Financial Performance - The total revenue for the year 2022 was HKD 1,601,799,000, a significant increase from HKD 7,774,000 in 2021[3] - Gross profit for 2022 reached HKD 676,267,000, compared to HKD 4,178,000 in the previous year, indicating a substantial improvement[3] - The net profit for the year was HKD 330,134,000, a recovery from a loss of HKD 341,506,000 in 2021[3] - Basic earnings per share for 2022 was HKD 3.82, compared to a loss of HKD 4.70 per share in 2021[3] - The company reported a total comprehensive income of HKD 332,790,000 for the year, compared to a loss of HKD 330,668,000 in 2021[5] - The company generated other income of HKD 16,770,000, up from HKD 5,535,000 in the previous year[3] - The financial expenses for the year amounted to HKD 203,706,000, an increase from HKD 135,687,000 in 2021[3] - The company achieved a pre-tax profit of HKD 547,895,000, compared to a loss of HKD 341,102,000 in the previous year[20] - The company reported a profit attributable to shareholders of approximately HKD 265,200,000 for the year ended December 31, 2022, compared to a loss of HKD 326,300,000 in the same period of 2021[84] - The company reported a net profit of HKD 265,177,000 for the year, compared to HKD 326,264,000 in the previous year, reflecting a decrease of approximately 18.7%[63] Assets and Liabilities - As of December 31, 2022, the group's current liabilities exceeded current assets by approximately HKD 643,550,000[26] - The total financial obligations of the group amounted to approximately HKD 1,494,821,000, with HKD 559,817,000 due within the next twelve months[26] - Cash and cash equivalents were approximately HKD 251,924,000 as of December 31, 2022[26] - The group's total interest-bearing borrowings amounted to HKD 1,476,700,000, a decrease from HKD 1,882,700,000 as of December 31, 2021[111] - The company's total liabilities as of December 31, 2022, were HKD 361,100,000, a decrease from HKD 365,000,000 as of December 31, 2021[152] - The group's current liabilities exceeded current assets by approximately HKD 643,550,000 as of December 31, 2022, with total financial obligations of about HKD 1,494,821,000, of which HKD 559,817,000 is due within the next twelve months[79] - The group's non-current assets amounted to HKD 1,815,000,000 as of December 31, 2022, compared to HKD 1,806,000,000 as of December 31, 2021[129] - Current assets decreased to HKD 1,515,800,000 as of December 31, 2022, from HKD 2,785,100,000 as of December 31, 2021[129] - The group's net assets improved significantly to HKD 148,900,000 as of December 31, 2022, from a loss of HKD 123,200,000 as of December 31, 2021[130] - The group's total equity as of December 31, 2022, was HKD 148,900,000, compared to a loss of HKD 123,200,000 as of December 31, 2021[132] Business Operations - The business primarily includes property development, hotel operations, and food and beverage sales in China[10] - The group has ongoing development projects valued at HKD 1,047,016,000, down from HKD 1,828,965,000 in the previous year, indicating a reduction of approximately 42.7%[68] - The group plans to accelerate the development and sales of properties to improve cash flow and manage costs effectively[13] - The group plans to accelerate the pre-sale and sale of ongoing and completed properties to improve cash flow and manage capital expenditures effectively[101] - The group has identified potential investment projects to maximize returns for shareholders[140] - The primary business operations are focused in China, particularly in property development and related services[200] Market Conditions - The global economy faced challenges in 2022 due to factors such as the pandemic, the Russia-Ukraine war, and regional political instability, leading to weakened consumer and investment confidence[154] - The company has recognized goodwill impairment in the consolidated financial statements due to the ongoing impact of COVID-19 and adverse government measures on the Chinese real estate market[86] Corporate Governance - The company adhered to the corporate governance code and principles as per the listing rules, with some deviations noted[156] - The company has established an audit committee consisting of three independent non-executive directors[163] - The company plans to disclose relevant information as per listing rules on its website at an appropriate time[165] - The company has appointed new directors, including Mr. Tam Ka Wai as an executive director and Ms. Chan Chu Hai as an independent non-executive director[159][160] Cash Flow and Financing - The company reported a cash outflow of approximately HKD 10,068,000 during the year[56] - The company is negotiating with lenders regarding overdue loans totaling RMB 66,300,000 (approximately HKD 75,045,000) as of December 4, 2022[100] - The company is currently negotiating with property builders and lenders regarding construction costs and loan extensions[179] - The company has implemented several measures to improve its liquidity and financial condition, addressing delayed repayments to financial institutions[198] Segment Performance - Revenue from the property development segment was approximately HKD 1,595,500,000 for the year ended December 31, 2022, significantly up from HKD 1,800,000 in 2021, with segment profit of HKD 572,900,000 compared to a loss of HKD 126,900,000 in the previous year[85] - The hotel business segment recorded franchise income of HKD 4,400,000 for the year ended December 31, 2022, down from HKD 5,700,000 in the same period of 2021, with a segment loss of HKD 28,400,000[106] - The group has no revenue from Hong Kong, with income primarily derived from hotel operations and property development in other regions of China[107] Trade and Receivables - The total trade receivables for the year were HKD 87,697,000, with a recognized impairment loss of HKD 87,467,000[70] - The group reported a significant increase in trade receivables impairment losses, totaling HKD 588,701,000 in 2022 compared to HKD 275,204,000 in 2021[50] - The company reported a significant increase in payable trade accounts related to property development expenses, rising to HKD 588,701,000 from HKD 275,204,000, an increase of approximately 113.1%[70] Inventory and Contracts - The company reported a significant reduction in inventory from HKD 1,828,965,000 in 2021 to HKD 1,047,016,000 in 2022, a decrease of approximately 42.7%[192] - Contract liabilities decreased sharply from HKD 1,974,806,000 in 2021 to HKD 386,981,000 in 2022, a decline of about 80.4%[193] Employment - The group employed a total of 113 staff as of December 31, 2022, down from 156 staff in the previous year[115]
富元国际集团(00542) - 2022 - 年度业绩