WING TAI PPT(00369)2024-04-22 08:52Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 882.4 million, a decrease of 78% compared to HKD 4,096.7 million in 2022[32]. - Gross profit for the same period was HKD 680.7 million, reflecting a decrease of 57% from HKD 1,572.6 million in the previous year[32]. - The company reported a pre-tax loss of HKD 768.6 million, which is an increase of 406% compared to a loss of HKD 152.0 million in 2022[32]. - The loss attributable to shareholders was HKD 890.4 million, up 65% from HKD 540.0 million in the prior year[31]. - Core consolidated profit attributable to shareholders for 2023 was HKD 197 million, down from HKD 658 million in 2022, with core earnings per share at HKD 0.15 compared to HKD 0.49 in the previous year[38]. - The company reported a net loss of HKD 812.4 million for the year, compared to a net loss of HKD 323.9 million in the previous year, representing a 150.5% increase in losses[182]. - The gross profit for the year was HKD 680.7 million, down 56.7% from HKD 1,572.6 million in 2022[181]. - The company reported a comprehensive loss of HKD 890.4 million for the year, compared to a profit in the previous year[192]. Assets and Equity - Total assets as of December 31, 2023, were HKD 33,988.1 million, a decrease of 4% from HKD 35,499.2 million in 2022[33]. - Total equity attributable to shareholders was HKD 24,440.1 million, down from HKD 25,684.8 million in 2022[36]. - The net asset value of the group as of December 31, 2023, was HKD 26,095,000,000, a decrease of HKD 1,232,000,000 from HKD 27,327,000,000 on December 31, 2022, primarily due to dividend distributions and an annual loss of HKD 812,000,000[45]. - The company's total assets decreased to HKD 25,999.0 million from HKD 27,715.8 million in 2022, reflecting a decline of 6.2%[187]. - The company's total equity decreased from HKD 27,327.3 million in 2022 to HKD 26,094.6 million in 2023, a decrease of approximately 4.5%[190]. Dividends - The company declared a total dividend of 14.0 HKD cents for the year, a decrease of 48% from 27.0 HKD cents in the previous year[33]. - The group proposed a final dividend of HKD 0.08 per share, totaling an annual dividend of HKD 0.14 per share, which represents approximately 96% of this year's core profit[38]. - The board proposed a final dividend of HKD 0.08 per share for the year ending December 31, 2023, totaling approximately HKD 190 million, down from HKD 0.21 per share in the previous year[74]. Property and Investment - The company holds a 100% interest in Landmark East and several other properties, indicating a strong position in property investment and management[29]. - The group recorded a net property valuation loss and impairment provision totaling HKD 963 million in 2023, compared to HKD 1.7 billion in 2022[38]. - The investment property portfolio's fair market value was approximately HKD 20,000,000,000, with Hong Kong accounting for 1,633,000 square feet and London for 328,000 square feet[41]. - The group completed the sale of an investment property in Beijing in November 2023, generating approximately HKD 340 million in cash inflow and realizing an investment gain of HKD 250 million[39]. - The group is progressing with two residential development projects, with foundation works expected to be completed in Q2 2024 and Q3 2024 respectively[38]. Market Outlook - The group anticipates that recent government measures to ease mortgage pressure will improve market sentiment and gradually increase transaction volumes in 2024[38]. - The company expects the Hong Kong real estate market to gradually recover, supported by the lifting of cooling measures and increased sales of new residential properties[53]. Financial Management - The group is focused on prudent management of business operations, cash flow, and financing capabilities to ensure a robust financial position and liquidity[39]. - The company maintains a resilient balance sheet and diversified asset portfolio, allowing it to remain cautious amid market fluctuations while exploring suitable investment opportunities[54]. - The company is closely monitoring foreign exchange risks, with 87% of its borrowings in HKD and 13% in other currencies, primarily GBP[48]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency through its independent directors[66]. - The board consists of five executive directors, three non-executive directors, and five independent non-executive directors, ensuring a balance of power and authority[122]. - The company has established a corporate governance committee to enhance and ensure high standards of corporate governance, consisting of at least three members including an executive director, the financial director, and the company secretary[132]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules, and the board believes they can continue to provide independent and objective views[126]. Employee and Social Responsibility - The group employs approximately 450 staff members and offers comprehensive compensation and benefits plans, including retirement benefits through mandatory provident fund schemes[58]. - The group has implemented various corporate social responsibility initiatives, including recycling programs and community engagement activities in 2023[59]. Shareholder Information - The total number of issued shares as of December 31, 2023, was 1,357,200,279 shares[83]. - The company has established a shareholder communication policy to ensure timely access to comprehensive and understandable information for shareholders and potential investors[165]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting[167].