香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHEVALIER INTERNATIONAL HOLDINGS LIMITED 其士國際集團有限公司 * （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：25） 截至二零二五年三月三十一日止年度之 業績公佈 業績 其士國際集團有限公司（「本公司」）董事會（「董事會」）欣然公佈，本公司及其附屬 公司（統稱「本集團」）截至二零二五年三月三十一日止年度之經審核綜合業績，連 同比較數字概列如下： 綜合收益表 截至二零二五年三月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 港幣千元 | 港幣千元 | | 收入 | 4 | 9,265,045 | 8,196,207 | | 銷售成本 | | (8,626,053) | (7,341,510) | | 毛利 | | 638,992 | 854,697 | | ...

Revenue and Profitability - Revenue for the six months ended September 30, 2024, was HK$4,032,804, an increase of 2.7% from HK$3,926,559 in the same period of 2023[18] - Profit for the period increased to HK$77,003, up 12.5% from HK$68,469 in the same period last year[18] - Earnings per share rose to HK$0.27, compared to HK$0.19 in the previous year, reflecting a 42.1% increase[18] - Profit for the period increased to HK$77,003,000 from HK$68,469,000, representing a growth of approximately 23%[25] - Total comprehensive income for the period reached HK$190,726,000, compared to a loss of HK$159,654,000 in the previous period[25] - Profit attributable to shareholders for the six months ended 30 September 2024 is HK$80,318,000, an increase of 37% compared to HK$58,596,000 in 2023[116] Costs and Expenses - Gross profit decreased to HK$348,056, down 25.4% from HK$466,422 in the previous year[18] - Operating profit for the period was HK$122,827, a decline of 6.4% compared to HK$131,891 in 2023[18] - Finance costs rose to HK$131,788, an increase of 53.0% from HK$86,132 in the previous year[18] - Selling and distribution costs decreased to HK$83,147, down 13.0% from HK$95,562 in the previous year[18] - Administrative expenses decreased to HK$195,140, a reduction of 4.9% from HK$205,183 in 2023[18] - Interest expenses on lease liabilities and borrowings totaled HK$145.0 million, compared to HK$119.0 million in the previous year, reflecting an increase of 21.8%[100] Assets and Liabilities - Non-current assets rose to HK$12,477,022,000 from HK$11,547,152,000, indicating an increase of about 8%[28] - Current assets decreased to HK$8,276,417,000 from HK$8,817,403,000, reflecting a decline of approximately 6%[29] - Total liabilities increased to HK$10,267,826,000 from HK$10,022,219,000, representing a rise of 2.5%[85] - Total segment assets as of 30 September 2024 amounted to HK$20,447,163,000, up from HK$19,711,482,000 as of 31 March 2024, indicating a growth of 3.7%[85] Cash Flow and Financing - The company reported a net cash used in operating activities of HK$432.781 million, compared to HK$447.234 million in the same period last year[35] - Cash and cash equivalents at the end of the period decreased to HK$1,930,284,000 from HK$2,376,450,000, a decline of 18.8%[37] - Net cash from financing activities was HK$123,657,000, down 73.8% from HK$471,337,000 in the previous year[37] - The drawn down of bank and other borrowings was HK$1,168,699,000, compared to HK$1,734,499,000, a decrease of 32.6%[37] Investments and Financial Performance - Finance income increased significantly to HK$63,422, up 64.1% from HK$38,648 in 2023[18] - The company reported an unrealized loss on investments at fair value through profit or loss of HK$53,134, indicating challenges in investment performance[66] - The net gain on investments at fair value was HK$5.2 million, a significant recovery from a loss of HK$53.4 million in the previous year[97] - The company recognized revenue from contracts with customers of HK$2,760,686, with HK$2,108,136 recognized at a point in time and HK$890,224 recognized over time[54] Dividends and Shareholder Returns - An interim dividend of HK$0.08 per share has been declared, compared to HK$0.06 per share in the previous year, reflecting a 33% increase[124] - Dividends paid decreased to HK$42,265,000 from HK$84,540,000, a reduction of 50% year-over-year[37] - The final dividend for the 2023/24 fiscal year was HK$0.14 per share, totaling HK$42,270,000, which was paid on 20 September 2024[119] Segment Performance - Segment revenue from construction and engineering was HK$2,759,264, while healthcare investment generated HK$96,973, and car dealership contributed HK$390,253[54] - The group reported a segment profit before finance costs of HK$232,880, compared to HK$206,184 in the previous year, indicating an increase of about 12.96%[64] - Revenue from the Construction and Engineering segment increased by 10% from HK$2,511 million to HK$2,759 million, although segment profit before net finance costs decreased by 38% to HK$121 million[192] Market and Operational Insights - The company plans to continue focusing on market expansion and new product development to drive future growth[58] - The company continues to expand its operations across various regions, including Hong Kong, Mainland China, and the USA, enhancing its market presence[86] - The construction division has successfully integrated Modular Integrated Construction (MiC) technology in projects, enhancing quantity, speed, efficiency, and quality[196] Financial Risk Management - The Group is exposed to various financial risks, including market risk, credit risk, and liquidity risk[174] - The Group's financial risk management policies have remained unchanged since March 31, 2024[175]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 4,032,804, an increase of 2.7% compared to HKD 3,926,559 for the same period in 2023[3] - Operating profit for the period was HKD 122,827, a decrease of 6.4% from HKD 131,891 in the previous year[3] - Net profit attributable to shareholders for the period was HKD 80,318, up 37.0% from HKD 58,596 in the same period last year[5] - Basic and diluted earnings per share increased to HKD 0.27 from HKD 0.19, representing a growth of 42.1%[5] - Total comprehensive income for the period was HKD 190,726, compared to a loss of HKD 159,654 in the same period last year[7] - The company reported financial income of HKD 63,422, up from HKD 38,648 in the previous year, indicating a growth of 64.1%[5] - The net profit after deducting finance costs for the group was HKD 243,798 thousand, an increase from HKD 192,047 thousand, showing a growth of about 26.9%[26] - For the six months ended September 30, 2024, the company reported a pre-tax profit of HKD 80,318,000, compared to HKD 58,596,000 for the same period in 2023, representing a year-over-year increase of approximately 37%[52] Revenue Breakdown - Total revenue for the six months ended September 30, 2024, was HKD 4,088,446 thousand, an increase from HKD 3,994,315 thousand for the same period in 2023, representing a growth of approximately 2.36%[22] - The group's revenue from construction and machinery engineering was HKD 2,134,112 thousand, up from HKD 1,802,930 thousand, reflecting a year-on-year increase of about 17.4%[22] - The revenue from property investment was HKD 97,991 thousand, slightly up from HKD 96,299 thousand, indicating a growth of approximately 1.76%[22] - The revenue from healthcare investment was HKD 431,000 thousand, compared to HKD 405,596 thousand, reflecting an increase of about 6.25%[22] - The revenue from automotive agency was HKD 530,427 thousand, a decrease from HKD 804,515 thousand, representing a decline of approximately 34%[22] - The total income from joint ventures and associates was HKD 1,024,223 thousand, a slight decrease from HKD 1,105,315 thousand, indicating a decline of about 7.35%[22] Assets and Liabilities - Non-current assets increased to HKD 12,477,022 as of September 30, 2024, from HKD 11,547,152 as of March 31, 2024[9] - Current liabilities amounted to HKD 4,905,785, a slight increase from HKD 4,878,300 as of March 31, 2024[11] - Total assets as of September 30, 2024, amounted to HKD 20,753,439,000, an increase from HKD 20,364,555,000 as of March 31, 2024[30] - Total liabilities as of September 30, 2024, were HKD 10,267,826,000, compared to HKD 10,022,219,000 as of March 31, 2024[30] - The company’s bank and other borrowings increased to HKD 4,663,159,000 as of September 30, 2024, from HKD 4,470,905,000 as of March 31, 2024[30] - The company’s total equity increased to HKD 10,485,613,000 as of September 30, 2024, from HKD 10,342,336,000 as of March 31, 2024[30] Market and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] - The company is focusing on market expansion in regions including Canada, Singapore, and the UK, enhancing its global footprint[32] - The company continues to adopt innovative construction technologies such as MiC and BIM to address labor shortages and improve efficiency and quality[93] - The company is closely monitoring the performance of its healthcare investment portfolio and will explore opportunities to rebalance it as necessary[95] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.08 per share, up from HKD 0.06 per share in the previous year, totaling HKD 24,101,000 for the current period[55] - The interim dividend declared is HKD 0.08 per share, an increase from HKD 0.06 per share in the previous year, representing a growth of 33.3%[66] - The company repurchased a total of 632,000 shares at a total cost of HKD 3,023,580, believing that the share price did not reflect its intrinsic value[100] Governance and Compliance - The group has adopted the Hong Kong Financial Reporting Standards (HKFRS) and the relevant accounting policies remain consistent with the annual consolidated financial statements for the year ending March 31, 2024[14] - The group expects no significant impact from the newly issued accounting standards that will take effect from April 1, 2024, on its financial performance and position[17] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the six months ending September 30, 2024, except for specific provisions[102] - The audit committee consists of four independent non-executive directors, who reviewed the accounting policies and practices of the group for the six months ending September 30, 2024[105] Economic Environment - The macroeconomic environment remains challenging due to geopolitical tensions, inflation, and potential impacts from the U.S. presidential election[88] - The government aims to provide 7,000 hectares of land and develop the Northern Metropolis area by 2048 to stabilize long-term housing supply[90] - The government has implemented measures to stimulate the real estate market, including the removal of stamp duty and relaxation of mortgage restrictions, which have shown signs of recovery[92]

Revenue and Profitability - Revenue for the year ended March 31, 2024, was HKD 8,196,207, an increase of 11.8% from HKD 7,134,302 in the previous year[2] - Gross profit for the same period was HKD 854,697, slightly up from HKD 846,267, indicating a stable gross margin[2] - The net loss attributable to the company's operations was HKD 154,488, compared to a profit of HKD 406,693 in the previous year, marking a significant downturn[2] - Total revenue for the year ending March 31, 2024, reached HKD 8,196,207 thousand, reflecting a decrease of HKD 129,253 thousand compared to the previous year[37] - The group recorded a post-tax loss of HKD 323 million for the year ending March 31, 2024, compared to a post-tax profit of HKD 293 million for the previous year[89] - The company reported a loss of HKD 322.764 million for the year, compared to a profit of HKD 292.655 million in the previous year[165] Financial Position - Total liabilities as of March 31, 2024, amounted to HKD 4,878,300, an increase from HKD 4,562,371 in the previous year[7] - Total equity decreased to HKD 10,342,336 from HKD 11,033,762, indicating a reduction in shareholder value[7] - The total assets of the company increased to HKD 20,364,555 thousand from HKD 20,129,189 thousand, showing a growth of HKD 235,366 thousand[41] - The total liabilities rose to HKD 10,022,219 thousand, up from HKD 9,095,427 thousand, indicating an increase of HKD 926,792 thousand[41] - The company’s liabilities totaled HKD 4,961,277 as of March 31, 2024, compared to HKD 4,675,045 in the previous year, indicating an increase in financial obligations[55] - The net asset value attributable to shareholders as of March 31, 2024, was HKD 9.785 billion, down HKD 642 million from HKD 10.427 billion (restated) in the previous year[148] Expenses and Costs - Financial expenses increased to HKD 127,376 from HKD 84,758, reflecting higher borrowing costs[3] - The company reported a tax expense of HKD 161,512, compared to HKD 153,784 in the previous year, representing a 5.3% increase[18] - The company’s financial expenses increased to HKD 82,500, up from HKD 54,712 in the previous year[54] - The company recognized a decrease in government grants to HKD 7,494 from HKD 48,154 in the previous year[45] - The company experienced a significant increase in operational costs due to inflation, impacting overall performance despite successful customer retention[147] Revenue Segmentation - The group's income from property development and operations amounted to HKD 622,881 thousand, down HKD 45,022 thousand year-on-year[37] - The healthcare investment segment generated revenue of HKD 1,552,983 thousand, with no year-on-year change reported[37] - Revenue from construction and installation contracts was HKD 3,886,381, up 30.4% from HKD 2,980,732 in the previous year[45] - Revenue from information technology equipment, automotive, and other sales increased to HKD 1,668,583, a rise of 7.7% from HKD 1,549,244[45] - The total income from property sales was HKD 163,925, significantly up from HKD 101,709 in 2023, marking a 61.0% increase[45] - Revenue from healthcare investment rose by 3.9% to HKD 956 million, primarily due to increased occupancy rates in nursing homes in Oregon, USA[140] Asset Management - The company confirmed impairment losses on properties under development amounting to HKD 190,500 thousand, reflecting ongoing challenges in asset valuation[37] - Non-current assets by region show significant investments in Hong Kong, China, and the United States, with total non-current assets valued at HKD 10,334,872[58] - The company reported a significant increase in investment property fair value, netting HKD 3,023,000 in 2024 compared to HKD 103,879,000 in 2023[70] - The company reported a loss of HKD 190,500,000 for development properties in 2024, indicating a significant financial challenge[70] - Non-current assets increased to HKD 11,547,152 thousand as of March 31, 2024, compared to HKD 11,881,679 thousand in the previous year, reflecting a decrease of 2.8%[166] Dividends and Shareholder Returns - The proposed final dividend per share for 2024 is HKD 0.14, down from HKD 0.28 in 2023, with total dividends for the year amounting to HKD 60,386 compared to HKD 114,733 in the previous year[68] - The board proposed a final cash dividend of HKD 0.14 per share, down from HKD 0.28 per share in the previous year, resulting in a total dividend of HKD 0.20 for the year[107] Strategic Initiatives and Future Outlook - The company is focusing on capitalizing cash flows from all product lines and systematically allocating them to issued and expected insurance contracts[12] - The company plans to expand its operations in Canada and Australia, enhancing its market presence in these regions[57] - The group plans to develop a modern industrial building on a site of approximately 88,000 square feet in Fanling, aligning with the government's vision for the Northern Metropolis[138] - The group is actively participating in the development of a "medical-social integration" retirement project in Happy Valley, with operations expected to commence by the end of 2024[141] - The group aims to enhance operational efficiency and provide reliable services while cautiously underwriting new business[123] Market Conditions and Economic Factors - The automotive agency in Canada anticipates a slowdown in car sales due to economic deceleration, despite a boost from new government policies and consumer savings[122] - The group remains confident in the Hong Kong economy, citing low tax rates and a stable political environment as key factors for future growth[148]

Financial Performance - Segment profit for the six months ended September 30, 2023, was HK$192,047,000, an increase from HK$175,063,000 in 2022, representing a growth of approximately 9.4%[7] - Profit before taxation for the same period was HK$129,756,000, slightly down from HK$135,560,000 in 2022, indicating a decrease of about 4.0%[7] - The Group's net assets attributable to shareholders decreased by HK$247 million to HK$10,180 million as of 30 September 2023, primarily due to an exchange difference of HK$217 million and dividend payments of HK$85 million[32] - The consolidated profit for the period was HK$68 million, representing a drop of 28% from HK$95 million in 2022, primarily due to provisions for properties for sale in Hong Kong[80] - Profit attributable to the Company's shareholders decreased to HK$59 million, resulting in earnings per share of HK$0.19, down from HK$0.32 in 2022[80] - For the six months ended September 30, 2023, the profit attributable to shareholders was HK$58,596,000, a decrease of 38.7% compared to HK$95,537,000 in 2022[9] - Earnings per share for the period was HK$0.19, down from HK$0.32 in the previous year[187] Revenue and Growth - For the six months ended September 30, 2023, the Group reported a consolidated revenue of HK$3,927 million, an increase of 18% compared to HK$3,339 million in 2022[80] - Revenue from property investment increased by 2% to HK$95 million, with a 10% rise in profit before net finance costs to HK$69 million[50] - Revenue from property development and operations rose by 27% to HK$371 million, driven by increased sales in Changchun and Hong Kong[51] - Revenue from the Healthcare Investment segment increased by 4% from HK$451 million to HK$467 million compared to the same period last year, with segment loss decreasing by 8% from HK$63 million to HK$58 million[54] - Revenue from the Car Dealership segment increased by 14% from HK$895 million to HK$1,016 million, with losses narrowing from HK$30 million to HK$17 million[54] - The Group's total revenue, including contributions from associates and joint ventures, was HK$5,032 million, an 11% increase from HK$4,523 million in 2022[80] Assets and Liabilities - Total assets as of September 30, 2023, amounted to HK$20,598,448,000, compared to HK$20,129,189,000 in 2022, reflecting an increase of approximately 2.3%[14] - Total liabilities increased to HK$9,877,951,000 as of September 30, 2023, from HK$9,095,427,000 in 2022, marking a rise of about 8.6%[14] - The Group's total financial assets as of September 30, 2023, were HK$1,955,479,000, reflecting a diverse investment portfolio[86] - The total debt increased to HK$4,484,522,000 as of September 30, 2023, compared to HK$3,881,128,000 as of March 31, 2023, representing a 15.5% increase[103] - Current liabilities increased to HK$5,728,181,000 as of September 30, 2023, up from HK$5,344,213,000 as of March 31, 2023, representing a growth of 7.2%[195] - Total liabilities amounted to HK$3,014,011,000 as of September 30, 2023, an increase from HK$2,968,571,000 as of March 31, 2023[119] Expenses and Costs - Unallocated corporate expenses for the period were HK$28,944,000, up from HK$22,809,000 in 2022, representing an increase of approximately 27.5%[7] - Unallocated finance costs were HK$40,627,000, compared to HK$21,170,000 in 2022, reflecting an increase of about 91.5%[7] - Interest expenses on bank overdrafts and other borrowings increased to HK$84.25 million from HK$56.73 million year-over-year[74] - The Group's net finance costs were impacted by derivative financial instruments, which reported a liability of HK$1,267,000[86] Shareholder Information - As of September 30, 2023, Dr. Chow Yei Ching (deceased) holds 189,490,248 shares, representing 62.76% of the company's total shares[113] - Ms. Miyakawa Michiko, as the spouse of the late Dr. Chow, is deemed to have an interest in the same 189,490,248 shares, also representing 62.76%[113] - The interim dividend declared is HK$0.06 per share, down from HK$0.10 per share in 2022[105] - The company has not identified any other substantial shareholders with 5% or more of the nominal value of any class of share capital as of September 30, 2023[114] Market Conditions and Future Outlook - The annual total construction output in Hong Kong is forecast to reach approximately HK$300 billion annually over the next ten years, driven by government policies to increase housing supply[60] - The residential property market in Hong Kong has seen a decline in prices and low transaction volumes due to high interest rates, but government initiatives like the Top Talent Pass Scheme are expected to stimulate demand[162] - The 2023 Policy Address reduced the Buyers' Stamp Duty and New Residential Stamp Duty rates from 15% to 7.5%, aiming to encourage property market transactions[163] - The Group's commitment to sound financial practices has allowed it to maintain a healthy financial position, building resilience against economic fluctuations[162] - The Group will closely monitor the performance of its senior housing facilities in the USA, considering the elimination of underperforming facilities when appropriate[162] Employee and Operational Insights - The Group employed approximately 3,500 full-time staff globally as of September 30, 2023, with total staff costs of HK$726 million for the period[148] - The company is closely monitoring the impact of labor shortages in the healthcare sector on its operations, particularly in the U.S. senior care facilities[164] - Management is committed to maintaining a prudent financial policy to ensure resilience amid economic fluctuations[164]

Financial Performance - The company reported financial income of HKD 38,648,000 for the six months ended September 30, 2023, compared to HKD 18,382,000 in the same period of 2022, representing an increase of 110%[3]. - The net financial expenses for the same period were HKD (47,484,000), up from HKD (40,177,000) in 2022, indicating a rise of 8%[3]. - The profit before tax was HKD 129,756,000, slightly down from HKD 135,560,000 in the previous year, reflecting a decrease of 4%[3]. - The company's net profit for the period was HKD 68,469,000, down from HKD 94,858,000 in 2022, a decline of 28%[3]. - Earnings per share (basic and diluted) were HKD 0.19, compared to HKD 0.32 in the same period last year, a decrease of 41%[3]. - The company reported a gross profit of HKD 466,422,000 for the six months ended September 30, 2023, compared to HKD 406,170,000 in 2022, an increase of 15%[17]. - Operating profit for the period was HKD 131,891,000, compared to HKD 132,586,000 in the previous year, a marginal decrease of 1%[17]. - The company experienced a total comprehensive expense of HKD (159,654,000) for the period, compared to HKD (455,990,000) in 2022, indicating a significant reduction in losses[19]. - The total tax expense for the six months ended September 30, 2023, was HKD 61,644, an increase from HKD 46,456 in the previous year, representing a rise of approximately 32.7%[65]. - The company reported a net profit of HKD 58,596,000 for the six months ended September 30, 2023, down from HKD 95,537,000 in the previous year[88]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 11,550,815,000, a slight decrease from HKD 11,838,306,000 as of March 31, 2023[14]. - The group's total assets less current liabilities amounted to HKD 14,870,267, an increase from HKD 14,784,976[36]. - The total equity decreased to HKD 10,720,497 from HKD 11,033,762[36]. - The total liabilities increased to HKD 5,728,181 from HKD 5,344,213, indicating a rise of approximately 7.2%[36]. - Total liabilities increased to HKD 3,014,011,000 as of September 30, 2023, compared to HKD 2,968,571,000 as of March 31, 2023[71]. - The company's cash and cash equivalents stood at HKD 2,622,537,000 as of September 30, 2023, an increase from HKD 2,502,637,000 as of March 31, 2023[14]. - Trade receivables increased to HKD 660,282,000 as of September 30, 2023, compared to HKD 426,344,000 as of March 31, 2023, representing a growth of 55%[69]. - Trade payables and notes payable decreased to HKD 358,196,000 as of September 30, 2023, down from HKD 381,111,000 as of March 31, 2023[71]. - The group's bank and other borrowings increased to HKD 4.485 billion as of September 30, 2023, up from HKD 3.881 billion as of March 31, 2023, due to the drawdown of bank loans during the period[141]. Revenue and Segments - For the six months ended September 30, 2023, the total revenue was HKD 3,926,559, a decrease of 58,550 compared to the previous period[36]. - The revenue from construction and mechanical engineering was HKD 1,774,279, while property investment generated HKD 95,424[36]. - The share of revenue from joint ventures and associates was HKD 1,105,315, showing a significant contribution to overall revenue[36]. - The company reported a significant increase in property investment revenue, contributing HKD 4,621,149 to total assets[39]. - The company's total income from Hong Kong operations was HKD 2,313,256, accounting for 46% of total revenue, compared to HKD 2,233,832 in the previous year[59]. - Total revenue for the six months ended September 30, 2022, was HKD 3,395,516, with a group revenue of HKD 3,339,195 after inter-segment eliminations[37]. - The healthcare investment segment recorded revenue of HKD 1.016 billion, a 14% increase, with losses narrowing from HKD 30 million to HKD 17 million[110]. - Revenue from property development and operations increased by 27% to HKD 371 million, driven by sales of residential units in Changchun and Kowloon[103]. - Revenue from construction and mechanical engineering increased from HKD 2.16 billion to HKD 2.51 billion, a growth of 16%[127]. Investments and Future Plans - The company plans to continue expanding its operations in Hong Kong and mainland China, leveraging its existing market presence[41]. - The company plans to provide a loan financing of up to HKD 400,000,000 for development projects and general operating funds for an elderly care facility[97]. - The group plans to leverage government infrastructure investments, with an expected annual construction output of approximately HKD 300 billion over the next decade[113]. - The company is actively promoting residential units in the "津匯" and "傲寓" projects, which it has a 50% and 100% stake in, respectively[130]. - The company has signed contracts for property development projects amounting to HKD 88,761,000 as of September 30, 2023, compared to HKD 210,323,000 as of March 31, 2023[96]. Challenges and Risks - The company reported a loss of HKD 81,481 in the healthcare investment segment, highlighting challenges in that area[36]. - The company has a contingent liability related to a subcontractor's claim of approximately HKD 27,000,000 as of September 30, 2023[72]. - The company plans to monitor the performance of its U.S. nursing homes closely due to significant impacts from the pandemic and labor shortages[139]. - The residential property market in Hong Kong is experiencing a downturn, with government measures aimed at stimulating market activity, including reducing buyer stamp duty rates from 15% to 7.5%[114]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.06 per share on November 29, 2023, which will be reflected as a distribution of retained earnings for the year ending March 31, 2024[67]. - The company declared an interim dividend of HKD 0.06 per share for the six months ended September 30, 2023, down from HKD 0.10 per share in the previous year[78]. - Earnings attributable to shareholders decreased to HKD 59 million, down from HKD 96 million in 2022, resulting in earnings per share of HKD 0.19 compared to HKD 0.32 in 2022[99].

Financial Performance - The annual profit for the year ended March 31, 2023, was HKD 268,975,000, a decrease of 61.2% compared to HKD 692,674,000 in 2022[4] - The total comprehensive income for the year ended March 31, 2023, was a loss of HKD 56,461,000, compared to a profit of HKD 883,642,000 in 2022[4] - Total revenue for the year ended March 31, 2023, was HKD 7,100,052, a decrease of 17.8% from HKD 8,634,433 in the previous year[17] - Operating profit decreased to HKD 378,883, down 44.6% from HKD 684,290 year-on-year[17] - Net profit for the year was HKD 268,975, a decline of 61.2% compared to HKD 692,674 in the previous year[18] - Basic and diluted earnings per share were HKD 0.77, down from HKD 2.13 in the previous year[18] - The profit before tax for the year was HKD 418,629 thousand, down from HKD 849,540 thousand in the previous year, indicating a decline in overall profitability[61] - The segment profit before net finance costs was HKD 516,956 thousand, compared to HKD 924,855 thousand in the previous year, showing a decrease of approximately 44%[61] - The group reported a total value of unfinished construction and mechanical engineering contracts amounting to HKD 10.239 billion as of March 31, 2023[95] Assets and Liabilities - The net current asset value increased to HKD 3,158,212,000 from HKD 1,872,372,000 in the previous year, reflecting a growth of 68.3%[6] - Total assets less current liabilities rose to HKD 15,009,846,000, up from HKD 13,882,208,000, indicating an increase of 8.1%[6] - The company's equity decreased to HKD 10,992,500,000 from HKD 11,226,593,000, a decline of 2.1%[6] - Total assets increased to HKD 20,319,448 thousand in 2023, up from HKD 20,214,895 thousand in 2022, representing a growth of 0.52%[41] - Total liabilities rose to HKD 9,326,948 thousand in 2023, compared to HKD 8,988,302 thousand in 2022, marking an increase of 3.77%[41] - Non-current assets increased to HKD 19,922,318 thousand in 2023, compared to HKD 19,297,686 thousand in 2022, an increase of 3.23%[41] - The company's bank and other borrowings decreased significantly to HKD 900,334,000 from HKD 2,425,438,000, a reduction of 62.9%[6] - The company’s bank and other borrowings decreased to HKD 3,881,128 thousand in 2023 from HKD 4,019,900 thousand in 2022, a reduction of 3.44%[41] Revenue Breakdown - Revenue from construction and installation contracts was HKD 2,980,732 thousand, down from HKD 3,009,325 thousand in the previous year, reflecting a decline of 0.96%[44] - Revenue from sales of information technology equipment, cars, and others decreased to HKD 1,549,244 thousand from HKD 1,936,302 thousand, a drop of 20.05%[44] - The company reported a decrease in property sales revenue to HKD 101,709 thousand in 2023, down from HKD 1,055,546 thousand in 2022, a decline of 90.38%[44] - Revenue from Hong Kong was HKD 4,759,308,000, accounting for 51% of total revenue, while revenue from Mainland China was HKD 2,527,813,000, representing 27%[67] - Revenue from the automotive agency sector decreased from HKD 2.291 billion to HKD 1.808 billion, a year-on-year decline of 21%[165] Operational Highlights - The company plans to focus on market expansion and new product development in the upcoming fiscal year[17] - The company is currently evaluating the impact of new accounting standards on its financial reporting, particularly regarding insurance contract liabilities[10] - The company plans to continue improving its accounting procedures and internal controls in accordance with the new Hong Kong Financial Reporting Standards[51] - The company is focusing on enhancing automation, data analysis, and QR code management systems in its aluminum window and curtain wall division to improve efficiency and quality[119] - The company plans to continue monitoring environmental project tender opportunities, driven by government initiatives to improve water supply and sewage treatment[130] Investment and Development - The company is developing a low-density luxury residential project on a site of approximately 48,000 square feet in Shatin[137] - The residential development project "Hong Kong City" has sold approximately 70% of its units, with the fifth phase expected to be completed by the end of 2024[138] - The group plans to develop a modern industrial building with a total floor area of approximately 88,000 square feet in Fanling, anticipating increased land demand due to the government's re-industrialization policy[160] - The group is exploring new business opportunities in Hong Kong and the Greater Bay Area[165] Challenges and Losses - The company reported a foreign exchange loss of HKD 23,689,000 for the year, compared to a gain of HKD 12,597,000 in the previous year[4] - The fair value adjustment of financial instruments designated as cash flow hedges resulted in a loss of HKD 295,166,000, compared to a gain of HKD 130,630,000 in the previous year[4] - The company recorded a significant drop in gross profit margin, with gross profit at HKD 811,329 compared to HKD 1,036,856 last year[17] - The occupancy rate of the group's nursing home facilities has not met expectations, with significant losses attributed to a decrease in fair value of medical office buildings in New York, Pennsylvania, and Rhode Island amounting to approximately HKD 118 million[140] - The property development and operations segment saw a significant decline in revenue and profit, with income dropping 61% from HKD 1.511 billion to HKD 588 million, and profit decreasing 52% from HKD 268 million to HKD 128 million[157]

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$3,326,866,000, a decrease of 21.2% from HK$4,221,533,000 in the same period of 2021[18]. - Gross profit for the period was HK$391,472,000, down 27.9% from HK$543,111,000 in the previous year[18]. - Profit for the period decreased to HK$84,875,000, a decline of 57.4% compared to HK$199,222,000 in 2021[20]. - Basic and diluted earnings per share were HK$0.28, down from HK$0.67 in the previous year, representing a decrease of 58.2%[18]. - Total comprehensive expenses for the period amounted to HK$465,973,000, compared to total comprehensive income of HK$275,948,000 in the same period last year[20]. - Operating profit was HK$120,862,000, a decrease of 49.3% from HK$237,868,000 in the previous year[18]. - Finance costs increased to HK$58,559,000, up 55.0% from HK$37,777,000 in 2021[18]. - The company reported a net loss from joint ventures of HK$47,767,000, compared to a profit of HK$10,772,000 in the previous year[18]. - The company experienced a significant foreign exchange loss of HK$489,187,000 related to overseas subsidiaries, compared to a gain of HK$43,746,000 in the previous year[20]. Assets and Liabilities - As of September 30, 2022, total assets amounted to HK$11,653,883,000, a decrease from HK$12,009,836,000 as of March 31, 2022, representing a decline of approximately 3%[24]. - Current liabilities totaled HK$6,569,218,000, an increase from HK$6,332,687,000, reflecting an increase of about 4%[26]. - Net current assets decreased to HK$1,377,237,000 from HK$1,872,372,000, indicating a decline of approximately 26%[26]. - Total equity decreased to HK$10,633,985,000 from HK$11,226,593,000, representing a decrease of about 5%[26]. - Investment properties were valued at HK$4,457,835,000, down from HK$4,749,247,000, a decrease of approximately 6%[24]. - Properties under development increased to HK$1,809,248,000 from HK$1,482,036,000, reflecting an increase of about 22%[24]. - Bank balances and cash decreased to HK$2,064,313,000 from HK$2,667,092,000, a decline of approximately 23%[24]. - The company reported outstanding insurance claims of HK$574,665,000, an increase from HK$437,031,000, representing an increase of about 32%[26]. - Deferred tax liabilities amounted to HK$369,291,000, down from HK$403,943,000, indicating a decrease of approximately 9%[26]. - Share capital remained unchanged at HK$377,411,000, while reserves decreased to HK$9,673,685,000 from HK$10,211,964,000, a decline of about 5%[26]. Cash Flow and Investments - For the six months ended September 30, 2022, net cash used in operating activities was HK$391,056,000, compared to a cash inflow of HK$39,752,000 in the same period of 2021[39]. - Interest received increased to HK$18,382,000 from HK$11,953,000 year-over-year, reflecting a growth of approximately 54.5%[41]. - Net cash inflows from investing activities amounted to HK$35,334,000, a significant recovery from net outflows of HK$91,265,000 in the previous year[41]. - Cash and cash equivalents at the end of the period were HK$2,027,363,000, down from HK$2,718,293,000 at the end of the same period in 2021, representing a decrease of approximately 25.4%[41]. - The company reported a decrease in dividends received from associates to HK$46,033,000, down from HK$60,924,000, indicating a decline of about 24.5%[41]. - Total drawn down of bank and other borrowings was HK$1,019,238,000, with repayments amounting to HK$1,067,046,000, reflecting a net cash outflow in financing activities of HK$41,483,000[41]. Segment Performance - Group revenue from construction and engineering was HK$1,308,466, while property investment generated HK$92,935, and healthcare investment contributed HK$283,801[60]. - Segment profit before finance costs was HK$186,822, down from HK$341,206 in the previous year, indicating a decrease of about 45.5%[68]. - The share of revenue from associates and joint ventures was HK$1,185,632, reflecting a decrease from HK$1,319,736 year-over-year[66]. - Revenue from contracts recognized at a point in time was HK$1,301,121, while revenue recognized over time was HK$1,932,292, showing a shift in revenue recognition methods[67]. - The company reported a segment profit after finance costs of HK$313,349, down from HK$341,206, indicating a decline of approximately 8.2%[69]. Regulatory and Accounting Changes - The adoption of new accounting standards had no material impact on the condensed consolidated financial statements for the current and prior periods[50]. - HKFRS 17, which will replace HKFRS 4, introduces significant changes in insurance contract measurement and profit recognition, effective from January 1, 2023[54]. - The Group is currently assessing the impact of HKFRS 17 on its financial statements[54]. - Management's significant judgments and estimates in preparing the financial statements remain consistent with those applied in the previous annual consolidated financial statements[54]. Market and Operational Insights - The impact of COVID-19 has been acknowledged, with the company taking necessary measures to address potential volatility and uncertainty in the global financial market[45]. - The company plans to focus on market expansion and new product development to drive future growth[60]. - The Group maintained a balanced customer portfolio, with no single customer accounting for 10% or more of total revenue for the six months ended September 30, 2022[92]. - The Group operates primarily in Hong Kong, Mainland China, and Canada across various segments including construction, property investment, and healthcare[87].

Financial Performance - Net assets per share increased by 6.7% to HK$ 35.1 from 2021[5] - Earnings per share rose by 0.5% to HK$ 2.13 compared to 2021[5] - Total equity increased by 6.2% to HK$ 11,227 million from 2021[5] - Revenue grew by 17.4% to HK$ 8,634 million compared to 2021[5] - Profit for the year was HK$ 693 million, reflecting a 1.2% increase from 2021[5] - Total assets reached HK$ 20,215 million, up from HK$ 18,613 million in 2021[23] - Total liabilities increased to HK$ 8,988 million from HK$ 8,044 million in 2021[23] - Dividends per share decreased by 9.1% to HK$ 0.50 from 2021[5] Operational Challenges - The Group faced significant challenges in 2022 due to the COVID-19 pandemic, with the fifth wave impacting Hong Kong's economy heavily in Q1 2022[31] - Operating costs are expected to rise due to increased upstream costs, including rising energy prices, interest rates, and inflation[31] - The construction and engineering industry experienced project delays and bidding process interruptions due to the pandemic, alongside a visible rise in raw material prices[32] - The construction industry is facing a shortage of skilled labor, which remains unresolved in the competitive market[32] Sustainability Initiatives - The Group is committed to sustainability, applying innovative technologies such as Building Information Modelling (BIM) and Design for Manufacture and Assembly (DfMA) in various projects[33] - The Group obtained its first green loan facility for the Jat Min Chuen project, which utilizes Modular Integrated Construction (MiC) methods[33] - The Group's dedication to sustainable development has been recognized, enhancing productivity and safety in its projects[33] - The Group's efforts align with Hong Kong's environmental policies and the goal of achieving carbon neutrality by 2050[33] Revenue Segments - Segment revenue from construction and engineering was HK$ 4,995 million, up from HK$ 4,616 million in 2021[23] - The Group's consolidated revenue increased by 17.4% from HK$7,353 million in 2020/2021 to HK$8,634 million for the year ended 31 March 2022[40] - Total segment revenue grew to HK$11,231 million from HK$9,850 million, a 14% increase compared to the last financial year[40] - The Construction and Engineering segment's revenue increased by 8.2% from HK$4,616 million to HK$4,996 million[41] Profitability and Costs - Segment profit before finance cost dropped by 28.6% from HK$468 million to HK$334 million due to increased competition and rising operational costs[41] - The Group reported a stable profit of HK$693 million for the year ended 31 March 2022, compared to HK$685 million in the previous year[40] - Profit attributable to the Company's shareholders for the year ended 31 March 2022 was HK$645 million, with earnings per share at HK$2.13[40] Investment and Development - The Group purchased two investment properties in the UK, including a Grade-A office building with a net internal area of approximately 30,000 square feet, leased to the British Government for 10 years[58] - The Property Development and Operations segment reported a 220% increase in revenue from HK$472 million to HK$1,511 million, and a 570% increase in profit before finance cost, net, from HK$40 million to HK$268 million[58] - The "SABLIER" project is the Group's first wholly-owned composite residential development, comprising 28 floors with a total of 144 residential units and approximately 55,000 square feet gross floor area[58] Market Conditions - The Group remains optimistic about a slow but steady global economic recovery, supported by the Hong Kong government's commitment to increase land and housing supply[33] - The anticipated rise in raw material prices is expected to persist throughout the year[32] Management and Governance - The management team includes experienced executives responsible for various sectors such as lift and escalator operations, property investment, and logistics[108][112] - The company has a strong governance structure with members actively participating in various industry councils and committees[110][112] - The management team is committed to maintaining high standards of corporate governance and public service, as evidenced by their various roles in industry associations and government committees[110][112] Financial Position and Liquidity - The Group's liquidity and financing requirements are frequently reviewed to ensure sufficient financial resources for ongoing operations and future expansion[93] - The Group's treasury policies are conservative, focusing on risk control and minimizing the cost of funds through centralized treasury activities[94] - The Group's net assets attributable to shareholders increased to HK$10,589 million as of March 31, 2022, from HK$9,930 million in 2021, driven by a profit of HK$645 million and an exchange difference of HK$131 million[89] Property Portfolio - The company holds a total of 1,200,000 sq. ft. of investment properties in Hong Kong, with a 100% interest in several commercial and industrial properties[135] - The company has a diversified property portfolio across multiple regions, including Hong Kong, Mainland China, Singapore, and the US, indicating a strategic approach to market expansion[138] - The Group's total investment properties include medical office buildings, hotels, and commercial properties across various locations, reflecting a diversified portfolio[140]

CHEVALIER Chevalier International Holdings Limited 其士國際集團有限公司 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) (Stock Code 股份代號：25) Interim Report 中期報告 2021/22 Contents 目錄 Contents 目錄 Page 頁次 Corporate Information 2 企業資料 Condensed Consolidated Income Statement 4 簡明綜合收益表 Condensed Consolidated Statement of Comprehensive Income 5 簡明綜合全面收益表 Condensed Consolidated Statement of Financial Position 6 簡明綜合財務狀況表 Condensed Consolidated Statement of Changes in Equity 8 簡明綜合權益變動表 Condensed Consolidated ...