Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 584.5 million, a decrease of 54.4% from HKD 1,281.6 million in 2021[2] - The company reported a loss attributable to shareholders of HKD 544.3 million, compared to a profit of HKD 457.8 million in 2021, representing a decline of 218.9%[2] - Basic and diluted loss per share was HKD 29.6, a decrease of 219.8% from HKD 24.7 in the prior year[2] - The total comprehensive loss attributable to shareholders for the year was HKD 585.3 million, compared to a profit of HKD 470.6 million in 2021[3] - The total expenses for the year were HKD 477.3 million, a reduction from HKD 520.7 million in the previous year[3] - The operating loss for 2022 was HKD 68.6 million, and the net loss for the year amounted to HKD 544.3 million, driven by an investment loss of HKD 317.7 million[32] - Total management fees amounted to HKD 549.3 million, down 40.7% from HKD 926.7 million in the previous year[2] - Performance fees dropped significantly by 99.6% to HKD 0.9 million in 2022, compared to HKD 200.5 million in 2021[54] - The management fund's overall performance saw a decline of 23.1% in 2022, with specific funds like the High Dividend Equity Fund and Value Fund dropping by 18.9% and 28.1%, respectively[48] Assets and Liabilities - Non-current assets decreased to HKD 1,733.1 million from HKD 1,883.5 million in the previous year[4] - The company's net asset value was HKD 4,494.2 million, down from HKD 5,264.8 million in 2021[4] - The group's net asset value as of December 31, 2022, was HKD 4.5 billion, including cash of HKD 1.7 billion and investments of HKD 2.7 billion[32] - The cash balance at the end of 2022 was HKD 1.6665 billion, with no corporate bank borrowings other than HKD 76.1 million secured against real estate assets[69] - The current ratio improved to 8.7 times in 2022, up from 6.9 times in 2021[69] - The group held 12,621,960 units of a gold ETF, representing 27.8% of total assets, with a fair value of HKD 474.9 million, down from HKD 477.7 million the previous year[60] Dividends - The company did not declare an interim dividend for the year[2] - The proposed final dividend for 2022 is HKD 62,108,000, down from HKD 147,999,000 in 2021[14] - The final dividend per share was HKD 3.4 in 2022, a decrease of 57.5% from HKD 8.0 in 2021[54] - The board recommended a final dividend of HKD 0.034 per share for 2022[68] - The board has proposed a final dividend of HKD 0.034 per share for the year ended December 31, 2022, subject to shareholder approval at the annual general meeting[73] Investments - Net loss from investments was HKD 441,103,000 in 2022, compared to a net gain of HKD 111,036,000 in 2021[9] - The fair value of investment properties increased to HKD 197,608,000 in 2022 from HKD 190,572,000 in 2021[15] - The amount of investments in joint ventures rose to HKD 545,758,000 in 2022, up from HKD 424,039,000 in 2021[16] - The group recognized a net investment income of HKD 239.8 million from a loan note, with an unrealized net investment loss of HKD 291.3 million, compared to an unrealized net investment income of HKD 214.1 million in the previous year[63] Market Conditions - China's GDP growth target for 2022 was 5.5%, but the actual growth recorded was only 3%, the lowest since 1976[27] - The flagship fund, Value Fund, experienced a decline of 28% in 2022, while the Hang Seng Index and MSCI China Index fell by 13% and 22% respectively[26] - The market began to rebound at the end of October 2022, with expectations of significant recovery following the easing of pandemic restrictions[28] - The estimated growth rate for China in 2023 is projected at 5.2%, while the growth rates for the US and Europe are only 1.4% and 0.7% respectively[28] Employee and Corporate Governance - The company employs 202 staff members, with 145 based in Hong Kong and 42 in mainland China[30] - Total fixed salary and employee benefits increased by 3.9% to HKD 254.4 million in 2022, compared to HKD 244.8 million in 2021[65] - The total bonus for 2022 was HKD 51.8 million, down from HKD 108.1 million in 2021[65] - The company emphasizes maintaining high standards of corporate governance and has complied with the corporate governance code[80] - All directors confirmed adherence to the standard code of conduct as of December 31, 2022[81] Strategic Initiatives - The wealth management division is a key growth strategy, with Asia's total wealth management assets expected to grow from $10 trillion in 2019 to between $15 trillion and $19 trillion by 2025[35] - The company continues to expand its business in mainland China, focusing on institutional clients and private fund management, with plans to obtain a public fund management license[38] - The company is preparing to launch alternative investment products targeting listed and private companies in mainland China and Hong Kong, aiming to assist businesses in expanding in the Greater Bay Area[41] - The company has established solid channels for family office business, particularly in Hong Kong and Singapore, where the number of family offices is increasing[35] ESG and Innovation - The company received approval from the Hong Kong Securities and Futures Commission to launch an Asia Food and Nutrition Fund, strengthening its ESG capabilities[42] - The company has conducted 100% ESG assessments on all listed companies holding equity and fixed-income securities, marking a significant milestone in its ESG research development[43] - The company has been recognized as the Outstanding Company in ESG for the year 2021/2022 by the Environment, Social, and Governance Achievement Awards[45] - The company aims to enhance its service capabilities and introduce innovative investment solutions to meet the evolving needs of investors in Hong Kong and globally[46]
惠理集团(00806) - 2022 - 年度业绩