[Financial Summary](index=1&type=section&id=Financial%20Summary) The group experienced a significant decline in revenue and a substantial increase in loss attributable to owners in FY2024, while maintaining a controlled net debt to total equity ratio Key Financial Data for FY2024 | Metric | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 4,200 | 211,400 | | Loss Attributable to Owners of the Company | (1,399,500) | (426,500) | | Net Debt to Total Equity Ratio | 33% | - | - The **net debt to total equity ratio** remained at a controllable level of **33%** as of March 31, 2024[4](index=4&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the group's consolidated financial performance and position, highlighting significant changes in revenue, losses, assets, and liabilities [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The group's revenue significantly decreased to HKD 4.2 million in FY2024 from HKD 211.4 million last year, with loss attributable to owners expanding to HKD 1,399.5 million, primarily due to impairment losses and write-downs Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 4,177 | 211,406 | | Gross Profit / (Loss) | 3,665 | (49,997) | | Other Income and Gains | 290,174 | 17,297 | | Net Impairment Loss on Prepayments, Deposits and Other Receivables | (491,038) | (319,856) | | Write-down of Land Held for Property Development for Sale | (779,358) | – | | Loss Before Tax | (1,475,075) | (479,227) | | Loss for the Year | (1,399,520) | (418,946) | | Loss Attributable to Owners of the Company | (1,399,453) | (426,485) | | Basic and Diluted Loss Per Share (HK cents) | (337.54) | (102.87) | - Gross profit turned positive this year, from a gross loss of **HKD 49.997 million** last year to a gross profit of **HKD 3.665 million**[5](index=5&type=chunk) - Other income and gains significantly increased to **HKD 290.2 million**, primarily due to gains on settlement of compensation and reversal of accounts payable[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the group's total assets and net assets significantly decreased, mainly due to impairment of amounts due from associates and joint ventures, and write-downs of prepayments and land held for property development Key Data from Consolidated Statement of Financial Position | Metric | As of March 31, 2024 (HKD thousands) | As of March 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | 348,437 | 862,959 | | Current Assets | 1,442,196 | 5,907,595 | | Current Liabilities | 416,246 | 2,831,158 | | Net Current Assets | 1,025,950 | 3,076,437 | | Net Assets | 1,288,611 | 2,802,706 | | Equity Attributable to Owners of the Company | 1,350,629 | 2,856,065 | - Prepayments, deposits and other receivables significantly decreased from **HKD 5.285 billion** to **HKD 503 million**[8](index=8&type=chunk) - Interest-bearing bank and other borrowings (non-current portion) significantly decreased from **HKD 1.114 billion** to **HKD 53.615 million**[9](index=9&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the group's accounting policies, financial performance, and financial position [General Information](index=6&type=section&id=General%20Information) Coastal Greenland Limited is an exempted company incorporated in Bermuda with shares listed on the Hong Kong Stock Exchange, primarily engaged in property development, investment, and project services - The group's principal activities include **property development**, **property investment**, **project management services**, and **project investment services**[12](index=12&type=chunk)[14](index=14&type=chunk) [Basis of Preparation and Presentation](index=6&type=section&id=Basis%20of%20Preparation%20and%20Presentation) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, measured at historical cost with some assets at revalued or fair value, and presented in HKD - The consolidated financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards** and presented in **HKD**[13](index=13&type=chunk) [Going Concern Assumption](index=7&type=section&id=Going%20Concern%20Assumption) Despite significant losses and short-term debt pressure in FY2024, the directors believe the group can continue as a going concern based on detailed forecasts, potential financing, creditor negotiations, and major shareholder support - The group recorded a loss of approximately **HKD 1.3995 billion** in FY2024, with interest-bearing borrowings and amounts due to a major shareholder totaling approximately **HKD 437.4 million**, of which **HKD 383.8 million** is due within the next 12 months, while available cash and bank balances are only approximately **HKD 9 million**[15](index=15&type=chunk) - The Board has reviewed working capital forecasts for at least the next 15 months and plans to address liquidity needs through **equity financing**, **long-term debt financing**, **negotiating repayment extensions with creditors**, **generating cash flows**, and **ongoing financial support from a major shareholder**[16](index=16&type=chunk)[17](index=17&type=chunk) - The major shareholder has pledged not to demand repayment of approximately **HKD 170.3 million** until the group's financial position can support it, and further advanced **HKD 17 million** in May 2024[17](index=17&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=8&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) Several new and revised HKFRSs were first applied this year without significant impact on the group's financial position or performance, and future adoptions are not expected to have a material effect - The new and revised Hong Kong Financial Reporting Standards applied this year had **no significant impact** on the group's financial position and performance[19](index=19&type=chunk) - Revised standards issued but not yet effective are **not expected to have a material impact** on the group's results and financial position[21](index=21&type=chunk) [Segment Information](index=9&type=section&id=Segment%20Information) The group's operating segments include property development, property investment, project management, and project investment services, with revenue and results primarily from China, and property development and investment as key income sources [Business Segments](index=9&type=section&id=Business%20Segments) The group's business segments include property development, property investment, project management, and project investment services, with property development revenue significantly declining and no revenue from project management or investment services in FY2024 Revenue and Loss by Business Segment | Segment | FY2024 Revenue (HKD thousands) | FY2023 Revenue (HKD thousands) | FY2024 Loss (HKD thousands) | FY2023 Loss (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 363 | 207,110 | (1,057,911) | (418,083) | | Property Investment | 3,814 | 4,296 | (329) | (14,867) | | Project Management Services | – | – | (1,155) | (817) | | Project Investment Services | – | – | – | – | | Consolidated Total | 4,177 | 211,406 | (1,059,395) | (433,767) | - Property development segment revenue significantly decreased from **HKD 207.1 million** to **HKD 0.363 million**[26](index=26&type=chunk) - Property investment segment revenue slightly decreased from **HKD 4.296 million** to **HKD 3.814 million**[26](index=26&type=chunk) [Geographical Information](index=11&type=section&id=Geographical%20Information) The group's non-current assets are primarily located in China and Hong Kong, with a significant reduction in non-current assets in China during FY2024 Non-current Assets by Geographical Location | Region | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | China | 146,209 | 271,546 | | Hong Kong | 112,462 | 145,413 | | Total | 258,671 | 416,959 | - Non-current assets in **China** decreased from **HKD 271.5 million** to **HKD 146.2 million**[28](index=28&type=chunk) [Revenue](index=11&type=section&id=Revenue) The group's total revenue for FY2024 was HKD 4.177 million, a significant decrease from HKD 211.4 million last year, with property sales revenue becoming a minimal contributor and rental income as the primary source Revenue Source Breakdown | Revenue Source | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Sales of properties | 363 | 207,110 | | Rental income - fixed payments | 3,814 | 4,296 | | Total | 4,177 | 211,406 | - Property sales revenue plummeted from **HKD 207.1 million** to **HKD 0.363 million**[30](index=30&type=chunk) - Rental income slightly decreased but its proportion of total revenue significantly increased[30](index=30&type=chunk) [Other Income and Gains](index=12&type=section&id=Other%20Income%20and%20Gains) Other income and gains significantly increased to HKD 290.2 million this year, primarily driven by gains on settlement of compensation, excess provision for sales tax, and reversal of accounts payable Composition of Other Income and Gains | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Gain on settlement of compensation | 141,793 | – | | Excess provision for sales tax and other taxes | 27,896 | – | | Excess provision for construction costs and operating expenses | 38,433 | – | | Reversal of accounts payable and other payables | 80,460 | 14,517 | | Total | 290,174 | 17,297 | - Gain on settlement of compensation of **HKD 141.8 million** was the primary driver of the increase in other income and gains this year[31](index=31&type=chunk) [Finance Costs](index=12&type=section&id=Finance%20Costs) Finance costs before capitalization were HKD 59.6 million this year, a decrease of approximately 34.4% from HKD 90.9 million last year, with interest expenses charged to profit or loss slightly increasing due to reduced capitalization Composition of Finance Costs | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank borrowings | 41,303 | 81,636 | | Interest on other borrowings | 18,296 | 9,254 | | Less: Amounts capitalized on qualifying assets | (31,740) | (68,159) | | Interest expense charged to profit or loss | 27,859 | 22,741 | - Interest on bank borrowings significantly decreased, while interest on other borrowings increased[31](index=31&type=chunk) [Income Tax](index=13&type=section&id=Income%20Tax) A tax credit of HKD 75.555 million was recorded this year, primarily from the reversal of excess corporate income tax provisions from prior years and changes in deferred tax, with no taxable profits in Hong Kong and a 25% statutory rate for Chinese subsidiaries Composition of Income Tax | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Corporate income tax - excess provision in prior years | (133,402) | – | | Deferred tax | 57,847 | (60,281) | | Tax credit for the year | (75,555) | (60,281) | - A tax credit of **HKD 75.555 million** was obtained this year, compared to a tax credit of **HKD 60.281 million** last year[33](index=33&type=chunk) - The statutory corporate income tax rate for the company's Chinese subsidiaries is **25%**[33](index=33&type=chunk) [Components of Loss Before Tax](index=14&type=section&id=Components%20of%20Loss%20Before%20Tax) This year's loss before tax was primarily driven by various impairment losses and write-downs, including land held for property development for sale, prepayments, and amounts due from associates and joint ventures Major Components of Loss Before Tax | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Write-down of land held for property development for sale | 779,358 | – | | Write-down of completed properties held for sale | 18,281 | 8,532 | | Net impairment loss on prepayments, deposits and other receivables | 491,038 | 319,856 | | Impairment loss on amounts due from associates and joint ventures | 249,289 | – | | Impairment loss on interests in joint ventures | 134,256 | – | - Land held for property development for sale in Shenyang was written down by **HKD 779.4 million**[36](index=36&type=chunk) - An impairment loss of approximately **HKD 254.4 million** was recognized for guaranteed dividends receivable from Tianjin Hexie Jiayuan Real Estate Development Co., Ltd[40](index=40&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board does not recommend the payment of dividends for the years ended March 31, 2024, and 2023 - No dividends were recommended for distribution for both the current and prior years[37](index=37&type=chunk) [Loss Per Share](index=15&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share for the year significantly increased to 337.54 HK cents from 102.87 HK cents last year, primarily due to the expanded loss attributable to owners of the company Loss Per Share Data | Metric | FY2024 | FY2023 (Restated) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (HKD thousands) | 1,399,453 | 426,485 | | Basic and Diluted Loss Per Share (HK cents) | (337.54) | (102.87) | | Weighted average number of ordinary shares in issue during the year | 414,602,028 | 414,602,028 | - Diluted loss per share is equal to basic loss per share as there are no potential dilutive ordinary shares[38](index=38&type=chunk) [Prepayments, Deposits and Other Receivables](index=16&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) Total prepayments, deposits, and other receivables significantly decreased from HKD 5.6087 billion to HKD 944.5 million, while impairment provisions increased from HKD 323.9 million to HKD 441.4 million Composition of Prepayments, Deposits and Other Receivables | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Other receivables | 909,793 | 1,911,271 | | Deposits for future acquisition of land use rights | – | 3,640,905 | | Impairment provision | (441,375) | (323,896) | | Net amount | 503,134 | 5,284,847 | - Deposits for future acquisition of land use rights were **nil**, compared to **HKD 3.6409 billion** last year[41](index=41&type=chunk) [Accounts Payable](index=16&type=section&id=Accounts%20Payable) Total accounts payable significantly decreased from HKD 85.566 million to HKD 7.277 million, with the largest proportion being accounts overdue by more than 90 days Accounts Payable Ageing Analysis | Ageing | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 days | – | 1,996 | | Over 90 days | 7,277 | 83,570 | | Total | 7,277 | 85,566 | - The average credit period is **90 days**, and the group has a policy to ensure payables are settled within the credit period[42](index=42&type=chunk) [Other Payables and Accrued Liabilities](index=17&type=section&id=Other%20Payables%20and%20Accrued%20Liabilities) Total other payables and accrued liabilities significantly decreased from HKD 2.1364 billion to HKD 22.916 million, mainly due to a substantial reduction in advances from third parties for redevelopment projects and accrued operating expenses Composition of Other Payables and Accrued Liabilities | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Sales tax and other taxes payable | – | 34,248 | | Other payables | 17,769 | 266,529 | | Advances from a third party for a redevelopment project | – | 1,553,863 | | Other accrued operating expenses | 4,939 | 265,863 | | Total | 22,916 | 2,136,430 | - Advances from a third party for a redevelopment project were **nil**, compared to **HKD 1.5539 billion** last year[44](index=44&type=chunk) [Share Capital](index=17&type=section&id=Share%20Capital) The company implemented a share consolidation on December 15, 2023, merging 10 ordinary shares of HKD 0.10 each into 1 ordinary share of HKD 1.00, reducing the total number of issued ordinary shares but maintaining the total share capital Changes in Share Capital | Item | Number of ordinary shares | Share capital (HKD thousands) | | :--- | :--- | :--- | | Ordinary shares of HKD 0.10 each as at March 31, 2023 and April 1, 2023 | 4,146,020,285 | 414,602 | | Share consolidation | (3,731,418,257) | – | | Ordinary shares of HKD 1.00 each as at March 31, 2024 | 414,602,028 | 414,602 | - The share consolidation was approved by shareholders on **December 13, 2023**, and became effective on **December 15, 2023**[44](index=44&type=chunk) [Post Balance Sheet Events](index=18&type=section&id=Post%20Balance%20Sheet%20Events) Subsequent to the reporting period, the group entered into an agreement on March 27, 2024, to dispose of its entire interest in the wholly-owned subsidiary, Kai Fung Development Limited, and its subsidiaries for HKD 10,000, pending shareholder approval - The group agreed to dispose of its entire interest in the wholly-owned subsidiary, Kai Fung Development Limited, and its subsidiaries for **HKD 10,000**[45](index=45&type=chunk) - The disposal constitutes a **very substantial disposal** under Chapter 14 of the Listing Rules, aiming to realize the investment[45](index=45&type=chunk) [Independent Auditor's Report Summary](index=19&type=section&id=Independent%20Auditor%27s%20Report%20Summary) This section summarizes the independent auditor's opinion on the financial statements and highlights significant uncertainties regarding the group's ability to continue as a going concern [Opinion](index=19&type=section&id=Opinion) The independent auditor believes the consolidated financial statements present a true and fair view of the group's financial position, performance, and cash flows in accordance with HKFRSs and are properly prepared in compliance with the Hong Kong Companies Ordinance - The auditor issued an **unmodified opinion** on the consolidated financial statements, believing they present a true and fair view of the group's financial position and performance[48](index=48&type=chunk) [Material Uncertainty Related to Going Concern](index=19&type=section&id=Material%20Uncertainty%20Related%20to%20Going%20Concern) The auditor draws attention to a material uncertainty regarding the group's ability to continue as a going concern, primarily due to significant losses and short-term debt exceeding available cash, despite the Board's mitigating actions - The group recorded a loss of approximately **HKD 1.3995 billion** in FY2024, with interest-bearing borrowings and amounts due totaling approximately **HKD 383.8 million** due in the short term, while available cash and bank balances are only approximately **HKD 9 million**[49](index=49&type=chunk) - These conditions indicate a **material uncertainty** that may cast significant doubt on the group's ability to continue as a going concern, but the auditor's opinion is not modified in respect of this matter[49](index=49&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the group's business operations, financial performance, liquidity, and future outlook [Business Review](index=20&type=section&id=Business%20Review) The group's business strategy involves developing mid-to-high-end residential properties, investing in commercial and residential properties, providing project management services, and seeking project investment opportunities, with significant declines in property development sales and a phased withdrawal from project management services in FY2024 [Property Development](index=20&type=section&id=Property%20Development) The group's property development strategy focuses on mid-to-high-end residential properties, with contract sales of only HKD 0.4 million and a total GFA of approximately 84 square meters in FY2024, a significant decrease from the prior year Property Development Business Performance | Metric | FY2024 | FY2023 | | :--- | :--- | :--- | | Contract Sales (HKD millions) | 0.4 | 19.5 | | Total Gross Floor Area (square meters) | 84 | 6,000 | [Property Investment](index=20&type=section&id=Property%20Investment) The group holds commercial and residential properties in China for investment purposes, with rental income primarily derived from properties in Shenzhen this year - The group's property investment portfolio includes **commercial and residential properties in China**, with rental income primarily from **Shenzhen**[52](index=52&type=chunk) [Project Management Services](index=20&type=section&id=Project%20Management%20Services) The group acted as project manager for two completed development projects this year but generated no revenue and is gradually withdrawing from this business segment - No project management service revenue was generated this year, and the group is **gradually withdrawing from this business**[53](index=53&type=chunk)[59](index=59&type=chunk) [Project Investment Services](index=20&type=section&id=Project%20Investment%20Services) The project investment services segment generated no profit this year, and the group will continue to seek relevant investment and disposal opportunities - Project investment services generated **no profit** this year, and the group will continue to seek opportunities to invest in and dispose of property development/land development projects[54](index=54&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) The group experienced a significant decline in revenue and a substantial increase in net loss in FY2024, with a shift in revenue structure from property sales to rental income, improved gross margin, but increased impairment losses and write-downs, and reduced finance costs [Overall Performance](index=21&type=section&id=Overall%20Performance) The group's FY2024 revenue was HKD 4.2 million, with a net loss of HKD 1.3995 billion, loss attributable to owners of HKD 1.3995 billion, and basic loss per share of 337.54 HK cents, all significantly worse than the prior year Overall Financial Performance | Metric | FY2024 | FY2023 | | :--- | :--- | :--- | | Revenue (HKD millions) | 4.2 | 211.4 | | Net Loss (HKD billions) | 1.3995 | 0.4189 | | Loss Attributable to Owners of the Company (HKD billions) | 1.3995 | 0.4265 | | Basic Loss Per Share (HK cents) | 337.54 | 102.87 | [Revenue Analysis](index=21&type=section&id=Revenue%20Analysis) The group's revenue structure underwent a significant change, with property sales revenue decreasing from 98% to 9% of total revenue, and rental income increasing from 2% to 91%, while project management services generated no revenue - In FY2024, **property sales revenue accounted for approximately 9%** of total revenue (2023: 98%), while **property rental income accounted for approximately 91%** (2023: 2%)[56](index=56&type=chunk) - Property sales revenue was **HKD 0.4 million**, with a total gross floor area of **84 square meters** delivered, primarily from inventory sales in Dalian[57](index=57&type=chunk) - Rental income slightly decreased to **HKD 3.8 million**, mainly impacted by the depreciation of RMB against HKD[58](index=58&type=chunk) [Gross Profit (Loss)](index=22&type=section&id=Gross%20Profit%20(Loss)) The gross profit margin for the year was approximately 88%, a significant improvement from last year's negative 24%, primarily due to the increased proportion of higher-margin property investment income - The gross profit margin for the year was approximately **88%**, compared to **negative 24%** last year, primarily benefiting from higher-margin property investment income[60](index=60&type=chunk) - Last year's negative gross profit margin was mainly due to lower-than-expected sales revenue from Jixi Sailuocheng affordable housing[60](index=60&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) Other income and gains significantly increased to HKD 290.2 million this year, primarily comprising approximately HKD 141.8 million from the Hengxiang Real Estate legal settlement and approximately HKD 80.5 million from the reversal of accounts payable and other payables - Other income and gains increased from **HKD 17.3 million** to **HKD 290.2 million**[61](index=61&type=chunk) - The main drivers of growth were gains on settlement of compensation of approximately **HKD 141.8 million** and reversal of accounts payable and other payables of approximately **HKD 80.5 million**[61](index=61&type=chunk) [Marketing, Sales and Administrative Expenses](index=22&type=section&id=Marketing%2C%20Sales%20and%20Administrative%20Expenses) There were no marketing and sales expenses this year, and administrative expenses decreased by approximately 20.6% to HKD 60.6 million, reflecting the group's ongoing cost control measures - There were **no marketing and sales expenses** this year, and administrative expenses decreased by approximately **20.6%** to **HKD 60.6 million**[62](index=62&type=chunk) - The group will continue to implement **cost control measures** to enhance operational efficiency[62](index=62&type=chunk) [Impairment Losses and Write-downs](index=23&type=section&id=Impairment%20Losses%20and%20Write-downs) Net impairment losses and total write-downs significantly increased to HKD 491.0 million and HKD 797.6 million, respectively, this year, primarily due to a substantial decline in property values in the severely downturned Chinese property market Total Impairment Losses and Write-downs | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Net impairment loss on prepayments, deposits and other receivables | 491,000 | 319,900 | | Write-down of land held for property development for sale, properties under development and completed properties held for sale | 797,600 | 20,000 | - Impairment losses and write-downs significantly increased, primarily attributable to the **severe downturn in the Chinese property market** leading to a decline in property values[64](index=64&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs before capitalization decreased by approximately 34.4% to HKD 59.6 million this year, primarily due to a reduction in the average outstanding balance of bank and other borrowings - Finance costs before capitalization decreased by approximately **34.4%** to **HKD 59.6 million**[66](index=66&type=chunk) - The reduction in finance costs was primarily due to a **lower average outstanding balance of bank and other borrowings** compared to last year[66](index=66&type=chunk) [Financial Resources and Liquidity](index=23&type=section&id=Financial%20Resources%20and%20Liquidity) The group's funding sources primarily include property sales and rental cash flows, supplemented by bank and other borrowings; while cash and bank balances significantly decreased in FY2024, total borrowings and net debt also substantially declined, maintaining a controllable net debt to total equity ratio [Cash and Bank Balances](index=24&type=section&id=Cash%20and%20Bank%20Balances) As of March 31, 2024, the group's cash and bank balances (including pledged bank deposits) were approximately HKD 9.1 million, a significant decrease from HKD 157.6 million last year Cash and Bank Balances by Currency Type | Currency | As of March 31, 2024 (HKD thousands) | As of March 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | RMB | 6,564 | 147,207 | | HKD | 1,931 | 7,767 | | USD | 617 | 2,599 | | Total | 9,112 | 157,573 | [Borrowings and Pledges](index=24&type=section&id=Borrowings%20and%20Pledges) The group's total borrowings significantly decreased from HKD 1.3962 billion to HKD 267.1 million, with short-term borrowings increasing from 20% to 80% and long-term borrowings decreasing from 80% to 20%, while the net debt to total equity ratio decreased from 50% to 33% Borrowing Structure and Ratios | Metric | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | Total Borrowings (HKD billions) | 0.2671 | 1.3962 | | Proportion of Long-term Borrowings | 20% | 80% | | Proportion of Short-term Borrowings | 80% | 20% | | Net Debt to Total Equity Ratio | 33% | 50% | - Effective annual interest rates ranged from **12.00% for fixed-rate borrowings** to **4% to 6.15% for floating-rate borrowings**[70](index=70&type=chunk) - Borrowings are secured by certain assets with a total carrying value of **HKD 253.3 million**, personal guarantees from a major shareholder, and corporate guarantees[72](index=72&type=chunk) [Major Acquisitions and Disposals](index=25&type=section&id=Major%20Acquisitions%20and%20Disposals) The group is undertaking two significant disposals: a 66.67% equity interest in Zhuhai Coastal and a 100% equity interest in Kai Fung Development Limited, aiming to realize investments, with no other major investment or capital asset increase plans currently - The group conditionally agreed to dispose of a **66.67% equity interest in Zhuhai Coastal**[73](index=73&type=chunk) - The group conditionally agreed to dispose of a **100% equity interest in Kai Fung Development Limited**[73](index=73&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of March 31, 2024, the group had no contingent liabilities - The group had **no contingent liabilities** as of March 31, 2024[74](index=74&type=chunk) [Exchange Rate Fluctuation Risk](index=26&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The group primarily operates in China with most income and expenses denominated in RMB, limiting the impact of exchange rate fluctuations on its operations, and currently has no foreign currency hedging policy but continuously monitors foreign exchange risk - The group primarily conducts business in China, with most income and expenses denominated in **RMB**, thus exchange rate fluctuations have **limited impact** on its operations[76](index=76&type=chunk) - The group currently has **no foreign currency hedging policy** but continuously monitors foreign exchange risk[76](index=76&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2024, the group had approximately 46 employees, with employee costs of about HKD 20.7 million, and its remuneration policy is based on performance, skills, experience, and industry practices, offering various benefits Employee and Remuneration Data | Metric | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | Number of Employees | 46 | 41 | | Employee Costs (HKD millions) | 20.7 | 36.9 | - Remuneration is based on employee performance, skills, experience, and industry practices, with benefits including **mandatory provident fund**, **medical insurance**, and **housing allowances**[77](index=77&type=chunk) [Outlook](index=27&type=section&id=Outlook) Facing a challenging business environment, the group will cautiously monitor the real estate market and adjust its business strategy according to government policies, continuing to seek urban old village or factory redevelopment opportunities and exploring new AI-related businesses through its wholly-owned subsidiary, Coastal AI Industrial Application Limited - The overall Chinese economy shows signs of improvement, but consumer confidence remains cautious, and the real estate sector is still in a **short-term adjustment cycle**[79](index=79&type=chunk) - The group will continue to identify opportunities for **redevelopment of old urban villages or factory premises** to replenish low-cost land reserves[80](index=80&type=chunk) - The company has established a wholly-owned subsidiary, Coastal AI Industrial Application Limited, which will primarily engage in **AI-related projects**, currently in the **initial R&D stage** with uncertain development outcomes[80](index=80&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) This section covers corporate governance practices, directors' dealings, share-related activities, auditor's scope, and other administrative details [Compliance with Corporate Governance Code](index=28&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with a deviation where the roles of Chairman and Chief Executive are held by the same person, which the Board believes does not impair the balance of power and facilitates quick responses to the business environment - The company complies with the Corporate Governance Code, but there is a deviation as the roles of **Chairman and Chief Executive are held by Mr. Jiang Ming**[82](index=82&type=chunk) - The Board believes this structure facilitates **more accurate and prompt responses to rapidly changing business environments**[82](index=82&type=chunk) [Directors' Securities Transactions](index=28&type=section&id=Directors%27%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all directors confirmed compliance throughout the year - All directors confirmed compliance with the **Model Code for Securities Transactions by Directors** throughout the year[83](index=83&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares during the year - Neither the company nor its subsidiaries engaged in any **share purchases, sales, or redemptions** during the year[85](index=85&type=chunk) [Scope of Work of Independent Auditor](index=29&type=section&id=Scope%20of%20Work%20of%20Independent%20Auditor) The company's auditor, SHINEWING (HK) CPA Limited, confirmed that the financial figures in this announcement align with the audited consolidated financial statements, but their work does not constitute an assurance engagement, thus no opinion or assurance conclusion is expressed on this announcement - The auditor confirmed that the financial figures contained in this announcement are **consistent with the audited consolidated financial statements**[86](index=86&type=chunk) - The auditor has **not expressed any opinion or assurance conclusion** on this announcement[86](index=86&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The company's Audit Committee has reviewed the group's accounting policies and practices, discussed and reviewed the internal audit department's objectives, scope, and reports, and reviewed the full-year results for the current year - The Audit Committee has reviewed the group's **accounting policies**, **internal audit work**, and the **full-year results** for the current year[87](index=87&type=chunk) [Annual General Meeting](index=29&type=section&id=Annual%20General%20Meeting) The company intends to convene its upcoming Annual General Meeting on Tuesday, September 10, 2024, with the relevant notice to be published and dispatched to shareholders in due course - The 2024 Annual General Meeting is scheduled to be held on **Tuesday, September 10, 2024**[88](index=88&type=chunk) [Dividends](index=29&type=section&id=Dividends) The Board does not recommend the payment of dividends for the year ended March 31, 2024 - The Board does not recommend the payment of dividends for the current year[89](index=89&type=chunk) [Share Consolidation](index=30&type=section&id=Share%20Consolidation) The company implemented a 10-for-1 share consolidation on December 15, 2023, reducing the total number of issued ordinary shares accordingly while maintaining the total share capital - A **10-for-1 share consolidation** was implemented on December 15, 2023[91](index=91&type=chunk) - The total number of issued ordinary shares was converted from **4,146,020,285 shares to 414,602,028 shares**[91](index=91&type=chunk) [Closure of Register of Members](index=30&type=section&id=Closure%20of%20Register%20of%20Members) To determine shareholders' eligibility to attend and vote at the 2024 Annual General Meeting, the company will suspend its share transfer registration from September 5 to September 10, 2024 - The share transfer registration will be suspended from **September 5 to September 10, 2024**, to determine shareholders' eligibility to attend the Annual General Meeting[92](index=92&type=chunk) [Publication of Annual Report](index=30&type=section&id=Publication%20of%20Annual%20Report) The group's FY2024 annual report will be dispatched to shareholders and published on the HKEX and company websites in due course - The annual report will be published on the **HKEX website (http://www.hkex.com.hk)** and the **company's website (http://www.coastal.com.cn)**[93](index=93&type=chunk) [Board of Directors](index=30&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises executive directors Mr. Jiang Ming (Chairman and Managing Director), Dr. Li Ting, Mr. Lin Zhenxin, and Ms. Tong Xinhua; non-executive directors Mr. Qiu Guizhong and Mr. Zhou Xiya; and independent non-executive directors Mr. Wong Kai Cheung, Mr. Yang Jiangang, and Mr. Huang Xihua - The Board of Directors includes **executive directors**, **non-executive directors**, and **independent non-executive directors**[94](index=94&type=chunk) - Mr. Jiang Ming serves as the **Chairman and Managing Director** of the company[94](index=94&type=chunk)

智通财经APP讯，沿海家园(01124)发布公告，于2024年3月27日,卖方丰盈环球投资有限公司(公司的全资附属公司)与买方梁晓东订立股份转让协议，卖方已有条件同意出售，而买方已有条件根据股份转让协议的条款同意以总代价1万港元收购出售股份(相当于出售公司的已发行股份总数)。 据悉，出售公司启丰发展有限公司于本公布日期及紧接完成前为公司的间接全资附属公司。出售公司主要从事投资控股，其附属公司主要从事物业开发及投资控股。出售公司目前持有鞍山沿海新天地项目100%权益;及北京湾项目(透过由出售公司间接拥有40%权益的合营企业)。 于完成后，集团预期将取得出售事项的未经审核收益约1941.1万港元。该未经审核收益乃基于代价1万港元减出售公司于2023年3月31日的未经审核负债净额(扣除未经审核非控股权益的价值)约2040.1万港元(自出售公司的未经审核负债净额约1.09亿港元中扣除未经审核非控股权益的价值约8837.2万港元得出)及估计交易成本而估计得出。出售事项的实际收益/亏损或与上述不同及将根据出售公司于完成日期的最终财务状况厘定。 公告称，集团预期大部分收入将继续主要来自物业开发分类，其中包括销售已竣工物业， ...

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 2,015,000, a decrease of 17.8% compared to HKD 2,452,000 in the same period of 2022[9]. - Gross profit for the same period was HKD 1,797,000, down 15.8% from HKD 2,135,000 year-on-year[9]. - The company reported a net loss of HKD 793,532,000 for the period, significantly higher than the loss of HKD 44,355,000 in the previous year, indicating a substantial increase in losses[10]. - Total comprehensive loss for the period amounted to HKD 921,467,000, compared to HKD 481,727,000 in the same period last year, reflecting a worsening financial position[10]. - Basic and diluted loss per share for the period was HKD 19.14, compared to HKD 1.06 in the previous year, highlighting a significant decline in shareholder value[10]. - The group reported a pre-tax loss of HKD 795,650,000 for the six months ended September 30, 2023, compared to a loss of HKD 45,112,000 for the same period in 2022[27]. - Total revenue for the period was HKD 2 million, a decrease of approximately 18% from HKD 2.5 million in the same period last year, with a net loss of HKD 793.5 million[64]. Asset and Liability Management - Non-current assets decreased to HKD 824,197,000 as of September 30, 2023, from HKD 862,959,000 as of March 31, 2023[12]. - Current assets dropped significantly to HKD 4,979,905,000 from HKD 5,907,595,000, indicating a liquidity challenge[12]. - As of September 30, 2023, total current liabilities increased to HKD 3,872,454, compared to HKD 2,831,158 as of March 31, 2023, reflecting a significant rise of approximately 37%[13]. - The company's net current assets decreased to HKD 1,107,451 from HKD 3,076,437, indicating a decline of about 64%[13]. - Total assets minus current liabilities stood at HKD 1,931,648, down from HKD 3,939,396, representing a decrease of approximately 51%[13]. - Cash and cash equivalents decreased to HKD 100,933 from HKD 153,029, a decline of approximately 34%[17]. - The company's bank and other borrowings amounted to HKD 278,983,000 as of September 30, 2023, a decrease from HKD 1,396,216,000 as of March 31, 2023[45]. - The total financing granted to the company was HKD 5,230,866,000 as of September 30, 2023, with HKD 1,062,476,000 utilized[45]. Impairment and Losses - The company recognized a net impairment loss of HKD 744,506,000 on other receivables, which is a major contributor to the increased losses[9]. - The group reported a significant impairment loss of HKD 744,506,000 on other receivables, compared to a loss of HKD 797,000 in the previous year[27]. - The company recognized impairment losses on receivables amounting to HKD 734,573,000 related to legal compensation for lease disputes, which has been fully settled[28]. - The company reported a foreign exchange loss of HKD 24,202, compared to a loss of HKD 30,769 in the previous year, showing an improvement of about 21%[17]. Revenue Sources - Property development revenue was HKD 104,000, while property investment revenue was HKD 1,911,000, down from HKD 2,452,000 in the previous year, indicating a decline of about 22%[21]. - Interest income from bank deposits decreased significantly to HKD 185,000 from HKD 2,106,000 year-on-year, a drop of approximately 91.2%[24]. - Rental income decreased from HKD 2.5 million to HKD 1.9 million, primarily due to rent concessions provided to several tenants[67]. Management and Governance - The board believes that the current governance structure, with the chairman also serving as the CEO, does not compromise the balance of power and authority within the company[95]. - The company remains committed to maintaining high standards of corporate governance and compliance with regulatory requirements[95]. - The audit committee and management reviewed the accounting policies and practices adopted by the group, including discussions on internal controls, risk management, and financial reporting matters[101]. Future Outlook and Strategy - The overall business environment remains challenging due to inflation, interest rate hikes, and geopolitical tensions, despite signs of economic improvement in China[88]. - The group plans to cautiously seek opportunities in urban redevelopment and old factory reconstruction to supplement its property portfolio[88]. - The company plans to consolidate every 10 existing shares with a par value of HKD 0.1 into 1 share with a par value of HKD 1.0, pending shareholder approval at a special meeting on December 13, 2023[58]. Shareholder Information - Major shareholders include Yang Xunxin with a 36.93% stake and Shenzhen Holdings Limited with a 15.22% stake as of September 30, 2023[93]. - The board of directors does not recommend the payment of an interim dividend for the six months ended September 30, 2023 (2022: none)[99].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 COASTAL GREENLAND LIMITED * 沿海綠色家園有限公司 （於百慕達註冊成立之有限公司） 1124 （股份代號： ） 截至二零二三年九月三十日止六個月之未經審核中期業績 財務摘要： • 200 18% 本期間之收入約為港幣 萬元，較去年同期減少約 。 • 7.935 本公司擁有人應佔本期間虧損約為港幣 億元，而去年同期則為虧損約港 4,400 幣 萬元。 • 14% 44% 於二零二三年九月三十日，負債淨額與總權益比率為 ，較去年之 有了 顯著改善。 * 沿海綠色家園有限公司 （「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年九月三十日止六個月（「報告期間」或「本 ...

Financial Performance - The company recorded revenue of HKD 211.4 million for the fiscal year ending March 31, 2023, compared to HKD 6.7 million in the previous year, representing a significant increase[18]. - The net loss for the year was HKD 418.9 million, an improvement from a net loss of HKD 1.081 billion in the previous year[18]. - The loss attributable to shareholders was HKD 426.5 million, compared to HKD 942.6 million in the prior year, indicating a reduction in losses[18]. - The basic loss per share for the year was HKD 0.1029, down from HKD 0.2273 in the previous year[18]. - The company recorded contract sales of HKD 19.5 million, up from HKD 17.3 million in the previous year, with a total construction area of approximately 6,000 square meters[20]. - Property sales accounted for approximately 98% of the company's revenue this year, a significant increase from 31% in the previous year, while rental income dropped to about 2% from 69%[41]. - The confirmed sales revenue from property sales was HKD 207.1 million, a substantial increase from HKD 2.1 million last year, with a total construction area delivered of 176,000 square meters[42]. Assets and Liabilities - Total assets decreased to HKD 6.771 billion from HKD 7.972 billion in the previous year, while total liabilities decreased to HKD 3.968 billion from HKD 4.445 billion[16]. - Net assets stood at HKD 2.803 billion, down from HKD 3.526 billion in the previous year[16]. - The group's cash and bank balances as of March 31, 2023, were approximately HKD 157.6 million, a decrease from HKD 350.8 million the previous year, with net borrowings of approximately HKD 1.2386 billion[55]. - Total bank and other borrowings amounted to HKD 1.3962 billion, down from HKD 1.6319 billion last year, with long-term borrowings constituting about 80% of total borrowings[56]. Strategic Focus - The company continues to focus on project management and property development as part of its strategic initiatives[12]. - The company plans to continue seeking opportunities for urban redevelopment and low-cost land reserves to enhance its property portfolio[23]. - The company continues to explore investment opportunities in property development and land development projects in China[30]. ESG Practices - The report scope aligns with the annual report, focusing on the performance in environmental, social, and governance (ESG) practices for the fiscal year 2023[67]. - The ESG report is prepared according to the guidelines in Appendix 27 of the Listing Rules, emphasizing importance, balance, quantification, and consistency in disclosures[68]. - The board of directors is responsible for overseeing ESG policies and ensuring effective risk management related to ESG matters[69]. - Stakeholder engagement is deemed crucial for sustainable business growth, with ongoing communication to understand expectations and concerns[72]. - The company aims to maintain compliance with local laws and regulations, ensuring operational stability and fulfilling tax obligations[74]. Environmental Impact - The company aims to reduce greenhouse gas emissions density by 10% by the fiscal year ending March 31, 2025, using the fiscal year 2021 as the baseline[84]. - Direct greenhouse gas emissions (Scope 1) decreased from 7.35 tCO2e in 2022 to 4.23 tCO2e in 2023, while indirect emissions (Scope 2) fell from 32.02 tCO2e to 22.80 tCO2e[84]. - Total energy consumption decreased from 793.85 MWh in 2022 to 500.00 MWh in 2023, with energy consumption density reducing from 0.35 MWh/sqm to 0.22 MWh/sqm[91]. - The company has implemented a comprehensive waste management strategy, including the recycling of paper and proper disposal of hazardous waste[86]. Human Resources - The overall employee turnover rate for the fiscal year 2023 was approximately 41.43%, up from 21.17% in 2022[107]. - The company has implemented a comprehensive performance evaluation system to guide and assess employee performance annually[108]. - The company provides various employee benefits, including basic social insurance and additional incentives such as annual health check-ups and transportation insurance[112]. - The company aims to recruit high-quality talent from top universities to build a project management team for business operations[106]. Corporate Governance - The company adheres to high standards of corporate governance and complies with regulatory laws and guidelines in its operating jurisdictions[160]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse skill set[163]. - The company has established mechanisms to ensure all decisions align with the best interests of the company and its shareholders[167]. - The board provides at least 14 days' notice for meetings to allow directors to prepare adequately[174].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 COASTAL GREENLAND LIMITED * 沿海綠色家園有限公司 （於百慕達註冊成立之有限公司） 1124 （股份代號： ） 截至二零二三年三月三十一日止年度之全年業績 財務摘要： • 2.114 670 本年度之收入約為港幣 億元，而去年則為港幣 萬元。 • 4.265 本公司擁有人應佔本年度虧損約為港幣 億元，而去年則為虧損約港幣 9.426 億元。 • 44% 於二零二三年三月三十一日，負債淨額與總權益比率為 ，保持在可控制 水平。 * 沿海綠色家園有限公司 （「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年三月三十一日止年度（「本年度」或「二 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 2,452,000, a decrease of 30% compared to HKD 3,496,000 for the same period in 2021[9]. - Gross profit increased to HKD 2,135,000, up 11% from HKD 1,922,000 year-on-year[9]. - Loss before tax for the period was HKD 45,112,000, significantly improved from a loss of HKD 547,549,000 in the previous year[9]. - Total comprehensive loss for the period amounted to HKD 481,727,000, compared to a loss of HKD 466,323,000 in the same period last year[10]. - The company reported a total comprehensive loss of HKD 483,443 for the six months ended September 30, 2022[17]. - The company incurred a total loss before tax of HKD 45,112,000 for the six months ended September 30, 2022, compared to a loss of HKD 547,549,000 for the same period in 2021[23]. - The company reported a net loss from joint ventures of HKD 825,000 and from associates of HKD 23,000, contributing to the overall financial performance[23]. - The company reported a loss of HKD 43,992,000 for the six months ended September 30, 2022, compared to a loss of HKD 462,617,000 for the same period in 2021, indicating a significant improvement[32]. Assets and Liabilities - Non-current assets decreased to HKD 587,577,000 from HKD 640,392,000 as of March 31, 2022[12]. - Current assets decreased to HKD 6,432,488,000 from HKD 7,331,281,000, indicating a reduction in liquidity[12]. - Total liabilities decreased from HKD 3,064,452,000 to HKD 2,787,768,000, reflecting improved financial stability[12]. - As of September 30, 2022, net current assets decreased to HKD 3,644,720, down from HKD 4,266,829 as of March 31, 2022, representing a decline of approximately 14.6%[13]. - Total assets less current liabilities decreased to HKD 4,232,297 from HKD 4,907,221, indicating a reduction of about 13.7%[13]. - Non-current liabilities decreased to HKD 1,187,732 from HKD 1,380,930, a decrease of approximately 14%[13]. - Net assets as of September 30, 2022, were HKD 3,044,565, down from HKD 3,526,291, reflecting a decline of about 13.6%[13]. - The total amount of other payables and accrued liabilities was HKD 1,995,892,000 as of September 30, 2022, compared to HKD 2,140,003,000 as of March 31, 2022, reflecting a reduction of approximately 6.7%[46]. Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD 14,652 for the six months ended September 30, 2022, compared to HKD 151,609 for the same period in 2021[18]. - Cash and cash equivalents at the end of the period were HKD 153,029, down from HKD 338,180, a decrease of approximately 54.7%[19]. - The company raised HKD 77,396 in new bank and other borrowings during the six months ended September 30, 2022, compared to HKD 462,104 in the same period of the previous year[19]. - The company has secured bank loans totaling HKD 1,381,901,000 as of September 30, 2022, compared to HKD 1,631,895,000 as of March 31, 2022, reflecting a decrease of about 15.3%[49]. - The group's total bank and other borrowings amounted to approximately HKD 1,304,505,000, with a floating interest rate ranging from 2.47% to 6.50%[50]. - The total financing granted to the company was HKD 5,307,151,000 as of September 30, 2022, down from HKD 5,918,546,000 as of March 31, 2022, indicating a reduction of about 10.3%[49]. Operational Highlights - The property development segment reported no sales to external customers, while the property investment segment generated rental income of HKD 2,452,000, up from HKD 2,344,000 in the previous year[23]. - There was no revenue from property sales during the period, while last year, property sales contributed 33% of total revenue[64]. - Rental income slightly increased from HKD 2.3 million to HKD 2.5 million compared to the same period last year[66]. - The company plans to continue seeking investment and sale opportunities in property development and land development projects in China[61]. - The company has been gradually withdrawing from project management services, resulting in a loss of approximately HKD 0.8 million for the period[68]. - The group plans to continue seeking opportunities for urban redevelopment projects to supplement its property portfolio[85]. Cost Management - The company reported a significant reduction in administrative expenses to HKD 39,644,000 from HKD 54,830,000, indicating cost control measures[9]. - Interest expenses on bank loans decreased to HKD 46,517,000 from HKD 101,110,000 year-on-year, reflecting a reduction of approximately 54%[28]. - The capitalized borrowing costs for the period were HKD 11,139,000, down from HKD 118,986,000 in the previous year, indicating a significant reduction in capitalized costs[28]. - Employee costs for the period were approximately HKD 23 million, down from HKD 24.7 million in the previous year, with around 44 employees as of September 30, 2022, compared to 80 in the previous year[83]. Shareholder Information - Major shareholders include Yang Xunxin with a 36.93% stake and Shenzhen Holdings Limited with a 15.22% stake as of September 30, 2022[90]. - The group’s total issued and paid-up ordinary shares remained at 4,146,020,285 shares with a par value of HKD 0.10 as of September 30, 2022[51]. Governance and Risk Management - The board believes that the current governance structure, with the chairman also serving as the CEO, does not impair the balance of power and authority within the company[92]. - The audit committee and management reviewed the accounting policies and practices adopted by the group, including internal controls, risk management, and financial reporting matters[97]. - The group continues to monitor foreign exchange risks and will consider hedging strategies as necessary[82]. Market Outlook - The group remains cautiously optimistic about the real estate market despite challenges posed by the COVID-19 pandemic and credit crises affecting major players in the industry[85]. - The majority of the group's income and expenses are denominated in RMB, and it does not expect significant adverse impacts from currency fluctuations in the foreseeable future[82].

Financial Performance - The company reported a revenue of HKD 6.741 million for the fiscal year ending March 31, 2022, a significant decrease from HKD 129.588 million in the previous year, representing a decline of approximately 94.8%[16] - The pre-tax loss for the year was HKD 1.085618 billion, compared to a loss of HKD 286.497 million in the previous year, indicating a worsening financial performance[16] - The loss attributable to shareholders for the year was HKD 942.595 million, compared to a loss of HKD 281.028 million in the prior year, reflecting an increase in losses of approximately 235%[16] - Total assets decreased to HKD 7.972 billion from HKD 9.969 billion year-over-year, a decline of about 20%[17] - Total liabilities also decreased to HKD 4.445 billion from HKD 5.533 billion, a reduction of approximately 19.7%[17] - The company's equity attributable to shareholders decreased to HKD 3.589 billion from HKD 4.363 billion, a decline of about 17.7%[17] - Revenue from property sales was HKD 2.117 million, down from HKD 124.669 million in the previous year, a decrease of approximately 98.3%[19] - Rental income was HKD 4.624 million, slightly down from HKD 4.919 million, indicating a decrease of about 6%[19] - The company did not recommend any dividend distribution for the fiscal year[24] Strategic Focus - The company is focusing on strategic investments and project management services to improve future performance[22] - The group remains cautiously optimistic about the real estate market despite uncertainties caused by credit crises among major Chinese real estate companies[26] - The group will continue to seek opportunities for urban redevelopment as a strategy to supplement its low-cost land reserves[28] - The group plans to continue seeking investment opportunities in property development and land development projects in China[36] - The group aims to adapt its business strategies based on government policy directions in response to market changes[26] Operational Efficiency - The company plans to continue implementing cost control measures to enhance operational efficiency, with administrative expenses slightly reduced by about 3% to HKD 116.6 million[57] - The company has no revenue from project management services this year, as it is gradually exiting this business segment[54] - The gross profit margin for the year was approximately 61%, significantly up from 26% last year, mainly due to changes in the revenue mix[55] - The company's net debt ratio improved from 55% to 36%, attributed to the repayment of approximately HKD 1.6042 billion in loans during the year[64] - Total bank and other borrowings decreased to HKD 16.319 billion from HKD 28.957 billion last year, with long-term borrowings now representing about 83% of total borrowings[65] Environmental, Social, and Governance (ESG) Initiatives - The company has established a governance framework for environmental, social, and governance (ESG) issues, integrating top-down strategies with bottom-up operational processes[79] - The board is responsible for overseeing the group’s ESG policies and ensuring effective risk management related to sustainability[81] - The company aims to reduce greenhouse gas emissions density by 10% by the fiscal year ending March 31, 2025, using the fiscal year 2021 as the baseline[96] - Direct greenhouse gas emissions (Scope 1) decreased from 9.80 tCO2 equivalent in 2021 to 7.35 tCO2 equivalent in 2022[96] - Total greenhouse gas emissions dropped from 51.93 tCO2 equivalent in 2021 to 39.37 tCO2 equivalent in 2022, indicating a significant reduction[96] - The company has set a target to reduce non-hazardous waste density by 10% by the fiscal year 2025, based on the fiscal year 2021[98] - Total hazardous waste decreased from 0.08 tons in 2021 to 0.05 tons in 2022, showing effective waste management practices[98] - The company has implemented a comprehensive environmental management plan to enhance operational efficiency while minimizing environmental impact[93] - The company actively promotes energy-saving measures and has encouraged the use of energy-efficient lighting and natural light sources[96] - The company aims to reduce energy consumption density by 10% by the fiscal year 2025, using the fiscal year 2021 as the baseline[103] - In fiscal year 2022, total energy consumption was 793.85 MWh, down from 1,220.67 MWh in fiscal year 2021, representing a reduction of approximately 35%[103] - Total water consumption in fiscal year 2022 was 582 tons, a decrease from 776.3 tons in fiscal year 2021, indicating a reduction of about 25%[105] - The company has set a goal to reduce water consumption density by 10% by the fiscal year 2025, using the fiscal year 2021 as the baseline[105] Human Resources and Employee Welfare - The company has a commitment to equal opportunity employment, with no discrimination based on race, nationality, gender, or other factors[128] - The company has implemented a performance evaluation system to guide annual employee assessments and improve organizational performance[122] - The company provides various employee benefits, including health insurance, annual health checks, and holiday bonuses, to enhance employee welfare[127] - The average training hours for all employees in the fiscal year 2022 was approximately 42.92 hours, a decrease from 44.95 hours in 2021[137] - The company has a structured approach to employee relations management, facilitating effective communication between management and staff[128] - The company has implemented strict measures during the COVID-19 pandemic, including daily office disinfection and temperature checks for employees entering the workplace[132] - The company has a policy to prevent child labor and forced labor, ensuring fair and transparent recruitment processes[139] - The company has developed an online learning system through WeChat to provide employees with access to training resources and information on business development and management innovation[137] Corporate Governance - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse range of skills and experience[178] - The company has adhered to the corporate governance code, maintaining a balance of power and authority within the board, with decisions made by majority vote[172] - Independent non-executive directors have confirmed their independence and lack of significant relationships that could interfere with their judgment[181] - The company has established a standard code for directors' securities trading, ensuring compliance during the reporting period[174] - The board is responsible for overseeing the company's operations, internal controls, risk management policies, and major investments[182] - The company has a commitment to good corporate governance practices, providing transparency and accountability to shareholders[172] - The board will regularly review its composition to ensure it meets the business needs of the group[178] - The company has established a diversity policy for the board, focusing on various criteria including gender, age, cultural background, and professional experience[196] - The company encourages continuous professional development for all directors to enhance their knowledge and skills[191] - The remuneration committee, consisting of three members, evaluates directors' performance and provides recommendations on their compensation based on skills, experience, and group performance[198]

| 目錄 | | | --- | --- | | 釋義 | 2 | | 公司資料 | 4 | | 簡明綜合損益及其他全面收益表 | 5 | | 簡明綜合財務狀況表 | 7 | | 簡明綜合權益變動表 | 9 | | 簡明綜合現金流量表 | 11 | | 簡明綜合財務報表附註 | 13 | | 管理層討論及分析 | 31 | | 權益披露 | 37 | | 企業管治 | 39 | | 其他資料 | 40 | 1 沿海綠色家園有限公司 二零二一年中期報告 釋義 於本中期報告內，除文義另有所指外，下列詞彙具有以下涵義： Clarendon House 2 Church Street Hamilton HM11 Bermuda 本中期報告之中文版本為英文版本之譯本及只供參考，倘若英文版本與中文版本 有任何歧義或不一致，皆以英文版本為準。 * 僅供識別 3 沿海綠色家園有限公司 二零二一年中期報告 公司資料 註冊辦事處 | 「董事會」 | 指 | 董事會 | | --- | --- | --- | | 「公司細則」 | 指 | 本公司細則 | | 「企業管治守則」 | 指 | 上市規則附錄十四所載企業管治守則 | | ...

Financial Performance - The company reported a revenue of HKD 129.588 million for the fiscal year ending March 31, 2021, compared to HKD 30.964 million in the previous year, representing an increase of 318%[15]. - The pre-tax loss for the fiscal year was HKD 286.497 million, an improvement from a loss of HKD 436.317 million in the prior year[21]. - The loss attributable to shareholders for the year was HKD 281.028 million, compared to a loss of HKD 336.784 million in the previous year[15]. - Total assets as of March 31, 2021, were HKD 9.969 billion, an increase from HKD 9.226 billion in the previous year[16]. - Total liabilities increased to HKD 5.533 billion from HKD 4.797 billion year-over-year[16]. - The company's equity attributable to shareholders was HKD 4.363 billion, slightly down from HKD 4.363 billion in the previous year[16]. - The group recorded revenue of HKD 129.6 million, an increase of approximately 319% compared to last year's HKD 31 million[23]. - The group reported a pre-tax loss of HKD 286.5 million for the fiscal year, improved from a loss of HKD 436.3 million the previous year[23]. - The attributable loss to shareholders for the year was HKD 281 million, compared to a loss of HKD 336.8 million last year[23]. Property Sales and Rental Income - Property sales contributed HKD 124.669 million to revenue, significantly up from HKD 29.601 million in the previous year[18]. - Rental income increased to HKD 4.919 million from HKD 0.910 million year-over-year[18]. - Property sales contributed HKD 1.247 billion to revenue, a 321% increase from last year's HKD 296 million, with total delivered area of 14,750 square meters, up 361% from 3,200 square meters last year[50]. Debt and Liabilities - The company's net debt increased to HKD 2.4574 billion, up from HKD 1.1489 billion last year, with the net debt to total equity ratio rising from 26% to approximately 55%[62]. - Total bank and other borrowings reached HKD 2.8957 billion, compared to HKD 1.9879 billion last year, with short-term borrowings now accounting for 68% of total borrowings[63]. Employee and Management - As of March 31, 2021, the group employed approximately 85 staff members, down from 100 in 2020, with employee costs around HKD 58 million, slightly decreased from HKD 59 million in 2020[69]. - The overall employee turnover rate for the fiscal year 2021 was approximately 19.46%, with 18 employees leaving the company[115]. - The company employed 10 senior management personnel, 47 middle management personnel, and 28 general staff as of 2021[113]. - The average training hours per employee in the fiscal year 2021 was approximately 44.95 hours, with male employees averaging 43.13 hours and female employees averaging 47.32 hours[129]. - 100% of employees across all categories, including senior management, middle management, and ordinary employees, participated in training programs[129]. Environmental, Social, and Governance (ESG) - The board is responsible for overseeing the group's environmental, social, and governance (ESG) policies, while senior management executes related policies and measures[77]. - The group has established a framework for assessing and managing significant ESG-related risks and opportunities[76]. - The total greenhouse gas emissions for the year 2021 were 51.93 tCO2 equivalent, a decrease of 32.1% from 76.45 tCO2 equivalent in 2020[91]. - The total water consumption in 2021 was 776.3 tons, down 33.9% from 1,176.3 tons in 2020[99]. - The company aims to achieve carbon neutrality by 2060, aligning with China's national goals for climate management[108]. Corporate Governance - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[173]. - The board held a total of seven meetings during the reporting period to review and approve annual and interim results, as well as significant investments and corporate transactions[182]. - The company regularly reviews its corporate governance policies and practices to ensure compliance with legal and regulatory requirements[184]. - The board is committed to maintaining a diverse composition and regularly assesses the skills and experience required to meet the group's business needs[173]. Compliance and Ethics - The company has not encountered any incidents of child labor or forced labor within its workforce during the fiscal year[132]. - The company has maintained a strong internal control system and is committed to transparency and accountability for all shareholders[169]. - A total of 41 employees participated in anti-corruption and anti-money laundering training, highlighting the company's commitment to compliance and ethical standards[148].