Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 24,937.08 million, a decrease of 15.5% from HKD 29,170.40 million in 2022[2]. - The net profit for the year was HKD 1,153.96 million, down 12.4% from HKD 1,317.19 million in 2022[4]. - The basic earnings per share for the year were HKD 10.24, compared to HKD 24.39 in 2022[5]. - Total revenue for 2023 decreased by 14.5% to HKD 24.9 billion, while annual profit fell by 12.4% to HKD 1.2 billion[45]. - The group's profit before tax for the year ended December 31, 2023, was HKD 1,412,359, compared to HKD 1,458,721 for the year ended December 31, 2022, indicating a decrease of approximately 3.2%[17][18]. - The company’s annual profit attributable to ordinary shareholders decreased to HKD 1,050,931,000 in 2023 from HKD 1,185,236,000 in 2022, reflecting a decline of approximately 11.3%[33]. Dividends - The company maintained a stable dividend payout ratio of approximately 35%, declaring a final dividend of HKD 0.061 per share[2]. - The proposed final dividend per ordinary share for the year ended December 31, 2023, is HKD 0.061, up from HKD 0.033 in 2022, representing an increase of about 84.8%[31]. - The total dividend declared for ordinary shareholders was HKD 249,955,000 in 2023, significantly lower than HKD 755,502,000 in 2022, reflecting a decrease of about 66.9%[32]. Assets and Liabilities - Non-current assets increased to HKD 40,956.13 million in 2023 from HKD 37,404.80 million in 2022[6]. - The company's total liabilities increased to HKD 28,766.96 million in 2023 from HKD 28,606.89 million in 2022[7]. - As of December 31, 2023, total assets amounted to HKD 54,097,321, while total liabilities were HKD 25,330,359, resulting in a net asset position of HKD 28,766,962[20]. - The total liabilities of the group amounted to HKD 21,718,791 in 2023, compared to HKD 18,978,852 in 2022, indicating an increase of about 14.5%[21]. - The net debt-to-equity ratio increased from 0.51 to 0.62 due to business expansion, with outstanding bank loans amounting to HKD 19.293 billion[55]. Revenue Breakdown - For the year ended December 31, 2023, total revenue reached HKD 24,937,083, with packaging paper contributing HKD 19,943,445, hygiene paper HKD 4,682,603, and pulp HKD 311,035[17]. - The revenue from packaging paper, including cardboard and corrugated core paper, was HKD 19,943,445 in 2023, down from HKD 24,453,678 in 2022, a decrease of about 18.5%[22]. - The group’s revenue from external sales for the year ended December 31, 2022, was HKD 29,170,402, with packaging paper contributing HKD 24,453,678, hygiene paper HKD 4,171,819, and pulp HKD 544,905[18]. Operational Highlights - The group reported a total segment profit of HKD 1,651,337 for the year ended December 31, 2023, compared to HKD 1,516,636 for the year ended December 31, 2022, reflecting an increase of approximately 8.9%[17][18]. - The group generated approximately 90% of its revenue from external customers in China, up from 89% in 2022[23]. - The company has initiated a vertical business model covering pulp production and waste paper recycling to ensure raw material supply and control costs[46]. - New pulp production lines in Chongqing, Jiangxi, and Guangxi have been launched, adding a total annual capacity of 950,000 tons, bringing total pulp capacity to 1.2 million tons[46]. - The fourth paper production line in Malaysia, with an annual capacity of 350,000 tons, has commenced production, increasing total capacity in Malaysia to 1.4 million tons[46]. Financial Reporting Standards - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, including HKFRS 17 related to insurance contracts[9]. - The application of HKAS 8 (Revised) clarifies the definition of accounting estimates, which did not have a significant impact on the group's consolidated financial statements this year[10]. - The group has implemented HKAS 1 and HKFRS Practice Statement 2 (Revised) regarding the disclosure of accounting policies, replacing "significant accounting policies" with "material accounting policy information" in financial statements[11]. - The group has not early adopted any of the revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, with expectations that they will not have a significant impact on the consolidated financial statements[13]. Employee and Governance - As of December 31, 2023, the group employed over 10,000 employees, maintaining competitive salary levels and providing internal training[56]. - The company is committed to maintaining high standards of corporate governance, adhering to the corporate governance code throughout the year[59]. - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2023, discussing internal controls and financial reporting matters[60]. Miscellaneous - The company reported a significant increase in bank borrowings, rising to HKD 12,256.12 million in 2023 from HKD 7,826.55 million in 2022[7]. - The group reported a net gain from foreign exchange of HKD 64,723 for the year ended December 31, 2023[17]. - The company repurchased a total of 757,000 shares at HKD 0.025 per share, with a total cost of approximately HKD 1,547,000, which has been fully canceled[57]. - The highest and lowest prices per share during the repurchase in December were HKD 2.04 and HKD 2.02, respectively[58].
理文造纸(02314) - 2023 - 年度业绩