors, emphasizing the importance of sustainability in its operations[133] - The company reported a significant increase in nitrogen oxides emissions, rising from 0.38 kg in 2021 to 1.02 kg in 2022[123] - Sulfur dioxide emissions also increased from 0.59 kg in 2021 to 3.08 kg in 2022, indicating a concerning trend in air quality impact[123] - The company has implemented waste management practices, including recycling and proper disposal of waste according to environmental regulations[150] - The company aims to reduce waste by classifying and recycling waste according to its type[151] Future Outlook - The company will continue to act prudently and seize opportunities to create value for all stakeholders amid ongoing market challenges in 2023[6] - The group aims to continue managing funds prudently in a challenging operating environment while seizing strategic opportunities as conditions improve[35] - The economic growth forecast for Singapore in 2023 is between 0.5% and 2.5%, amid ongoing global economic challenges[27]
香港华人有限公司(00655) - 2022 - 年度财报