香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 RYKADAN CAPITAL LIMITED 宏 基 資 本 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2288） 截至二零二三年三月三十一日止年度之年度業績公告 財務摘要 截至三月三十一日止年度 二零二三年 二零二二年 業績 年內虧損（千港元） （192,222) (38,985) 於二零二三年 於二零二二年 三月三十一日 三月三十一日 每股財務資料 ...

Financial Performance - For the six months ended September 30, 2022, the group's consolidated revenue was HKD 83 million, an increase from HKD 74 million for the same period in 2021[11] - The group recorded a loss of HKD 55 million for the period, compared to a profit of HKD 3 million in the same period last year, primarily due to losses from joint ventures and fair value losses on investment properties[11] - The group's gross profit was HKD 13 million with a gross margin of 15.8%, compared to a gross margin of 17.7% in the previous year[11] - The group's total revenue for the six months ended September 30, 2022, was HKD 82.786 million, an increase from HKD 73.833 million in the same period last year, representing a growth of approximately 12.5%[42] - The total comprehensive loss for the six months ended September 30, 2022, was HKD 67.869 million, compared to a total comprehensive income of HKD 4.618 million in the same period last year[44] - The company reported a pre-tax loss of HKD 55,187,000 for the six months ended September 30, 2022, compared to a pre-tax profit of HKD 3,722,000 for the same period in 2021[84] - The company reported a total comprehensive loss of HKD 61,408,000 for the six months ended September 30, 2022[53] Assets and Liabilities - As of September 30, 2022, the total assets of the group were HKD 1.49 billion, down from HKD 1.59 billion as of March 31, 2022, with current assets amounting to HKD 745 million[9] - The group's total bank borrowings as of September 30, 2022, amounted to HKD 307 million, down from HKD 332 million as of March 31, 2022, indicating a reduction of about 7.5%[34] - The net asset liability ratio as of September 30, 2022, was 16.1%, a decrease from 17.9% as of March 31, 2022, reflecting a more conservative financial position[32] - The total assets of the group decreased from HKD 1,591,071,000 as of March 31, 2022, to HKD 1,489,529,000 as of September 30, 2022, reflecting a decline of approximately 6.4%[80] - The total liabilities of the group also decreased from HKD 359,284,000 to HKD 325,611,000, a reduction of about 9.3%[82] - The company’s equity attributable to ordinary shareholders decreased to HKD 1,172,513,000 from HKD 1,233,921,000, a decline of about 4.9%[48] Cash Flow and Financing - The company reported a net cash inflow from operating activities of HKD 36,322,000 for the six months ended September 30, 2022, compared to a net outflow of HKD 33,388,000 in the same period last year[56] - Cash and cash equivalents at the end of the period were HKD 117,302,000, up from HKD 168,975,000, showing a decrease of approximately 30.4%[58] - The company’s cash and cash equivalents included HKD 1,920,000 classified as held for sale as of September 30, 2022[99] - The company has utilized HKD 124,891,000 of its bank financing as of September 30, 2022, compared to HKD 211,592,000 on March 31, 2022, reflecting a 41% decrease[106] - The company’s total bank loans include secured loans of HKD 124,891,000 and unsecured loans of HKD 120,000,000 as of September 30, 2022[103] Project Development - The group has two ongoing redevelopment projects in Hong Kong, with the Shek Pai Tau project achieving approximately 60% of its total saleable area sold[8] - The Anoakia project is expected to be completed by June 2023, covering an area of 11,335 square feet[21] - The Monterey Park Towne Centre project is currently in the planning stage, with a total area of 237,644 square feet[21] - The Graphite project in the UK is under construction and is anticipated to be completed by the end of Q1 2025, with a total area of 27,523 square meters[23] - The Xie Fei Dao project in Hong Kong was completed in summer 2022, with approximately 60% of the total area pre-sold[24] - The Huang Zhu Keng project is expected to be completed in Q4 2022, with a total area of 107,208 square feet[24] Revenue Sources - For the six months ended September 30, 2022, the revenue from completed property sales was HKD 74,000,000, an increase from HKD 63,614,000 in the same period of 2021, representing a growth of approximately 16.5%[68] - The revenue from asset, investment, and fund management for the six months ended September 30, 2022, was HKD 7,683,000, slightly up from HKD 7,507,000 in the same period of 2021, marking an increase of approximately 2.3%[68] - The group’s rental income for the six months ended September 30, 2022, was HKD 1,040,000, a decrease from HKD 2,443,000 in the same period of 2021, representing a decline of about 57.5%[68] - The group reported no revenue from the distribution of construction and interior decoration materials for the six months ended September 30, 2022, consistent with the previous year[68] Shareholder Information - The major shareholder Rykadan Holdings Limited holds 39.67% of the issued share capital, with Tiger Crown Limited owning 25.86%[131] - The total number of shares held by key management personnel includes 97,104,000 shares by Chen Wei Lun, representing 25.86% of the issued share capital[127] Corporate Governance - The company adhered to the corporate governance code principles and applicable provisions, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[136] - The audit committee, composed of three independent non-executive directors, reviewed the unaudited consolidated interim results during the reporting period[144] - The company has adopted a securities trading code for directors and relevant employees, ensuring compliance during the interim reporting period[138]

Financial Performance - The group's consolidated revenue for the year ended March 31, 2022, was HKD 87 million, a decrease from HKD 168 million in the previous year[16]. - The group recorded a loss of HKD 39 million for the year, compared to a profit of HKD 31 million in the previous year, with a loss attributable to ordinary shareholders of HKD 35 million[16]. - Basic and diluted loss per share for the year was HKD 0.093, compared to earnings per share of HKD 0.010 in the previous year[16]. - The group's bank deposits and cash as of March 31, 2022, amounted to HKD 110 million, representing 6.9% of total assets, down from 23.9% in the previous year[18]. - The group increased its capital commitment in Rykadan Real Estate Fund LP to HKD 15.75 million, raising its indirect partnership interest from approximately 3.53% to 5.26%[17]. - The group's total assets to total borrowings ratio was 20.8% as of March 31, 2022, compared to 15.6% in the previous year[34]. - The net asset liability ratio was 17.9% as of March 31, 2022, with a net debt of HKD 221 million, compared to a net cash position of HKD 129 million in the previous year[34]. Asset Management and Investment Strategy - The company is focusing on diversifying its property portfolio across Hong Kong, the UK, and the US, with ongoing projects in Wong Chuk Hang and Cheung Sha Wan expected to complete in summer 2022[10]. - The company is actively seeking and evaluating investment opportunities, particularly in high-potential luxury residential and mixed-use projects overseas[13]. - The company continues to manage two private closed-end funds and is exploring various fixed-income investment opportunities to enhance shareholder value[13]. - The company has successfully monetized early completed assets despite industry headwinds, supporting its long-term investment strategy[13]. - The group is actively seeking new property redevelopment opportunities and evaluating existing projects for timely monetization[28]. - The group plans to complete the Yellow Bamboo and Shek Pai Tau projects by summer 2022, despite some delays due to the COVID-19 pandemic[27]. Corporate Governance - The board of directors has authorized the delegation of daily management and operational functions to the CEO and senior management, while retaining decision-making power on significant matters[44]. - The board consists of executive directors including the CEO and COO, and independent non-executive directors, ensuring a diverse composition[45][46]. - The company has maintained at least one independent non-executive director with appropriate professional accounting qualifications throughout the fiscal year ending March 31, 2022[49]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring effective governance[50]. - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience to promote sustainable development[48]. - The chairman and CEO roles are held by the same individual, which deviates from corporate governance guidelines, but the board believes this arrangement serves the company's best interests[51]. - The company has established three committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee to oversee specific matters[60]. Risk Management - The board has adopted a risk management policy to manage risks associated with achieving business objectives, ensuring effective internal controls[76]. - The company has established a risk reporting procedure to ensure timely action on risks exceeding the board's risk tolerance levels[77]. - The board is responsible for evaluating the nature and extent of risks the group is willing to take to achieve strategic goals[76]. - An external consultant was hired to review certain internal control procedures, and the results were discussed and approved by management[76]. Employee Management and Development - Total employee count is 91, with an overall turnover rate of 11.1%[132]. - Male employee turnover rate is 23.1%, while female employee turnover rate is 0.0%[132]. - Average training hours for management in the office is 27.42 hours, while for non-management it is 4.07 hours[126]. - The company provides up to 6,000 HKD per year for training-related expenses[125]. - The company emphasizes continuous employee development and training opportunities[125]. - The company has a zero-tolerance policy towards any form of harassment and ensures compliance with labor laws[129]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes its commitment to corporate social responsibility and sustainable development[92]. - The environmental, social, and governance (ESG) report includes key performance indicators that are quantifiable for assessing the company's policies and management systems[91]. - The company integrates sustainability concepts into all aspects of its operations to minimize environmental and social impacts[97]. - The company achieved a green building certification (BEAM Plus Unclassified Rating) for the Cheung Sha Wan project in the fiscal year 2021/2022[106]. - The company has not reported any significant violations of environmental emission laws related to its operations during the review year[155]. Community Engagement and Charitable Contributions - The company contributed a total of HKD 125,000 to various charitable activities in the fiscal year 2021/2022, up from HKD 50,000 in the previous year[159]. - Community investment resources were allocated to focus areas such as education, health, and environmental issues[165]. Compliance and Legal Matters - The company emphasizes the importance of maintaining strong relationships with employees, customers, suppliers, and business partners for sustainable development[180]. - The company has a significant focus on compliance with applicable laws and regulations, with no major violations reported during the year[182]. - The company has not reported any significant changes in its financial risk management practices during the year[187].

Financial Performance - The group's consolidated revenue for the six months ended September 30, 2021, was HKD 74 million, a decrease from HKD 152 million for the same period in 2020, attributed to high base effects from previous property redevelopment project cash-outs[9] - Gross profit for the period was HKD 13 million, with a gross margin of 17.7%, compared to HKD 16 million and 10.5% in the prior year[9] - The group recorded a profit of HKD 3 million for the six months, down from HKD 61 million in the same period last year, with profit attributable to ordinary shareholders at HKD 7 million, compared to HKD 34 million previously[9] - Revenue for the six months ended September 30, 2021, was HKD 73.83 million, a decline of 51% from HKD 151.84 million in the same period of 2020[36] - The operating profit decreased significantly to HKD 4.05 million from HKD 52.04 million year-on-year, reflecting a decline of approximately 92%[36] - The profit attributable to equity shareholders was HKD 6.60 million, down from HKD 33.53 million in the previous year, indicating a decrease of about 80%[36] - Total comprehensive income for the period was HKD 4.62 million, compared to HKD 89.68 million in the same period last year, a decrease of approximately 95%[38] Assets and Liabilities - As of September 30, 2021, the total assets of the group were HKD 1.479 billion, down from HKD 1.549 billion as of March 31, 2021, with current assets at HKD 678 million[8] - The group’s current assets were approximately 3.28 times its current liabilities, compared to 3.16 times as of March 31, 2021[8] - As of September 30, 2021, the company's current liabilities totaled HKD 206,937,000, a decrease from HKD 269,868,000 as of March 31, 2021, representing a reduction of approximately 23.3%[43] - The total equity attributable to ordinary shareholders was HKD 1,273,633,000, slightly decreasing from HKD 1,277,154,000, a change of approximately 0.3%[44] - The group’s net asset liability ratio was 0.2% as of September 30, 2021, compared to 0% as of March 31, 2021, with net borrowings of HKD 2 million[27] - Total liabilities decreased from HKD 269,868,000 to HKD 206,937,000, a reduction of about 23.3%[74] Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD 33,388,000 for the six months ended September 30, 2021, compared to an inflow of HKD 151,956,000 for the same period in 2020[49] - Cash and cash equivalents decreased by HKD 200,714,000 during the six months, resulting in a closing balance of HKD 168,975,000 as of September 30, 2021[51] - The company’s bank loans decreased from HKD 240,991,000 as of March 31, 2021, to HKD 171,039,000 as of September 30, 2021, a reduction of approximately 29.0%[43] - The total bank borrowings amounted to HKD 171 million, a decrease from HKD 241 million as of March 31, 2021, representing a reduction of approximately 29%[27] Investments and Projects - The group continues to focus on two key property redevelopment projects in Hong Kong, achieving critical construction milestones during the review period[7] - The company completed the sale of the Singing Wood project in Arcadia, California, further strengthening its overseas development performance[17] - The company acquired a new residential redevelopment project, Anoakia, located in Arcadia, California, which is currently in the planning stage[17] - The company increased its stake in the Wong Chuk Hang project to approximately 24.21% through a fund subscription agreement during the review period[17] - The Wong Chuk Hang and Shek Pai Tau projects are progressing smoothly and are expected to be completed in March 2022 and June 2022, respectively[17] - The Graphite project in Vauxhall, London, is under construction and is expected to be completed by March 2025, with a total construction area of 27,523 square meters and the company's stake at 21.25%[15] Dividends and Shareholder Returns - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2021[10] - The company declared a final dividend of HKD 0.03 per share, totaling HKD 11,263,000, compared to no dividend declared in the same period last year[94] - The company paid dividends amounting to HKD 11,263,000 during the reporting period[49] Employee and Management - The group employed 26 staff as of September 30, 2021, a slight decrease from 27 as of March 31, 2021[35] - The total employee compensation for the period was HKD 12 million, down from HKD 13 million in the previous year[35] - The remuneration for key management personnel increased to 8,132,000 HKD for the six months ended September 30, 2021, compared to 7,342,000 HKD in the previous year[106] Governance and Compliance - The company maintained sufficient public float during the interim reporting period as per the requirements of the Stock Exchange[124] - The company has adopted a code of conduct for securities trading by directors and senior management, ensuring compliance with the standards set out in the listing rules[127] - The company’s governance practices comply with the principles and applicable code provisions of the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO[125] Miscellaneous - The report indicates that the company has not disclosed any new product or technology developments during this period[120] - There were no acquisitions or market expansions reported in the interim period[120] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[123]

Financial Performance - The group's consolidated revenue for the year ended March 31, 2021, was HKD 168 million, an increase from HKD 111 million in 2020, primarily due to the exit and cashing out of property development projects in the UK and the US[13]. - The group recorded a profit of HKD 31 million for the year, compared to a loss of HKD 85 million in 2020, mainly attributed to a one-time gain from the sale of interests in a subsidiary and foreign exchange gains[13]. - Basic and diluted earnings per share for the year were HKD 0.01, a recovery from a loss of HKD 0.162 per share in 2020[13]. - The board declared a final dividend of HKD 0.03 per share, compared to no dividend in 2020[14]. - The company's available distributable reserves as of March 31, 2021, include a share premium of HKD 400,859,000 and retained earnings of HKD 1,025,272,000, totaling HKD 1,426,131,000[181]. Assets and Liabilities - The total asset value of the company as of March 31, 2021, was HKD 15.49 billion, down from HKD 18.04 billion in 2020[12]. - Current assets amounted to HKD 8.52 billion, compared to HKD 12.07 billion in the previous year, with a current ratio of 3.16 times, up from 2.65 times in 2020[12]. - The equity attributable to ordinary shareholders was HKD 12.77 billion, a decrease from HKD 13.23 billion in 2020[12]. - The group's cash and bank deposits as of March 31, 2021, amounted to HKD 370 million, representing 23.9% of total assets, up from 13.4% in 2020[18]. - The total bank borrowings amounted to HKD 241 million as of March 31, 2021, down from HKD 305 million in the previous year[33]. - The group's net asset liability ratio was zero as of March 31, 2021, compared to 5.0% in the previous year, with a cash net amount of HKD 129 million[32]. Corporate Governance - The company has adopted a corporate governance manual to ensure compliance with the corporate governance code and has maintained adherence to all relevant provisions throughout the fiscal year ending March 31, 2021[40]. - The board of directors consists of a mix of executive and independent non-executive directors, ensuring compliance with the requirement of having at least three independent non-executive directors[47]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this arrangement serves the company's best interests[49]. - The company has a board diversity policy that considers various factors such as gender, age, education, and professional experience to promote sustainable and balanced development[46]. - The independent non-executive director, Mr. Du, has served since 2009 and will be presented for re-election at the 2021 annual general meeting, maintaining compliance with independence guidelines[52]. Risk Management - The board is responsible for assessing the nature and extent of risks the company is willing to take to achieve its strategic objectives[75]. - The company has adopted risk management policies aimed at managing risks rather than eliminating them[75]. - The board believes that the risk management and internal control systems are effective and adequate, with ongoing monitoring in place[77]. - The company has established a robust risk management system, including risk identification, analysis, assessment, and treatment procedures to monitor and address significant risks continuously[76]. - An external consultant was hired to conduct internal control reviews, and the results were discussed and approved by management[75]. Employee and Training - The total employee compensation for the year was HKD 25 million, a decrease from HKD 41 million in the previous year[37]. - Employee training participation rates are high, with 80% of management and 94.44% of non-management staff receiving training in the office[119]. - The average training hours for management in the office is 28.55 hours, while non-management staff receive an average of 6.26 hours[119]. - The company provides an annual training subsidy of up to HKD 6,000 for employees to pursue relevant external training courses[117]. - The company has maintained a record of zero fatal accidents and zero injury cases in office operations over the past three years[129]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report is prepared according to the guidelines set by the Hong Kong Stock Exchange, ensuring compliance with regulatory requirements[91]. - The report includes quantifiable key performance indicators related to the company's environmental and social performance[92]. - The company emphasizes sustainable development as crucial for long-term growth, integrating environmental and social considerations into daily operations[97]. - The company aims for zero accidents on construction sites and emphasizes compliance with health and safety regulations[101]. - The company has implemented measures to reduce carbon emissions by optimizing resource usage in office operations, particularly in electricity and fuel consumption[140]. Business Development and Strategy - The company is actively seeking new high-potential real estate redevelopment projects in Hong Kong while maintaining its existing projects[10]. - The company is expanding its asset, investment, and fund management business, which provides stable recurring income throughout the year[7]. - Future projects in Hong Kong, such as the Wanchai and Wong Chuk Hang projects, are on schedule for delivery in the first half of the following year[6]. - The company plans to explore new growth opportunities in Australia, Europe, and Southeast Asia post-COVID-19[28]. - The company is committed to creating a fair and transparent work environment, adhering to employment-related laws and regulations[114].

Financial Performance - The group's consolidated revenue for the six months ended September 30, 2020, was HKD 152 million, an increase from HKD 42 million for the same period in 2019[9]. - The group recorded a profit of HKD 61 million for the six months ended September 30, 2020, compared to a loss of HKD 31 million for the same period in 2019[9]. - Basic and diluted earnings per share for the six months ended September 30, 2020, were HKD 0.07, compared to a loss of HKD 0.056 per share for the same period in 2019[9]. - The company's revenue for the six months ended September 30, 2020, was HKD 151.84 million, a significant increase from HKD 41.82 million in the same period of 2019[38]. - The operating profit for the same period was HKD 52.04 million, compared to an operating loss of HKD 11.84 million in 2019[38]. - The net profit attributable to ordinary shareholders for the six months ended September 30, 2020, was HKD 33.53 million, compared to a loss of HKD 26.82 million in the previous year[38]. - The total comprehensive income for the six months ended September 30, 2020, was HKD 89.68 million, compared to a loss of HKD 44.78 million in the same period of 2019[39]. - The group reported a pre-tax profit of HKD 60,991,000 for the six months ended September 30, 2020, compared to a pre-tax loss of HKD 30,366,000 for the same period in 2019[71]. Assets and Liabilities - Total assets as of September 30, 2020, amounted to HKD 1.805 billion, with current assets at HKD 1.141 billion, approximately 3.04 times current liabilities[7]. - As of September 30, 2020, the total borrowings amounted to HKD 263 million, a decrease from HKD 305 million as of March 31, 2020, with a debt-to-asset ratio of 14.6%[29]. - The current ratio increased to 3.04 as of September 30, 2020, from 2.65 as of March 31, 2020[30]. - Total equity increased to HKD 1,430,459,000 as of September 30, 2020, up from HKD 1,340,778,000 as of March 31, 2020[43]. - The total liabilities of the group as of September 30, 2020, were HKD 374,958,000, down from HKD 462,919,000 as of March 31, 2020[77]. - The group’s cash and cash equivalents increased significantly to HKD 564,597,000 as of September 30, 2020, compared to HKD 238,192,000 as of March 31, 2020[75]. Investments and Projects - The group acquired a 2.53% partnership interest in Rykadan Real Estate Fund LP for HKD 17.5 million in May 2020, increasing its indirect ownership from 1% to approximately 3.53%[11]. - The group sold its entire equity interest in Meibang Qili Optoelectronics Technology (Shanghai) Co., Ltd. for a total consideration of RMB 338.18 million in September 2020[11]. - The group is focusing on two potential real estate redevelopment projects in Hong Kong, which have progressed to the construction phase despite the ongoing pandemic[6]. - The group aims to cautiously explore potential residential, industrial, and commercial properties both locally and overseas to enhance its investment portfolio[6]. - The group has completed and is selling the Winston project, with a total built area of 3,973 square feet[14]. - The Singing Wood project is under construction and expected to be completed by December 2020, with a total built area of 9,124 square feet[14]. - The group holds a 3.55% equity interest in the Shek Pai Tau project, which is under construction and expected to be completed by June 2022, with a total built area of 49,019 square feet[14]. - The Huang Zhu Keng project has a 22.82% equity interest and is also under construction, expected to be completed by March 2022, with a total built area of 107,208 square feet[14]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of HKD 151,956,000 for the six months ended September 30, 2020, compared to a cash outflow of HKD 26,077,000 in the same period last year[50]. - The net cash position as of September 30, 2020, was HKD 302 million, compared to a net debt of HKD 67 million as of March 31, 2020[29]. - Cash and bank deposits as of September 30, 2020, were HKD 565 million, representing 31.3% of the group's total assets[12]. - The company has approved a conditional offer to repurchase and cancel up to 102,000,000 shares at HKD 0.68 per share, representing approximately 21.36% of the total issued shares[26]. - The company provided a loan of HKD 220,000,000 to Kewell Group for operational funding, with accrued interest of HKD 33,116,000 as of September 30, 2020[134]. - The company also advanced HKD 186,445,000 to Fastest Runner Limited for property acquisition and development[134]. Dividend Policy - The board did not recommend the payment of an interim dividend for the six months ended September 30, 2020[10]. - The company did not declare an interim dividend for the six months ended September 30, 2020, compared to HKD 0.06 per share for the same period in 2019, indicating a shift in dividend policy[100]. Compliance and Governance - The company complied with the corporate governance code principles and applicable provisions during the reporting period[131]. - The company has not violated any covenants related to the utilized financing as of September 30, 2020[97]. - The company continues to monitor compliance with financial covenants to avoid any potential repayment demands from lenders[98].

Financial Performance - The group's consolidated revenue significantly decreased to HKD 111 million for the year ended March 31, 2020, compared to HKD 881 million in 2019, primarily due to the absence of one-time gains from property redevelopment projects in the previous year and the transfer of most revenue from the distribution of construction and interior decoration materials to joint ventures[15]. - Gross profit and gross margin were HKD 43 million and 39.0%, respectively, down from HKD 417 million and 47.4% in 2019[15]. - The group reported a loss of HKD 85 million for the year, compared to a profit of HKD 323 million in 2019, with a loss attributable to equity shareholders of HKD 77 million[15]. - Basic and diluted loss per share was HKD 0.162, compared to earnings of HKD 0.691 per share in 2019[15]. - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[166]. - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming for $625 million[168]. Assets and Liabilities - The total assets of the company as of March 31, 2020, amounted to HKD 1.804 billion, a decrease from HKD 2.024 billion in 2019[14]. - Current assets were reported at HKD 1.207 billion, compared to HKD 1.052 billion in 2019, representing a current ratio of approximately 2.65 times, up from 1.94 times in the previous year[14]. - The equity attributable to the owners of the company was HKD 1.323 billion, down from HKD 1.439 billion in 2019[14]. - As of March 31, 2020, the group's bank deposits and cash amounted to HKD 242 million, representing 13.4% of total assets, down from 21.5% in 2019[17]. - As of March 31, 2020, the total bank borrowings of the group amounted to HKD 305 million, a decrease from HKD 338 million as of March 31, 2019[33]. - The group's net asset liability ratio was 5.0% as of March 31, 2020, compared to zero on March 31, 2019, due to net borrowings of HKD 67 million[33]. Projects and Development - The company is focusing on two potential real estate redevelopment projects in Hong Kong, located in emerging business districts, which are progressing smoothly and have entered the construction phase[13]. - The group has ongoing projects including the Winston Project and Singing Wood Project, with expected completion dates in June and October 2020, respectively[19]. - The company is involved in residential and commercial property development projects in the United States, primarily in the Los Angeles area, as well as holding commercial and industrial properties in the UK and China[7]. - The company aims to generate recurring income from multiple real estate development projects throughout their entire duration[13]. - The company has ongoing projects in Hong Kong, including the Wong Chuk Hang project expected to be completed by March 2022 and the Cheung Sha Wan project expected by June 2022[97]. - The company has completed the Winston Project in the US, which is expected to be delivered in the second quarter of 2020[97]. Corporate Governance - The company has committed to high levels of corporate governance to protect shareholder interests and enhance corporate value[43]. - The board of directors is responsible for leading and managing the company, with the CEO authorized to oversee daily operations[44]. - The board retains decision-making power on significant matters, including policies, strategies, and major transactions[45]. - The company has established three committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee to oversee specific aspects of its operations[61]. - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience[49]. - The company has established a risk management system and internal control procedures, which were reviewed by the Audit Committee[67]. Sustainability and Social Responsibility - The company is committed to sustainable development by incorporating innovative green building and energy-saving elements into its projects[11]. - The company recognizes the significance of sustainable development for long-term growth and has integrated environmental and social considerations into its operations[98]. - The company is collaborating with external consultants to establish an environmental, social, and governance (ESG) framework to enhance oversight by the board[98]. - The company aims to reduce carbon emissions through more efficient use of office resources, particularly in electricity and fuel consumption[136]. - The company has implemented energy-saving measures, including maintaining office air conditioning at 25°C and turning off idle lights and equipment[146]. - The company encourages employee participation in community activities and charitable donations[148]. Employee Management - The total remuneration for employees, including directors' fees, was HKD 41 million for the year, down from HKD 48 million in the previous year[39]. - The total number of employees as of March 31, 2020, is 118, with 29 in offices and warehouses and 89 on construction sites[121]. - The employee turnover rate is 6.9% for office and warehouse staff, while it is 0% for construction site employees[121]. - The company provides competitive compensation and benefits, including medical insurance and long service payments, to attract and retain high-quality talent[116]. - The company encourages employee training and development, offering annual funding of up to HKD 6,000 for work-related training courses[128]. - The company has implemented measures to ensure employee safety during the COVID-19 pandemic, including remote work arrangements and health monitoring[123]. Risk Management - The company has established an internal control and risk management framework overseen by the audit committee[172]. - The board is responsible for evaluating the nature and extent of risks the company is willing to take to achieve its strategic objectives and ensuring effective risk management and internal control systems are in place[77]. - The company faces key risks including business, operational, and financial risks due to economic conditions and regulatory changes in regions such as Hong Kong, the People's Republic of China, the United States, and the United Kingdom[173][174]. - The company has adopted a prudent credit policy to manage credit risk, with no significant credit risk due to its main clients being reputable property developers[38]. - The company emphasizes the importance of effective and continuous communication with shareholders to enhance understanding of business performance and strategies[81]. Shareholder Information - The company does not have a fixed dividend payout ratio, and the amount of dividends declared will depend on financial performance, cash position, capital needs, and other relevant factors[74]. - The company's available distributable reserves as of March 31, 2020, include a share premium of HKD 469,130,000 and retained earnings of HKD 1,042,857,000, totaling HKD 1,511,987,000[183]. - The ownership structure indicates significant concentration among major shareholders, with the top two shareholders holding nearly 91.48% of the shares[197]. - The company’s major shareholders include Chen Weilen, who holds 97,104,000 shares (20.34%) and other interests totaling 218,408,000 shares (45.74%) in the company[193].

Financial Performance - The group's consolidated revenue for the six-month period was HKD 42 million, a decrease from HKD 52 million in the same period last year, attributed to the transfer of most revenue from the distribution of construction and interior decoration materials to joint ventures[10] - Gross profit was HKD 22 million with a gross margin of 52.1%, compared to HKD 23 million and 43.8% in the previous year[10] - The group reported a loss of HKD 31 million for the period, an improvement from a loss of HKD 50 million in the same period last year, with the loss attributable to reduced revenue and foreign exchange losses[10] - For the six months ended September 30, 2019, the group's revenue was HKD 41.82 million, a decrease of 19% compared to HKD 51.67 million for the same period in 2018[39] - The group reported a net loss of HKD 30.81 million for the six months ended September 30, 2019, compared to a net loss of HKD 50.31 million for the same period in 2018, representing a 39% improvement[41] - Total comprehensive income for the period was HKD -36,507,000, which includes other comprehensive losses of HKD 9,690,000[49] - The company reported a net loss of HKD 26,817,000 for the six months ended September 30, 2019, compared to a loss of HKD 43,849,000 in the same period of the previous year, representing a 39% improvement in loss[49] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 1.967 billion, down from HKD 2.024 billion as of March 31, 2019, with current assets at HKD 827 million[7] - The equity attributable to the company's owners was HKD 1.374 billion, a decrease from HKD 1.439 billion as of March 31, 2019[7] - As of September 30, 2019, the group's current assets and current liabilities were HKD 827.27 million and HKD 558.47 million, respectively, resulting in a current ratio of 1.48, down from 1.94 as of March 31, 2019[31] - The total liabilities of the group increased to HKD 570,525,000 from HKD 554,883,000 as of March 31, 2019, with property development liabilities rising to HKD 132,724,000[85] - The total bank borrowings as of September 30, 2019, amounted to HKD 324 million, a decrease from HKD 338 million as of March 31, 2019[30] - The net debt-to-equity ratio is 9.2%, with net borrowings of HKD 127 million as of September 30, 2019, compared to a net cash position of HKD 93 million as of March 31, 2019[30] Cash Flow and Financing - Cash and cash equivalents decreased by HKD 232,489,000 during the six months, with a closing balance of HKD 197,460,000 as of September 30, 2019[56] - Operating cash flow for the period was negative HKD 25,705,000, a decline from positive cash flow of HKD 31,225,000 in the prior year[54] - The company incurred a net cash outflow from investing activities of HKD 192,844,000, significantly higher than HKD 20,082,000 in the previous year[54] - New bank loans raised amounted to HKD 133,174,000, while repayments totaled HKD 147,420,000, resulting in a net cash outflow from financing activities of HKD 13,940,000[54] - The company declared dividends of HKD 28,647,000 during the period, which contributed to the overall equity reduction[49] Investments and Projects - The group has ongoing real estate redevelopment projects in Hong Kong, specifically the Wong Chuk Hang and Shek Pai Tau projects, both of which are in the construction phase[6] - The group is also focusing on potential residential, industrial, and commercial properties in Hong Kong and overseas to enhance its investment portfolio[6] - The company has retained several properties in Hong Kong, China, and Bhutan for investment purposes, including a boutique resort in Bhutan with stable operations and occupancy rates[25] - The company has completed the construction of the 263 Naomi and 265 Naomi projects in the US, with the former scheduled for delivery in November 2019[21] - The company is actively seeking new investors and potential projects to further develop its asset, investment, and fund management business[21] Revenue Breakdown - The total revenue for the six months ended September 30, 2019, was HKD 41,820,000, with external revenue contributions from property development (HKD 16,950,000), property investment (HKD 10,942,000), asset management (HKD 6,309,000), and distribution of building materials (HKD 7,619,000)[79] - Revenue from the sale of completed properties amounted to HKD 16,950,000 for the six months ended September 30, 2019, with no revenue recorded in the same period of 2018[71] - Revenue from the distribution of construction and interior decoration materials decreased to HKD 7,619,000 for the six months ended September 30, 2019, from HKD 35,793,000 in the same period of 2018[71] - The company reported rental income of HKD 7,648,000 for the six months ended September 30, 2019, compared to HKD 7,099,000 in the same period of 2018[71] - The company’s property management and utility service income was HKD 3,294,000 for the six months ended September 30, 2019, compared to HKD 2,254,000 in the same period of 2018[71] Shareholder Information - The company has not recommended the payment of an interim dividend for the six-month period ending September 30, 2019[11] - The company approved an interim dividend of HKD 0.03 per share during the reporting period, totaling HKD 28,647,000, compared to HKD 14,323,000 for the same period in 2018, representing a 100% increase[109] - The company's major shareholders included HSBC International Trustee Limited and Rykadan Holdings Limited, each holding approximately 40.68% of the issued share capital[132] - The founder, Chen Wei Lun, held a total of 45.74% of the company's shares through various entities[127] Accounting and Compliance - The company has adopted revised accounting standards effective April 1, 2019, which may impact future financial reporting[58] - The company has not applied any new standards or interpretations that have not yet come into effect during the reporting period[67] - The company adopted a retrospective application of the revised Hong Kong Financial Reporting Standards No. 16 starting April 1, 2019, without restating comparative figures[121] - The audit committee consists of three independent non-executive directors, ensuring proper oversight of the group's interim performance[146]

Financial Performance - The group's consolidated revenue increased significantly to HKD 8,810 million for the year ended March 31, 2019, compared to HKD 4,080 million in 2018[15]. - Gross profit rose to HKD 4,170 million, with a gross margin of 47.4%, up from HKD 1,090 million and 26.7% in 2018, respectively[15]. - Net profit for the year was HKD 3,230 million, compared to HKD 350 million in 2018, with profit attributable to ordinary shareholders increasing to HKD 3,300 million from HKD 310 million[15]. - Basic and diluted earnings per share were HKD 0.691, a significant increase from HKD 0.065 in 2018[15]. - The board declared a final dividend of HKD 0.06 per share, up from HKD 0.03 per share in 2018[16]. - The company reported a comprehensive financial statement for the year ending March 31, 2019[154]. Assets and Liabilities - The total asset value of the group as of March 31, 2019, was HKD 202.4 billion, down from HKD 263.9 billion in 2018[14]. - Current assets amounted to HKD 105.2 billion, compared to HKD 160.2 billion in 2018, with a current ratio of approximately 1.94 times, up from 1.29 times in 2018[14]. - As of March 31, 2019, the group's bank deposits and cash amounted to HKD 4,360 million, representing 21.5% of total assets, compared to 15.1% in 2018[18]. - The group's total borrowings decreased to HKD 338 million, down from HKD 831 million the previous year, resulting in a debt-to-asset ratio of 16.7%[33]. - The group's cash net amount as of March 31, 2019, was HKD 93 million, compared to a net debt of HKD 456 million the previous year, indicating a significant improvement in financial health[33]. Investments and Projects - The company successfully completed two landmark industrial redevelopment projects in Hong Kong during the fiscal year[13]. - The company has signed contracts for two private equity funds with institutional investors, aimed at funding the construction of the Wong Chuk Hang project and the planning of the Cheung Sha Wan project[13]. - The company is actively exploring residential, industrial, and commercial properties in Hong Kong and overseas that align with its investment criteria[13]. - The company achieved a net internal rate of return of 47% from the development of the Hutchins Capital Building project[6]. - The company plans to leverage opportunities related to the economic development plans of the Greater Bay Area in the future[9]. - The group completed and delivered multiple property development projects, including the successful delivery of the Hong Kong industrial properties, namely the Yongkang Street and Maple Street projects[26]. Corporate Governance - The board of directors has authorized the delegation of certain functions to the management team while retaining decision-making power on major matters, including policies, strategies, and significant transactions[45]. - The board consists of executive directors, including the CEO and COO, and independent non-executive directors, ensuring a diverse composition[46][47]. - The company adheres to the corporate governance code, maintaining at least three independent non-executive directors, with one possessing relevant financial expertise[50]. - The chairman and CEO roles are held by the same individual, which deviates from corporate governance guidelines, but the board believes this arrangement serves the company's best interests[51]. - All directors are required to undergo formal training upon appointment to understand the company's operations and regulatory responsibilities[54]. - The company has established three committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee to oversee specific aspects of governance[59]. Risk Management - The board is responsible for the overall risk management and internal control systems, ensuring they are adequate and effective[76]. - The company has established a risk management policy to manage risks associated with achieving business objectives[77]. - The company faces key risks including business, operational, and financial risks, particularly in markets such as Hong Kong, the PRC, the US, and the UK[160][161]. - The company has not identified any significant uncertainties that may cast doubt on its ability to continue as a going concern[73]. Sustainability and Corporate Social Responsibility - The company is committed to sustainable development by incorporating green building and energy-saving elements in its business activities[9]. - The company emphasizes corporate social responsibility practices that benefit both the group and society[93]. - Stakeholder engagement and materiality assessment are crucial for identifying key environmental, social, and governance management strategies[97]. - The company collaborates closely with contractors to ensure proper management and disposal of hazardous waste on construction sites[99]. - The company strictly prohibits forced labor and child labor, viewing these as critical issues in its operations[99]. Employee Engagement and Development - The total employee compensation for the year was HKD 48 million, an increase from HKD 45 million in the previous year, reflecting the company's commitment to employee remuneration[39]. - The company provides annual training funding of up to HKD 6,000 and up to three days of paid leave for exam preparation for employees[128]. - The total training hours for non-management staff on construction sites is 18,412 hours, significantly higher than for senior management at 5.4 hours[130]. - The company organizes various corporate events annually to enhance employee engagement and belonging[119]. - Employee turnover rate is 22.2% for office staff and 2.3% for construction site workers[122]. Compliance and Legal Matters - The company has complied with applicable laws and regulations without any violations during the year[159]. - The company has not reported any significant violations of environmental laws and regulations during the reporting period[111]. - The company has not identified any significant legal violations related to health and safety, advertising, labeling, or privacy matters during the review year[136]. Shareholder Engagement - The company emphasizes effective communication with shareholders and investors, maintaining transparency and timely disclosure of information[82]. - The company engages with customers and suppliers through various communication channels to gather feedback and suggestions[157].