Financial Performance - For the fiscal year ending March 31, 2023, total revenue was HKD 66.3 million, comprising HKD 55.6 million from property development and management, and HKD 10.1 million from other sources[115]. - The company reported a loss attributable to equity holders of HKD 20.0 million, with a pre-tax loss of HKD 19.6 million[115]. - The company reported a loss attributable to equity holders of HKD 20.0 million for 2023, compared to a profit of HKD 2.9 million in 2022[142]. - Earnings per share for 2023 was a loss of HKD 0.032, down from a profit of HKD 0.005 in 2022[142]. - Gross revenue from property sales for 2023 was HKD 55.6 million, down 53.4% from HKD 119.4 million in 2022[114]. - Rental income from properties decreased to HKD 0.6 million in 2023 from HKD 2.9 million in 2022, a decline of 79.3%[114]. - The company generated rental income of HKD 0.6 million, contributing to the overall revenue[115]. - The segment performance showed an operating loss of HKD 28.0 million, highlighting challenges in the property development sector[115]. - The company’s total revenue for 2023 was significantly impacted by a decrease in income from the U.S. market, which fell to HKD 56.7 million from HKD 122.6 million in 2022[145]. Assets and Liabilities - As of March 31, 2023, the total non-current assets, including interests in joint ventures, amounted to HKD 3,503.9 million, compared to HKD 3,505.7 million in 2022[20]. - The group's total assets less current liabilities were HKD 9,675.9 million in 2023, compared to HKD 10,038.0 million in 2022[20]. - The group’s total liabilities were HKD 20.4 million as of March 31, 2023, compared to HKD 130.2 million in 2022[20]. - As of March 31, 2023, total liabilities amounted to HKD 260.3 million, with HKD 140.6 million in accounts payable and other payables, and HKD 91.0 million in loans[42][46]. - The total loans amounted to HKD 880 million in 2023, compared to HKD 911 million in 2022, indicating a decrease[91]. - The total equity was HKD 6,510.3 million in 2023, down from HKD 6,676.3 million in 2022[91]. - Total assets as of March 31, 2023, were HKD 6,773.5 million, while total liabilities were HKD 263.2 million[149]. Financial Ratios and Risk Management - The asset-liability ratio, defined as the ratio of bank borrowings to equity, was maintained at a low level of 1.4% as of March 31, 2023, and March 31, 2022[26]. - The debt-to-equity ratio remained stable at 1.4% for both 2023 and 2022[91]. - The group maintains a cautious liquidity risk management strategy, ensuring sufficient cash and committed credit facilities[39]. - The group’s financial risk management plan focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[35]. - A 1% increase or decrease in interest rates could result in a pre-tax loss increase or decrease of approximately HKD 600,000[52]. - A 10% change in the fair value of financial investments could lead to a pre-tax loss increase or decrease of approximately HKD 3.7 million[53]. - The company has established policies to manage various financial risks, which are regularly reviewed and improved[63]. Corporate Governance - The board of directors held four meetings and one annual general meeting during the year ending March 31, 2023[81]. - The company has established a mechanism to ensure independent opinions and suggestions are received by the board, promoting transparency in decision-making[120]. - The audit committee held two meetings during the fiscal year, with full attendance from its members, ensuring effective oversight of financial reporting and risk management[135]. - The company encourages continuous professional development for its directors to enhance their knowledge and skills[133]. - The roles of the chairman and CEO are currently held by the same individual, which the board believes enhances decision-making efficiency[134]. - The company has established a nomination committee to ensure a balanced skill set and diversity among board members, with one meeting held during the fiscal year[166]. - The company has confirmed compliance with the standard code for securities trading by all directors during the year[174]. - The company has maintained a clear organizational structure for risk management and internal controls, which has been reviewed for effectiveness[179]. Employee and Director Remuneration - The total employee expenditure (excluding director remuneration) reached HKD 58.2 million for the year ending March 31, 2023[66]. - The group employed a total of 149 employees in Hong Kong and the United States as of March 31, 2023[66]. - Employee expenses, excluding directors' remuneration, were HKD 21.0 million in 2023, slightly down from HKD 21.1 million in 2022[153]. - The total remuneration for directors for the fiscal year ending March 31, 2023, amounted to HKD 10.80 million, compared to HKD 10.13 million for the previous year, reflecting an increase of approximately 6.6%[156]. - The highest-paid employees include three directors, with total remuneration details provided in the report, indicating a consistent structure in compensation for top management[161]. - The remuneration committee held one meeting during the fiscal year, focusing on reviewing the overall compensation policy for directors and senior management[163]. - The company’s remuneration policy aims to attract and retain talented individuals, with director fees set at HKD 200,000 per director for the previous fiscal year[165]. - No retirement or termination benefits were received by directors during the fiscal year, consistent with the previous year[157]. Market and Operational Risks - The group operates in Hong Kong and the United States, facing various economic and market risks that may impact operational performance and financial condition[27]. - The group’s operational performance is influenced by various unique risks associated with real estate development, investment, and related businesses[27]. - The company has assessed existing and potential risks, including environmental and social risks, and has established management objectives to address these risks[178]. Shareholder and Dividend Information - The company maintained a consistent dividend of HKD 0.24 per share for both 2023 and 2022[142]. - The company plans to propose a final dividend of HKD 0.12 per share, maintaining the total dividend for 2023 at HKD 148.2 million, consistent with 2022[192].
TAI CHEUNG HOLD(00088) - 2023 - 年度财报