Financial Performance - Total revenue for the year was HKD 4,271,161,000, an increase from HKD 4,053,908,000 in the previous year, representing a growth of approximately 5.4%[67] - Gross profit decreased to HKD 452,886,000 from HKD 515,000,000, reflecting a decline of about 12.1%[67] - The net profit for the year was HKD 90,538,000, down from HKD 221,543,000, indicating a significant decrease of approximately 59.0%[67] - The company reported a total comprehensive income of HKD 36,442,000, compared to HKD 236,042,000 in the previous year, a decline of about 84.5%[67] - The company's revenue for the year ended December 31, 2022, was HKD 1,278,136,000, a decrease from HKD 1,307,063,000 in 2021, representing a decline of approximately 2.2%[96] - The operating profit before tax for 2022 was HKD 106,180,000, down from HKD 249,096,000 in 2021, indicating a significant decrease of about 57.4%[98] - The company recognized other income of HKD 51,229,000, up from HKD 42,296,000, reflecting an increase of about 21.5%[67] Assets and Liabilities - As of December 31, 2022, total assets amounted to HKD 2,285,686 thousand, a slight decrease from HKD 2,335,533 thousand in the previous year[93] - Non-current assets were reported at HKD 749,573 thousand, down from HKD 812,308 thousand year-on-year[93] - Current liabilities decreased to HKD 1,529,119 thousand from HKD 1,572,319 thousand, indicating improved liquidity management[93] - The company's equity attributable to shareholders was HKD 1,169,736 thousand, a decline from HKD 1,193,866 thousand in the prior year[94] - The total equity of the company stood at HKD 1,278,136 thousand, compared to HKD 1,307,063 thousand in the previous year[94] - The company reported a significant increase in trade and other receivables, reaching HKD 959,118 thousand, up from HKD 899,800 thousand[93] - The cash and cash equivalents decreased to HKD 541,569 thousand from HKD 672,722 thousand, reflecting a tighter cash position[93] - The company’s non-current lease liabilities decreased to HKD 203,872 thousand from HKD 243,034 thousand, indicating a reduction in long-term obligations[94] Environmental and Social Responsibility - The company provided sponsorship of HKD 500,000 to the North District Football Recreation Association, becoming the main sponsor for their football team despite the COVID-19 pandemic[7] - The company has established targets for emissions reduction and has taken steps to achieve these goals[9] - The total amount of hazardous waste generated during the reporting period is documented, along with measures for waste management[9] - The company continues to promote effective resource usage policies, including energy and water conservation[9] - The company has committed to responsible and fair collection and use of customer data, strictly adhering to relevant regulations[5] - The company has no legal violations related to personal privacy during the reporting period[5] - There were no legal proceedings related to corruption during the reporting period[6] Financial Management - The financial expenses related to bank borrowings increased to HKD 41,517,000 from HKD 27,130,000, marking a rise of approximately 53.2%[67] - The expected credit loss model resulted in administrative expenses of HKD 159,890,000, down from HKD 196,063,000, a decrease of approximately 18.4%[67] - The company paid dividends of HKD 57,438,000 in 2022, an increase from HKD 31,591,000 in 2021, representing an increase of approximately 82%[99] - The company incurred financial costs of HKD 41,517,000 in 2022, compared to HKD 27,130,000 in 2021, marking an increase of about 53%[98] - The company experienced a net cash outflow from investing activities of HKD 48,547,000 in 2022, compared to a net inflow of HKD 2,749,000 in 2021[99] Accounting Policies and Standards - The group has not early adopted the new and revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[104] - The amendments to HKAS 1 clarify the classification of liabilities as current or non-current, impacting the assessment of deferred settlement rights[105] - The consolidated financial statements are prepared based on the historical cost method, with certain financial instruments measured at fair value[108] - The group recognizes goodwill arising from business acquisitions at the cost determined on the acquisition date, less any accumulated impairment losses[115] - Deferred tax assets are reviewed at each reporting period end and reduced if it is no longer probable that sufficient taxable profits will be available to utilize the assets[125] - The group applies the equity method for investments in associates and joint ventures, with goodwill recognized for any excess of cost over the fair value of identifiable net assets[119] - Non-controlling interests are presented separately in the consolidated financial statements, representing the proportionate share of net assets attributable to those interests[112] - The group will continue to use the equity method when an investment in an associate becomes an investment in a joint venture, without re-measuring fair value[122] - The amendments to HKAS 1 introduced in 2020 and 2022 provide additional guidance on the classification of liabilities and compliance with covenants[105] - The group expects that the application of all other new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[104] Revenue Recognition - The group recognizes revenue when control of the goods or services is transferred to the customer, either over time or at a point in time[159] - The group will reclassify cumulative exchange differences to profit or loss upon the sale of overseas operations, including the loss of control over subsidiaries containing overseas businesses[149] Inventory and Asset Management - The group uses the weighted average cost method for inventory costs of concrete products, while all other products are calculated using the first-in, first-out method[131] - Inventory is recorded at the lower of cost and net realizable value[194] - The cost of right-of-use assets includes any lease payments made before the commencement date, less any lease incentives received[186] - Lease liabilities are recognized at the present value of lease payments not yet paid at the lease commencement date[190] - Depreciation of assets is calculated on a straight-line basis over their estimated useful lives, with estimates reviewed at each reporting period end[199] - The group recognizes any gains or losses from the sale or disposal of property, plant, and equipment in profit or loss[183]
高力集团(01118) - 2022 - 年度财报