安全货仓(00237) - 2023 - 年度业绩

Full Year Performance Overview The Group's loss attributable to shareholders significantly expanded by 123% to HKD 188 million, despite a 20% increase in total revenue to HKD 147 million Overall Performance For the year ended March 31, 2023, the Group's loss attributable to shareholders significantly expanded by 123% to HKD 188 million, primarily due to fair value losses on investment properties and financial assets Key Performance Indicators for FY2023 | Indicator | 2023 | 2022 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | HKD 147 million | HKD 123 million | +20% | | Loss Attributable to Shareholders | (HKD 188 million) | (HKD 85 million) | +123% | | Basic Loss Per Share | (HKD 0.46) | (HKD 0.21) | +119% | - Excluding fair value losses on investment properties, the Group's core pre-tax profit decreased by approximately 43% from HKD 64.04 million to HKD 36.55 million, indicating a decline in core business profitability[41] Consolidated Financial Statements The Group's financial statements show a 20% revenue increase to HKD 147 million, but significant fair value losses led to a 142% expansion in pre-tax loss to HKD 175 million Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's total revenue increased by 20% to HKD 147 million, driven by property investment and interest income, but substantial fair value impairments resulted in a HKD 175 million loss before tax Consolidated Income Statement Summary (HKD thousands) | Item | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | 147,353 | 122,850 | | Impairment of Investment Properties at Fair Value | (211,840) | (136,558) | | Other Gains and Losses | (41,117) | 11,403 | | Loss Before Tax | (175,293) | (72,514) | | Loss for the Year | (188,289) | (84,538) | Consolidated Statement of Financial Position The Group's total assets slightly decreased to HKD 4.01 billion, with equity attributable to shareholders also reducing to HKD 3.90 billion, while maintaining strong liquidity with HKD 932 million in net current assets and no bank borrowings Consolidated Statement of Financial Position Summary (HKD thousands) | Item | March 31, 2023 | March 31, 2022 | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 3,075,939 | 3,209,084 | | Current Assets | 980,595 | 966,876 | | Total Assets | 4,056,534 | 4,175,960 | | Equity and Liabilities | | | | Equity Attributable to Shareholders | 3,901,073 | 4,028,136 | | Non-current Liabilities | 107,007 | 95,703 | | Current Liabilities | 48,454 | 52,121 | | Total Equity and Liabilities | 4,056,534 | 4,175,960 | Notes to the Financial Statements This section details the Group's accounting policies, revenue composition, segment performance, and key financial items impacting the annual results Basis of Preparation and Accounting Policies These consolidated financial statements are prepared under HKFRS, with revised standards adopted during the year having no significant impact on the Group's financial position or performance - The financial statements are prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair value[6] - The application of amendments to Hong Kong Financial Reporting Standards during the current year had no significant impact on the consolidated financial statements[21] Revenue and Segment Information The Group's business is segmented into warehouse operations, property investment, and financial investment, with property investment as the largest revenue source, though financial investment recorded significant losses in FY2023 Revenue Composition Total revenue increased by 20% to HKD 147 million, primarily benefiting from a 6% growth in property investment income to HKD 102 million and a nearly tenfold increase in bank interest income to HKD 20.04 million Revenue Source Details (HKD thousands) | Revenue Type | 2023 | 2022 | | :--- | :--- | :--- | | Warehouse Operations Revenue | 20,232 | 19,719 | | Property Investment Income | 101,644 | 96,095 | | Dividend Income from Listed and Unlisted Investments | 4,005 | 4,946 | | Bank Interest Income | 20,039 | 751 | | Other Interest Income | 1,433 | 1,339 | | Total | 147,353 | 122,850 | Segment Performance Due to fair value adjustments, the property investment segment recorded a HKD 149 million pre-tax loss, while the financial investment segment turned to a HKD 17.83 million loss, and warehouse operations profit sharply declined by 76% to HKD 0.73 million Segment Results (HKD thousands) - As at March 31, 2023 | Segment | Segment Revenue | Segment Profit (Loss) | | :--- | :--- | :--- | | Warehouse Operations | 20,232 | 729 | | Property Investment | 101,644 | (149,449) | | Financial Investment | 25,477 | (17,830) | | Consolidated Total | 147,353 | (166,550) | Notes on Key Financial Items This section details key financial items impacting performance, including components of loss before tax, tax calculations, dividend distribution, and loss per share, with financial assets at fair value through profit or loss generating a significant HKD 41.45 million fair value loss Loss Before Tax The HKD 175 million loss before tax was primarily due to impairment of investment properties at fair value (HKD 212 million) and a fair value loss on financial assets of HKD 41.45 million, contrasting sharply with last year's HKD 11.01 million gain - During the year, financial assets at fair value through profit or loss recorded a fair value loss of HKD 41,453 thousand, compared to a gain of HKD 11,005 thousand in the prior year[30] Taxation Despite recording a pre-tax loss, the Group incurred a tax expense of HKD 12.996 million, comprising HKD 8.059 million in Hong Kong profits tax and HKD 4.937 million in deferred tax Tax Expense Details (HKD thousands) | Item | 2023 | 2022 | | :--- | :--- | :--- | | Hong Kong Profits Tax | 8,059 | 7,071 | | Deferred Tax | 4,937 | 4,953 | | Total | 12,996 | 12,024 | Dividends The Board recommended a final dividend of HKD 0.03 per share for FY2023, a 50% reduction from last year, resulting in a total annual dividend of HKD 0.05 per share, lower than FY2022's HKD 0.10 - The Board recommended a final dividend of HKD 0.03 per ordinary share (2022: HKD 0.06), totaling HKD 12,150,000[33] - Total dividends paid during the year amounted to HKD 32,400,000, compared to HKD 210,600,000 last year (including special dividends)[59] Loss Per Share Based on an annual loss of HKD 188 million and 405 million issued shares, basic loss per share increased from HKD 0.21 last year to HKD 0.46, with no diluted loss per share presented due to the absence of potential dilutive ordinary shares - Basic loss per share is calculated based on the loss for the year attributable to owners of the Company of HKD 188,289,000 and 405,000,000 issued shares[34][60] Trade and Other Receivables The Group's trade receivables are primarily short-term, mostly aged within 60 days, with total trade and other receivables remaining stable at approximately HKD 19.34 million Trade Receivables Ageing Analysis (HKD thousands) | Ageing | 2023 | 2022 | | :--- | :--- | :--- | | Within 60 days | 3,284 | 5,249 | | 61 to 90 days | 518 | 851 | | Over 90 days | 170 | 76 | | Total | 3,972 | 6,176 | Management Discussion and Analysis The Group's core pre-tax profit decreased by 43% to HKD 36.55 million, while overall pre-tax loss expanded by 142% to HKD 175 million, reflecting mixed performance across segments amidst economic recovery and market volatility Business Review The Group's core pre-tax profit (excluding fair value changes of investment properties) decreased by 43% to HKD 36.55 million, while the pre-tax loss including all items expanded by 142% to HKD 175 million, reflecting flat warehouse business, rental growth in property investment, and significant losses in financial investment due to market volatility Warehouse Operations Segment Segment revenue slightly increased by 3% to HKD 20.23 million, but profit plummeted by 76% to HKD 0.73 million, with profit margin compressing from 15% to 4%, despite improved average utilization and slightly higher average rent per cubic meter Key Warehouse Operations Indicators | Indicator | 2023 | 2022 | | :--- | :--- | :--- | | Segment Revenue | HKD 20.23 million | HKD 19.72 million | | Segment Profit | HKD 0.73 million | HKD 3.02 million | | Average Utilization Rate | 52% | 48% | | Average Rent Per Cubic Meter | Approx. HKD 97 | Approx. HKD 95 | Property Investment Segment Total rental income increased by 6% to HKD 102 million, and profit (excluding fair value changes) grew by 17% to HKD 62.39 million, with the flagship property's occupancy rate improving to 91% through successful tenant attraction and retention initiatives - Total rental income increased by approximately 6% to HKD 101,644,000, and profit (excluding impairment of investment properties at fair value) increased by approximately 17% to HKD 62,391,000[43] - The 'The LU+' business center platform at Chinachem Plaza successfully built a tenant community, playing a key role in attracting and retaining tenants[69] Financial Investment Segment This segment's performance was disappointing, turning from a profit of HKD 15.58 million last year to a loss of HKD 17.83 million, primarily due to fair value losses on equities, bonds, and investment funds, with significant realized losses from asset sales during the year - The segment turned from a profit of HKD 15.58 million last year to a loss of HKD 17.83 million, due to increased fair value losses on financial assets at fair value through profit or loss[45] - During the year, 5,200 ounces of non-physical gold and all overseas equities were sold, realizing losses of approximately HKD 8.23 million and HKD 13.39 million respectively[71] Outlook The Group maintains a cautious outlook, anticipating pressure on warehouse revenue due to client inventory adjustments, challenges in property investment from high office supply in East Kowloon, and continued uncertainty in financial investment amidst global market volatility, with most cash currently held in time deposits - Warehouse operations: Clients no longer need to maintain high inventories due to supply chain disruption risks, anticipating revenue pressure[74] - Property investment: High supply of new office space in East Kowloon, coupled with tenant surrender requests, will continue to pressure future rental income[74] - Financial investment: Ongoing global financial market uncertainty requires management to cautiously observe the market and adjust asset allocation, with most cash placed in time deposits[104][100] Financial Summary This section reviews the Group's robust financial position, characterized by a zero gearing ratio, ample liquidity with HKD 827 million in cash and bank balances, a high current ratio of 20.24 times, and a slight decrease in net asset value per share to HKD 9.63 Liquidity and Financial Resources The Group primarily funds operations through internal cash reserves and operating cash flow, with no loans or borrowings, resulting in a zero gearing ratio, and strong liquidity with total cash and bank balances increasing to HKD 827 million and the current ratio improving to 20.24 times Liquidity Indicators | Indicator | March 31, 2023 | March 31, 2022 | | :--- | :--- | :--- | | Total Cash and Bank Balances | HKD 827 million | HKD 615 million | | Net Current Assets | HKD 932 million | HKD 915 million | | Current Ratio | 20.24 times | 18.55 times | | Gearing Ratio | Zero | Zero | Employees As of March 31, 2023, the Group's employee count increased to 39, with total staff costs rising by 12% to HKD 18.84 million, reflecting the Group's commitment to providing a safe working environment and equal development opportunities - As of March 31, 2023, the Group employed 39 staff (2022: 36 staff), with total staff costs amounting to HKD 18,836,000 (2022: HKD 16,796,000)[87] Corporate Governance and Other Information This section covers the Board's recommended final dividend, the company's corporate governance practices including deviations from code provisions, and the Audit Committee's review of financial statements Dividends and Shareholder Information The Board recommended a final dividend of HKD 0.03 per share, subject to approval at the Annual General Meeting on August 18, 2023, with specified book close dates for determining shareholders' eligibility to receive dividends and attend the meeting - The proposed final dividend is HKD 0.03 per share, payable on September 18, 2023, after approval at the Annual General Meeting[63] - The Annual General Meeting is scheduled for August 18, 2023[64] Corporate Governance Practices The company strives for high corporate governance standards but deviated from certain code provisions during the year, most notably the prolonged vacancy of the Chairman and CEO positions since April 2015, with responsibilities jointly performed by the Board and executive directors - The company complied with all code provisions of the Corporate Governance Code during the year, with certain deviations[132] - Since April 5, 2015, the positions of Chairman and Chief Executive Officer of the company's Board have been vacant, with related responsibilities jointly performed by the Board[120][91] Audit Committee The Audit Committee, comprising three independent non-executive directors and one non-executive director and chaired by Mr. Leung Man Chiu, has reviewed the Group's accounting policies and practices and the audited consolidated financial statements for the year - The Audit Committee consists of four members, with Chairman Mr. Leung Man Chiu possessing appropriate professional qualifications as required by the Listing Rules[118] - The Audit Committee has reviewed the accounting policies and practices adopted by the Group and the audited consolidated financial statements for the year[90]