英皇国际(00163) - 2023 - 年度财报

Financial Performance - For the year ended 31 March 2023, the total revenue was HK$1,210.7 million, a decrease from HK$2,329.3 million in 2022[18] - Gross profit for the year was HK$590.0 million, down from HK$813.3 million in 2022[19] - The loss attributable to the owners of the Company was HK$2,142.0 million, compared to a loss of HK$469.3 million in 2022[19] - Basic loss per share was HK$0.58, an increase from HK$0.13 per share in 2022[19] - The total dividends for the year were HK$0.008 per share, down from HK$0.031 per share in 2022[19] - The Group reported a fair value loss on investment properties of HK$1,804.4 million, compared to a loss of HK$488.9 million in 2022[40] - The Group's net asset value decreased to HK$23,887.2 million, with net asset value per share at HK$6.50, down from HK$26,765.8 million and HK$7.28 per share in 2022[129] Revenue Breakdown - Rental income for the year was HK$870.8 million, slightly down from HK$904.4 million in 2022, accounting for 71.9% of total revenue[18] - Property development sales revenue was HK$79.2 million, a significant decrease from HK$1,025.2 million in 2022, representing 6.6% of total revenue[18] - Hotel services revenue decreased to HK$260.7 million from HK$399.8 million in 2022, making up 21.5% of total revenue[18] - Revenue from property sales was HK$79.2 million, representing only 6.6% of total revenue, down from 44.0% in 2022[41] - The hospitality segment generated revenue of HK$260.7 million, which accounted for 21.5% of total revenue, down from 17.2% in the previous year[41] Market Conditions - The office leasing market faced pressure due to increased vacancies and low demand, while the retail leasing market showed modest recovery in the last quarter of the year[21] - Investment sentiment improved with the full border reopening, leading to an acceleration in the launch of new properties by developers[22] - The reopening of borders has positively impacted the luxury property market, with property developers actively launching sales since early 2023[120] - The Group's retail leasing, particularly in tourist areas, is expected to benefit from the recovering retail market[116] - There has been an increase in office leasing inquiries as business activities resume, although the market faces intense competition due to abundant supply[116] Strategic Initiatives - The company is expanding its property development strategy beyond Greater China to include the UK, diversifying its rental income sources[45] - The company has a robust project development timeline aimed at contributing to residential unit sales and enhancing profitability in the medium term[65] - The company focuses on luxury mixed-use buildings in prime urban areas and quality low-rise independent houses in unique locations, benefiting from extensive transportation networks[65] - The Group's strategic focus includes enhancing business visibility and exploring emerging markets to cater to younger consumer preferences[1] - The company aims to strengthen its core businesses and management propositions while exploring emerging markets and technologies[75] Employee and Management - Total employee costs for the year amounted to HKD 434.4 million, a decrease from HKD 513.5 million in 2022, reflecting a reduction in headcount from 1,208 to 850 employees[67] - The workforce comprised 53% female and 47% male, with senior management at 61% female and 39% male, reflecting appropriate gender diversity[135] - The company has adopted a stock option plan to incentivize and reward employees, details of which are available in the annual report[68] - The emoluments of the Directors are determined by the Board based on a remuneration policy that aligns with business strategy and market practices[180] - The remuneration package for employees includes basic salaries, housing allowances, pension contributions, and performance-based bonuses[182] Corporate Governance - The Company has adopted various policies to ensure compliance with the Corporate Governance Code[159] - The Group's principal risks and uncertainties are detailed in the Corporate Governance Report[168] - The Company maintains directors and officers liability insurance for potential legal proceedings against its Directors[180] - The Company has adopted a Share Option Scheme, but no options were granted, exercised, cancelled, or lapsed since its adoption[193] Property Development Projects - The redevelopment of Nos. 72-80 Old Main Street in Aberdeen is expected to yield a 23-storey residential and retail building with a gross floor area of approximately 50,300 square feet, with pre-sale anticipated in the second half of 2023 and completion scheduled for 2024[1] - The site at Nos. 20-26 Old Bailey Street & No.11 Chancery Lane is planned for a 26-storey boutique luxury residential tower, with completion expected in 2024[1] - The redevelopment of No. 1 Wang Tak Street in Happy Valley will result in a 27-storey residential tower with a gross floor area of approximately 58,100 square feet, scheduled for completion in 2024 or later[1] - The existing buildings at Nos. 24-30 Bonham Road will be transformed into a 27-storey residential complex with a gross floor area of approximately 105,400 square feet, with completion planned for 2024 or after[1] - The redevelopment of No. 127 Caine Road is set to create a 23-storey residential and retail tower with a gross floor area of approximately 24,700 square feet, expected to be completed in 2025[1] Financial Position - As of March 31, 2023, the group's cash, bank balances, and deposits amounted to HK$2,367.9 million, an increase from HK$1,567.2 million in 2022[88] - The total external borrowings (excluding payables) were approximately HK$22,444 million, slightly down from HK$22,711 million in 2022, with a net debt ratio of 39.3% compared to 38.7% in 2022[88] - The group pledged assets with a carrying value of HK$37,056.8 million as security for banking facilities, down from HK$40,516.3 million in 2022[89] - The outstanding principal of medium-term notes issued by the Group was HK$1,247.3 million, down from HK$1,442.4 million in 2022[130] - The Group is exposed to foreign exchange risks due to borrowings denominated in RMB and Pound, and it closely monitors its overall foreign exchange exposure[122]