Financial Performance - For the year ended December 31, 2022, the group's revenue was HKD 1,601,799,000, a decrease of 79.4% compared to HKD 7,774,000 in 2021[19] - The group's gross profit for the same period was HKD 676,267,000, compared to HKD 4,178,000 in 2021, indicating a significant decline in profitability[19] - The group recorded a net profit of HKD 330,134,000 for the year, a turnaround from a net loss of HKD 341,506,000 in 2021[19] - Basic earnings per share for the year were HKD 3.82, compared to a loss per share of HKD 4.70 in 2021[19] - The company reported a pre-tax profit of HKD 547,895,000, a recovery from a loss of HKD 341,102,000 in 2021[52] - The group recorded a profit before tax of approximately HKD 547,900,000, compared to a loss of HKD 341,100,000 in the previous year[111] Assets and Liabilities - The total equity of the group as of December 31, 2022, was HKD 148,900,000, compared to a loss of HKD 123,200,000 in the previous year[11] - The group's non-current assets amounted to HKD 1,815,000,000, slightly up from HKD 1,806,000,000 in 2021[14] - Total assets decreased from HKD 4,591,013,000 in 2021 to HKD 3,330,776,000 in 2022, a decline of approximately 27.5%[31] - Current assets dropped significantly from HKD 2,785,052,000 in 2021 to HKD 1,515,760,000 in 2022, representing a decrease of about 45.6%[31] - Total liabilities decreased from HKD 4,714,214,000 in 2021 to HKD 3,181,830,000 in 2022, a reduction of approximately 32.4%[35] - The total interest-bearing borrowings of the group as of December 31, 2022, were HKD 1,476,700,000, down from HKD 1,882,700,000 a year earlier[124] Revenue Segments - The hotel business segment reported revenue of HKD 4,400,000, down from HKD 5,700,000 in 2021, with a segment loss of HKD 28,400,000 compared to HKD 17,700,000 in the previous year[13] - The property development segment generated revenue of approximately HKD 1,595,500,000, with a profit of HKD 572,900,000, reversing a loss of HKD 126,900,000 in 2021[113] - The company recognized revenue from property sales of HKD 1,586,691,000, up from HKD 508,000 in 2021[59] Cash Flow and Financial Obligations - The company reported cash and cash equivalents of HKD 16,127,000 in 2022, down from HKD 46,669,000 in 2021, a decline of about 65.5%[31] - The company’s financial obligations totalled approximately HKD 1,494,821,000 as of December 31, 2022, with HKD 559,817,000 due within the next twelve months[39] - The group has a total financial obligation of approximately HKD 1,494,821,000, with HKD 559,817,000 due within the next twelve months[107] Development Projects - The group had three ongoing development projects located in Zhuhai, Chengdu, and Doumen as of December 31, 2022[12] - The German project has a total construction area of approximately 145,176 square meters, with 53.94% of the saleable area sold as of December 31, 2022[114] - The Fuyuan Junting project has achieved sales of 99.34% and 45.37% for its first and second phases, respectively, with the first phase completed in May 2022[115] - The Fuyuan Plaza project has realized sales contracts amounting to approximately 59.34% of its saleable area, with construction expected to complete by June 2024[116] Impairments and Expenses - The group recognized a goodwill impairment of HKD 50,290, which was attributed to the acquisition of Yiwai International Investment Limited[82][83] - The group incurred a tax expense of HKD 217,761, reflecting the corporate income tax rate of 25% applicable in China[75][76] - Financial expenses for the year were HKD 203,706,000, an increase from HKD 135,687,000 in 2021[62] Corporate Governance and Future Outlook - The company aims to maintain high standards of corporate governance and has adhered to the relevant rules and principles as of December 31, 2022[133] - In 2023, with the gradual easing of pandemic measures in Hong Kong and mainland China, and the government's reduction of the bank reserve requirement ratio to stimulate domestic demand, the economy is expected to recover[138] - The company plans to accelerate property sales and strengthen its hotel business while identifying viable investment projects to maximize returns for shareholders[138] Employment and Operational Impact - The company employed a total of 113 staff as of December 31, 2022, a decrease from 156 employees on December 31, 2021[131] - The company's operations in mainland China have been severely impacted since the outbreak of the pneumonia virus at the end of 2019, affecting property sales and hotel business performance[132]
富元国际集团(00542) - 2022 - 年度业绩