[Annual Performance Summary](index=1&type=section&id=I.%20Annual%20Performance) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group's total revenue grew 41.5% to HK$1.376 billion, driven by property development sales, but loss attributable to owners widened to HK$2.321 billion due to fair value losses on investment properties FY2024/2025 Financial Highlights (Continuing Operations) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **1,375,878** | **972,553** | **+41.5%** | | Property Development Revenue | 641,186 | 141,773 | +352.2% | | Property Investment Revenue | 734,692 | 830,780 | -11.6% | | Fair Value Loss on Investment Properties | (1,540,936) | (1,298,022) | -18.7% | | **Loss Attributable to Owners of the Company** | **(2,320,872)** | **(2,091,408)** | **-11.0%** | | **Basic Loss Per Share** | **(0.50) HKD** | **(0.57) HKD** | **+12.3%** | [Performance Review](index=2&type=section&id=Performance) Total revenue growth was driven by property sales, with development sales soaring 352.2%, but continuing operations recorded a HK$2.321 billion loss due to fair value losses, expanding to HK$4.743 billion including discontinued operations - Property development sales revenue significantly increased by **352.2% to HK$641 million**, primarily contributed by sales from 'Eightland' and 'The Regent'[5](index=5&type=chunk) - Continuing operations recorded a **loss attributable to owners of HK$2.321 billion** due to fair value losses on investment properties[5](index=5&type=chunk) - Including discontinued operations, the Group's total **loss attributable to owners was HK$4.743 billion**, compared to HK$2.047 billion in the prior year[5](index=5&type=chunk) [Market Review](index=2&type=section&id=Market%20Review) Hong Kong's property market has not fully recovered, with retail and commercial leasing facing challenges due to weak consumer confidence and high vacancy rates, despite some rebound in residential sales - First-hand residential property sales saw a slight rebound due to the removal of cooling measures and interest rate cuts, but the overall market has not shown a significant recovery[6](index=6&type=chunk) - The local retail market was affected by strong HKD leading to local residents spending abroad, and weak consumer confidence among visitors to Hong Kong[6](index=6&type=chunk) - Commercial building leasing demand continued to slow, resulting in high vacancy rates[6](index=6&type=chunk) [Business Review](index=2&type=section&id=Business%20Review) [Property Development and Sales](index=2&type=section&id=Property%20Sales) The Group accelerated residential property sales, with 'One Jardine's Lookout' securing HK$951 million in contracts and other completed projects like 'The Regent' and 'Eightland' also contributing to sales [Pre-sold Projects Completed](index=3&type=section&id=Development%20Projects%20-%20Pre-sold%20Completed) All units of 'One Jardine's Lookout' in Happy Valley have signed sales contracts totaling approximately HK$951 million, with revenue expected in the next fiscal year's first half - All units of the Happy Valley project 'One Jardine's Lookout' have signed sales contracts, totaling approximately **HK$951 million**[9](index=9&type=chunk) - Related sales revenue is expected to be recognized in the first half of the next fiscal year after completion of delivery by the end of September 2025[9](index=9&type=chunk) [Completed Projects Available for Sale](index=3&type=section&id=Completed%20Projects%20Available%20for%20Sale) Completed projects like 'The Regent' (HK$473 million) and 'Eightland' (HK$165 million) contributed significant sales revenue, with luxury projects also seeing unit deliveries Sales Performance of Completed Projects (Current Year) | Project Name | Units Delivered / Sales Revenue Recognized | Signed Contracts Awaiting Recognition | | :--- | :--- | :--- | | **The Regent** | 75 units / HK$473 million | 33 units / HK$183 million | | **Eightland** | 28 units / HK$165 million | 3 units / HK$19.4 million | | **15 Shouson Hill Road** | 5 houses | - | | **The Riva** | 1 house | 3 houses / HK$166 million | [Projects Under Development](index=4&type=section&id=Projects%20Under%20Development) The Bonham Road 24–30 project in Mid-Levels is being redeveloped into a 27-story residential building, with completion planned for 2026 or later - The Bonham Road project in Mid-Levels will be redeveloped into a 27-story residential building, planned for completion in **2026 or later**[12](index=12&type=chunk) [Property Investment and Rental Income](index=4&type=section&id=Rental%20Income) The Group maintains a diversified investment property portfolio exceeding 2.4 million sq ft, with Hong Kong properties over 90% occupied, and sold HK$1.242 billion in properties to strengthen finances - The Group's investment property portfolio has a total floor area exceeding **2.4 million square feet**, distributed across Hong Kong, mainland China, Macau, and London[13](index=13&type=chunk) [Hong Kong Region](index=4&type=section&id=Hong%20Kong) Hong Kong investment properties maintained over 90% occupancy, with the Group selling HK$1.242 billion in properties and agreeing to sell a Tsim Sha Tsui property for HK$79.8 million to strengthen finances - As of March 31, 2025, Hong Kong investment properties maintained an **occupancy rate exceeding 90%**[14](index=14&type=chunk) - Multiple Hong Kong properties were sold during the year for a total consideration of approximately **HK$1.242 billion**, with net proceeds used to strengthen the financial position[14](index=14&type=chunk) - An agreement was reached with Emperor Watch & Jewellery to sell a Tsim Sha Tsui Canton Road property for **HK$79.8 million**, with the transaction expected to complete in August 2025[15](index=15&type=chunk) [Other Regions](index=5&type=section&id=Other%20Locations) The Group holds iconic commercial properties in Greater China and the UK, including Grade A offices and high-end retail centers in Beijing, Macau, and London, which consistently generate rental income - The Group owns multiple high-quality commercial and retail properties in prime locations in Beijing, Macau, and London[16](index=16&type=chunk) [Outlook](index=5&type=section&id=Outlook) The Group maintains a cautious outlook due to uncertain interest rates, but will monitor market conditions and adjust project launches, while anticipating continued challenges in retail and office leasing - Given limited land supply and rigid housing demand, the Group will closely monitor market conditions and adjust the launch schedule for development projects as appropriate[17](index=17&type=chunk) - Retail and office leasing businesses are expected to continue facing challenges, and the Group will communicate closely with tenants and adjust strategies promptly[17](index=17&type=chunk) [Financial Review and Other Information](index=6&type=section&id=Financial%20and%20Other%20Information) [Dividend Policy](index=6&type=section&id=Dividend) The Group declared a special interim dividend via in-specie distribution of Emperor Entertainment Hotel shares, which ceased to be a subsidiary, and the Board resolved not to recommend any final dividend for the current year - A special interim dividend was declared by way of a distribution in specie of Emperor Entertainment Hotel shares, after which Emperor Entertainment Hotel ceased to be consolidated[18](index=18&type=chunk) - The Board resolved not to recommend a final dividend for the year ended March 31, 2025 (2024: **HK$0.003 per share**)[23](index=23&type=chunk) [Capital Structure and Liquidity](index=6&type=section&id=Rights%20Issue%20and%20Capital%20Structure) The Group completed a rights issue raising HK$456 million for working capital, but net assets decreased to HK$16.94 billion, cash to HK$640 million, and total borrowings stood at HK$17.23 billion - The rights issue was completed, raising net proceeds of approximately **HK$456 million**, which were fully utilized to expand working capital and business development[19](index=19&type=chunk) Capital and Liquidity Position (As of March 31, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | **Net Assets** | HK$16.94 billion | HK$21.61 billion | | **Net Assets Per Share** | HK$3.1 | HK$5.9 | | **Cash and Bank Balances** | HK$640 million | HK$1.49 billion | | **Total External Borrowings** | HK$17.23 billion | HK$20.21 billion | | **Pledged Assets** | HK$31.19 billion | HK$34.55 billion | [Employees and Remuneration Policy](index=7&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's headcount decreased to 291 due to the Emperor Entertainment Hotel spin-off, with total staff costs for the year amounting to HK$154 million - Due to the business spin-off, the number of employees decreased from **322 to 291**[22](index=22&type=chunk) - Total annual staff costs were **HK$154 million**, down from HK$176 million last year[22](index=22&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=8&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's total revenue was HK$1.376 billion, but fair value losses on investment properties and other factors led to a HK$2.321 billion loss from continuing operations, with the total annual loss reaching HK$4.841 billion including discontinued operations Key Items from Consolidated Statement of Profit or Loss (For the year ended March 31) | Item (Thousand HKD) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Total Revenue** | **1,375,878** | **972,553** | | Gross Profit | 472,508 | 714,110 | | Fair value changes in investment properties | (1,540,936) | (1,298,022) | | Loss before tax (Continuing operations) | (2,356,463) | (2,121,769) | | **Loss for the year (Continuing operations)** | **(2,320,872)** | **(2,091,408)** | | Loss for the year (Discontinued operations) | (2,520,057) | 62,831 (Profit) | | **Loss Attributable to Owners of the Company** | **(4,743,204)** | **(2,046,666)** | [Consolidated Statement of Financial Position](index=10&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HK$37.385 billion and net assets HK$16.943 billion, but HK$16.605 billion in bank borrowings were reclassified as current liabilities, leading to a severe net current liability of HK$13.082 billion Key Items from Consolidated Statement of Financial Position (As of March 31) | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Non-current assets | 31,646,813 | 39,074,069 | | Current assets | 5,738,391 | 7,513,770 | | **Total assets** | **37,385,204** | **46,587,839** | | Current liabilities | 18,820,063 | 9,377,739 | | Non-current liabilities | 1,622,129 | 13,662,958 | | **Total liabilities** | **20,442,192** | **23,040,697** | | **Net current liabilities** | **(13,081,672)** | **(1,863,969)** | | **Total equity** | **16,943,012** | **23,547,142** | - Due to overdue bank borrowings and/or breaches of loan agreements, bank borrowings with a carrying amount of **HK$16.605 billion** were classified as current liabilities as of March 31, 2025[29](index=29&type=chunk) [Summary of Notes to Financial Statements](index=12&type=section&id=Notes) Notes to the financial statements highlight significant going concern uncertainty due to overdue bank borrowings and covenant breaches, despite management's plans, and also detail revenue, segment performance, discontinued operations, and post-reporting period asset sales [Basis of Preparation and Going Concern](index=12&type=section&id=1.%20Basis%20of%20Preparation%20of%20Consolidated%20Financial%20Statements%20and%20Significant%20Accounting%20Policies) The financial statements' basis of preparation highlights significant going concern uncertainty due to HK$16.6 billion in overdue or breached bank borrowings, with management's mitigation plans lacking certainty and written agreements - As of March 31, 2025, bank borrowings with a carrying amount of **HK$16.6 billion** were overdue and/or in breach of loan agreements, potentially subject to immediate repayment, raising significant doubt about the ability to continue as a going concern[29](index=29&type=chunk) - Management has formulated response plans, including: (i) negotiating financial restructuring with banks; (ii) selling properties; and (iii) implementing cost control measures[31](index=31&type=chunk) - Due to significant uncertainties regarding the success of these plans and the lack of written agreements, there is significant uncertainty about the going concern assumption[32](index=32&type=chunk) [Revenue and Segment Information](index=14&type=section&id=4.%20Segment%20Information) The Group's reportable segments, Property Leasing (HK$735 million revenue, HK$946 million loss) and Property Development (HK$641 million revenue, HK$761 million loss), were significantly impacted by fair value adjustments, with Hong Kong remaining the main revenue source FY2025 Segment Performance by Business (Thousand HKD) | Segment | Revenue | Segment Results (Loss) | | :--- | :--- | :--- | | **Property Leasing** | 734,692 | (946,431) | | **Property Development** | 641,186 | (760,901) | | **Total** | **1,375,878** | **(1,707,332)** | FY2025 Revenue by Geographical Region (Thousand HKD) | Region | Revenue | | :--- | :--- | | **Hong Kong** | 1,065,464 | | **Mainland China** | 187,292 | | **Macau** | 27,344 | | **United Kingdom** | 95,778 | [Discontinued Operations](index=20&type=section&id=9.%20Discontinued%20Operations) The spin-off of Emperor Entertainment Hotel resulted in its classification as discontinued operations, contributing a total loss of HK$2.520 billion for the year, including a HK$2.295 billion deemed disposal loss - Due to the distribution in specie of Emperor Entertainment Hotel shares, the hotel and hotel-related businesses were classified as discontinued operations[51](index=51&type=chunk) - Discontinued operations recorded an annual loss of **HK$2.520 billion**, including a deemed disposal loss of **HK$2.295 billion**[52](index=52&type=chunk) [Loss Per Share](index=23&type=section&id=10.%20Loss%20Per%20Share) Basic loss per share from continuing operations narrowed to HK$0.50, but total basic loss per share, including discontinued operations, widened to HK$1.02 from HK$0.56 last year Basic Loss Per Share | Item | 2025 | 2024 | | :--- | :--- | :--- | | **From continuing operations** | (0.50) HKD | (0.57) HKD | | **From discontinued operations** | (0.52) HKD | 0.01 HKD (Profit) | | **Total** | **(1.02) HKD** | **(0.56) HKD** | [Events After Reporting Period](index=26&type=section&id=16.%20Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Group agreed to sell a subsidiary holding a Tsim Sha Tsui property for HK$79.8 million, with completion expected in August 2025 - The Group has entered into an agreement to sell the subsidiary holding the Tsim Sha Tsui property for **HK$79.8 million**, with completion expected in **August 2025**[65](index=65&type=chunk) [Independent Auditor's Report and Corporate Governance](index=27&type=section&id=Independent%20Auditor's%20Report%20and%20Corporate%20Governance) [Excerpt from Independent Auditor's Report](index=27&type=section&id=Excerpt%20from%20Independent%20Auditor's%20Report) Deloitte Touche Tohmatsu issued a 'Disclaimer of Opinion' on the financial statements due to significant going concern uncertainty from overdue bank borrowings and covenant breaches, as auditors could not obtain sufficient evidence on management's mitigation plans - The auditor issued a **'Disclaimer of Opinion'** on the consolidated financial statements for the current year[67](index=67&type=chunk)[68](index=68&type=chunk) - The basis for the disclaimer is: the Group has **HK$16.6 billion** in bank borrowings that are overdue or in breach of terms, raising significant doubt about its ability to continue as a going concern[69](index=69&type=chunk) - The auditor was unable to obtain sufficient appropriate audit evidence regarding the success of management's response plans, including financial restructuring, asset sales, and cost control, thus unable to determine the appropriateness of the going concern basis of accounting[69](index=69&type=chunk)[70](index=70&type=chunk) [Audit Committee Review](index=28&type=section&id=Review%20of%20the%20Annual%20Consolidated%20Financial%20Statements) The Audit Committee, with the auditor, reviewed the audited consolidated financial statements and concurred with the Directors' assessment and rationale for the going concern assumption - The Audit Committee has reviewed the financial statements and concurred with the Directors' assessment and rationale for adopting the going concern assumption[72](index=72&type=chunk) [Changes in Board Committee Composition](index=29&type=section&id=II.%20Changes%20in%20Board%20Committee%20Composition) Effective June 27, 2025, Mr. Chu Ka Wing transitioned to Remuneration Committee Chairman, and Ms. Kwan Sin Luen was appointed Nomination Committee Chairman, in response to the revised Corporate Governance Code - Mr. Chu Ka Wing transitioned from Chairman of the Nomination Committee to Chairman of the Remuneration Committee[77](index=77&type=chunk) - Ms. Kwan Sin Luen was appointed Chairman of the Nomination Committee[77](index=77&type=chunk)

Financial 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%[5] - The company recorded a loss attributable to shareholders of HKD 1,042,301,000, compared to a loss of HKD 769,164,000 in 2023, marking a year-on-year increase in losses of 35.5%[5] - Basic loss per share for continuing operations was HKD 0.28, compared to HKD 0.21 in the previous year, indicating a deterioration in performance[5] - The total comprehensive loss for the period was HKD 3,482,541,000, significantly higher than the HKD 1,078,254,000 reported in the previous year, reflecting an increase of approximately 223.5%[44] - The company reported a loss from continuing operations of HKD 1,042,301,000 for the six months ended September 30, 2024, compared to a loss of HKD 769,164,000 for the same period in 2023, indicating an increase in losses of approximately 35.4%[41] - The total loss for the period was HKD 1,042,301,000, compared to a loss of HKD 769,164,000 in the previous year, reflecting an increase in losses of approximately 35.5%[70] Revenue Breakdown - 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[8] - The total income from leasing activities for the six months ended September 30, 2024, was HKD 377,498,000, compared to HKD 425,942,000 in the same period of 2023, reflecting a decrease of about 11.4%[64] - The property leasing segment generated revenue of HKD 377,498,000, while the property development segment contributed HKD 81,880,000, indicating a significant reliance on property leasing[70] 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, with a net asset value per share of HKD 3.3[29] - The company's non-current assets decreased to HKD 32,843,471,000 as of September 30, 2024, down from HKD 39,074,069,000 as of March 31, 2024, a decline of approximately 16.1%[45] - Current liabilities totaled HKD 7,797,178,000 as of September 30, 2024, compared to HKD 9,377,739,000 as of March 31, 2024, showing a reduction of approximately 17.0%[47] - The net asset value decreased to HKD 18,412,918,000 as of September 30, 2024, down from HKD 23,547,142,000 as of March 31, 2024, representing a decline of approximately 21.7%[47] - The group's bank balances and deposits reduced to HKD 732.2 million from HKD 1,494.3 million as of March 31, 2024[29] Operational Changes - The company has ceased operations in the hotel and related businesses, resulting in a loss of HKD 127,594,000 for the period ended August 30, 2024[84] - The group reported a significant reduction in hotel and related income to zero for the current period, down from HKD 348,841,000 in 2023, which accounted for 43.1% of total revenue[57] - The company plans to focus on its core property leasing and development segments moving forward, following the termination of hotel operations[83] Financing Activities - 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, netting about HKD 456.2 million after expenses[28] - The group plans to strengthen its financial position and prepare for future investment opportunities using the net proceeds from the rights issue[28] - The group established a property asset investment fund to seek additional operating capital, enhancing its ability to utilize rental income[34] Employee and Management Information - The total employee cost for the period was HKD 209.5 million, a decrease from HKD 223.1 million in the previous year[35] - The number of employees decreased to 305 as of September 30, 2024, from 946 in the previous year[35] - The total remuneration paid to key management personnel for the six months ended September 30, 2024, was HKD 3,615,000, down from HKD 8,480,000 in the previous year[142] Corporate Governance - The company has complied with all corporate governance code provisions as per the listing rules during the period[168] - There were no reported violations of the trading guidelines by employees who may possess unpublished price-sensitive information during the period[169]

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].