Financial Performance - For the year ended 31 March 2023, the total revenue was HK$1,210.7 million, a decrease from HK$2,329.3 million in 2022[18] - Gross profit for the year was HK$590.0 million, down from HK$813.3 million in 2022[19] - The loss attributable to the owners of the Company was HK$2,142.0 million, compared to a loss of HK$469.3 million in 2022[19] - Basic loss per share was HK$0.58, an increase from HK$0.13 per share in 2022[19] - The total dividends for the year were HK$0.008 per share, down from HK$0.031 per share in 2022[19] - The Group reported a fair value loss on investment properties of HK$1,804.4 million, compared to a loss of HK$488.9 million in 2022[40] - The Group's net asset value decreased to HK$23,887.2 million, with net asset value per share at HK$6.50, down from HK$26,765.8 million and HK$7.28 per share in 2022[129] Revenue Breakdown - Rental income for the year was HK$870.8 million, slightly down from HK$904.4 million in 2022, accounting for 71.9% of total revenue[18] - Property development sales revenue was HK$79.2 million, a significant decrease from HK$1,025.2 million in 2022, representing 6.6% of total revenue[18] - Hotel services revenue decreased to HK$260.7 million from HK$399.8 million in 2022, making up 21.5% of total revenue[18] - Revenue from property sales was HK$79.2 million, representing only 6.6% of total revenue, down from 44.0% in 2022[41] - The hospitality segment generated revenue of HK$260.7 million, which accounted for 21.5% of total revenue, down from 17.2% in the previous year[41] Market Conditions - The office leasing market faced pressure due to increased vacancies and low demand, while the retail leasing market showed modest recovery in the last quarter of the year[21] - Investment sentiment improved with the full border reopening, leading to an acceleration in the launch of new properties by developers[22] - The reopening of borders has positively impacted the luxury property market, with property developers actively launching sales since early 2023[120] - The Group's retail leasing, particularly in tourist areas, is expected to benefit from the recovering retail market[116] - There has been an increase in office leasing inquiries as business activities resume, although the market faces intense competition due to abundant supply[116] Strategic Initiatives - The company is expanding its property development strategy beyond Greater China to include the UK, diversifying its rental income sources[45] - The company has a robust project development timeline aimed at contributing to residential unit sales and enhancing profitability in the medium term[65] - The company focuses on luxury mixed-use buildings in prime urban areas and quality low-rise independent houses in unique locations, benefiting from extensive transportation networks[65] - The Group's strategic focus includes enhancing business visibility and exploring emerging markets to cater to younger consumer preferences[1] - The company aims to strengthen its core businesses and management propositions while exploring emerging markets and technologies[75] Employee and Management - Total employee costs for the year amounted to HKD 434.4 million, a decrease from HKD 513.5 million in 2022, reflecting a reduction in headcount from 1,208 to 850 employees[67] - The workforce comprised 53% female and 47% male, with senior management at 61% female and 39% male, reflecting appropriate gender diversity[135] - The company has adopted a stock option plan to incentivize and reward employees, details of which are available in the annual report[68] - The emoluments of the Directors are determined by the Board based on a remuneration policy that aligns with business strategy and market practices[180] - The remuneration package for employees includes basic salaries, housing allowances, pension contributions, and performance-based bonuses[182] Corporate Governance - The Company has adopted various policies to ensure compliance with the Corporate Governance Code[159] - The Group's principal risks and uncertainties are detailed in the Corporate Governance Report[168] - The Company maintains directors and officers liability insurance for potential legal proceedings against its Directors[180] - The Company has adopted a Share Option Scheme, but no options were granted, exercised, cancelled, or lapsed since its adoption[193] Property Development Projects - The redevelopment of Nos. 72-80 Old Main Street in Aberdeen is expected to yield a 23-storey residential and retail building with a gross floor area of approximately 50,300 square feet, with pre-sale anticipated in the second half of 2023 and completion scheduled for 2024[1] - The site at Nos. 20-26 Old Bailey Street & No.11 Chancery Lane is planned for a 26-storey boutique luxury residential tower, with completion expected in 2024[1] - The redevelopment of No. 1 Wang Tak Street in Happy Valley will result in a 27-storey residential tower with a gross floor area of approximately 58,100 square feet, scheduled for completion in 2024 or later[1] - The existing buildings at Nos. 24-30 Bonham Road will be transformed into a 27-storey residential complex with a gross floor area of approximately 105,400 square feet, with completion planned for 2024 or after[1] - The redevelopment of No. 127 Caine Road is set to create a 23-storey residential and retail tower with a gross floor area of approximately 24,700 square feet, expected to be completed in 2025[1] Financial Position - As of March 31, 2023, the group's cash, bank balances, and deposits amounted to HK$2,367.9 million, an increase from HK$1,567.2 million in 2022[88] - The total external borrowings (excluding payables) were approximately HK$22,444 million, slightly down from HK$22,711 million in 2022, with a net debt ratio of 39.3% compared to 38.7% in 2022[88] - The group pledged assets with a carrying value of HK$37,056.8 million as security for banking facilities, down from HK$40,516.3 million in 2022[89] - The outstanding principal of medium-term notes issued by the Group was HK$1,247.3 million, down from HK$1,442.4 million in 2022[130] - The Group is exposed to foreign exchange risks due to borrowings denominated in RMB and Pound, and it closely monitors its overall foreign exchange exposure[122]

Financial Performance - The total revenue for the year ended March 31, 2023, was HKD 1,210,682,000, a decrease of 48.0% from HKD 2,329,324,000 in 2022[10]. - The company recorded a gross profit of HKD 590,000,000, down from HKD 813,300,000 in the previous year[2]. - The loss attributable to the company’s owners for the year was HKD 2,142,000,000, compared to a loss of HKD 469,300,000 in 2022[2]. - The group reported a loss before tax of HKD 2,299,228,000 for the year, compared to a loss of HKD 831,145,000 in 2022[50]. - The total loss for the year was HKD 2,201,586,000, reflecting the challenging market conditions faced by the company[74]. - The company reported a basic loss attributable to shareholders of HKD (2,141,983,000) in 2023, compared to a loss of HKD (469,329,000) in 2022, indicating a significant increase in losses[89]. Revenue Breakdown - Rental income remained relatively stable at HKD 870,769,000, accounting for 71.9% of total revenue, compared to 904,402,000 in 2022[12]. - The property development sales revenue dropped to HKD 79,240,000, representing only 6.6% of total revenue, down from HKD 1,025,152,000 in 2022[12]. - Revenue from hotel and related businesses was HKD 260,673,000, a significant drop from HKD 399,770,000 in 2022, reflecting a decline of approximately 35%[66][74]. - Service revenue from gaming operations decreased to HKD 87,740,000 from HKD 260,581,000, marking a decline of around 66%[68][74]. - Revenue from the Hong Kong market decreased to HKD 701,720,000 in 2023 from HKD 1,638,801,000 in 2022, a decline of approximately 57.2%[77]. Asset and Liability Management - As of March 31, 2023, the group's cash, bank balances, and deposits amounted to HKD 2,367,900,000, an increase from HKD 1,567,200,000 in 2022[36]. - The total external borrowings (excluding payables) were approximately HKD 22,444,000,000, a slight decrease from HKD 22,711,000,000 in 2022, with a net debt ratio of 39.3%, up from 38.7% in 2022[36]. - The company's cash and cash equivalents increased from HKD 1,252,888 thousand in 2022 to HKD 2,311,133 thousand in 2023, representing a growth of about 84.4%[53]. - The total liabilities related to trade and other payables decreased to HKD 801,982,000 in 2023 from HKD 889,347,000 in 2022, a reduction of 9.8%[103]. - The company has a significant portion of current liabilities, with HKD 7,803,510 thousand attributed to bank borrowings due within one year[55]. Investment and Development - The company plans to enhance property value through redevelopment projects, including a new Grade A office building in Wanchai with a total floor area of approximately 126,600 square feet[18]. - The group has completed the reconstruction of a retail and office complex on Oxford Street, London, with a total floor area of approximately 112,500 square feet, enhancing its presence in a prime retail location[24]. - The group plans to pre-sell a new residential and retail building in Aberdeen with a total floor area of approximately 50,300 square feet in the second half of 2023, with completion expected in 2024[29]. - The company sold a non-core investment property in Tuen Mun for approximately HKD 1,141,200,000, realizing an asset appreciation of about HKD 882,600,000[5]. - The group has increased its stake in the luxury residential project at 15 Shouson Hill from 40% to 50%, allowing for greater future income generation[28]. Market Conditions and Future Outlook - The reopening of borders in Hong Kong, Macau, and mainland China is expected to boost tourist and business traveler numbers, positively impacting consumption and investment sentiment[34]. - The office leasing market is experiencing increased inquiries, although it will continue to face intense competition due to a large supply of available space[34]. - The retail leasing sector, particularly in tourist areas, is anticipated to benefit from the recovery of the retail market[34]. - The company plans to focus on market expansion and new product development to improve future performance[72]. - The company anticipates generating positive operating cash flow from property sales and rental income over the next twelve months[57]. Corporate Governance and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly present the group's financial position as of March 31, 2023, in accordance with applicable accounting standards[111]. - The audit committee, consisting of three independent non-executive directors, reviewed the audited financial statements and confirmed their compliance with applicable accounting standards[115]. - The company has adhered to all provisions of the corporate governance code as set out in the Listing Rules Appendix 14 during the year[116]. - The board of directors confirmed compliance with the securities trading code throughout the year[117]. - The company has adopted its own code of conduct for securities trading, which meets or exceeds the standards set out in the Listing Rules Appendix 10[117].

Financial Performance - The group experienced a significant annual loss of HKD 2,201,586,000 compared to a loss of HKD 739,642,000 in the previous year[11]. - Total revenue for the year ended March 31, 2023, was HKD 1,210,682,000, a decrease of 48% from HKD 2,329,324,000 in 2022[23]. - The group reported a gross profit of HKD 590,026,000 for 2023, down from HKD 813,293,000 in 2022, reflecting a significant decline in profitability[23]. - The annual loss attributable to the company’s owners was HKD 2,141,983,000 in 2023, compared to a loss of HKD 469,329,000 in 2022, indicating a substantial increase in losses[23]. - The group reported a total loss before tax of HKD 2,299,228,000 for the year ended March 31, 2023[82]. - The annual loss for the year ended March 31, 2023, was HKD 2,201,586,000[82]. - The company reported a loss attributable to shareholders of HKD 2,141,983,000 for the fiscal year 2023, compared to a loss of HKD 469,329,000 in 2022, indicating a significant increase in losses[92]. - Revenue from customers for the year ended March 31, 2023, was HKD 1,210,682,000, down from HKD 2,329,324,000 in 2022, reflecting a decline of approximately 48%[109]. Assets and Liabilities - As of March 31, 2023, the group reported a total asset value of HKD 37,056,800,000, a decrease from HKD 40,516,300,000 in 2022[5]. - Current liabilities exceeded current assets by HKD 2,778,920,000, with total current liabilities amounting to HKD 11,156,911,000, including HKD 7,803,510,000 in bank borrowings due within one year[12]. - The group's net asset value as of March 31, 2023, was HKD 23,887,200,000, down from HKD 26,765,800,000 in 2022, with a net asset value per share of HKD 6.50 compared to HKD 7.28 in 2022[16]. - The company’s non-current assets as of March 31, 2023, totaled HKD 42,580,436,000, a decrease from HKD 46,192,706,000 in 2022, indicating a reduction in asset value[109]. - The group’s total liabilities decreased from HKD 889,347,000 in 2022 to HKD 801,982,000 in 2023, indicating a reduction of approximately 9.8%[139]. Revenue Sources - Rental income remained relatively stable at HKD 870,769,000, accounting for 71.9% of total revenue, compared to 38.8% in the previous year[37]. - Revenue from property sales dropped to HKD 79,240,000, representing 6.6% of total revenue, down from 44.0% in 2022[37]. - Hotel and related services revenue decreased to HKD 260,673,000, making up 21.5% of total revenue, compared to 17.2% in the previous year[36]. - The group’s revenue from external customers for the year ended March 31, 2023, was HKD 870,769,000 from property leasing, HKD 79,240,000 from property development, and HKD 260,673,000 from hotel-related businesses[82]. Strategic Initiatives - The group aims to generate positive operating cash flow from property sales and rental income from investment properties over the next twelve months[14]. - The group plans to seek investment properties in the market to improve liquidity through new financing or sales if necessary[3]. - The group has appointed a new vice chairman to enhance long-term strategic development and explore emerging business opportunities[6]. - The group will continue to adjust its strategies based on market changes to maintain a balanced property portfolio and mitigate business risks[9]. - The group plans to complete a redevelopment project at 24-30 Baanham Road in 2024, which will be a 27-story residential building with a total floor area of approximately 105,400 square feet[28]. Market Conditions - The reopening of borders in Hong Kong, Macau, and mainland China is expected to boost tourism and business travel, positively impacting consumption and investment[32]. - The office leasing market continues to face intense competition due to increased supply, while retail leasing is expected to benefit from a recovery in consumer sentiment[32]. Employee and Operational Costs - The group’s employee costs totaled HKD 434,400,000 in 2023, a decrease from HKD 513,500,000 in 2022, with the number of employees reduced to 850 from 1,208[19]. - The group has adopted a share option scheme to incentivize employees, details of which will be included in the annual report[19]. Investment and Development Projects - The group has launched a luxury residential project in Central, expected to be completed in 2024, enhancing its property development portfolio[62]. - The group has increased its stake in the Shoushan Mountain project from 40% to 50% after acquiring an additional 10% equity, which is expected to generate more revenue in the future[77]. - A new residential and retail building with a total floor area of approximately 50,300 square feet is set to be completed in 2024, with pre-sales expected in the second half of 2023[77]. - The redevelopment of the former Emperor Jockey Club Hotel into a 27-story residential building with a total floor area of approximately 58,100 square feet is underway, with completion planned for 2024 or later[78]. Financial Risks and Management - The group is closely monitoring its overall foreign exchange risk due to exposure in RMB and GBP, and will take appropriate measures to mitigate currency risks as needed[4]. - The group acknowledges significant uncertainty regarding its ability to secure sufficient funding through refinancing or property sales based on market conditions[15]. - The group has a strong track record with banks, which enhances its ability to restructure borrowing financing[13]. Audit and Compliance - The independent auditor provided an unqualified audit opinion on the consolidated financial statements for the year ended March 31, 2023[143].

Financial Performance - Total revenue for the six months ended September 30, 2022, was HKD 541,245,000, a decrease of 61.1% from HKD 1,392,682,000 in the same period of 2021[4] - The company recorded a loss attributable to shareholders of HKD 956,441,000, compared to a profit of HKD 233,242,000 in 2021[4] - Basic loss per share was HKD 0.26, down from earnings of HKD 0.06 per share in the same period last year[7] - The group reported a net loss of HKD 1,037,256,000 for the period, compared to a profit of HKD 188,894,000 in the previous year[40] - The fair value change of investment properties resulted in a loss of HKD 899,695,000 during the reporting period[40] - The group incurred a loss of HKD 108,676,000 related to the impairment of properties held for sale, contrasting with a reversal of HKD 60,449,000 in the prior year[66] - Operating loss for the period was HKD 68,567,000, compared to an operating profit of HKD 84,997,000 in the same period of 2021[67] - The group recognized a net foreign exchange loss of HKD 163,165,000, compared to a loss of HKD 6,471,000 in the previous year, marking an increase in losses[66] Revenue Breakdown - Rental income remained stable at HKD 430,692,000, accounting for 79.6% of total revenue, compared to 31.6% in 2021[6] - Property sales revenue significantly decreased to HKD 14,003,000, representing only 2.6% of total revenue, down from 52.5% in 2021[6] - Hotel and related business revenue fell to HKD 96,550,000, making up 17.8% of total revenue, compared to 15.9% in the previous year[6] - Revenue from property leasing was HKD 430,692,000, down from HKD 440,465,000 in the previous year, reflecting a decrease of about 1.8%[59] - The group’s total income from customer contracts was HKD 110,553,000, a significant decrease from HKD 952,217,000 in the previous year[57] - The group’s property development revenue was HKD 14,003,000, down from HKD 731,674,000 in the same period last year, reflecting a decline of approximately 98.1%[62] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.005 per share, reduced from HKD 0.015 per share in 2021[7] - The interim dividend declared is HKD 0.005 per share, down from HKD 0.015 per share in 2021, totaling approximately HKD 18,388,000 compared to HKD 55,163,000 in the previous year[75] - The company did not declare any special dividend for the period, compared to a special dividend of HKD 0.010 per share in the previous year, which amounted to HKD 36,775,000[75] Asset and Liability Management - As of September 30, 2022, the group's net asset value was HKD 24,773,500,000, down from HKD 26,765,800,000 as of March 31, 2022, representing a decrease of approximately 7.4%[29] - The total equity as of September 30, 2022, was HKD 26,673,398 thousand, down from HKD 28,767,503 thousand as of March 31, 2022, reflecting a decrease of approximately 7.3%[46] - The company’s total liabilities decreased to HKD 18,643,641 thousand as of September 30, 2022, from HKD 19,152,289 thousand as of March 31, 2022, representing a decline of approximately 2.7%[46] - The group has a total external borrowings amounting to approximately HKD 22,093,500,000 as of September 30, 2022, down from HKD 22,711,000,000 as of March 31, 2022[29] - The net debt ratio of the group was 39.7% as of September 30, 2022, compared to 38.7% as of March 31, 2022, indicating a slight increase in leverage[29] Investment and Development Activities - The company’s investment property portfolio covers over 5,400,000 square feet across Greater China and the UK, with a focus on diversifying rental income sources[8] - The occupancy rate for investment properties in Hong Kong was approximately 90% as of September 30, 2022[11] - The company is enhancing property value through redevelopment projects, including a Grade A office building in Wanchai with a total floor area of approximately 127,000 square feet[11] - The group plans to complete several redevelopment projects by 2024, including a 27-story residential building in Happy Valley with a total floor area of approximately 58,000 square feet[22] - The group completed the acquisition of an additional 10% equity in the luxury residential project at 15 Shouson Hill Road, increasing its ownership from 40% to 50%, which is expected to enhance future revenue[20] - The group completed the acquisition of additional equity in Shoushan Mountain No. 15 on October 27, 2022, enhancing its strategic positioning[34] - Following the acquisition of an additional 10% stake in Superb Land for HKD 325,000,000, the group’s interest in Superb Land increased from 40% to 50%[105] Cash Flow and Financial Position - The net cash flow from operating activities for the six months ended September 30, 2022, was HKD 50,771 thousand, a significant decrease from HKD 711,632 thousand in the same period of 2021, reflecting a decline of about 92.9%[50] - The net cash flow from investing activities was HKD 1,002,794 thousand for the six months ended September 30, 2022, compared to HKD 1,723,255 thousand in the previous year, indicating a decrease of approximately 42.0%[50] - The company’s cash flow from financing activities showed a net outflow of HKD 743,618 thousand for the six months ended September 30, 2022, compared to an outflow of HKD 3,275,531 thousand in the same period of 2021, indicating a reduction in financing activities[50] - Cash and cash equivalents at the end of the reporting period were HKD 1,535,697 thousand, down from HKD 1,879,397 thousand at the end of the same period last year, a decrease of about 18.3%[50] Corporate Governance and Compliance - The company did not apply any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective during the reporting period[55] - The mid-term report for the period has not been reviewed or audited by the company's auditor, Deloitte[122] - The company has complied with all corporate governance codes as per the listing rules during the reporting period[118] - The board of directors consists of six members, including Ms. Lu Xiaoman as the chairperson and Mr. Yang Zhenglong as an executive director[123] Shareholder Information - As of September 30, 2022, Ms. Lu Xiaoman holds 2,747,610,489 shares, representing 74.71% of the voting rights in the company[108] - Mr. Yang is also recognized as a qualified beneficiary of the same 2,747,610,489 shares, maintaining a 74.71% voting rights[108] - Ms. Fan Minchang holds 10,500,000 shares, accounting for 0.29% of the voting rights[108] - The company has not granted any share options under its share option scheme since its adoption on August 15, 2013[117] - The mid-term report for 2022/2023 is available for shareholders in both printed and electronic formats, promoting environmental sustainability[125] - Shareholders can request changes to their communication preferences through written notice or email[125] - The report emphasizes the company's commitment to providing accessible information to shareholders[126]

Financial Performance - Total revenue for the year ended March 31, 2022, was HK$2,329,324,000, representing a 76.9% increase from HK$1,317,082,000 in 2021[13] - Underlying profit attributable to the owners of the Company rose by 16.4% to HK$32,279,000 from HK$27,738,000[20] - The final dividend per share increased by 33.3% to HK$0.016 from HK$0.012 in the previous year[23] - Gross profit for the year was HK$813,293,000, a 25.6% increase compared to HK$647,342,000 in 2021[18] - The company reported a loss attributable to the owners of HK$469,329,000, an improvement from a loss of HK$767,448,000 in the previous year[21] - Basic loss per share improved to HK$0.13 from HK$0.21[29] - Total dividends for the year amounted to HK$0.041 per share, up 70.8% from HK$0.024 per share in 2021[29] Revenue Sources - Property sales significantly increased to HK$1,025,152,000, up 1,147.0% from HK$82,208,000 in the previous year[15] - Revenue from property development sales surged 1,147.0% to HK$1,025.2 million, accounting for 44.0% of total revenue[27] - Hotel and hotel-related operations revenue increased by 18.9% to HK$399,770,000 from HK$336,150,000[17] - Rental income remained stable at HK$904,402,000, a slight increase of 0.6% from HK$898,724,000[13] - Hospitality segment revenue increased by 18.9% to HK$399.8 million, representing 17.2% of total revenue[28] Property Development and Investment - The Group's property portfolio covers over 5,700,000 square feet in Greater China and the United Kingdom[40] - The redevelopment project at No. 81 Lockhart Road has been transformed into a Grade-A office building with a gross floor area of approximately 126,600 square feet[44] - The Group aims to diversify its rental income streams by expanding its property portfolio geographically beyond Greater China to the United Kingdom[41] - The Group completed the disposal of New Media Tower and Toppy Tower for HK$485.7 million and HK$580.5 million, respectively, contributing to total net proceeds of approximately HK$1,486.4 million from various property disposals[50] - The redevelopment project at Nos. 25-27 Oxford Street in London was completed in early 2021, now offering a gross floor area of approximately 19,300 square feet for retail and office use[59] Financial Position - As of March 31, 2022, the Group's net asset value was HK$26,765.8 million, down from HK$27,069.5 million in 2021, with net asset value per share decreasing to HK$7.28 from HK$7.36[87] - The Group's cash, bank balances, and bank deposits totaled HK$1,567.2 million as of March 31, 2022, a significant decrease from HK$4,133.9 million in 2021[87] - Total external borrowings were approximately HK$22,711.0 million as of March 31, 2022, down from HK$27,284.4 million in 2021, resulting in a net gearing ratio of 38.7%, slightly up from 38.4% in 2021[87] Strategic Initiatives - The Group's strategy includes providing quality residential properties in prime urban areas, with a steady development pipeline established for medium-term contributions to residential sales[60] - The Group aims to strengthen its core businesses while exploring new and emerging markets to cater to younger customers[95] - The Group has diversified its office and retail property investment portfolios into various districts in Hong Kong to maintain steady rental income[85] Leadership and Governance - The Group's leadership includes members with extensive backgrounds in finance, law, and corporate governance, ensuring a well-rounded management team[103][104] - The Managing Director is also responsible for overseeing financial management and has diversified experience across multiple industries[98] - The Executive Director is tasked with guiding the Group's long-term strategic development to achieve synergies among its businesses[95] Corporate Social Responsibility - The Group has a commitment to corporate social responsibility, promoting charitable sponsorship in areas such as youth development and environmental protection[95] Shareholder Information - Ms. Luk Siu Man holds 2,747,610,489 shares, representing 74.71% of the issued voting shares, as an interest of spouse[156] - Mr. Yeung Ching Loong also holds 2,747,610,489 shares, representing 74.71% of the issued voting shares, as an eligible beneficiary of a private discretionary trust[158] - The Group paid an interim dividend of HK$0.015 per share, totaling approximately HK$55.2 million, compared to HK$0.012 per share and HK$44.1 million in the previous year[113] Market Conditions - The easing of the pandemic situation and the resumption of normal activities are expected to create favorable conditions for the revival of consumption and business sentiments[81] - The Federal Reserve's interest rate hike in June 2022 and uncertainties in China's economic development may hinder economic recovery in the near term[81]

Financial Performance - Revenue for the period reached HKD 1,392.7 million, representing an increase of 118.5% compared to HKD 637.5 million in 2020[4] - Net profit for the period was HKD 197.9 million, a significant increase from HKD 981.8 million in 2020[4] - The company's gross profit margin decreased to 52.5% from 70.2% in 2020[6] - Operating profit for the period was HKD 731.7 million, up from HKD 82.1 million in 2020[6] - Earnings per share increased to HKD 0.025, compared to HKD 0.012 in 2020[6] - The company reported a total comprehensive income of HKD 440.5 million, compared to HKD 447.6 million in 2020[6] - The company reported a revenue of 508 million for the period ending April 2021, compared to 585 million in the same period of the previous year, reflecting a decrease of approximately 13.2%[10] - The company reported a revenue of 88,000 million for the first half of 2021, representing a 40% increase compared to the previous period[12] - For the period ending September 30, 2021, the company reported total revenue of 952,217 for the period ending September 30, 2021, compared to 440,465 for the same period in 2020, representing a year-over-year increase of approximately 116.2%[22] - The company reported total revenue of 28,726 million, an increase from 22,605 million in the previous period, representing a growth of approximately 27.5%[60] User Engagement - User data indicated a total of 1,062,000 active users, which represents a growth of 28% year-over-year[10] - User data showed a total of 30,000 active users as of September 30, 2021, with a growth of 29% year-over-year[12] - User data showed a significant increase in active users, with 1,392,682 reported for the current period, up from 637,503 in the previous year, indicating a growth of about 118.5%[22] - User data for the period ending September 30, 2021, showed a total of 1,033,420 users, compared to 1,669,552 users as of March 31, 2021, indicating a significant drop in user base[52] - The total user base grew to 17.28 million, compared to 21.01 million in the previous year, indicating a decline of approximately 17.5%[42] Market Expansion and Strategy - The company plans to expand its market presence and invest in new product development[5] - Future guidance indicates continued growth in revenue and profitability for the upcoming periods[5] - The company is exploring potential mergers and acquisitions to enhance its market position[5] - The company is exploring market expansion opportunities in Southeast Asia, aiming to increase its market share by 15% in the next fiscal year[11] - The company plans to expand its market presence, targeting a user base of 105,500 by the end of 2024[14] - The overall market expansion strategy includes entering new geographic regions, with a target of 26 million in revenue from these areas by the end of 2022[14] - The company plans to expand its market presence and invest in new product development to drive future growth[19] - The company is exploring potential acquisitions to enhance market presence and diversify its product offerings[26] - The company plans to expand its market presence and invest in new product development to drive future growth[42] - The company is exploring potential acquisitions to enhance its market position and product offerings[42] Research and Development - New product development efforts are focused on enhancing user experience, with an investment of 96,000 in R&D for innovative technologies[10] - Research and development efforts are focused on enhancing product features, with an investment of 27 million allocated for new technology[14] - The company is focusing on enhancing its research and development efforts to drive innovation and improve product offerings in the future[56] - Research and development expenses increased to $872 million, up from $166 million in the previous year, highlighting a focus on innovation[42] - The company emphasized the importance of research and development in driving future growth and maintaining a competitive edge[79] Operational Efficiency - The gross margin for the latest quarter was reported at 90%, maintaining a strong profitability level despite revenue fluctuations[10] - The company reported a significant increase in operational efficiency, achieving a 15% reduction in costs through improved processes[14] - The company reported a significant increase in operational efficiency, with a reduction in operational costs by approximately 15% compared to the previous quarter[56] - The company aims to enhance its operational efficiency, targeting a reduction in costs by 10% over the next fiscal year[72] Future Outlook - The company provided a future outlook, projecting a revenue increase of 30% for the next quarter, driven by new product launches and market expansion strategies[11] - The future outlook remains positive with expectations of revenue growth driven by market expansion and new product introductions[19] - The future outlook remains optimistic, with projected revenue growth driven by increased user engagement and new product offerings[24] - Future guidance indicates a continued upward trend in revenue and profitability, with expectations of further market penetration and user growth[36] - The company provided a positive outlook for the future, projecting continued growth and expansion in key markets[78]

Financial Performance - The Group reported a gross profit of HK$647,342,000 for the year ended March 31, 2021, compared to HK$1,506,653,000 in the previous year, indicating a significant decrease[12]. - Total revenue decreased to HK$1,317.1 million, down 44.4% from HK$2,365.4 million in 2020[16]. - Rental income fell to HK$898.7 million, representing 68.2% of total revenue, compared to 42.6% in 2020[16]. - Revenue from property sales was HK$82.2 million, contributing 6.2% to total revenue, down from 6.1% in 2020[17]. - Hospitality segment revenue declined to HK$336.2 million, accounting for 25.5% of total revenue, down from 51.3% in 2020[18]. - Gross profit decreased to HK$647.3 million, with a significant reduction in fair-value loss on investment properties to HK$1,210.6 million from HK$4,129.5 million[19]. - Loss attributable to the owners of the Company decreased to HK$767.4 million, compared to HK$3,644.4 million in 2020[19]. - Basic loss per share improved to HK$0.21 from HK$0.99 in the previous year[19]. - The Company has not entered into any new equity-linked agreements during the Year, aside from the existing share option scheme[137]. - The Directors' report includes a summary of the Group's financial performance over the last five years, providing insights into trends and changes[137]. Dividends - The annual results announcement was made on June 22, 2021, with a final dividend of HK$0.012 per share declared[7]. - The Board recommended a final dividend of HK$0.012 per share, down from HK$0.035 in 2020, resulting in total dividends of HK$0.024 per share[19]. - A special dividend of HK$0.01 per share, totaling approximately HK$36.8 million, was declared to shareholders[84]. - The Group paid an interim dividend of HK$0.012 per share for the Year, totaling approximately HK$44.1 million, a decrease from HK$0.035 per share and HK$128.7 million in the previous year[128]. - The Directors recommended a final dividend of HK$0.012 per share, amounting to approximately HK$44.1 million, subject to shareholder approval[129]. Property Development and Investments - The Group disposed of several properties, primarily retail complexes and industrial units, for a total consideration of HK$889.5 million, unlocking asset value and saving reserves for future investments[39]. - Subsequent to the year, the New Media Tower was sold for HK$508.0 million, further enhancing the Group's financial position[40]. - The Emperor Group Centre in Beijing, with a gross floor area of approximately 1,062,000 square feet, has attracted reputable office tenants and premium brands, marking a significant milestone in mainland China[41]. - The redevelopment project at No. 27 Oxford Street in London was completed in early 2021, transforming it into a 9-storey retail and office building with a gross floor area of approximately 19,000 square feet[49]. - The Group is transforming two adjacent buildings at Nos. 75-85 Lockhart Road, Wan Chai, into a Grade-A office building with a gross floor area of approximately 96,000 square feet, scheduled for completion in 2021[53]. - A 14-storey industrial building at No. 4 Kin Fat Lane, Tuen Mun, has been successfully converted into a commercial building with a gross floor area of approximately 179,000 square feet, supporting diverse functions[54]. - The Emperor Star City in Shanghai is set to be developed into a shopping arcade and hotel or serviced apartment complex, with an expected gross floor area of approximately 1,300,000 square feet[58]. - As of March 31, 2021, 45 units of the Central 8 residential tower were sold at an average price of over HK$30,000 per square foot, with a total gross floor area of approximately 34,000 square feet[60]. - Peak Castle, a luxurious low-rise development in Tuen Mun, has seen all houses sold subsequent to the year[61]. - Seaside Castle project comprises 8 luxury detached houses with a gross floor area of approximately 29,000 square feet, completed and launched to the market after the year[62]. - The project at No. 15 Shouson Hill Road West has a gross floor area of approximately 88,000 square feet and is 40% owned by the Group, completed during the year and soon to be launched[68]. - The redevelopment at Nos. 20-26 Old Bailey Street & No.11 Chancery Lane is planned for a 26-storey luxury residential tower, completion expected in 2023[70]. - The site at No. 1 Wang Tak Street, Happy Valley, will be redeveloped into a 27-storey residential tower with a gross floor area of approximately 58,000 square feet, planned for completion in 2023[71]. - The existing building at Nos. 24-30 Bonham Road will be redeveloped into a 27-storey residential complex with a gross floor area of approximately 104,000 square feet, completion planned for 2023[72]. - The Group acquired investment properties at a cost of approximately HK$193.4 million and incurred costs of approximately HK$339.2 million on investment properties under development during the Year[137]. Financial Position and Funding - As of March 31, 2021, the Group's net asset value was HK$27,069.5 million, a slight decrease from HK$27,200.2 million in 2020, with net asset value per share at HK$7.36 compared to HK$7.40 in 2020[91]. - The Group's cash, bank balances, and bank deposits increased to HK$4,133.9 million in 2021 from HK$3,924.1 million in 2020[92]. - Total external borrowings amounted to approximately HK$27,284.4 million, up from HK$27,087.3 million in 2020, with a net gearing ratio of 38.4%, unchanged from the previous year[92]. - The Group issued unsecured notes totaling US$250.0 million with a coupon interest rate of 4.5% and a maturity of three years due in September 2023[93]. - As of March 31, 2021, assets with a carrying value of HK$45,617.8 million were pledged as security for banking facilities, an increase from HK$44,534.8 million in 2020[94]. - The Group maintains multiple funding sources, including bank borrowings and bond issuances, to finance its operations[93]. Market Outlook and Strategy - The Group remains cautiously optimistic about the local residential property market outlook, supported by limited land supply and underlying demand for residential units[87]. - The macro economy is expected to gradually recover, aided by vaccination programs and government fiscal support[85]. - The Group plans to enhance its investment properties portfolio and expand its land bank for future property development[83]. - The Group remains cautiously optimistic about the local residential property market due to limited land supply and strong demand, alongside a low-interest environment[89]. - The Group has established a robust project development timeline for property development in the coming years and will initiate sales at the appropriate time[89]. - The Group continues to pursue commercial development opportunities to maintain a balanced investment property portfolio[89]. - The Group has expanded its property portfolio in Greater China and overseas, including a mega commercial complex in Beijing and the largest beach-front lifestyle shopping complex in Hong Kong[113]. - The Group is actively developing smart facility solutions, integrating innovative technologies to enhance market expansion[113]. - The management team has over 40 years of combined experience in property investment, development, and management across various regions[110]. - The Group's strategic planning includes diverse business segments such as financial services, retail, and entertainment production[113]. Corporate Governance and Management - The Company has a strong focus on corporate governance, with independent directors overseeing key committees[119][120][121]. - The Company has introduced innovative ideas to enhance its business operations and capitalize on new opportunities[113]. - The management team is involved in evaluating new business opportunities and strategic planning for growth[113]. - The Group's executive directors hold significant qualifications and experience in their respective fields, ensuring effective leadership[110][119][120]. - The remuneration of employees is determined based on individual responsibilities, skills, experience, and market pay levels[154]. - The company has a written remuneration policy ensuring alignment with business strategy and shareholder interests[152]. - Directors' fees are paid in line with market practices, ensuring no individual determines their own remuneration[152]. - The Company considers all Independent Non-executive Directors to be independent as per Rule 3.13 of the Listing Rules[182]. Shareholding Structure - Ms. Semon Luk holds a deemed interest in 2,747,610,489 shares, representing 74.71% of the issued voting shares[156]. - Mr. Alex Yeung also holds a deemed interest in the same 2,747,610,489 shares, equating to 74.71% of the issued voting shares[156]. - Ms. Vanessa Fan owns 10,500,000 shares, which is 0.29% of the issued voting shares[156]. - The company has a total of 2,747,610,489 shares held by a wholly-owned subsidiary, reflecting significant ownership concentration[159]. - As of March 31, 2021, Ms. Semon Luk holds 851,352,845 shares in Emperor E Hotel, representing 70.38% of the issued voting shares[164]. - Mr. Alex Yeung has deemed interests in 2,747,610,489 shares, which is 74.71% of the voting shares, through a private discretionary trust[177]. - The shares held by AY Holdings and Dr. Albert Yeung are the same as those held by Ms. Semon Luk and Mr. Alex Yeung, totaling 2,747,610,489 shares[177]. Legal and Compliance - The Group's principal risks and uncertainties are outlined in the Corporate Governance Report, highlighting the importance of compliance with relevant laws and regulations[131]. - The company maintains permitted indemnity provisions for potential liabilities associated with legal proceedings against directors[147]. - The Company has not entered into any arrangements for Directors or chief executives to acquire benefits through shares or debentures during the year[169]. - The Directors believe that the Group's interests are adequately safeguarded despite some Directors having interests in competing businesses[181].

Financial Performance - Total revenue for the six months ended September 30, 2020, decreased to HKD 637.5 million, down 48.5% from HKD 1,238.0 million in 2019[6] - The company recorded a loss attributable to shareholders of HKD 990.2 million, compared to a profit of HKD 519.3 million in 2019[9] - Basic loss per share was HKD 0.27, compared to a profit of HKD 0.14 per share in 2019[9] - The group reported an operating loss of HKD 827,697,000 for the six months ended September 30, 2020, compared to an operating loss of HKD 12,348,000 in the same period of 2019[47] - The loss attributable to shareholders for the period was HKD 990,157,000, compared to a loss of HKD 519,311,000 in the same period of 2019, representing an increase in losses of approximately 90.5%[47] - The group reported a loss before tax of HKD 1,063,956,000 for the period, compared to a loss of HKD 354,199,000 in the same period last year[68] Revenue Breakdown - Rental income fell by 12.8% to HKD 447.6 million compared to HKD 513.5 million in 2019, impacted by rent concessions to retail tenants[8] - Hotel and related business revenue dropped to HKD 107.8 million, a decline of 85.1% from HKD 724.6 million in 2019, due to travel restrictions[8] - Property sales revenue was HKD 82.1 million, with contributions solely from the sale of properties[8] Dividends - The company declared an interim dividend of HKD 0.012 per share, down from HKD 0.035 per share in 2019[9] - The board declared an interim dividend of HKD 0.012 per share, down from HKD 0.035 per share in 2019, totaling approximately HKD 44,100,000 compared to HKD 128,700,000 in the previous year[44] Asset and Liability Management - The group's net asset value as of September 30, 2020, was HKD 26,474,300,000, down from HKD 27,200,200,000 as of March 31, 2020, representing a decrease of approximately 2.65%[40] - Cash, bank balances, and deposits amounted to HKD 3,850,400,000 as of September 30, 2020, compared to HKD 3,924,100,000 as of March 31, 2020, indicating a decline of about 1.88%[40] - The total external borrowings (excluding payables) were approximately HKD 27,611,900,000 as of September 30, 2020, an increase from HKD 27,087,300,000 as of March 31, 2020, reflecting a rise of about 1.94%[40] - The group's net debt ratio was 39.5% as of September 30, 2020, compared to 38.4% as of March 31, 2020, indicating a slight increase in leverage[40] Property Development and Projects - The group aims to diversify its rental income sources by expanding its property portfolio beyond Greater China to the UK[12] - The revitalization projects for several properties have received planning approval, allowing for increased non-residential plot ratios[15] - The group is developing a Grade A office building at 75-85 Lockhart Road, Wanchai, with a total floor area of approximately 96,000 sq ft, expected to be completed in 2021[20] - A 14-story industrial building at 4 Kin Fat Lane, Tuen Mun, with over 178,000 sq ft, is being transformed into a commercial building, with renovation and expansion works nearing completion[20] - The group is developing a mixed-use shopping mall and hotel or serviced apartment complex in Huangpu District, Shanghai, with a total floor area of approximately 1,300,000 sq ft[22] - The group has sold 39 units at the 29-story residential building at 8-10A Moro Temple Street, totaling approximately HKD 305.3 million in sales, with 1 unit remaining unsold as of September 30, 2020[25] - A new residential project at 9 Cheng Lai Road, Tuen Mun, will consist of 8 luxury sea-view houses with a total floor area of approximately 29,000 sq ft, expected to be completed in 2021[26] - The group has a 40% stake in a luxury residential project at 1198 Shoushan Mountain, with a total floor area of approximately 88,000 sq ft, expected to be completed in 2021[28] - A redevelopment project at 24-26A D'Aguilar Street, Central, is planned to be a 26-story luxury residential building, expected to be completed in 2023[29] Hotel and Hospitality Sector - The group has established the Emperor Hotel Group, which includes several hotels and serviced apartments in Hong Kong and Macau, contributing to the group's revenue from the hotel and gaming sectors[33] - The Emperor Hotel in Wanchai has 299 rooms and a total floor area of approximately 115,000 sq ft, enhancing the brand recognition of the hotel services division[34] - The group’s serviced apartment, MORI MORI, won the "Best Luxury Serviced Apartment" award at the Squarefoot Serviced Apartment Awards 2020, reflecting its modern design and high-quality service[34] Financial Condition and Cash Flow - The net cash flow from operating activities for the six months ended September 30, 2020, was HKD 133,718, compared to a negative cash flow of HKD 412,591 in the same period last year[57] - The company reported a net cash outflow from investing activities of HKD 1,388,670, which increased from HKD 867,605 in the previous year[57] - Total current liabilities reached HKD 8,971,821, up from HKD 8,189,937 as of March 31, 2020[53] - The total assets less current liabilities stood at HKD 51,245,887, a decrease from HKD 52,106,878 in the previous period[53] - Cash and cash equivalents at the end of the reporting period were HKD 1,801,199, down from HKD 2,943,493 at the beginning of the period[57] - The company’s total liabilities amounted to HKD 22,385,118, slightly up from HKD 22,384,674 in the previous period[53] - The company’s equity attributable to owners decreased to HKD 26,474,271 from HKD 27,200,235[53] - The company experienced a net decrease in cash and cash equivalents of HKD 1,152,355 during the reporting period[57] Market Outlook and Strategy - The group plans to continue monitoring market conditions and adjust strategies accordingly, focusing on identifying commercial properties with redevelopment potential[37] - The group has a cautious optimistic outlook for the long-term prospects of the property market, supported by limited land supply and rigid demand for residential units[39] Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period[127] - The interim financial statements have not been audited or reviewed by the company's auditor but were reviewed by the audit committee[129] - The board of directors has confirmed compliance with the trading rules during the reporting period[127] Shareholder Information - As of September 30, 2020, Ms. Lu held 2,747,610,489 shares, representing 74.71% of the voting shares of the company[118] - Mr. Yang, as a qualified beneficiary of a private discretionary trust, also holds 2,747,610,489 shares, equivalent to 74.71% of the voting shares[118] - The group has no other disclosed interests in shares or related securities by directors or key executives as of September 30, 2020[121]

英皇集團(國際)有限公司 Emperor International Holdings Limited Incorporated in Bermuda with limited liability (Stock Code:163) 於 百 務 達 註 冊 成 立 之 有 限 公 司 （ 股 份 代 號 : 1 6 3 ) 瞻 高 築 遠 成 就 卓 見 BUILDING FOR THE FUTURE AND PURSUING EXCELLENCE ANNUAL REPORT 2019/2020 2019 / 2020 年報 CONTENTS | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | ...

Financial Performance - Total revenue for the six months ended September 30, 2019, decreased to HKD 1,238,031,000, a decline of 19.4% compared to HKD 1,536,451,000 in 2018[3] - The company recorded a loss attributable to shareholders of HKD 519,311,000, compared to a profit of HKD 2,504,915,000 in 2018, reflecting a significant downturn[7] - Basic earnings per share were reported at a loss of HKD 0.14, compared to earnings of HKD 0.68 per share in the previous year[7] - The group experienced a significant decrease in gross profit, reporting HKD 858.8 million compared to HKD 1,094.8 million in the previous year, reflecting a decline of approximately 21.5%[42] - The group’s operating loss was HKD 12.3 million, contrasting with an operating profit of HKD 3.1 billion in the same period last year[42] - The group’s total comprehensive loss for the period was HKD 1,034.1 million, compared to a comprehensive income of HKD 1,703.8 million in 2018[44] - The net loss for the period was HKD 439,866,000, compared to a profit of HKD 2,575,489,000 in the previous year[106] Revenue Sources - Rental income fell to HKD 513,455,000, down 13.1% from HKD 590,521,000 in the previous year, accounting for 41.5% of total revenue[6] - Service income from gaming operations increased to HKD 559,548,000, up 2.5% from HKD 546,677,000 year-on-year[103] - Hotel room revenue decreased to HKD 90,387,000, down 18.6% from HKD 111,078,000 in the previous year[103] - The group’s rental income from investment properties was HKD 724,576,000, down from HKD 945,930,000 in the previous year[103] Dividends and Shareholder Returns - The interim dividend declared was HKD 0.035 per share, a decrease of 25.5% from HKD 0.047 per share in 2018[3] - The board declared an interim dividend of HKD 0.035 per share, totaling approximately HKD 128.7 million, down from HKD 172.8 million in 2018[40] Assets and Liabilities - The group's net asset value as of September 30, 2019, was HKD 30,509,600,000, down from HKD 31,835,100,000 as of March 31, 2019[8] - Cash and bank deposits totaled HKD 3,428,700,000 as of September 30, 2019, compared to HKD 3,944,500,000 on March 31, 2019[10] - The company’s total liabilities decreased from HKD 34,357,840 as of March 31, 2019, to HKD 33,041,239 as of September 30, 2019, reflecting a reduction of approximately 3.8%[49] - Non-current liabilities totaled HKD 24,668,603 as of September 30, 2019, compared to HKD 23,081,444 as of March 31, 2019, representing an increase of approximately 6.9%[49] - The company’s total liabilities related to connected parties amounted to HKD 1,169,744,000 as of September 30, 2019, down from HKD 1,229,228,000 as of March 31, 2019[151] Investment and Development Projects - The company acquired a premium investment property located in Sheung Wan, Hong Kong, enhancing its property portfolio and income base[16] - The group is developing a mixed-use building in Shanghai with a total floor area of approximately 1,300,000 square feet, which will include a shopping mall and hotel or serviced apartments[23] - The group plans to complete a Grade A office project in Wan Chai, Hong Kong, with a total floor area of about 96,000 square feet by 2020[20] - A redevelopment project in Central, Hong Kong, will transform a site into a 27-story residential building with a total floor area of approximately 107,000 square feet, expected to be completed by 2023[29] - The group is actively pursuing revitalization projects to enhance property value and expand potential rental income, supported by local government measures[20] Financial Reporting Standards - The group has adopted the new and revised Hong Kong Financial Reporting Standards effective from April 1, 2019, which include HKFRS 16 on leases, impacting the financial statements significantly[57] - The application of HKFRS 16 has resulted in changes to accounting policies, particularly in how leases are recognized and measured, replacing HKAS 17[60] - The group has recognized right-of-use assets at the commencement of the lease term, measured at cost less accumulated depreciation and impairment losses[66] - The group has included fixed payments and variable lease payments based on indices or rates in the measurement of lease liabilities[74] Employee and Management Costs - The total employee cost for the period amounted to HKD 344 million, an increase from HKD 334.3 million in 2018, with the number of employees at 1,692[37] - Total remuneration paid to key management personnel for the six months ended September 30, 2019, was HKD 9,852,000, an increase of 8.8% from HKD 9,055,000 in 2018[148] Shareholder Information - The company’s major shareholders include Ms. Lu, holding 74.71% of the voting rights, and Mr. Yang, also holding 74.71% through AY Trust[161] - As of September 30, 2019, the company reported that Ms. Lu holds 68.61% of Emperor Entertainment Hotel Limited with 851,352,845 shares[166] - Mr. Yang holds 74.71% of Yang Shou Cheng Industrial Holdings with 2,747,610,489 shares[169] Miscellaneous - The group has pledged assets with a book value of HKD 46.4 billion as collateral for bank financing, a decrease from HKD 48.7 billion as of March 31, 2019[38] - The company has not granted any stock options under its stock option plan since its adoption on August 15, 2013[172] - The company has complied with all provisions of the Corporate Governance Code during the reporting period[173]