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宏基资本(02288) - 2020 - 中期财报
2019-12-30 08:40
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]
宏基资本(02288) - 2019 - 年度财报
2019-07-31 04:03
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].