香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 太 興 置 業 有 限 公 司 TERN PROPERTIES COMPANY LIMITED （於香港註冊成立之有限公司） （股份代號：277） 全年業績 截至二零二三年三月三十一日止年度 綜合損益及其他全面收益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 港幣千元 港幣千元 營業額 3 51,876 57,128 物業支出 (2,258) (1,847) 毛利 49,618 55,281 投資物業公平值虧損 (79,607) (62,827) ...

Financial Performance - The company reported a revenue of HKD 25,669,000 for the six months ended September 30, 2022, a decrease of 16.5% compared to HKD 30,865,000 in the same period last year[4]. - The gross profit was HKD 24,730,000, down from HKD 30,224,000, reflecting a decline of 18.4% year-on-year[4]. - The company incurred a loss before tax of HKD 11,807,000, compared to a profit of HKD 6,816,000 in the previous year, indicating a significant shift in performance[4]. - The total comprehensive loss attributable to shareholders was HKD 57,965,000, compared to a loss of HKD 43,754,000 in the prior period, representing a 32.4% increase in losses[4]. - The basic and diluted loss per share was HKD 5.24 cents, compared to HKD 1.45 cents in the previous year, reflecting a substantial increase in loss per share[4]. - The company reported a loss of HKD 14,528,000 for the period, contributing to a total comprehensive loss of HKD 57,965,000[9]. - The company reported a loss attributable to shareholders of approximately HKD 14,528,000 for the six months ended September 30, 2022, compared to a profit of HKD 4,011,000 in the same period of 2021[5]. - The group recorded a fair value loss of HKD 5.7 million on listed equity securities, compared to a loss of HKD 3.8 million in the previous year[81]. - The fair value loss on debt instruments accounted for through other comprehensive income was HKD 39.3 million[82]. - The fair value loss on investment properties was primarily related to the group's property in Tsim Sha Tsui[101]. Assets and Liabilities - Non-current assets totaled HKD 2,597,661,000 as of September 30, 2022, a slight decrease from HKD 2,633,183,000 as of March 31, 2022[8]. - Current assets decreased to HKD 176,854,000 from HKD 203,210,000, indicating a decline of 12.9%[8]. - The total liabilities decreased to HKD 88,813,000 from HKD 90,359,000, showing a minor reduction in liabilities[8]. - The company's total equity as of September 30, 2022, was HKD 2,664,686,000, down from HKD 2,726,809,000, reflecting a decrease of 2.3%[8]. - The total assets as of September 30, 2022, amounted to HKD 2,774.515 million, with total liabilities of HKD 109.829 million[21]. - The net asset value was HKD 2,664.686 million as of September 30, 2022[21]. - The group’s bank borrowings as of September 30, 2022, totaled approximately HKD 48,688,000, a decrease from HKD 50,156,000 as of March 31, 2022[55]. - The total face value of bank borrowings due within one year was HKD 2,827,000 as of September 30, 2022, compared to HKD 3,006,000 as of March 31, 2022[55]. - The group held debt securities worth HKD 179.8 million as of September 30, 2022, a decrease of 2.8% compared to the previous fiscal year, and listed equity securities worth HKD 16.9 million, down 48.9%[102]. Cash Flow and Investments - Cash generated from operating activities was HKD 11,570,000, down from HKD 16,436,000 in the previous year[11]. - The net cash used in investing activities was HKD 16,479,000, compared to a net cash inflow of HKD 102,358,000 in the prior year[11]. - The cash and cash equivalents at the end of the period were HKD 144,418,000, down from HKD 183,471,000 at the end of the previous year[11]. - The company’s retained earnings as of September 30, 2022, were HKD 2,569,669,000, a decrease from HKD 2,585,583,000 as of April 1, 2022[9]. - The fair value of investment properties at the end of the period was HKD 2,139,428,000, down from HKD 2,226,650,000 at the beginning of the period, indicating a decrease of approximately 3.9%[5]. - The group received management fee income from associates amounting to HKD 1,412,000 for the six months ended September 30, 2022, compared to HKD 1,452,000 in the previous year[61]. Revenue and Rental Income - For the six months ended September 30, 2022, the total revenue from property investment was HKD 25.669 million, a decrease from HKD 30.865 million for the same period in 2021[21]. - The gross profit from property investment was HKD 24.730 million, with a fair value loss of HKD 24.130 million recorded[21]. - The operating loss for property investment was HKD 10.876 million, compared to an operating profit of HKD 10.307 million for the same period in 2021[21][24]. - Rental income for the six months ended September 30, 2022, was approximately HKD 25.7 million, down from HKD 30.9 million in the previous year[27]. - The largest tenant contributed approximately HKD 1.8 million in rental income, down from HKD 3.1 million in the previous year[27]. - The net rental income for the six months ended September 30, 2022, was HKD 24,730,000, down from HKD 30,224,000 in the previous year, indicating a decrease of about 18.5%[5]. - The rental income for the period was adjusted downward due to short-term relief measures provided to tenants, with an occupancy rate of 89.7%, slightly up from 89.5% in the previous comparable period[100]. Employee Costs and Dividends - For the six months ended September 30, 2022, the total employee costs amounted to HKD 12,364,000, an increase from HKD 11,292,000 in the same period of 2021, representing a growth of approximately 9.5%[5]. - The company paid dividends of HKD 4,158,000 during the period, a decrease from HKD 5,822,000 in the previous year[11]. - The interim dividend declared for the six months ended September 30, 2022, was HKD 0.5 cents per share, totaling approximately HKD 1,386,000, a decrease from HKD 3,327,000 (HKD 1.2 cents per share) in the same period of 2021, representing a decline of about 58.3%[5]. Corporate Governance and Compliance - The audit committee reviewed the accounting policies and practices of the group for the six months ending September 30, 2022[126]. - The company has complied with all applicable code provisions of the Corporate Governance Code during the six months ending September 30, 2022, except for the separation of roles of chairman and CEO[127]. - All directors confirmed compliance with the standards set out in the Model Code for Securities Transactions by Directors during the six months ending September 30, 2022[128]. Future Outlook and Strategic Plans - The company provided a future outlook with a revenue guidance of HKD 1.5 billion for the next quarter, representing a 25% increase[129]. - New product launches are expected to contribute an additional HKD 300 million in revenue over the next fiscal year[129]. - The company is investing HKD 100 million in R&D for new technologies aimed at enhancing user experience[129]. - Market expansion plans include entering two new regions, projected to increase market share by 10%[129]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of HKD 200 million allocated for potential deals[129]. - Operational efficiency improvements are expected to reduce costs by 5%, enhancing overall profitability[129]. - The company aims to increase its digital marketing budget by 30% to drive user engagement and sales[129]. - A new partnership with a leading tech firm is anticipated to enhance product capabilities and drive innovation[129].

Financial Performance - The company's revenue for the year 2022 was HKD 57.1 million, a decrease of 11.4% compared to the previous year[9]. - The loss attributable to shareholders for the year was HKD 55.1 million, significantly reduced from HKD 134.2 million in the previous year[17]. - The fair value loss of listed equity securities at year-end was HKD 3 million, compared to a gain of HKD 2.6 million in the previous year[20]. - The average book value of debt securities investments decreased, leading to a financial investment income of HKD 28.1 million, down from HKD 35 million in the previous year[19]. - The net asset value per share decreased to HKD 9.8 from HKD 10.4 in the previous year[17]. - The company recorded a basic loss per share of HKD 0.199, compared to HKD 0.484 in the previous year[17]. - The company's loss attributable to shareholders for the year was HKD 55.1 million, a decrease from HKD 134.2 million in the previous year, primarily due to a reduction in fair value losses on investment properties[23]. - The fair value loss on investment properties at year-end was HKD 62.8 million, down from HKD 182.9 million the previous year[23]. - As of March 31, 2022, the company's net current assets amounted to HKD 184 million, a decrease of HKD 20 million from HKD 204 million in the previous year[24]. - The total bank borrowings as of March 31, 2022, were HKD 550.7 million, down from HKD 744 million the previous year[25]. - The financial cost for the year was HKD 2.3 million, a decrease of 48.9% from HKD 4.5 million in the previous year[26]. - Shareholders' equity decreased to HKD 2,726.8 million from HKD 2,882.4 million in the previous year, with a net asset value per share of HKD 9.8[27]. - The company's investment properties were valued at HKD 2,163.8 million, a decrease of HKD 62.8 million from the previous year[33]. - The securities investment and financial products portfolio was HKD 217.9 million, down from HKD 487.2 million the previous year, including debt securities of HKD 184.9 million[35]. Corporate Governance - The company is led by a board of eight directors, including four executive directors and three independent non-executive directors, ensuring compliance with listing rules[52]. - The board held four meetings during the fiscal year ending March 31, 2022, to monitor management performance and set business strategies[52]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all applicable provisions during the reporting period[51]. - The chairman and the chief executive officer roles are held by the same individual, which deviates from the corporate governance code, but the board believes this structure ensures effective leadership[55]. - The company emphasizes high standards of corporate governance to enhance transparency and accountability to shareholders and creditors[51]. - The board includes members with diverse professional backgrounds, including accounting, engineering, and management, providing a robust governance framework[55]. - The company has a strong focus on risk management through effective internal control procedures[51]. - The board is committed to continuously reviewing and improving corporate governance policies to align with the latest developments[51]. - The company has established a remuneration committee and a nomination committee to oversee executive compensation and board appointments[48]. - The independent non-executive directors provide professional advice to the company when necessary, ensuring a balanced decision-making process[52]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience to enhance operational success and sustainable development[57]. - The board consists of a total of 10 members, with a breakdown of 6 non-executive directors and 4 independent non-executive directors[60]. - The audit committee held two meetings during the fiscal year ending March 31, 2022, reviewing the financial statements and internal control systems[67]. - The audit committee is responsible for monitoring the completeness of the company's financial reports and compliance with accounting standards and regulations[66]. - The company provides continuous professional development for all directors, covering corporate governance and regulatory updates[61]. - The board has not yet established measurable targets for the diversity policy but will continue to review its effectiveness[58]. - The company has appropriate insurance arrangements for its directors and officers against legal actions[62]. - The board is committed to reviewing its corporate governance policies and practices regularly[64]. - The audit committee is composed of three independent non-executive directors, ensuring independence and objectivity in financial oversight[65]. - The company emphasizes the importance of maintaining a diverse board to improve efficiency and achieve balanced development[59]. - The Remuneration Committee held two meetings during the fiscal year ending March 31, 2022, to review the company's remuneration policies and assess the performance of executive directors and senior management[69]. - The Nomination Committee also conducted two meetings in the fiscal year ending March 31, 2022, to review the board's structure, composition, and diversity, and to recommend the appointment of new executive directors[71]. - The company has adopted a nomination policy in 2018, which outlines the criteria for selecting suitable candidates for the board[74]. - The Nomination Committee evaluates candidates based on various factors, including reputation, diversity, and professional experience[76]. - The company ensures that no director can determine their own remuneration, maintaining governance standards[69]. - The Remuneration Committee is responsible for recommending remuneration packages for all directors and senior management to the board[69]. - The Nomination Committee assesses the independence of independent non-executive directors annually[72]. - The company has a structured process for nominating candidates, which includes inviting board members to propose candidates for consideration[79]. - The Nomination Committee can recommend candidates not nominated by board members, ensuring a broader selection process[79]. - The board retains final decision-making authority regarding the recommendation of candidates for election at the shareholders' meeting[82]. - The board of directors attended all meetings, with attendance rates of 100% for the board and annual general meeting[84]. - The auditor's fee for the year ended March 31, 2022, amounted to HKD 441,000, with no non-audit services provided during the year[96]. Risk Management - The company has established a risk management framework since 2017, including the formulation of risk management policies and procedures[91]. - The board believes that the internal control system is effective and sufficient, with no significant issues affecting financial performance identified during the year[90]. - The company has adopted a policy for timely and accurate disclosure of significant information, ensuring potential inside information is promptly assessed[95]. - The audit committee reviews the effectiveness of the risk management system annually, and the board is satisfied with its adequacy[94]. - The company maintains communication with shareholders through various channels, including annual reports and shareholder meetings[99]. - The company has a structured process for risk identification, assessment, and management, including regular workshops for senior management[92]. - The company emphasizes the importance of risk management as a key component of its business success, integrating it into all business activities and decision-making processes[118]. - The board is responsible for ensuring the company has the necessary resources to manage risks associated with both new and existing businesses[120]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to integrating more environmentally friendly technologies into its properties to achieve energy-saving and emission reduction goals[113]. - The company recognizes climate change as a primary issue, creating new responsibilities and opportunities for real estate investors[113]. - The company aims to enhance shareholder value through the highest levels of corporate governance and business integrity[114]. - The company has established an Environmental, Social, and Governance (ESG) Executive Committee to promote ESG practices across all assets since 2019[123]. - The company focuses on economic recovery by seeking opportunities in high-performing commercial real estate sectors[124]. - The company aims to attract more tenants by leveraging the sustainability of its property portfolio amid the COVID-19 pandemic[125]. - Compliance efforts include managing issues and collecting data to ensure responsible operations and adherence to regulations[126]. - The company has identified six main stakeholder categories, including tenants, employees, suppliers, investors, local communities, and regulatory bodies[129]. - Stakeholder engagement includes tenant satisfaction surveys and regular communication to align with their expectations and needs[131]. - The company is committed to providing quality spaces and sustainable solutions to enhance tenant attraction and satisfaction[131]. - The board will periodically provide recommendations on ESG strategies to ensure effective governance and oversight[121]. - The company conducted a materiality assessment on 13 environmental, social, and governance issues, identifying tenant health and financial performance as highly impactful topics[133]. - The company emphasizes maintaining high property utilization rates and creating ideal revenue sources, focusing on balancing investment risks[132]. Employee and Workplace Management - The company had 17 employees as of March 31, 2022, with total employee costs amounting to HKD 25.8 million, an increase from HKD 24.7 million the previous year[39]. - The workforce consists of 17 employees, with 65% being female and 35% male, reflecting the company's commitment to equal opportunity employment[173]. - The company adheres to all applicable laws and regulations regarding employment, with no significant violations reported during the reporting period[169]. - The company has implemented a robust internal control framework and anti-corruption policies, with no confirmed incidents of corruption or bribery reported[166]. - The company provides medical insurance for all employees, reflecting its commitment to employee health[189]. - The company encourages flexible working hours to avoid peak traffic times, enhancing employee well-being[186]. - The average training hours completed per employee is 16 hours, with 66.7% of management and 30% of non-management employees receiving training[193]. - The company achieved zero work-related deaths and no significant health and safety compliance issues during the reporting period[189]. - The company has implemented various health and safety measures, including daily temperature checks and air purifiers in the office[180][181]. - The company has a strict policy against child labor, ensuring all employees are at least 18 years old[194]. - The company provides performance bonuses based on employee performance to maintain competitive compensation packages[170]. - The company has established a qualified supplier list to ensure fair and transparent procurement processes[167]. - The company conducts biannual evaluations of supplier performance to ensure quality and compliance with procurement policies[167]. Property Management and Operations - The company did not acquire or sell any properties during the year[34]. - The group primarily engages in property investment and financial investment, with no production facilities[200]. - The group's office is located within one of its office properties[200]. - There are no significant emissions related to the group's business operations in Hong Kong[200]. - The group does not generate large amounts of hazardous waste[200]. - Main emissions from the group's self-used office include nitrogen oxides (NOx) and sulfur oxides (SOx) as well as greenhouse gases[200]. - The group also produces non-hazardous waste and wastewater[200]. - The company has established measures to prevent the spread of COVID-19, including temperature checks and mandatory mask-wearing for visitors[151]. - The company maintains high hygiene standards in properties, ensuring regular cleaning of frequently touched surfaces and public areas[155]. - The company engages with local communities before and during renovation projects to minimize disruptions and address concerns[150].

Financial Performance - The company's revenue for the six months ended September 30, 2021, was HKD 30,865,000, a decrease of 5.95% compared to HKD 32,824,000 for the same period in 2020[4] - Gross profit for the same period was HKD 30,224,000, down from HKD 31,953,000, reflecting a decline of 5.42%[4] - The company reported a profit attributable to shareholders of HKD 4,011,000, a significant recovery from a loss of HKD 59,223,000 in the previous year[4] - The total comprehensive loss attributable to shareholders was HKD 43,754,000, compared to a loss of HKD 7,303,000 in the prior year[4] - Basic and diluted earnings per share were HKD 0.0145, recovering from a loss of HKD 0.2136 per share in the previous year[4] - The net profit for the period was HKD 4,011, compared to a net loss of HKD 59,223 in the same period last year[9] - Total comprehensive income for the period was a loss of HKD 43,754, significantly improved from a loss of HKD 7,303 in the previous year[9] - The profit attributable to shareholders for the period was HKD 4.0 million, an increase due to a smaller decrease in the fair value of investment properties[77][78] - Earnings per share for the period were HKD 1.45, compared to a loss of HKD 21.36 per share in the previous year[80] Assets and Liabilities - Non-current assets, primarily investment properties, totaled HKD 2,217,420,000, slightly down from HKD 2,226,650,000 as of March 31, 2021[8] - Current assets increased to HKD 263,384,000 from HKD 244,535,000, indicating a growth of 7.87%[8] - Total assets less current liabilities amounted to HKD 3,016,366,000, down from HKD 3,149,758,000[8] - The company's total equity was HKD 2,832,778,000, a decrease from HKD 2,882,354,000 as of March 31, 2021[8] - As of September 30, 2021, total equity amounted to HKD 2,882,354, a decrease from HKD 2,963,500 as of April 1, 2021[9] - The total assets as of September 30, 2021, amounted to HKD 3,052,358,000, with total liabilities of HKD 219,580,000[21] - The company has bank borrowings totaling HKD 153,629,000 as of September 30, 2021, down from HKD 243,521,000 as of March 31, 2021[52][57] - The company's total bank borrowings as of September 30, 2021, were HKD 153.6 million, down from HKD 243.5 million as of March 31, 2021[81] Cash Flow - Cash generated from operating activities was HKD 16,436, down from HKD 19,383 in the previous year[11] - Net cash from investing activities was HKD 102,358, a decrease from HKD 180,906 in the same period last year[11] - The net cash used in financing activities was HKD 94,355, compared to HKD 65,704 in the previous year[11] - The cash and cash equivalents at the end of the period were HKD 183,471, an increase from HKD 156,702 at the end of the previous year[11] - The total cash outflow for leases was HKD 534,000, reflecting the company's leasing commitments[39] Dividends and Shareholder Information - Proposed dividends for the period amounted to HKD 3,327, down from HKD 7,485 in the previous year[9] - The company declared an interim dividend of HKD 0.012 per share, totaling approximately HKD 3,327,000, down from HKD 4,158,000 in the same period last year[33] - The total issued and fully paid ordinary shares remain at 277,232,883 shares with a value of HKD 229,386,000 as of September 30, 2021[53] - As of September 30, 2021, the total number of shares held by director Chen Haisou is 2,036,000, representing 73.82% of the issued share capital[101] - Major shareholder Chen Luoguoping holds 204,662,534 shares, also representing 73.82% of the issued share capital[109] Business Segments - The total revenue for the property investment segment was HKD 30,865,000, with property expenses of HKD (641,000), resulting in a gross profit of HKD 30,224,000[21] - The financial investment segment reported a loss of HKD (9,657,000) from realized financial assets and an unrealized loss of HKD (3,757,000) from financial assets measured at fair value[21] - The company continues to focus on property and securities investment as its main business activities[13] - The company generated rental income of approximately HKD 30.9 million, with the largest tenant contributing about HKD 3.1 million[26] - Employee costs, including director remuneration, totaled HKD 11,292,000 for the six months ending September 30, 2021[27] - The company reported a loss of HKD (72,200,000) for the property investment segment for the six months ending September 30, 2020[23] - The operating profit for the financial investment segment was HKD 1,906,000, with no significant losses reported[21] Economic Environment and Future Outlook - The global economy is slowly recovering, influenced by the progress of vaccination programs and pandemic control measures[99] - The Hong Kong economy has shown slight positive effects for retail tenants, particularly in the restaurant sector, due to reduced community infections and eased social distancing measures[99] - The group anticipates significant challenges in rental income from investment properties due to the ongoing severe business environment in the tourism sector, heavily reliant on mainland Chinese customers[99] - Management maintains a prudent financial approach to mitigate negative impacts and actively assess opportunities in the current uncertain economic environment[99] - The company’s investment properties continue to face heavy challenges in rental income for the remainder of the period[99] - The restaurant sector has shown improvement, but the recovery pace remains slow[99] - The group is focused on enhancing vaccination rates to facilitate the full reopening of borders with mainland China[99] - The company will continue to evaluate opportunities in the difficult market environment[99] Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Chen Haisou[118] - The Audit Committee reviewed the accounting policies and practices adopted by the group and discussed internal controls and risk management systems with management[117] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code for securities transactions by directors[119] - All directors confirmed compliance with the Model Code during the six-month period ending September 30, 2021[119] Shareholder Structure - Credit Suisse Trust Limited, as trustee of the Sow Pin Trust, holds 172,100,896 shares, with 146,278,000 shares held by Noranger Company Limited and 25,822,896 shares held by Yongzan Investment Limited[3] - Noranger Company Limited's issued share capital is wholly owned by Beyers Investments Limited, which is indirectly owned by the Sow Pin Trust[3] - Smartprint Development Limited is wholly owned by Mr. Chen Haisou[112] - Builtwin Ltd. is wholly owned by Hon Nicholas[113]

Financial Performance - The company's revenue for the year reached HKD 64.5 million, a decrease of 11.8% compared to the previous year, primarily due to lower rental rates and a decrease in the occupancy rate of leased properties[6]. - The loss attributable to shareholders for the year was HKD 134.2 million, with a loss per share of HKD 0.484[6][14]. - The occupancy rate of the company's leased properties decreased by 5.3% to 87.1% from 92.4% in the previous year[15]. - The fair value of investment properties decreased compared to the previous year, impacting the overall financial performance[6]. - The loss attributable to shareholders for the year was HKD 134,200,000, a significant decrease from HKD 531,200,000, primarily due to lower fair value losses on investment properties[18]. - The group recorded a fair value loss on investment properties of HKD 182,900,000, down from HKD 543,000,000 in the previous year[18]. - Financial investment income decreased to HKD 35,000,000 from HKD 38,100,000, a reduction of HKD 3,100,000 due to a decrease in the average carrying value of debt securities[16]. - The net asset value per share decreased to HKD 10.4 from HKD 10.7, reflecting a reduction in shareholder equity to HKD 2,882,400,000 from HKD 2,963,500,000[22]. - The total bank borrowings amounted to HKD 744,000,000, down from HKD 1,026,400,000, with a capital debt ratio of 2.9%[21]. - The group’s financial costs decreased by 33.8% to HKD 4,500,000 from HKD 6,800,000 due to the repayment of bank borrowings[21]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and complied with all applicable provisions during the fiscal year[43]. - The board of directors consists of seven members, including three executive directors and three independent non-executive directors, ensuring compliance with listing rules[44]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this structure ensures effective leadership[47]. - The company emphasizes high standards of corporate governance to enhance transparency and accountability to shareholders and creditors[43]. - The board includes independent non-executive directors with appropriate professional qualifications, ensuring a balance of power and expertise[44]. - The company is committed to continuous improvement of its corporate governance policies and practices[43]. - The board is responsible for reviewing corporate governance policies and compliance with legal and regulatory requirements[54]. - The company ensures that no director determines their own remuneration, maintaining governance standards[57]. - All directors have received continuous professional development training, including updates on regulations and corporate governance[51]. Risk Management - The company has established a risk management framework since 2017, including risk management policies and procedures[70]. - The audit committee reviewed the effectiveness of the risk management system and reported satisfaction to the board[71]. - The company has a comprehensive risk management framework in place to address financial risks as outlined in the financial statements[34]. - Financial risks include market risk, credit risk, and liquidity risk, with market risk further divided into equity risk, interest rate risk, and foreign exchange risk[34]. - The risk management committee is responsible for overseeing and reviewing the company's risk management policies and systems, including environmental, social, and governance risks[92]. Environmental, Social, and Governance (ESG) Initiatives - The company recognizes the importance of environmental, social, and governance (ESG) factors in its business operations and aims to integrate these into its growth strategy[90]. - The company has established an environmental, social, and governance (ESG) executive committee to integrate ESG initiatives into business operations and corporate goals[95]. - The board of directors plays a significant role in advising on the company's ESG strategy and performance[95]. - The company aims to enhance its properties with new green technologies to achieve energy-saving and emission reduction goals[91]. - The company aims to attract more tenants by promoting the sustainability of its property portfolio amid the COVID-19 pandemic[97]. - The company has implemented a framework to execute ESG plans across various departments and property management teams[95]. - The company conducted a materiality assessment of 13 environmental, social, and governance issues, identifying tenant health and safety, financial performance, and service quality as high-impact areas[113]. Employee and Workplace Safety - The company has implemented daily temperature checks and weekly COVID-19 tests for employees during the pandemic[142]. - The company achieved zero employee accidents and zero lost workdays due to injuries during the reporting period[145]. - The average training hours per trained employee is 16 hours, with 40% of employees being trained in management roles[149]. - The company promotes equal opportunity and has implemented policies to prevent discrimination based on race, age, gender, disability, pregnancy, religion, or marital status[136]. - The company employs a total of 16 local employees, with 59% being female and 41% male[137]. Shareholder Communication and Dividends - The company aims to provide shareholders with detailed information to enable informed decision-making regarding their rights[76]. - The company has established a dividend policy to allow shareholders to share in profits while retaining sufficient reserves for future growth[84]. - The company plans to distribute dividends semi-annually, with the total amount depending on cumulative and future profits, cash flow, and capital reserves[84]. - The interim dividend of HKD 0.015 per share, totaling HKD 4,990,000, was distributed on December 28, 2020, and a proposed final dividend of HKD 0.021 per share, totaling HKD 7,485,000, is to be distributed to shareholders on the register as of August 27, 2021[194]. Tenant Relations and Satisfaction - The company conducts tenant satisfaction surveys to gather feedback and improve health and safety standards[106]. - The company aims to increase tenant satisfaction rate to 70% through annual surveys[126]. - In the recent tenant satisfaction survey, 83% of tenants rated the service as excellent, while 17% rated it as satisfactory[128]. - The company emphasizes open communication with tenants to gather feedback and improve service quality, utilizing various channels for tenant input[119]. - The company aims to provide sustainable solutions and excellent service levels to meet the rising expectations of its tenants[106]. Environmental Impact and Sustainability - The company has made significant progress in reducing operational emissions, marking the fifth year of substantial reductions[153]. - The total greenhouse gas emissions from the company's self-used office amounted to approximately 113.03 tons of CO2 equivalent during the reporting period[161]. - The company reported direct greenhouse gas emissions (Scope 1) of 13.36 tons of CO2 equivalent and indirect emissions (Scope 2) of 99.67 tons of CO2 equivalent[161]. - The company has implemented various waste reduction initiatives, including encouraging double-sided printing and the reuse of waste paper[172]. - The company has not incurred any significant fines or penalties for environmental law violations during the year[156]. - The company has established emergency plans to address potential environmental impacts and ensure compliance with local environmental regulations[156]. - The company aims to improve energy efficiency as a fundamental strategy to reduce greenhouse gas emissions associated with energy use[176]. - The company has implemented energy-saving measures, including upgrading chillers and installing LED lighting to reduce energy consumption[177].

Financial Performance - The company reported a revenue of HKD 32,824,000 for the six months ended September 30, 2020, a decrease of 17.2% compared to HKD 39,611,000 in the same period last year[4]. - The gross profit for the period was HKD 31,953,000, down from HKD 39,158,000, reflecting a decline of 18.4% year-on-year[4]. - The company incurred a net loss attributable to shareholders of HKD 59,223,000, compared to a loss of HKD 263,097,000 in the previous year, indicating a significant improvement[4]. - The company reported a total comprehensive loss of HKD 7,303,000, significantly lower than HKD 273,221,000 in the previous year[4]. - Basic and diluted loss per share was HKD 0.2136, an improvement from HKD 0.8836 in the same period last year[4]. - The group reported a net loss of HKD 59,223,000 for the six months ended September 30, 2020, compared to a net loss of HKD 263,097,000 for the same period in 2019, indicating an improvement in performance[23]. - The company reported a total comprehensive loss of HKD 7,303 for the six months ended September 30, 2020, compared to a total comprehensive expense of HKD 273,221 for the same period in 2019, showing a substantial improvement[9]. Asset and Equity Management - Total assets less current liabilities amounted to HKD 3,225,195,000, slightly down from HKD 3,249,025,000 as of March 31, 2020[8]. - The company's net assets stood at HKD 2,948,712,000, compared to HKD 2,963,500,000 at the end of the previous fiscal year[8]. - As of September 30, 2020, total equity amounted to HKD 2,948,712, a decrease from HKD 3,739,917 as of April 1, 2019, representing a decline of approximately 21%[9]. - The total assets as of September 30, 2020, amounted to HKD 3,262,905,000, with total liabilities of HKD 314,193,000, resulting in a net asset value of HKD 2,948,712,000[22]. - The company’s total equity as of September 30, 2020, was HKD 229,386,000, unchanged from March 31, 2020[55]. - The company’s total liabilities decreased to HKD 250,161,000 as of September 30, 2020, from HKD 306,454,000 as of March 31, 2020[58]. Cash Flow and Investment Activities - The net cash generated from operating activities for the six months ended September 30, 2020, was HKD 19,383, down from HKD 24,078 in the same period of 2019, reflecting a decrease of about 19%[11]. - The net cash used in investing activities was HKD 180,906 for the six months ended September 30, 2020, compared to a net cash outflow of HKD 38,704 in the previous year, indicating a significant increase in investment activity[11]. - The company’s financing activities resulted in a net cash outflow of HKD 65,704 for the six months ended September 30, 2020, compared to a net cash outflow of HKD 162,517 in the previous year, indicating improved cash management[11]. - Cash and cash equivalents at the end of the period increased to HKD 156,702 from HKD 100,665 at the end of the previous year, marking a growth of approximately 55%[11]. Dividend and Earnings - The company declared a proposed dividend of HKD 4,158 for the period, a decrease from HKD 9,848 in the previous year, reflecting a reduction of about 58%[9]. - The company’s retained earnings as of September 30, 2020, were HKD 2,728,979, down from HKD 3,066,979 a year earlier, indicating a decline of approximately 11%[9]. - The company declared an interim dividend of HKD 0.015 per share, totaling approximately HKD 4,158,000, down from HKD 4,990,000 in the same period last year[31]. Investment Properties - The fair value loss on investment properties was HKD 87,300,000, a reduction from HKD 286,600,000 in the prior period, showing a decrease of 69.6%[4]. - The fair value of investment properties as of September 30, 2020, was HKD 2,321,935,000, down from HKD 2,408,988,000 at the beginning of the period[37]. - The group’s total income from property investment was HKD 32,824,000, with property expenses amounting to HKD 871,000, resulting in a gross profit of HKD 31,953,000[22]. - The largest tenant contributed rental income of approximately HKD 3,600,000, compared to HKD 3,400,000 for the same period in 2019, showing a slight increase[26]. Market and Economic Conditions - The COVID-19 pandemic has severely impacted various industries in Hong Kong, particularly retail, dining, aviation, and hospitality, leading to a significant decline in rental income for the group[98]. - The group anticipates that it will take several years for rental income to recover to pre-pandemic levels, despite initial government efforts to combat the virus[98]. - The macroeconomic outlook remains uncertain and pessimistic, but the group's investments in listed fixed-income securities continue to provide stable income[98]. - The group maintains a strong balance sheet and sufficient liquidity, enabling it to navigate unprecedented challenges and seize potential investment and development opportunities[98]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code during the six-month period ending September 30, 2020, except for the separation of roles between the Chairman and the Chief Executive Officer[117]. - All directors confirmed compliance with the Standard Code on Securities Transactions by Directors during the six-month period ending September 30, 2020[118]. - There have been no changes to the directors' information since the date of the annual report[119].

Financial Performance - The company's revenue for the year 2020 was HKD 73.1 million, a decrease of 8.9% compared to the previous year[11]. - The loss attributable to shareholders for the year was HKD 531.2 million, primarily due to a decrease in the fair value of investment properties[11]. - The basic loss per share was HKD 1.85[11]. - The total dividend for the year was proposed at HKD 0.045 per share, including a final dividend of HKD 0.027 and an interim dividend of HKD 0.018[12]. - The fair value of investment properties decreased, impacting rental income and leading to a downward adjustment in rental revenue[16]. - The group's revenue from property investment for the year was HKD 73,100,000, a decrease of HKD 7,200,000 compared to HKD 80,300,000 in 2019, primarily due to reduced rental rates and a decrease in the occupancy rate by 5.1% to 92.4%[21]. - The group recorded a loss attributable to shareholders of HKD 531,200,000 for the year, compared to a profit of HKD 25,500,000 in 2019[27]. - The loss was primarily due to a fair value loss of investment properties amounting to HKD 543,000,000[28]. - The company's total capital and reserves attributable to shareholders as of March 31, 2020, was HKD 2,963.5 million, down from HKD 3,739.9 million in the previous year[20]. - The net asset value per share decreased to HKD 10.7 from HKD 12.2 in the previous year[20]. Debt and Liquidity - The company maintained a low debt ratio and sufficient liquidity to mitigate the negative impacts of the economic environment[16]. - As of March 31, 2020, the group's net current assets were HKD 29,600,000, a decrease of HKD 235,900,000 from HKD 265,500,000 in 2019[29]. - The total bank borrowings as of March 31, 2020, amounted to HKD 1,026,400,000, down from HKD 1,128,300,000 in 2019[29]. - The group's shareholders' equity decreased to HKD 2,963,500,000 from HKD 3,739,900,000 in 2019, primarily due to a significant decrease in the fair value of investment properties[32]. Corporate Governance - The board of directors consists of seven members, including three executive directors and three independent non-executive directors, ensuring a diverse governance structure[62]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all applicable provisions during the fiscal year ending March 31, 2020[61]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this structure ensures effective leadership and operational efficiency[65]. - The company is committed to continuous improvement in corporate governance policies and practices to ensure compliance and effective risk management[61]. - The board includes members with extensive experience in finance, accounting, and real estate development, enhancing its decision-making capabilities[56][57][58]. Risk Management - Financial risks include market risk, credit risk, and liquidity risk, with detailed management strategies outlined in the financial statements[46]. - The company has established a risk management framework since 2017, including risk management policies and procedures[106]. - The audit committee reviews the effectiveness of the risk management system annually and reports to the board[107]. - The board believes the internal control system is effective and sufficient, with no significant issues identified during the year[104]. Environmental, Social, and Governance (ESG) - The company emphasizes a commitment to sustainable development, focusing on environmental, social, and governance (ESG) impacts and policies[127]. - An ESG executive committee has been established to oversee the implementation of ESG management and objectives[131]. - The company aims to create and manage efficient office spaces while maintaining strong relationships with tenants and the community[128]. - The company has committed to improving property quality to achieve energy-saving and emission reduction goals[128]. - Significant ESG risks, including bribery, business ethics, and occupational health and safety, are included in the annual assessment process[131]. Employee Relations - The company employs a total of 17 employees, with 61% being female and 39% male[172]. - Employee turnover rate during the reporting period was close to 0%[177]. - The company has a commitment to hiring local employees, with all 17 employees being locals[172]. - The average training hours for employees who completed training programs is 16 hours, focusing on professional development and health and safety[185]. - 100% of management employees received training, while 14% of non-management employees were trained, ensuring compliance with ethical labor practices[188]. Tenant Relations - The company conducts annual tenant satisfaction surveys to assess service quality and identify areas for improvement[150]. - Tenant satisfaction survey indicates that 33% rated services as excellent, 33% as good, and 34% as satisfactory[163]. - The company has implemented COVID-19 preventive measures, including temperature checks and mandatory mask-wearing for visitors[152]. - The company aims to minimize negative impacts on stakeholders through proactive communication before and during renovation projects[150]. Compliance and Reporting - The company has adopted a policy for timely and accurate disclosure of significant information to ensure compliance with regulations[108]. - The company complies with the standards set out in the Listing Rules regarding securities transactions by directors[99]. - The company has established emergency plans to address potential environmental impacts and ensure compliance with relevant regulations[195].

太 興 置 業 有 限 公 司 股份代號：277 2019/2020 中 期 報 告 公司資料 | --- | --- | |----------------------|-----------------------------------| | | | | 董事會 | 註冊辦事處 | | 執行董事 | 香港 | | 陳海壽 | 皇后大道中 237 號 | | （主席兼董事總經理） | 太興中心第一座 26 樓 | | 陳恩典 | | | 陳恩蕙 | 股份過戶登記處 | | （副主席） | 香港中央證券登記有限公司 香港灣仔 | | 非執行董事 | 皇后大道東 183 號合和中心 | | 陳恩美 | 17 樓 1712-1716 室 | | 獨立非執行董事 | 公司秘書 | | 陳國偉 | 李嘉文 | | | | | 張頌慧 | | | 謝禮恒 | 核數師 恒健會計師行有限公司 | | 審核委員會 | 香港灣仔 | | 陳國偉 | 莊士敦道 181 號 | | （主席） | 大有大廈 15 樓 1501-8 室 | | 張頌慧 | | | 謝禮恒 | 律師 胡關李羅律師行 | | 薪酬委員會 | | | 陳 ...

二零一九年年報 TERN PROPERTIES COMPANY LIMITED ANNUAL REPORT 201 9 股份代號 : 277 太興置業有限公司 太興置業 有限公司 年報 2019 太興置業有限公司 2019年報 目錄 | --- | --- | |--------------------------|-------| | 公司資料 | 2 | | 主席報告書 | 3 | | 管理層討論與分析 | 5 | | 董事及高級管理人員簡介 | 10 | | 企業管治報告書 | 12 | | 環境、社會及管治報告 | 28 | | 董事會報告書 | 43 | | 獨立核數師報告書 | 51 | | 綜合損益及其他全面收益表 | 56 | | 綜合財務狀況表 | 57 | | 綜合權益變動表 | 59 | | 綜合現金流量表 | 60 | | 綜合財務報表附註 | 62 | | 本集團五年財務概要 | 126 | | 主要物業資料 | 127 | 太興置業有限公司 2019年報 公司資料 董事會 執行董事 陳海壽 （主席兼董事總經理） 陳恩典 陳恩蕙 非執行董事 陳恩美 獨立非執行董事 陳國偉 張頌慧 謝 ...