Financial Performance - For the fiscal year ended December 31, 2023, the Group recorded total revenue of approximately HK$121.8 million[19]. - Shareholders' attributable comprehensive net profit was approximately HK$284.9 million, including a fair value gain of approximately HK$74.5 million on investment properties[19]. - Excluding the fair value gain, the shareholders' attributable comprehensive net profit decreased by 40.3% to approximately HK$210.4 million compared to HK$352.6 million in 2022[19]. - Earnings per share for 2023 were 18.2 HK cents, down from 20.3 HK cents per share in 2022[19]. - The Group's revenue for the year ended December 31, 2023, was HK$121.8 million, representing a slight increase of 0.7% compared to HK$120.9 million in 2022[85]. - Profit attributable to equity holders decreased by approximately 10.3% to HK$284.9 million in 2023 from HK$317.6 million in 2022[88]. - The Group's operating profit surged to HK$143.3 million in 2023, a significant increase from HK$23.1 million in 2022[85]. - The adjusted operating profit for the property investment segment was approximately HK$52.4 million for the year ended December 31, 2023, up from approximately HK$48.5 million in the previous year, driven by increased revenue from Kwai Fong Plaza[126]. - The fair value gain on investment properties for 2023 was approximately HK$74.5 million, compared to a loss of HK$35.0 million in 2022[89]. - The Group's cash and bank balances increased by 10.9% to HK$232.5 million as of December 31, 2023, up from HK$209.7 million in the previous year[137]. Financial Costs - The increase in finance costs was HK$279.6 million, representing a rise of 70.6% from HK$163.9 million in 2022[19]. - Financial costs increased to HKD 279.6 million in 2023, up by HKD 115.7 million or 70.6% from HKD 163.9 million in 2022[30]. - Net finance costs rose significantly by 70.6% to HK$279.6 million in 2023, up from HK$163.9 million in 2022, primarily due to increased borrowing costs linked to rising HIBOR rates[89]. - The Group's net finance income increased to HK$0.6 million in 2023 from HK$0.1 million in 2022[180]. Investment Properties - The group maintained a 100% occupancy rate for its investment properties, contributing to stable cash flow[32]. - The Group invested in a diversified retail property portfolio through a joint venture, comprising quality retail space of 2.048 million square feet and over 7,760 parking spaces[33]. - The Group's investment properties in Hong Kong are expected to continue generating stable rental income and investment returns[56]. - The anticipated strong rebound in tourist arrivals is expected to be a key driver of economic growth in Hong Kong[61]. - The Group's investment property portfolio remained diversified, including properties such as Kwai Fong Plaza and Bank of America Tower[149]. - The increase in revenue from the property investment segment was primarily driven by rental agreements related to Kwai Fong Plaza[149]. - The Group's rental rates for investment properties ranged from HK$10.0 psf to HK$79.8 psf as of 31 December 2023, compared to HK$10.0 psf to HK$89.0 psf as of 31 December 2022[116]. - The fair value increase of investment properties was mainly attributed to the recovery of normal economic activities in Hong Kong post-COVID[128]. Market Outlook and Strategy - The property investment market in Hong Kong is expected to present new growth opportunities as the local economy gradually recovers[36]. - The company plans to monitor market demand closely and adjust its property portfolio flexibly to meet the needs of different tenants and investors[36]. - Continuous innovation and proactive efforts are emphasized to seize opportunities and overcome challenges for better performance[36]. - The Group will actively seek new growth opportunities and expand its business areas to respond to market changes and evolving customer demands[61]. - The Group will optimize investment portfolios and enhance property management efficiency to lay a solid foundation for long-term development[61]. - The gradual recovery of local economic activities and ongoing infrastructure development will support Hong Kong's economic recovery[61]. - The Group plans to leverage opportunities from the "Guangdong-Hong Kong-Macao Greater Bay Area" strategy to expand domestic business and enhance synergies with its major shareholder[199]. Operational Efficiency - Other operating expenses decreased by 18.9% to HK$34.7 million in 2023 from HK$42.8 million in 2022[85]. - Income tax expense for 2023 was HK$5.1 million, a decrease of 30.1% from HK$7.3 million in 2022[85]. - The Group focused on maintaining the stability of its existing investment property portfolio and improving its balance sheet during challenging economic conditions[149]. - The Group's liquidity position remains strong, with adequate cash and cash equivalents to meet working capital requirements[183]. Shareholder Value - The Group continues to implement a successful strategy of diversifying its portfolio of investment properties, which has proven effective in 2023[93]. - The Group is confident that its diversification strategy will continue to generate sustainable returns for shareholders in the future[93]. - The Board and management are focused on leveraging competitive advantages to drive core business performance and enhance shareholder value[174]. - The company is committed to enhancing and safeguarding shareholder interests as a primary mission and key to success[200].
长城环亚控股(00583) - 2023 - 年度财报