Financial Position - As of September 30, 2024, the group's total assets amounted to approximately HKD 37.3 billion, a decrease from HKD 38.2 billion as of March 31, 2024[1]. - The group's net asset value was HKD 17.7 billion as of September 30, 2024, down from HKD 18.1 billion as of March 31, 2024[1]. - The group's revalued total assets were HKD 45.2 billion, compared to HKD 46.0 billion as of March 31, 2024[1]. - The net debt amounted to HKD 15.6 billion, a reduction from HKD 16.4 billion as of March 31, 2024, resulting in a debt ratio of approximately 60%[1]. - The total equity attributable to the company is approximately HKD 9,154,792,000, a decrease from HKD 9,422,629,000 as of March 31, 2024[39]. - The company's total equity is HKD 17,651,948,000 as of September 30, 2024, down from HKD 18,117,849,000 as of March 31, 2024[96]. - The total non-current assets amount to HKD 10,685,953,000 as of September 30, 2024, compared to HKD 10,816,416,000 as of March 31, 2024[93]. - Current assets total HKD 11,175,267,000 as of September 30, 2024, down from HKD 11,670,557,000 as of March 31, 2024[93]. - Total liabilities amount to HKD 19,174,361,000 as of September 30, 2024, compared to HKD 20,094,330,000 as of March 31, 2024[93]. Receivables and Payables - The group's trade and other receivables included trade receivables of approximately HKD 73.8 million, down from HKD 77.3 million as of March 31, 2024[6]. - The aging analysis of trade receivables showed that as of September 30, 2024, receivables aged 0 to 6 months were HKD 72.9 million, compared to HKD 72.1 million as of March 31, 2024[7]. - Trade payables amounted to approximately HKD 42,199,000 as of September 30, 2024, significantly reduced from HKD 163,026,000 on March 31, 2024[29]. - The aging analysis of trade payables showed that amounts due within 6 months were HKD 41,748,000, with a total of HKD 42,199,000 as of September 30, 2024[35]. Financial Investments - The group's financial investments totaled HKD 3.54 billion as of September 30, 2024, down from HKD 4.00 billion as of March 31, 2024[10]. - The group held 15 listed equity securities and 1 unlisted equity security as of September 30, 2024[15]. - The market value of HSBC Holdings Limited shares held by the group was HKD 214.7 million, with unrealized gains of HKD 28.3 million[15]. - The group held 50 debt securities as of September 30, 2024, with a total principal amount of HKD 15,160,144, down from HKD 15,595,062 on March 31, 2024[18]. - The fair value of the debt securities decreased to HKD 3,176,485 as of September 30, 2024, from HKD 3,541,452 on March 31, 2024, resulting in an unrealized loss of HKD 266,000,000 for the six months ended September 30, 2024[19]. - The top five debt securities accounted for approximately 3.4% of the group's revalued total assets as of September 30, 2024, down from 4.0% on March 31, 2024[20]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended September 30, 2024, was HKD 738,798,000, a significant improvement from a net cash used of HKD (463,345,000) in the same period of 2023[98]. - The total cash and cash equivalents at the end of the period were HKD 844,791,000, down from HKD 1,121,471,000 in the previous year[98]. - The company’s financing activities resulted in a net cash outflow of HKD (687,665,000), contrasting with a net cash inflow of HKD 729,517,000 in the previous year[98]. - The company has provided guarantees amounting to HKD 2.646 billion for bank loans related to joint ventures and associates[174]. Revenue and Profitability - Revenue for the six months ended September 30, 2024, was HKD 1,632 million, representing a 63% increase compared to HKD 1,000 million in 2023[131]. - Loss attributable to shareholders for the same period was HKD 239 million, a 61% improvement from a loss of HKD 619 million in 2023[131]. - The company reported a net investment loss of HKD 391,000,000 for the year, a decrease from HKD 1,782,000,000 in the previous year, primarily due to fair value losses and expected credit loss provisions[112]. - The gross profit for the period was HKD 927.3 million, slightly up from HKD 925.0 million in the previous year[175]. - The operating loss for the period was HKD 19.2 million, a substantial improvement from an operating loss of HKD 923.1 million in the same period last year[175]. - The company reported a net loss of HK$412.9 million for the six months ended September 30, 2024, compared to a net loss of HK$1,131.7 million in the prior year[175]. Stock Options and Shareholding - As of September 30, 2024, directors hold unexercised stock options totaling 7,000,000 shares under the 2014 stock option plan[72]. - The total number of stock options available for grant under the 2024 stock option plan is 84,087,399 shares as of September 30, 2024[73]. - The total number of unexercised stock options under the 2014 Pan Hai International stock option plan is also 7,000,000 as of September 30, 2024[74]. - Major shareholders owning 5% or more of the issued share capital include Teddington Holdings Limited (7.20%), Daswani Rajkumar Murlidhar (6.41%), and Heston Holdings Limited (5.99%)[69]. Market and Economic Outlook - The company anticipates a rebound in the local residential property market due to the Hong Kong government's recent policy adjustments and lower interest rates[116]. - The company is actively promoting Hong Kong through various large-scale events and international conferences to enhance its attractiveness to tourists[174]. - The company anticipates a recovery in its hotel business as visitor numbers to Hong Kong increase, aiming to return to pre-pandemic levels[174]. - The average hotel occupancy rate improved to 88%, up from 84% in the previous year, despite a decrease in room rates due to changing consumption patterns of mainland visitors[153]. Other Notable Events - The company completed a group restructuring involving the exchange of shares in Pan-Hai Hotel Group, resulting in the issuance of approximately 100,900,000 new shares and cash payments of about HKD 23,500,000[44]. - The group plans to streamline operations through the privatization of its hotel subsidiary, which took effect in October 2024, aiming to reduce administrative costs[160]. - The group is actively negotiating with local planning authorities for two joint residential development projects in downtown Vancouver[145].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 1,632 million, representing a 63% increase compared to HKD 1,000 million in the same period last year[2]. - Loss attributable to shareholders decreased to HKD 239 million, a 61% improvement from a loss of HKD 619 million in the previous year[2]. - Basic loss per share improved to HKD 0.28, down from HKD 0.74, reflecting a 61% reduction in losses[3]. - The total comprehensive loss for the period was HKD 465 million, significantly lower than HKD 3,031 million in the previous year[5]. - The company reported a net loss of HKD (239,425) for the six months ended September 30, 2024, compared to a net loss of HKD (618,645) in the same period last year, showing an improvement of about 61%[41]. Assets and Liabilities - Total assets as of September 30, 2024, were HKD 37,316 million, a decrease of 2% from HKD 38,212 million as of March 31, 2024[2]. - Net asset value decreased by 3% to HKD 17,652 million from HKD 18,118 million[2]. - The debt-to-revalued net asset ratio improved to 60% from 62%[2]. - Non-current assets as of September 30, 2024, totaled HKD 24,877,967, slightly down from HKD 25,107,873 as of March 31, 2024[31]. - The company’s borrowings stood at HKD 17,165,224 as of September 30, 2024, reflecting a stable debt position[28]. - The net debt was HKD 15.6 billion, a decrease from HKD 16.4 billion as of March 31, 2024, with a debt ratio of approximately 60%[64]. Revenue Breakdown - Revenue contributions by segment included property sales at HKD 1,005,840, property leasing at HKD 58,135, hotel operations at HKD 158,305, financial investments at HKD 384,774, and other income at HKD 24,870[25]. - The group recorded a revenue increase of 63% to HKD 1,632,000,000 for the first half of the fiscal year, primarily due to the property sales from "Landmark on Robson" in Canada[49]. Investment Performance - The net investment loss for the six months ended September 30, 2024, was HKD (390,597), a significant decrease from HKD (1,782,019) in the same period of 2023, indicating improved investment performance[32]. - The company reported a fair value loss on investment properties of HKD (245,485) during the period[25]. - The net realized gains from financial assets measured at fair value through profit or loss amounted to HKD 300,579, an increase from HKD 221,104 in the previous year, representing a growth of approximately 36%[34]. Operational Highlights - The group reported a gross profit of HKD 927 million, slightly up from HKD 925 million year-on-year[3]. - Operating profit turned positive at HKD 19 million, compared to an operating loss of HKD 923 million in the previous year[3]. - The average hotel occupancy rate was 88%, up from 84% in 2023, despite a decline in room rates due to changing consumption patterns of mainland visitors[59]. - The group anticipates a recovery in hotel operations as visitor numbers to Hong Kong increase, supported by government initiatives to promote tourism[68]. Corporate Governance and Future Outlook - The company plans to adopt revised accounting standards effective from April 1, 2025, which may impact future financial reporting[1]. - The group actively engaged in debt management discussions to extend repayment periods and reduce interest rates on its financial investments[62]. - The group has adhered to the corporate governance code principles as outlined in the listing rules[73]. - The audit committee reviewed the group's unaudited interim results for the six months ending September 30, 2024[74].

Financial Performance - The company recorded a loss attributable to shareholders of HKD 3.769 billion for the fiscal year, compared to a profit of HKD 429 million in the previous year, primarily due to increased expected credit loss provisions following liquidation orders against certain debt securities issuers[9]. - Total revenue decreased by 17% to HKD 1.903 billion from HKD 2.303 billion year-on-year[7]. - The company recorded revenue of HKD 1,903,000,000 for the fiscal year, down from HKD 2,303,000,000 in the previous year, resulting in a loss attributable to shareholders of HKD 3,769,000,000 compared to a profit of HKD 429,000,000 in the prior year[20]. - The hotel segment generated revenue of HKD 367,000,000, an increase from HKD 167,000,000 in the previous year, contributing HKD 180,000,000 in profit compared to HKD 38,000,000 previously[34]. - Gross profit for the same period was HKD 1,752 million, down 20.3% from HKD 2,198 million in the previous year[60]. - The company reported an operating loss of HKD 6,503 million, compared to an operating profit of HKD 823 million in 2023[60]. - The company’s total liabilities increased to HKD 20,094 million from HKD 18,724 million, marking an increase of 7.3%[60]. Asset and Liability Management - The total asset value declined by 10% to HKD 38.212 billion, while net assets decreased by 24% to HKD 18.118 billion[7]. - The group's total assets as of March 31, 2024, were approximately HKD 38.2 billion, down from HKD 42.7 billion in 2023, while net assets decreased from HKD 24 billion to HKD 18.2 billion[38]. - The net debt increased to HKD 16.4 billion in 2024 from HKD 15.5 billion in 2023, with a debt ratio of approximately 62% compared to 50% in the previous year[38]. - The company’s debt-to-equity ratio increased to 62%, up from 50% in the previous year, indicating a rise in financial leverage[7]. Property Development and Sales - Property contract sales reached approximately HKD 1.8 billion, a significant increase from HKD 600 million in the previous year, with five development projects currently on the market across Hong Kong, Beijing, and Vancouver[9]. - The company launched two new projects during the year, including a large market development project "汇都" in Hong Shui Qiao and a luxury residential project "宝峰" in Mid-Levels, Hong Kong[9]. - The residential project "Hui Du" in Hong Kong achieved a contract sales amount of HKD 1.2 billion as of March 31, 2024, with all five residential buildings completed[25]. - The company has completed the internal renovations of the "Landmark on Robson" project in Vancouver, with residential contract sales amounting to approximately CAD 241,000,000[30]. Hotel Business Performance - The hotel business showed continuous improvement, benefiting from government support for the tourism sector, with positive prospects as the third runway at the airport is expected to be completed by the end of 2024[9]. - The average hotel occupancy rate improved to approximately 83%, up from 63% in the previous year, with expectations for further recovery as air traffic in Hong Kong resumes[34]. - The hotel business is recovering with an increase in tourist numbers, although it remains below pre-pandemic levels[46]. Financial Investments and Liquidity - The financial investment portfolio provides liquidity and regular income, allowing the company to fund existing projects and seize potential investment opportunities[16]. - The company holds financial investments valued at approximately HKD 4,001,000,000, down from HKD 8,780,000,000 in the previous year, with 85% of the portfolio in listed debt securities[35]. - The group has over HKD 4.7 billion in cash and unutilized bank financing as of March 31, 2024, down from HKD 7.7 billion in 2023[38]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to implement environmentally friendly measures in property development, adhering to the Green Building Assessment criteria to achieve sustainability certifications[83]. - The company has identified key ESG issues such as reducing greenhouse gas emissions and waste management as critical areas for sustainable development[73]. - The company has engaged stakeholders through various communication channels, including annual meetings and reports, to understand their expectations regarding ESG matters[71]. - The company has upgraded its equipment to more energy-efficient models to reduce its carbon footprint and energy consumption[81]. - The total amount of non-hazardous waste generated increased significantly to 5,628 tons in 2024 from 1,399 tons in 2023, indicating a substantial rise in construction and demolition waste[78]. Corporate Governance - The board of directors consists of six executive directors and three independent non-executive directors, ensuring a separation of roles between the chairman and the CEO[117]. - The board meets regularly, typically once per quarter, to review long-term business strategies and financial performance[118]. - The company has implemented compliance procedures to ensure adherence to applicable laws and regulations, with no reported violations during the reporting year[105]. - The company emphasizes transparency and effective communication with shareholders, holding multiple meetings with local and institutional investors[149]. Employee Management - The group employed approximately 330 staff as of March 31, 2024, a slight decrease from 340 in 2023[45]. - The overall employee turnover rate improved from 65% in 2023 to 40% in 2024[98]. - The company recorded zero work-related fatalities over the past three years, including the reporting year[98]. - The percentage of trained employees in senior management decreased from 51% in 2023 to 48% in 2024[100].

Financial Performance - The group recorded rental income of HKD 128 million for the year, a decrease from HKD 145 million in 2023, with a slight drop in occupancy rates by 3% to 4%[13] - The hotel segment generated revenue of HKD 367 million, significantly up from HKD 167 million in 2023, contributing HKD 180 million in profit compared to HKD 38 million in the previous year[15] - The total revenue for the year was CAD 1,903 million, reflecting a decrease of 17% from CAD 2,303 million in the prior year[25] - The company recorded revenue of HKD 1,903,000,000 for the fiscal year, a decrease from HKD 2,303,000,000 in the previous year, resulting in a loss attributable to shareholders of HKD 3,769,000,000 compared to a profit of HKD 429,000,000 in the prior year[82] - Total revenue for the year 2024 reached HKD 1,903,430,000, with contributions from property leasing at HKD 366,675,000 and hotel operations at HKD 1,363,841,000[86] Asset and Liability Management - As of March 31, 2024, the total asset value of the group is approximately HKD 38.2 billion, down from HKD 42.7 billion in 2023, with a net asset value of HKD 18.2 billion compared to HKD 24.0 billion in 2023[6] - The group’s net debt increased to HKD 16.4 billion from HKD 15.5 billion in 2023, with a debt ratio of approximately 62% compared to 50% in the previous year[6] - The total assets decreased by 10% to CAD 38,212 million from CAD 42,680 million year-over-year[25] - The net asset value dropped by 24% to CAD 18,118 million from CAD 23,956 million in the previous year[25] - The debt net amount increased by 5% to CAD 16,363 million from CAD 15,547 million year-over-year[25] - The company’s asset-liability ratio, calculated as net debt to revalued net assets, rose to 62% from 50% in the previous year[25] - The total liabilities stood at HKD 18,724,158, with borrowings amounting to HKD 16,766,987[60] - Total liabilities decreased from HKD 13,645,923,000 to HKD 12,756,110,000, indicating improved financial stability[93] Investment Performance - The group recorded an investment loss of HKD 6.917 billion, a significant increase from HKD 1.635 billion in 2023, primarily due to provisions for expected credit losses[17] - The company reported a significant increase in expected credit loss changes, amounting to CAD 6,743 million, compared to CAD 1,721 million in the previous year[26] - The net loss from investments amounted to HKD (6,887,276,000), significantly impacting overall financial performance[86] - The fair value gain from investment properties was recorded at HKD 55,865,000, offset by other expenses of HKD (885,205,000)[86] Sales and Development - Approximately 83% of residential units in the "Beijing Dongwan" project have been sold, with a total contract sales amount reaching RMB 5.2 billion as of March 31, 2024[11] - The property contract sales for the year ending March 31, 2024, reached approximately CAD 1,451 million, a significant increase of 769% compared to CAD 167 million in the previous year[25] - The residential development project "滙都" achieved a contract sales amount of HKD 1,200,000,000 as of March 31, 2024[84] - The company achieved contract sales of approximately HKD 1,800,000,000 from five development projects during the year, compared to HKD 600,000,000 in the previous year[83] Operational Changes - The group plans to simplify operations through a restructuring proposal presented to non-related shareholders of its listed hotel subsidiary[1] - The company is undergoing a restructuring plan for 泛海酒店集團有限公司 as of June 19, 2024, under Bermuda Company Law[71] - The company has initiated a land exchange application for its residential project in Tuen Mun, potentially increasing the developable floor area to approximately 83,700 square feet[76] Employment and Compensation - The group employed approximately 330 staff as of March 31, 2024, down from 340 in 2023, with a compensation package aligned with job nature and experience levels[8] Governance and Compliance - The company has adopted the corporate governance code principles as per the listing rules, ensuring compliance with applicable regulations[89] - The audit committee reviewed the annual performance for the year ending March 31, 2024, ensuring transparency and accountability[90] - The company did not declare a final dividend for the year ending March 31, 2024, consistent with the previous year[65] Market Outlook - The group expects further recovery in the hotel sector as air traffic volume fully recovers and the third runway at the airport is completed by the end of 2024[15] - The company plans to expand its market presence and invest in new technologies to enhance growth prospects[46]

Financial Performance - The company reported a revenue of HKD 1 billion for the six months ended September 30, 2023, a decrease of 17% compared to HKD 1.202 billion in the same period of 2022[7]. - The loss attributable to shareholders was HKD 619 million, a significant increase from HKD 37 million in the previous year, marking a 16-fold increase[7]. - Basic loss per share was HKD 0.74, compared to HKD 0.04 in the same period last year, representing a 17-fold increase[7]. - Total revenue for the six months ended September 30, 2023, was HKD 1,000,438,000, a decrease of 16.8% compared to HKD 1,202,227,000 in the same period of 2022[41]. - The company reported a net loss of HKD 1,131,741,000 for the six months ended September 30, 2023, compared to a loss of HKD 52,576,000 in the same period of 2022[43]. - The gross profit for the period was HKD 924,968,000, down from HKD 1,151,233,000, indicating a decline of 19.7%[41]. - The company’s operating loss before tax for the period was HKD 1,165,647,000, highlighting ongoing financial challenges[80]. - The total comprehensive expense for the period was HKD 1,694,355 thousand, compared to HKD 1,023,609 thousand in the previous year[50]. Assets and Liabilities - Total assets decreased by 5% to HKD 40.503 billion from HKD 42.68 billion[7]. - Net assets decreased by 13% to HKD 20.925 billion from HKD 23.956 billion[7]. - As of September 30, 2023, the company's total assets were approximately HKD 40.5 billion, down from HKD 42.7 billion as of March 31, 2023[28]. - The company's equity attributable to shareholders decreased to HKD 10,960,880 thousand from HKD 12,655,234 thousand[46]. - Total liabilities increased to HKD 19,578,158 thousand as of September 30, 2023, from HKD 18,724,158 thousand as of March 31, 2023[44]. - The company's debt net increased by 4% to HKD 16.133 billion from HKD 15.547 billion[7]. - The asset-liability ratio, calculated as net debt to revalued net assets, increased to 55% from 50%[7]. Revenue Sources - The company reported rental income of HKD 64 million for the period, down from HKD 78 million in the previous year[19]. - Hotel revenue increased by 140% to HKD 174 million, compared to HKD 72 million in the previous year, with an occupancy rate rising to approximately 80% from 50%[24]. - The company recorded a significant increase in property leasing contributions, rising to HKD 206,029,000 compared to HKD 132,035,000 in the previous period[80]. - Revenue from Hong Kong increased to HKD 257,020, up 48.9% from HKD 172,654 in 2022, while overseas revenue decreased to HKD 743,418, down 27.8% from HKD 1,029,573[82]. Investments and Financial Assets - Financial investments held by the company amounted to approximately HKD 6.08 billion, down from HKD 8.78 billion as of March 31, 2023[24]. - The company recorded a net investment loss of HKD 1.78 billion, compared to HKD 1.06 billion in the previous year[25]. - The fair value of financial assets measured at fair value through other comprehensive income amounted to HKD 5,918,962 thousand as of September 30, 2023[64]. - The total fair value of financial assets measured at fair value through profit or loss was HKD 107,212,000 in Level 1, HKD 1,667,953,000 in Level 2, and HKD 322,182,000 in Level 3 as of September 30, 2023[69]. - The company reported a net loss of HKD 187,418,000 from the sale of Level 3 financial instruments during the six months ended September 30, 2023[69]. Credit Risk and Expected Credit Loss - The company faces various financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing adverse effects on financial performance[55]. - The expected credit loss for the period increased by HKD 1,130,503, primarily due to significant losses from various debt securities[90]. - The total expected credit loss recognized in the profit and loss account for the period is HKD 1,457,208 thousand[64]. - The company reported a significant increase in expected credit losses due to changes in credit quality, amounting to HKD 1,267,009 thousand for stage two[64]. Employee and Operational Changes - The company employed approximately 320 employees as of September 30, 2023, down from 340 as of March 31, 2023[36]. - The company is actively participating in debt management discussions with various developers in response to supportive policies from the Chinese government for the real estate sector[27]. Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code principles as per the listing rules during the reporting period[159]. - The audit committee reviewed the unaudited interim results for the six months ended September 30, 2023[160].

Financial Performance - The company reported a profit attributable to shareholders of HKD 429 million for the fiscal year, compared to a loss of HKD 906 million in the previous year, marking a significant turnaround [11]. - Revenue decreased by 17% to HKD 2,303 million from HKD 2,789 million year-on-year [7]. - The company recorded revenue of HKD 2,303,000,000 for the fiscal year, a decrease from HKD 2,789,000,000 in the previous year, but turned a profit of HKD 429,000,000 compared to a loss of HKD 906,000,000 in the prior year [20]. - Gross profit for the same period was HKD 2,198 million, down from HKD 2,707 million, reflecting a decline of 18.8% [61]. - Operating profit for the year was HKD 823 million, a significant recovery from an operating loss of HKD 1,288 million in the previous year [61]. - Total revenue for the fiscal year ending March 31, 2023, was HKD 2,303 million, a decrease of 17.4% compared to HKD 2,789 million in the previous year [61]. Assets and Liabilities - Total assets increased by 8% to HKD 42,680 million, while net assets rose by 19% to HKD 23,956 million [7]. - The total asset value of the group was approximately HKD 42.7 billion, an increase from HKD 39.5 billion in 2022, while the net asset value rose to HKD 24 billion from HKD 20.1 billion [39]. - The net debt amounted to HKD 15.5 billion, a decrease from HKD 16.3 billion in 2022, with a net debt to revalued net asset ratio of approximately 50% compared to 62% in 2022 [39]. - The debt-to-equity ratio improved to 50% from 62%, reflecting a 12% decrease in net debt [7]. Development Projects - The company achieved a cumulative contract sales amount of RMB 4.8 billion for a residential development project in Tongzhou, Beijing, with approximately 95% of pre-sale units delivered during the fiscal year [11]. - The company plans to launch two new development projects in the second half of 2023, including a large residential project in Hong Shui Qiao and a high-end residential project on Po Shan Road [11]. - The company sold approximately 77% of residential units in the Beijing Tongzhou development project, generating total sales of about RMB 4.8 billion, with 95% of sold units delivered within the fiscal year [24]. - The company achieved a cumulative sales total of approximately HKD 2.5 billion from the "Royal Peak" luxury residential project, with 75% of units sold as of March 31, 2023 [25]. - The company is preparing to launch sales for a high-end residential project in Yuen Long, with 1,025 units planned, following the completion of foundation works [26]. Hotel and Tourism Business - The hotel business showed continuous improvement as travel restrictions were lifted, contributing positively to overall performance [11]. - The hotel and tourism segment saw a revenue increase of 120% to HKD 167,000,000, up from HKD 76,000,000 in the previous year, contributing positively to the segment's performance [35]. - The company is focused on expanding its hotel business in prime locations in Hong Kong, targeting business travelers and visitors from mainland China [17]. Financial Investments - The company holds financial investments valued at approximately HKD 8,780,000,000, an increase from HKD 7,600,000,000 in the previous year, with 91% of the portfolio in listed debt securities [36]. - The diversified property and financial investment portfolio provides stable and recurring income streams for the company [16]. Environmental and Sustainability Initiatives - The company reported a reduction in Scope 1 greenhouse gas emissions from 285 tons in the previous year to 123 tons in 2023, representing a decrease of approximately 57% [79]. - Scope 2 emissions increased from 12,291 tons to 13,284 tons, reflecting a rise of about 8% due to higher energy demand from increased hotel occupancy [79][80]. - The total amount of non-hazardous waste generated decreased from 1,425 tons to 1,399 tons, a reduction of approximately 2% [79]. - The company replaced and upgraded various equipment to more energy-efficient models, contributing to ongoing energy savings initiatives [81]. - The company aims to achieve green building certification for its projects in Hong Kong and Vancouver, aligning with sustainable development goals [84]. - The company has not faced any penalties for environmental protection violations during the reporting year [78]. Employee and Workplace Safety - The group employed approximately 340 staff as of March 31, 2023, down from 360 in 2022, with a compensation structure aligned with job nature and experience [47]. - Total employee count decreased from 357 to 338, a reduction of approximately 5.3% [98]. - Employee turnover rate increased significantly from 35% to 65%, indicating a notable rise in workforce instability [100]. - The number of lost workdays due to occupational injuries rose from 72 to 145, reflecting a deterioration in workplace safety [100]. - The company maintained a zero fatality record for the past three years, demonstrating a commitment to employee safety [100]. Corporate Governance - The board consists of six executive directors and three independent non-executive directors, ensuring a separation of roles between the chairman and the CEO [121]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations, with no reported violations during the reporting year [107]. - The board reviewed corporate governance policies and ensured compliance with relevant laws and regulations during the year [125]. - The company emphasizes effective communication with shareholders and investors, holding multiple meetings with local and institutional investors throughout the year [153]. Social Responsibility - A total of HKD 97,000 was donated to various charitable organizations during the reporting year [117]. - The company continues to implement corporate social responsibility initiatives, focusing on urgent social issues and supporting communities in need [112].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 ASIA ORIENT HOLDINGS LIMITED 滙漢控股有限公司* （於百慕達註冊成立之有限公司） （股份代號：214） 截至二零二三年三月三十一日止年度 業績公佈 及建議修訂現有公司細則 財務摘要 （除另有註明外，金額以百萬港元列示） 二零二三年 二零二二年 變動 收入 2,303 2,789 -17% 本公司股東應佔溢利╱（虧損） 429 (906 ) 不適用 每股盈利╱（虧損）－基本（港元） 0.51 (1.08 ) 不適用 資產總值 42,680 39,520 +8% ...

Financial Performance - The company reported revenue of HKD 1,202 million for the six months ended September 30, 2022, a decrease of 16% compared to HKD 1,430 million in the same period last year[9]. - The loss attributable to shareholders was HKD 37 million, compared to a profit of HKD 44 million in the previous year, indicating a significant decline in performance[9]. - Total assets decreased by 4% to HKD 38,041 million from HKD 39,520 million[9]. - The company's equity attributable to shareholders decreased by 10% to HKD 9,454 million from HKD 10,477 million[9]. - The company reported a net loss of HKD 52,576 thousand for the period, compared to a profit of HKD 76,243 thousand in the same period last year[45]. - Total revenue for the six months ended September 30, 2022, was HKD 1,202,227 thousand, a decrease of 15.9% from HKD 1,429,874 thousand in the same period of 2021[43]. - The company reported a pre-tax loss of HKD 85,714 for the six months ended September 30, 2022, compared to a pre-tax profit in the previous year[101]. - The company reported a loss attributable to shareholders of HKD 37,333,000 for the six months ended September 30, 2022, compared to a profit of HKD 43,624,000 in the same period of 2021[127]. Asset and Liability Management - Total assets were approximately HK$38 billion, a decrease from HK$39.5 billion as of March 31, 2022, while net assets were HK$18.2 billion, down from HK$20.1 billion[29]. - The net debt increased by 3% to HKD 16,874 million from HKD 16,310 million[9]. - The group's net debt amounted to HK$16.9 billion, with a net debt to revalued net asset ratio of approximately 67%, up from 62% on March 31, 2022[30]. - The company's total liabilities decreased to HKD 7,360,405 thousand from HKD 7,911,695 thousand in the previous period[50]. - The company’s total liabilities decreased, reflecting a strategic focus on reducing debt levels[56]. - The total borrowing costs, including other related borrowing costs, amounted to HKD 155,764,000 in 2022, compared to HKD 190,159,000 in 2021, indicating a decrease of approximately 18%[9]. Investment and Development Projects - In Beijing Tongzhou, the company holds a 50% stake in a joint residential development project with a total floor area of 2,360,000 sq ft, comprising 964 residential units and 2 commercial office buildings. Approximately 75% of the residential units have been sold, generating a total contract sales amount of approximately RMB 4.7 billion[13]. - In Hong Kong, the luxury residential project "Royal" has sold 70% of its units, accounting for about 50% of the saleable area, with total sales amounting to approximately HKD 2.3 billion[17]. - The company is progressing with a residential development project in Yuen Long with a total floor area of 520,000 sq ft, where foundation works have been completed and superstructure works have commenced[18]. - The company is preparing to launch sales for a new high-end residential project on Po Shan Road in the first quarter of 2023, following the completion of construction and obtaining the occupancy permit[17]. - The company is currently in discussions with the Vancouver city government regarding the development permit for a high-end residential project on Alberni Street, with plans to submit a building permit application by the end of 2022[22]. Financial Investments and Market Performance - As of September 30, 2022, the company's financial investments amounted to approximately HKD 5.01 billion, down from HKD 7.6 billion as of March 31, 2022, with 89% of the investment portfolio in listed debt securities[25]. - The company reported a net investment loss of HKD 1.06 billion for the six-month period, compared to HKD 1.25 billion in the previous year[25]. - The fair value gain from investment properties was HKD 81,095 thousand, significantly lower than HKD 314,944 thousand in the previous year[43]. - The group reported a fair value loss of 6,342,653 thousand HKD for the period, reflecting market fluctuations[73]. - The expected credit loss for the period was primarily driven by specific debt securities, totaling HKD (455,846,000) in losses[116]. Cash Flow and Financial Position - As of September 30, 2022, the group's cash and undrawn bank financing exceeded HK$7.5 billion, down from HK$8.6 billion on March 31, 2022[29]. - The total cash and cash equivalents at the end of the period stood at HKD 886,971,000, down from HKD 1,643,527,000 a year earlier[53]. - The net cash used in operating activities was HKD (220,725,000), a significant improvement from HKD (795,395,000) in the previous year[53]. - The net cash generated from financing activities was HKD 446,599,000, compared to HKD 682,631,000 in the prior year, indicating a decrease in financing inflows[53]. - The company’s cash flow hedge recorded a gain of HKD 39,691,000 in the non-effective portion, contrasting with a loss of HKD 2,569,000 in the previous year[9]. Market Conditions and Challenges - The company continues to face challenges from the ongoing impact of the COVID-19 pandemic on its hotel operations, although there are signs of improvement[12]. - The management anticipates challenges ahead due to inflationary pressures and rising interest rates, which may hinder the local residential property market[34]. - The hotel business is beginning to recover as quarantine requirements are relaxed, with the government working towards full border reopening[35]. - The group continues to operate in a rising interest rate environment, hedging about 50% of its borrowings to limit financing costs[35]. - The management maintains a prudent financial approach to mitigate any negative impacts in the current uncertain economic environment[35]. Shareholder Information - The largest shareholder, Pan Zheng, holds 60.61% of the issued shares, totaling 509,672,171 shares[174]. - Pan Zheng's interests in related corporations include 684,865,276 shares in Pan Hai International Group, representing 51.89%[175]. - The company has unexercised share options amounting to 3,500,000 for directors Pan Hai and Pan Yang as of September 30, 2022[179]. - No new share options were granted to directors during the period, and existing options were neither exercised nor canceled[180].

Financial Performance - The company reported a significant annual loss attributable to shareholders of HKD 906 million, compared to a profit of HKD 1,007 million in the previous year, primarily due to unrealized losses from financial investments and additional provisions for expected credit losses [30]. - Total revenue for the year was HKD 2,789 million, reflecting a 2% increase from HKD 2,740 million in the previous year [26]. - The group recorded revenue of HKD 2,789 million for the fiscal year, compared to HKD 2,740 million in the previous year, while the loss attributable to shareholders was HKD 906 million, down from a profit of HKD 1,007 million in the prior year [39]. - The company reported a significant operating loss of HKD 1,288 million, compared to an operating profit of HKD 2,185 million in the previous year [87]. - The net loss attributable to shareholders was HKD 906 million, a decline from a profit of HKD 1,007 million in the prior year [87]. - The gross profit for the same period was HKD 2,707 million, slightly up from HKD 2,674 million, indicating a marginal increase of 1.2% [87]. Assets and Liabilities - The company's total assets decreased by 18% to HKD 39,520 million from HKD 48,565 million year-on-year [26]. - The net asset value dropped by 27% to HKD 20,051 million, down from HKD 27,448 million in the previous year [26]. - The revalued total assets decreased by 16% to HKD 45,223 million from HKD 54,091 million [26]. - Total liabilities were reported at HKD 19,469 million, down from HKD 21,117 million, showing a decrease of about 7.8% [87]. - The asset-liability ratio increased to 62% from 47%, indicating a 15% rise in financial leverage [26]. - The group’s net debt ratio was approximately 62%, compared to 47% in the previous year [2]. Investment and Development Projects - The company plans to launch two new development projects by the end of 2022, including a luxury residential project with 16 units overlooking Victoria Harbour and a large public housing project in Hong Shui Bridge [30]. - Contract sales for the residential development project in Tongzhou, Beijing, reached RMB 4.5 billion by the end of the fiscal year [30]. - The group increased its stake in a residential development project in Beijing Tongzhou from 10% to 50%, with contract sales amounting to RMB 1.5 billion during the year [44]. - The redevelopment of the Empire Landmark Hotel in Canada is progressing well, with contract sales amounting to approximately CAD 180 million as of March 31, 2022 [50]. - The company has ongoing projects with significant land areas, including a site in Beijing with a total floor area of approximately 2,360,000 square feet, expected to be completed in 2022 [84]. Rental and Hotel Business - Rental income decreased by 9% over the past year, while the hotel business is expected to recover as travel restrictions ease [31]. - The group owns and operates five "Royal" brand hotels located in prime areas of Hong Kong, targeting business travelers and visitors from mainland China, maintaining high occupancy rates due to competitive pricing [36]. - Revenue from the hotel and tourism segment increased by 104% to HKD 76,000,000, up from HKD 37,000,000 in the previous year [1]. Financial Management and Strategy - The group is focused on prudent financial management to maintain a strong financial position and reasonable levels of debt-to-equity ratio [37]. - The company is adopting a prudent financial approach to mitigate any negative impacts in the current uncertain economic environment [73]. - The company has hedged half of its borrowings through interest rate swap agreements, mitigating the financial cost impact from rising rates [72]. Environmental and Social Governance (ESG) - The company has engaged stakeholders through various communication channels, including annual meetings and reports, to understand their expectations and concerns regarding ESG issues [101]. - The company has implemented various environmental measures in its hotel operations, including a plan to reduce the frequency of changing bed linens to conserve water [113]. - The company aims to achieve green building certification for its projects by incorporating sustainable design and construction practices [112]. - The company has not faced any penalties for violations of environmental protection regulations during the reporting year [104]. - The company is actively identifying and analyzing climate change risks and opportunities to reduce carbon emissions [116]. Corporate Governance - The board consists of six executive directors and three independent non-executive directors, with the chairman and CEO being different individuals [163]. - The board held four meetings during the year, with all members actively participating in governance and oversight [167]. - The company has implemented a corporate governance policy and regularly reviews its effectiveness and compliance [164]. - The audit committee held two meetings during the year to review the annual and interim financial statements and assess the effectiveness of the internal audit function [181]. - The company has established a risk management framework to achieve its business objectives, with the board responsible for evaluating acceptable risk levels [181]. Employee and Community Engagement - The company employed approximately 360 staff as of March 31, 2022, an increase from 330 in 2021 [70]. - The total number of employees is 357, with 191 males and 166 females [128]. - The company donated a total of HKD 542,000 to various charitable organizations during the reporting year [158]. - The company has a strong commitment to equal employment opportunities and does not discriminate based on personal characteristics [117]. - The company encourages the use of recycled paper and energy-saving practices in its operations [120].

Financial Performance - The company reported revenue of HKD 1,430 million for the six months ended September 30, 2021, representing a 2% increase from HKD 1,404 million in the same period of 2020[6]. - The profit attributable to shareholders decreased by 91% to HKD 44 million, down from HKD 459 million in the previous year[11]. - Operating profit fell significantly by 76% to HKD 235 million compared to HKD 984 million in the prior year[6]. - The company's rental income for the period was HKD 92 million, compared to HKD 108 million in the previous year, indicating a decline due to ongoing pandemic restrictions[17]. - The company reported a net profit of HKD 76,243,000 for the six months ended September 30, 2021, a significant decrease from HKD 797,908,000 in the same period of 2020, representing a decline of approximately 90.4%[44]. - The total comprehensive income for the period was HKD (5,701,772,000), compared to HKD 2,869,920,000 in the previous year, indicating a substantial loss[44]. - The net profit for the six months ended September 30, 2021, was HKD 43,624,000, compared to HKD 458,519,000 for the same period in the previous year, indicating a significant decrease of approximately 90.5%[54]. - The total comprehensive income for the period was HKD 1,612,500,000, down from HKD 2,869,920,000 in the previous year, representing a decline of about 43.9%[54]. Assets and Liabilities - Total assets decreased by 13% to HKD 42,384 million from HKD 48,565 million[6]. - Net assets declined by 21% to HKD 21,692 million from HKD 27,448 million[6]. - The revalued total assets amounted to HKD 48,004 million, reflecting an 11% decrease from HKD 54,091 million[6]. - The debt-to-equity ratio increased to 60% from 47% due to the rise in net debt against revalued net assets[6]. - The group's current assets net value was HK$8.2 billion as of September 30, 2021, down from HK$11.8 billion on March 31, 2021, with total cash and securities of HK$12.7 billion, covering short-term debt of HK$3.9 billion by 3.3 times[24]. - The total liabilities decreased from HKD 7,095,398,000 as of March 31, 2021, to HKD 5,057,170,000 as of September 30, 2021, a reduction of approximately 28.8%[46]. - The company's equity attributable to shareholders decreased to HKD 11,484,732,000 from HKD 14,677,100,000, representing a decline of about 21.0%[49]. - The total liabilities as of September 30, 2021, were HKD 10,207,365,000, compared to HKD 12,770,520,000 as of March 31, 2021, showing a reduction of approximately 20.0%[54]. Investments and Financial Instruments - The financial investments held by the company amounted to approximately HKD 10.54 billion as of September 30, 2021, down from HKD 17.50 billion as of March 31, 2021, with 94% of the portfolio in listed debt securities[19]. - The company reported a significant loss in fair value of debt securities amounting to HKD (5,475,628,000) for the period, compared to a gain of HKD 2,065,004,000 in the previous year[44]. - The company reported a net investment loss of HKD 1,249,530 thousand, significantly impacting overall performance[80]. - The fair value gain from investment properties was HKD 314,944 thousand, contributing positively to the financial results[80]. - The company reported a fair value loss of HKD 3,216,974,000 on financial assets measured at fair value through other comprehensive income for the six months ended March 31, 2021[54]. - The company’s total liabilities as of September 30, 2021, were HKD 20,691,963, compared to HKD 21,117,052 as of March 31, 2021[83]. Operational Developments - In the Tongzhou project, the company achieved contract sales of approximately RMB 1 billion during the period, with total sales reaching RMB 4 billion as two-thirds of residential units were sold[12]. - The company is currently undergoing renovation works on six residential buildings in Beijing Tongzhou, with the foundation works for two commercial buildings in progress[12]. - The company is currently in the planning stage for a high-end residential project on Alberni Street, with a floor area of approximately 627,000 square feet[17]. - The average occupancy rate for the company's hotels in Wan Chai and Central decreased by 6% compared to the same period last year, reflecting the impact of strict quarantine measures[17]. - The company is implementing strategies to enhance occupancy rates and revenue, including long-term accommodation offers targeting local customers[19]. Debt and Financing - The company reported a net debt of HKD 16,579 million, an increase of 5% from HKD 15,819 million[6]. - Net debt amounted to HK$16.6 billion as of September 30, 2021, compared to HK$15.8 billion on March 31, 2021, with a net debt to revalued asset ratio of approximately 60%[24]. - The total borrowings as of September 30, 2021, were HKD 18,718,599,000, compared to HKD 17,994,031,000 as of March 31, 2021[139]. - Long-term bank loans due within one year were HKD 3,873,803,000 as of September 30, 2021, compared to HKD 4,483,727,000 as of March 31, 2021[142]. - The company’s long-term bank loans amounted to HKD 14,844,796,000 as of September 30, 2021, an increase from HKD 13,176,979,000 as of March 31, 2021[142]. Shareholder Information - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2021, consistent with the previous year[106]. - The weighted average number of shares outstanding for the calculation of earnings per share remained unchanged at 840,873,996 for both periods[108]. - The company’s directors held a total of 509,672,171 shares, representing 60.61% of the issued shares as of September 30, 2021[157]. - The company has a total issued and paid-up share capital of HKD 84,087,000 as of September 30, 2021[143]. Corporate Governance and Compliance - The company has fully complied with the standards set out in the code of conduct for securities transactions during the period[190]. - The company has adhered to the corporate governance code, with exceptions regarding the appointment of non-executive directors and the establishment of a nomination committee[191].