建滔积层板2023 年报

20232023 CONTENTS 02Corporate Information04Financial Highlights06Chairman’s Statement13Directors’ and Senior Management’sBiographies18Directors’ Report43Corporate Governance Report65Independent Auditor’s Report71Consolidated 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 72 75 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Cheung Kwok Wa(Chairman)Mr. Cheung Kwok Keung(Managing Director)Mr. Cheung Kwok PingMr. Lam Ka PoMr. Cheung Ka HoMr. Zhou Pei Feng Non-Executive DirectorMr. Lo Ka Leong Independent Non-Executive Directors Mr. Ip Shu Kwan, StephenMr. Zhang Lu FuMr. Kung, PeterMr. Ho Kwok Ming COMPANY SECRETARY Ms. Ng Mei Kam Kennis (appointed on 20 February 2023)Mr. Lam Ting Hin (resigned on 20 February 2023) 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 P.O. Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands P.O. Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands HEAD OFFICE ANDPRINCIPAL PLACE OF BUSINESS 323 23/F, Delta House3 On Yiu StreetShek Mun, Shatin, N.T.Hong Kong 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 Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A,Block 3, Building D,P.O. Box 1586, Gardenia Court,Camana Bay, Grand Cayman,KY1-1100, Cayman Islands BRANCH SHARE REGISTRARIN HONG KONG 䠼 Tricor Investor Services Limited17/F, Far East Finance Centre,16 Harcourt RoadHong Kong FINANCIAL HIGHLIGHTS Underlying Net Profit attributable to owners of the Company** CHAIRMAN’S STATEMENT BUSINESS REVIEW On behalf of the board of directors (the “Board”), I am delighted to report theannual results of Kingboard Laminates Holdings Limited and its subsidiaries(the “Group”) for the financial year ended 31 December 2023 (the “Period”). During the Period, geopolitical conflicts persisted while inflation andinterest rates remained high, leading to weak consumer confidence andoverall subdued demand in the electronics market. In addition, the overallexpansion in laminates production capacity over the previous two years hasled to excess capacity in the industry. Despite the resulting intense marketcompetition, the Group has successfully leveraged its vertically integratedsupply chain, continuous technological enhancements and stringent costcontrol to strengthen its competitive position. Together with active newbusiness development and end customer certification, the Group nowcommands a broader and more diversified clientele network, enablingthe Group to achieve a 3% increase in annual sales volume. However,segment revenue of the Laminates Division was adversely affected by thegeneral decline in laminate market’s selling prices. As the remaining saleableproperties diminished, the Property Division recorded a decline in revenue. 3% CHAIRMAN’S STATEMENT BUSINESS REVIEW(continued) The Group’s revenue decreased 25% over that of 2022 to HK$16,750.2million. Net profit attributable to owners of the Company was down 51% toHK$991.0 million. On the basis of a healthy financial position, the Board hasproposed a final dividend of HK10 cents, subject to Shareholders’ meetingapproval. 25%51%10 PERFORMANCE 14%21% Laminates Division:The Period saw the electronics industry facing adecline in demand, but the Laminates Division made satisfactory progresswith its product portfolio enhancement efforts as it actively pursued growthin new market arenas. There was a continued rise in the sales of high-end and high-value-added products. This high-end portfolio includes thinlaminates designed for portable devices, lead-free and halogen-free laminatescomplying with stringent environmental standards, and fire-resistant laminateswith wide compatibility, as well as high-frequency and high-speed laminatesensuring low loss and high transmission speed. Segment revenue of theLaminates Division declined 14% to HK$16,447.8 million. Fierce competitionin the industry during the Period, with selling prices dropping more steeplythan production costs, resulted in a year-on-year decrease in grossprofit margin, leading many industry participants to incur losses in 2023.Nevertheless, with its experienced management team’s continuous effortsto raise efficiency and reduce energy consumption through technologicalenhancements, and to achieve labour cost savings by increasing automationat its facilities, the Group has effectiv