香港兴业国际(00480) - 2024 - 年度业绩

Annual Results Announcement Overall Performance Overview The Group's FY2024 revenue significantly increased by 132.7% to 3,940.7 million HKD, driven by revenue recognition from the Xingyi Garden project in Jiaxing, China. However, loss attributable to owners reached 468.0 million HKD due to fair value losses on investment properties, non-recurring asset impairment provisions, and the absence of prior year's non-recurring gain from joint venture disposal. Underlying profit (excluding non-recurring items) grew by 35%, while currency depreciation and rising interest rates increased exchange losses and finance costs 2024 Financial Year Key Financial Metrics | Metric | FY2024 (Million HKD) | FY2023 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,940.7 | 1,693.7 | +132.7% | | (Loss)/Profit Attributable to Owners of the Company | (468.0) | 455.6 | -202.7% | | Underlying Profit | 172.6 | 127.6 | +35% | | Fair Value Loss on Investment Properties | 263.9 | - | - | | Non-recurring Asset Impairment Provision | 376.7 | - | - | | Net Gain on Disposal of Joint Venture Investment | - | 368.0 | -100% | - The continuous depreciation of RMB, Thai Baht, and JPY, along with rising interest rates, led to increased exchange losses and finance costs, negatively impacting operating results[39] Dividend Policy and Share Transfer Registration The Board does not recommend a final dividend for FY2024, and no interim dividend was paid this fiscal year. Share transfer registration will be suspended from August 16 to 21, 2024, in preparation for the Annual General Meeting - The Board does not recommend a final dividend for FY2024 (2023: 1 HK cent), and no interim dividend was paid this fiscal year[40] - Share transfer registration will be suspended from August 16 to 21, 2024, in preparation for the 2024 Annual General Meeting[59] Consolidated Financial Statements Consolidated Statement of Profit or Loss In FY2024, the Group's revenue significantly increased to 3,940.7 million HKD, with gross profit reaching 1,390.4 million HKD. However, due to negative other gains and losses and unrealized fair value losses on investment properties, the Group recorded a loss of 547.1 million HKD for the year, with loss attributable to owners at 468.0 million HKD and basic and diluted loss per share at 31.5 HK cents Consolidated Statement of Profit or Loss Summary | Metric | 2024 (Million HKD) | 2023 (Million HKD) | | :--- | :--- | :--- | | Revenue | 3,940.7 | 1,693.7 | | Gross Profit | 1,390.4 | 787.7 | | Other Gains and Losses | (441.1) | 249.3 | | Unrealized Loss on Fair Value Change of Investment Properties | (336.4) | (86.3) | | Finance Costs | (409.4) | (230.0) | | (Loss)/Profit for the Year | (547.1) | 478.2 | | (Loss)/Profit Attributable to Owners of the Company | (468.0) | 455.6 | | Basic (Loss)/Earnings Per Share (HK cents) | (31.5) | 30.7 | Consolidated Statement of Profit or Loss and Other Comprehensive Income In FY2024, the Group recorded total comprehensive expenses of 1,108.9 million HKD, a significant increase from 532.1 million HKD in 2023, primarily due to increased exchange differences from foreign joint ventures and other foreign operations Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | 2024 (Million HKD) | 2023 (Million HKD) | | :--- | :--- | :--- | | (Loss)/Profit for the Year | (547.1) | 478.2 | | Exchange Differences from Foreign Joint Ventures | (267.4) | (639.3) | | Exchange Differences on Translation of Other Foreign Operations | (283.2) | (404.5) | | Total Comprehensive Expense for the Year | (1,108.9) | (532.1) | | Total Comprehensive (Expense)/Income Attributable to Owners of the Company | (1,030.1) | (554.7) | Consolidated Statement of Financial Position As of March 31, 2024, the Group's total assets less current liabilities decreased to 36,465.9 million HKD, with shareholders' equity reducing to 23,358.3 million HKD. Bank balances and cash significantly decreased to 1,605.8 million HKD, while properties held for sale and properties under development for sale saw changes in their amounts Consolidated Statement of Financial Position Summary | Metric | 2024 (Million HKD) | 2023 (Million HKD) | | :--- | :--- | :--- | | Investment Properties | 13,843.2 | 14,157.2 | | Interests in Joint Ventures | 9,908.1 | 10,105.3 | | Properties Held for Development for Sale | 3,398.5 | 3,149.7 | | Properties Held for Sale | 1,405.5 | 2,337.5 | | Properties Under Development for Sale | 7,261.8 | 6,067.8 | | Bank Balances and Cash | 1,605.8 | 6,212.6 | | Net Current Assets | 5,770.6 | 8,519.2 | | Total Assets Less Current Liabilities | 36,465.9 | 39,700.2 | | Equity Attributable to Owners of the Company | 23,358.3 | 24,397.9 | | Total Liabilities | 10,319.0 | 12,429.3 | Notes to the Consolidated Financial Statements Basis of Preparation and Accounting Policies The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and on a historical cost basis, presented in HKD. Several new and revised HKFRS were first applied this year, but are not expected to have a material impact on the Group's financial position or performance - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and on a historical cost basis, presented in the Company's functional currency, HKD[49][67][68] - Several new and revised Hong Kong Financial Reporting Standards were first applied this year, but are not expected to have a material impact on the Group's financial position or performance[50][69][71] Revenue and Segment Information The Group operates five segments: property development, property investment, transport services and property management, hotel operations, and leisure business. FY2024 total revenue was 3,940.7 million HKD, with property development being the largest contributor. Hong Kong and Mainland China are key markets, with revenue primarily recognized at a point in time - The Group is divided into five operating segments: property development, property investment, transport services and property management, hotel operations, and leisure business, each representing an operating and reportable segment[72] Revenue Classification In FY2024, the Group's total revenue was 3,940.7 million HKD, primarily from property sales, followed by provision of other services and rental income, with revenue recognition mainly completed at a point in time FY2024 Revenue Classification (Million HKD) | Type of Goods or Services | 2024 | 2023 | | :--- | :--- | :--- | | Sales of Properties | 2,521.9 | 241.5 | | Hotel Revenue | 252.3 | 274.7 | | Provision of Other Services | 707.3 | 702.6 | | Rental Income | 459.2 | 474.9 | | Total | 3,940.7 | 1,693.7 | - In FY2024, revenue recognition primarily occurred at a point in time, accounting for 3,058.1 million HKD of total revenue[73] Operating Segment Results In FY2024, the Property Development segment recorded a loss of 221.3 million HKD, while the Property Investment segment recorded a profit of 597.7 million HKD. Profit from Transport Services and