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 ...

Financial Performance - Total revenue for 2021 reached HK$7,353 million, representing a 15.2% increase from 2020[6] - Profit for the year attributable to shareholders was HK$641 million, a 20.8% increase compared to 2020[6] - Earnings per share increased by 19.8% to HK$2.12 from HK$1.77 in 2020[6] - Dividends per share rose by 5.8% to HK$0.55, up from HK$0.52 in 2020[6] - Total equity increased by 9.2% to HK$10,569 million from HK$9,683 million in 2020[20] - Total assets grew to HK$18,613 million, up from HK$17,039 million in 2020, marking a 9.2% increase[20] - The Group's consolidated revenue increased by 15% to HK$7,353 million for the year ended 31 March 2021, compared to HK$6,381 million in 2020[33] - Total segment revenue, including associates and joint ventures, rose by 11% to HK$9,850 million from HK$8,907 million[33] - Profit for the year increased by 21% to HK$685 million, up from HK$567 million, primarily due to improved results in the Construction and Engineering segment[33] - The Group's profit attributable to shareholders rose to HK$641 million, compared to HK$533 million in the previous year, with earnings per share increasing to HK$2.12 from HK$1.77[33] Segment Performance - The construction and engineering segment generated revenue of HK$4,616 million, up from HK$4,105 million in 2020[21] - Healthcare investment segment revenue increased to HK$1,082 million from HK$964 million in 2020[21] - The car dealership segment saw revenue rise to HK$2,653 million, compared to HK$2,303 million in 2020[21] - The Group's performance in the construction and engineering business was significantly impacted by the pandemic, with projects in Macau being suspended due to casino lockdowns[28] - The electrical and mechanical engineering division experienced a decline in both revenue and profit due to COVID-19 measures in Macau, affecting major client sectors[36] - The aluminium windows and curtain walls division reported encouraging results, benefiting from major projects in Hong Kong and Australia, alongside stringent cost control measures[36] - The building supplies division improved its results by securing installation contracts for water tanks and kitchen cabinets, also implementing cost control measures[36] - The environmental engineering division reported a small profit mainly from joint venture projects, with plans to participate in upcoming government tenders[36] - The Property Development and Operations segment recorded a 32% revenue decrease from HK$699 million to HK$472 million and an 87% profit decline from HK$315 million to HK$40 million[40] Strategic Initiatives - The Group maintained profitability despite the significant disruption caused by the COVID-19 pandemic, with a focus on future business opportunities in infrastructure projects[28] - The HKSAR Government has committed to mega infrastructure projects, including the expansion of the Third Runway at Hong Kong International Airport, which presents opportunities for the Group[28] - The Group is positioned to capture opportunities in the Lift Modernisation Subsidy Scheme, supported by long-term partner Toshiba Elevator and Building Systems Corporation[28] - The Group is actively pursuing opportunities in environmental projects, including upgrading sewage and water treatment plants[28] - The Group is focusing on research and development in Design for Manufacturing and Assembly (DfMA) to enhance construction efficiency, integrating Modular Integrated Construction (MiC) and Hybrid-MiC technologies[33] - Building Information Modelling (BIM) is being utilized in various projects, including the Third Runway Project, to improve safety and productivity[33] Governance and Management - The management team collectively brings decades of experience across various sectors, which is crucial for strategic decision-making and market expansion[79][81][82][83] - The company is focused on maintaining strong governance and strategic planning through its experienced board members[79][81][82][83] - The diverse backgrounds of the management team support the company's growth strategies and operational effectiveness[79][81][82][83] - The Group is committed to maintaining high corporate governance standards, ensuring compliance with the CG Code[104] - The Board consists of five Executive Directors, two Non-Executive Directors, and four Independent Non-Executive Directors, meeting four times during the year[113] - The Company has reviewed its corporate governance standards to align with stakeholder expectations and regulatory requirements[108] Environmental and Social Responsibility - The Group's ESG Report covers operations from April 1, 2020, to March 31, 2021, highlighting its commitment to sustainability[151] - The Group recorded total greenhouse gas emissions of 16,861.17 tonnes of CO2e, with Scope 1 emissions accounting for over 60% and Scope 2 emissions for over 30% of the total[163][165]. - The Group has implemented various energy-saving measures to help reduce carbon emissions[170]. - The Group consumed 940,667.75 kWh of electricity, 6,769.36 m³ of water, and 43.95 tonnes of paper[175] - The Group encourages the installation of Electric Vehicle charging infrastructure in managed estates to support the use of electric vehicles[179] Employee Management - As of March 31, 2021, the Group had approximately 3,500 full-time employees globally[182] - The total number of employees is 2,015, with 1,395 males (69.2%) and 620 females (30.8%)[185] - The employee turnover rate is 38.4% for females and 36.8% for males[187] - The Group regularly reviews its compensation and benefits programs to ensure competitiveness in the market[191] - The Group has implemented stringent safety guidelines for employees working on construction sites to minimize occupational hazards[194] Risk Management - The Board is tasked with evaluating risks associated with achieving the Group's strategic objectives and ensuring effective risk management and internal control systems are in place[137] - The risk management framework includes policies to identify, assess, manage, and report various risks, including strategic, credit, operational, market, liquidity, legal, and regulatory risks[143] - The Audit Committee continuously monitors exposure to risks, ensuring that appropriate measures are taken to mitigate potential impacts on the Group's operations[143]

Revenue and Profitability - Revenue for the six months ended September 30, 2020, was HK$3,227,537,000, an increase of 3.5% compared to HK$3,118,787,000 in the same period of 2019[17] - Profit for the period was HK$314,134,000, down 26.9% compared to HK$429,600,000 in the same period of 2019[17] - Earnings per share decreased to HK$0.97, down from HK$1.37 in the previous year[17] - Profit before taxation for the six months ended 30 September 2020 was HK$374,735,000, a decrease of 24.5% compared to HK$496,589,000 in 2019[62] - Profit attributable to the Company's shareholders dropped to HK$294 million from HK$415 million, resulting in earnings per share of HK$0.97, down from HK$1.37[196] Expenses and Costs - Gross profit decreased to HK$437,525,000, down 1.9% from HK$442,429,000 year-on-year[17] - Operating profit significantly declined to HK$269,706,000, a decrease of 41.1% from HK$456,700,000 in the previous year[17] - Finance costs decreased to HK$42,580,000 from HK$64,043,000, a reduction of 33.4%[17] - Administrative expenses slightly decreased to HK$181,444,000 from HK$184,765,000, a reduction of 1.8%[17] - Staff costs rose to HK$632,114,000, an increase of 5.5% from HK$598,916,000 in 2019[112] Income and Other Gains - Other income increased to HK$96,309,000, compared to HK$30,128,000 in the same period last year, reflecting a growth of 219.5%[17] - Share of results of associates and joint ventures rose to HK$124,560,000, up from HK$85,931,000, indicating a growth of 45.0%[17] - The Group reported a government grant of HK$61,427 for the six months ended September 30, 2020, which was not present in the same period of 2019[102] Assets and Liabilities - Non-current assets rose to HK$10,167,867,000 from HK$9,789,374,000, reflecting an increase of about 3.9%[24] - Current liabilities increased to HK$4,593,076,000 from HK$4,188,292,000, indicating a rise of approximately 9.7%[26] - Total assets increased to HK$17,623,607, up from HK$17,039,218 as of March 31, 2020, representing a growth of approximately 3.4%[91] - Total liabilities as of September 30, 2020, were HK$7,538,824, compared to HK$7,356,147 as of March 31, 2020, indicating an increase of about 2.5%[93] Cash Flow and Financing - Cash generated from operations for the six months ended September 30, 2020, was HK$132,129,000, an increase of 32.4% compared to HK$99,773,000 in 2019[39] - Net cash from operating activities was HK$54,916,000, a significant improvement from a net cash outflow of HK$853,000 in the same period last year[39] - Net cash used in financing activities was HK$198,832,000, an improvement from HK$370,871,000 in the same period last year[41] - The company reported a net cash outflow of HK$151,125,000 for the acquisition of a senior housing property[39] Segment Performance - The Group's segment profit amounted to HK$413,715,000, with the highest contribution from property development and operations at HK$202,212,000[54] - Revenue from contracts with customers recognized at a point in time was HK$1,115,029,000, while revenue recognized over time was HK$1,104,466,000[54] - The healthcare investment segment generated revenue of HK$562,794,000, contributing significantly to the Group's overall revenue[54] - Revenue from the Construction and Engineering segment decreased by 1% from HK$2,007 million to HK$1,985 million, while segment profit increased by 12% from HK$180 million to HK$202 million[196] Market and Economic Conditions - The Group's businesses are diversified, providing strong resilience to the impact of economic downturns due to the COVID-19 pandemic[44] - The Directors remain cautious about the ongoing development of COVID-19, which may cause further volatility and uncertainty in the global financial market and economy[44] - The Group will take necessary measures to address the impact arising from COVID-19[44] Accounting and Reporting - The accounting policies applied in the condensed consolidated interim financial statements are consistent with those described in the annual consolidated financial statements for the year ended 31 March 2020[46] - The Group is currently assessing the impact of new accounting standards on its consolidated financial statements, which may affect future reporting[48] - The Group's financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 March 2020[44]

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) Journey to success 憑實力 走更遠 ANNUAL REPORT 2020 二零二零年年報 CHEVALUE 目錄 | --- | --- | --- | |------------------------------------------------|-------|----------------------| | CONTENTS | | | | Financial Summary | 2 | 財務概要 | | Corporate Information | 6 | 企業資料 | | Letter to Shareholders | 8 | 致股東之函件 | | Management Discussion and Analysis | 10 | 管理層討論及分析 | | Financial Re ...

Revenue and Profitability - Revenue for the six months ended September 30, 2019, was HK$3,118,787, a decrease of 9.9% from HK$3,459,535 in the same period of 2018[18] - Gross profit increased to HK$442,429, up 2.9% from HK$433,781 in the previous year[18] - Operating profit surged to HK$456,700, representing a significant increase of 106.5% compared to HK$220,946 in 2018[18] - Profit before taxation rose to HK$496,589, an increase of 83.4% from HK$270,601 in the prior year[18] - Profit attributable to shareholders was HK$414,897, up 113.0% from HK$194,038 in the same period last year[18] - Basic and diluted earnings per share increased to HK$1.37, compared to HK$0.64 in the previous year[18] - Profit for the period increased to HK$429,600,000, up 100.7% from HK$214,321,000 in the previous year[22] - Total comprehensive income for the period was HK$199,500,000, compared to a loss of HK$119,427,000 in the prior year[22] Financial Position - Non-current assets totaled HK$10,225,186,000, a decrease from HK$10,392,439,000 as of March 31, 2019[25] - Current liabilities amounted to HK$3,648,137,000, down from HK$4,250,373,000 in the previous period[27] - Net current assets increased to HK$2,957,625,000, compared to HK$2,450,505,000 as of March 31, 2019[27] - Shareholders' funds rose to HK$9,115,987,000, up from HK$9,021,484,000 in the previous year[27] - The company reported a total equity of HK$9,335,740,000 as of September 30, 2019[31] - The company’s total assets less current liabilities increased to HK$13,182,811,000 from HK$12,842,944,000[27] Cash Flow and Financing - For the six months ended September 30, 2019, cash generated from operations was HK$99,773,000, a decrease from HK$134,917,000 in the same period of 2018[34] - The net cash used in operating activities was HK$853,000, compared to a net cash inflow of HK$34,837,000 in the previous year[34] - Cash and cash equivalents at the end of the period rose to HK$2,179,369,000, up from HK$1,533,598,000, marking a 42% increase[35] - Net cash used in financing activities was HK$370,871,000, compared to a net cash inflow of HK$337,841,000 in the previous year[35] - The drawn down of bank and other borrowings was HK$117,902,000, significantly lower than HK$5,903,725,000 in the previous year[35] - Repayments of bank and other borrowings totaled HK$351,113,000, compared to HK$5,477,025,000 in the previous year[35] Segment Performance - The construction and engineering segment generated a profit of HK$179,837, while the healthcare investment segment reported a loss of HK$18,848[65] - Revenue from contracts with customers recognized over time amounted to HK$1,677,371, with additional revenue from other sources totaling HK$1,304,619[65] - The healthcare investment segment's revenue was HK$479,519, reflecting its contribution to the overall group performance[65] - The total segment profit for the group was HK$554,923, showcasing overall profitability despite losses in certain segments[65] - Segment profit for the same period was HK$554,923,000, up from HK$339,140,000 in the prior year, indicating a growth of approximately 63.7%[73] Accounting Policies and Changes - The company is assessing the impact of new accounting standards effective from 1 January 2020 and 1 January 2021 on its financial statements[41] - The adoption of amendments to existing standards did not have a significant impact on the Group's consolidated results and financial position[40] - The Group adopted HKFRS 16 "Leases" retrospectively from April 1, 2019, without restating comparative information for prior periods[47] - Lease liabilities increased by HK$75,966,465 as a result of the adoption of HKFRS 16[50] - Property, plant and equipment (including right-of-use assets) increased by HK$76,388,216 on the consolidated statement of financial position as of April 1, 2019[50] Market and Economic Conditions - The local property market is expected to be affected by a slowing economy in Mainland China and ongoing social unrest in Hong Kong[192] - The increasing ageing population in the US is expected to drive demand for senior housing services, positively impacting the healthcare investment business[197] - Management is confident that the group's performance will remain stable in the second half of the financial year due to diversified business portfolios[198] Dividends and Shareholder Returns - The interim dividend declared was HK$0.20 per share, an increase from HK$0.15 per share in 2018, representing a rise of 33.3%[113] - The company paid dividends of HK$296,181,000 for the year ended March 31, 2019[31] - Dividends paid increased to HK$105,675,000 from HK$75,482,000, representing a 40% increase year-over-year[35] Risks and Liabilities - The company recognized a provision for inventories amounting to HK$1,600, indicating potential write-downs in inventory value[65] - The provision for impairment on trade debtors increased to HK$31,606,000 as of September 30, 2019, compared to HK$30,865,000 as of March 31, 2019[124] - The accrued contract costs decreased to HK$1,064,580,000 as of September 30, 2019, down from HK$1,246,367,000 as of March 31, 2019[129]

Financial Performance - Total revenue for 2019 was HK$ 6,893 million, representing a 1.2% decrease from 2018[8] - Profit for the year decreased by 28.0% to HK$ 699 million compared to 2018[9] - Earnings per share fell by 27.9% to HK$ 2.17 from HK$ 3.01 in 2018[10] - Dividends per share decreased by 71.4% to HK$ 0.50 from HK$ 1.75 in 2018[12] - Total segment revenue, including associates and joint ventures, increased by 3% to HK$9,563 million from HK$9,301 million[44] - Profit for the year ended March 31, 2019, increased by 67% to HK$699 million, excluding one-off gains from disposals[44] - Profit attributable to the Company's shareholders was HK$655 million, down from HK$908 million in the previous year, with earnings per share at HK$2.17 compared to HK$3.01[44] Assets and Liabilities - Total equity increased by 3.3% to HK$ 9,642 million from HK$ 9,336 million in 2018[6] - Total assets rose to HK$ 17,093 million, up from HK$ 16,105 million in 2018[27] - Total liabilities increased to HK$ 7,451 million from HK$ 6,769 million in 2018[27] - The carrying value of investment properties decreased by HK$21 million to HK$3,770 million as of March 31, 2019, mainly due to the transfer of a property to assets held for sale[59] - The carrying value of property, plant, and equipment increased by HK$376 million to HK$3,161 million as of March 31, 2019, resulting from the acquisition of ten senior housing properties in the US[59] Revenue by Segment - Segment revenue from construction and engineering was HK$ 4,262 million, an increase from HK$ 4,175 million in 2018[28] - Healthcare investment segment revenue rose to HK$ 866 million from HK$ 598 million in 2018[28] - The Construction and Engineering segment's revenue increased by 2% to HK$4,262 million, while segment profit rose by 71% to HK$294 million[44] - Property Investment segment revenue increased by 3% from HK$136 million to HK$140 million, while profit decreased by 4% from HK$279 million to HK$269 million[47] - Property Development and Operations segment revenue decreased by 8% from HK$1,105 million to HK$1,021 million, and profit decreased by 75% from HK$859 million to HK$218 million[49] Market Outlook and Opportunities - The integration of Hong Kong, Macau, and nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is expected to sustain high demand for housing[36] - The Group anticipates numerous opportunities in construction, engineering, property investment, and development due to stable home prices and the end of the current interest rate hike cycle[36] - The demand for healthcare services is expected to grow due to the ageing population and increased health awareness, contributing steady income for the Group[40] - The Group plans to seek investment opportunities in medical office buildings to meet the rising demand for outpatient healthcare services in the United States[40] - Some large-scale public works projects are pending funding approval from the Legislative Council of the HKSAR, which may impact the construction industry[36] Corporate Governance - The Company is in compliance with the corporate governance code provisions, except for deviations regarding the roles of the Chairman and Chief Executive[129] - The Board comprises five Executive Directors, two Non-Executive Directors, and four Independent Non-Executive Directors, meeting six times during the year[131] - The Company has made efforts to comply with increasingly stringent regulatory requirements in corporate governance[130] - The Audit Committee reviews the effectiveness of the Group's risk management and internal control systems annually, covering financial, operational, and compliance controls[172] - The Company aims to maintain a diverse Board based on various perspectives including skills, experience, and gender[159] Sustainability and Corporate Social Responsibility - The Group is committed to high standards of corporate social responsibility and compliance with relevant laws and regulations, focusing on environmental and social reporting[199] - The Group believes in environmental protection and engages in various charitable initiatives to contribute positively to society[199] - The Group's commitment to sustainability is essential for its development and the viability of its business[199] - The Group recorded carbon emissions primarily from its construction sites[200] Management and Leadership - Miss Lily Chow has been with Chevalier Group since 1990 and is responsible for strategic planning and business development[93] - The management profile highlights a blend of academic and practical experience, positioning the company for informed decision-making and strategic growth[109] - The Company provides continuous professional development for Directors to ensure their contributions remain informed and relevant[137] - The Executive Committee, established in 1991, is responsible for implementing business strategies and managing daily operations[166] Financial Management - The Group's liquidity and financing requirements are frequently reviewed to ensure sufficient financial resources for ongoing operations and future expansion[75] - The Group's treasury policies are conservative, focusing on cash and financial management to minimize cost of funds[76] - The Group's cash management policy emphasizes prudent treasury management to achieve better risk management and lower capital costs[78]