Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 496,308,000, a decrease of 11.5% from HKD 560,938,000 in 2021[2] - The company reported a net loss attributable to equity holders of HKD 1,940,341,000 for 2022, compared to a profit of HKD 490,079,000 in 2021[2] - The gross profit for 2022 was HKD 474,324,000, down from HKD 627,379,000 in the previous year, reflecting a decline of 24.4%[2] - The basic and diluted loss per share for 2022 was HKD (49.98) compared to earnings of HKD 12.62 per share in 2021[2] - The company recorded a significant increase in financing costs, totaling HKD 429,663,000 in 2022, compared to HKD 415,523,000 in 2021[2] - The company reported a consolidated revenue of HKD 498.4 million, a decrease of approximately 23.1% from HKD 648.1 million in 2021[28] - The net loss for the year was HKD 1,940.3 million, compared to a net profit of HKD 490.1 million in 2021[28] - Basic loss per share for the year was HKD 0.4998, down from a basic earnings per share of HKD 0.1262 in 2021[28] Assets and Liabilities - Non-current assets decreased to HKD 22,814,453,000 in 2022 from HKD 24,924,514,000 in 2021, a reduction of 8.5%[6] - Current assets dropped significantly to HKD 3,382,576,000 in 2022 from HKD 7,038,246,000 in 2021, a decline of 52.0%[6] - The company's total liabilities increased to HKD 10,560,297,000 in 2022 from HKD 3,800,805,000 in 2021, marking a rise of 178.5%[6] - The net asset value decreased to HKD 14,891,524,000 in 2022 from HKD 18,440,423,000 in 2021, a decline of 19.0%[6] - The cash and cash equivalents decreased to HKD 1,745,403,000 in 2022 from HKD 4,357,747,000 in 2021, a decrease of 60.0%[6] - Shareholders' equity decreased to HKD 14.9 billion as of December 31, 2022, from HKD 18.4 billion in 2021, with a net asset value per share of HKD 3.84[57] Revenue Sources - Total revenue from property development and investment reached HKD 494,601,000, while financial investment revenue was HKD 3,767,000, resulting in a total revenue of HKD 498,368,000 for the year ended December 31, 2022[11] - Total revenue from external customers was HKD 648,051,000, with property development and investment contributing HKD 512,044,000 and financial investments contributing HKD 136,007,000[12] - The total rental income from investment properties was HKD 494,601,000, down from HKD 512,044,000 in 2021[14] - Rental income decreased by 3.4% to HKD 494.6 million, attributed to a 10% depreciation of the GBP against the HKD[31] Impairments and Losses - The company recorded a net impairment loss of HKD (980,827,000) on financial assets, with a reversal of impairment loss amounting to HKD 1,052,000[11] - The company reported a loss of HKD (1,443,335,000) from fair value losses on investment properties, which were recognized in profit or loss[11] - The financial investment division recorded a fair value loss of HKD 140.5 million and a realized loss of HKD 3.6 million for the year, compared to losses of HKD 179.8 million and HKD 229.2 million in 2021[32] - The group made an expected credit loss provision of HKD 1 billion for receivables related to projects in Jiangsu and Guangdong, reflecting a 100% default probability due to the financial difficulties of a joint venture partner[32] Investments and Joint Ventures - The company's investment in joint ventures amounted to HKD 8,601,789,000, while the investment in associates was HKD 1,746,271,000[11] - The group's share of net profit from joint venture investments was HKD 908.7 million, an increase of HKD 709.2 million from the previous year, primarily driven by profits from The Whiteley project (HKD 264.7 million) and Thames City project (HKD 270.1 million)[32] - As of December 31, 2022, the total investment in joint ventures increased from HKD 8.7 billion to HKD 10.3 billion, primarily due to the acquisition of 15 Shoushan Mountain[39] - The group holds a 15% stake in the Kowloon Bay International Trade and Exhibition Centre, with an investment amount of approximately HKD 906 million[45] Financial Strategy and Governance - The group expects a volatile and uncertain business environment in 2023, focusing on the stability of its existing property portfolio and balance sheet[49] - The group plans to maintain a prudent investment strategy and regularly assess its investment portfolio performance[56] - The group has adopted a strategic hedging policy to optimize risk-adjusted returns, including interest rate swaps and natural hedging through matching currencies[60] - The group has complied with the corporate governance code as per the Hong Kong Stock Exchange Listing Rules throughout the year[62] Employee and Operational Costs - The group employs a total of 114 employees across Hong Kong, China, and the UK, with annual salary costs (excluding directors' remuneration) of approximately HKD 127 million[61] Taxation - The effective tax rate in Hong Kong remains at 16.5%, with a reduced rate of 8.25% applicable to the first HKD 2,000,000 of taxable profits for one subsidiary[19] - The total tax expense for the year was HKD 34.612 million, compared to a tax credit of HKD 583.132 million in the previous year[22] Audit and Reporting - The independent auditor confirmed that the financial statements for the year ended December 31, 2022, are consistent with the draft financial statements[64] - The annual report for 2022 will be published on the company's website and sent to shareholders later[66]
中渝置地(01224) - 2022 - 年度业绩