Financial Performance - Revenue for the year ended December 31, 2023, was HK$1,053,034,000, a decrease of 14.6% from HK$1,233,148,000 in 2022[141]. - Gross profit for 2023 was HK$551,311,000, compared to HK$770,755,000 in 2022, reflecting a decline of 28.4%[141]. - Profit for the year was HK$19,949,000, down 56.5% from HK$45,835,000 in the previous year[144]. - Basic and diluted earnings per share for 2023 were both HK$2.84, a decrease from HK$8.71 in 2022[141]. - Total comprehensive income for the year was HK$127,582,000, compared to a loss of HK$536,605,000 in 2022, indicating a significant recovery[144]. - Research and development expenses for 2023 were HK$96,804,000, down from HK$168,885,000 in 2022, showing a reduction of 42.6%[141]. - Other comprehensive income for the year, net of tax, was HK$107,633,000, compared to an expense of HK$582,440,000 in 2022, marking a substantial improvement[144]. - The company reported a share of results from associates of HK$870,000, compared to a loss of HK$1,104,000 in 2022, indicating a positive turnaround[141]. - The total comprehensive income for the year was a loss of HK$528,438,000, compared to a loss of HK$536,605,000 in 2022, showing a slight improvement[162]. Expenses and Costs - The total interest expenses for financial liabilities amounted to HK$11,898,000, an increase from HK$7,595,000 in 2022, representing a growth of approximately 56.5%[3]. - Finance costs increased to HK$11,898,000 in 2023 from HK$7,595,000 in 2022, representing a rise of 56.3%[141]. - Amortisation of intangible assets increased to HK$56,307,000 in 2023 from HK$38,857,000 in 2022, reflecting a rise of 45.0%[162]. - Depreciation of property, plant, and equipment decreased to HK$93,194,000 in 2023 from HK$113,642,000 in 2022, a decline of 18.0%[162]. - Impairment loss recognized rose to HK$32,964,000 in 2023 compared to HK$2,022,000 in 2022, indicating a substantial increase[162]. - The current tax expense for the year was HK$12,013,000, compared to HK$13,443,000 in 2022, indicating a decrease of 10.6%[67]. - The tax charge for the year amounted to HK$10,836,000, down from HK$22,026,000 in the previous year, representing a decline of 50.8%[71]. Dividends - The final dividend for the year ended December 31, 2023, is recommended at HK$0.010 per share, maintaining the same level as 2022, with a total distribution of HK$0.018 per share for the year[97]. - The interim dividend paid on October 4, 2023, was HK$0.008 per share, compared to HK$0.010 per share in 2022[97]. - The total dividend distribution for the year ended December 31, 2023, is lower than the previous year's total of HK$0.020 per share[97]. - The company maintained a dividend payout ratio of 63.4%, with total dividends per share decreasing by 10.0% to HK$1.8[187]. Assets and Liabilities - Total assets increased to HK$2,234,040, up from HK$2,130,394, representing a growth of 4.85% year-over-year[148]. - Current assets rose to HK$656,627, compared to HK$651,634 in the previous year, reflecting a slight increase of 0.46%[148]. - Inventories increased significantly to HK$298,106, up 19.6% from HK$249,222 in 2022[148]. - Trade payables decreased to HK$74,147, down 26.8% from HK$101,301 in 2022[148]. - Total equity attributable to the owners of the Company reached HK$2,038,955, an increase of 5.95% from HK$1,924,107[149]. - Non-controlling interests improved to (HK$78,357), a reduction from (HK$81,583) in the previous year[149]. - Deferred tax assets rose to HK$10,199, compared to HK$7,584 in 2022, marking an increase of 34.3%[148]. Management and Governance - The company held its most recent annual general meeting on May 17, 2023, allowing shareholders to engage with the board[21]. - The five highest-paid individuals included three directors, with their remuneration detailed in the report[19]. - The company is committed to providing fair disclosure and transparent reporting to investors[21]. - There were no significant transactions or contracts involving directors with material interests during the year[17]. - The Company reviewed its shareholders' communication policy during the reporting period and found it to be appropriate and effective[26]. Market and Business Strategy - The Group has established extensive partnerships with over 20 international companies and currently markets over 25 proprietary, generic, and licensed-in pharmaceutical products in Mainland China, Hong Kong, Macau, and Taiwan[125]. - The Group focuses on several key disease areas including cardiovascular, women's health, pediatrics, rare diseases, oncology, dermatology, and obstetrics, with more than 40 products under different development stages[126]. - The Group has recently established an office in Thailand to conduct sales and distribution activities within the Thai market in the near future[127]. - The Group's mission is to become a successful biopharmaceutical group in Asia, providing innovative products to fight diseases and improve health and quality of life[128]. - The Group's proprietary products include Livaracine® and Nadroparin Calcium Injection, both targeting blood clots and deep vein thrombosis[172]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements provide a true and fair view of the Group's financial position as of December 31, 2023[36]. - Key audit matters were identified as significant in the audit of the consolidated financial statements, including revenue recognition[39]. - The Company’s financial statements were prepared in compliance with Hong Kong Financial Reporting Standards[36]. - The Group is responsible for ensuring the consolidated financial statements are free from material misstatement due to fraud or error[87].
李氏大药厂(00950) - 2023 - 年度财报