Financial Performance - Revenue for the year ended December 31, 2023, was HKD 11,836,221, representing a 42% increase compared to HKD 8,324,205 in 2022[2] - Gross profit increased by 35% to HKD 1,088,324 from HKD 806,389 year-on-year[2] - Net profit for the year was HKD 692,373, a 49% increase from HKD 464,160 in the previous year[2] - Operating profit rose to HKD 1,026,455, up 46% from HKD 700,672 in 2022[4] - The company reported a basic and diluted earnings per share of HKD 0.87, up from HKD 0.54 in the previous year[2] - The company's pre-tax profit for the year was HKD 615,629, with a net profit of HKD 464,160 after tax expenses of HKD 151,469[20] - The company's profit before tax for 2023 was HKD 859,059,000, an increase from HKD 615,629,000 in 2022, representing a growth of approximately 39.5%[30] - Net profit attributable to equity holders grew by 60% to HKD 598.8 million, supported by growth in tobacco products and interest income[56] Dividends - The company proposed a final dividend of HKD 0.32 per share, a 60% increase compared to HKD 0.20 per share in 2022[2] - The proposed final dividend is HKD 0.32 per share for the year ended December 31, 2023, compared to HKD 0.20 per share for 2022, totaling approximately HKD 221.34 million based on 691,680,000 shares issued[68] - The annual general meeting will be held on May 17, 2024, to approve the proposed final dividend[69] Revenue Sources - Revenue from leaf products sales reached HKD 10,496,971,000, up from HKD 8,089,659,000 in the previous year, marking a growth of about 29.8%[13] - The company generated approximately HKD 8,079,031,000 from a single customer, which accounted for over 10% of total revenue, compared to HKD 6,338,681,000 from two customers in 2022[14] - Revenue from external customers in China (excluding special administrative regions) increased to HKD 9,015,260 in 2023, up from HKD 5,517,101 in 2022, representing a growth of 63.5%[21] Costs and Expenses - Financing costs increased significantly by 97% to HKD 167,396 from HKD 85,043[2] - The cost of goods sold amounted to HKD 10,694,104 in 2023, compared to HKD 7,480,270 in 2022, indicating an increase of 42.5%[26] - Employee costs, including director remuneration, totaled HKD 102,807 in 2023, slightly down from HKD 103,105 in 2022[25] - The depreciation expense for owned properties and equipment was HKD 19,989 in 2023, compared to HKD 19,320 in 2022[26] Assets and Liabilities - Total assets less current liabilities amounted to HKD 2,742,782, an increase from HKD 2,294,526 in 2022[6] - Non-current assets totaled HKD 2,695,292, compared to HKD 2,237,590 in 2022[8] - The total assets for the reporting segments amounted to HKD 6,740,395,000, while total liabilities were HKD 4,045,103,000[19] - The total liabilities reported were HKD 4,132,931, with total assets amounting to HKD 6,370,521 as of December 31, 2022[20] - The group's current assets increased to HKD 2,216.0 million from HKD 1,824.1 million in 2022[58] Market and Business Strategy - The company continues to focus on expanding its export business for leaf products to Southeast Asia, Hong Kong, Macau, Taiwan, and Europe[15] - The company plans to focus on "internal growth and external expansion" in 2024, emphasizing the construction of a capital operation platform and innovative business development[50] - The company aims to optimize the procurement model for cigar tobacco leaves to enhance sales and gross profit, capitalizing on the growing domestic demand[50] - The company will strengthen pricing capabilities and stabilize the supply of imported tobacco leaves while enhancing profitability from exported tobacco leaves[50] - The company is committed to expanding its market presence and innovating business models to increase development space across various business lines[50] Compliance and Governance - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the current accounting period[11] - The company has complied with all applicable code provisions of the Corporate Governance Code during the year ended December 31, 2023[71] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the year ended December 31, 2023, confirming that the financial statements are prepared in accordance with applicable accounting standards[73] Other Financial Metrics - Interest income rose significantly to HKD 99,181 in 2023, compared to HKD 31,757 in 2022, marking an increase of 212.5%[23] - The effective tax rate for Hong Kong profits tax was maintained at 16.5% for both 2023 and 2022[28] - The nominal tax calculated based on the applicable tax rate for the profit before tax was HKD 188,912,000 in 2023, compared to HKD 147,932,000 in 2022, reflecting a rise of about 27.6%[30] - The total current tax liabilities for 2023 were HKD 67,002,000, compared to a liability of HKD 38,819,000 in 2022, representing an increase of about 72.5%[31] Segment Performance - The import volume of tobacco leaf products reached 117,216 tons in 2023, an increase of 25,252 tons or 27% year-on-year, with revenue of HKD 8,079.0 million, up by HKD 2,654.3 million or 49%[45] - The export volume of tobacco leaf products decreased to 70,509 tons, down by 25,022 tons or 26%, with revenue of HKD 1,652.2 million, a decline of HKD 470.1 million or 22%[46] - The export volume of cigarettes surged to 2,803,867 thousand sticks, an increase of 2,420,560 thousand sticks or 631%, with revenue of HKD 1,208.7 million, up by HKD 1,084.9 million or 876%[47] - The export volume of new tobacco products reached 677,310 thousand sticks, an increase of 174,920 thousand sticks or 35%, with revenue of HKD 130.0 million, up by HKD 19.8 million or 18%[48] - CBT's exports of tobacco leaf products outside China amounted to 32,396 tons, an increase of 3,149 tons or 11%, with revenue of HKD 766.3 million, up by HKD 223.1 million or 41%[49]
中烟香港(06055) - 2023 - 年度业绩