Financial Performance - The company reported a net profit decline of over 24% to approximately HKD 371 million for the year ended December 31, 2022, compared to HKD 489 million in 2021[54]. - The group's revenue for the year ended December 31, 2022, was HKD 273.713 million, an increase from HKD 268.262 million in 2021, representing a growth of approximately 1.7%[122]. - The gross profit for the same period was HKD 230.797 million, compared to HKD 216.168 million in 2021, reflecting a growth of about 6.8%[122]. - The profit before tax for the year was HKD 464.146 million, down from HKD 611.235 million in 2021, indicating a decline of about 24.1%[122]. - The net profit for the year was HKD 371.261 million, compared to HKD 489.644 million in 2021, representing a decrease of approximately 24.1%[122]. - The group reported other income and gains of HKD 308.999 million, a significant decrease from HKD 452.512 million in 2021, reflecting a decline of approximately 31.7%[122]. - The financing costs increased to HKD 37.350 million from HKD 16.955 million in 2021, marking an increase of about 120.5%[122]. Assets and Liabilities - The company's cash and cash equivalents were approximately HKD 571 million as of December 31, 2022, compared to HKD 462 million at the end of 2021[64]. - Total bank and other borrowings amounted to approximately HKD 1,499 million as of December 31, 2022, compared to HKD 1,487 million in 2021[64]. - The asset-liability ratio was approximately 13% as of December 31, 2022, unchanged from the previous year[64]. - As of December 31, 2022, total assets amounted to HKD 13,142,639, a decrease from HKD 13,337,239 in 2021, representing a decline of approximately 1.5%[126]. - Total liabilities as of December 31, 2022, were HKD 3,446,642, down from HKD 3,483,850 in 2021, indicating a reduction of about 1.1%[126]. - The company's non-controlling interests stood at HKD 1,772,081 as of December 31, 2022, slightly decreasing from HKD 1,777,781 in 2021[126]. - The available reserves for cash or physical distribution as of December 31, 2022, were approximately HKD 878,894,000[138]. Investments and Property Management - Rental and property management fee income increased by approximately 0.3% to about HKD 239 million in 2022, with rental income from Hong Kong rising about 2% to approximately HKD 72 million[54]. - The fair value gain from investment properties decreased by about 5% to approximately HKD 392 million in 2022, down from HKD 413 million in 2021[55]. - The investment properties in Hong Kong generated stable rental income of approximately HKD 72 million in 2022, unchanged from 2021[163]. - The properties in Shanghai achieved an average occupancy rate of about 88% and generated rental and management fee income of approximately HKD 166 million in 2022, also unchanged from 2021[164]. - The group recorded a fair value net loss of approximately HKD 56 million on equity investments in 2022, compared to a loss of HKD 53 million in 2021, while dividend income increased to approximately HKD 35 million from HKD 30 million[171]. Strategic Outlook and Development Plans - The group is taking a cautious approach to financial performance assessment for 2023 due to weak demand for local office and factory units, and rising financing costs expected to further weaken profitability[72]. - The group is exploring various development plans for over 1.1 million square feet of land reserves in Malaysia and considering expanding operations in Malaysia and other Southeast Asian countries[72]. - The performance of the group's listed equity investments is highly correlated with financial market performance, which is expected to remain volatile in 2023 due to global economic and geopolitical uncertainties[73]. - The group is actively pursuing strategies for market expansion and new product development, although specific details were not disclosed in the report[162]. Corporate Governance and Compliance - The company has maintained good communication and relationships with business partners, with no major disputes reported during the year[128]. - There were no significant legal or regulatory violations affecting the company's operations during the review year[127]. - The company has a board composed of two executive directors and three independent non-executive directors, ensuring compliance with listing rules[191]. - The independent non-executive directors account for more than one-third of the total board members, meeting regulatory requirements[191]. - The company provides directors and senior management with liability insurance, which is reviewed annually[192]. - The company has evaluated the independence of its independent non-executive director, who has served for over 12 years, and found no impact on his independence[192]. - The group is focused on ensuring compliance with regulatory requirements regarding shareholdings and interests of directors and major shareholders[176]. Dividends and Shareholder Information - The group plans to propose a final dividend of HKD 0.02 per ordinary share at the upcoming annual general meeting[74]. - The proposed final dividend is HKD 0.02 per ordinary share, down from HKD 0.025 per share in 2021[119]. - Power Resources Holdings Limited holds 66.91% of the company's issued share capital, with 559,411,142 shares[177]. - Lucky Speculator Limited and Desert Prince Limited hold 52.52% and 14.39% of the company's issued share capital, respectively[177].
万事昌国际(00898) - 2022 - 年度财报