Revenue and Sales Performance - Total revenue for the six months ended September 30, 2024, increased to HKD 459,378,000, up from HKD 438,448,000 in 2023, representing a growth of 2.1%[3] - Property development sales revenue surged by 555.2% to HKD 81,880,000, compared to HKD 12,506,000 in the previous year, primarily driven by sales from One Jardine's Lookout[5] - Rental income decreased to HKD 377,498,000 from HKD 425,942,000, reflecting a decline of 11.3%[3] - Revenue from property leasing was HKD 377,498,000, a decrease of 11.4% from HKD 425,942,000 in the previous year[44] - The group recognized property sales and customer contract income of HKD 81,880,000, significantly up from HKD 12,506,000 in the prior period[42] Financial Losses and Profitability - The group recorded a loss attributable to shareholders of HKD 1,042,301,000, compared to a loss of HKD 769,164,000 in 2023, indicating a significant increase in losses[3] - Core profit attributable to shareholders was HKD 383,558,000, up from HKD 202,342,000, marking an increase of 89.4%[3] - The company reported a significant loss from discontinued operations amounting to HKD 2,422,332,000 for the current period, compared to a profit of HKD 9,033,000 in the previous period[32] - The total comprehensive loss for the six months ended September 30, 2024, was HKD 3,482,541,000, compared to HKD 1,078,254,000 for the same period in 2023, highlighting a substantial increase in overall losses[34] - The company reported a loss attributable to owners of the company of HKD 3,464,633,000 for the six months ended September 30, 2024, compared to a loss of HKD 760,131,000 for the same period in 2023, indicating a significant increase in losses[71] Asset and Liability Management - As of September 30, 2024, the group's net asset value decreased to HKD 18,412.9 million from HKD 21,607.9 million as of March 31, 2024, representing a decline of approximately 14.5%[22] - The group’s bank balance and deposits decreased to HKD 732.2 million as of September 30, 2024, compared to HKD 1,494.3 million as of March 31, 2024, reflecting a decline of approximately 51.0%[22] - The group’s total external borrowings (excluding payables) amounted to approximately HKD 18,239.9 million as of September 30, 2024, down from HKD 20,213.3 million as of March 31, 2024, a decrease of about 9.8%[22] - The company's net asset value decreased from HKD 23,547,142,000 as of March 31, 2024, to HKD 18,412,918,000 as of September 30, 2024, reflecting a decline of approximately 21.7%[37] - Non-current assets decreased from HKD 39,074,069,000 as of March 31, 2024, to HKD 32,843,471,000 as of September 30, 2024, indicating a reduction of approximately 16%[35] Shareholder and Dividend Information - The group has no interim dividend declared for the period, compared to an interim dividend of HKD 0.003 per share in the previous year[28] - The group issued 1,838,772,833 rights shares at a subscription price of HKD 0.25 per share, raising approximately HKD 459.7 million, with a net amount of about HKD 456.2 million after expenses[21] - The company declared a special interim dividend of HKD 255,406,000, distributed in the form of shares in Emperor Entertainment Hotel, while no interim dividend was declared for the current period[77][79] Property Development and Investment - The project One Jardine's Lookout has recorded total sales contracts amounting to approximately HKD 1,000,000,000, with all units sold under contract as of the announcement date[8] - The group plans to complete the redevelopment of a site into a 27-story residential building by 2026 or later, enhancing its property portfolio[12] - The group has established a property asset investment fund to seek additional operating capital, enhancing its ability to utilize rental income[25] - The group completed the sale of two industrial units in Chai Wan for a total consideration of HKD 100,000,000 and several investment properties for approximately HKD 1,142,400,000, enhancing its financial position[15] Market Outlook and Strategic Initiatives - The group anticipates a recovery in the property market due to interest rate cuts and government initiatives, while remaining cautious about the office leasing sector[19] - The group confirmed an impairment of HKD 271,935,000 on properties held for sale during the period, compared to an impairment of HKD 131,907,000 in the previous year[51] Operational Efficiency and Cost Management - The group reported a total employee cost of HKD 209.5 million for the period, down from HKD 223.1 million in the previous year, indicating a reduction of about 6.9%[27] - The ongoing operating loss for the period was approximately HKD 11,733,000, compared to HKD 12,920,000 in 2023[52] - The group recognized a tax expense of HKD 7,034,000 for the period, compared to HKD 16,679,000 in the previous year, reflecting a decrease of 57.9%[54] Changes in Fair Value and Impairments - The fair value change of investment properties resulted in a loss of HKD 730,858,000 for the current period, compared to a loss of HKD 464,181,000 in the previous period, reflecting a deterioration in property valuations[30] - The fair value of investment properties decreased by approximately HKD 730,858,000 during the period, compared to a decrease of HKD 464,181,000 in the previous year[82] - The group reported a significant change in the fair value of investment properties, with a loss of HKD 263,097,000 for the period[62]

DIVIDEND POLICY 股息政策 與股東之溝通 企業管治報告 SHAREHOLDERS' RIGHTS 本公司於公佈財務業績時舉行全面發佈會， 並不時與機構股東對話。本公司歡迎股東及 投資者瀏覽本公司網站及透過投資者關係 部查詢，該部門之聯絡詳情可於本公司網站 及 本 年 報「公 司 資 料 及 重 要 日 期」一 節 查 閱。 召開╱召集股東大會之權利 企業管治報告 Proposing a Person for Election as a Director The procedures for the Shareholders to propose a person for election as a Director are available for viewing on the Company's website. 如董事在屬妥善之有效請求遞呈日期起計 21日 內，未 有 在 有 效 請 求 遞 呈 日 期 後 兩 個 月 內妥為安排召開股東特別大會，則該等呈請 人或佔全體呈請人總投票權一半以上之任 何呈請人，可自行召開股東特別大會，但任 何如此召開之股東特別大會不得在上述請 求遞呈日期起計三 ...

Financial Performance - Total revenue increased by 45.5% to HKD 1,761,815,000 for the year ended March 31, 2024, compared to HKD 1,210,682,000 in 2023[4] - Gross profit rose by 73.2% to HKD 1,021,959,000, compared to HKD 590,026,000 in the previous year[7] - Core profit attributable to shareholders increased by 66.7% to HKD 575,933,000, up from HKD 345,439,000[4] - The company reported a total loss for the year of HKD 2,028,577,000, slightly improved from a loss of HKD 2,201,586,000 in 2023[46] - The company reported a loss attributable to shareholders of HKD 2,046,666,000, a slight improvement from HKD 2,141,983,000 in 2023[4] - The company achieved a gross profit of HKD 1,021,959,000, up from HKD 590,026,000 in the previous year[44] - The group reported a total loss of HKD 2,028,577,000 for the year, with a pre-tax loss of HKD 2,086,359,000[72] Revenue Breakdown - Rental income slightly rose to HKD 879,305,000, accounting for 49.9% of total revenue, compared to 71.9% in the previous year[6] - Property sales revenue surged by 78.9% to HKD 141,773,000, representing 8.1% of total revenue, up from 6.6%[6] - Hotel and hotel-related business revenue skyrocketed by 184.2% to HKD 740,737,000, making up 42.0% of total revenue, compared to 21.5% in 2023[6] - Total revenue from external customers for the year ended March 31, 2024, was HKD 1,761,815,000, with contributions of HKD 879,305,000 from property leasing, HKD 141,773,000 from property development, and HKD 740,737,000 from hotel and related businesses[72] Asset and Liability Management - The group's net asset value was HKD 21,607,900,000, with a net asset value per share of HKD 5.9, down from HKD 23,887,200,000 and HKD 6.5 per share in 2023[34] - The total external borrowings (excluding payables) were approximately HKD 20,213,300,000, down from HKD 22,444,000,000 in 2023[27] - The net debt ratio was 40.2% as of March 31, 2024, compared to 39.3% in 2023[27] - Total liabilities as of March 31, 2024, were HKD 9,377,739,000, a decrease from HKD 11,156,911,000 in 2023, showing a reduction of about 16%[50] - The group reported current liabilities exceeding current assets by HKD 1,864,000,000 as of March 31, 2024, with current liabilities totaling HKD 9,378,000,000[111] Cash Flow and Financing - As of March 31, 2024, the group's cash, bank balances, and deposits amounted to HKD 1,494,300,000, a decrease from HKD 2,367,900,000 in 2023[27] - The company is exploring new financing channels through the establishment of a property asset investment fund to enhance cash flow and financial stability[38] - The group plans to enhance cash flow through property sales and rental income over the next twelve months[53] Market Outlook - The local real estate market is showing signs of recovery, driven by new government initiatives and increased housing demand[25] - The group is optimistic about the market outlook for retail leasing and hotel services, particularly due to the growth of outbound tourism from mainland China[25] Employee and Operational Costs - The total employee cost for the year was HKD 471,700,000, an increase from HKD 434,400,000 in 2023, with the number of employees rising to 952 from 850[39] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.003 per share, consistent with the previous year[41] - The board proposed a final dividend of HKD 0.003 per share for the year ending March 31, 2024, consistent with the previous year's dividend[89] Property Sales and Development - The group has signed sales agreements for 70 units in the upcoming residential project "澄天," with a total sales agreement value exceeding HKD 440,000,000[21] - The group has completed the sale of 67 units and signed contracts for 7 additional units in the "半山捌號" project as of March 31, 2024[20] - The group plans to launch a new residential project in跑馬地 in 2024, with completion expected in 2025[21] Environmental Commitment - The Beijing Emperor Group Center received a platinum certification under the U.S. Green Building Council's Energy and Environmental Design standards, highlighting the company's commitment to green building practices[15] Auditor's Report - The independent auditor's report confirmed that the financial statements fairly present the group's financial position as of March 31, 2024[103]

Financial Performance - Gross profit increased by 113.3% to HKD 492,700,000 (2022: HKD 231,000,000) [3] - Core profit attributable to owners was HKD 213,200,000 (2022: loss of HKD 19,200,000) [3] - Loss attributable to owners narrowed to HKD 760,100,000 (2022: HKD 956,400,000) [3] - The total comprehensive loss for the period was HKD (1,037,256), a significant increase from the previous year's loss of HKD (1,078,254), showing a slight improvement of 3.8% [25] - The company reported a loss before tax of HKD (1,094,182) for the period, compared to a loss of HKD (1,037,256) in the previous year, indicating a decline of 5.5% [33] - The net loss attributable to the company's owners for the period was HKD 760,131,000, an improvement from a loss of HKD 956,441,000 in the prior year [155] - The basic loss per share for the period was HKD 0.21, compared to HKD 0.26 for the same period last year [155] Revenue and Income Sources - Total revenue for the six months ended September 30, 2023, increased by 49.7% to HKD 810,300,000, compared to HKD 541,200,000 in 2022 [127] - Rental income remained stable at HKD 448,900,000, accounting for 55.4% of total revenue, down from 79.6% in 2022 [127] - Revenue from hotel services surged by 261.3% to HKD 348,800,000, representing 43.1% of total revenue, compared to 17.8% in 2022 [127] - Property development sales revenue was HKD 12,500,000, which is 1.5% of total revenue, down from 2.6% in 2022 [127] - Total revenue from property leasing was HKD 430,692 for the six months ended September 30, 2023, compared to HKD 541,245 in the same period of 2022, reflecting a decrease of 20.5% [33] Cash Flow and Financial Position - The net cash flow from operating activities for the six months ended September 30, 2023, was HKD 415,840, significantly up from HKD 50,771 in the same period of 2022, indicating an increase of 720.5% [26] - The net cash flow from investing activities was HKD 1,925,196 for the six months ended September 30, 2023, compared to HKD 1,002,794 in the prior year, reflecting an increase of 92.0% [26] - The net cash flow from financing activities showed a significant outflow of HKD (3,609,744) for the six months ended September 30, 2023, compared to HKD (743,618) in the same period of 2022, indicating a worsening of 385.5% [26] - The cash and cash equivalents at the end of the reporting period were HKD 1,027,668, down from HKD 1,535,697 at the end of the previous year, a decrease of 33.0% [26] - As of September 30, 2023, the group's cash, bank balances, and deposits amounted to HKD 1,217,000,000, down from HKD 2,367,900,000 as of March 31, 2023 [138] Asset Management - The net asset value as of September 30, 2023, was HKD 24,719,097,000 (March 31, 2023: HKD 25,808,322,000) [24] - As of September 30, 2023, the company had cash and cash equivalents inflow of HKD 690,915,000 from the sale of a subsidiary [52] - The company’s trade payables as of the reporting date were HKD 1,118,905,000, an increase from HKD 752,900,000 as of March 31, 2023 [83] - The company’s total assets pledged as collateral for bank loans amounted to HKD 1,165,000,000 as of September 30, 2023, unchanged from March 31, 2023 [72] - The group’s net debt ratio as of September 30, 2023, was 39.1%, slightly down from 39.3% as of March 31, 2023 [138] Investment and Development Activities - The group completed the sale of a shopping mall in North Point for approximately HKD 1,944,200,000, with net proceeds of about HKD 1,146,900,000 [6] - The company acquired additional investment properties at a cost of approximately HKD 3,098,000 during the period, compared to HKD 1,508,000 in the previous year, representing an increase of 105.0% [40] - The company holds multiple quality office, commercial, and industrial buildings, including key properties in Wan Chai and Central [120] - The luxury residential project "畔海" in Tuen Mun has sold 2 houses and has 1 house under a sales agreement as of September 30, 2023 [133] - The redevelopment of the former Emperor Junsing Hotel into a 27-story residential building is underway, with completion expected in 2024 or later [134] Market Outlook and Strategy - The management remains optimistic about the retail leasing and hotel service market outlook due to the rebound in tourist numbers [13] - The group plans to maintain a balanced property portfolio to mitigate business risks and achieve stable growth amid market challenges [167] - The group has a robust project development timeline aimed at contributing to residential unit sales and enhancing profitability [133] - The group is focused on expanding its presence in prime urban areas with luxury integrated buildings and unique low-rise houses [133] Employee and Operational Insights - The total employee cost for the period was HKD 223,100,000, a decrease from HKD 252,400,000 in 2022, while the number of employees increased to 946 from 768 [140] - The group operates six hotels and serviced apartments in Hong Kong and Macau, with a total floor area exceeding 1,034,000 square feet [136] - The group has fully leased a Grade A office building in Wan Chai, enhancing rental income potential [158] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.003 per share for the year ended March 31, 2023, down from HKD 0.016 per share for the previous year, resulting in a total payout of HKD 11,033,000 compared to HKD 58,841,000 [69] - The group declared an interim dividend of HKD 0.003 per share, totaling approximately HKD 11,000,000, down from HKD 18,400,000 in the previous year [171]

Financial Performance - Total revenue increased by 49.7% to HKD 810,300,000 for the six months ended September 30, 2023, compared to HKD 541,200,000 in 2022[17] - Core profit attributable to shareholders was HKD 213,200,000, a significant recovery from a loss of HKD 19,200,000 in 2022[18] - The group reported a net loss of HKD 760,100,000, narrowing from a loss of HKD 956,400,000 in the previous year[18] - Total revenue for the six months ended September 30, 2023, was HKD 810,285,000, a 49.8% increase from HKD 541,245,000 in 2022[29] - Core profit attributable to the company's owners was HKD 213,170,000, compared to a loss of HKD 19,197,000 in the previous year[29] - The gross profit for the period was HKD 492,653,000, significantly up from HKD 230,995,000 in 2022[29] - The total comprehensive income attributable to the company's owners for the six months ended September 30, 2023, was a loss of HKD 1,081,313, compared to a loss of HKD 1,950,116 for the same period in 2022, representing a 44.5% improvement[48] - The group reported a total loss of HKD 757,072,000 for the period, compared to a loss of HKD 1,037,256,000 in the same period last year, indicating a reduction in losses[83] Revenue Sources - Hotel services revenue surged by 261.3% to HKD 348,800,000, accounting for 43.1% of total revenue[17] - Rental income increased to HKD 448,938,000 from HKD 430,692,000, reflecting a growth of 4.8%[29] - The service revenue from gaming operations reached HKD 215,645,000, a significant increase from HKD 24,382,000 in the same period last year, representing a growth of 786%[81] - Hotel room revenue was HKD 79,842,000, compared to HKD 34,335,000 in the previous year, marking a growth of 132%[81] - Total revenue from customer contracts amounted to HKD 361,347,000, up from HKD 110,553,000, reflecting a growth of 227%[81] - The total income from property leasing was HKD 448,938,000, while property development contributed HKD 12,506,000, and related businesses generated HKD 348,841,000, leading to a total of HKD 810,285,000[83] Asset and Liability Management - The net asset value as of September 30, 2023, was HKD 22,794,900,000, with a net asset value per share of HKD 6.2[8] - The net debt ratio was 39.1% as of September 30, 2023, slightly improved from 39.3% as of March 31, 2023[28] - The group's total assets less current liabilities as of September 30, 2023, amounted to HKD 37,796,435, down from HKD 39,971,144 as of March 31, 2023, indicating a decrease of 5.4%[73] - The total liabilities of the group as of September 30, 2023, were HKD 13,113,978, compared to HKD 13,726,000 as of March 31, 2023, showing a reduction of 4.5%[70] - The net asset value attributable to the owners of the company as of September 30, 2023, was HKD 22,794,912, down from HKD 23,887,196 as of March 31, 2023, representing a decrease of 4.6%[75] - As of September 30, 2023, the outstanding principal of medium-term notes issued by the group was HKD 379,600,000, down from HKD 1,247,300,000 as of March 31, 2023[87] Operational Developments - The group plans to launch the residential project "Cheng Tian" for pre-sale in November 2023, with strong market response expected[25] - The group plans to complete the redevelopment project of a luxury residential building in Central by 2024 or later, which is expected to enhance future revenue streams[60] - The company has completed the foundation work for a new residential building in Happy Valley, expected to be finished in 2024 or later[39] - The group completed the sale of a shopping mall in North Point for approximately HKD 1,944,200,000, enhancing its financial position[22] - The group completed the sale of its entire equity interest in Joybridge Services Limited for an adjusted total consideration of approximately HKD 1,944,215,000 on September 22, 2023[136] Employee and Dividend Information - The total employee cost for the period was HKD 223,100,000, down from HKD 252,400,000 in 2022, with an increase in employee count to 946 from 768[44] - The interim dividend declared was HKD 0.003 per share, totaling approximately HKD 11,000,000, compared to HKD 18,400,000 in the previous year[45] - The group paid an interim dividend of HKD 0.003 per share, totaling approximately HKD 11,033,000, down from HKD 18,388,000 in 2022[127] Risk Management - The group closely monitors its foreign exchange risk due to some bank borrowings being denominated in RMB and GBP, and will take appropriate measures to mitigate currency risks as necessary[64] - The group has not granted credit periods to tenants of leasehold properties, ensuring a strict internal assessment of potential tenants' credit quality[134] Investment Properties - The fair value loss on investment properties was HKD 462,781,000, an improvement from a loss of HKD 899,695,000 in the previous year[29] - The fair value of investment properties decreased by approximately HKD 462,781,000, compared to a decrease of HKD 899,695,000 in 2022[103] - The fair value of investment properties as of September 30, 2023, was determined based on independent professional property valuers[113] Miscellaneous - The group has implemented a share option scheme to incentivize employees, which is expected to enhance employee performance and retention[65] - The group incurred additional costs of approximately HKD 185,021,000 for properties, machinery, and equipment during the period, compared to HKD 150,870,000 in 2022[114] - The group recognized a write-down of HKD 131,907,000 for the period, with a reversal of previously recognized write-downs amounting to HKD 90,455,000[105] - The group experienced a net exchange loss of HKD 38,498,000 during the period, compared to a loss of HKD 163,165,000 in the previous year[92] - The group plans to maintain various financing channels, including bank borrowings and bond issuance, to support operational funding[87] - The company will suspend shareholder registration from December 13 to December 14, 2023, for the purpose of determining eligibility for interim dividends[88]

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]