Financial Performance - The basic loss per share is HKD 0.004, compared to a profit of HKD 0.081 per share in the previous year[13]. - Revenue for the six months ended September 30, 2023, was HKD 650,752,000, an increase of 2% from HKD 637,578,000 in the same period of 2022[121]. - The net profit for the period was HKD 26,821,000, a significant decrease of 68% compared to HKD 82,952,000 in the previous year[123]. - The company reported a pre-tax profit of HKD 157,393,000 for the six months ended September 30, 2023, compared to HKD 179,059,000 in the same period last year[155]. - The company recorded a loss of HKD 2,231,000 during the period, compared to a profit in the previous year[153]. - The company’s financial expenses increased to HKD 182,652,000 from HKD 109,078,000 year-on-year[155]. - The company did not declare any dividends during the period, which may suggest a focus on reinvestment and cash preservation[157]. Revenue Breakdown - Revenue from the property business for the period was HKD 386,000,000, slightly down from HKD 394,000,000 in the previous year, with a corresponding profit before tax of HKD 181,000,000, up from HKD 149,000,000[16]. - The total revenue for the six months ended September 30, 2023, was HKD 650,752,000, a slight increase from HKD 637,578,000 in the same period last year, representing a growth of approximately 2%[187]. - Property sales contributed HKD 386,441,000 to total revenue, while property management income was HKD 21,076,000, leading to a total revenue from customer contracts of HKD 407,517,000[188]. - The total rental income for the six months ended September 30, 2023, was HKD 243,235,000, which includes HKD 214,302,000 from property investments[188]. - Interest income from bank loans for the six months ended September 30, 2023, was HKD 223,429,000, compared to HKD 124,274,000 in the previous year, indicating a significant increase of approximately 80%[192]. Asset and Equity Management - As of September 30, 2023, total equity was HKD 7,704,000,000, down from HKD 7,994,000,000 as of March 31, 2023, primarily due to currency depreciation of assets denominated in RMB[13]. - The net asset value as of September 30, 2023, was HKD 11,492,650,000, a decrease from HKD 11,929,229,000 as of March 31, 2023[152]. - Total assets as of September 30, 2023, amounted to HKD 21,098,220,000, with property development assets at HKD 1,745,897,000 and investment properties at HKD 15,737,108,000[144]. - The group managed 24 parking lots with approximately 1,820 parking spaces (March 31, 2023: 25 parking lots with 2,090 spaces)[43]. - The net asset value of current assets was HKD 1,421,574,000, compared to HKD 722,666,000 in the previous period, showing improved asset management[124]. Debt and Financing - The net interest-bearing debt as of September 30, 2023, was approximately HKD 5,578,000,000, compared to HKD 5,412,000,000 as of March 31, 2023, resulting in a debt-to-equity ratio of 49%, up from 45%[93]. - Total interest-bearing debt amounted to approximately HKD 7,422,000,000 as of September 30, 2023, with about 17% classified as current liabilities[114]. - The group has committed but undrawn bank credit facilities totaling approximately HKD 856,000,000 available for operational funding[92]. - The group has adopted a prudent financing and financial policy, managing its funding needs primarily on a medium to short-term basis[117]. - New bank loans amounted to HKD 1,707,380,000, an increase from HKD 1,481,848,000 in the previous year, indicating a strategy to leverage financing for growth[157]. Operational Highlights - The average occupancy rate for the Han Guo City Commercial Center in Shenzhen improved to 70%, up from 63% in the previous year[38]. - The renovation of the Bauhinia Hotel in Central is progressing well, with completion expected in mid-2024, aiming for LEED certification[22]. - The construction of the Hong Kong Plaza project in Guangzhou is on track for completion in 2024, with pre-sale approvals obtained for residential units[35]. - The construction segment in Hong Kong and Macau generated revenue of HKD 376,000,000, down from HKD 410,000,000 in the previous year, with an operating loss of HKD 21,100,000[27]. - The company continues to develop green plastic products and new healthcare products to enhance profitability[46]. Market Conditions - The real estate market in mainland China is experiencing a downturn, leading to a collapse in consumer confidence and a high youth unemployment rate[48]. - The vacancy rate for Grade A office space in Hong Kong is close to 12%, reaching levels not seen since the 1980s[49]. - The company is preparing for another challenging year, with inflationary pressures expected to arise from reconstruction efforts following conflicts[50]. - Despite facing pressure, China's consumer spending remains strong, cross-border trade barriers are being lifted, and the tourism industry is gradually recovering[70]. - The government has taken measures to lower interest rates and relax home purchase restrictions to stimulate economic growth, with new incentives focusing on green sustainable infrastructure[69].

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佈的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （於香港註冊成立之有限公司） （股份代號：216） 2023-24中期業績公佈 財務業績 截至二零二三年九月三十日止六個月之收入為港幣 651,000,000 元（二零二二年： 港幣 638,000,000 元）及股東應佔虧損淨額為港幣 2,000,000 元（二零二二年：溢利 港幣 45,000,000 元）。若撇除投資物業公平值收益（經扣除遞延稅項）港幣 8,000,000 元（二零二二年：港幣 3,000,000 元）之影響，則股東應佔之相關虧損淨 額為港幣 10,000,000 元（二零二二年：溢利港幣 42,000,000 元）。 每股基本虧損為港幣 0.004 元（二零二二年：每股盈利港幣 0.081 元）。於二零二三 年九月三十日之股東權益為港幣 7,704,000,000 元（於二零二三年三月三十一日： 港幣 7,994,000,000 元），而股東應佔每股資產淨值為港幣 13.97 元 ...

Financial Reporting and Accounting Policies - The group has applied the initial recognition exception and has not recognized deferred tax assets and liabilities for temporary differences related to lease transactions[2]. - The group has conducted a detailed assessment of the impact of the amendments to Hong Kong Accounting Standard No. 12, expecting no significant impact on the financial statements[2]. - The group recognizes lease liabilities for rental payments and right-of-use assets for the right to use related assets[23]. - Investment properties are initially measured at cost, including transaction costs, and subsequently reported at fair value reflecting market conditions at the end of the reporting period[19]. - The group applies a single recognition and measurement approach for all leases, except for short-term leases[26]. - The recoverable amount of assets is estimated when impairment indicators arise, with the recoverable amount being the higher of the asset's value in use or fair value less costs to sell[13]. - Financial assets are classified upon initial recognition as subsequently measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[28]. - The group confirms that any gains or losses on financial assets measured at amortized cost will not be reclassified to profit or loss[31]. - The group will capitalize significant inspection expenditures as assets when they meet recognition criteria[17]. - The group recognizes any impairment losses related to goodwill, which cannot be reversed in subsequent periods[8]. - The company recognizes expected credit losses in two stages, with a provision for 12-month expected credit losses for credit risks that have not significantly changed since initial recognition[36]. - Financial liabilities are initially recognized at fair value, and loans and borrowings are measured at fair value less direct transaction costs[40]. - The company measures investment properties at fair value, with gains or losses from fair value changes included in the income statement for the year[42]. - Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell[43]. - The company assesses whether a contract is a lease at the start of the contract, recognizing right-of-use assets at the lease commencement date[46]. - Expected credit losses are determined based on the difference between contractual cash flows due and the expected cash flows to be received[58]. - Financial assets are classified and measured based on the business model for managing those assets, with specific classifications for amortized cost and fair value[52]. - The company applies a simplified approach for measuring expected credit losses for trade receivables[60]. - Financial liabilities are subsequently measured at amortized cost using the effective interest method unless derecognized[62]. - The income tax includes current tax and deferred tax, with deferred tax liabilities recognized based on temporary differences between the tax base and the carrying amounts of assets and liabilities[67][68]. - Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized[69]. - The company has established a provision matrix based on historical credit loss experience, adjusted for specific forward-looking factors and economic conditions[79]. - Financial liabilities include trade payables, other payables, accrued liabilities, and loans, with subsequent measurement based on their classification[80]. - The company applies a simplified approach to calculate expected credit losses for financial instruments without significant financing components[79]. - The recognition of income from customer contracts is based on the transfer of control of goods or services to customers, with variable consideration estimated at contract inception[72][74]. - The company has a policy for recognizing deferred tax liabilities for all taxable temporary differences, with certain exceptions for investments in subsidiaries and joint ventures[88]. - The financial statements are prepared based on the tax rates and laws enacted or substantively enacted at the reporting date[70][86]. - The company evaluates the recoverability of deferred tax assets at each reporting date, adjusting the carrying amount if it is no longer probable that sufficient taxable profits will be available[89]. - Revenue is recognized when control of goods or services is transferred to customers, reflecting the expected consideration for the exchange[92]. - Interest income is recognized using the effective interest method, accurately discounting future cash income to the net value of financial assets[94]. - Contract liabilities are recognized as revenue when the group fulfills its performance obligations, transferring control of goods or services to customers[109]. Corporate Governance and Board Diversity - The company has adopted a board diversity policy, considering various criteria such as gender, age, and professional experience for board member appointments[56]. - The company is committed to enhancing board diversity and will actively seek suitable candidates to maintain or improve the current level of female representation[118]. - The board consists of 1 female and 7 male directors, with a gender ratio of approximately 1:0.77 among all employees as of March 31, 2023[118]. - The board has 4 directors aged 50-59, 2 aged 60-69, 1 aged 70-79, and 1 aged 80 or above, indicating a diverse age distribution[118]. - The company has established a nomination committee to assess the independence of non-executive directors and review board composition[113]. - The company aims to provide fair market-level compensation to retain and attract high-quality directors[127]. - The audit committee held two meetings during the year, with the independent auditor attending all meetings to review financial reports and internal controls[133]. - The independent auditor, Ernst & Young, was paid a total of HKD 4,752,000 for audit and non-audit services during the year[120]. Financial Performance and Dividends - The company reported a net profit of HKD 8,448 million for the fiscal year 2022/23, compared to HKD 7,994 million in the previous year, representing a growth of approximately 5.7%[139]. - Earnings per share for 2023 was HKD 14.50, a slight decrease from HKD 15.32 in 2022[139]. - The board proposed a final dividend of HKD 0.05 per share for the year ending March 31, 2023, consistent with the previous year's dividend[147]. - The company has adopted a dividend policy that maintains sufficient cash reserves to meet operational needs and future business growth[145]. - The board will review its dividend policy periodically and has the discretion to declare dividends based on various factors[123]. Operational Highlights and Property Management - The company is actively involved in property development and investment projects in mainland China, including the Beijing South Road project[150]. - The company emphasizes compliance with insider trading policies and provides regular updates to ensure regulatory adherence[143]. - The average occupancy rate for the Hong Kong Tower building was approximately 93% during the year, compared to 98% in 2022, generating stable rental income[151]. - The company is engaged in various property renovation projects, including the redevelopment of the NEXXUS project in Jing'an[150]. - For the fiscal year ending March 31, 2023, the group recorded consolidated revenue of HKD 1,066,000,000, a slight decrease from HKD 1,113,000,000 in 2022, primarily due to reduced property sales[164]. - The net profit attributable to shareholders was HKD 33,000,000, down from HKD 56,000,000 in the previous year, impacted by increased financial costs and reduced profits from associated companies[164]. - The group delivered property unit revenue of HKD 580,000,000 for the year, compared to HKD 633,000,000 in 2022, with nearly all units sold since the project's market launch in 2013[173]. - As of March 31, 2023, the group had contracted but unrecognized property sales amounting to RMB 363,000,000, expected to be recognized in the fiscal year 2023/2024[173]. - The group managed 25 parking facilities as of March 31, 2023, an increase from 23 the previous year, with a total of approximately 2,090 parking spaces[183]. - The average occupancy rate for the serviced apartments remained stable at around 90% despite challenges faced by the hotel business due to COVID-19 restrictions[175]. - The group acquired a property in Shanghai's Jing'an District in 2022 to diversify its investment portfolio and generate rental income[168]. - The Beijing South Road project has a total floor area of approximately 77,700 square meters, including a residential building with 162 units for sale and an office building primarily held as an investment property[169]. - The Digital Realty Kin Chuen data center, a strategic investment project, has maintained an average occupancy rate of about 90% since its service commencement in 2021[179]. - The group plans to complete a large mixed-use project along Beijing Road in Guangzhou by 2024, which will include residential units and commercial facilities[190]. - The overall occupancy rate of the property in Shenzhen increased to 68% as of March 31, 2023, compared to 64% in the same period of 2022, and the average occupancy rate for the entire year was 63%, up from 52% in 2022[193]. - The property generated total sales and rental income of HKD 359 million for the year ending March 31, 2023, down from HKD 601 million in 2022[196]. - The average occupancy rate of the Chongqing Hanguo Center was 80% for the review year, down from 88% in 2022[198]. - The Chongqing Jinshan Commercial Center achieved an overall average occupancy rate of 84% during the year, an increase from 75% in 2022[198]. - The total floor area of the property in Shenzhen is approximately 128,000 square meters, featuring a 75-story high-end building[193]. - The Qiaochengfang project, in which Hanguo Group holds a 20% stake, has a total floor area of approximately 224,500 square meters[196]. - The Chongqing Hanguo Center has a total floor area of approximately 108,000 square meters[198]. - The Chongqing Jinshan Commercial Center has a total floor area of approximately 173,000 square meters, including a 41-story office building and a 42-story hotel[198]. - The Shenzhen property received LEED Gold certification in 2019, emphasizing sustainable development and green building features[193]. - The remaining residential units of the Qiaochengfang project continue to be launched for market sale[196].

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佈的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （於香港註冊成立之有限公司） （股份代號：216） 2022-23年度業績公佈 財務業績 截至二零二三年三月三十一日止年度，本集團錄得綜合收入為港幣1,066,000,000元 （二零二二年：港幣1,113,000,000元）及股東應佔溢利淨額港幣33,000,000元 （二零二二年：港幣56,000,000元）。收入輕微減少，主要是由於年內確認之物業 銷售減少所致，而股東應佔溢利淨額下跌，是由於年內財務費用增加及應佔聯營公司 溢利減少所致。然而，溢利之部份跌幅被本集團發展中物業於完成階段轉撥至投資物 業時確認公平值收益所抵銷。每股基本盈利為港幣0.06元（二零二二年：港幣 0.10元）。 於二零二三年三月三十一日之股東權益為港幣7,994,000,000元（於二零二二年三月 三十一日：港幣8,448,000,000元），而股東應佔每股資產淨值為港幣14.50元 （於二零二二年三月三十一日：港幣15.3 ...

Financial Performance - The group's unaudited consolidated revenue for the six months ended September 30, 2022, was HKD 638 million, an increase from HKD 610 million in the previous year[17]. - Shareholders' net profit for the same period was HKD 45 million, down from HKD 58 million year-on-year[17]. - Basic earnings per share were HKD 0.08, compared to HKD 0.11 in the previous year[17]. - The group recorded confirmed property sales revenue of HKD 394 million for the six months, with contracted but unrecognized sales amounting to RMB 293 million[23]. - The company reported a net profit of HKD 44,732,000 for the six months ended September 30, 2022, compared to HKD 58,479,000 in the same period last year, representing a decrease of approximately 23.4%[100]. - Total comprehensive income for the period was a loss of HKD 565,684,000, significantly down from a profit of HKD 138,244,000 in the previous year[100]. - The net profit before tax for the period was HKD 179,059,000, compared to HKD 190,145,000 for the same period last year, indicating a decrease of approximately 5.6%[118][120]. - The company's share of profits from associates was HKD 17,568,000, a decrease from HKD 24,977,000 year-on-year[82]. Property Development and Investment - The group's property development revenue for the six months was HKD 394 million, up from HKD 377 million in the previous year[20]. - The pre-tax profit from property development was HKD 149 million, down from HKD 185 million year-on-year[20]. - Property investment revenue for the six months ended September 30, 2022, was HKD 220 million, up from HKD 213 million in the same period of 2021, with a pre-tax profit of HKD 124 million compared to HKD 68 million in 2021[26]. - The total valuation of the investment property portfolio as of September 30, 2022, was HKD 14.908 billion, down from HKD 15.923 billion as of March 31, 2022[32]. - The company continues to focus on property development and investment as its primary business segments, with ongoing evaluations for market expansion opportunities[116]. Financial Position and Debt - As of September 30, 2022, the group's equity attributable to shareholders was HKD 7,855 million, down from HKD 8,448 million as of March 31, 2022[17]. - The total interest-bearing debt of the group as of September 30, 2022, was approximately HKD 6,871,000,000, an increase from HKD 6,677,000,000 as of March 31, 2022[74]. - The net interest-bearing debt as of September 30, 2022, was approximately HKD 4,795,000,000, compared to HKD 4,677,000,000 as of March 31, 2022[75]. - The debt-to-equity ratio calculated as net interest-bearing debt to total equity and non-controlling interests was 41% as of September 30, 2022, up from 37% as of March 31, 2022[75]. - The company’s financial expenses increased to HKD 109,078,000, up from HKD 86,080,000 in the prior year, reflecting higher borrowing costs[100]. Operational Highlights - The average occupancy rate of the property portfolio in Hong Kong reached 86% for the six months ended September 30, 2022, compared to 85% in 2021[27]. - The property portfolio in mainland China had an average occupancy rate of 75% for the six months ended September 30, 2022, up from 67% in 2021[30]. - The company is undertaking a renovation project for the Bauhinia (Central) to transform it into a luxury serviced apartment and hotel property, with interior renovations expected to commence next year[27]. - The company continues to enhance its property portfolio's financial performance through asset upgrade plans[27]. Market Conditions and Outlook - The global economic outlook remains challenging with inflationary pressures and geopolitical tensions affecting supply chains and commodity prices[45]. - In Hong Kong, the economy contracted by 4.5% year-on-year in Q3 2022 due to strict COVID-19 measures, but recent easing of restrictions is expected to revitalize the local market[46]. - The company is optimistic about future opportunities from increased public housing supply and large-scale infrastructure projects in Hong Kong[46]. Cash Flow and Investments - Cash generated from operating activities was HKD 183,812,000, a decrease from HKD 242,757,000 year-on-year, reflecting a decline of about 24.2%[100]. - The company experienced a net cash outflow from investing activities of HKD 96,781,000, compared to a net inflow of HKD 48,776,000 in the prior year[103]. - The total cash and cash equivalents at the end of the period increased to HKD 2,051,491,000, up from HKD 1,732,685,000 year-on-year[106]. Shareholder Information - Major shareholder 建业发展（集团） holds 341,439,324 shares, representing 61.93% of the issued shares[54]. - No major shareholders or other individuals held any recordable interests or short positions in the company as of September 30, 2022[56]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ended September 30, 2022[57].

Financial Performance - For the fiscal year ending March 31, 2022, the group's consolidated revenue was HKD 1,113 million, a decrease from HKD 1,278 million in the previous year[22]. - Shareholders' profit for the same period was HKD 56 million, down from HKD 78 million in the prior year[22]. - Excluding fair value losses on investment properties, the adjusted profit attributable to shareholders was HKD 110 million, compared to HKD 91 million in the previous year[22]. - The decrease in revenue was primarily due to a reduction in property sales recognized during the year[22]. - The increase in related profit was attributed to gains from the sale of part of the group's interest in a redevelopment project in Dongguan, amounting to HKD 33 million[22]. - Han Guo Group recorded revenue of HKD 1,106 million for the fiscal year 2021/22, a decrease of 13.3% from HKD 1,276 million in the previous year[28]. - The net profit attributable to shareholders decreased to HKD 92 million, down 24.6% from HKD 122 million in the previous year[28]. - The revenue from the sale of delivered residential units amounted to RMB 341 million for the year ended March 31, 2022, compared to RMB 351 million in the previous year[41]. - The company's revenue decreased by 13% from HKD 1,278,000,000 to HKD 1,113,000,000 in the fiscal year ending March 31, 2022[148]. Equity and Assets - The group's total equity as of March 31, 2022, was HKD 8,448 million, an increase from HKD 8,234 million the previous year[22]. - The net asset value per share increased to HKD 15.32 from HKD 14.93 year-on-year[22]. - The investment property portfolio was valued at HKD 15.923 billion as of March 31, 2022, an increase from HKD 15.207 billion the previous year[55]. - The total equity attributable to shareholders increased to approximately HKD 8,448 million from HKD 8,234 million in the previous year[152]. Dividends - The board proposed a final dividend of HKD 0.05 per share, consistent with the previous year's dividend[23]. - The proposed final dividend for the year ending March 31, 2022, is subject to approval at the annual general meeting, with a total distributable reserve of HKD 713,419,000, of which HKD 27,568,000 is recommended for the final dividend[174]. Property and Leasing - Revenue from property leasing increased to HKD 434 million, up 49.3% from HKD 290 million in the previous year, due to improved occupancy rates[28]. - The average occupancy rate of the Hong Kong data center reached approximately 98%, significantly up from 74% in the previous year[30]. - The occupancy rate of the Han Guo City Commercial Center in Shenzhen reached 64%, up from 39% in the previous year, with office units rented out at 58%[38]. - The average occupancy rate for the office building in Chongqing Han Guo Center was 88% for the year, consistent with the previous year[45]. - The average occupancy rate for the hotel/office building in Chongqing was 62%, down from 64% in the previous year[45]. - The average occupancy rate for the Bao Hsien Hotel in Central was approximately 82% for the year, up from 71% the previous year[50]. - The overall average occupancy rate across properties was 75% for the year, compared to 74% in the previous year[45]. Debt and Financial Position - As of March 31, 2022, the total interest-bearing debt of the group was approximately HKD 6,677 million, an increase from HKD 6,477 million in the previous year[149]. - Approximately 57% of the total debt is classified as current liabilities, compared to 25% in the previous year[149]. - The debt-to-equity ratio calculated from net interest-bearing debt of approximately HKD 4,677 million and total equity of approximately HKD 12,610 million was 37%, up from 36% in the previous year[153]. - The group has approximately HKD 3,069 million in loans due within one year, which includes project loans secured by properties in China and Hong Kong[152]. Corporate Governance - The company has adopted the corporate governance code and has been compliant with its applicable provisions, with some deviations disclosed in the report[93]. - The board of directors held two meetings during the fiscal year, which is below the recommended minimum of four meetings per year[99]. - The company encourages continuous professional development for all directors, with training records maintained for each director[105]. - The chairman and the managing director are separate individuals, ensuring clear delineation of responsibilities[101]. - The independent non-executive directors have confirmed their independence as per the listing rules[98]. - The company has a structured approach to board meetings, with formal agendas and adequate notice provided to all directors[98]. - The company has a commitment to high standards of corporate governance and regularly reviews its practices[93]. Market Outlook and Strategy - The company continues to focus on its redevelopment projects and investment properties in mainland China[22]. - The company aims to generate stable and recurring rental income from investment properties to cover operational expenses and additional cash flow from property sales[144]. - The company is committed to environmental sustainability and has implemented measures to reduce energy consumption and promote recycling[144]. - The company is expanding its market presence in D regions, aiming to capture a larger share of the market[75]. - Recent acquisitions are expected to enhance the company's capabilities and drive future growth, with an estimated contribution of E million in revenue[75]. Employment and Workforce - The group employed approximately 370 employees as of March 31, 2022, down from 380 employees in the previous year[159].

Financial Performance - The group's unaudited consolidated revenue for the six months ended September 30, 2021, was HKD 610 million, down from HKD 750 million in 2020, primarily due to a decrease in confirmed property sales from projects in mainland China[18]. - Shareholders' net profit for the same period was HKD 58 million, compared to HKD 53 million in 2020. Excluding fair value losses on investment properties, the adjusted net profit was HKD 71 million, up from HKD 52 million in 2020[18]. - Basic earnings per share increased to HKD 0.11 from HKD 0.10 in 2020[18]. - Revenue for the six months ended September 30, 2021, was HKD 609,576,000, a decrease of 18.7% compared to HKD 750,077,000 for the same period in 2020[82]. - Gross profit increased to HKD 350,798,000, up 6.4% from HKD 328,480,000 year-on-year[82]. - Net profit for the period was HKD 96,257,000, representing a 15.5% increase from HKD 83,641,000 in the previous year[85]. - The profit before tax for the group for the six months ended September 30, 2021, was impacted by depreciation of property, plant, and equipment amounting to HKD 3,262,000[134]. - The total tax expense for the six months ended September 30, 2021, was HKD 93,888,000, down from HKD 138,420,000 in the previous year[135]. Property Development - The group's property development revenue for the six months was HKD 377 million, down from HKD 609 million in 2020, with a pre-tax profit of HKD 185 million compared to HKD 204 million in 2020[21]. - As of September 30, 2021, the group had contracted but unrecognized property sales amounting to RMB 552 million, expected to be recognized in the second half of the fiscal year 2021/2022 and the next fiscal year[24]. - The group is expanding its property development projects in mainland China, including the Yayao Oasis project in Nanhai and a mixed-use development in Yuexiu District, Guangzhou[24][25]. - Construction for the mixed-use project in Yuexiu District has commenced in the third quarter of 2021, with a total floor area of approximately 77,000 square meters[25]. - The company expects to commence pre-sales of a redevelopment project in Dongguan by the end of this year[36]. Property Investment - Property investment revenue for the six months ended September 30, 2021, was HKD 213 million, up from HKD 128 million in the same period of 2020, with a pre-tax profit of HKD 68 million compared to HKD 61 million in 2020[28]. - The average occupancy rate of completed investment properties in Hong Kong reached 85% for the six months ended September 30, 2021, compared to 68% in 2020[29]. - The average occupancy rate of completed investment properties in mainland China was 67% for the six months ended September 30, 2021, up from 63% in 2020[32]. - The valuation of the investment property portfolio as of September 30, 2021, was HKD 15.315 billion, an increase from HKD 15.207 billion as of March 31, 2021[33]. - The company reported a net loss from investment properties of HKD 41,099,000 compared to a gain of HKD 11,474,000 in the previous year[82]. Financial Position - The total equity attributable to shareholders as of September 30, 2021, was HKD 8,345 million, compared to HKD 8,234 million as of March 31, 2021[18]. - As of September 30, 2021, the total interest-bearing debt of the group was approximately HKD 6,245,000,000, a decrease from HKD 6,477,000,000 as of March 31, 2021[73]. - Approximately 38% of the total debt was classified as current liabilities, compared to 25% as of March 31, 2021[73]. - The group's cash and bank balances totaled approximately HKD 1,736,000,000 as of September 30, 2021, down from HKD 2,000,000,000 as of March 31, 2021[74]. - The net interest-bearing debt was approximately HKD 4,509,000,000, with a debt-to-equity ratio of 36% as of September 30, 2021, unchanged from March 31, 2021[75]. Corporate Governance and Strategy - The company is focusing on risk management and enhancing operational capabilities rather than aggressive growth strategies in the current market environment[43]. - The company plans to participate in urban development and infrastructure projects initiated by the Hong Kong government to alleviate housing shortages[44]. - The chairman expressed cautious optimism regarding the long-term growth prospects of the local economy[44]. - The company has established a nomination committee as of December 8, 2021, to comply with corporate governance codes[70]. Market Conditions and Outlook - The company anticipates that Hong Kong and China will resume cross-border travel in 2022, contributing to economic recovery despite ongoing risks from virus variants[43]. - The company expects to benefit from the opportunities arising from China's 14th Five-Year Plan, positioning Hong Kong as an international financial, transportation, and trade center[44]. - The company is monitoring geopolitical tensions between the US and China, which may impact market conditions[43]. Other Financial Information - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended September 30, 2021[54]. - A loan agreement was established for HKD 1,500,000,000 with a syndicate to refinance an existing loan balance of HKD 440,000,000 and meet general corporate funding needs[55]. - A domestic loan agreement was signed for a maximum principal of RMB 450,000,000, primarily for refinancing existing bank financing and general operating funds[57]. - A loan agreement for HKD 800,000,000 was signed to refinance an outstanding balance of HKD 500,000,000 and for general corporate funding needs[60]. - The company has not made any payments to the contractor for development costs as of September 30, 2021[62].

Financial Performance - For the fiscal year ending March 31, 2021, the company's consolidated revenue was HKD 1,278 million, an increase from HKD 639 million in the previous year[20] - The net profit attributable to shareholders was HKD 78 million, compared to a net loss of HKD 45 million in the previous year[20] - Excluding fair value losses on investment properties, the adjusted net profit attributable to shareholders was HKD 91 million, up from HKD 38 million in the previous year[20] - Basic earnings per share for the year were HKD 0.14, compared to a loss per share of HKD 0.08 in the previous year[20] - As of March 31, 2021, total equity attributable to shareholders was HKD 8,234 million, up from HKD 7,722 million the previous year[20] - The net asset value per share increased to HKD 14.93 from HKD 14.01 year-over-year[20] - The increase in equity was primarily due to the net profit attributable to shareholders and foreign exchange gains from the appreciation of the Renminbi against the Hong Kong dollar[20] - The group’s profit and financial position as of March 31, 2021, are detailed in the financial statements on pages 51 to 159[131] - The group's revenue increased by 100% from HKD 639 million to HKD 1,278 million, with 74.9% from property sales, 22.8% from property leasing, and 2.3% from property and parking management[136] - As of March 31, 2021, the total interest-bearing debt was approximately HKD 6,477 million, with 25% classified as current liabilities[137] - The total cash and bank balances amounted to approximately HKD 2,000 million, including restricted bank deposits of HKD 114 million[137] - The debt-to-equity ratio was calculated at 36%, compared to 37% in the previous year[138] Dividends and Shareholder Matters - The board proposed a final dividend of HKD 0.05 per share, consistent with the previous year's dividend[21] - The annual general meeting is scheduled for August 26, 2021, to approve the proposed dividend and other matters[22] - The company reported a proposed final dividend of HKD 27,568,000 for the year ending March 31, 2021, subject to shareholder approval[158] - The company's available reserves for distribution as of March 31, 2021, amounted to HKD 708,878,000[158] - The company's board remuneration is subject to shareholder approval at the annual general meeting[166] Operational Highlights - The company plans to continue expanding its property sales and related profit contributions in the upcoming fiscal year[20] - Han Guo Group recorded revenue of HKD 1,276 million for the fiscal year 2020/21, a significant increase from HKD 638 million in the previous year, driven by higher sales from development projects[26] - Sales from the residential project Yao Yao Green Oasis contributed HKD 957 million in revenue, up from HKD 193 million in the previous year, reflecting strong demand[33] - The average occupancy rate for the commercial/office building in Guangzhou was 74% during the year, improving to 96% by March 31, 2021, compared to 86% a year earlier[27] - The average occupancy rate for the retail portion of the Han Guo City Commercial Center in Shenzhen increased to 78%, up from 64% in the previous year, while office units rented out increased to 37% from 24%[37] - The total floor area of the Yao Yao Green Oasis project is approximately 273,000 square meters, with the third phase completed in December 2020, providing around 550 units[33] - The company plans to start the presale of a redevelopment project in Dongguan by the end of 2021, with a total floor area of approximately 58,000 square meters[56] Market and Economic Outlook - The company expects the real estate market to continue growing in the coming years due to strong demand and government efforts to maintain stability[66] - The local GDP grew by 7.9% year-on-year in the first quarter of 2021, indicating a recovery in the economy[66] - The company remains cautious about uncertainties related to the pandemic and geopolitical instability affecting economic recovery[64] - The residential market remains robust, supported by pent-up demand and a low-interest-rate environment[66] - The company acknowledges the impact of COVID-19 restrictions on the hotel, tourism, and retail sectors in Hong Kong[66] Corporate Governance - The company has maintained high standards of corporate governance and continuously reviews and improves its governance practices[86] - The board of directors is responsible for the overall development strategy and monitors the financial performance and internal controls of the group[90] - The company held two board meetings during the fiscal year ending March 31, 2021, which is below the recommended frequency of four meetings per year[91] - The independent non-executive directors confirmed their independence in accordance with the listing rules[90] - The company has a diverse board with members having extensive experience in investment, finance, and real estate[88] - The management team has over 30 years of experience in accounting and finance, ensuring strong financial oversight[82] - The company is committed to maintaining transparency and providing adequate information to its directors for informed decision-making[90] - The board includes members with significant experience in multinational business management and financial advisory[79] - The company has adopted a standard code for securities trading by directors, ensuring compliance with regulations[87] - The board's composition includes both executive and independent directors, promoting a balance of power and independent judgment[90] - The company has established a clear division of responsibilities between the Chairman and the CEO, ensuring effective board operations and smooth business management[94] - The company encourages continuous professional development for all directors, with training records maintained for each director's participation in training sessions[98] - The Audit Committee held two meetings during the review year, focusing on financial reporting, internal controls, and risk management systems[106] - The company’s remuneration committee reviewed the current remuneration of all directors during the year, ensuring compliance with governance standards[102] - The board of directors is collectively responsible for reviewing and updating corporate governance policies and practices[101] - The company’s governance practices include ensuring that one-third of the directors retire at each annual general meeting, in compliance with its articles of association[96] - The company has not adhered to certain provisions of the corporate governance code regarding the re-election of directors, citing the importance of leadership continuity[96] - The company’s independent auditors attended all Audit Committee meetings, ensuring transparency and accountability in financial reporting[106] - The company’s governance report indicates that all directors participated in at least two board meetings during the fiscal year[109] - The company’s governance framework includes a commitment to compliance with legal and regulatory requirements, as well as adherence to the corporate governance code[101] Risk Management and Financing - The group faces risks related to the property market in mainland China, including policy changes and currency fluctuations[145] - The group maintains a prudent financing policy, with surplus funds primarily held in cash deposits[140] - The company is operating well above the safety line amid the government's tightening of real estate financing activities[64] - The company has arranged appropriate directors' and senior management liability insurance for its directors and senior personnel during the year[200] Staffing and Resources - The group employed approximately 380 staff as of March 31, 2021, an increase from 340 the previous year[143] - The group has taken measures to save energy consumption and promote the recycling of office supplies[136] Transactions and Agreements - The company completed the sale of a 35% stake in an overseas holding company for RMB 35 million, realizing a gain of approximately HKD 36.4 million during the review year[56] - The total contract amount for the foundation construction project in Hong Kong is HKD 210,000,000, which was approved by independent shareholders[182] - The fixed fee for the consultancy agreement with Shun Cheung Data Center Development Limited is HKD 16,200,000, which has been fully paid[184] - The total development cost paid to Jianye Construction for the data center project as of March 31, 2021, is HKD 39,235,000[187] - A loan agreement for HKD 1,500,000,000 was established for refinancing existing loans and general corporate funding needs, with a term of 48 months[188] - A domestic loan agreement for RMB 450,000,000 was signed for refinancing and general operating funds, with a repayment period of five years[191] - The company has entered into a loan agreement for a maximum principal amount of HKD 100,000,000 with a Hong Kong bank, intended for refinancing existing inter-company loans[192] - A loan agreement for HKD 800,000,000 has been established with a syndicate, with a term of 48 months, aimed at refinancing an outstanding balance of HKD 500,000,000 and meeting general corporate funding needs[194] - If the chairman or his family members cease to maintain control or ownership of at least 50% of the company's equity, it will constitute a breach of the HKD 800,000,000 loan agreement[195] - At least 25% of the company's issued shares are held by the public as of the last practicable date before the publication of the annual report[196] - The chairman is considered to have interests in companies engaged in property investment, which may compete with the group[197] - The company did not purchase, sell, or redeem any of its listed securities during the year ending March 31, 2021[157] - There was no change in the company's share capital during the year[156] - The company’s largest customer group accounted for less than 30% of total sales, indicating a diversified customer base[159] - The company has not disclosed any significant transactions involving directors or their associates that would impact the group’s business[167] - The company’s financial performance summary for the past five fiscal years is available on page 160 of the annual report[155]

Financial Performance - The group's unaudited consolidated revenue for the six months ended September 30, 2020, was HKD 750 million, up from HKD 375 million in 2019, representing a 100% increase[17]. - The net profit attributable to shareholders for the same period was HKD 53 million, down from HKD 137 million in 2019, indicating a decrease of approximately 61.4%[17]. - Basic earnings per share were HKD 0.10, compared to HKD 0.25 in 2019, reflecting a decline of 60%[17]. - The profit before tax for the six months ended September 30, 2020, was HKD 222,061 million, down from HKD 315,104 million in the previous year[86]. - The net profit for the period was HKD 83,641 million, a decrease from HKD 223,457 million in the same period last year[89]. - Total comprehensive income for the period was HKD (224,183,000), impacted by foreign exchange losses of HKD (370,877,000)[98]. - The company reported a profit of HKD 136,793,000 for the period, compared to a profit of HKD 53,494,000 in the previous period, representing a significant increase[98]. Property Development - The group's property development revenue for the six months was HKD 609 million, significantly up from HKD 218 million in 2019, marking an increase of 179.8%[20]. - The pre-tax profit from property development was HKD 204 million, compared to HKD 147 million in 2019, which is an increase of 38.8%[20]. - The company reported segment revenue from property development of HKD 608,929,000 for the six months ended September 30, 2020[120]. - Property sales contributed HKD 608,929,000 to the total revenue for the same period[130]. Property Investment - Property investment income for the six months ended September 30, 2020, was HKD 128 million, down from HKD 140 million in the same period of 2019, representing a decrease of approximately 8.57%[26]. - The total floor area of completed investment properties in mainland China was approximately 446,000 square meters, with an average occupancy rate of 63% for the six months ended September 30, 2020, down from 74% in 2019[30]. - The average occupancy rate of completed investment properties in Hong Kong was 68% for the six months ended September 30, 2020, compared to 85% in 2019, indicating a decline of 17.65%[27]. - The company reported a total rental income of HKD 125,021,000 for the six months ended September 30, 2020, compared to HKD 140,082,000 in the same period of 2019, a decrease of 10.7%[132]. Financial Position - The total assets as of September 30, 2020, amounted to HKD 20,636,894,000, up from HKD 19,915,647,000 as of March 31, 2020, reflecting an increase of 3.6%[125]. - The total liabilities as of September 30, 2020, were HKD 8,867,681,000, compared to HKD 8,308,514,000 as of March 31, 2020, showing an increase of 6.7%[125]. - The total equity attributable to shareholders increased to approximately HKD 7,886 million as of September 30, 2020, from HKD 7,722 million as of March 31, 2020, mainly due to retained earnings and asset appreciation[78]. - The company's total equity as of September 30, 2020, was HKD 11,769,213,000, reflecting a slight increase from HKD 11,524,301,000[98]. Debt and Financing - The total interest-bearing debt of the group as of September 30, 2020, was approximately HKD 6,472,000,000, a decrease from HKD 6,556,000,000 as of March 31, 2020[77]. - Approximately 47% of the total debt is classified as current liabilities, an increase from 39% as of March 31, 2020[77]. - A loan agreement for HKD 1,500,000,000 was established for refinancing existing loans and general corporate funding needs[57]. - The company’s bank loans increased to HKD 269,884,000 during the financing activities, compared to HKD 71,713,000 in the previous year[104]. Market Conditions - The GDP growth rate in mainland China for Q2 2020 was 3.2%, indicating a rapid economic recovery post-pandemic[40]. - Hong Kong's GDP fell by 3.5% year-on-year in Q3 2020, with the unemployment rate rising to 6.4% in September 2020[41]. - The company remains cautiously optimistic about the property market in mainland China due to strong housing demand despite a soft rental market[40]. - The local residential property market in Hong Kong remains stable, supported by low interest rates and strong end-user demand[41]. Corporate Governance - The company has adopted the standard code of conduct for securities transactions as per the listing rules, confirming compliance for the six months ended September 30, 2020[70]. - The audit committee has been established and has held regular meetings to review and monitor the group's financial reporting procedures[75]. - The company has not established a nomination committee, with the board responsible for considering suitable candidates for directorship[74]. - The company plans to ensure that each director, except for the executive chairman or managing director, will rotate at least once every three years to comply with corporate governance codes[72]. Operational Challenges - The ongoing impact of the COVID-19 pandemic continues to disrupt business activities, with various government measures adversely affecting business models[40]. - The company acknowledges the need to provide temporary rent concessions to existing tenants due to delayed expansion or relocation plans[40]. - The company anticipates that the stagnant market conditions may persist in the short term despite government stimulus measures[40]. - The company will remain vigilant and cautious while seizing investment opportunities when appropriate[44].

Financial Performance - The group's consolidated revenue for the year ended March 31, 2020, was HKD 639 million, down from HKD 1,478 million in 2019, representing a decrease of approximately 57%[24]. - Shareholders' attributable loss for the year was HKD 45 million, compared to a profit of HKD 781 million in 2019, indicating a significant decline in profitability[24]. - Basic loss per share was HKD 0.08, compared to earnings of HKD 1.42 per share in the previous year[24]. - The group's equity attributable to shareholders decreased to HKD 7,722 million from HKD 8,086 million in 2019, reflecting a decline of about 4.5%[24]. - The fair value loss on investment properties (net of deferred tax) was HKD 83 million, while in 2019, there was a fair value gain of HKD 481 million[24]. - The group recorded revenue of HKD 638 million for the fiscal year 2019/20, a decrease of 57.5% from HKD 1,478 million in the previous year[31]. - The group reported a net loss attributable to shareholders of HKD 36 million, compared to a net profit of HKD 1,159 million in the previous year[31]. - Revenue from the final phase of the Guangzhou Baocui Garden project was HKD 132 million, down from HKD 1,035 million in the previous year[32]. - The group recorded property sales revenue of RMB 1,497 million from the Qiaochengfang project, a decrease of 20.5% from RMB 1,884 million in the previous year[46]. - The total equity attributable to shareholders decreased to approximately HKD 7,722,000,000 from HKD 8,086,000,000 due to losses incurred during the year[148]. - The debt-to-equity ratio increased to 37% from 31% year-on-year, calculated based on net interest-bearing debt of approximately HKD 4,320,000,000[148]. Business Environment and Challenges - The COVID-19 pandemic has negatively impacted the group's property-related business and hotel operations, leading to rental concessions for tenants[25]. - The company anticipates continued pressure on the business environment in the near future but maintains a strong and stable overall financial and business position[25]. - The decline in equity was primarily due to the attributable loss and exchange differences arising from the depreciation of the Renminbi against the Hong Kong dollar[24]. - The company faced challenges due to ongoing US-China trade tensions, leading to a cautious pricing attitude from customers and a decline in profit margins[71]. - The 2019-2020 fiscal year was one of the most challenging periods in the company's history due to trade tensions, social unrest, and the spread of the pandemic, causing a sharp contraction in global economic activity[73]. - The Hong Kong economy faced significant impacts from the pandemic, with a sharp decline in economic activity, particularly in the retail, dining, and hotel sectors[74]. - The company acknowledges the ongoing uncertainty in the business environment and expects more challenges in the short term due to the pandemic's effects[74]. Occupancy and Property Management - The average occupancy rate of the Hong Kong Plaza was approximately 85%[34]. - The overall occupancy rate of the Han Guo City Commercial Center was approximately 30% as of March 31, 2020[41]. - The average occupancy rate of the serviced apartments in the commercial center remained stable at over 90%[41]. - The average occupancy rate of Chongqing Hanguo Center reached 94%[50]. - The average occupancy rate of the boutique hotel in Central (寶軒酒店) is approximately 85%, while the serviced apartments above have an average occupancy rate of about 83%[56]. - The average occupancy rate of the boutique hotel in Tsim Sha Tsui (寶軒酒店) is approximately 62%, with the remaining floors being leased for restaurant/commercial use[59]. - Property and parking management segment recorded revenue of HKD 31,900,000, a decrease from HKD 32,400,000 in the previous year due to the impact of social unrest and the COVID-19 pandemic[60]. Corporate Governance - The company has maintained high standards of corporate governance and continuously reviews and improves its governance practices[94]. - The board of directors held at least two meetings during the year to discuss business development, operational performance, and financial status[99]. - The chairman and the managing director roles are held by separate individuals, ensuring clear delineation of responsibilities[102]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[98]. - The company has a strong management team with over 27 years of experience in investment and real estate, led by the CEO of Hong Kong Fuzuan Group[86]. - The audit committee is chaired by an independent non-executive director with over 40 years of experience in accounting and financial management[87]. - The company has adopted a standard code for securities trading by directors, ensuring compliance with regulations[95]. - The board of directors is responsible for the overall strategic development of the group and monitors financial performance and internal controls[98]. - The company has established a remuneration committee consisting of two independent non-executive directors and one executive director[110]. - The audit committee's functions include reviewing financial reports and monitoring internal controls and risk management systems[114]. Future Plans and Strategies - The company plans to distribute a final dividend of HKD 0.05 per share for the year ended March 31, 2020, unchanged from the previous year[160]. - The group plans to pre-sell residential units in the Beijing South Road project during the fiscal year 2021/22[35]. - The group aims to enhance its market presence in Guangzhou with the development of a comprehensive project along Beijing Road[35]. - The company plans to diversify its product offerings, including the introduction of the "Yahoran" brand disinfectant products to enhance profitability[71]. - The company will closely monitor market conditions and adjust its market strategies accordingly[25]. Debt and Financial Management - As of March 31, 2020, the total interest-bearing debt was approximately HKD 6,556,000,000, an increase from HKD 5,792,000,000 in the previous year[146]. - The total cash and bank balances amounted to approximately HKD 2,236,000,000, compared to HKD 2,092,000,000 in the previous year[146]. - The group has committed but undrawn bank credit facilities totaling approximately HKD 1,972,000,000 available for operational funding[146]. - The company secured a HKD 1,000,000,000 loan agreement for a term of 48 months to refinance an outstanding balance of HKD 290,000,000 and for general working capital needs[199]. - The loan agreements stipulate that any breach related to the management control or ownership percentage by the chairman or family members could trigger a default[199][200]. - If a breach occurs, lenders may terminate the loan and declare all outstanding amounts and accrued interest immediately due[200]. - The company must maintain at least a 30% effective equity stake in Han Guo to avoid default under the loan agreement[200].