Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,629,059,000, a slight increase from HKD 1,607,388,000 in 2022, representing a growth of 1.3%[2] - The net profit for the year was HKD 63,259,000, a significant recovery from a loss of HKD 119,437,000 in 2022[2] - The company’s basic earnings per share for the year was HKD 1.04, recovering from a loss of HKD 2.55 per share in 2022[3] - Other comprehensive income for the year was HKD 97,197,000, a significant improvement from a loss of HKD 232,571,000 in the previous year[3] - The profit before tax was HKD 83,798 thousand, with a breakdown of HKD 59,220 thousand from watch and clock products, HKD 10,671 thousand from property investment, and HKD 129,793 thousand from banking and financial services[22] - The net profit for the year was HKD 63,259 thousand, with HKD 55,334 thousand from watch and clock products, HKD 10,671 thousand from property investment, and HKD 113,170 thousand from banking and financial services[22] - The company reported a significant interest and dividend income from banking operations amounting to HKD 285,968 thousand[22] - The company reported a net loss of HKD 119,437 thousand for the year, with significant losses attributed to unallocated company expenses of HKD 92,152 thousand[25] - The net profit after tax for the year ended December 31, 2023, was approximately HKD 63,259,000, compared to a net loss of HKD 119,437,000 for the year ended December 31, 2022[77] Revenue Breakdown - Total revenue reached HKD 1,629,059 thousand, with contributions from watch and clock products at HKD 1,113,945 thousand, property investment at HKD 23,275 thousand, and banking and financial services at HKD 491,839 thousand[22] - The company’s revenue from external customers in China was HKD 782,066,000 in 2023, down from HKD 1,009,151,000 in 2022, representing a decline of approximately 22.5%[28] - Non-banking and financial business income decreased to HKD 1,137,220,000 from HKD 1,268,746,000, a decline of 10.4%[37] - The total revenue for Ebo Group's watch and timing products was HKD 208,131,000 for the year ended December 31, 2023, a decrease of HKD 47,267,000 or 18.5% from HKD 255,398,000 in 2022[87] - The total revenue for Kunlun, Qian Nian Hua, and The Dreyfuss Group Limited was HKD 218,379,000 for the year ending December 31, 2023, down from HKD 255,566,000 in 2022, with a net loss of HKD 19,315,000 compared to HKD 30,572,000 in the previous year[93] Assets and Liabilities - Total assets increased to HKD 16,531,006,000 from HKD 16,157,243,000, marking a growth of 2.3%[4] - Total liabilities rose to HKD 12,165,712,000, compared to HKD 11,978,382,000 in the previous year, an increase of 1.6%[5] - The company’s total liabilities included borrowings of HKD 540,375,000 and lease liabilities of HKD 28,849,000[26] - The company’s total liabilities as of December 31, 2023, are HKD 12,165,712,000, up from HKD 11,978,382,000 as of December 31, 2022, primarily due to an increase in payables[131] - The group’s total assets as of December 31, 2023, amount to HKD 16,531,006,000, an increase from HKD 16,157,243,000 in the previous year[114] Cash and Deposits - Cash and deposits as of December 31, 2023, were HKD 3,761,431,000, down from HKD 4,314,638,000 in 2022, indicating a decrease of 12.8%[4] - As of December 31, 2023, the group's cash and bank balances are approximately HKD 3,761,431,000, a decrease of 12.8% from HKD 4,314,638,000 in the previous year[111] Strategic Initiatives and Acquisitions - The company completed the sale of 22.86% of its stake in Xin Heng Financial Holdings Limited for HKD 6,487,000 in February 2023[7] - The acquisition of 100% of the equity of Jin Xi Industrial Limited was completed on April 19, 2023[7] - The company sold all shares of Intelligent Property Limited for HKD 27,500,000 in October 2023[7] - The group acquired the entire equity of the Kam Hei Group for HKD 108,456,000, with payment structured through shares and cash, including a profit guarantee of at least HKD 30,000,000 for the fiscal years ending December 31, 2023, 2024, and 2025[70] Operational Efficiency - The company is focusing on strategic initiatives to improve operational efficiency and reduce unallocated expenses in the upcoming fiscal year[25] - The company plans to expand its market presence and invest in new product development to enhance revenue streams[24] - The company aims to strengthen its presence in Southeast Asia and North America, with a focus on duty-free sales in Singapore and Thailand[92] Corporate Governance - The company has adopted the corporate governance code and complies with all applicable rules, with some deviations noted[143] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, and confirmed they are prepared in accordance with applicable accounting standards[156] - The company has established various committees, including the remuneration committee and nomination committee, to enhance corporate governance[152][153] Employee and Management - As of December 31, 2023, the company employed approximately 3,050 employees in Hong Kong and mainland China, down from 3,600 employees in the previous year[140] - The company employed about 178 employees in Europe as of December 31, 2023, compared to 250 employees in the previous year[140] Market Trends - The Swiss high-end watch market continued to grow in 2023, reaching pre-pandemic levels, with watch exports increasing by 7.6% compared to 2022[93] - E-commerce sales revenue for Rosini decreased to HKD 113,098,000 in 2023, down HKD 67,865,000 or 37.5% from HKD 180,963,000 in 2022[84] - The Dreyfuss Group plans to focus resources on profitable sales growth opportunities in the US, Canada, and Germany in 2024[96]
冠城钟表珠宝(00256) - 2023 - 年度业绩