Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 1,377,691, a decrease of 77.1% compared to HKD 6,006,392 in 2021[28]. - Gross profit for the same period was HKD 549,555, down 84.2% from HKD 3,469,341 in the previous year[28]. - Profit attributable to owners of the company was HKD 392,688, a decline of 72.0% from HKD 1,402,249 in 2021[28]. - Basic earnings per share decreased to 22.94 HKD cents, down 72.0% from 81.93 HKD cents in the previous year[28]. - The total comprehensive income for the year was a loss of HKD 478,019, compared to a profit of HKD 1,653,989 in 2021[32]. - The total financing costs for 2022 were HKD 1,247,566, up from HKD 693,115 in 2021, indicating an increase of 80%[66]. - The pre-tax profit for the group was HKD 392,688, a decrease of 72% from HKD 1,402,249 in 2021[73]. - The proposed final dividend is 8.00 HKD cents per share, a reduction of 20.0% from 10.00 HKD cents in 2021[28]. Assets and Liabilities - Total assets as of December 31, 2022, were valued at HKD 48,920 million, an increase of 5.6% from HKD 46,308 million in 2021[28]. - Total liabilities increased to HKD 40,302,355 thousand in 2022, up from HKD 36,989,727 thousand in 2021, marking an 8.4% rise[36]. - The company's equity decreased to HKD 8,617,872 thousand in 2022 from HKD 9,318,391 thousand in 2021, a decline of 7.5%[36]. - The debt ratio rose to 275.7%, up 92.4 percentage points from 183.3% in the previous year[28]. - The company had interest-bearing loans totaling approximately HKD 26.415 billion, an increase from HKD 19.664 billion as of December 31, 2021[2]. - The company pledged properties valued at approximately HKD 26 billion as collateral for bank loans, significantly up from HKD 11.506 billion as of December 31, 2021[3]. Employee and Compensation - The company employed 579 staff as of December 31, 2022, with total employee compensation and provident fund contributions amounting to approximately HKD 330 million, up from HKD 283 million in 2021[15]. - The company had 579 employees, a slight increase of 0.3% from 577 in 2021[28]. Operational Strategy - The company is focused on diversifying operational risks by holding real estate projects in first-tier cities and the Greater Bay Area, which helps mitigate market fluctuations[4]. - The company plans to generate stable rental income from its commercial properties, such as the Guangzhou Shigui Mansion and the developing Shenzhen Yuehai City project, to reduce revenue volatility[9]. - The company aims to continue its strategic positioning as a comprehensive development expert in influential cities within the Greater Bay Area[99]. Market Conditions - The total sales value of commodity housing in China for 2022 was approximately RMB 1.333 trillion, a decline of 26.7%[86]. - The total floor area of commodity housing sales in China for 2022 was approximately 1.358 billion square meters, a year-on-year decrease of 24.3%[86]. - The anticipated GDP growth rate for China in 2023 has been adjusted from 4.5% to a higher figure, reflecting improved domestic consumption demand[95]. - The Greater Bay Area is expected to see further relaxation of purchase and loan restrictions, stimulating the real estate market[98]. Investment Properties - The fair value gain from investment properties increased by 88.1% to HKD 762,820, compared to HKD 405,582 in 2021[28]. - The fair value gain from investment properties for the Shenzhen Yuehai City project was approximately HKD 745 million, an increase compared to 2021[104]. - The company’s investment properties increased to HKD 8,461,145 thousand in 2022 from HKD 7,535,154 thousand in 2021, a growth of 12.3%[34]. Cash Flow and Financing - The net cash outflow from operating activities for the year was approximately HKD 6.661 billion, a decrease from HKD 9.643 billion in 2021, mainly due to more property sales collections during the review year[139]. - The company’s cash and cash equivalents stood at HKD 2,660,932 thousand in 2022, slightly up from HKD 2,588,393 thousand in 2021[34]. - The group did not actively hedge against currency risks from transactions primarily denominated in RMB, believing that RMB exchange rate fluctuations would not significantly impact its financial position due to a natural hedging mechanism[140]. Project Development - The total development cost for the Shenzhen Yuehai City project is approximately HKD 8.423 billion, an increase of HKD 780 million from the previous year[118]. - The Guangzhou Yun Port City project has a total planned floor area of approximately 506,000 square meters, with 5.2% delivered[110]. - The Guangzhou Shigui Mansion project has a delivery rate of 95.7%, with 2,764 square meters signed and 2,644 square meters delivered[110]. - The company successfully acquired land use rights for the Jihua project in Foshan for RMB 1.299 billion (approximately HKD 1.423 billion), covering a total area of about 40,642 square meters with a maximum floor area of approximately 118,122 square meters[124].
粤海置地(00124) - 2022 - 年度业绩