Financial Performance - For the fiscal year ending March 31, 2023, the total revenue was HKD 238,397,000, a decrease of 9.4% from HKD 263,023,000 in the previous year[21] - The total comprehensive income attributable to shareholders was HKD 30,642,000, down 84.9% from HKD 190,899,000 in the prior year[5] - Operating profit for the year ended March 31, 2023, was HKD 157,561,000, a decrease of 17.7% from HKD 191,428,000 in 2022[22] - Profit attributable to shareholders for the year was HKD 59,835,000, down 71.8% from HKD 211,814,000 in the previous year[22] - Earnings per share for the year was HKD 5.18, compared to HKD 18.35 in 2022, reflecting a significant decline[22] - Total comprehensive income for the year was HKD 37,109,000, a decrease of 82.5% from HKD 211,909,000 in 2022[25] - The company reported a pre-tax profit of HKD 77,002,000, a decrease of 70% from HKD 256,731,000 in the previous year[22] - The company experienced a significant drop in share of profits from joint ventures, reporting HKD 5,264,000 compared to HKD 23,253,000 in 2022[22] - The financial expenses increased to HKD 68,999,000 in 2023 from HKD 44,362,000 in 2022[65] - The group reported a total comprehensive income of HKD 238,397,000 for the year ending March 31, 2023, down from HKD 263,023,000 in 2022[62] Assets and Liabilities - The group's total assets as of March 31, 2023, amounted to HKD 11,140,635,000, slightly up from HKD 11,132,591,000 a year earlier[8] - The group's total liabilities were HKD 2,469,122,000, a marginal increase from HKD 2,459,106,000 in the previous year[8] - The total equity attributable to shareholders was HKD 7,565,861,000, slightly up from HKD 7,558,300,000[8] - The company’s investment properties, valued at HKD 7,825,100,000, were fully mortgaged to secure bank loans of HKD 2,281,000,000[87] - Total bank borrowings as of March 31, 2023, amount to HKD 2.281 billion, with a total debt to total assets ratio of 20.5% and a net debt to total assets ratio of 18.1%[107] Cash Flow and Dividends - Cash and bank balances rose to HKD 262,773,000 from HKD 227,329,000, reflecting a 15.6% increase[7] - The company plans to distribute a final cash dividend of HKD 0.015 per share, down from HKD 0.020 in 2022, pending shareholder approval[44] - The proposed final dividend per share is HKD 0.015, down from HKD 0.020 in 2022, totaling HKD 17,311,000 compared to HKD 23,081,000 in the previous year[68] - The board has proposed a final dividend of HKD 0.015 per share for the year ended March 31, 2023, down from HKD 0.02 the previous year[108] Property and Rental Income - Rental income from property leasing was HKD 188,945,000, down 12.9% from HKD 216,920,000 in the previous year[39] - The occupancy rate of the property at 245,678 square feet in Kwun Tong was 76%, down from 80% in March 2022[53] - The rental income from the property located at 115-119 Queen's Road West, Hong Kong, was HKD 21,200,000 for the twelve months ending March 31, 2023, compared to HKD 20,600,000 in 2022, maintaining a 100% occupancy rate[54] - The total construction area of the two properties in Taikoo Shing was 792,780 square feet, with an occupancy rate of 77% as of March 31, 2023, down from 82% in 2022, resulting in a fair value loss of HKD 2,200,000[56] - The occupancy rate of the Western Club Building in Central Hong Kong reached 100%, despite a decline in average rental rates due to the overall downturn in the office market[78] - The Shanghai Jia Hua Center maintained a solid occupancy rate of 90%, down from 99% a year earlier, with a share of joint venture profit of HKD 11,000,000[79] - As of March 31, 2023, the group holds a 60% interest in a property in Causeway Bay, Hong Kong, with a rental rate of 89%, up from 86% the previous year, but rental income decreased to HKD 100 million from HKD 115.1 million[99] - The group has a 5.1% beneficial interest in three commercial buildings in Tokyo, with occupancy rates of 75%, 91%, and 90%, down from 97%, 80%, and 70% respectively, resulting in a share of losses of HKD 7.4 million[101] - The investment in Xianles Plaza in Shanghai has a 76% occupancy rate, down from 79%, and recorded a fair value loss of HKD 20.8 million compared to a gain of HKD 3.9 million the previous year[102] - The group owns a 30% stake in the Regal Hongkong Hotel, which has recently reopened after renovations, with an average occupancy rate of 60.7% and an average daily room rate of HKD 5,202, resulting in a share of losses of HKD 50.8 million[103] Market Conditions and Outlook - The office market in Hong Kong continues to face challenges, with the highest vacancy rates in decades and significant new supply expected[59] - The company is optimistic about the recovery of the hotel and retail sectors in Hong Kong following the lifting of COVID-19 restrictions, anticipating continued improvement in regional tourism[83] - The company anticipates that interest rates will remain high, continuing to exert pressure on the global economy despite potential peaks in the current cycle[105] - The refinancing of bank loans for the West Club Building and Qiaofa Building is scheduled for September 2023 and February 2024, respectively[107] Compliance and Governance - The group has maintained compliance with corporate governance codes throughout the review year[111] - The group’s financial performance for the year ended March 31, 2023, has been reviewed and found satisfactory by the audit committee[96] - The company anticipates that the new accounting standards will not have a significant impact on the consolidated financial statements in the foreseeable future[12]
建生国际(00224) - 2023 - 年度业绩