Financial Performance - In 2023, WINSWAY recorded a revenue of HKD 40,587 million and a net profit of HKD 2,194 million, representing a year-on-year increase of 17.94% and 28.68% respectively[7]. - The company recorded a total revenue of HKD 40,587 million in 2023, an increase of 17.94% compared to HKD 34,414 million in 2022[19]. - Operating profit for the company was HKD 3,628 million in 2023, reflecting a 17.41% increase from HKD 3,090 million in 2022[26]. - The profit attributable to equity shareholders increased by 27.43% to HKD 2,123 million in 2023 from HKD 1,666 million in 2022, indicating strong financial performance[33]. - Coal trading revenue increased by approximately 18.12% year-on-year, driven by a 66.96% increase in coal trading volume[19]. - The group reported revenue from coal trading of approximately HKD 27,491,964,000 for the year ended December 31, 2023, accounting for about 68% of total revenue[196]. Market and Sales Performance - The company sold 18.95 million tons of coal in 2023, up 66.96% from 11.35 million tons in 2022, maintaining nearly 30% market share[7]. - China's imported coking coal reached a historical high of 102.51 million tons in 2023, a significant increase of 60.58% compared to 63.84 million tons in 2022[7]. - The company’s sales from external customers in 2023 amounted to HKD 40,586 million, with overseas sales contributing HKD 8,679 million, representing 21.38% of total revenue[20]. - The company’s five largest customers accounted for 44.82% of total sales in 2023, up from 38.72% in 2022[21]. - Sales to the top five customers accounted for 44.82% of the total revenue, with the largest customer contributing 17.82%[130]. Supply Chain and Logistics - The supply chain service segment generated revenue of HKD 6,327 million, an increase of 68.41% from HKD 3,757 million in 2022[7]. - The logistics segment achieved a cross-border transportation volume of 11.06 million tons, a growth of 96.80% year-on-year[9]. - The coal washing and processing segment processed 9.47 million tons, reflecting a year-on-year increase of 20.48%[9]. - The company expanded its washing capacity from 26 million tons to 28 million tons by the end of 2023, enhancing its service capabilities[9]. - The company is committed to building a smart supply chain network to improve efficiency and customer service[9]. Dividends and Shareholder Returns - The company declared a total dividend of HKD 531 million for 2023, with a final dividend of approximately HKD 320 million[9]. - The board of directors highlighted the importance of maintaining shareholder value, with plans to increase dividends by 10% in the upcoming fiscal year[76]. - The company emphasizes maintaining sufficient cash reserves for future growth and shareholder value when declaring dividends[122]. Employee and Workforce Management - The group employs 1,991 full-time employees as of December 31, 2023, excluding 902 expatriates from domestic subsidiaries, indicating a stable workforce[53]. - The total number of employees increased from 1,844 in 2022 to 1,991 in 2023, representing an 8% growth[54]. - The percentage of employees with a master's degree or above rose from 3% in 2022 to 5% in 2023, indicating a focus on higher education[55]. - The company conducted a total of 353 hours of training in 2023, with over 6,575 participants, compared to 271 hours and 3,513 participants in 2022[57]. - The company has implemented a comprehensive career development system to attract, motivate, and retain talent across all levels[82]. Financial Management and Capital Structure - The total procurement amount in 2023 was HKD 31,841 million, with the top five suppliers accounting for 29.70% of this total[25]. - The company's asset-liability ratio increased to 50.51% at the end of 2023 from 45.85% at the end of 2022, reflecting a higher level of debt relative to assets[35]. - The total bank loans held by the group amounted to HKD 2,047 million at the end of 2023, with interest rates ranging from 1.65% to 8.90%[35]. - The group reported a net loss from the sale of properties, plants, and equipment of HKD 17,737 thousand in 2023, compared to a gain of HKD 2,038 thousand in 2022[29]. - The net financing costs decreased by 71.43% to HKD 62 million in 2023 from HKD 217 million in 2022, attributed to reduced financing costs and improved currency management strategies[30]. Risk Management and Compliance - The group faces risks related to commodity price fluctuations, reliance on the steel industry, and liquidity management, which could significantly impact financial performance[46][49][50]. - The company is committed to ESG compliance and has engaged a third-party consultant for its ESG report[60]. - The company has established mechanisms to ensure the independence of non-executive directors and compliance with relevant regulations[91]. - The audit committee is responsible for providing independent opinions on the effectiveness of the company's financial reporting processes and risk management systems[95]. - The company has adopted a standard code of conduct for securities trading, with all directors confirming compliance for the year ending December 31, 2023[168]. Strategic Initiatives and Future Outlook - In 2024, the company anticipates a stable steel industry and expects domestic coal production to decrease, increasing the demand for imported coal[12]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% and aiming to reach $1.44 billion[76]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $300 million earmarked for potential mergers and acquisitions[76]. - The company is focused on digital construction and internet application innovation, led by the newly appointed Vice President[71]. - The company is actively involved in the coal business, with a focus on domestic trade and processing operations[69]. Corporate Governance - The board of directors consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced composition[85]. - The company has adopted a corporate governance code and believes it has complied with all provisions, except for a deviation regarding the separation of the roles of chairman and CEO[84]. - The company has established a whistleblowing policy for employees and related parties to report any actual or suspected misconduct confidentially[115]. - The board believes that the internal control system is appropriate and effective as of December 31, 2023[115]. - The audit committee's responsibilities include overseeing the relationship with external auditors and ensuring compliance with applicable accounting standards and regulations[104].
易大宗(01733) - 2023 - 年度财报