Financial Performance - Revenue for FY2023 was HK$16,750.2 million, a decrease of 25% from HK$22,363.7 million in FY2022[14]. - EBITDA for FY2023 was HK$2,450.3 million, down 44% from HK$4,378.6 million in FY2022[14]. - Profit before tax for FY2023 was HK$1,276.5 million, a decline of 63% compared to HK$3,451.3 million in FY2022[14]. - Underlying net profit for FY2023 was HK$991.0 million, down 51% from HK$2,002.7 million in FY2022[14]. - Reported net profit for FY2023 was HK$907.4 million, a decrease of 52% from HK$1,909.1 million in FY2022[14]. - Earnings per share based on underlying net profit was HK31.8 cents, a reduction of 50% from HK64.2 cents in FY2022[14]. - The net asset value per share decreased by 1% to HK$4.79 from HK$4.82 in FY2022[14]. - Net gearing increased to 16% in FY2023, up from 7% in FY2022[14]. Segment Performance - The Group's revenue decreased by 25% year-on-year to HK$16,750.2 million, while net profit attributable to owners fell by 51% to HK$991.0 million[21][24]. - The Laminates Division's segment revenue declined by 14% to HK$16,447.8 million, despite a rise in sales of high-end and high-value-added products[22][25]. - EBITDA for the Laminates Division decreased by 21% to HK$2,402.3 million, reflecting pressures from declining gross profit margins due to fierce competition[22][25]. - The Property Division's revenue dropped by 93% to HK$226.8 million, with EBITDA down 96% to HK$57.9 million, as the focus remained on selling remaining units[23][25]. Current Assets and Liabilities - As of December 31, 2023, the Group's net current assets were HK$8,221.6 million, with a current ratio of 2.47, down from 2.91 in the previous year[27]. - The net working capital cycle increased to 125 days from 86 days, with inventory turnover days rising to 71 days[27]. - The Group's net gearing ratio increased to approximately 16% from 7% in the previous year, with investments of approximately HK$700 million in new capacity[27]. - The ratio of short-term to long-term bank borrowings stood at 40%:60%, indicating a shift in financing strategy[27]. Employee and Management - The Group employed approximately 10,000 staff as of December 31, 2023, down from 10,300 the previous year, while offering competitive salary packages and bonuses[29][30]. - The Company has a strong management team with extensive experience in their respective fields, contributing to its operational effectiveness[58][59]. - The remuneration for senior management (excluding Directors) during the year ended December 31, 2023, included 1 individual earning between HK$0 to HK$1,000,000 and 1 individual earning above HK$2,000,001[154]. Sustainability and Environmental Initiatives - The solar photovoltaic power project has received a total investment of HK$300 million, generating 65 million kWh of green electricity per year, equivalent to annual energy savings of 18,000 tons of standard coal and reducing carbon dioxide emissions by 39,000 tons[33]. - The Group has invested about HK$80 million in thermal energy recovery equipment, which reduces carbon dioxide emissions by 37,000 tons annually, equivalent to annual energy savings of 15,000 tons of standard coal[33]. - The total savings from various energy efficiency initiatives exceed HK$230 million annually, reflecting the Group's commitment to sustainable development goals under its ESG mission[33]. - The Group's internal manufacturing facilities operate in compliance with relevant environmental rules and regulations, reflecting its commitment to environmental sustainability[71]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2023[129]. - The independent non-executive Directors confirmed that the continuing connected transactions were fair and reasonable, benefiting the Company and its shareholders[142]. - The auditor issued an unqualified letter regarding the continuing connected transactions for the year ended December 31, 2023, confirming compliance with the relevant agreements[144]. - The Board currently comprises 11 members, including 4 independent non-executive Directors, ensuring a balance of skills and experience[187]. Future Outlook and Expansion Plans - The Group plans to expand its laminates monthly capacities in Thailand in 2024 by 400,000 sheets to meet development demands[33]. - The copper-clad laminate market is expected to stabilize and rebound as export orders gradually recover, driven by the rapid growth in demand for electric vehicles and related products[34]. - Future expansion plans may face challenges, including upgrading facilities and training personnel, which could adversely affect the Group's business prospects[69]. - The Group's ability to obtain financing for its expansion plans depends on its financial condition and external factors, with no assurance of obtaining adequate funds on acceptable terms[69]. Shareholder Information - An interim dividend of HK6.0 cents per share was declared, and a final dividend of HK10.0 cents per share is recommended for payment on June 18, 2024[80]. - As of December 31, 2023, the total amount of retained profits, share premium, and special reserve of the Company was HK$8,937,896,000, down from HK$9,640,570,000 in 2022[86]. - The Company aims to generate stable interest and dividend income while creating value for the Group and its shareholders[98]. Risks and Challenges - The Group has identified key risks and uncertainties that may materially affect its business operations and financial condition[64]. - Intense competition in the industry poses a risk to the Group's ability to compete successfully against current and emerging competitors[69]. - Recent global market fluctuations and economic conditions, particularly a slowdown in the PRC economy, could lead to a reduction in demand for the Group's products[69].
建滔积层板(01888) - 2023 - 年度财报