Employee Information - The total number of employees as of December 31, 2023, is approximately 890, with about 87% located in Vietnam[1] - Total employee costs (excluding director remuneration) for the year ended December 31, 2023, were approximately HKD 61,357,000, compared to HKD 58,280,000 for the year ended December 31, 2022[1] Dividend and Shareholder Information - The proposed final dividend is HKD 0.02 per share, unchanged from the previous year[2] - The group proposed a final dividend of HKD 0.02 per share, totaling HKD 0.04 per share for the year, including an interim dividend[20] Corporate Governance - The company has complied with the corporate governance code, except for specific provisions B.2.2, C.1.6, C.2.1, and F.2.2[5] - The roles of the chairman and CEO were separated on January 17, 2023, with the appointment of co-CEOs[6] - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the period from January 1, 2023, to December 31, 2023[9] Financial Performance - In 2023, the group's revenue was HKD 427,308,000, a decrease of approximately 13.3% compared to HKD 492,875,000 in the previous year[14] - The group recorded a net loss of HKD 98,650,000 for the year, compared to a net profit of HKD 48,498,000 in the previous year[14] - Gross profit increased to HKD 137,203,000, up 4.9% from HKD 130,920,000 in the previous year[30] - The group reported a loss of HKD 98,650,000 for the year 2023, compared to a profit of HKD 48,498,000 in 2022[46] - The total tax expense for the year was HKD 29,494,000, an increase from HKD 27,720,000 in 2022[58] Revenue Breakdown - The cement business generated revenue of HKD 195,411,000, down about 30.6% year-on-year[14] - The property investment segment's revenue increased by approximately 6.0% to HKD 153,002,000[14] - The hotel business revenue rose by approximately 19.9% to HKD 62,652,000[14] - Revenue from external customers in Vietnam decreased to HKD 327,390,000 in 2023 from HKD 404,189,000 in 2022, representing a decline of 19.0%[48] - Total revenue for the group in 2023 was HKD 427,308,000, a decrease of 13.3% from HKD 492,875,000 in 2022[51] Asset Management - The group's total assets less current liabilities as of December 31, 2023, amounted to HKD 2,598,498,000, down from HKD 2,748,505,000 in 2022[35] - The group's non-current assets totaled HKD 2,151,990,000, down from HKD 2,371,122,000 in the previous year[35] - The company's total assets decreased by 9.3% from the previous year, reflecting a strategic shift in asset management[48] Cash Flow and Financing - As of December 31, 2023, the group's cash, bank balances, and time deposits amounted to HKD 465,369,000, an increase from HKD 444,409,000 at the end of 2022[23] - The group has no bank borrowings as of December 31, 2023, compared to HKD 67,392,000 in borrowings at the end of 2022[23] - Financing costs increased to HKD 4,090,000 in 2023 from HKD 3,651,000 in 2022, reflecting higher bank borrowing interest[55] Market Conditions and Outlook - The cement business faced a significant decline in domestic demand, with total cement consumption in Vietnam at 57.5 million tons, while supply reached 120 million tons[17] - The outlook for 2024 indicates continued challenges for the cement business due to a sluggish real estate market and construction industry[15] - The group anticipates that the number of visitors to Hong Kong will reach 46 million in 2024, a 35% increase from 2023, benefiting the hotel business[20] Hotel Operations - In 2023, the average occupancy rate of the group's hotel in Hong Kong reached approximately 91.3%, up from 84.3% in 2022, with an average room rate increase of 13%[20] - The group's hotel business contributed operating revenue of HKD 62,652,000 in 2023, representing a nearly 20% growth compared to the previous year[20] - The group recorded a loss of HKD 4,870,000 in the hotel business after depreciation in 2023, an improvement of 46% from a loss of HKD 9,012,000 in the previous year[20] - The hotel operations segment reported a loss of HKD (5,662,000) in 2023, compared to a loss of HKD (9,791,000) in 2022, showing an improvement[46] Impairments and Provisions - The group incurred a tax-adjusted loss of approximately HKD 160,415,000 in the cement business, including an impairment provision of HKD 139,211,000[17] Other Financial Metrics - Other income and gains totaled HKD 24,760,000 in 2023, an increase of 14.9% from HKD 21,610,000 in 2022[51] - The adjusted profit/loss before tax for the cement products segment was HKD (166,132,000) in 2023, compared to HKD (21,288,000) in 2022[46] - The aging analysis of accounts receivable shows a significant decrease in amounts overdue over 120 days, from HKD 8,410,000 in 2022 to HKD 5,129,000 in 2023[63]
陆氏集团(越南)(00366) - 2023 - 年度业绩