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皇冠环球集团(00727) - 2024 - 年度财报
00727CROWNICORP(00727)2024-07-02 08:54

Financial Performance - As of March 31, 2024, the total assets of the Group reached approximately HK1,438.2million,withalossattributabletoshareholdersofapproximatelyHK1,438.2 million, with a loss attributable to shareholders of approximately HK126.8 million, a decrease of approximately HK942.6millioncomparedtothepreviousyear[11].−RevenuefortheyearendedMarch31,2024,amountedtoapproximatelyHK942.6 million compared to the previous year[11]. - Revenue for the year ended March 31, 2024, amounted to approximately HK183.5 million, compared to nil revenue for the previous year, driven by the trading and development of premium white spirit[60]. - The net loss attributable to owners of the Company for the current year was approximately HK126.8million,asignificantimprovementfromalossofapproximatelyHK126.8 million, a significant improvement from a loss of approximately HK1.069 billion in the previous year[65]. - Other operating expenses decreased by approximately HK11.2millionor5711.2 million or 57%, totaling approximately HK8.3 million for the current year, due to reduced costs related to property sales[63]. - Finance costs for the current year were approximately HK47.4million,representingadecreaseofapproximatelyHK47.4 million, representing a decrease of approximately HK46.9 million or 49.7% compared to approximately HK94.3millioninthepreviousyear[64].PropertyDevelopmentProjects−TheGroup′spropertydevelopmentproject,GoldenBeachNo.1,isexpectedtobecompletedin2024/2025,withatotalgrossfloorareaofapproximately195,000squaremeters,includingover1,600apartmentsuites[17].−ThemarketvalueoftheGoldenBeachNo.1projectisestimatedatapproximatelyRMB800million,whichisexpectedtogeneratestablecashflowfortheGroup[18].−TheWeihaiPropertydevelopmentprojectisexpectedtobecompletedby2024/2025,withatotalconstructionareaofapproximately195,000squaremeters,providingover1,600servicedapartmentsand360parkingspaces[21].−TheestimatedtotalmarketvalueoftheWeihaiPropertyprojectisapproximatelyRMB800million,whichincludesservicedapartments,hotel,retailproperties,andparkingspaces[21].−ThehoteloperationsintheWeihaiPropertywillconsistofapproximately200hotelsuitesmanagedbyaworld−renownedhotelgroup[26].FinancingandCapitalManagement−TheGroupsecuredaloanfacilityofRMB660millionfortheWeihaiPropertydevelopment,withafinaldrawdownamountofRMB500millionataninterestrateof6.694.3 million in the previous year[64]. Property Development Projects - The Group's property development project, Golden Beach No. 1, is expected to be completed in 2024/2025, with a total gross floor area of approximately 195,000 square meters, including over 1,600 apartment suites[17]. - The market value of the Golden Beach No. 1 project is estimated at approximately RMB800 million, which is expected to generate stable cash flow for the Group[18]. - The Weihai Property development project is expected to be completed by 2024/2025, with a total construction area of approximately 195,000 square meters, providing over 1,600 serviced apartments and 360 parking spaces[21]. - The estimated total market value of the Weihai Property project is approximately RMB 800 million, which includes serviced apartments, hotel, retail properties, and parking spaces[21]. - The hotel operations in the Weihai Property will consist of approximately 200 hotel suites managed by a world-renowned hotel group[26]. Financing and Capital Management - The Group secured a loan facility of RMB 660 million for the Weihai Property development, with a final drawdown amount of RMB 500 million at an interest rate of 6.6% per annum[41]. - The Group plans to finance the Weihai Property development through cash flow from pre-sales, loan facilities, contractor financing, and other capital arrangements[42]. - The Group has cash and cash equivalents of only HK177,587,000 as of 31 March 2024, raising concerns about liquidity[75]. - The Group has prepayments on new projects amounting to HK262,948,000,whichareexpectedtoprovidesufficientcashflowforshort−termliquidityneeds[81].−TheGroup′sinterestsintheWeihaiPropertywerepledgedassecurityforborrowingswithanoutstandingamountofapproximatelyHK262,948,000, which are expected to provide sufficient cash flow for short-term liquidity needs[81]. - The Group's interests in the Weihai Property were pledged as security for borrowings with an outstanding amount of approximately HK542.0 million as of 31 March 2024[91]. Business Diversification - The Group plans to launch a new business in trading and developing premium white spirit in China, aiming to create sustainable business development opportunities[19]. - The Group has initiated trading and development of premium white spirit in 2023, which is expected to provide sustainable business development opportunities[33]. - The Group's comprehensive healthcare business includes planning and management services for healthcare operators, focusing on various operational aspects[27]. - The comprehensive healthcare planning and management services business has been progressing steadily since its establishment in 2020, focusing on providing services to healthcare business operators[107]. Governance and Compliance - The Company has complied with all provisions of the Corporate Governance Code throughout the fiscal year ending March 31, 2024[123]. - The Board regularly reviews and enhances corporate governance policies to ensure compliance with the Corporate Governance Code[124]. - The Company has maintained a balanced composition in terms of diversity of experience, expertise, and independence among its Directors[149]. - The Company has adopted a board diversity policy to enhance performance quality and support strategic objectives, considering factors such as gender, age, and professional experience[160]. - The Company ensures compliance with corporate governance codes by requiring Directors to retire and seek re-election at least every three years[187]. Risks and Market Conditions - The main risks and uncertainties faced by the Group are closely related to the demand, economic performance, and political environment in China[110]. - The Group's business is significantly impacted by China's macro-control policies on the real estate industry, which are influenced by the economic situation[115]. - The real estate industry faces a heavy tax burden compared to other industries, with various taxes such as land value-added tax and corporate income tax affecting profitability[116]. - The COVID-19 pandemic has severely disrupted normal economic activities, but the Chinese government's effective control measures have led to a quicker recovery compared to Western countries[118]. Employee Management - The Group emphasizes the importance of employee management and talent development, ensuring alignment with corporate strategy[125]. - The Group's total employee remuneration and staff costs for the current year were approximately HK5.1million,adecreasefromapproximatelyHK5.1 million, a decrease from approximately HK5.9 million in the last year[97].