Financial Performance - The group's profit attributable to shareholders for the year ended December 31, 2023, was HKD 337 million, a decrease of 72.3% compared to HKD 1.215 billion in 2022[2]. - The basic earnings per share for 2023 was HKD 0.49, down from HKD 0.94 in 2022, reflecting a decline of 48.2% in the underlying profit to HKD 573 million from HKD 1.107 billion in the previous year[3]. - Total revenue for the year ended December 31, 2023, was HKD 2,942,765, a decrease of 35.7% compared to HKD 4,581,905 in 2022[18]. - Operating profit for 2023 was HKD 622,880, down 65.2% from HKD 1,787,348 in 2022[18]. - Profit before tax decreased to HKD 492,717, a decline of 70.1% from HKD 1,646,679 in the previous year[18]. - Net profit for the year was HKD 326,302, representing a 73.0% decrease from HKD 1,209,876 in 2022[18]. - Total comprehensive income for the year was HKD 208,876, compared to HKD 439,162 in 2022, reflecting a decline of 52.5%[20]. - The reported profit for the year 2023 was HKD 813,446,000, compared to HKD 1,605,355,000 in 2022, indicating a decrease of about 49.3%[28]. Dividends - The proposed final dividend is HKD 0.57 per share, with a total dividend for 2023 of HKD 0.83 per share[4]. - The company declared an interim dividend of 0.26 HKD per share for both 2023 and 2022, totaling 305,924,000 HKD[42]. Property Development - The group sold over 870 residential units at the residential development project "Oceanview Garden" in Tseung Kwan O, generating sales revenue of approximately HKD 1.2 billion during the year[8]. - The total pre-sale/sales amount for the group's development projects in mainland China exceeded RMB 2.5 billion, with the group's attributable share being approximately RMB 2.1 billion[8]. - The group is progressing with several major property projects, including the "High Street" project in Hong Kong, with a total floor area of approximately 4,700 square meters and a completion date expected in 2025/2026[10]. - The group expects to actively sell remaining units of the residential development project, Oceanview Garden, in Tseung Kwan O during the first half of 2024[15]. - Construction of the foundation for the mixed-use development project in Sai Ying Pun has been completed, with pre-sales expected to launch in the second half of the year[16]. - The structure of the first phase of the Polyda Guifu project in Shanxi has been completed, with pre-sales launched and full completion expected by the end of 2024[16]. Market Conditions - The geopolitical tensions and inflationary pressures have negatively impacted the Hong Kong residential property market, with prices dropping over 12% from the peak at the beginning of the year[6]. - In mainland China, GDP growth for 2023 was recorded at 5.2%, but the overall sentiment in the residential market remains cautious despite government measures to stabilize the market[7]. - The group anticipates that the residential market in Hong Kong will remain active following the removal of sales restrictions, allowing for increased sales of remaining inventory[16]. - The group will continue to accelerate project sales in mainland China to facilitate cash flow, despite a weak market[15]. Financial Position - Non-current assets as of December 31, 2023, totaled HKD 18,769,344, a slight decrease from HKD 19,795,875 in 2022[21]. - Current liabilities increased to HKD 9,433,686 from HKD 19,190,832 in the previous year, indicating a significant reduction[22]. - The company's total assets less current liabilities amounted to HKD 38,298,968, up from HKD 28,574,972 in 2022[22]. - The company's equity attributable to shareholders decreased to HKD 17,669,438 from HKD 18,425,585 in 2022[22]. - The total liabilities for the company increased to 4,880,826,000 HKD in 2023 from 3,692,787,000 HKD in 2022, marking an increase of approximately 32.2%[48]. - The capital-to-debt ratio was 111.5% as of December 31, 2023, down from 113.3% a year earlier[49]. Cash Flow and Investments - Cash and bank balances as of 2023 amounted to HKD 1,080,599,000, compared to HKD 36,569,000 in 2022, reflecting a significant increase[30]. - The group generated cash inflow of approximately HKD 1,330,000,000 from property sales in Hong Kong, primarily from the sale of units in the Ocean Park project[50]. - Cash inflow from various property developments in mainland China amounted to approximately HKD 2,095,000,000, mainly from pre-sales in Jiangwan City (Wuxi)[50]. - The group invested a total of HKD 1,817,000,000 in project development during the year[50]. - The group plans to sell 60% equity in Weian Limited for HKD 1,391,957,000 to improve financial conditions and cash flow[49]. - The group sold non-core assets, including commercial properties and parking spaces, generating approximately HKD 137,000,000 to reduce debt levels[49]. Employee and Operational Costs - Total employee costs for 2023 amounted to 621,279,000 HKD, down from 633,306,000 HKD in 2022, indicating a reduction of about 1.6%[36]. - The group employed 2,641 staff as of December 31, 2023, with total employee costs decreasing to HKD 621,000,000 from HKD 633,000,000 in the previous year[53]. Corporate Governance - The company proposes to adopt a new set of articles of association to replace the existing ones, aiming for compliance with applicable laws and regulations, and to provide flexibility for shareholder meetings[59]. - The company's 2024 Annual General Meeting is scheduled for June 5, 2024[61]. - Share transfer registration will be suspended from May 31, 2024, to June 5, 2024, to determine eligibility for attending the AGM and voting[62]. - A report for the year 2023 will be published by the end of April 2024 on the company's website and the Hong Kong Stock Exchange's website[63].
九龙建业(00034) - 2023 - 年度业绩