Sales Performance - As of December 31, 2022, a total of 5,225 out of 5,264 residential units (99%) and 2,234 out of 4,670 parking spaces (48%) were successfully sold, generating total sales revenue of approximately HKD 6 billion[9]. - The management anticipates an additional total sales revenue of approximately HKD 800 million from unsold properties, including residential units, parking spaces, and retail shops[9]. - The group recorded sales revenue of approximately HKD 82.8 million for the fiscal year ending December 31, 2022, a significant decrease of approximately HKD 156.2 million or 65.4% compared to approximately HKD 239 million in 2021, with the number of residential units sold dropping from 63 to 20[52]. - The company plans to adjust its sales strategy and timeline due to the slow recovery of the Chinese real estate market, with marketing promotions set to begin in June 2023[31]. Financial Performance - For the fiscal year ending December 31, 2022, the hotel and restaurant business generated total revenue of approximately HKD 99.3 million, a decrease of about HKD 5.2 million compared to HKD 104.5 million in 2021, resulting in a net loss of approximately HKD 35.6 million after accounting for depreciation of about HKD 58.1 million[34]. - The company reported a net profit of HKD 88,799,000 for the fiscal year ending December 31, 2022, compared to HKD 420,646,000 in the previous year, reflecting a decline of about 79%[67]. - Basic earnings per share dropped to HKD 0.23 in 2022 from HKD 1.13 in 2021, indicating a significant decrease in profitability[67]. - The total revenue for the year ended December 31, 2022, was HKD 715,240,000, a decrease from HKD 736,791,000 in 2021, representing a decline of approximately 2.1%[77]. - The net profit for the year was HKD 88,799,000, down from HKD 420,646,000 in 2021, reflecting a decrease of approximately 78.9%[81]. - Other comprehensive income for the year was HKD (390,374,000), a significant decline from HKD 731,819,000 in the previous year[81]. - The company's total assets as of December 31, 2022, were HKD 12,659,989,000, down from HKD 13,234,411,000 in 2021, representing a decrease of approximately 4.3%[83]. - The company's total liabilities decreased to HKD 1,647,749,000 from HKD 1,727,946,000 in the previous year, a reduction of about 4.6%[83]. - The company's equity attributable to shareholders was HKD 12,599,373,000, down from HKD 13,146,704,000 in 2021, indicating a decrease of approximately 4.2%[83]. Investment Activities - The group has acquired four warehouses in Japan and two office buildings in Australia, maintaining stable rental income with occupancy rates between 94% and 100%[18]. - The group acquired a 50% stake in a real estate investment trust in April 2022, investing in two prime office buildings in Sydney, indirectly holding a 12.5% interest in the properties[37]. - A logistics center in Hokkaido was purchased in August 2022 without additional capital injection, featuring a total rental area of 210,280 square feet and an occupancy rate close to 100%[38]. - The company acquired all issued shares of Choengmon Real Estate Company Limited in Thailand, investing in hotel properties on Koh Samui[64]. Operational Efficiency - The management will continue to focus on existing businesses, improving operational efficiency and asset value to enhance overall financial performance while cautiously seeking other investment opportunities[20]. - The group’s profit before tax was HKD 188,005,000, reflecting the operational efficiency and cost management strategies implemented during the year[114]. - The operating expenses for the year were HKD (258,094,000), compared to HKD (579,645,000) in the previous year, indicating a significant reduction in costs[77]. Market Conditions - The hotel segment in Thailand recorded total revenue of approximately HKD 47.2 million with an operating gross profit of approximately HKD 10.1 million, and management expects the tourism sector in Thailand, including Koh Samui, to recover rapidly in 2023[36]. - The management expresses confidence in the gradual recovery of local consumption and overall business activities in Hong Kong following the removal of quarantine restrictions and government support measures[39]. - The economic hotel revenue decreased from approximately HKD 9,100,000 in 2021 to about HKD 6,400,000 in 2022, attributed to the slowdown of the Chinese economy[54]. Tax and Compliance - The company recognizes that the implementation of a dual-tier profits tax system does not significantly impact the consolidated financial statements, with Hong Kong's profits tax calculated at 16.5%[48]. - The group’s tax expenses included HKD 9,165,000 for Hong Kong profits tax and HKD 28,246,000 for China corporate income tax, totaling HKD 37,411,000[167]. - The company adhered to the corporate governance code, with some exceptions noted in the report[65]. Dividend and Shareholder Returns - The group declared a final dividend of HKD 0.20 per share, totaling approximately HKD 75,717,000, which is lower than the HKD 106,003,000 declared in the previous year[171]. - The basic earnings per share for the year were HKD 0.20, down from HKD 0.28 in the previous year, indicating a decrease of approximately 29%[171][169]. - The group declared a final dividend of HKD 0.28 per share for the year, compared to HKD 0.25 per share in the previous year[194].
廖创兴企业(00194) - 2022 - 年度业绩