Financial Performance - Revenue decreased by 89.4% to HKD 532.7 million (2023: HKD 5,004.6 million) [2] - Profit for the year decreased by 76.6% to HKD 298.5 million (2023: HKD 1,275.5 million), with basic earnings per share at 21.02 cents (2023: 89.85 cents) [2] - Total comprehensive income for the year was HKD 298.8 million, down from HKD 1,267.0 million in the previous year [5] - Gross profit for the year was HKD 168.6 million, down from HKD 1,987.8 million in the previous year [3] - Operating profit for the year was HKD 435.8 million, compared to HKD 1,634.3 million in the previous year [3] - The group’s pre-tax profit for the year ended March 31, 2024, was HKD 313,131,000, compared to HKD 1,529,180,000 in the previous year [18] - The group’s total financial costs for the year were HKD 122,667,000, compared to HKD 105,092,000 in the previous year [18] - Basic earnings per share for the year ended March 31, 2024, is HKD (6.04), a significant decrease from HKD 91.53 in the previous year [32] - The company reported a net profit attributable to equity shareholders of HKD 298,450,000, down from HKD 1,275,460,000 in the previous year [29] Dividends and Equity - The board does not recommend the payment of a final dividend for the year ended March 31, 2024 [2] - The company did not declare a final dividend for the year ended March 31, 2024, compared to a final dividend of HKD 0.05 per share in the previous year [28] - Total equity decreased to HKD 2,953.0 million from HKD 2,981.8 million in the previous year [7] Assets and Liabilities - Net asset value as of March 31, 2024, was HKD 2,953.0 million [7] - Non-current assets increased to HKD 6,880.5 million from HKD 5,528.2 million in the previous year [6] - Current liabilities increased to HKD 2,123.9 million from HKD 1,235.7 million in the previous year [7] - As of March 31, 2024, the group has bank loans of HKD 1,657,064,000 due within 12 months, while holding cash and cash equivalents of HKD 62,562,000 [8] - The group has outstanding bank loans of approximately HKD 5.841 billion as of March 31, 2024, an increase from HKD 4.630 billion a year earlier [55] - The total bank loans for 2024 stand at HKD 5,840,930,000, compared to HKD 4,630,054,000 in 2023 [38] - A financial covenant breach with a bank has resulted in a loan of HKD 192,914,000 becoming immediately repayable, with HKD 130,912,000 reclassified as current liabilities [8] Revenue Segmentation - Total revenue for the year ended March 31, 2024, was HKD 532,691,000, a decrease from HKD 5,004,560,000 in the previous year [18] - Revenue from external customers in the construction segment was HKD 77,648,000, compared to a loss of HKD 88,954,000 in the previous year [22] - Property leasing segment generated revenue of HKD 276,531,000, up from HKD 243,072,000 year-over-year [18] - Property development segment reported revenue of HKD 178,512,000, significantly down from HKD 4,850,442,000 in the previous year [22] Future Outlook and Risks - The group expects to liquidate most of its property inventory following the Hong Kong government's removal of demand management measures for residential property transactions in February 2024 [8] - There are inherent uncertainties regarding the successful sale of property inventory and obtaining necessary funding from the controlling shareholder [10] - If the group fails to implement its plans, it may need to adjust the carrying value of its assets and liabilities, which has not been reflected in the financial statements [11] - There is a significant uncertainty regarding the group's ability to continue as a going concern, as it has bank loans of HKD 1,657,064,000 due within twelve months, while holding only HKD 62,562,000 in cash and cash equivalents [67] Accounting and Compliance - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2023, which do not have a significant impact on its financial performance or position [12] - The group is subject to new accounting guidelines regarding the offsetting mechanism for long service payments, effective from May 1, 2025 [13] - The group is currently assessing the impact of new accounting standards that have been issued but not yet effective, with no significant impact expected on financial performance [15] - The independent auditor confirmed that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2024 [66] Employee and Operational Information - The total employee costs, including director remuneration, amounted to HKD 131,791,000, down from HKD 156,584,000 [26] - The group had a total of 152 employees as of March 31, 2024, with total employee compensation for the 2023/24 fiscal year amounting to approximately HKD 131.8 million [61] Projects and Developments - The "Ming Qiao Hui" residential project has sold over 98% of its 776 units, with a total floor area of approximately 400,000 square feet [45] - The "Ming Jun" project has sold all 76 residential units, with approximately 31% delivered to buyers, generating revenue for the 2023/24 fiscal year [46] - The North Point project, with a total floor area of about 30,000 square feet, is expected to be completed in the second half of 2027 [48] - The group is developing iTech Tower 3.1 and 3.2, with the latter's foundation work currently underway and expected completion around 2026 [51] General Information - The annual general meeting is scheduled for August 22, 2024 [65] - The annual report for the 2023/24 fiscal year will be distributed to shareholders and made available on the company's website [69] - The management team and employees were acknowledged for their dedication and support from shareholders and business partners [70]
佳明集团控股(01271) - 2024 - 年度业绩