Production Costs - The average production cost for raw sugar in 2023 was approximately JMD 179,000 (about HKD 9,100), an increase of about 26.2% from JMD 142,000 (about HKD 7,200) in 2022[11] - The average production cost for molasses in 2023 was approximately JMD 26,900 (about HKD 1,400), reflecting a 20.0% increase from JMD 22,400 (about HKD 1,100) in 2022[11] - Labor costs, which account for about 10% of production costs, are expected to rise further in 2024 due to union wage adjustment demands[15] Financial Performance - The company reported a pre-tax loss of HKD 34,633,000 for the year 2023, compared to a pre-tax loss of HKD 10,077,000 in 2022[133] - The company reported a pre-tax loss of HKD 58,267,000 for the year ending December 31, 2023[184] - The total loss before tax for the year was HKD 45,489,000[188] - The company incurred a foreign exchange loss of HKD 12,991,000 in 2023, compared to a gain of HKD 11,607,000 in 2022[133] - Employee costs, including directors' remuneration, totaled HKD 47,587,000 in 2023, up from HKD 42,170,000 in 2022, representing an increase of approximately 12.5%[133] - The cost of goods sold was HKD 120,703,000 in 2023, slightly down from HKD 121,989,000 in 2022, indicating a decrease of about 1.1%[133] - The company’s total revenue from Jamaica was HKD 142,298,000 in 2023, compared to HKD 132,860,000 in 2022, reflecting an increase of approximately 7.8%[159] - The total revenue from the sugar business for the year ended December 31, 2022, was HKD 142,835,000[188] Cash Flow and Assets - As of December 31, 2023, the company's cash and cash equivalents decreased to approximately HKD 37,500,000 from HKD 44,700,000 in 2022, a reduction of about HKD 7,200,000[18] - The net cash inflow from operating activities for the year was approximately HKD 5,900,000, while cash outflows from investing and financing activities were HKD 2,000,000 and HKD 9,900,000 respectively[18] - Total assets as of December 31, 2023, amounted to HKD 86,071,000, with total liabilities reaching HKD 1,188,132,000[184] - The total assets of the company amounted to HKD 107,040,000[188] - The company has a total of HKD 89,881,000 in corporate and other unallocated assets[188] Employee and Governance - The total number of full-time employees increased to 142 in 2023 from 137 in 2022, while temporary employees decreased to 522 from 525[24] - The company emphasizes employee welfare by establishing policies for fair and competitive compensation, recruitment, promotion, and a healthy work environment[64] - The board consists of eight members, with three being independent non-executive directors, representing over one-third of the board[95] - The company has established a remuneration policy that reviews the compensation of directors and senior management based on operational performance and market statistics[110] - The company has a gender ratio of 85.4% male and 14.6% female in its employee team as of December 31, 2023[197] - The board diversity policy includes measurable targets for gender, age, skills, and experience[193] Corporate Strategy and Governance - The company is committed to enhancing shareholder value and ensuring sustainable development while maintaining stable dividends[37] - The corporate governance standards adopted are seen as crucial for achieving the company's objectives[37] - The group believes that success relies on the support of key stakeholders, including employees, customers, suppliers, and shareholders[35] - The company has adopted a code of conduct for its directors regarding securities trading, in line with the Listing Rules Appendix 10[88] - The company plans to review its board composition annually to ensure diversity and effectiveness in governance[175] Environmental and Social Responsibility - The group emphasizes responsible environmental practices in sugar production, aiming for long-term economic benefits[33] - The group has implemented a systematic approach to monitor product quality throughout the production process[36] Investments and Financial Instruments - The company has not made any significant investments during the reporting year[22] - The company has not entered into any arrangements or financial instruments to hedge against potential foreign exchange risks during the reporting year[21] - There were no significant investments or capital asset plans for the review year[53] Customer and Supplier Relations - The company has a customer service team to handle inquiries and complaints regarding product quality[36] - The group reported a total procurement amount from the top five suppliers accounting for approximately 31.4% of the total procurement, with the largest supplier contributing about 7.5%[69] Miscellaneous Income - Interest income increased to HKD 220,000 in 2023 from HKD 103,000 in 2022, representing a significant growth[164] - Miscellaneous income rose to HKD 4,381,000 in 2023 compared to HKD 3,893,000 in 2022, indicating an increase of approximately 12.5%[164] - Total other income net amount for 2023 was HKD 4,865,000, up from HKD 4,492,000 in 2022, reflecting a growth of about 8.3%[164] - Expected credit loss on trade receivables was HKD 303,000 in 2023, marking the first instance of this expense[164] - Impairment loss on property, plant, and equipment was HKD 1,179,000 in 2023, slightly up from HKD 1,176,000 in 2022[164]
华联国际(00969) - 2023 - 年度财报