Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 13,825,660, an increase of 2.57% from HKD 13,478,667 in 2022[2] - Gross profit for the year was HKD 2,701,592, representing a gross margin of approximately 19.5%, up from HKD 2,310,143 in 2022[2] - Operating profit increased to HKD 857,884, compared to HKD 839,225 in the previous year, reflecting a growth of 2.5%[2] - Net profit attributable to shareholders decreased to HKD 380,580, down 25.5% from HKD 510,664 in 2022[2] - Basic and diluted earnings per share were HKD 13.92, a decrease from HKD 20.77 in the prior year[2] - Total comprehensive income for the year was HKD 609,631, compared to a loss of HKD 20,692 in 2022[3] - EBITDA for the year ended December 31, 2023, increased to HKD 1,567,835,000, up 7.3% from HKD 1,460,840,000 in 2022[22] - The company reported a net profit before tax of HKD 645,848,000 for the year ended December 31, 2023, down from HKD 775,815,000 in 2022[23] - The basic earnings per share for the year ended December 31, 2023, was HKD 0.139, down from HKD 0.207 in 2022[26] - The group recorded revenue of HKD 13.8 billion in 2023, a slight increase of 2.6% from HKD 13.5 billion in 2022, primarily due to the acquisition of ETHOZ Group in July 2022[30] - The group's net profit after tax decreased by 25.5% to HKD 380.6 million in 2023 from HKD 510.7 million in 2022[30] - EBITDA increased by 7.3% to HKD 1.6 billion, with operating profit rising to HKD 857.9 million, maintaining an operating profit margin of 6.2%[30] Assets and Liabilities - Non-current assets increased to HKD 13,799,413 from HKD 13,081,219 in 2022, indicating a growth of 5.5%[4] - Current assets rose to HKD 9,537,034, up from HKD 8,897,002 in the previous year, reflecting an increase of 7.2%[4] - Total liabilities increased to HKD 7,534,172, compared to HKD 7,390,671 in 2022, marking a rise of 1.9%[5] - Net assets as of December 31, 2023, were HKD 12,238,961, an increase from HKD 11,886,580 in 2022, representing a growth of 2.9%[5] - The net debt ratio as of December 31, 2023, was 48.6%, with net debt recorded at HKD 5.9457 billion, up from HKD 3.7832 billion in 2022[30] Revenue Breakdown - Revenue from goods sales was HKD 5,033,458, slightly down from HKD 5,048,992 in the previous year, indicating a decrease of about 0.31%[14] - Revenue from services provided was HKD 7,831,027, a decrease from HKD 7,894,714, reflecting a decline of approximately 0.80%[14] - Rental income from investment properties increased to HKD 451,764 from HKD 203,662, showing a significant growth of approximately 121.00%[14] - Revenue from Singapore increased to HKD 1,915,475 from HKD 1,342,647, marking a growth of about 42.67%[15] - Revenue from China rose to HKD 704,754 from HKD 688,028, representing an increase of approximately 2.00%[15] - Revenue from Thailand decreased to HKD 657,266 from HKD 753,847, indicating a decline of about 12.83%[15] - ETHOZ Group contributed HKD 864.2 million in revenue and HKD 110.2 million in net profit after tax, accounting for 6.3% and 29.0% of the group's total revenue and net profit, respectively[36] Dividends - The company declared an interim dividend of HKD 0.03 per share, totaling HKD 60,399,000, compared to HKD 0.025 per share (HKD 50,333,000) in 2022[25] - The proposed final dividend is HKD 0.045 per share, amounting to HKD 90,599,000, down from HKD 150,998,000 in 2022[29] - The total dividend for 2023 is HKD 150.998 million, a decrease of 25% from HKD 201.331 million in 2022, with a proposed final dividend of HKD 0.045 per share[33] Operational Insights - The company is a distributor for Nissan and Subaru vehicles in Singapore and several Southeast Asian countries, focusing on various models of passenger and light commercial vehicles[17] - The company has significant operations in property leasing and development, primarily in Singapore and Hong Kong, contributing to its rental income[18] - The company is involved in vehicle logistics services in Japan, providing human resource management and general freight services[18] Market Performance - In Singapore, Nissan passenger car sales increased by 52%, making it the fifth best-selling passenger car brand, while overall sales grew by 14% despite commercial vehicle sales decline[35] - Subaru sales in Hong Kong decreased by 13% due to microchip shortages, while pre-orders for the new Subaru Solterra electric vehicle are strong, expected to start deliveries in Q1 2024[37] - In Taiwan, Subaru sales experienced a slight decline of 11% due to temporary microchip shortages, while sales in the Philippines surged by 38% driven by new model launches[38] - In Malaysia, Subaru's sales volume decreased by 35% compared to last year due to the reimplementation of sales tax in 2023, but a strong recovery is expected in 2024 with high acceptance of the revamped Subaru Forester[39] - In Thailand, Subaru's sales increased by 2% year-on-year, aided by marketing efforts targeting off-road users, and stronger growth is anticipated in 2024 as the government plans to reduce electric vehicle subsidies[39] - In Vietnam, despite a 23% decline in TIV from 2022, Subaru's performance improved by 6% year-on-year, with expectations for a strong return in 2024 as the economic situation improves[39] - In Cambodia, the automotive industry shrank by 14% compared to 2022, with Subaru's sales volume dropping by 35% from the previous year's extraordinary growth[39] Credit and Risk Management - The credit risk framework includes monthly reviews of limits on single obligors and industry sectors to manage potential risks effectively[47] - The impairment provision for loans and advances was HKD 39.4 million, a decrease from HKD 76.4 million as of December 31, 2022[49] - The write-off rate for bad debts was 0.3% for the year ended December 31, 2023, compared to 0.1% for the first six months of 2023[49] - The group conducts regular reviews of its investment portfolio to ensure asset quality does not deteriorate[48] - Credit management involves daily follow-ups with clients, including at least 55 calls per credit manager[48] - The group identifies and tracks overdue loans during monthly aging meetings to assess impairment[49] Governance and Compliance - The audit committee has reviewed the financial reports for the year ended December 31, 2023, ensuring compliance with high governance standards[54] - The annual general meeting is scheduled for May 28, 2024, with shareholder registration suspended from May 22 to May 28, 2024[51] - The company has not purchased, sold, or redeemed any of its listed securities during the year[52]
陈唱国际(00693) - 2023 - 年度业绩