建滔集团2023 年报

2023 CONTENTS 2Corporate Information4Financial Highlights6Chairman’s Statement17Directors’ and Senior Management’sBiographies21Directors’ Report49Corporate Governance Report73Independent Auditor’s Report81Consolidated Statement ofProfit or Loss Consolidated Statement of Profit or Loss andOther Comprehensive IncomeConsolidated Statement ofFinancial PositionConsolidated Statement ofChanges in EquityConsolidated Statement ofCash FlowsNotes to the ConsolidatedFinancial StatementsInformation on the Group’s PropertiesFinancial Summary CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Cheung Kwok Wing(Chairman)Mr. Chang Wing Yiu(Managing Director)Mr. Cheung Kwong KwanMr. Ho Yin SangMr. Cheung Ka ShingMs. Ho Kin FanMr. Chen Maosheng Independent Non-Executive Directors Mr. Cheung Ming ManDr. Chong Kin KiMr. Chan Wing KeeMr. Stanley Chung Wai Cheong COMPANY SECRETARY Mr. Lo Ka Leong PRINCIPAL BANKERS Hang Seng Bank LimitedStandard Chartered Bank (Hong Kong) LimitedThe Hongkong and Shanghai Banking Corporation Limited AUDITOR Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditor ANNUALREPORT 2023 CORPORATE INFORMATION HONG KONG LEGAL ADVISERS Allen & Overy REGISTERED OFFICE Whitehall House238 North Church StreetP.O. Box 1043George TownGrand Cayman KY1-1102Cayman Islands Whitehall House238 North Church StreetP.O. Box 1043George TownGrand Cayman KY1-1102Cayman Islands HEAD OFFICE AND PRINCIPAL PLACEOF BUSINESS 23/F, Delta House3 On Yiu StreetShek MunShatin, N.T.Hong Kong 323 PRINCIPAL SHARE REGISTRAR Suntera (Cayman) LimitedSuite 3204, Unit 2A,Block 3, Building D,P.O. Box 1586, Gardenia Court,Camana Bay, Grand Cayman,KY1-1100, Cayman Island Suntera (Cayman) LimitedSuite 3204, Unit 2A,Block 3, Building D,P.O. Box 1586, Gardenia Court,Camana Bay, Grand Cayman,KY1-1100, Cayman Island BRANCH SHARE REGISTRAR INHONG KONG 䠼1617 Tricor Secretaries Limited17/F, Far East Finance Centre,16 Harcourt RoadHong Kong FINANCIAL HIGHLIGHTS (1) CHAIRMAN’S STATEMENT BUSINESS REVIEW On behalf of the board of directors (the “Board”), I am delighted to reportthe full-year results of Kingboard Holdings Limited (the “Company”) and itssubsidiaries (the “Group”) for the financial year ended 31 December 2023(the “Period”). During the Period, geopolitical conflicts persisted while inflationand interest rates remained high, leading to weak consumer confidencethat impacted various industries. Despite facing complex market challenges,the Kingboard team persevered and achieved satisfactory results againsta backdrop of weak market conditions and a high-cost environment. Thiswas made possible by leveraging the competitive advantages of the Group’svertically integrated supply chain and a diversified business portfolio. Afterdeducting allowances for credit loss of a loan to Country Garden HoldingsCompany Limited made by the Group, in the amount of HK$893.9 million,and that for impairment loss (net of deferred tax) for the unsold residentialproperties in eastern China held by the Group, in the amount of HK$414.8million, the Group reported an underlying net profit of over HK$2,200 million.The Period saw the majority of printed circuit board factories on the ChineseMainland recording low utilisation rates. However, the Group’s Printed CircuitBoards (“PCBs”) Division, with its balanced market segment portfolio andcontinuous expansion, defied this trend and achieved near-full utilisationrates in its factories, resulting in increased segment earnings. The PropertyDivision’s rental portfolio also delivered a stable cash inflow, attributable to arise in occupancy rates, the consecutive expiration of rent-free periods, andthe contribution of Two London Wall Place, a commercial tower acquired bythe Group in June 2022. As a result, the Property Division experienced steadygrowth in rental income. TwoLondon Wall Place The Group’s revenue decreased 20% compared with the same period lastyear, to HK$39,712.5 million for the Period. The revenue drop was attributableto declines in the selling prices of laminates and chemical products, as wellas a decrease in the handover of residential properties. Underlying net profitattributable to the owners of the Company (excluding non-recurring items)decreased by 41% to HK$2,274.3 million. 20%41% CHAIRMAN’S STATEMENT BUSINESS REVIEW(continued) The Group maintained a robust financial position. The Board has thereforeproposed a final dividend of HK36 cents, subject to approval by theshareholders’ meeting of the Company. 36 Turnover Breakdown by Products PERFORMANCE Laminates Division:During the period, the decline in electronics industrydemand, coupled with the overall expansion in laminates production capacityover the previous two years, has led to excess capacity in the industry.Despite the resulting intense market competition, the Group has successfullyleveraged its vertically integrated supply chain, continuous technologicalenhanceme