Revenue Performance - Revenue decreased by 16.8% to approximately HK$152.0 million[12] - Revenue from mortgage loan receivables decreased by 30.3% to approximately HK$82.7 million[12] - Revenue from mortgage loan business decreased significantly to HK$82,672,000 in 2022, down from HK$118,571,000 in 2021, a decline of 30.3%[16] - The Group's revenue decreased from approximately HK$182.8 million in FY2021 to approximately HK$152.0 million in FY2022, representing a decrease of approximately HK$30.8 million or 16.8%[75] - Revenue from the pawn loan business increased by approximately HK$5.1 million or 7.9%, from approximately HK$64.2 million in FY2021 to approximately HK$69.3 million in FY2022[75] Profitability - Profit attributable to equity shareholders decreased by 23.1% to approximately HK$71.7 million[12] - Operating profit for 2022 was HK$98,082,000, down from HK$133,005,000 in 2021, reflecting a decrease of 26.3%[16] - Profit attributable to equity shareholders decreased to HK$71,671,000 in 2022 from HK$93,144,000 in 2021, a decline of 23.0%[16] - The Group's profit for FY2022 decreased to approximately HK$71.7 million from approximately HK$93.1 million in FY2021, representing a decrease of approximately HK$21.4 million or 23.1%[98] - Basic earnings per share dropped to 3.7 HK cents in 2022, compared to 4.8 HK cents in 2021, a decrease of 22.9%[16] Margins - Net profit margin decreased by 3.8 percentage points to 47.2%[12] - Operating profit margin decreased to 64.5% in 2022 from 72.8% in 2021, indicating a decline of 8.3 percentage points[16] - Net profit margin also decreased to 47.2% in 2022 from 51.0% in 2021, a decline of 3.8 percentage points[16] - Return on total assets decreased from approximately 7.6% in FY2021 to 6.2% in FY2022, primarily due to a decrease in revenue from the mortgage business by approximately HK$35.9 million[132] - Return on equity decreased from approximately 9.8% in FY2021 to approximately 7.3% in FY2022, attributed to a decrease in borrowings and funding available for lending[133] Loan Performance - Gross pawn loan receivables increased by 23.4% to approximately HK$164.0 million[12] - Total amount of new pawn loans granted increased by 19.7% to approximately HK$791.1 million[12] - Average amount of mortgage loans granted increased by 56.3% to approximately HK$4.3 million[12] - Number of new mortgage loans granted decreased by 30.1% to 100 cases[12] - The total amount of pawn loans granted increased from approximately HK$660.9 million in FY2021 to approximately HK$791.1 million in FY2022, representing an increase of approximately HK$130.2 million or 19.7%[72] Financial Position - Current assets decreased to HK$1,093,407,000 in 2022 from HK$1,155,499,000 in 2021, a decrease of 5.4%[19] - Non-current liabilities decreased to HK$50,388,000 in 2022 from HK$91,773,000 in 2021, a decline of 45.0%[19] - Gearing ratio improved to 15.0% in 2022 from 26.2% in 2021, indicating a reduction in leverage[19] - The current ratio increased from approximately 6.5 times as of February 28, 2021, to approximately 8.9 times as of February 28, 2022[130] - The gearing ratio decreased from approximately 26.2% as of February 28, 2021, to approximately 15.0% as of February 28, 2022[131] Risk Management - The Group's operations are subject to various financial risks, including credit risk, interest rate risk, liquidity risk, and fair value risk, with credit risk being the primary concern[144] - The Group plans to strengthen risk management measures by increasing the proportion of first mortgage loans and tightening the loan-to-value ratio[188] - The Group's risk management procedures are designed to identify and control various types of risk, ensuring the best interests of the Group and its shareholders[167] Future Outlook - The Group anticipates more challenges in the upcoming financial year due to macroeconomic uncertainties and geopolitical risks[187] - Future loan demand in Hong Kong will largely depend on government disease prevention measures, with local businesses remaining cautious about expansion[182] - The Group sees opportunities to expand its market share as business activities are expected to pick up with the easing of COVID-19[52] Dividends - A final dividend of HK0.71 cents per ordinary share and a special dividend of HK0.37 cents per ordinary share were recommended, representing 50.1% of the profit attributable to shareholders for FY2022[198] Other Financial Metrics - Finance costs decreased by approximately HK$8.5 million or 40.7% from approximately HK$20.9 million in FY2021 to approximately HK$12.4 million in FY2022, primarily due to a reduction in bank loans and overdrafts[94] - The effective tax rate decreased from approximately 16.9% in FY2021 to approximately 16.3% in FY2022, mainly due to the absence of additional assessments in FY2022[97] - Other income decreased from approximately HK$7.9 million in FY2021 to approximately HK$3.0 million in FY2022, representing a decrease of approximately HK$4.9 million or 62.0%[86]
霭华押业信贷(01319) - 2022 - 年度财报