WING TAI PPT(00369)2024-03-21 13:36Financial Performance - Core profit attributable to shareholders for 2023 was HKD 197 million, a decrease of 70% from HKD 658 million in 2022, resulting in a core earnings per share of HKD 0.15 compared to HKD 0.49 in the previous year[1]. - The group reported a consolidated loss attributable to shareholders of HKD 890 million for 2023, compared to a loss of HKD 540 million in 2022, with a loss per share of HKD 0.66 versus HKD 0.40 in the prior year[1]. - The company reported a total loss of HKD 812.4 million for the year ended December 31, 2023, compared to a loss of HKD 323.9 million in 2022, indicating a significant increase in losses[8]. - The company's total comprehensive loss attributable to shareholders was HKD 890.0 million in 2023, up from HKD 613.5 million in the previous year[8]. - Total revenue for 2023 was HKD 882.4 million, a significant decrease from HKD 4,096.7 million in 2022, representing a decline of approximately 78.5%[18]. - The operating loss for the year was HKD 461.5 million, with property development reporting a loss of HKD 159.1 million and property investment and management a loss of HKD 282.0 million[19]. - The pre-tax loss for the year was HKD 768.6 million, with the total loss for the year amounting to HKD 812.4 million[20]. - The basic loss per share for 2023 was HKD 0.66, compared to HKD 0.40 in 2022, representing a 65% increase in loss per share[30]. Dividends - The board proposed a final dividend of HKD 0.08 per share, bringing the total dividend for 2023 to HKD 0.14 per share, which represents approximately 96% of the core profit[2]. - The company declared an interim dividend of HKD 0.06 per share in 2023, unchanged from 2022, while the proposed final dividend decreased to HKD 0.08 per share from HKD 0.21 per share in 2022[32]. Asset and Liability Management - Non-current assets decreased from HKD 27,715.8 million in 2022 to HKD 25,999.0 million in 2023, reflecting a decline of approximately 6.2%[10]. - Current assets increased from HKD 7,783.4 million in 2022 to HKD 7,989.1 million in 2023, representing a growth of about 2.6%[10]. - The company's total equity decreased from HKD 27,327.3 million in 2022 to HKD 26,094.6 million in 2023, a decline of approximately 4.5%[11]. - The company’s bank and other borrowings increased from HKD 2,550.5 million in 2022 to HKD 2,808.2 million in 2023, an increase of about 10.1%[12]. - The company’s total liabilities decreased from HKD 4,567.0 million in 2022 to HKD 4,256.8 million in 2023, a reduction of about 6.8%[12]. - The company's total assets as of December 31, 2023, amounted to HKD 33,988.1 million, a decrease from HKD 35,499.2 million in 2022[21]. - The group's liabilities totaled HKD 7,893.5 million as of December 31, 2023, compared to HKD 8,171.9 million in 2022, reflecting a decrease of approximately 3.4%[24]. Revenue Breakdown - External sales in property development amounted to HKD 212.4 million, while property investment and management generated HKD 572.9 million, and serviced apartment investment and management contributed HKD 37.6 million[19]. - The property development segment's revenue for 2023 was HKD 212 million, a sharp decline from HKD 3,342 million in 2022, with a pre-tax loss of HKD 290 million compared to a profit of HKD 783 million in the previous year[44]. - The property investment and management segment reported revenue of HKD 573 million in 2023, down from HKD 589 million in 2022, with a pre-tax loss of HKD 411 million compared to HKD 768 million in 2022, primarily due to reduced valuation losses on office properties[48]. - The service apartment investment and management segment generated revenue of HKD 37 million in 2023, down from HKD 106 million in 2022, with a pre-tax loss of HKD 81 million compared to HKD 158 million in 2022[52]. Market Outlook and Strategy - The group anticipates that recent government measures to ease mortgage stress tests and the expected interest rate cuts will improve market sentiment and gradually increase transaction volumes in 2024[3]. - The group plans to continue selling remaining units of the "Upper Gold Coast" series and is preparing for the pre-sale of residential projects in Sheung Shui and Sha Tin, which are expected to attract local and Greater Bay Area buyers[65]. - The group expects stable recurring income from its commercial properties despite challenges in the Hong Kong office market, with a focus on high-quality properties that meet ESG standards[65]. - The group aims to maintain a cautious approach to market fluctuations while continuously improving operational performance and exploring suitable investment opportunities[65]. Property Management and Development - The group’s flagship property, Landmark East, maintained an occupancy rate of over 90% despite a competitive and weak demand environment in Kowloon East[3]. - Two residential development projects are progressing as planned, with foundation works expected to be completed in Q2 and Q3 of 2024[3]. - As of December 31, 2023, approximately 95% of the residential units in the "OMA OMA" project have been sold, with no new sales recorded in 2023[45]. - The "OMA by the Sea" project, in which the company holds a 70% interest, has sold about 92% of its residential units as of December 31, 2023, with only 2% sold in 2023[46]. - The company is currently managing a project in Fanling with an expected completion date in the second quarter of 2024, which is in the foundation engineering stage[46]. Environmental and Corporate Governance - The group received two prestigious green building certifications, demonstrating its commitment to enhancing building quality and green standards[3]. - The group has established environmental policies and is committed to corporate social responsibility initiatives within the community[71]. - The group adheres to high standards of corporate governance and complies with all applicable regulations[74]. - The group regularly reviews procurement and tendering processes to ensure transparency and fairness[73]. Employee and Operational Management - The group employs approximately 450 employees as of December 31, 2023, providing comprehensive compensation and benefits plans[69]. - The company has maintained a capital structure to ensure financial resources are available for operational needs and business expansion, with sufficient revolving loan financing to mitigate external economic shocks[55].