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依賴該等內容而引致之任何損失承擔任何責任。 WANG ON PROPERTIES LIMITED 宏 安 地 產 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：1243） 截至二零二三年九月三十日止六個月之 未經審核中期業績公佈 中期財務摘要 截至九月三十日止六個月 二零二三年 二零二二年 變動 （未經審核） （未經審核） 百萬港元 百萬港元 收入 287 1,261 -77% 毛利 80 189 -58% 母公司擁有人應佔溢利 268 68 +294% ...

Financial Performance - For the financial year ended March 31, 2023, the Group's revenue was approximately HK$1,991.8 million, a significant increase from approximately HK$38.9 million in 2022[11][15]. - Profit attributable to owners of the parent for the same period was approximately HK$211.1 million, down from approximately HK$285.1 million in 2022[11][15]. - Basic earnings per share for the year were HK1.39 cents, down from HK1.88 cents in 2022[58]. - The net asset value per share increased to HK$0.35 from HK$0.34 year-on-year[46]. - Total assets decreased to HK$9,746.0 million from HK$10,605.6 million[46]. - The gearing ratio improved to 59.4% from 68.2%[46]. - The Group recorded fee incomes of approximately HK$17.0 million for the financial year, a decrease from approximately HK$30.8 million in 2022, primarily due to a reduction in acquisition fees[140]. Revenue Sources - Revenue from property development segment reached approximately HK$1,971.1 million, a significant increase from nil in 2022, primarily due to the delivery of "The Met. Azure" project[19]. - "The Met. Azure" project generated total sales proceeds of approximately HK$1.6 billion, with all residential units sold out as of the report date[19]. - All 326 units of the "maya" project have been sold, generating aggregate sales proceeds of approximately HK$4.3 billion, with the Group holding a 50% equity interest[6]. - The "Altissimo" project has sold 542 out of 547 units, with total sales proceeds amounting to approximately HK$7.0 billion, and the Group owns a 40% equity interest in this development[6]. - The "Larchwood" project, launched in August 2022, has sold 96 out of 98 units, resulting in total sales proceeds of approximately HK$516.4 million, with expected delivery in 2024[19]. Acquisitions and Developments - The Group completed the acquisition of a site at Nos. 18–20 Sze Shan Street for approximately HK$940.6 million, with a total site area of approximately 41,700 square feet, planned for redevelopment into a residential project with commercial space[6]. - The Group also acquired a site at Nos. 3–9 Finnie Street for HK$412 million, with a total site area of approximately 4,200 square feet, intended for redevelopment into a residential project[6]. - The Group plans to launch five development projects from 2023 to 2024, the highest number in recent years, including projects in Wong Tai Sin and Ap Lei Chau[21]. - Recent acquisitions include properties at 3–9 Finnie Street, Quarry Bay, and 18–20 Sze Shan Street, Yau Tong, to support quality residential project development[36]. - The Group acquired Pentahotel Hong Kong, Kowloon for HK$2 billion, with a gross floor area of approximately 285,000 square feet, marking its first major investment in the hospitality segment[71][85]. Financial Management and Strategy - The Group's treasury policy includes diversifying funding sources, primarily relying on internally generated cash flow and interest-bearing bank borrowings[112]. - The Group has entered into interest rate swap contracts to convert part of its borrowings from floating to fixed interest rates to mitigate interest rate risk[114]. - The Group has no material foreign exchange exposure, with all bank borrowings and revenue primarily denominated in Hong Kong dollars[116]. - The Group's asset-light business model allows the Group to generate sustainable management fee income and share operating profits from joint ventures[68]. - The Group aims to continue its growth trajectory by leveraging its expertise in property investment and management while expanding its hospitality segment[85]. Corporate Governance and Risk Management - The Nomination Committee held two meetings during the year to review the Board's structure, size, and composition to align with the Group's corporate strategy[142]. - The Group has established risk management procedures to address significant business risks and conducts annual reviews of changes in the business environment[153]. - External advisers were appointed to perform internal audits and monitor the effectiveness of the Group's internal control systems, with no significant deficiencies reported for the year[154]. - The Board has confirmed that the Group's risk management and internal control systems were effective and adequate in financial, operational, compliance, and resource management[182]. Shareholder Communication and Corporate Social Responsibility - The Group has adopted a shareholder communication policy to ensure timely information dissemination to stakeholders regarding business performance and financial status[156]. - The Company has made donations for community wellbeing and encourages employee participation in charitable events[194]. - The Group has engaged in various charity activities, including visiting low-income families and providing scholarships, reflecting its commitment to corporate social responsibility[166]. - The Company aims to enhance operating efficiency and ensure sustainable development to generate greater returns for stakeholders[195].

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之內容概不負 責，對其準確性或完整性亦不發表聲明，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依賴該等內容而引致之任何損失承擔任何責任。 WANG ON PROPERTIES LIMITED 宏安地產有限公司 （於百慕達註冊成立之有限公司） （股份代號：1243） 截至二零二三年三月三十一日止年度 全年業績公佈 全年財務摘要 截至 截至 二零二三年 二零二二年 三月三十一日 三月三十一日 止年度 止年度 變動 百萬港元 百萬港元 收入 1,992 39 +5,008% 毛利 330 16 +1,963% 母公司擁有人應佔溢利 211 285 -26% 每股盈利（港仙） 基本及攤薄 1.39 1.88 -26% ...

Financial Performance - The Group's revenue for the six months ended September 30, 2022, was approximately HK$1,260.8 million, a significant increase from approximately HK$10.3 million for the same period in 2021[19]. - Profit attributable to owners of the parent for the same period was approximately HK$67.6 million, down from approximately HK$148.6 million in 2021[20]. - The profit for the reporting period was mainly attributable to the completion of developed property projects and share of profits recognized from joint ventures[20]. - The Group's financial performance reflects a strong recovery in property sales compared to the previous year, highlighting effective project management and market positioning[20]. - The Group's total assets less current liabilities as of September 30, 2022, were approximately HK$8,394.7 million, an increase from approximately HK$7,829.9 million as of March 31, 2022[74]. - The current ratio improved to approximately 2.8 times as of September 30, 2022, compared to approximately 2.0 times as of March 31, 2022[76]. - Fee income for the reporting period was approximately HK$9.1 million, up from approximately HK$4.3 million for the six months ended September 30, 2021, primarily due to the addition of new managed assets[73]. - The Group's cash and cash equivalents were approximately HK$949.4 million as of September 30, 2022, compared to approximately HK$831.5 million as of March 31, 2022[76]. - The Group's total comprehensive income for the period was HK$32,356, a decrease of 73% compared to HK$120,815 in the previous year[151]. - Profit for the period was HK$67,562,000, down from HK$148,636,000 in the prior year[148]. Project Developments - Revenue recognized from the "The Met. Azure" project during the reporting period amounted to approximately HK$1.3 billion, with 315 out of 320 units sold, generating total sales proceeds of approximately HK$1.6 billion[21][22]. - The Group launched pre-sales of the "Larchwood" project in August 2022, with 41 out of 98 units sold, resulting in total sales proceeds of approximately HK$201.0 million[23]. - The "Larchwood" project is the Group's first urban redevelopment commercial and residential project in a long time, leveraging competitive advantages from previous projects[23]. - The "Met. Azure" project was launched to market in August 2021, indicating a successful sales strategy in the property development sector[22]. - The "maya" project, co-developed with CIFI, has sold all 326 units, resulting in total sales proceeds of approximately HK$4.3 billion, with the Group holding a 50% equity interest[25][26]. - The "Altissimo" project has sold 530 out of 547 units, achieving total sales proceeds of approximately HK$6.3 billion, with the Group owning a 40% equity interest[27][28]. - The "LADDER Dundas" commercial property launched in July 2022 sold 15 out of 19 floors within one month, generating sales proceeds of approximately HK$463.3 million[41]. - The Group's development land portfolio includes several projects, with a total attributable gross floor area of approximately 334,000 square feet planned for redevelopment[49]. Joint Ventures and Acquisitions - In November 2021, the Group entered into a joint venture with APG, committing a maximum capital of HK$2.334 billion for property acquisitions in Hong Kong[29][30]. - The APG joint venture acquired sites at King's Road for approximately HK$1.3 billion, with plans for redevelopment into a residential project with commercial space[39][40]. - The Group completed the sale of True Promise Limited, which owned residential and commercial units at Ting Yip Street, to the APG joint venture in May 2022[42]. - The Group owns a 70% equity interest in a luxury residential redevelopment project at Pokfulam Road, which is currently undergoing superstructure works[43]. - The Group formed a joint venture with Jumbo Holding to acquire a carpark podium for HK$410.3 million, providing 509 parking spaces, expected to meet high demand due to nearby residential developments[58]. - The APG joint venture successfully acquired six projects with an estimated gross floor area of 466,300 square feet and a total development value of HK$11.7 billion[100]. Financial Position and Debt Management - Aggregate bank borrowings as of September 30, 2022, amounted to approximately HK$4,213.8 million, down from approximately HK$4,359.2 million as of March 31, 2022[77]. - The gearing ratio decreased to approximately 64.1% as of September 30, 2022, from approximately 68.2% as of March 31, 2022[80]. - The Group's capital commitment as of September 30, 2022, was approximately HK$740.1 million, significantly reduced from approximately HK$2,072.9 million as of March 31, 2022[78]. - The group had a total of 137 employees in Hong Kong as of September 30, 2022, up from 136 employees as of March 31, 2022[95]. - The company reported a significant cash flow from investing activities of HK$149,101,000, compared to HK$817,680,000 in the previous year, indicating a strategic shift in investment focus[167]. - The company’s debt investments at fair value through other comprehensive income experienced a loss of HK$67,496,000, highlighting challenges in the investment portfolio[167]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance, emphasizing transparency, accountability, and integrity[136]. - The Audit Committee, comprising three independent non-executive Directors, reviewed the unaudited financial information for the six months ended September 30, 2022[143]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended September 30, 2022[139]. - The Group established a formal ESG committee to implement a 5-year ESG Roadmap and participated in the GRESB assessments[112]. - The Group has implemented stricter health guidelines at properties and provided rental relief to tenants affected by the COVID-19 pandemic[115]. Market Outlook and Strategy - The Group is cautiously optimistic about the property market and will monitor market changes closely while seeking collaboration with strategic partners[104]. - The Group believes that government measures to facilitate property development will aid in acquiring new projects and redevelopment sites in the future[104]. - The Hong Kong government forecasts real GDP growth for 2022 to be between -0.5% to 0.5%, indicating a largely flat economy compared to 2021[100]. - The Group plans to divest businesses with potential unleased properties and reinvest in new high-growth opportunities to broaden its recurring income portfolio[102].

Financial Performance - For the financial year ended March 31, 2022, the Group's revenue was approximately HK$38.9 million, a significant decrease from HK$339.5 million in the previous year[12]. - Profit attributable to owners of the parent for the same period was HK$285.1 million, down from HK$466.7 million in 2021[12]. - Basic earnings per share decreased to HK1.88 cents from HK3.07 cents year-on-year[12]. - The Group's revenue for the fiscal year was approximately HK$38.9 million, a significant decrease from HK$339.5 million in the previous year, reflecting a decline of about 88.5%[35]. - Profit attributable to the owners of the parent was HK$285.1 million, down from HK$466.7 million in the prior year, representing a decrease of approximately 38.8%[35]. - The Group recognized no revenue from property development during the year, compared to approximately HK$301.3 million in 2021, with joint venture projects contributing approximately HK$858.7 million in sales recognition[73][78]. Asset Management and Investments - Total assets increased to HK$10,605.6 million from HK$10,203.1 million[12]. - Net assets rose to HK$5,183.9 million compared to HK$5,034.3 million in the previous year[12]. - The gearing ratio improved to 68.2% from 77.1% in the prior year, indicating a reduction in financial leverage[12]. - The Group aims to improve its asset management and increase investment returns by restructuring its debt and optimizing its asset portfolio[61]. - The Group's gross rental income from property investment for the financial year amounted to approximately HK$91.6 million, representing an increase of approximately 13.9% compared to HK$80.4 million in 2021[109][111]. - The Group's investment properties had a total carrying value of HK$135.1 million as of March 31, 2022, down from HK$571.2 million in the previous year[108][111]. - The Group's asset management fee income increased to approximately HK$30.8 million in the reporting year, up from HK$24.7 million in 2021, primarily due to the addition of new assets under management[125][132]. - The Group's asset management services contributed approximately 79.2% of its total revenue for the reporting year[125]. Property Development and Projects - The Group plans to actively replenish its land bank for future development of new projects and share of profits from joint ventures[29]. - The profit for the financial year was mainly driven by the delivery of jointly developed property projects[29]. - The Group launched "The Met. Azure," achieving gross contracted sales of approximately HK$1.4 billion with all units sold on the first day[37]. - The "maya" project, co-developed with CIFI, recorded contracted sales of approximately HK$4.2 billion, with 323 units sold[38]. - The "Altissimo" project, co-developed with Country Garden and China State Construction, achieved contracted sales of approximately HK$6.2 billion, with 528 units sold[39]. - The Group acquired four old building projects for redevelopment into "The Met." series, enhancing its land bank for future developments[42]. - The Group completed the acquisition of a site at Ting Yip Street, with a gross floor area of approximately 46,000 square feet, to be redeveloped as part of "The Met." series[83]. - The Group acquired full ownership of a site at Fei Fung Street, with a total site area of approximately 10,400 square feet, for redevelopment as part of "The Met." series[84]. - The Group has ongoing demolition work for several sites acquired for redevelopment as part of "The Met." series, indicating a strategic focus on expanding its property portfolio[85][86][87]. Market Conditions and Economic Outlook - The Hong Kong economy showed steady growth in 2021, with a generally buoyant residential property market despite some market uncertainties[28]. - The Group maintained a cautiously optimistic strategy towards the Hong Kong property development market, adapting to changing market conditions[28]. - The residential market is expected to see a slight increase in prices in 2022, driven by consistent demand and a low interest rate environment[60]. - Hong Kong's real GDP contracted by 4.0% year-on-year in Q1 2022, and by 3.0% on a seasonally adjusted quarter-to-quarter basis due to weak domestic and external demand amid the pandemic[158]. - The Hong Kong government launched measures such as consumption vouchers and employment support schemes to stabilize the economy in the first half of 2022[159]. Corporate Governance and Management - The company has a diverse board with members having extensive experience in various sectors, including property development, finance, and surveying[181]. - The Group's management team is composed of members with qualifications from prestigious institutions, enhancing their expertise in the industry[198]. - The company is committed to maintaining high standards of corporate governance through its independent non-executive directors[183]. - The Group's legal counsel, Mr. Ip, has been qualified as a solicitor in Hong Kong since December 1996[193]. - The executive team is focused on strategic planning and operational management to enhance property sales and leasing performance[177]. Social Responsibility and Sustainability - The Group has committed to corporate social responsibility by donating anti-pandemic supplies, benefiting over 10,000 individuals[56]. - The Group established a formal ESG Committee to implement a 5-year ESG Roadmap and participates in GRESB assessments for sustainability[168]. - The Group implemented stricter health guidelines at properties and provided rental relief to tenants affected by the pandemic[173]. - The Group is committed to innovating for a sustainable future[176].

Financial Performance - The Group's revenue for the six months ended September 30, 2021, was approximately HK$6.0 million, a significant decrease from approximately HK$250.3 million for the same period in 2020[13]. - Profit attributable to owners of the parent for the same period was approximately HK$148.6 million, compared to approximately HK$71.9 million in the previous year, indicating a year-over-year increase of 106.5%[13]. - Revenue for the six months ended September 30, 2021, was HK$5,964,000, a decrease of 97.6% compared to HK$250,292,000 in the same period of 2020[144]. - Gross profit for the same period was HK$5,838,000, down 95.0% from HK$117,120,000 year-on-year[144]. - Profit before tax increased to HK$145,365,000, representing a 57.3% increase from HK$92,413,000 in the previous year[144]. - Profit for the period was HK$148,636,000, up 103.5% compared to HK$73,109,000 in the same period of 2020[144]. - Total comprehensive income for the period was HK$120,815,000, an increase of 66.8% from HK$72,376,000 year-on-year[145]. - Earnings per share attributable to ordinary equity holders of the parent was HK0.98 cent, compared to HK0.47 cent in the previous year, reflecting a 108.5% increase[145]. Property Development - The completion of jointly developed property projects contributed to the profit, with net profit from the delivery of remaining units of two joint venture projects amounting to approximately HK$141.7 million[18]. - The "maya" project has sold 310 out of 326 units, generating total sales proceeds of approximately HK$3.9 billion, with the Group holding a 50% equity interest[19]. - The "Altissimo" project has sold 516 out of 547 units, with total sales proceeds of approximately HK$5.8 billion, and the Group owns a 40% equity interest in this project[20]. - The presale for "The Met. Azure" project launched in August 2021, with 208 out of 320 units sold, resulting in contracted sales of approximately HK$967.7 million[24]. - The superstructure work for "The Met. Azure" is currently ongoing, with expected unit delivery in the fourth quarter of 2022[24]. - The Group's projects are well-received, particularly among young home buyers and single individuals, indicating a positive market response[24]. Investment Properties - As of September 30, 2021, the Group's investment properties portfolio had a total carrying value of approximately HK$580.0 million, an increase from approximately HK$571.2 million as of March 31, 2021[44]. - The Group received gross rental income of approximately HK$6.0 million for the reporting period, representing a 22.4% increase compared to approximately HK$4.9 million for the six months ended September 30, 2020[47]. - The Group has a 50% equity interest in two commercial properties, "Lake Silver" and "The Parkside," both of which have been refurbished, achieving full occupancy at Lake Silver and over 90% occupancy at The Parkside[53]. - The Group aims to expand its investment properties portfolio through self-acquisition and strategic partnerships, focusing on securing recurring rental income and capital appreciation[60]. Financial Position - As of September 30, 2021, the Group's total assets less current liabilities were approximately HK$8,475.0 million, an increase of 6.0% from HK$7,994.6 million as of March 31, 2021[64]. - The current ratio improved to approximately 2.8 times as of September 30, 2021, compared to 2.4 times as of March 31, 2021[64]. - Cash and cash equivalents decreased to approximately HK$702.2 million as of September 30, 2021, down from HK$826.5 million as of March 31, 2021[64]. - Aggregate bank borrowings increased to approximately HK$5,079.1 million as of September 30, 2021, up from HK$4,696.9 million as of March 31, 2021, resulting in a gearing ratio of approximately 87.0%[64]. - The effective interest rate of bank borrowings rose to approximately 2.3% per annum as of September 30, 2021, compared to 1.8% as of March 31, 2021[68]. - The Group's capital commitment as of September 30, 2021 was approximately HK$975.0 million, significantly higher than HK$516.0 million as of March 31, 2021[64]. Corporate Governance - The Company has complied with the applicable code provisions of the Corporate Governance Code throughout the six months ended September 30, 2021[128]. - The company emphasized its commitment to high standards of corporate governance, focusing on transparency, accountability, and integrity[129]. - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited condensed consolidated financial information for the six months ended September 30, 2021[134]. Market Conditions - The property market remains stable due to low interest rates and strong end-user demand, with many developers launching new projects[84]. - The unemployment rate in Hong Kong improved to 5.5% from April to June 2021, reflecting a rebound in the labor market[83]. - The Group is cautiously optimistic about the property market and will continue to seek opportunities for property acquisition and collaboration with strategic partners[89]. Environmental and Health Measures - The Group has implemented stricter testing and quarantine guidelines at properties and construction sites to safeguard health amid the COVID-19 pandemic[91]. - The Group encourages environmental friendliness by promoting paper recycling and energy-saving practices within its operations[92]. - All development projects comply with the latest Building Energy Codes for Mechanical, Electrical, and Plumbing (MEP) systems[94][95]. - The Group provided rental relief and support to tenants affected by the pandemic[91].

Financial Performance - Revenue for the year ended March 31, 2021, was HK$314.8 million, a decrease of 86.7% from HK$2,372.1 million in 2020[13]. - Profit attributable to owners of the parent increased to HK$466.7 million, up 2.9% from HK$457.3 million in the previous year[13]. - For the financial year ended March 31, 2021, the Group's revenue was approximately HK$314.8 million, a decrease of 86.7% from HK$2,372.1 million in 2020, while profit attributable to owners was approximately HK$466.7 million, an increase of 2.9% from HK$457.3 million in 2020[55]. - Revenue from property development during the year was approximately HK$301.3 million, down from HK$2,369.6 million in 2020, primarily due to the delivery of remaining stocks of The Met. Acappella[55]. - The Group's gross contract sales amounted to HK$2,572.9 million, down from HK$3,735.6 million in 2020[32]. - The average price per square foot for properties sold increased to HK$24,517 from HK$19,454 in 2020, reflecting a 26.5% increase[32]. Assets and Liabilities - Total assets as of March 31, 2021, were HK$10,203.1 million, compared to HK$8,738.4 million in 2020, representing a growth of 16.8%[13]. - The gearing ratio rose to 77.1% from 53.9%, indicating an increase in leverage[13]. - As of March 31, 2021, the Group's total bank borrowings amounted to approximately HK$4,696.9 million, up from HK$3,370.2 million in 2020[84]. - The Group's capital commitment as of March 31, 2021, was approximately HK$516.0 million, an increase from HK$486.7 million in 2020[79]. - The Group's investment properties had a total carrying value of approximately HK$571.2 million as of March 31, 2021, down from approximately HK$654.1 million the previous year[71]. Development Projects - The Group successfully sold 294 units of the "maya" project with contracted sales of approximately HK$3.6 billion as of the date of the annual report[33]. - The "Altissimo" project saw 505 units sold with contracted sales of approximately HK$5.3 billion, with the Group holding a 40% interest[33]. - The Group plans to launch "The Met. Azure," a new residential project expected to attract young homebuyers, featuring 320 units with a saleable area of approximately 200 square feet[33]. - The Group successfully acquired 100% interest in the redevelopment project "The Met. Azure" with a gross floor area of 90,000 square feet[39]. - The Group has acquired properties at Tai Kok Tsui and Ap Lei Chau, totaling a gross floor area of 61,500 square feet and 37,100 square feet respectively[39]. Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming fiscal year[13]. - Management discussed potential mergers and acquisitions as part of their growth strategy[13]. - The Group is committed to enhancing its land bank through government land bidding and project acquisitions, focusing on sites with convenient transportation[35]. - The Group aims to capture market opportunities while ensuring solid returns for shareholders amidst economic uncertainties[47]. - The Group plans to incorporate smart home facilities in residential projects to enhance buyers' quality of life[47]. Corporate Governance - The company emphasizes the importance of corporate governance, committing to high standards of transparency, accountability, integrity, and independence[129]. - The company adopted the principles of the Corporate Governance Code and complied with its provisions throughout the year ended March 31, 2021[130]. - The Board periodically reviews compliance with the Corporate Governance Code to maximize stakeholder benefits[132]. - The company has a code of conduct for securities transactions by Directors, confirming compliance with required standards throughout the review year[133]. - The Board consists of three Independent Non-Executive Directors (INEDs), representing over one-third of the Board, ensuring strong independent decision-making[148]. Management and Personnel - The company appointed Mr. Deng Haokang as CEO and executive director, responsible for overall business management and strategic planning[109]. - The company has a strong management team with extensive experience in property development, finance, and surveying, enhancing operational efficiency[112][116][119]. - The Group had 136 employees as of March 31, 2021, an increase from 126 employees in 2020[95]. - All Directors participated in continuous professional development to enhance their knowledge and skills, complying with code provisions[170]. - The company has arranged appropriate liability insurance for Directors against liabilities arising from legal actions on corporate activities[170]. Community Engagement - The Group actively supports community welfare initiatives, including donations to elderly care homes and low-income families during the pandemic[48]. - The Group promotes environmental friendliness by encouraging a paper-recycling culture and participating in the BEAM Plus assessment scheme for its property developments[98]. - All development projects conform to the latest Building Energy Codes, ensuring compliance with various environmental laws and regulations[99]. Risk Management - The Group's treasury policy includes diversifying funding sources and regularly reviewing major funding positions to ensure adequate financial resources[87]. - The Group has entered into interest rate swap contracts to convert part of its borrowings from floating rates to fixed rates to mitigate interest rate risk[88]. - The overall effectiveness of internal controls and risk management systems was assessed by the Audit Committee[175].

Financial Performance - Revenue for the year ended March 31, 2021, was HK$314.8 million, a decrease of 86.7% from HK$2,372.1 million in 2020[13]. - Profit attributable to owners of the parent increased to HK$466.7 million, up 2.9% from HK$457.3 million in the previous year[13]. - For the financial year ended March 31, 2021, the Group's revenue was approximately HK$314.8 million, a decrease of 86.7% from HK$2,372.1 million in 2020, while profit attributable to owners was approximately HK$466.7 million, a slight increase from HK$457.3 million in 2020[55]. - Revenue from property development during the year was approximately HK$301.3 million, down from HK$2,369.6 million in 2020, primarily due to the delivery of remaining stocks of The Met. Acappella[55]. - The Group's gross contract sales amounted to HK$2,572.9 million, down from HK$3,735.6 million in 2020[32]. Assets and Liabilities - Total assets as of March 31, 2021, were HK$10,203.1 million, compared to HK$8,738.4 million in 2020, representing a growth of 16.8%[13]. - The gearing ratio rose to 77.1% from 53.9%, indicating an increase in leverage[13]. - As of March 31, 2021, the Group's total bank borrowings amounted to HK$4,696.9 million, up from HK$3,370.2 million in 2020[84]. - The Group's capital commitment as of March 31, 2021, was approximately HK$516.0 million, an increase from HK$486.7 million in 2020[79]. Property Development and Projects - The Group successfully sold 294 units of the "maya" project with contracted sales of approximately HK$3.6 billion as of the annual report date[33]. - The "Altissimo" project saw 505 units sold with contracted sales of approximately HK$5.3 billion, with the Group holding a 40% interest[33]. - The Group has secured three redevelopment projects with over 80% ownership to replenish its land bank[37]. - Approximately 228,000 square feet of gross floor area was added to the Group's land bank during the financial year[27]. - The Group plans to launch "The Met. Azure," a new residential project expected to be well-received by homebuyers[33]. Corporate Governance - The Company emphasizes the importance of corporate governance, committing to high standards of transparency, accountability, integrity, and independence[129]. - The Company adopted the principles of the "Corporate Governance Code" and complied with applicable code provisions throughout the year ended March 31, 2021[130]. - The Board periodically reviews compliance with the Corporate Governance Code to safeguard stakeholder benefits[132]. - The Group's strategy focuses on prudent investment in projects to maximize shareholder returns, actively exploring opportunities to increase its land portfolio[137]. - The Board consists of three Independent Non-Executive Directors (INEDs), representing more than one-third of the Board, ensuring strong independent decision-making[148]. Management and Leadership - The company appointed Mr. Deng Haokang as CEO and executive director, responsible for overall management and strategic planning since February 2021[109]. - The management team is actively involved in strategic planning for long-term growth and sustainability in the real estate sector[109]. - The company is focused on expanding its property development and management operations in Hong Kong and potentially overseas markets[115]. - The company has a strong board of directors with extensive experience in auditing, accounting, and property management, including Mr. Li Wing Sum and Mr. Sung Tze Wah[113][116]. Market Outlook and Strategy - Future guidance indicates a cautious outlook due to market uncertainties but aims for gradual recovery[13]. - The Group is cautiously optimistic about the property market and will continue to monitor market changes while seeking opportunities for property acquisition and collaboration with strategic partners[103]. - The property sector is expected to remain resilient in the long term, supported by a low-interest rate environment and stable demand for residential units[103]. - The Group plans to replenish its land bank through public tenders, old building acquisitions, and land use conversions to support future development[103]. Social Responsibility and Environmental Initiatives - The Group has actively supported social welfare organizations, providing over 1,200 mooncakes to elderly care homes during the pandemic[48]. - The Group promotes environmental friendliness by encouraging paper recycling and energy-saving practices, and participates in the BEAM Plus assessment scheme for environmental certification[98]. - All development projects conform to the latest Building Energy Codes, ensuring compliance with various environmental laws and regulations[99].

Financial Performance - The Group's revenue for the six months ended 30 September 2020 amounted to approximately HK$250.3 million, a decrease of 88.7% compared to approximately HK$2,223.9 million for the same period in 2019[19] - Profit attributable to owners of the parent for the reporting period was approximately HK$71.9 million, down 87.6% from approximately HK$579.3 million in the previous year[19] - The interim report highlights a significant reduction in both revenue and profit, indicating challenges faced during the reporting period[19] - The decrease in revenue and profit was primarily attributed to the timing of project completions, affecting the overall financial performance[19] - Gross profit for the same period was HK$117,120,000, down 87.88% from HK$967,257,000 in 2019[121] - Profit before tax for the period was HK$92,413,000, a decrease of 87.14% compared to HK$716,782,000 in the previous year[121] - Profit for the period was HK$73,109,000, down 87.37% from HK$578,754,000 in 2019[121] - Basic and diluted earnings per share attributable to ordinary equity holders of the parent were HK$0.47 cents, a decline from HK$3.81 cents in the same period last year[122] Revenue Breakdown - Revenue recognized in the property development segment during the reporting period was approximately HK$245.4 million, a decline of 88.9% from approximately HK$2,222.8 million in the same period last year[21] - The property development segment generated revenue of HK$245,374,000, while the property investment segment contributed HK$4,918,000 for the six months ended September 30, 2020[153] - Revenue recognized from the sale of properties amounted to HK$17,346,000 for the six months ended 30 September 2020, compared to HK$1,949,121,000 in the same period of 2019, indicating a significant decrease[158] Project Developments - The Group launched a new luxury residential brand series "NOUVELLE" in collaboration with CIFI Holdings Group Co., Ltd, with the project "maya" having sold 266 out of 308 units, generating a total contracted sales amount of approximately HK$3.1 billion[22] - The Group expects some existing projects under development to complete in the second half of the financial year 2021, which may impact future revenue and profit[19] - The "Altissimo" project has sold 472 of 547 units, with a total contracted sales amount of approximately HK$4.4 billion[25] - The Group holds a 50% interest in the "maya" development project and is responsible for project management[22] - The new "The Met." project in Tsing Yi has an expected total permitted residential floor area of approximately 80,000 square feet and is set for pre-sale next year[27] - A new redevelopment site in Ap Lei Chau has a total attributable gross floor area of approximately 37,100 square feet, with demolition work expected to start in Q1 next year[28] Investment Properties - As of 30 September 2020, the Group's investment properties had a total carrying value of approximately HK$621.2 million[39] - Gross rental income for the period was approximately HK$4.9 million, an increase from HK$2.4 million in the same period last year[40] - The occupancy rate of the investment property "The Parkside" is over 80%[42] - The rental yield of the investment property project acquired in 2019 was improved due to renovations and tenant mix enhancements, achieving full occupancy[44] - The Group continues to seek opportunities to expand its investment properties portfolio for recurring income and capital appreciation[49] Financial Position - As of September 30, 2020, the Group's total assets less current liabilities were approximately HK$7,894.8 million, an increase from approximately HK$7,198.9 million as of March 31, 2020[54] - The current ratio as of September 30, 2020, was approximately 2.7 times, up from approximately 2.5 times as of March 31, 2020[54] - Aggregate bank borrowings as of September 30, 2020, amounted to approximately HK$4,133.1 million, compared to approximately HK$3,370.2 million as of March 31, 2020[54] - The gearing ratio was approximately 76.3% as of September 30, 2020, an increase from approximately 53.9% as of March 31, 2020[54] - The Group's cash and cash equivalents were approximately HK$594.3 million as of September 30, 2020, down from approximately HK$853.6 million as of March 31, 2020[54] Corporate Governance - The Company has complied with the applicable code provisions of the Corporate Governance Code throughout the six months ended September 30, 2020[105] - The company has maintained a high standard of corporate governance, emphasizing transparency and accountability to enhance competitiveness and operating efficiency[106] - No share options were granted, lapsed, cancelled, or outstanding under the Share Option Scheme during the review period[99] - The Share Option Scheme aims to provide incentives for eligible persons contributing to the development and growth of the Group[95] Shareholder Information - As of September 30, 2020, WOG held 11,400,000,000 shares of the Company, representing 75.0% of the total issued share capital of 15,200,000,000 shares[92] - The Company’s substantial shareholders include WOG, Mr. Tang Ching Ho, and Ms. Yau Yuk Yin, all holding significant shares[92] Cash Flow and Expenses - Net cash flows used in operating activities amounted to HK$919,917,000, a significant increase from HK$104,445,000 in the same period of 2019[133] - Interest received increased to HK$25,611,000 from HK$11,001,000 year-on-year[137] - Dividend paid decreased to HK$109,440,000 from HK$250,040,000 in the previous year[137] - The Group's total cash outflow from financing activities was HK$562,280,000, contrasting with an outflow of HK$512,855,000 in the previous year[137] Disposals and Acquisitions - The company disposed of subsidiaries with net assets totaling HK$93,158,000 during the six months ended September 30, 2020, which included gains on disposals amounting to HK$30,800,000[198] - The cash inflow from the disposals of subsidiaries was HK$26,860,000 from City Global and HK$66,298,000 from Longable, resulting in a total cash inflow of HK$93,158,000[198] - The financial impacts of the disposals of subsidiaries are summarized, indicating a strategic move to optimize asset management[197]

Financial Performance - Revenue for the year ended March 31, 2020, was HK$2,372.1 million, a decrease of 16.2% from HK$2,831.8 million in 2019[10]. - Profit attributable to owners of the parent for 2020 was HK$457.3 million, down 8.6% from HK$500.3 million in 2019[10]. - Basic earnings per share decreased to HK3.01 cents in 2020 from HK3.29 cents in 2019[10]. - Total assets as of March 31, 2020, were HK$8,738.4 million, a decline from HK$11,070.3 million in 2019[10]. - Net assets increased to HK$4,715.9 million in 2020 from HK$4,489.5 million in 2019[10]. - The gearing ratio rose to 53.9% in 2020 compared to 44.2% in 2019[10]. - The Group's total revenue for the year was approximately HK$2,372.1 million, a decrease from HK$2,831.8 million in the previous year[24]. - Profit attributable to owners of the parent was HK$457.3 million, down from HK$500.3 million in the prior year[24]. Property Development - Contracted sales amount reached HK$3,735.6 million, an increase from HK$3,553.9 million in the previous year[24]. - The average price per square foot increased to HK$19,454 from HK$18,107 year-on-year[24]. - The "Altissimo" property development project sold 429 units with contracted sales amounting to approximately HK$3.7 billion[26]. - The "maya" project achieved sales of 253 units with contracted sales of approximately HK$2.9 billion[27]. - All units of "The Met. Acappella" were sold out, totaling sales of HK$2.7 billion[31]. - Approximately 70% of the gross floor area of the LADDER Dundas commercial building has been leased[34]. - The Group's existing land bank consists of residential sites with a total gross floor area of approximately 920,000 square feet[45]. - The Group plans to launch a new project in Tsing Yi featuring approximately 300 studio flats with a saleable floor area of about 200 square feet in Q1 2021[42]. Market Strategy and Outlook - The company plans to focus on market expansion and new product development in the upcoming fiscal year[10]. - The company is exploring potential mergers and acquisitions to enhance its market position[10]. - Future guidance indicates a cautious outlook due to market uncertainties but aims for gradual recovery[10]. - The Group anticipates stable growth in project sales as local property demand is expected to stabilize[42]. - The Group is committed to land replenishment through government land bidding and project acquisitions, focusing on sites with convenient transportation[45]. Corporate Governance and Management - The Group's management acknowledges the contributions of its staff in maintaining stable development amid a competitive environment[61]. - The company has appointed independent non-executive directors with significant industry experience, strengthening its board composition[106]. - The board's diverse expertise spans accounting, surveying, and property management, which is crucial for informed decision-making[105]. - The Group's treasury policy includes diversifying funding sources and regularly reviewing major funding positions to ensure adequate financial resources[88]. Social Responsibility and Community Engagement - The Group actively participates in community support initiatives, including distributing 10,000 bottles of hand wash to disadvantaged groups during the COVID-19 pandemic[59][60]. - The Group emphasizes corporate social responsibility by supporting various social welfare organizations and community programs[58]. - The Group encourages staff participation in social activities, with 16 employees and their family members participating in the Hong Kong Disneyland 10K Weekend event[159]. Environmental and Sustainability Initiatives - The Group is committed to improving the efficiency of resource use and promoting green buildings to reduce negative environmental impacts[125]. - The Group's environmental policy aims to reduce the lifecycle impact of properties on the environment[187]. - The Group has implemented measures to reduce greenhouse gas emissions, including purchasing video conference equipment and electric vehicles[195]. - The Group's total greenhouse gas emissions amounted to 48.5 tonnes of CO2 equivalent, with an intensity of 1.67 tonnes per thousand square feet of gross floor area[193]. Risk Management - The Board will conduct an annual review of the risk management and internal control system, covering all material controls including finance, operation, and compliance[128]. - The Group has established a risk management and internal control system to reduce risks and seize opportunities, which is crucial for maintaining good corporate governance[130]. - The Group has identified various risks related to sustainable development, including project quality risk, and has implemented measures such as establishing a new set of building quality criteria covering 25 scopes of standards[136]. Employee Relations and Development - The Group employs 126 employees as of March 31, 2020, an increase from 120 employees in 2019[88]. - The Group provides various employee benefits, including hospitalization medical insurance, outpatient medical benefits, and training subsidies for professional bodies[164]. - The Group encourages employees to pursue continuing education and offers reimbursement for approved training programs[170]. - The Group has developed policies to regulate employment conditions, including remuneration, recruitment, and anti-discrimination measures, to protect employee rights and attract talent[162].