Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of 309,877,000 HKD, a slight decrease of approximately 0.2% compared to 310,348,000 HKD in the previous year[1] - The gross profit for the same period was 222,155,000 HKD, compared to 219,279,000 HKD in the previous year, indicating a year-over-year increase of about 0.9%[1] - The company recorded a net loss of 1,551,556,000 HKD for the fiscal year, which is a significant increase from the net loss of 1,114,310,000 HKD in the previous year[1] - The basic loss per share for the fiscal year was 1.60 HKD, compared to 1.17 HKD in the previous year, reflecting a deterioration in earnings[10] - The group reported a net asset value of 8,032,417,000 as of March 31, 2023, compared to 9,698,531,000 in the previous year, reflecting a decrease of approximately 17.2%[87] - The group had a total asset value of 10,006,083,000, down from 8,348,399,000, indicating a decline of about 20%[87] - The group’s total equity decreased from 9,698,531,000 to 8,032,417,000, representing a decline of about 17.2%[87] - The group’s loss attributable to equity shareholders for the fiscal year ended March 31, 2023, was HKD 759.3 million, compared to a loss of HKD 554 million in the previous fiscal year[100] Rental Income and Occupancy - Rental income from the International Plaza was approximately 296,900,000 HKD, down about 1.1% from the previous fiscal year[13] - The occupancy rate of the International Plaza improved to 77.2% as of March 31, 2023, compared to 73.5% in the previous year[13] - The group continues to generate rental income from investment properties, including four floors at the Lai Chi Kok Fortune Industrial Centre and one floor at a commercial building in Guangzhou, China[75] - Management maintains a cautiously optimistic outlook for the retail market in Hong Kong, anticipating stable rental income from international markets in the next fiscal year[102] Dividends - The company declared an interim dividend of HKD 0.04 per share for the current year, down from HKD 0.08 per share in the previous year, and proposed a final dividend of HKD 0.09 per share[37] - The total dividends for the current year will amount to HKD 0.13 per share, compared to HKD 0.16 per share in the previous year[37] Financial Position and Liabilities - The company utilized bank credit facilities amounting to 200,000,000 HKD, maintaining a capital debt ratio of 2.5% compared to 2.1% in the previous year[15] - The group’s total liabilities decreased from 186,105,000 to 144,904,000, indicating a reduction of about 22%[87] - The group’s non-controlling interests decreased from 4,659,124,000 to 3,809,323,000, reflecting a decline of approximately 18.2%[87] - The group’s cash and cash equivalents were reported at 492,922,000, compared to 511,641,000 in the previous year, showing a decrease of approximately 3.5%[87] Management and Governance - The company has not disclosed the remuneration details of senior management in the annual report, believing that such disclosure may not benefit corporate governance[21] - The company has not made any arrangements for insurance against potential legal actions faced by its directors, considering the associated risks acceptable[43] - The company’s auditor has issued a report on the financial statements for the two years without any reservations[28] - The company has adopted the "Standard Rules" for directors trading in the company's securities and confirmed compliance as of March 31, 2023[22] - The group has appointed a new chairman and CEO following the previous chairman's passing, ensuring compliance with internal governance standards[81] Accounting and Standards - The company has not implemented any new accounting standards or interpretations during the current reporting period[3] - The company’s financial statements are prepared in accordance with Hong Kong Accounting Standards, with a focus on property investment as its main business[29] Financing Costs - The group’s financing costs included bank loan interest of 5,727,000 and other borrowing costs of 250,000, with total financing costs increasing from 1,928,000 to 5,727,000[92] Employee Information - The group employed 36 staff members as of March 31, 2023, down from 39 in the previous year, with related expenses amounting to approximately HKD 31,400,000[76] Receivables - As of March 31, 2023, total overdue receivables amounted to HKD 26.9 million, a decrease of 24% from HKD 35.5 million in the previous year[97] - The total accounts receivable (net of credit loss provisions) was HKD 136.6 million, down from HKD 143.6 million year-on-year[97] Investment Properties - For the fiscal year ending March 31, 2023, the net valuation loss of investment properties amounted to HKD 1,707,700,000, compared to a net valuation loss of HKD 1,264,700,000 in the previous fiscal year[38] - For the fiscal year ending March 31, 2023, the group's operating profit before changes in investment property valuation was HKD 191,400,000, an increase of approximately 4.7% compared to the previous fiscal year[74] Customer Base - Revenue from a single customer exceeded 10% of total income, amounting to approximately 38,133,000, compared to 38,733,000 and 37,622,000 from two customers in the previous year[90] - The group maintained a diversified customer base, with no significant reliance on any single customer beyond the one mentioned[90] Taxation - The Hong Kong profits tax is calculated at a rate of 16.5%, with a lower rate of 8.25% applicable to the first HKD 2 million of assessable profits for qualifying companies[94]

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 158,273,000, a decrease of 3.7% compared to HKD 164,209,000 for the same period in 2021[6] - Gross profit for the same period was HKD 113,885,000, down from HKD 118,589,000, reflecting a decline of 4.0%[6] - The net loss for the period was HKD 1,118,536,000, compared to a net loss of HKD 490,068,000 in the previous year, indicating a significant increase in losses[6] - Basic and diluted loss per share was HKD 1.17, compared to HKD 0.51 for the same period last year[6] - Cash generated from operating activities was HKD 79,369,000, a decrease of 31.9% from HKD 116,407,000 in the previous year[12] - The company reported a significant impairment loss on investment properties amounting to HKD 1,195,123,000, compared to HKD 574,098,000 in the previous year[6] - The company declared an interim dividend of 0.04 HKD per share, totaling 18,989,000 HKD, a decrease from 37,979,000 HKD in the previous year[27] - Basic loss per share was reported at 1.17 HKD, with a total loss attributable to equity shareholders of 556,874,000 HKD for the six months ended September 30, 2022[30] - The total tax expense for the six months ended September 30, 2022, was 15,381,000 HKD, compared to 16,555,000 HKD in the previous year[26] Assets and Equity - Total assets decreased to HKD 8,504,222,000 from HKD 9,698,531,000, reflecting a decline of 12.3%[8] - The company’s total equity decreased to HKD 8,504,222,000 from HKD 9,698,531,000, a decline of 12.3%[8] - The total equity attributable to shareholders as of September 30, 2022, was HKD 8,504.2 million, down from HKD 9,698.5 million as of March 31, 2022[41] Cash and Financing - The net cash and cash equivalents at the end of the period were HKD 569,132,000, an increase from HKD 558,701,000 in the previous year[12] - Financing costs increased to 1,787,000 HKD for the six months ended September 30, 2022, compared to 1,038,000 HKD in the previous year[23] - Interest income rose significantly to 3,240,000 HKD for the six months ended September 30, 2022, up from 1,795,000 HKD in the previous year[24] - As of September 30, 2022, the group had cash and cash equivalents totaling HKD 569.1 million, an increase from HKD 492.9 million as of March 31, 2022[35] - The outstanding bank loans as of September 30, 2022, were HKD 200 million, unchanged from March 31, 2022[41] Operational Performance - For the six months ended September 30, 2022, the group's operating profit before investment property valuation changes was HKD 93.8 million, a decrease of approximately 7.7% compared to the same period last year[40] - The net valuation loss of investment properties for the six months ended September 30, 2022, was HKD 1,195.1 million, compared to a valuation loss of HKD 574.1 million in the same period last year[40] - Rental income from the International Plaza for the six months ended September 30, 2022, was approximately HKD 152.1 million, a decrease of about 4.8% compared to the same period last year[40] - The occupancy rate of the International Plaza as of September 30, 2022, was approximately 77.3%, compared to 76.2% as of September 30, 2021[40] - The rental income from the International Plaza is expected to continue facing negative impacts in the second half of the year due to tightening financial conditions in the Hong Kong rental market[44] - The group’s operational performance is anticipated to be negatively affected in the upcoming half-year[44] Shareholder Information - As of September 30, 2022, the major shareholder, Tiande Limited, holds 237,370,032 shares, representing 50.001% of the voting shares[52] - The total beneficial interest of Zhong Qionglin is 46,139,164 shares, accounting for 9.72% of the total voting shares[52] - Zhong Jiongfei holds 27,864,420 shares, which is 5.87% of the total voting shares[52] Corporate Governance - The company did not repurchase, sell, or redeem any of its listed securities during the six months ending September 30, 2022[55] - The board remuneration at the company level remained unchanged compared to the same period last year[56] - The company has complied with the Corporate Governance Code, except for the lack of insurance arrangements for directors facing legal actions, which the board believes poses a low risk[57] - The roles of Chairman and CEO are held by the same individual, which the board believes does not negatively impact the company and allows for efficient decision-making[57] - The company has not established an internal audit function, but the board reviews the necessity of this function annually, concluding that current risk management is sufficient[60] - The company did not disclose the remuneration details of senior management by pay grade in the annual report, believing it would not negatively impact the company[62] - The Chairman was unable to attend the annual general meeting due to health reasons, and the Vice Chairman presided over the meeting to ensure smooth proceedings[62] - The company confirmed compliance with the standard code of conduct for securities trading for all directors during the six months ending September 30, 2022[64] - Following the passing of the nomination committee chairman on October 11, 2022, the company is in the process of appointing a new chairman within three months to comply with listing rules[65] Accounting and Reporting - The company did not adopt any new accounting standards or interpretations that have not yet come into effect during the current accounting period[18] - The interim financial report includes the consolidated financial position as of September 30, 2022, and the consolidated income statement for the six-month period[68] - The review of the interim financial report did not reveal any issues that would suggest non-compliance with the relevant accounting standards[70]

Financial Performance - The Group recorded an operating profit before valuation changes in investment properties of HK$182.8 million for the year ended 31 March 2022, down from HK$323.0 million in 2021, representing a decrease of 43.5%[6] - The loss attributable to equity shareholders was HK$554.0 million, an improvement from a loss of HK$777.6 million in 2021, indicating a reduction of 28.8%[6] - Net valuation losses on investment properties amounted to HK$1,264.7 million, compared to HK$1,809.2 million in 2021, reflecting a decrease of 30.0%[6] - The total dividend for the year is proposed at HK$0.16 per share, down from HK$0.18 per share in 2021, marking an 11.1% reduction[10] - The interim dividend paid during the year was HK$0.08 per share, consistent with the previous year's interim dividend[10] Corporate Governance - The Company complied with all applicable code provisions of the Corporate Governance Code during the financial year ended 31 March 2022, with some deviations disclosed[14] - The roles of Chairman and Chief Executive are held by Mr. Cheong Hooi Hong, with day-to-day management shared among Executive Directors to avoid concentration of power[16] - The Company does not have an internal audit function, but the Board believes that existing risk management and internal control systems are sufficient given the Group's size and operational complexity[21] - The Board will review the need for an internal audit function annually, considering the cost-effectiveness of establishing one[22] - The Board of Directors is accountable to shareholders for the Group's performance and oversees financial and management performance, corporate governance, and risk management[29] Board Structure and Meetings - All Directors had full attendance at board meetings (total: six) during the financial year ended 31 March 2022[38] - The Company organized in-house training courses for Directors on corporate governance and strategic direction, with all related expenses covered by the Company[39] - The Board has established three committees: remuneration committee, nomination committee, and audit committee to enhance operational efficiency[32] - The company held six board meetings during the financial year ended March 31, 2022, with four being regular meetings[47] - The total number of meetings held by the audit committee was four during the financial year[47] Remuneration and Compensation - Senior management remuneration details are not disclosed by band in the annual report to avoid undue comparisons and protect sensitive information[25] - The remuneration committee aims to retain suitable caliber directors and senior management by offering competitive remuneration[64] - The remuneration committee reviews and approves management's remuneration proposals[66] - The Group's remuneration policy considers factors such as comparable company remuneration, Group results, workload, responsibility, and time commitment when setting remuneration packages[70] - The Group does not have any long-term incentive scheme aside from the retirement scheme mentioned in the financial statements[71] Nomination and Board Diversity - The nomination committee was established to ensure a balance of skills, experience, and diversity on the Board, reviewing the nomination policy and Board diversity policy[78] - The Company has achieved its objective of having at least one female Director by 31 December 2024, contributing to gender diversity at the Board level[88] - The Board diversity policy includes assessing the required mix and adequacy of the current Board composition, with measurable objectives for implementation[88] - The Company emphasizes that Board appointments are based on merit and contributions rather than focusing solely on gender diversity[88] - The nomination committee assesses the independence of INEDs and identifies suitably qualified individuals for Board membership[80] Risk Management - The audit committee has been established to assist the Board in overseeing financial reporting, internal control, and risk management systems[94] - The effectiveness of the Group's risk management and internal control systems was evaluated, with recommendations made to the Board based on the assessment of identified risks[99] - The Group faces various principal risks, which are assessed based on their severity level, impact, and likelihood[123] - The Group's risk management culture is integrated into daily operations, with all departments involved in identifying operational risks[111] - Each department head is required to establish risk factors, assess their impact and likelihood, and develop mitigation strategies, maintaining a risk register updated regularly[113] Sustainability and Environmental Responsibility - The Company recognizes the importance of non-financial performance and integrates socially responsible practices into daily operations[174] - The Group has adopted an environmental policy focusing on compliance with legislation, carbon emission reduction targets, and eco-friendly practices[184] - iSQUARE participated in "Earth Hour 2022" to enhance environmental awareness among staff[188] - The Group has set long-term carbon emission reduction targets as part of its environmental strategy[184] - The Group continues to prioritize sustainability and energy efficiency in its operations[199] Shareholder Engagement - The Company has adopted a shareholders' communication policy to enhance accountability and promote transparency[139] - The Company holds an Annual General Meeting (AGM) every year, typically in September[155] - Shareholders can request to circulate a resolution for an AGM if they represent at least 2.5% of the total voting rights or at least 50 shareholders[155] - The Company provides various channels for shareholders to make inquiries to the Board[145] - The Company encourages shareholders to participate in the AGM either in person or by appointing a representative[144]

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 164,209,000, a decrease of 33.8% compared to HKD 248,012,000 for the same period in 2020[4] - Gross profit for the same period was HKD 118,589,000, down 38.4% from HKD 192,471,000 in 2020[4] - The operating loss after the valuation changes of investment properties was HKD 472,475,000, an improvement from a loss of HKD 603,217,000 in the previous year[4] - The net loss attributable to equity shareholders for the period was HKD 244,431,000, compared to HKD 315,770,000 in the same period last year, reflecting a reduction of 22.6%[4] - Basic and diluted loss per share for the period was HKD 0.51, an improvement from HKD 0.67 in the previous year[4] - For the six months ended September 30, 2021, the company reported a pre-tax loss of HKD 244,431,000, compared to a pre-tax loss of HKD 315,770,000 for the same period in 2020[35] - The net other income for the six months ended September 30, 2021, was HKD 576,000, a decrease from HKD 1,488,000 in the same period of 2020[18] - Financing costs for the six months ended September 30, 2021, totaled HKD 1,038,000, compared to HKD 1,818,000 in the previous year[27] - The company reported a net interest income of HKD 1,795,000 for the six months ended September 30, 2021, compared to HKD 4,683,000 in the same period of 2020[24] - The operating profit before investment property valuation changes for the half-year ended September 30, 2021, was HKD 101,600,000, down about 44.4% year-on-year, primarily due to rental concessions granted to tenants[45] Cash Flow and Assets - Cash and cash equivalents as of September 30, 2021, amounted to HKD 558,701,000, compared to HKD 571,023,000 at the end of the previous period[11] - The net cash generated from operating activities was HKD 116,325,000, an increase from HKD 97,807,000 in the same period last year[11] - Total assets less current liabilities were HKD 10,698,266,000, down from HKD 11,056,322,000 at the end of the previous period[6] - The total accounts receivable, net of credit loss provisions, was HKD 157,419,000 as of September 30, 2021, down from HKD 183,618,000 as of March 31, 2021[38] - Cash and cash equivalents amounted to HKD 558,701,000 as of September 30, 2021, compared to HKD 430,918,000 as of March 31, 2021, reflecting an increase of approximately 29.6%[40] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.08 per share for the current period, down from HKD 0.10 per share in the previous year[32] - The major shareholder, Tiande Limited, holds 237,370,032 shares, representing 50.001% of the total voting shares[58] - The total beneficial interest of the directors and senior management in the company includes 4,625,792 shares (0.97%) held by Zhong Huihuang and 46,139,164 shares (9.72%) held by Zhong Qionglin[53] - The total beneficial interest of Zhong Qionglin and Lin Yuxun is the same, with both holding 46,139,164 shares collectively[58] Operational Performance - Rental income for the International Plaza was approximately HKD 159,700,000 for the half-year ended September 30, 2021, representing a decline of about 34.1% compared to the previous year[46] - The occupancy rate of the International Plaza as of September 30, 2021, was approximately 76.2%, down from 82.8% on September 30, 2020[46] - Management anticipates that the positive impacts from recent favorable factors in the local retail market will be short-term, with ongoing negative effects on rental income and operational performance expected in the second half of the year[52] - The company’s operational performance is expected to continue facing challenges, despite improvements in local employment and the introduction of a consumption voucher scheme[52] Employee and Administrative Expenses - The company reported a decrease in administrative expenses to HKD 19,349,000 from HKD 16,641,000 in the previous year[4] - As of September 30, 2021, the group employed 38 staff members, a decrease from 39 staff members on the same date in 2020, with related expenses amounting to approximately HKD 13,800,000, up from HKD 11,100,000 in the previous year[51] - The increase in employee-related expenses was primarily due to the absence of wage subsidies from the Hong Kong government's "Employment Support Scheme" in the previous year[51] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code during the six months ending September 30, 2021, except for certain disclosures[63] - The board believes that the risk of legal action against directors is low due to existing risk management and internal control systems[63] - The company currently does not have an internal audit function, but the board will review the necessity of establishing one annually[67] - The board has established a monitoring environment to enhance risk management and internal control effectiveness, including biannual risk assessments[67] - The company has not disclosed the remuneration details of senior management by pay grade in the annual report, believing it would not negatively impact the company[67] - All directors confirmed compliance with the standard code of conduct for securities trading during the six months ending September 30, 2021[69] - The company secretary reports directly to the vice-chairman instead of the chairman/CEO, which the board believes is appropriate for the company's situation[68] - The board consists of three independent non-executive directors with diverse expertise, ensuring a balance of power[63] - The company has established a compensation committee to determine senior management remuneration based on the company's compensation policy[67] - The board believes that the current company structure allows for swift and efficient decision-making[63] Accounting and Reporting - The interim financial report as of September 30, 2021, was prepared in accordance with Hong Kong Accounting Standards (HKAS) 34[74] - No significant issues were identified during the review that would indicate the financial report was not prepared in accordance with HKAS 34[74] - The review was conducted based on the Hong Kong Institute of Certified Public Accountants' standards, focusing on inquiries and analytical procedures[73] Investment Properties - As of September 30, 2021, the group's investment property valuation loss was HKD 574,100,000, compared to HKD 786,000,000 in the same period last year, indicating a decrease of approximately 26.9%[45] - The company has not disclosed any new product developments or market expansion strategies in this report[4] - The company did not have any customers contributing over 10% of revenue for the six months ended September 30, 2020, indicating a diversified customer base[22] - Depreciation expenses for the six months ended September 30, 2021, were HKD 2,134,000, slightly down from HKD 2,158,000 in the previous year[28]

Financial Performance - The Group recorded an operating profit before valuation changes in investment properties of HK$323.0 million for the year ended March 31, 2021, down from HK$482.0 million in 2020[7]. - The loss attributable to equity shareholders was HK$777.6 million, compared to a loss of HK$460.1 million in 2020, primarily due to valuation losses on investment properties of HK$1,809.2 million[7]. - The valuation losses on investment properties increased from HK$1,314.1 million in 2020 to HK$1,809.2 million in 2021[7]. - The total distribution for the year will be HK$0.18 per share, compared to HK$0.31 per share in 2020[8]. Corporate Governance - The Company complied with all applicable provisions of the Corporate Governance Code during the financial year ended 31 March 2021, except for certain disclosed deviations[18]. - The roles of Chairman and Chief Executive are held by the same individual, Mr. Cheong Hooi Hong, with day-to-day management shared among Executive Directors to avoid concentration of power[20]. - The Company does not disclose senior management remuneration details by band in the annual report, considering that such disclosure may lead to undue comparisons among staff and provide sensitive information to competitors[20]. - The Board reviewed the need for an internal audit function in March 2021 and determined that there was no immediate need due to the Group's simple operating structure and effective management oversight[22]. Risk Management - The Company conducts group-wide risk assessment exercises biannually to enhance risk management and internal control systems despite the absence of an internal audit function[22]. - The Board is responsible for the Group's risk management and internal control systems, ensuring they are maintained effectively[85]. - The Group conducts a half-yearly risk assessment exercise, with the last one completed for the financial year ended March 31, 2021[91]. - The management provides annual confirmation to the Board regarding the effectiveness of risk management and internal control systems[100]. Environmental Initiatives - The Group reviewed and revised its environmental policy during the reporting year, focusing on compliance with applicable legislation and setting long-term carbon emission reduction targets[155]. - The total amount of purchased electricity decreased to 9,352.44 MWh in the year ended March 31, 2021, down from 12,133.39 MWh in 2020, representing a reduction of approximately 22.9%[163]. - The Group's environmental initiatives include reducing waste and reusing and recycling materials[155]. - The Group encourages tenants to adopt environmentally friendly practices and provides guidance through iSQUARE publications[159]. Employee Management - The company has a total of 34 full-time employees based in Hong Kong, an increase from 32 in 2020[198]. - The turnover rate for the company is 0%, a significant decrease from 9.38% in 2020[199]. - The company emphasizes ethical and responsible business practices through a general code of conduct applicable to all employees[188]. - Performance appraisals are conducted annually, serving as the basis for salary adjustments, discretionary bonuses, and promotions[188]. Shareholder Engagement - The Company holds its Annual General Meeting (AGM) every year, typically in September[130]. - The AGM provides a platform for shareholders to communicate directly with the Board and ask questions[130]. - The Company encourages shareholder participation and provides various channels for inquiries[130]. - Shareholders representing at least 2.5% of total voting rights or 50 shareholders can request to circulate a resolution for the AGM[132]. Remuneration Policies - The remuneration committee comprises three independent non-executive directors, focusing on competitive remuneration to retain suitable directors and senior management[54]. - The remuneration committee reviews and approves management's remuneration proposals and compensation arrangements for executive directors and senior management[54]. - The remuneration of individual executive directors is determined annually by the remuneration committee based on various factors, including market conditions and the group's results[56]. - The company considers market conditions, individual performance, and job responsibilities when determining remuneration for senior management and employees[58]. Property Management - iSQUARE, a key property, offers 56,000 square meters of space, including a shopping podium and five grand cineplexes[16]. - iSQUARE has faced downward pressure on rental levels and occupancy rates due to increased retail supply in Tsim Sha Tsui and the impact of COVID-19 on tourism and retail sectors[106]. - The company has implemented short-term relief measures for tenants to alleviate business pressures and maintain sustainable partnerships[111]. - The Group aims to build a more diversified tenant mix to maintain a sustainable tenant portfolio[123].

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 248,012 thousand, a decrease of 18.9% from HKD 305,669 thousand in the same period of 2019[6] - Gross profit for the same period was HKD 192,471 thousand, down 26.0% from HKD 259,644 thousand year-on-year[6] - The operating loss after the valuation change of investment properties was HKD 603,217 thousand, compared to a loss of HKD 329,343 thousand in the previous year, reflecting a significant increase in losses[6] - The net loss attributable to equity shareholders for the period was HKD 315,770 thousand, compared to HKD 186,853 thousand in the same period last year, representing a 69.0% increase in losses[6] - Basic and diluted loss per share for the period was HKD 0.67, compared to HKD 0.39 in the previous year, indicating a worsening financial performance[6] - The company reported a pre-tax loss of HKD 315.77 million for the six months ended September 30, 2020, compared to a loss of HKD 186.85 million in the same period of 2019[38] Cash Flow and Assets - Cash and cash equivalents as of September 30, 2020, increased to HKD 571,023 thousand from HKD 480,298 thousand at the end of March 2020, showing a positive cash flow trend[13] - The company reported a net cash inflow from operating activities of HKD 97,807 thousand, down from HKD 212,208 thousand in the previous year, reflecting operational challenges[13] - Total assets decreased to HKD 12,251,215 thousand from HKD 12,973,453 thousand, indicating a reduction in the company's asset base[8] - The company’s total equity as of September 30, 2020, was HKD 11,956,099 thousand, down from HKD 12,682,363 thousand, indicating a decline in shareholder value[8] Investment and Property Valuation - Investment property valuation loss was HKD 786,031 thousand, compared to a loss of HKD 575,538 thousand in the previous year, highlighting ongoing challenges in the property market[6] - For the six months ended September 30, 2020, the group's operating profit before investment property valuation changes was HKD 182.8 million, a decrease of approximately 25.7% compared to the same period last year[48] - The investment property valuation loss for the same period was HKD 786 million, compared to a valuation loss of HKD 575.5 million in the previous year[48] - Rental income from the International Plaza for the six months ended September 30, 2020, was approximately HKD 242.4 million, a decrease of about 18.6% year-on-year[48] - The occupancy rate of the International Plaza as of September 30, 2020, was approximately 82.8%, down from 92.6% on September 30, 2019[48] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.10 per share, down from HKD 0.21 per share in 2019[35] - The major shareholder, Tiande Limited, holds 237,370,032 shares, representing 50.001% of the total voting shares as of September 30, 2020[59] - The interim dividend declared is HKD 0.10 per share, down from HKD 0.21 per share in the previous year[47] Operational Challenges and COVID-19 Impact - The group provided various levels of rent concessions to most tenants due to the impact of the COVID-19 pandemic, negatively affecting cash flow[48] - The management anticipates continued negative impacts on rental income and operational performance for the second half of the year due to the ongoing adverse effects of the COVID-19 pandemic on the Hong Kong rental market[53] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code during the six months ending September 30, 2020, except for certain disclosures[63] - The board believes that the risk of legal action against directors is low due to existing risk management and internal control systems[63] - The company currently does not have an internal audit function, but the board will review the necessity of establishing one annually[67] - The company has established a monitoring environment to enhance risk management and internal control effectiveness, including biannual risk assessments[67] - All directors confirmed compliance with the standard code of conduct for securities trading during the six months ending September 30, 2020[69] Employment and Expenses - As of September 30, 2020, the group employed 39 staff, an increase from 37 staff on September 30, 2019, with related expenses amounting to approximately HKD 11,100,000, down from HKD 12,100,000 in the previous year[52] Financial Reporting - The interim financial report as of September 30, 2020, was prepared in accordance with Hong Kong Accounting Standards, specifically HKAS 34[74] - No significant issues were identified during the review that would lead to a belief that the interim financial report was not prepared in all material respects[74] - The review was conducted based on the guidelines set forth by the Hong Kong Institute of Certified Public Accountants[73]

Financial Performance - The Group recorded an operating profit before valuation changes in investment properties of HK$482.0 million for the year ended 31 March 2020, compared to HK$504.4 million in 2019, representing a decrease of 4.4%[6]. - The loss attributable to equity shareholders was HK$460.1 million for the year, a significant decline from a profit of HK$73.7 million in 2019, indicating a shift of over 700%[6]. - Net valuation losses on investment properties amounted to HK$1,314.1 million, compared to HK$270.5 million in 2019, reflecting an increase of 386.3%[6]. - The Board recommended a final dividend of HK$0.10 per share for the year, down from HK$0.22 per share in 2019, resulting in a total distribution of HK$0.31 per share compared to HK$0.44 per share in the previous year[6]. - The Group's cash flows were not affected by the valuation losses, indicating a stable operational cash position despite accounting losses[6]. Corporate Governance - The Company is committed to maintaining high standards of corporate governance, having reviewed and formalized its practices and policies[14]. - The Company complied with all applicable provisions of the Corporate Governance Code during the financial year ended 31 March 2020, with some deviations noted[16]. - The Board believes that the current risk management and internal control systems adequately manage the Directors' exposure to legal action risks[16]. - The Company does not have an internal audit function, but the Board reviewed the need for one in March 2020 and found no immediate necessity[24]. - All Independent Non-executive Directors had full attendance at the Company's meetings, achieving a 100% attendance rate[20]. - The Board comprises three Independent Non-executive Directors who provide a "check and balance" effect on management[18]. - The Company believes that the current governance structure allows for prompt and efficient decision-making[18]. - The Board of Directors is accountable to shareholders for the Group's performance and oversees financial and management performance, corporate governance, and risk management[33]. - The Board has established three committees: remuneration, nomination, and audit, to focus on specific areas of governance[33]. Risk Management - The Board is responsible for the Group's risk management and internal control systems, evaluating the nature and extent of risks it is willing to take[102]. - The Group faces daily risks and uncertainties, with the Board evaluating the severity and impact of these risks based on composite risk reports[121]. - The Group has established procedures for approval and control of operating expenditures, with capital expenditures requiring management approval prior to commitment[114]. - The management conducts a half-yearly risk assessment exercise, with findings reported to the audit committee[111]. - The Group's operations are primarily based in Hong Kong, making it vulnerable to adverse changes in the local political and economic climate, which have negatively impacted retail sales and consumer sentiment[133]. COVID-19 Impact - The outbreak of COVID-19 severely impacted the travel and tourism industries, leading to a drastic drop in visitor arrivals and negatively affecting retail sales in Hong Kong[130]. - The company faced significant downward pressure on rental levels and increased vacancies due to new retail supply and the rise of online shopping, exacerbated by social incidents and the COVID-19 pandemic[126]. - The board acknowledged the high uncertainty regarding the impact of COVID-19 on tenant business outlook and the potential increase in default risk[126]. - The company implemented short-term relief measures for tenants to alleviate business pressures and maintain sustainable partnerships[126]. - The risk management strategies included close monitoring of tenant financial performance and direct engagement to support their operations[126]. Environmental and Social Responsibility - The Corporate Social Responsibility Report reviews the Group's performance in environmental and social responsibilities for the financial year ended 31 March 2020[177]. - The Company engaged key stakeholders, including shareholders and employees, through discussions and questionnaires to understand their views on sustainability development[181]. - The Company complied with all applicable "comply or explain" provisions set out in the Environmental, Social and Governance Reporting Guide during the financial year[177]. - The Company recognizes the impact of its business conduct on the environment and society, striving for sustainable development[176]. - The Group's main contributor to carbon footprint is the indirect GHG emissions from electricity consumption, given its focus on property investment and service-oriented operations[195]. Shareholder Engagement - The Company encourages shareholder participation in annual general meetings, providing a platform for direct communication with the Board[145]. - Shareholders representing at least 2.5% of total voting rights can request to circulate a resolution at the AGM[154]. - The Company provides various communication channels for shareholders to make inquiries[150]. - The Company aims to ensure transparency and encourage participation among shareholders in governance matters[167]. - The Company adopted a dividend policy in November 2018 aimed at providing shareholders with a sustainable dividend stream, considering financial performance, working capital requirements, and future development plans[173].

Financial Performance - For the six months ended September 30, 2019, the total revenue was HKD 305,669,000, a decrease of 3.4% from HKD 315,352,000 in the same period of 2018[4] - The gross profit for the same period was HKD 259,644,000, down from HKD 270,850,000, reflecting a decrease of 4.1%[4] - The operating loss after the valuation changes of investment properties was HKD 329,343,000, compared to an operating profit of HKD 237,294,000 in the previous year[4] - The net loss attributable to equity shareholders for the period was HKD 186,853,000, compared to a profit of HKD 97,281,000 in the same period last year[4] - The basic and diluted loss per share for the period was HKD 0.39, compared to earnings of HKD 0.20 per share in the previous year[4] Assets and Liabilities - As of September 30, 2019, total non-current assets amounted to HKD 13,283,480,000, a decrease from HKD 13,859,790,000 as of March 31, 2019[6] - Current assets totaled HKD 13,346,835,000, down from HKD 13,925,053,000 as of March 31, 2019[6] - The total assets less current liabilities were HKD 13,713,574,000, compared to HKD 14,288,437,000 as of March 31, 2019[6] - The total equity attributable to equity shareholders was HKD 13,427,672,000, down from HKD 14,006,341,000 as of March 31, 2019[6] Cash Flow - Operating cash flow for the six months ended September 30, 2019, was HKD 231,234,000, a decrease of 12.3% from HKD 263,868,000 in 2018[11] - Net cash generated from operating activities was HKD 212,208,000, down 12.8% from HKD 243,328,000 in the previous year[11] - Total cash and cash equivalents as of September 30, 2019, amounted to HKD 782,809,000, compared to HKD 808,658,000 in 2018, reflecting a decrease of 3.2%[11] Income and Expenses - Interest income increased to HKD 6,475,000 from HKD 4,921,000, representing a growth of 31.6%[18] - Other income rose to HKD 7,115,000, up 43.5% from HKD 4,959,000 in the same period last year[18] - Financing costs increased to HKD 2,984,000, up 27% from HKD 2,351,000 in the previous year[28] Dividends - The interim dividend declared was HKD 0.21 per share, down from HKD 0.22 per share in 2018, totaling HKD 99,694,000 compared to HKD 104,441,000[33] - The company plans to pay the interim dividend on January 13, 2020, to members listed on December 18, 2019[45] Operational Insights - The company did not have any customers contributing over 10% of total revenue during the reporting period[23] - The group operates solely in the property leasing segment, with no significant changes in its operational structure[24] - The management anticipates that the rental income from the International Plaza and the group's operating performance will be negatively impacted due to ongoing social unrest in Hong Kong[49] Valuation and Investment - The company recognized a net valuation loss of HKD 575,538,000 on investment properties, significantly higher than the HKD 16,920,000 loss reported in the previous year[37] - The company invested HKD 1,616,000 in investment properties during the period, a notable increase from HKD 126,000 in the same period last year[37] Receivables and Commitments - The total receivables, deposits, and prepayments amounted to HKD 34,973,000 as of September 30, 2019, an increase from HKD 27,813,000 as of March 31, 2019[39] - The overdue receivables over three months increased to HKD 665,000 from HKD 12,000 in the previous period[39] - The company has capital commitments of HKD 720,000 as of September 30, 2019, down from HKD 1,440,000 as of March 31, 2019[43] Employee and Management Information - The number of employees as of September 30, 2019, was 37, with related expenses amounting to approximately HKD 12.1 million[48] - The director's remuneration decreased from HKD 58,000 to HKD 52,000 and from HKD 172,000 to HKD 153,000 compared to the same period last year[60] - The attendance rate of independent non-executive directors at company meetings during the period was 100%[64] Governance and Compliance - The company currently does not have an internal audit function, but it will review the necessity of establishing one annually[64] - The board believes that the existing risk management and internal control systems are sufficient without the need for an internal audit function[65] - The company has adopted the standard code of conduct for directors' trading of securities as per the listing rules, confirming compliance by all directors for the six months ending September 30, 2019[70] Reporting Standards - The mid-term financial report includes the consolidated financial position as of September 30, 2019, and the consolidated income statement for the six-month period ending on that date[73] - The review of the mid-term financial report was conducted in accordance with the Hong Kong Institute of Certified Public Accountants' standards, ensuring compliance with relevant regulations[74] - No significant issues were noted that would indicate the mid-term financial report was not prepared in accordance with the applicable accounting standards[75]

i Tian Teck Land Limited 天德地產有限公司 Stock Code 股份代號：266 e 本年報之中文譯本只供參考，如中英文本有任何差異，一概以英文本為準。 The translation into Chinese language of this annual report is for reference only. In case of any inconsistency, the English version shall prevail. 目錄 Contents | --- | --- | --- | |-------|-----------------------------|--------------------------------------------------------------------------| | | | | | 2 | 公司資料 | Corporate Information | | 3 | 主席報告 | Chairman's Statement | | 4 | 物業概覽 | Properties | | 5 | 企業管治報告 | Corpo ...