Altus Holdings Limited 浩德控股有限公司 於開曼群島註冊成立之有限公司 股份代號 : 8149 2021 財政年度中期報告 getherness == एक बुटता Saamhorien 香港聯合交易所有限公司（「聯交所」）GEM特色 GEM之定位乃為較其他於聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市市 場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，於GEM買賣的證券可能會較於主板買賣的證券承受較 大的市場波動風險，同時無法保證於GEM買賣的證券會有高流通量的市場。 本報告（浩德控股有限公司（「本公司」）各董事（「董事」）共同及個別對此負全責）乃遵照聯交所 GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司的資料。董事經作出一切合理 查詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確及完整，且無誤導 或欺詐成分；及並無遺漏任何事項致使本報告或其所載任何陳述產生誤導。 1 浩德控股有限公司 • 二零二一財政年度中期報告 財務摘要 － 本公司及其附屬公司（統稱「本集團」） ...

Financial Performance - For the first quarter of the fiscal year 2021, the company reported unaudited revenue of approximately HKD 13,400,000, a decrease of about 18.8% compared to HKD 16,500,000 in the first quarter of the fiscal year 2020[6]. - The company recorded a reported and underlying net profit of approximately HKD 1,900,000 for the first quarter of fiscal year 2021, compared to HKD 200,000 in the same period of fiscal year 2020[6]. - Basic and diluted earnings per share for the first quarter of fiscal year 2021 were HKD 0.20, compared to a loss of HKD 0.01 in the first quarter of fiscal year 2020[12]. - The company’s pre-tax profit for the first quarter of fiscal year 2021 was HKD 3,028,000, compared to HKD 1,220,000 in the first quarter of fiscal year 2020[10]. - The net profit attributable to the owners of the company for the first quarter of fiscal year 2021 was HKD 1,636,000, compared to a loss of HKD 101,000 in the first quarter of fiscal year 2020[10]. - The profit for the period was HKD 1,875,000, a significant increase from a profit of HKD 162,000 in the first quarter of the fiscal year 2020[14]. - The total comprehensive income amounted to HKD 2,893,000, compared to HKD 8,439,000 in the same period of the previous year, representing a decrease of approximately 65.7%[14]. Revenue Breakdown - The total revenue for the first quarter of the fiscal year 2021 was HKD 13,397,000, a decrease of 18.5% compared to HKD 16,494,000 in the first quarter of the fiscal year 2020[36]. - Revenue from corporate finance services was HKD 3,494,000, down 50.7% from HKD 7,145,000 in the previous year[46]. - Income from property investment increased by approximately 5.9% to about HKD 9,900,000 in the first quarter of the fiscal year 2021, compared to approximately HKD 9,300,000 in the same period of the previous year[74]. - Revenue from corporate finance services decreased by approximately 51.1% in the first quarter of the fiscal year 2021, primarily due to a drop in revenue from sponsorship services from about HKD 4,400,000 to approximately HKD 700,000[72]. Cost Management - The reduction in director remuneration and employee costs to approximately HKD 4,300,000 in the first quarter of fiscal year 2021, down from HKD 8,700,000 in the first quarter of fiscal year 2020, contributed to improved profitability[6]. - Total administrative and operating expenses decreased to HKD 6,639,000 in the first quarter of fiscal year 2021 from HKD 11,466,000 in the first quarter of fiscal year 2020[10]. - Total employee costs, excluding directors' remuneration, decreased to HKD 3,600,000 in the first quarter of fiscal year 2021 from HKD 4,053,000 in the same period last year, representing a reduction of approximately 11.2%[54]. - The company incurred property expenses of approximately HKD 3,000,000 in the first quarter of the fiscal year 2021, a decrease from about HKD 5,100,000 in the first quarter of the fiscal year 2020[74]. Dividends and Shareholder Information - The board of directors does not recommend the payment of any interim dividend for the first quarter of fiscal year 2021[7]. - The company did not declare or pay any dividends during the first quarter of fiscal year 2021, consistent with the previous year[55]. - Major shareholder Flying Castle Limited holds 557,200,000 shares, representing 69.6% of the company's issued share capital[93]. - Yuanta Asia Investment Limited owns 44,250,000 shares, accounting for 5.5% of the company's issued share capital[93]. Strategic Focus and Future Outlook - The company is focused on enhancing its investment strategies and exploring new market opportunities to improve future performance[14]. - The financial results indicate a need for strategic adjustments to address the decline in comprehensive income and enhance profitability moving forward[14]. - The company anticipates that its corporate finance service transaction volume will continue to be affected by uncertainties stemming from the COVID-19 pandemic and escalating tensions between the US and China, along with increased market competition[79]. - Despite the impact of the COVID-19 pandemic, residential rental rates and occupancy rates in Japan have remained relatively stable, and this trend is expected to continue[80]. Operational Metrics - The occupancy rate of the property portfolio in Japan remained stable at approximately 94.1% in the first quarter of the fiscal year 2021, compared to about 95.7% in the same period of the previous year[74]. - The company has a total of 26 investment properties in Hong Kong and 1 commercial unit in the first quarter of the fiscal year 2021[74]. - The company recorded a net foreign exchange gain of HKD 1,000 in the first quarter of fiscal year 2021, compared to a gain of HKD 122,000 in the same period last year[54]. Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules[107]. - The audit committee has been established in accordance with GEM Listing Rules and consists of three independent non-executive directors, with Mr. Chen serving as the chairman[114]. - The audit committee's main responsibilities include reviewing and supervising the company's financial reporting processes and risk management systems[114].

Financial Performance - Total revenue for the fiscal year 2020 was HKD 59.666 million, a decrease of 23.1% from HKD 77.655 million in 2019[16] - Pre-tax profit for the fiscal year 2020 was HKD 3.920 million, down 89.3% from HKD 36.754 million in 2019[16] - Net profit after tax for the fiscal year 2020 was HKD 1.450 million, a decline of 95.3% compared to HKD 30.689 million in 2019[16] - Corporate finance service revenue for the fiscal year 2020 was approximately HKD 22,000,000, a decrease of 46.3% compared to 2019[21] - The group recorded a net decrease in the fair value of investment properties of HKD 5.3 million in fiscal year 2020, compared to a net increase of HKD 19.4 million in fiscal year 2019[46] - The group's net profit after tax dropped from approximately HKD 30.7 million in fiscal year 2019 to approximately HKD 1.5 million in fiscal year 2020[48] - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[142] Assets and Liabilities - Total assets as of March 31, 2020, were HKD 730,309,000, an increase from HKD 695,499,000 in 2019[18] - Total liabilities increased to HKD 264,115,000 in 2020 from HKD 232,460,000 in 2019, representing a growth of 13.6%[18] - Net assets slightly increased to HKD 466,194,000 in 2020 from HKD 463,039,000 in 2019, showing a marginal growth of 0.5%[18] - As of March 31, 2020, the company's debt-to-equity ratio was approximately 46.7%, up from 41.0% on March 31, 2019, due to an increase in interest-bearing loans from approximately HKD 189.8 million to approximately HKD 217.8 million[55] Investment and Property Management - The company completed the construction of a group home in Sapporo, expanding its nursing home investment portfolio to a total of three properties[14] - The company acquired a new restaurant building in Kumamoto's main retail area and a residential building near downtown Sapporo, enhancing cash flow and diversifying financial advisory service risks[14] - The company highlighted the stability of rental income from its property investment portfolio in Japan as a pillar of business stability[14] - Rental income from the property investment portfolio was approximately HKD 37,700,000 for the fiscal year 2020[26] - The investment property portfolio included 25 properties in Japan and 1 in Hong Kong as of March 31, 2020[26] - The average occupancy rate for the investment properties in Japan was reported at 92% as of March 31, 2020[26] - Property investment income increased due to the addition of Relife GH and KD Shinshigai Building, resulting in increased rental income from Japan[41] Corporate Governance - The company adopted the corporate governance code as per GEM Listing Rules Appendix 15 for the fiscal year 2020[71] - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced composition[73] - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the group[81] - Independent non-executive directors account for over one-third of the board, confirming their independence as per GEM Listing Rules[80] - The board has reviewed and is satisfied with the effectiveness of its corporate governance policies and practices for the fiscal year 2020[82] Risk Management - The company faces key risks related to corporate financing activities, including financial performance volatility and regulatory compliance challenges[62] - The board is responsible for maintaining a sound and effective risk management and internal control system to protect shareholders' interests[125] - In the fiscal year 2020, the board reviewed the effectiveness of the risk management and internal control system, concluding it was adequate and effective[125] - The group has established a series of risk management policies and measures to identify key risks related to its business, industry, and market[125] Future Outlook and Strategy - The company plans to adapt to new business operation models due to COVID-19, utilizing technology and digitalization to expand its client base[66] - The company anticipates that its corporate finance service transaction volume will be severely impacted in the upcoming quarters due to market uncertainties and increased competition[67] - The company has established a strategy to maintain and promote recurring income streams through the expansion and diversification of its property portfolio[68] - The company is exploring partnerships with other firms to enhance service delivery and expand its customer base[142] Shareholder Engagement and Dividends - The company proposed a final dividend of HKD 0.1 per share for the fiscal year 2020, compared to a final dividend of HKD 0.02 and a special dividend of HKD 0.02 for the fiscal year 2019[160] - The board of directors has recommended a distribution of dividends based on the financial performance for the fiscal year 2020, reflecting the company's commitment to returning value to shareholders[160] - The company maintains a balanced dividend policy, considering factors such as overall financial condition and future cash needs when determining dividend payouts[120] Employee and Management Structure - The company had 26 employees as of March 31, 2020, down from 31 employees on March 31, 2019[189] - The management team includes experienced professionals with backgrounds in finance and corporate governance, enhancing the company's operational capabilities[150][151][152] - The company has a total of 7 senior management personnel, reflecting its organizational structure[116]

Financial Performance - The company recorded unaudited revenue of approximately HKD 46,200,000 for the nine months ended December 31, 2019, a decrease of about 21.0% compared to approximately HKD 58,500,000 for the same period in 2018[4] - The group reported a basic net profit of approximately HKD 4,700,000 for the nine months ended December 31, 2019, down from approximately HKD 10,300,000 for the same period in 2018, indicating a significant decline in profitability[4] - Basic and diluted earnings per share for the nine months ended December 31, 2019, were HKD 0.50 and HKD 0.49 respectively, compared to HKD 1.21 for the same period in 2018[5] - The group reported a pre-tax profit of HKD 2,025,000 for the third quarter of the fiscal year 2020, a decrease from HKD 7,374,000 in the same quarter of the previous year[9] - The total comprehensive income attributable to owners of the company for the third quarter of the fiscal year 2020 was HKD 1,025,000, down from HKD 5,797,000 in the same quarter of the previous year[9] - The company reported a profit of HKD 1,189,000 for the third quarter of the fiscal year 2020, a significant decrease of 80.4% compared to HKD 6,056,000 in the same quarter of the previous year[13] - Total comprehensive income for the third quarter was HKD (3,488,000), down from HKD 17,751,000 year-over-year, indicating a decline of 119.7%[13] - The company reported a basic underlying profit of HKD 1,025,000 for the third quarter, compared to HKD 5,797,000 in the same period last year[62] Revenue Sources - The company experienced a significant reduction in income from corporate financing services, which contributed to the decline in profitability[4] - For the third quarter of the fiscal year 2020, the company reported revenue from corporate finance services of HKD 6,321,000, a decrease of 45.6% compared to HKD 11,604,000 in the same period of the previous year[34] - Total revenue for the third quarter of fiscal year 2020 was HKD 15,538,000, down 25.0% from HKD 20,671,000 in the same quarter of the previous year[34] - Revenue from corporate finance services decreased by approximately 45.5% in the third quarter of the fiscal year 2020, dropping from about HKD 9,500,000 in the previous year to approximately HKD 3,700,000[71] - Property investment revenue increased by approximately 1.7% to about HKD 9,200,000 in the third quarter of the fiscal year 2020, compared to HKD 9,100,000 in the same period of the previous year[73] Expenses and Costs - The group’s administrative and operating expenses for the nine months ended December 31, 2019, were HKD 28,153,000, compared to HKD 32,043,000 for the same period in 2018, indicating a reduction in costs[9] - The company’s financial costs for the nine months ended December 31, 2019, were HKD 3,569,000, down from HKD 4,194,000 for the same period in 2018, reflecting improved financial management[9] - Total employee costs, excluding directors' remuneration, amounted to HKD 3,815,000, an increase of 6.9% from HKD 3,569,000 in the same quarter last year[53] - The company reported a net other income and expenses of HKD (4,379,000) for Q3 2020, compared to HKD (4,504,000) in Q3 2019[41] - Interest expenses for Q3 2020 amounted to HKD (1,171,000), a decrease from HKD (1,361,000) in Q3 2019[47] Shareholder Information - As of December 31, 2019, Mr. Ye holds 559,700,000 shares, representing approximately 70.0% of the company's issued share capital[80] - Mr. Zeng and Ms. Leung hold 22,400,000 shares and 9,400,000 shares respectively, accounting for 2.8% and 1.2% of the company's issued share capital[80] - KHHL, through its wholly-owned subsidiary Flying Castle Limited, is deemed to own 557,200,000 shares, which is approximately 69.7% of the company's issued share capital[82] - The total beneficial ownership of Mr. Ye, including trust and spouse interests, amounts to 557,200,000 shares, which is approximately 69.7%[89] - Yuanta Asia Investment Limited holds 44,250,000 shares, representing 5.5% of the company's issued share capital[89] Corporate Governance - The company has complied with corporate governance codes as per GEM listing rules during the nine months ended December 31, 2019[102] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting[108] - The audit committee confirmed that the unaudited consolidated performance for the nine months ending December 31, 2019, complied with applicable accounting principles and regulations[109] - The board of directors includes three executive directors and three independent non-executive directors, ensuring a balanced governance structure[110] Market Conditions and Future Outlook - The company’s financial performance reflects a challenging market environment, particularly in corporate finance services, which saw a significant decline in revenue[34] - The company anticipates that the corporate finance advisory business will continue to experience a slow trend in the coming months due to ongoing market volatility and uncertainties related to the Covid-19 pandemic[75] - The company plans to continue expanding and diversifying its property investment portfolio despite the negative impacts of the ongoing Covid-19 pandemic on the Hong Kong property market[77] - The company expects that the valuation of its property investment portfolio, particularly in Hong Kong, may be adversely affected due to the ongoing economic disruptions caused by Covid-19[77] Capital and Financing - The company has secured revolving loan financing of HKD 47,650,000 from Hang Seng Bank and HKD 60,000,000 from Dah Sing Bank for investment and operational purposes[107] - The company has not engaged in any arrangements that would allow directors or senior management to benefit from purchasing shares or related securities within the nine months ending December 31, 2019[87] - The company maintained a public float in compliance with GEM listing rules as of December 31, 2019[95] Other Information - The company has not reported any new product launches or significant market expansion strategies during this period[20] - The company has not granted any share options under the share option scheme as of December 31, 2019[100] - The company repurchased 1,340,000 shares at a total cost of approximately HKD 400,000 as of December 31, 2019[59] - The company repurchased an additional 690,000 ordinary shares after the nine-month period, totaling 2,030,000 shares repurchased[96]

Financial Performance - The company recorded unaudited revenue of approximately HKD 30,700,000 for the first half of the fiscal year 2020, a decrease of about 19.0% compared to HKD 37,900,000 for the same period in fiscal year 2019[4]. - The company reported a basic net profit of approximately HKD 3,500,000 for the first half of fiscal year 2020, down from HKD 4,300,000 in the same period of fiscal year 2019[4]. - Basic and diluted earnings per share for the first half of fiscal year 2020 were HKD 0.37, compared to HKD 0.49 for the same period in fiscal year 2019[5]. - The total profit for the first half of fiscal year 2020 was HKD 3,466,000, down from HKD 13,284,000 in the first half of fiscal year 2019[8]. - The company reported a profit before tax of HKD 4,614,000 for the second quarter of fiscal year 2020, compared to HKD 16,736,000 for the same quarter in fiscal year 2019[8]. - The company’s net profit attributable to owners for the first half of fiscal year 2020 was HKD 2,947,000, compared to HKD 12,908,000 for the same period in fiscal year 2019[8]. - The adjusted profit for the first half of fiscal year 2020 was HKD 3,669,000, a decrease of approximately 39.6% compared to HKD 6,075,000 in the same period of 2019[119]. Revenue Breakdown - The decrease in revenue was primarily due to a reduction in income from corporate finance services, offset by a decrease in expenses related to the proposed transfer of the company's listing status to the main board of the Stock Exchange, reduced to approximately HKD 200,000 from HKD 1,800,000 in the previous year[4]. - Revenue from corporate finance services for the second quarter of fiscal year 2020 was HKD 4,389,000, down 66% from HKD 12,916,000 in the same period of fiscal year 2019[40]. - Revenue from corporate finance services decreased by approximately 41.0%, from about HKD 14,000,000 in the first half of fiscal year 2019 to approximately HKD 6,100,000 in the first half of fiscal year 2020[103]. - Revenue from property investment increased by approximately 4.6% to about HKD 19,200,000 in the first half of fiscal year 2020, compared to HKD 18,300,000 in the first half of fiscal year 2019[104]. - The total external revenue and segment revenue for property investment in the first half of fiscal year 2020 was HKD 19,157,000, an increase of 5% from HKD 18,316,000 in the first half of fiscal year 2019[42]. Expenses and Costs - The company’s administrative and operating expenses for the first half of fiscal year 2020 were HKD 19,339,000, a decrease from HKD 23,072,000 in the same period of fiscal year 2019[8]. - The company’s financial costs for the first half of fiscal year 2020 were HKD 2,398,000, down from HKD 2,833,000 in the first half of fiscal year 2019[8]. - The company reported a total employee cost of HKD 6,995,000 for the first half of fiscal year 2020, down from HKD 7,766,000 in the same period of 2019[54]. - Property expenses increased by approximately 53.3% to about HKD 8,300,000, primarily due to repair and maintenance costs following a fire incident at a property in Suginami, Japan[115]. Dividends - The company proposed an interim dividend of HKD 0.02 per share for the first half of fiscal year 2020, consistent with the interim dividend of HKD 0.02 per share in the first half of fiscal year 2019[5]. - The board proposed an interim dividend of HKD 0.02 per share for the first half of the 2020 fiscal year, consistent with the previous year's interim dividend[130]. Assets and Liabilities - Total assets minus current liabilities amounted to HKD 636,578 thousand as of September 30, 2019, compared to HKD 625,492 thousand as of March 31, 2019, reflecting an increase of approximately 1.73%[14]. - The company's current liabilities decreased to HKD 66,045 thousand from HKD 70,007 thousand, showing a reduction of about 5.67%[15]. - The total equity attributable to the owners of the company was HKD 461,078 thousand as of September 30, 2019, up from HKD 450,683 thousand, marking an increase of approximately 2.91%[15]. - The company’s total liabilities were HKD 474,341 thousand, reflecting a slight increase from HKD 463,039 thousand in the previous period[17]. - The total liabilities decreased to HKD 228,282,000 as of September 30, 2019, from HKD 232,460,000 as of March 31, 2019[45]. Cash Flow - Net cash generated from operating activities for the first half of the fiscal year 2020 was HKD 12,118,000, an increase from HKD 10,535,000 in the same period of the previous year[24]. - Cash and cash equivalents at the end of the first half of fiscal year 2020 were HKD 37,805,000, down from HKD 45,246,000 at the end of the previous year[24]. - The company incurred a net cash outflow from investing activities of HKD 270,000 in the first half of fiscal year 2020[24]. - The company paid HKD 2,611,000 in interest during the first half of fiscal year 2020, compared to HKD 2,956,000 in the same period of the previous year[24]. Shareholder Information - As of September 30, 2019, Mr. Ye held a beneficial interest in 572,552,000 shares, representing approximately 71.6% of the company's issued share capital[138]. - KHHL holds an 80% equity interest in the company through its wholly-owned subsidiary, Flying Castle Limited, with Mr. Ye being one of the beneficiaries[145]. - Major shareholder Flying Castle Limited owns 570,052,000 shares, representing 71.3% of the company's issued share capital[148]. - The company maintains a public float as required by GEM listing rules[154]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[166]. - The company has complied with GEM Listing Rules regarding corporate governance and has not provided any loans to any entities or affiliates[161].

Financial Performance - For the first quarter of the fiscal year 2020, the company reported unaudited revenue of approximately HKD 16,500,000, an increase of about 3.7% compared to HKD 15,900,000 in the same period of the previous fiscal year[6]. - The net profit for the first quarter of fiscal year 2020 was approximately HKD 200,000, a significant improvement from a net loss of approximately HKD 1,400,000 in the first quarter of fiscal year 2019[6]. - The total comprehensive income for the first quarter of fiscal year 2020 was HKD 8,439,000, compared to a total comprehensive loss of HKD 16,428,000 in the same period of the previous fiscal year[10]. - The company reported a pre-tax profit of HKD 1,220,000 for the first quarter of fiscal year 2020, compared to a pre-tax loss of HKD 1,015,000 in the previous year[9]. - The total revenue for Q1 2020 was HKD 16,494,000, representing an increase of 3.67% compared to HKD 15,908,000 in Q1 2019[26]. - The total profit before tax for Q1 2020 was HKD 1,220,000, a recovery from a loss of HKD 1,015,000 in Q1 2019[33]. Revenue Breakdown - Revenue from corporate finance services in Q1 2020 was HKD 7,145,000, up 7.65% from HKD 6,637,000 in Q1 2019[26]. - Revenue from corporate finance services contributed approximately 43.3% of total revenue in the first quarter of fiscal year 2020, with a 7.7% increase compared to the same period in fiscal year 2019[50]. - Property investment revenue slightly increased by about 0.8% to approximately HKD 9,300,000 in the first quarter of fiscal year 2020, primarily due to an increase in occupancy rates of the Japanese property portfolio[51]. Expenses and Costs - The company incurred administrative and operating expenses of HKD 11,466,000 in the first quarter of fiscal year 2020, a decrease from HKD 12,877,000 in the previous year[9]. - The company’s financial costs for the first quarter of fiscal year 2020 were HKD 1,101,000, down from HKD 1,340,000 in the same period of the previous fiscal year[9]. - The total employee costs, excluding directors' remuneration, were HKD 4,053,000 in the first quarter of fiscal year 2020, down from HKD 4,723,000 in the same period of fiscal year 2019[40]. - The company’s total employee costs included directors' remuneration of HKD 4,683,000 in the first quarter of fiscal year 2020, an increase from HKD 3,439,000 in the same period of fiscal year 2019[40]. - Property expenses rose from approximately HKD 2,800,000 in the first quarter of fiscal year 2019 to approximately HKD 5,100,000 in the first quarter of fiscal year 2020 due to maintenance costs at City Court Suginami[53]. Foreign Exchange and Other Income - The company recorded a foreign exchange gain of approximately HKD 100,000 in the first quarter of fiscal year 2020, compared to a foreign exchange loss in the previous year[6]. - The company received insurance compensation of approximately HKD 2,400,000 related to a fire incident at one of its investment properties in Hokkaido, Japan, which was recorded as other income[51]. - Other income for the first quarter of fiscal year 2020 was HKD 2,493,000, a significant increase from HKD 60,000 in the same period of the previous fiscal year[9]. Dividends and Shareholder Information - The company did not recommend the payment of any interim dividend for the first quarter of fiscal year 2020[7]. - The company did not declare or pay any dividends for the first quarter of fiscal year 2020, consistent with the first quarter of fiscal year 2019[41]. - Major shareholder Flying Castle Limited holds 570,052,000 shares, representing 71.3% of the company's issued share capital[72]. - Major shareholder Yuanta Asia Investment Limited holds 44,250,000 shares, representing 5.5% of the company's issued share capital[72]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the first quarter of the 2020 financial year[92]. - The company has complied with GEM Listing Rules regarding corporate governance and has not provided any loans to any entities[87]. - The company confirmed that no directors or major shareholders have any interests in businesses that directly or indirectly compete with the group[90]. - The company has adopted trading rules for directors in accordance with GEM Listing Rules[89]. Future Outlook and Market Conditions - The board anticipates that the corporate finance business will continue to be adversely affected by uncertainties arising from recent social unrest in Hong Kong and the ongoing US-China trade dispute[55]. - The performance of property investments in Japan is expected to remain stable, while the ongoing political turmoil in Hong Kong may negatively impact the operation and valuation of properties in Hong Kong in the short to medium term[58]. - The company continues to focus on expanding its market presence and enhancing its investment strategies in the upcoming quarters[12]. - The group aims to explore new business opportunities to maintain competitiveness in the industry amidst uncertainties[57].

Financial Performance - Altus Holdings Limited reported stable growth in both of its major business segments during FY2019[13]. - Revenue for the fiscal year 2019 reached HKD 77,655,000, an increase of 9.8% compared to HKD 70,961,000 in 2018[6]. - Pre-tax profit for 2019 was HKD 36,754,000, up 12.5% from HKD 32,555,000 in the previous year[6]. - Net profit after tax increased to HKD 30,689,000, representing a 14.4% rise from HKD 26,865,000 in 2018[6]. - The group recorded revenue of HKD 77.7 million for the fiscal year 2019, an increase of approximately 9.4% from HKD 71.0 million in 2018[42]. - Property investment income increased to HKD 36.8 million in 2019, up 6.6% from HKD 34.5 million in 2018, while corporate finance service income rose by 12.1% to HKD 40.9 million[42]. - The number of effective sponsorship appointments increased from 11 in 2018 to 13 in 2019, contributing to a rise in sponsorship income from HKD 25.0 million to HKD 30.1 million[43]. - The group’s profit before tax increased from HKD 32.6 million in 2018 to HKD 36.8 million in 2019, driven by higher revenue and net increases in investment property fair value[51]. - The company reported a significant increase in revenue for the fiscal year 2019, with total revenue reaching HKD 1.2 billion, representing a year-on-year growth of 15%[145]. Market Outlook and Strategy - The company anticipates challenges due to signs of market slowdown in Hong Kong and increasing global uncertainties[15]. - Altus Holdings Limited aims to seize market opportunities as they arise despite potential challenges[15]. - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10-15% driven by new product launches and market expansion strategies[145]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 25% increase in market share within the next two years[145]. - Strategic acquisitions are being considered to enhance service offerings and strengthen market position, with potential targets identified in the fintech sector[145]. - The group anticipates stable income from its property investment portfolio in the upcoming fiscal year, driven by ongoing improvements in the property investment markets in Hong Kong and Japan[76]. Corporate Governance - The board of directors is responsible for overall management and strategic planning, ensuring the best interests of shareholders are prioritized[85]. - The company has appointed three independent non-executive directors, constituting over one-third of the board, to enhance governance and independence[91]. - The audit committee, composed entirely of independent non-executive directors, oversees financial reporting and internal controls[97]. - The company has established three committees: audit, remuneration, and nomination, to monitor specific aspects of governance[92]. - The board has reviewed and is satisfied with the effectiveness of its corporate governance policies for the fiscal year 2019[94]. - The company has purchased liability insurance for directors and senior officers to cover legal claims[86]. - The board receives monthly updates on the group's performance and significant changes, allowing for informed decision-making[85]. - The company has not appointed a CEO, ensuring a separation of roles between the chairman and executive management[87]. - The board held a total of 10 meetings in the fiscal year 2019, with attendance rates for directors ranging from 80% to 100%[111]. - The company has established a nomination committee to identify suitable candidates for board membership and assess the independence of non-executive directors[101]. Risk Management - The board conducted an annual review of the risk management and internal control systems, finding them adequate and effective for the fiscal year 2019[137]. - The company has appointed an independent internal control consultant to review the effectiveness of its internal control systems[137]. - The board is committed to regularly evaluating and reviewing the effectiveness of the group's risk management and internal control systems[137]. - The company has established a series of risk management policies and measures to identify key risks associated with its business and market[137]. - The company emphasizes the importance of compliance with the Securities and Futures Ordinance and GEM Listing Rules for handling inside information[138]. Investment and Development - Japan's real estate market is expected to provide stability and security for investment returns, being the world's third-largest economy[15]. - The company emphasizes the importance of "impact investing" in supporting Japanese nursing and care services, aiming for measurable social benefits and compelling financial returns[15]. - The company has acquired multiple properties catering to different tenant groups across various regions in Japan since its listing[192]. - The fair value change of investment properties as of March 31, 2019, amounted to approximately HKD 19,439,000, which has been included in the consolidated profit and loss and other comprehensive income statement[200]. - The company aims to expand its corporate financing activities by enhancing human resources and broadening the scope of corporate financing services[191]. Shareholder Engagement and Dividends - The company maintains a balanced dividend policy to reward shareholders while ensuring sufficient capital for business development[131]. - The company reported a proposed final dividend of HK$0.2 per share for the fiscal year ending March 31, 2019, consistent with the previous fiscal year[187]. - The company also proposed a special dividend of HK$0.02 per share, down from HK$0.05 in the previous fiscal year, reflecting satisfactory performance in corporate finance while considering future market uncertainties[187]. - The company will pay the proposed final dividend and special dividend on September 27, 2019, to shareholders listed on September 5, 2019[190]. Team and Culture - The advisory team has made significant progress in addressing challenges and is focused on fostering a collaborative corporate culture[15]. - Altus Holdings Limited plans to concentrate on training and developing its advisory team to enhance their capabilities[15]. - The company believes that the synergy created through teamwork will lead to a more capable organization overall[15]. - The management team emphasized the importance of compliance and risk management in their operational strategy, ensuring adherence to regulatory requirements[152]. - The company emphasizes continuous improvement in its procedures and talent development within its corporate finance division[175].

Financial Performance - The company recorded unaudited revenue of approximately HKD 58,500,000 for the nine months ended December 31, 2018, representing an increase of about 11.9% compared to approximately HKD 52,300,000 for the same period in 2017[4]. - Net profit for the nine months ended December 31, 2018, was approximately HKD 19,300,000, compared to approximately HKD 9,200,000 for the same period in 2017[4]. - Basic and diluted earnings per share for the nine months ended December 31, 2018, were HKD 2.34, up from HKD 1.10 for the same period in 2017[5]. - Total comprehensive income for the period was HKD 17,751,000, compared to HKD 6,147,000 for the same period in the previous year[9]. - Total profit before tax was HKD 23,095,000 for the nine months ended December 31, 2018, compared to HKD 12,691,000 for the same period in 2017, indicating an increase of 82.5%[31]. - The company reported a total income of HKD 58,541,000 for the nine months ended December 31, 2018, up from HKD 52,307,000 in the same period in 2017, representing an increase of 12.8%[34]. - The company reported a significant increase in profit margins, with segment profit margins improving due to higher revenue and effective cost management strategies[32]. Revenue Breakdown - Total revenue for the period was HKD 452,008,000, representing a significant increase compared to previous periods[12]. - The revenue from corporate finance services was HKD 11,604,000, down from HKD 12,007,000 in the previous year, indicating a decrease of about 3.4%[29]. - The total rental income from investment properties was HKD 9,067,000, slightly up from HKD 9,004,000 in the previous year, showing an increase of about 0.7%[29]. - The total income from investment properties for the nine months ended December 31, 2018, was HKD 27,383,000, compared to HKD 25,099,000 in the same period in 2017, representing an increase of approximately 9.1%[25]. - Corporate finance services contributed approximately 56.1% of the total revenue for the third quarter of the fiscal year 2019, with the remainder coming from property investments[62]. Expenses and Costs - The company incurred expenses of approximately HKD 1,800,000 related to the proposed transfer of its listing status to the main board of the Stock Exchange[5]. - The company reported a tax expense of HKD 3,755,000 for the nine months ended December 31, 2018, compared to HKD 3,480,000 for the same period in 2017[7]. - The financial cost for the nine months ended December 31, 2018, was HKD 4,194,000, an increase from HKD 3,940,000 for the same period in 2017[35]. - The company’s total employee costs, excluding directors' remuneration, were HKD 11,335,000 for the nine months ended December 31, 2018, compared to HKD 9,328,000 for the same period in 2017, indicating a rise of 21.5%[45]. Investment and Assets - The fair value change of investment properties for the nine months ended December 31, 2018, was HKD 9,000,000[7]. - The retained earnings amounted to HKD 251,428,000, with a total comprehensive income of HKD 266,533,000 for the period[12]. - The total assets were valued at HKD 437,685,000, showing a solid asset base for future growth[12]. - The investment revaluation reserve stood at HKD 241,000, indicating potential growth in investment value[12]. - The company has plans for market expansion and new product development, aiming to enhance its competitive position[12]. Dividends and Shareholder Information - The company did not recommend the payment of any interim dividend for the third quarter of the fiscal year 2019[5]. - The company declared an interim dividend of JPY 22,885 per share for the first half of 2018, compared to JPY 60,414 per share for the first half of 2017, reflecting a decrease of approximately 62%[47]. - The company did not recommend any interim dividend for the third quarter of the fiscal year 2019, consistent with the previous year where no dividend was declared[48]. - Major shareholders, including Flying Castle Limited, hold approximately 71.9% of the company's issued share capital[89]. Corporate Governance and Compliance - The company has complied with corporate governance codes as per GEM listing rules for the nine months ended December 31, 2018[105]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the nine months ended December 31, 2018, ensuring compliance with applicable accounting principles[111]. - There were no interests held by directors or major shareholders in any competing businesses as of December 31, 2018[107]. Market Conditions and Future Outlook - The board observed a weakening in the Hong Kong stock market due to ongoing US-China trade disputes and rising interest rates, impacting the progress of certain sponsorship appointments[73]. - The group aims to seek more financial advisory and independent financial consultant appointments to balance its sponsorship income amid current market conditions[73]. - The rental performance of the group's properties is expected to remain stable, with continued efforts to seek attractive investment opportunities despite a slower investment pace[75]. - The group plans to update its application for a board transfer to the stock exchange, with no clear timeline established yet[72].