永发置业(00287) - 2024 - 年度业绩

Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's turnover grew 4.2% to HKD 20.05 million, but increased fair value losses on investment properties and equity instruments led to a 37.3% expansion in loss attributable to owners, reaching HKD 49.75 million Key Indicators from Consolidated Statement of Profit or Loss (For the year ended March 31) | Indicator | 2024 (HKD) | 2023 (HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Turnover | 20,052,902 | 19,239,752 | +4.2% | | Fair value loss on investment properties | (48,900,000) | (41,600,000) | Loss expanded by 17.5% | | Loss before income tax | (48,318,092) | (34,949,507) | Loss expanded by 38.3% | | Loss for the year attributable to owners of the Company | (49,748,225) | (36,227,357) | Loss expanded by 37.3% | | Loss per share (basic and diluted) | (1.24) | (0.91) | Loss expanded by 36.3% | Consolidated Statement of Financial Position As of March 31, 2024, the Group's total assets decreased by 5.6% to HKD 1.1 billion, and net assets declined by 5.7% to HKD 1.078 billion, mainly due to fair value reductions in investment properties and equity instruments Key Indicators from Consolidated Statement of Financial Position (As of March 31) | Indicator | 2024 (HKD) | 2023 (HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Investment properties | 856,700,000 | 902,600,000 | -5.1% | | Total assets | 1,100,257,144 | 1,166,028,331 | -5.6% | | Total liabilities | 22,719,664 | 22,986,081 | -1.2% | | Net assets (Total equity) | 1,077,537,480 | 1,143,042,250 | -5.7% | Consolidated Statement of Changes in Equity As of March 31, 2024, total shareholders' equity decreased from HKD 1.143 billion to HKD 1.078 billion, mainly due to a HKD 49.75 million loss for the year, HKD 10.24 million in fair value losses on equity instruments, and HKD 5.52 million in dividends paid - Total comprehensive loss for the year was HKD 59.99 million, primarily comprising the loss for the year (HKD 49.75 million) and fair value changes of equity instruments at fair value through other comprehensive income (HKD 10.24 million)[8] - Total dividends paid during the year amounted to approximately HKD 5.52 million, including dividends of HKD 4.72 million approved for the prior year and an interim dividend of HKD 0.80 million declared for the current year[8] Notes to the Financial Statements Changes in Accounting Policies The Group adopted new and revised Hong Kong Financial Reporting Standards this year, with no significant impact on its financial position or performance, and future application of newly issued standards is not expected to have a material impact - The Group adopted several new standards for the first time this year, including HKAS 8 (Amendments) "Definition of Accounting Estimates" and HKAS 12 (Amendments) "Deferred Tax related to Assets and Liabilities arising from a Single Transaction," which were assessed to have no material impact on the consolidated financial statements[12][15][18] - Regarding the abolition of the MPF offsetting mechanism for long service payments in Hong Kong, the Group assessed its long service payment liability at HKD 0.118 million, with no material impact on the financial statements from applying the new guidance[21] Segment Information The Group operates in securities investment, property leasing, and property development; property leasing is the main revenue source at HKD 14.64 million, while both securities investment and property leasing segments reported losses of HKD 11.06 million and HKD 38.44 million, respectively, due to fair value losses Segment Results for FY2024 (HKD) | Segment | External Revenue | Segment Result (Loss) | | :--- | :--- | :--- | | Securities Investment | 5,410,315 | (11,063,456) | | Property Leasing | 14,642,587 | (38,443,740) | | Property Development | - | (161,210) | - The property leasing segment has two major customers (Customer A and B) who collectively contributed HKD 8.43 million in revenue, accounting for 42% of the Group's total revenue[29] Turnover Total turnover for FY2024 increased by 4.2% to HKD 20.05 million, primarily driven by a 15% rise in investment property rental income, despite a decrease in dividend income from listed securities Turnover Composition (HKD) | Revenue Source | 2024 | 2023 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Investment property rental income | 14,642,587 | 12,737,549 | +15.0% | | Dividend income from listed securities | 5,410,315 | 6,502,203 | -16.8% | | Total | 20,052,902 | 19,239,752 | +4.2% | Investment Properties As of March 31, 2024, the fair value of investment properties decreased by 5.1% to HKD 856.7 million, with a recognized fair value loss of HKD 48.90 million for the year, mainly due to market revaluation declines - During the year, the investment property portfolio recorded a fair value loss of HKD 48.90 million due to market revaluation, higher than the HKD 41.60 million in the prior year[41] - As of March 31, 2024, investment properties with a total carrying amount of approximately HKD 61.30 million were pledged to banks to secure general banking facilities[42] Investments in Equity Instruments The Group's long-term strategic equity investments, valued at HKD 49.98 million at year-end, decreased by 19.9% year-on-year, with a HKD 10.24 million fair value reduction, including top holdings in blue-chip stocks like HKEX and CLP Holdings Top Five Long-Term Equity Investments (As of March 31, 2024) | Security Name | Principal Business | Fair Value (HKD thousands) | | :--- | :--- | :--- | | Hong Kong Exchanges and Clearing Limited | Financial Industry | 10,599 | | CLP Holdings Limited | Utilities | 10,288 | | China Petroleum & Chemical Corporation | Energy | 5,106 | | Industrial and Commercial Bank of China Limited | Financial Industry | 4,733 | | CK Asset Holdings Limited | Property and Construction | 3,870 | Dividends The company declared an interim dividend of HKD 0.02 per share and proposed a final dividend of HKD 0.12 per share, resulting in a total annual dividend of HKD 5.60 million, consistent with the prior year - The Board recommended a final dividend of HKD 0.12 per share, which, together with the interim dividend of HKD 0.02 per share already paid, brings the total dividend for FY2024 to HKD 0.14 per share, consistent with the previous year[52][58] Management Discussion and Analysis Performance Review This fiscal year, the Group's turnover increased by 4.2%, but increased fair value losses on investment properties and equity instruments resulted in a 37.3% expansion of the loss for the year to HKD 49.75 million - The Group's loss for the year expanded by 37.3% from HKD 36.23 million last year to HKD 49.75 million[62] - The primary reason for the expanded loss was increased fair value losses on investment properties and equity instruments at fair value through profit or loss[62] Segment Business Analysis Property leasing revenue grew 15% due to improved occupancy, while stock investment saw a 16.8% decline in dividend income and significant fair value losses due to weak markets, with property development projects progressing slowly Property Leasing Rental income grew 15% to HKD 14.64 million due to improved occupancy and reduced concessions, but the investment property portfolio recorded a HKD 48.90 million fair value loss, and the Fuk Tsun Street redevelopment project slowed due to adverse economic factors - Rental income increased by 15% compared to last year, primarily due to increased property occupancy rates and significantly reduced rental concessions following the relaxation of pandemic control measures[64] - The Fuk Tsun Street redevelopment project slowed its progress due to unfavorable business conditions, including high interest rates, slow economic recovery, and tightened bank lending policies[64] Stock Investment and Dividend Income Dividend income fell 16.8% to HKD 5.41 million, with significant fair value losses of HKD 15.09 million in profit or loss and HKD 10.24 million in other comprehensive income, bringing the listed securities portfolio market value to HKD 95.33 million at year-end - Dividend income decreased by 16.8% compared to last year, primarily due to reduced dividends from listed securities[68] - During the year, fair value losses on equity instruments at fair value through profit or loss amounted to approximately HKD 15.09 million, and fair value losses on equity instruments at fair value through other comprehensive income amounted to approximately HKD 10.24 million[68] Liquidity and Financial Resources As of year-end, the Group held HKD 141 million in cash and HKD 16.30 million in bank loans, maintaining a low 1.5% debt-to-asset ratio, with management confident in sufficient cash flow for future operations and capital expenditures Financial Position Summary (As of March 31, 2024) | Indicator | Amount (HKD) | | :--- | :--- | | Cash balance | 140,604,000 | | Total bank loans | 16,295,000 | | Ratio of assets to bank borrowings | 1.5% | - The Group's outstanding capital commitments for property redevelopment projects amounted to HKD 12.05 million, expected to be partially funded by internal resources and partially by construction loans[77] Outlook The Group anticipates business challenges due to Hong Kong's slower-than-expected economic recovery and cross-border consumption impacts; despite property market deregulation, high interest rates and cautious bank lending will continue to pressure the property market, requiring prudent market assessment - Management anticipates business challenges, primarily due to slow local economic recovery and the impact of cross-border consumption trends on the local market[82] - Despite the government's withdrawal of residential property demand-side management measures, high interest rates, tightened bank lending, and geopolitical factors are expected to keep the property and securities markets under pressure in the short to medium term[82]