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永义国际(01218) - 2024 - 年度业绩
2024-06-27 14:50
Revenue and Profitability - Revenue from continuing operations increased by 161.8% to HKD 227,114,000 compared to HKD 86,762,000 in the previous year[10] - The total revenue for the year 2024 was HKD 86,762 thousand, with property investment contributing HKD 44,891 thousand and property development contributing HKD 28,647 thousand[54] - The company reported a loss for the year of HKD (408,559,000), compared to a profit of HKD 29,943,000 in the previous year[14] - The company reported a loss attributable to owners from continuing operations of HKD (254,739) thousand for the year 2024, compared to a profit of HKD 10,905 thousand in 2023[40] - Total comprehensive loss attributable to owners from continuing operations was HKD (255,125) thousand in 2024, compared to HKD (17,402) thousand in 2023[42] - The company’s basic loss per share was HKD (3.50), and diluted loss per share was HKD (4.20)[10] - The company’s basic and diluted loss per share from continuing operations was HKD (3.52) in 2024, compared to HKD 0.15 in 2023[42] - The company reported a basic loss per share of HKD 3.50 and a diluted loss per share of HKD 4.20 for the year ending March 31, 2024, compared to a profit of HKD 0.18 per share in the previous year[80] Assets and Liabilities - Total assets decreased by 4.9% to HKD 8,739,039,000 from HKD 9,188,964,000[10] - Total liabilities decreased by 1.4% to HKD 4,136,948,000, while net assets decreased by 7.8% to HKD 4,602,091,000[10] - The company’s total assets decreased from HKD 6,662,454 thousand in 2023 to HKD 6,334,193 thousand in 2024[43] - The company’s non-current assets decreased from HKD 2,526,510 thousand in 2023 to HKD 2,404,846 thousand in 2024[43] - The company’s current assets decreased from HKD 4,404,437 thousand in 2023 to HKD 3,546,059 thousand in 2024[45] - As of March 31, 2024, the group's net current assets were approximately HKD 3,546,059,000, a decrease of about 22.9% from HKD 4,404,437,000 in 2023[162] - The group's total bank loans amounted to approximately HKD 3,671,861,000 as of March 31, 2024, compared to HKD 3,529,177,000 in 2023[164] Cash Flow and Investments - The company’s cash and cash equivalents decreased to HKD 1,348,814,000 from HKD 1,913,713,000[9] - The company generated a net cash outflow from operating activities of approximately 43,100,000 HKD in 2024, up from 38,200,000 HKD in 2023[93] - The company’s investment properties decreased from HKD 2,194,541 thousand in 2023 to HKD 2,069,773 thousand in 2024[43] - The company invested approximately HKD 1,443,000 in the purchase of properties, plants, and equipment during the year, compared to HKD 578,000 in 2023[190] Operational Performance - The company incurred total employee costs of HKD 73,111 thousand in 2024, an increase from HKD 69,319 thousand in 2023[57] - Rental income from continuing operations was approximately 43,101,000 HKD, a slight decrease of about 0.4% from 43,255,000 HKD in 2023[109] - The company recorded a total of 2,518,000 HKD in other income for 2024, compared to 1,472,000 HKD in 2023, indicating a year-over-year increase of approximately 70.8%[91] - The company completed sales transactions for 5 units and 1 parking space, generating revenue of approximately 118,460,000 HKD in 2024, compared to 28,647,000 HKD in 2023[106] Discontinued Operations - The company has terminated its securities and other investments and loan financing business in China, classifying these as discontinued operations[61] - The total revenue from discontinued operations for the year was HKD 10,807,000, with employee costs amounting to HKD 288,000, down from HKD 1,942,000 in the previous year[63][64] - The company reported a net loss from discontinued operations of HKD 1,504,000 for the year, compared to a loss of HKD 2,375,000 in the previous year[68] Government Support and Subsidies - The company recognized government subsidies related to COVID-19 amounting to HKD 1,256,000 under the "Employment Support" scheme[60] Capital and Equity - The company did not recommend a final dividend for the year, consistent with the previous year[81] - The company has no proposed dividends for the reporting period, consistent with the previous year[94] - The group completed a capital reorganization on July 19, 2023, consolidating every 40 existing shares into 1 new share[175] - The group’s equity interest in Gao Shan was diluted from approximately 26.59% to about 8.11% after the completion of a significant sale on April 17, 2024[155] Financial Ratios and Performance Metrics - The asset-to-equity ratio was approximately 0.8 as of March 31, 2024, compared to 0.7 in 2023[186] - The group’s largest borrower accounted for approximately 21% of total receivables as of March 31, 2024, down from 26% in 2023[170]
永义国际(01218) - 2024 - 中期财报
2023-12-18 08:41
Financial Performance - For the six months ended September 30, 2023, the Group's revenue from continuing operations was approximately HK$130,124,000, an increase of approximately HK$92,316,000 or approximately 3.4 times compared to HK$37,808,000 in the same period of 2022[11]. - The gross profit margin for the Period was approximately 36.7%, down from approximately 76.9% in the 2022 Period[11]. - The consolidated loss attributable to shareholders for the Period was approximately HK$70,544,000, compared to a loss of approximately HK$25,103,000 in the 2022 Period[16]. - Revenue from the property development segment during the Period amounted to approximately HK$101,460,000, significantly up from HK$8,390,000 in the 2022 Period[23]. - The basic and diluted loss per share from continuing and discontinued operations was HK$0.95 for the Period, compared to HK$0.34 for the 2022 Period[17]. - The consolidated loss from discontinued operations was approximately HK$2,092,000, compared to a profit of approximately HK$6,591,000 in the 2022 Period[16]. - The increase in net loss was primarily due to higher losses on changes in fair value of investment properties and increased finance costs[16]. - The Group reported revenue from continuing operations of approximately HK$101,460,000 for the period, a significant increase from HK$8,390,000 in the previous year, representing a growth of approximately 1,107%[30]. - The Group recognized a loss on changes in fair value of investment properties amounting to approximately HK$24,438,000, contrasting with a gain of approximately HK$80,392,000 in the previous year[36]. - The Group's rental and building management income from continuing operations decreased by approximately 5.4% to HK$21,713,000, down from HK$22,946,000 in the previous year[35]. - The Group's total financial assets at fair value through profit or loss increased to approximately HK$234,685,000 as of September 30, 2023, up from approximately HK$191,160,000 as of March 31, 2023[48]. - The Group's investment portfolio is diversified, with no single investment exceeding 5% of total assets[49]. - The Group's credit policies include due diligence and continuous monitoring to minimize credit risks associated with loans[59]. Property Development - The Group launched the "Garden Crescent" residential project in November 2023, offering a total of 56 units with saleable areas ranging from 260 square feet to 2,597 square feet[23]. - The Chatham Road project is expected to have a gross floor area of approximately 41,747 square feet upon completion, anticipated in late 2024[28]. - The Ayton project consists of 60 residential units and has achieved contracted sales of approximately HK$654,002,000, with 38 units sold as of the report date[30]. - The Group's property management companies have obtained the necessary licenses to comply with the property management licensing regime effective from August 1, 2023[40]. Financial Position - As of September 30, 2023, the Group's investment properties achieved an occupancy rate of 100.0% for residential units, 99.2% for commercial units, and 95.0% for industrial units, compared to 100.0%, 99.2%, and 90.7% respectively in the previous year[36]. - The Group's gearing ratio increased to approximately 0.76 as of September 30, 2023, compared to approximately 0.71 as of March 31, 2023[99]. - The net current assets of the Group were approximately HK$3,713,428,000 as of September 30, 2023, down from approximately HK$4,404,437,000 as of March 31, 2023[100]. - The total bank borrowings of the Group as of September 30, 2023, amounted to approximately HK$3,677,476,000, up from approximately HK$3,529,177,000 as of March 31, 2023[99]. - The total assets as of September 30, 2023, amounted to HK$6,790,493,000, an increase from HK$6,662,454,000 as of March 31, 2023, reflecting a growth of approximately 1.93%[180]. - Total equity attributable to owners of the Company decreased to HK$2,593,071,000 from HK$3,451,803,000, a drop of around 24.9%[182]. - Cash and cash equivalents increased to HK$436,413,000 from HK$398,894,000, showing a growth of about 9.4%[182]. - Properties held for sale increased significantly to HK$1,786,132,000 from HK$728,950,000, reflecting a growth of approximately 144.5%[182]. Operational Highlights - The Group had 62 employees as of September 30, 2023, with staff costs amounting to approximately HK$37,696,000 for the period, compared to approximately HK$31,592,000 in the same period of 2022[120]. - The Group will continue to focus on the development of its existing principal businesses while exercising prudent capital management in operations[123]. - The Group's strategy includes measures announced by the Hong Kong Government to stimulate economic activity, particularly in the real estate sector, which is a pillar of the economy[123]. Market Conditions - The high interest rate environment is negatively impacting investment sentiment, particularly in the property sector, contributing to the overall slow performance of the Hong Kong real estate market[123]. - The Group's prospects for global economic recovery remain slow and uncertain, with ongoing geopolitical tensions and high inflation expected to persist[123]. Shareholder Information - The total issued share capital of the Company as of September 30, 2023, was 73,988,403 shares[130]. - The Company does not recommend the payment of an interim dividend for the current period, consistent with the previous period[164]. - The Company has fully complied with the Corporate Governance Code during the reporting period, except for disclosed deviations[152]. - The roles of president and chief executive officer are held by the same individual, which the Board considers appropriate for consistent leadership[153].
永义国际(01218) - 2024 - 中期业绩
2023-11-29 13:17
香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 EASYKNIT INTERNATIONAL HOLDINGS LIMITED 永義國際集團有限公司 (於百慕達註冊成立之有限公司) (股份代號:1218) 截至2023年9月30日止六個月 之中期業績公佈 財務摘要 截至9月30日止六個月 2023年 2022年 變動 (未經審核 (未經審核) 及經重列) 持續經營業務 營業額(千港元) 130,124 37,808 244.2% 毛利(千港元) 47,791 29,074 64.4% 毛利率 36.7% 76.9% (40.2)% 本公司擁有人應佔虧損(千港元) (68,452) (31,694) 116.0% 已終止經營業務 營業額(千港元) — 13,063 (100.0)% ...
永义国际(01218) - 2023 - 年度财报
2023-07-21 08:53
Financial Performance - For the year ended March 31, 2023, the Group's revenue from continuing operations was approximately HK$86,762,000, a decrease of 73.2% compared to HK$323,390,000 in the previous year[11]. - Gross profit for the year was HK$58,985,000, down 60.0% from HK$147,594,000, with a gross profit margin of 68.0%, an increase of 22.4% from 45.6%[11]. - The consolidated profit attributable to shareholders was approximately HK$29,943,000, a significant decrease of 98.9% from HK$1,009,500,000 in the previous year[19]. - Basic and diluted earnings per share were HK$0.18, down 98.6% from HK$12.46 in the previous year[11]. - Revenue from discontinued operations was approximately HK$15,912,000, a decrease of approximately 41.9% from HK$27,394,000 in the previous year[42]. - Rental income from continuing operations was approximately HK$43,255,000, representing a decrease of approximately 24.2% from HK$57,073,000 in the previous year[64]. - Revenue from property development recognized during the year was approximately HK$28,647,000, down from HK$248,576,000 in 2022[52]. - Interest income from the loan financing business from continuing operations decreased to approximately HK$13,224,000 (2022: HK$16,085,000), while a loss of approximately HK$12,302,000 was recorded for the year[88]. - Interest income from continuing operations in the loan financing business was approximately HK$13,224,000 for the year, down from HK$16,085,000 in 2022, primarily due to a decrease in outstanding loans[90]. - Interest income from loan financing decreased by 57.5% to HK$2,786,000 compared to HK$6,553,000 in 2022[137]. Assets and Liabilities - Total assets as of March 31, 2023, increased by 3.0% to HK$9,188,964,000 from HK$8,919,158,000 in the previous year[11]. - Total liabilities rose by 5.4% to HK$4,196,579,000 from HK$3,981,641,000[11]. - The net asset value per share increased to HK$67.5 from HK$66.7, reflecting a 1.2% growth[11]. - As of March 31, 2023, the Group's financial assets at fair value through profit or loss amounted to approximately HK$191,160,000, down from HK$405,674,000 in 2022[83]. - The total fair value of the Group's investments as of March 31, 2023, was approximately HK$191,160,000, representing about 2.1% of the Group's total assets[86]. - As of March 31, 2023, the gross carrying amount of loans receivable was HK$300,807,000, a decrease from HK$345,332,000 in 2022, with 39% secured by marketable securities or properties[89][91]. - The total amount of receivables after deducting cumulative impairment provisions was HK$83,854,000, compared to HK$86,702,000 in 2022, reflecting a decrease of approximately 3.9%[107]. - As of March 31, 2023, the Group's bank borrowings amounted to approximately HK$3,529,177,000, a slight decrease from HK$3,562,704,000 in 2022[145]. - The current ratio as of March 31, 2023, was approximately 3.0, down from 3.8 in the previous year[146]. - The net book value of the Group's secured assets was approximately HK$7,851,249,000 as of March 31, 2023, up from approximately HK$7,464,811,000 in 2022[154]. Property Development and Sales - The property sales for the prestigious residential project "Ayton" amounted to approximately HK$552,542,000, with 34 units and 2 car parks sold[21]. - The Group's attributable land bank in Hong Kong amounted to approximately 39,300 square feet, all under development, primarily for sale purposes[28]. - The Group plans to stimulate sales of its residential project at Waterloo Road in the second half of 2023, following the relaxation of stamp duty for first-time buyers[30]. - The overall occupancy rate of the Group's properties remained satisfactory despite the negative impact of the COVID-19 pandemic[27]. - The Group completed the disposal of a residential property in Singapore in December 2022, allowing for capital reallocation to other investment opportunities[27]. - The Chatham Road North Project is expected to be completed in late 2024, with an estimated gross floor area of approximately 41,747 square feet[55]. - A major transaction involving the disposal of a residential apartment in Singapore was approved, with a sale price of S$13,008,888 (approximately HK$76,752,400) expected to be completed on July 7, 2023[165][166]. - The Group anticipates recognizing a gain of approximately S$1,808,888 (approximately HK$10,672,400) from the aforementioned disposal[166]. Strategic Plans and Market Outlook - The Group aims to strategically invest in quality properties and pursue long-term growth opportunities to strengthen its income base[18]. - The property market in Hong Kong is expected to recover following the relaxation of epidemic prevention measures and the reopening of borders[20]. - The relaxation of anti-epidemic measures is expected to revive economic growth in Hong Kong, providing more opportunities for the Group's operations[30]. - The property market in Hong Kong is expected to be stimulated by new measures such as adjustments to the Ad Valorem Stamp Duty for first-home buyers[181]. - The reopening of borders is anticipated to support retail recovery and increase demand for commercial space in 2024[186]. - The group continues to focus on developing its existing principal businesses while exploring new opportunities for steady returns[187]. Corporate Governance and Management - The company has highlighted several risks, including the impact of Hong Kong's economic conditions on the property market and the continuous escalation of construction costs[179]. - The group has implemented a series of internal control and risk management systems to address potential risks affecting its operations[180]. - The company has no active share option schemes following the expiration of the 2012 Share Option Scheme on July 4, 2022[191]. - 雷玉珠女士为公司共同创办人,拥有超过30年的纺织行业经验[197]. - 公司董事会包括独立非执行董事,具备丰富的会计和商业经验[199][200]. - 雷女士于2006年被任命为公司副主席,参与执行委员会[197]. - 公司在上市公司准备方面有经验,涉及多个上市公司[199]. - 独立非执行董事在财务、工业和房地产领域拥有超过40年的管理经验[200]. Shareholding and Investments - Eminence completed a placing of 186,280,000 shares at HK$0.10 per share, reducing the Group's shareholding in Eminence from 74.76% to 62.30%[120][121]. - Following the completion of the Eminence Placing I, the conversion price of the 2019 convertible notes was adjusted from HK$0.25 to HK$0.24, increasing the total shares upon full conversion from 280,000,000 to 291,666,666[128]. - Eminence completed a second placing of 607,400,000 shares at HK$0.068 per share, further reducing the Group's shareholding in Eminence from 72.25% to 51.60%[130][131]. - The Group held an aggregate of 1,097,157,506 shares of Eminence after fully exercising the conversion rights under the convertible notes, representing approximately 72.25% of the total issued share capital[129]. - The company has agreed to issue up to 50,000,000 new shares at a price of HK$0.50 per share, which will dilute its stake in Gao Shan from approximately 51.60% to about 26.59%[175]. - The special general meeting for shareholders to approve the placement agreement is scheduled for July 17, 2023[176].
永义国际(01218) - 2023 - 年度业绩
2023-06-28 14:53
香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並明確表示概不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的任何損失承擔任何責任。 EASYKNIT INTERNATIONAL HOLDINGS LIMITED 永義國際集團有限公司 (於百慕達註冊成立之有限公司) (股份代號:1218) 截至2023年3月31日止年度 之全年業績公佈 財務摘要 截至3月31日止年度 2023年 2022年 變動 (經重列) 持續經營業務 營業額(千港元) 86,762 323,390 (73.2)% 毛利(千港元) 58,985 147,594 (60.0)% 毛利率 68.0% 45.6% 22.4% 本公司擁有人應佔本年度溢利(千港元) 10,905 957,066 (98.9)% 已終止經營業務 營業額(千港元) 15,912 27,394 (41.9)% 本公司擁有人應佔本年度溢利(千港元) 2,375 22,371 (89.4)% 持續及已終止經營業務 每股基本╱攤薄盈利(港元) 0.18 12.46 (98.6)% ...
永义国际(01218) - 2022 - 年度财报
2022-07-22 08:53
Financial Performance - Revenue for the year ended March 31, 2022, was HK$350,784,000, an increase of 8.5% from HK$323,382,000 in 2021[10] - Gross profit rose to HK$174,988,000, representing a significant increase of 75.0% compared to HK$100,000,000 in the previous year[10] - Net profit surged to HK$1,009,500,000, a remarkable increase of 4,503.5% from HK$21,929,000 in 2021[10] - The profit attributable to the owners of the Company was approximately HK$979,437,000, a significant increase from approximately HK$22,308,000 in the previous year[24] - Profit for the year was approximately HK$1,009,500,000, a significant increase of 4,503.5% over the previous year[50] - Basic earnings per share reached HK$12.46, a substantial increase of 4,884.0% from HK$0.25 in the previous year[10] - Basic and diluted earnings per share amounted to HK$12.46, compared to HK$0.25 for the previous year[55] Assets and Liabilities - Total assets increased by 81.9% to HK$8,919,158,000 from HK$4,903,606,000 in 2021[10] - Total liabilities rose by 138.0% to HK$3,981,641,000 compared to HK$1,673,161,000 in the previous year[10] - Net asset value per share increased by 69.7% to HK$66.7 from HK$39.3 in 2021[10] - The gearing ratio increased to 0.72 from 0.46, indicating a higher level of financial leverage[10] - The current ratio remained stable at 3.80, reflecting the company's liquidity position[10] Property Development and Investment - The Group plans to continue expanding its market presence and investing in new product development to drive future growth[10] - The overall rental income of the Group increased by 98.9% compared to the last corresponding year, primarily due to the property investment business with a controlling stake[30] - The occupancy rate of the Group's investment properties was higher than 97% for residential, commercial, and industrial units as of March 31, 2022[30] - One residential development project, "Ayton," recognized revenue of approximately HK$248,576,000 during the year[28] - The Group completed the acquisition of properties at Chatham Road North, which will be redeveloped into a composite building with residential and commercial use[31] - The Group plans to continue replenishing its land bank when suitable opportunities arise[31] - The Group plans to launch several property development projects, including residential and commercial redevelopments in various locations[59] - The Waterloo Site is being redeveloped into a luxurious residential accommodation with an estimated gross floor area of approximately 48,965 square feet, expected to launch sales in late 2022[60] - The Chatham Road North Building, now 100% owned by the Group, will be redeveloped into a composite building with an estimated gross floor area of approximately 41,827 square feet, expected to be completed in 2025[68] Financial Assets and Loans - The Group's financial assets at fair value through profit or loss amounted to approximately HK$405,674,000, an increase from approximately HK$360,322,000 in the previous year[81] - The Group recorded interest income from loan financing business of approximately HK$17,262,000, representing an increase from HK$13,726,000 in 2021, accounting for about 4.9% of total revenue[90] - Profit from loan financing business was approximately HK$10,058,000 for the Year, a significant recovery from a loss of approximately HK$38,352,000 in 2021[90] - As of March 31, 2022, the gross carrying amount of loans receivable was HK$345,332,000, up from HK$223,793,000 in 2021, with 45% secured by marketable securities or properties[97] - The largest borrower and the other four largest borrowers accounted for approximately 20% and 56% of the Group's loans receivable, respectively[97] - The interest rate on fixed-rate loans receivable ranged from 2.3% to 16% per annum, consistent with the previous year[98] Market Outlook and Economic Conditions - The outlook for the property market in Hong Kong remains positive, with expected GDP growth of 5.1% between 2021 and 2025 due to infrastructure development[36] - The Group anticipates a quick recovery in business momentum and housing demand in Hong Kong once the pandemic is over[35] - The local economy is expected to show signs of recovery in the second half of 2022, driven by improved market sentiment and confidence, which may attract more foreign investments in the construction and property sector[178][180] - The Group anticipates that the domestic economic conditions will improve following the decline in daily coronavirus cases and the progressive relaxation of social distancing measures[178][180] Risk Management and Internal Controls - The Group has implemented a series of internal control and risk management systems to address potential risks, including economic conditions and construction costs[173] - The Group's risk management measures will be strengthened to maintain financial stability, closely monitor market changes, and focus on developing existing principal businesses while exploring new opportunities[179][181] - The Group's financial performance may be impacted by various risks, including labor shortages, rising construction costs, and credit risks associated with loan provisions[175] Management and Personnel - Mr. Tsui Chun Kong has over 40 years of experience in public accounting and the commercial sector, particularly in the travel industry[192] - Mr. Jong Koon Sang has been an independent non-executive Director since 2005 and has over 40 years of management experience in financial, industrial, and property businesses[197] - Mr. Lau Chak Hang Charles has over 7 years of extensive experience in the financial industry and is currently a consulting director at Frost & Sullivan Limited[198]
永义国际(01218) - 2022 - 中期财报
2021-12-22 08:37
Financial Performance - For the six months ended September 30, 2021, the Group's revenue was approximately HK$173,125,000, an increase of approximately HK$149,414,000 or 630.1% compared to HK$23,711,000 for the same period in 2020[24]. - Profit attributable to the Company's owners for the Period was approximately HK$998,734,000, a significant turnaround from a loss of approximately HK$73,881,000 in the 2020 Period[24]. - Basic and diluted earnings per share amounted to HK$12.18 for the Period, compared to a loss per share of HK$0.81 for the same period last year[24]. - Total comprehensive income for the period was HK$1,006,269,000, compared to a loss of HK$66,579,000 in the prior year, showcasing a turnaround[192]. - Gross profit for the period was HK$91,417,000, up from HK$22,474,000 in the previous year, reflecting a strong performance[187]. Revenue Segments - Revenue from the property development segment during the Period was approximately HK$119,644,000, compared to nil in the 2020 Period[24]. - The recognized revenue from property investment business for the period amounted to HK$42,560,000, representing a significant increase from HK$16,784,000 in the previous period, primarily due to recurrent rental income[42]. - The gross rental income for the Group was approximately HK$33,622,000, reflecting a 109.8% increase compared to approximately HK$16,027,000 in the previous period[42]. - The segment reported a gain of approximately HK$73,647,000 for the period, a significant increase of approximately HK$125,230,000 compared to a loss of approximately HK$51,583,000 in the previous period[43]. Property Development and Projects - The Group's major project includes a site on Waterloo Road, Kowloon, with a site area of approximately 9,800 square feet[24]. - The Chatham Road North Building project is expected to be completed in 2025, with an estimated gross floor area of approximately 41,139 square feet after redevelopment[30]. - The Waterloo Site redevelopment is expected to be completed and launched in late 2022, with an estimated gross floor area of approximately 48,954 square feet[28]. - The "Ayton" residential project consists of two 8-storey blocks with a total saleable area of approximately 40,742 square feet, and as of the report date, 31 units and 2 car parks have been sold for a total contracted sales amount of approximately HK$473,350,000[35]. Acquisitions and Investments - The Group acquired approximately 74.76% of Eminence Enterprise Limited, consolidating it as a subsidiary in the financial statements for the Period[16]. - The acquisition of Eminence was part of the Group's strategy to diversify investments and strengthen its property portfolio[17]. - The Group's interest in Eminence increased to 696,370,840 shares, representing approximately 74.76% of the total issued share capital after acquiring additional shares[65]. - The Group's acquisition of Eminence shares was part of a voluntary conditional cash offer at HK$0.50 per share, which was approved by shareholders[60]. Financial Position and Assets - As of September 30, 2021, total assets amounted to HK$7,320,583, an increase from HK$4,234,902 as of March 31, 2021, reflecting a growth of approximately 73.5%[196]. - Non-current assets increased significantly to HK$2,852,438 from HK$2,363,200, representing a growth of about 20.7%[196]. - The Group's financial assets at fair value through profit or loss amounted to approximately HK$354,445,000 as of September 30, 2021, down from approximately HK$360,322,000 on March 31, 2021[48]. - The secured bank borrowings increased to HK$2,353,068 from HK$1,004,457, reflecting a rise of about 134%[196]. Employee and Operational Metrics - The Group had 93 employees as of September 30, 2021, with staff costs amounting to approximately HK$25,576,000, up from approximately HK$14,014,000 in the 2020 period[93]. - The current ratio improved to approximately 4.5 as of September 30, 2021, compared to approximately 3.8 on March 31, 2021[80]. Market Outlook and Strategy - The Hong Kong economy is expected to continue its recovery, supported by improved social and business environments, effective pandemic control, and economic stimulus measures[98]. - The property market in Hong Kong is anticipated to remain resilient in the long term due to low interest rates and confidence in market prospects[99]. - The Group plans to selectively acquire land for development in Hong Kong to replenish its quality land bank and strengthen its core businesses[99]. - The Group is confident in its business development and will continue to monitor market changes while exploring new opportunities to provide favorable returns for shareholders[101]. Governance and Compliance - The company fully complied with the Corporate Governance Code during the period, except for disclosed deviations[152]. - The roles of president and chief executive officer are held by the same individual, which the Board considers appropriate for consistent leadership[153]. - The company has adopted a code of conduct regarding securities transactions by directors, confirming compliance by all existing directors[163]. - The company will review the need for an internal audit function on an annual basis[160].
永义国际(01218) - 2021 - 中期财报
2020-12-18 08:40
Financial Performance - The Group reported an unaudited consolidated loss attributable to shareholders of approximately HK$73,881,000 for the six months ended 30 September 2020, compared to a loss of approximately HK$170,767,000 for the same period in 2019[11]. - Total revenue for the six months ended September 30, 2020, was HK$23,711,000, a decrease of 27.6% compared to HK$32,782,000 for the same period in 2019[146]. - Gross profit for the period was HK$22,474,000, down 29.0% from HK$31,641,000 in the previous year[146]. - Loss before taxation was HK$73,330,000, compared to a loss of HK$169,657,000 for the same period in 2019, indicating an improvement[146]. - The loss for the period attributable to owners of the company was HK$73,881,000, compared to HK$170,767,000 in the prior year[149]. - Basic and diluted loss per share was HK$(0.81), an improvement from HK$(1.87) in the same period last year[149]. - The total comprehensive expense for the period was HK$66,579,000, an improvement from HK$175,917,000 in the same period last year[149]. - The Group's segment loss during the period was approximately HK$16,177,000, compared to approximately HK$8,406,000 in the previous period[52]. - The overall loss for the property investment segment was approximately HK$51,583,000, representing an increase in loss of approximately HK$48,790,000 compared to the 2019 period[33]. Property Development and Investment - No revenue was recorded from the property development segment for the Period, consistent with the 2019 Period[15]. - The Group is developing the Waterloo Road Site into luxurious residential accommodation with an estimated gross floor area of approximately 48,977 sq. ft., expected to be completed in mid-2022[17]. - The Group holds more than 80% of the properties at Chatham Road North, with a total site area of approximately 4,653 sq. ft., and is pursuing redevelopment plans[23]. - The Lands Tribunal has scheduled a hearing for the application to auction Chatham Road North on 1 December 2020, which may lead to a public auction[24]. - If successful in acquiring all remaining units at Chatham Road North, the site will be 100% owned by the Group, with an estimated gross floor area of approximately 41,597 sq. ft. post-redevelopment[25]. - The Group's revenue from property rental for the period was approximately HK$16,027,000, representing a decrease of approximately HK$3,770,000 or 19.0% compared to the 2019 period[31]. - The property investment segment generated revenue of HK$20,391,000, while the property development segment reported a loss of HK$13,433,000[195]. Investment Activities - The Group acquired additional shares in Eminence Enterprise Limited, increasing its interest from 27.47% to 29.6%, with a bargain purchase gain of approximately HK$58,471,000 recognized[39]. - The Group invested in shares and equity-linked notes of several blue-chip companies, including China Construction Bank and Alibaba Group, during the period[38]. - The Group's investment in equity securities listed in Hong Kong and the USA increased to approximately HK$165,075,000 as of September 30, 2020, compared to approximately HK$61,411,000 as of March 31, 2020[49]. Financial Position - As of September 30, 2020, the bank balances were approximately HK$57,236,000, a decrease of approximately HK$60,684,000 compared to HK$117,920,000 on March 31, 2020[67]. - The Group's bank borrowings amounted to approximately HK$1,471,756,000, an increase from approximately HK$1,428,186,000 as of March 31, 2020[67]. - The net current assets as of September 30, 2020, were approximately HK$1,516,260,000, reflecting a decrease of approximately HK$32,828,000 from HK$1,549,088,000 on March 31, 2020[68]. - The current ratio as of September 30, 2020, was approximately 2.3, down from approximately 2.5 on March 31, 2020[68]. - Non-current assets decreased to HK$2,240,956,000 as of September 30, 2020, from HK$2,292,054,000 as of March 31, 2020[151]. - The equity attributable to owners of the Company was HK$3,169,804, a decrease from HK$3,236,270 as of March 31, 2020[152]. Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code, except for the separation of the roles of president and chief executive officer[113]. - The independent non-executive directors confirmed compliance with the Model Code regarding securities transactions throughout the reporting period[125]. - The company does not have an internal audit function, but the Board reviewed the internal control system and identified areas for improvement[116]. - The changes in directors' information included the retirement of Mr. Hon Tam Chun and the appointment of Mr. Lau Chak Hang Charles as an independent non-executive director[118]. Employee and Remuneration - As of September 30, 2020, the Group had 30 employees, an increase from 29 employees on September 30, 2019[134]. - Staff costs for the period amounted to approximately HK$14,014,000, a decrease of about 7.4% from approximately HK$15,140,000 in the same period of 2019[134]. - The Group has adopted competitive remuneration packages based on employee performance, experience, and industry practices[134]. Future Outlook - The Group will continue to focus on property development, investment, securities investment, and loan financing while exploring other potential projects for steady returns[78]. - The Group remains cautiously optimistic about the prospects of the property and securities market in Hong Kong despite global economic uncertainties[79]. - The Group continues to focus on strategic investments and acquisitions to enhance its market position and operational capabilities[35].
永义国际(01218) - 2020 - 中期财报
2019-12-18 08:36
Financial Performance - The Group's revenue for the six months ended 30 September 2019 was approximately HK$32,782,000, a decrease of 61.6% compared to approximately HK$85,378,000 for the same period in 2018[8]. - The unaudited consolidated loss attributable to shareholders for the Period was approximately HK$170,767,000, compared to a profit of approximately HK$3,173,000 for the 2018 Period[9]. - The basic and diluted loss per share for the Period was approximately HK$1.87, compared to earnings per share of HK$0.04 in the 2018 Period[10]. - Total comprehensive expense for the period was HK$175,917,000, compared to HK$6,291,000 in the previous year[153]. - The loss for the period attributable to owners of the company was HK$170,767,000, compared to a profit of HK$3,173,000 in the same period last year[153]. - The company reported a loss before taxation of HK$169,657,000 for the six months ended 30 September 2019, compared to a profit of HK$5,505,000 in the same period of 2018[179]. Revenue Sources - Rental income during the Period decreased by approximately 27.5% to approximately HK$19,797,000 compared to the 2018 Period[9]. - The Group did not record any revenue from the property development segment during the Period, as no new properties were rolled out[18]. - Revenue from property rental for the period was approximately HK$19,797,000, representing a decrease of approximately HK$7,528,000 or 27.5% compared to the previous period[26]. - The overall results for the property investment segment showed a loss of approximately HK$2,793,000, a decrease of approximately HK$50,950,000 or 106% compared to the previous period's profit[26]. Property Development and Investment - The Group's core businesses include property development and investment, with significant experience in property redevelopment[18]. - Major projects include the Waterloo Project, which has a site area of approximately 9,800 sq. ft. and is being developed into luxurious residential accommodation[18]. - The estimated gross floor area for the Waterloo development is approximately 48,965 sq. ft., with construction works currently ongoing[18]. - The Group acquired 100% ownership of the Chatham Road North site, which has a total site area of approximately 4,685 sq. ft., and plans to develop it into a composite building with an estimated gross floor area of approximately 41,401 sq. ft.[20]. - The Group plans to launch the sale of the "Ayton" residential building, consisting of 60 units with a total saleable area of approximately 40,743 sq. ft., in the first quarter of 2020[25]. Financial Assets and Investments - The Group's investment in equity securities listed in Hong Kong amounted to approximately HK$55,604,000 as of September 30, 2019, down from approximately HK$105,666,000 as of March 31, 2019[34]. - During the period, the Group experienced a net disposal of securities amounting to approximately HK$52,754,000 and a net decrease in market value of securities of approximately HK$12,666,000[34]. - The Group received dividend income from listed securities investments of approximately HK$2,233,000 during the period[35]. - The Group purchased equity-linked notes of China Construction Bank Corporation with a principal amount of HK$24,000,000 during the period[32]. - The Group disposed of 631,700 shares of HSBC Holdings plc, generating approximately HK$35,452,000 in sale proceeds[32]. Cash Flow and Liquidity - Bank balances, including cash and deposits, decreased to approximately HK$103,718,000 from HK$191,670,000 as of March 31, 2019, reflecting a decrease of approximately HK$87,952,000[46]. - The Group's bank borrowings increased to approximately HK$1,315,868,000 as of September 30, 2019, compared to HK$1,285,984,000 as of March 31, 2019[46]. - Net current assets as of September 30, 2019, were approximately HK$1,637,096,000, down from HK$1,690,736,000 as of March 31, 2019[47]. - The current ratio as of September 30, 2019, was approximately 2.7, slightly down from 2.8 as of March 31, 2019[47]. - Cash and cash equivalents at the end of the period were HK$103,718,000, down from HK$184,503,000 at the end of the previous period[179]. Shareholder Information - As of September 30, 2019, Ms. Koon Ho Yan Candy held approximately 31.95% of the Company's shares, while Ms. Lui Yuk Chu held approximately 19.09%[86][90]. - The total number of ordinary shares held by Ms. Lui Yuk Chu is 739,330,692, representing approximately 62.34% of interests[94]. - Ms. Koon Ho Yan Candy holds 739,330,692 shares, which accounts for approximately 61.73% of interests[94]. - The company has issued a total of 1,560,727,272 underlying shares in convertible notes to Goodco[98]. - The company has a significant concentration of ownership, with major shareholders holding substantial percentages of the total issued shares[99]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code, with the exception of the roles of president and CEO being held by the same individual, which the board deems appropriate for effective leadership[124]. - The company does not currently have an internal audit function, but the board reviews the effectiveness of the internal control system annually[127]. - The Company has confirmed compliance with the Model Code regarding securities transactions by Directors throughout the reporting period[133]. Employee Information - As of September 30, 2019, the Group had 29 employees, a decrease from 33 employees as of September 30, 2018[140]. - Staff costs for the period amounted to approximately HK$15,140,000, compared to approximately HK$13,809,000 for the same period in 2018, representing an increase of about 9.6%[140]. - The Group has adopted competitive remuneration packages based on employee performance, experience, and industry practices[140]. Accounting and Reporting Standards - The company has applied new accounting standards, including HKFRS 16 on leases, which became effective from 1 April 2019[191]. - The company experienced a decrease in trade and other receivables, which fell by HK$82,999,000 during the reporting period[179]. - The Group has applied HKFRS 16 for the first time in the current interim period, superseding HKAS 17 "Leases"[195].
永义国际(01218) - 2019 - 年度财报
2019-06-28 04:04
Financial Performance - For the year ended March 31, 2019, the Group's revenue was approximately HK$830,347,000, an increase of approximately HK$498,826,000 or 150.5% compared to the previous year[16]. - The profit attributable to the Company's shareholders for the year was approximately HK$315,959,000, compared to HK$297,163,000 in the previous year[16]. - The gross profit margin for the year was recorded at 42.6%[16]. - Basic and diluted earnings per share amounted to HK$3.52 for the year ended March 31, 2019[16]. - The Group's net profit margin decreased to 38.0% from 89.6% in the previous year[142]. - The profit for the year ended March 31, 2019 was approximately HK$315,814,000, representing an increase of approximately 6.3% compared to the previous year[150]. - Gross profit for the year was approximately HK$353,892,000, representing an increase of approximately 103.2% from approximately HK$174,169,000 in 2018, with a gross profit margin of 42.6% (2018: 52.5%), a decrease of approximately 9.9%[147]. - Profit before taxation was approximately HK$354,985,000, compared to HK$319,809,000 in the previous year, mainly due to increased profit from property sales[147]. Dividends - The Board recommended a final dividend of HK$0.05 per share for the year ended March 31, 2019[16]. - The Board recommends a final dividend of HK5 cents per share for the year ended 31 March 2019, unchanged from 2018[5]. - The proposed final dividend is expected to be distributed to shareholders on 2 September 2019[5]. - The Registers of Members will be closed from 14 August 2019 to 19 August 2019 for the purpose of ascertaining shareholders' entitlement to the proposed final dividend[30]. - All properly completed transfer forms for the proposed final dividend must be lodged by 4:30 p.m. on 13 August 2019[31]. - The final dividend recommendation is subject to approval at the forthcoming 2019 annual general meeting[5]. Property Development and Investment - The Group aims to diversify its property portfolio and invest in high-quality assets to strengthen its income base[18]. - The Group is focusing on expanding its property development and investment business in both commercial/industrial and residential sectors[17]. - The Waterloo Site, with a site area of approximately 9,800 sq. ft., is being developed into luxurious residential accommodation with an estimated gross floor area of approximately 48,998 sq. ft., expected to be completed in late 2021[35]. - The Group's major projects during the year include the Waterloo Site, which is currently under construction[35]. - The Group completed the acquisition of Inverness Road Property, a residential building with a total saleable area of approximately 40,943 sq. ft.[41]. - Inverness Road Property is expected to be completed before the end of 2019, enhancing the Group's residential development portfolio[41]. - The acquisition of Chatham Road North involved over 80% interest in properties with a total site area of approximately 4,685 sq. ft., aiming for 100% ownership for redevelopment[37]. - The estimated gross floor area after redevelopment of Chatham Road North is expected to be approximately 42,160 sq. ft.[37]. - The Group has extensive experience in property redevelopment, particularly in acquiring old buildings for renewal and redevelopment[35]. Transactions and Investments - The Group completed significant transactions, including the disposal of No. 6 La Salle Road Property and Easy Tower, and the acquisition of Inverness Road Property[17]. - The Group completed the disposal of La Salle Road Property, generating gross proceeds of approximately HK$680,685,000[37]. - The Group successfully disposed of Easy Tower, an industrial building, due to increasing maintenance costs[44]. - Easy Tower was considered a mature investment, prompting the decision for its disposal[44]. - The Group acquired the Inverness Road Property for HK$1,035,000,000, which was lower than its valuation, enhancing the Group's residential asset portfolio and potential development profits[165]. - The Group disposed of Easy Tower for HK$470,000,000, which was a mature investment with high maintenance costs, allowing the Group to acquire the Inverness Road Property without raising all necessary cash[174]. Financial Position and Ratios - Bank borrowings as of 31 March 2019 amounted to approximately HK$1,285,984,000, an increase from approximately HK$1,151,742,000 in 2018[150]. - The current ratio improved to 2.8 as of 31 March 2019, compared to 2.5 in the previous year[150]. - Net current assets as of 31 March 2019 were approximately HK$1,690,736,000, up from approximately HK$1,029,394,000 in 2018[150]. - The Group's total rental income from investment properties for the year was approximately HK$54,892,000, representing a 3.7% increase from HK$52,958,000 in 2018[41]. - The Group maintained a high occupancy rate of 100% for its commercial and residential investment properties as of March 31, 2019[41]. Securities Investments - The Group's securities investments amounted to HK$105,666,000 as of March 31, 2019, a decrease from approximately HK$209,759,000 in 2018[46]. - The decrease in securities investments was attributed to a net disposal of securities of approximately HK$125,511,000 and a net decrease in market value of approximately HK$27,572,000[46]. - The total loss from securities investments was approximately HK$10,245,000 for the year[133]. - Dividend income from listed securities during the year was approximately HK$7,409,000[46]. - The Group's significant securities investments included various companies, with a total investment value of HK$122,695,000 as of March 31, 2019[133]. - The Group's investment strategy focuses on capital appreciation, dividend payments, risk exposure, and diversification of the existing investment portfolio[46]. Corporate Governance and Leadership - The company has a diverse board with members holding significant qualifications and experience in accounting and law, enhancing governance and oversight[196]. - The independent non-executive directors play key roles in various committees, including Audit, Remuneration, and Nomination, ensuring robust corporate governance[192][197][200]. - The company emphasizes the importance of experienced leadership in navigating market challenges and opportunities[196]. - The board's composition reflects a commitment to maintaining high standards of accountability and transparency in financial reporting[198]. - The directors' extensive backgrounds in their respective fields contribute to strategic decision-making and risk management[199]. - The company continues to leverage the expertise of its board members to drive growth and enhance shareholder value[196]. Employee and Operational Insights - As of March 31, 2019, the Group had 33 employees, with staff costs amounting to approximately HK$63,647,000, a significant increase from approximately HK$24,164,000 in 2018[181]. - The Group's investment in staff and resources reflects its commitment to performance-based remuneration and employee motivation through a share option scheme[181]. - The Group plans to adopt a prudent approach when acquiring and disposing of properties to ensure steady recurring income and capital appreciation[181]. - The Group's financial resources and corporate strategy are expected to support continued growth[181].