Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue was HKD 427,308,000, a decrease of approximately 13.3% compared to HKD 492,875,000 in the previous year[10]. - The group recorded a consolidated net loss of HKD 98,650,000 for the year, compared to a net profit of HKD 48,498,000 in the previous year, with a basic loss per share of HKD 0.195[13]. - The cement business generated revenue of HKD 195,411,000, down about 30.6% year-on-year, while property investment revenue increased by approximately 6.0% to HKD 153,002,000, and hotel business revenue rose by 19.9% to HKD 62,652,000[10]. - The cement business recorded a post-tax loss of approximately HKD 160,415,000 for 2023, including an impairment provision of HKD 139,211,000, compared to a loss of HKD 16,328,000 in the previous year[17]. - The fair value gain on investment properties decreased by approximately HKD 14,498,000 compared to the previous year, impacting the group's asset values[13]. Cement Business Challenges - The decline in the cement business was attributed to a significant drop in domestic demand, with total cement consumption in Vietnam at 57.5 million tons, while supply reached 120 million tons, leading to intense competition[14]. - The outlook for 2024 remains uncertain, particularly for the cement business due to ongoing challenges in the real estate and construction sectors in Vietnam[9]. Hotel Business Performance - The group's hotel business in Hong Kong benefited from the lifting of pandemic restrictions, leading to stable growth in the Tuen Mun Belte Hotel[9]. - The hotel business in Hong Kong generated operating revenue of HKD 62,652,000 in 2023, an increase of nearly 20% compared to the previous year[23]. - The average room rate in the Hong Kong hotel business increased by 13% in 2023, with an average occupancy rate of approximately 91.3%[23]. Environmental and Sustainability Initiatives - The group has set a target to reduce gas emissions by 2% by the end of 2025, with specific goals for hazardous waste and non-hazardous waste per ton of clinker produced[47]. - The company recognizes the importance of complying with environmental laws and has established an ISO department to ensure adherence to environmental policies[62]. - The company aims to minimize its environmental footprint and supports local community initiatives[60]. - The company has implemented energy-saving measures, including replacing lighting with energy-efficient alternatives like LED bulbs[88]. - The company aims to reduce greenhouse gas emissions from its cement production facilities through improved production processes and energy efficiency measures[98]. Governance and Management - The company has established a robust governance structure with a three-tier framework, ensuring accountability and control throughout the organization[56]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, with some deviations noted[145]. - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[148]. - The company has appointed three co-CEOs since January 17, 2023, ensuring compliance with the separation of roles between the chairman and CEO[146]. - The Audit Committee is composed entirely of independent non-executive directors, ensuring oversight of financial reporting and internal controls[162]. Community Investment and Social Responsibility - The group actively participates in community investment, including a donation of HKD 80,000 to support the "Epilepsy Friendly" festival in 2023[127]. - The group has contributed to local health improvements through the Vietnam cement plant, supporting disadvantaged children and providing rewards for 335 children of employees with excellent academic performance in 2023[129]. - The group has implemented a corporate social responsibility policy in Vietnam, focusing on support for impoverished communities, children's education, and healthcare services[127]. - The group is committed to promoting a circular economy through its recycling programs, aligning with environmental sustainability goals[125]. Employee and Training Initiatives - The total employee costs for the year ended December 31, 2023, were approximately HKD 61,357,000, an increase from HKD 58,280,000 in the previous year, representing a rise of about 3.7%[38]. - The company employs approximately 890 staff, with about 87% located in Vietnam as of December 31, 2023[38]. - A total of 726 employees participated in training courses at the cement plant, focusing on updated industrial safety practices and technical knowledge[111]. - The average training time per employee during the reporting year was approximately 10-13 hours[111]. Financial Position and Dividends - As of December 31, 2023, the company's cash, bank balances, and time deposits amounted to HKD 465,369,000, an increase from HKD 444,409,000 in the previous year[31]. - The company plans to distribute a final dividend of HKD 0.02 per share, totaling HKD 0.04 per share for the year[28]. - The group reported a mid-term dividend of HKD 0.02 per share distributed on October 13, 2023, and proposed a final dividend of HKD 0.02 per share for shareholders listed on June 7, 2024[196].
陆氏集团(越南)(00366) - 2023 - 年度财报