Financial Performance - The company reported a loss attributable to equity holders of HKD 20 million for the fiscal year ending March 31, 2023, compared to a profit of HKD 2.9 million in the previous year[1]. - Revenue decreased to HKD 66.3 million from HKD 131.9 million year-over-year, resulting in a gross loss of HKD 57.7 million[4]. - The company recorded an increase in interest income during the year, although no investment income was recognized compared to HKD 50.1 million in the prior year[1]. - The company reported a significant decrease in operating loss, with a loss of HKD 28 million compared to a loss of HKD 13 million in the previous year[4]. - The net profit attributable to equity holders was HKD 2.9 million, compared to a profit of HKD 20 million in the previous year[44]. - The group reported a total revenue of HKD 119.4 million for the year ended March 31, 2023, with a segment loss of HKD 13.0 million[28]. Dividends and Shareholder Returns - The total dividend for the year is proposed to be HKD 0.24 per share, consistent with the previous year's dividend[2]. - The group has proposed a final dividend of HKD 0.12 per share, consistent with the previous year[45]. Assets and Liabilities - The net assets as of March 31, 2023, were HKD 6,510.3 million, down from HKD 6,676.3 million in the previous year[15]. - The company had total assets of HKD 6,414.8 million, a decrease from HKD 6,700.7 million year-over-year[15]. - Non-current assets, including interests in joint ventures, increased to HKD 3,503.9 million in 2023 from HKD 3,505.7 million in 2022[68]. - Current assets decreased to HKD 6,414.8 million in 2023 from HKD 6,700.7 million in 2022, with a net current asset value of HKD 6,172.0 million[68]. - The company's asset-liability ratio was maintained at a low level, recorded at 1.4% as of March 31, 2023, and March 31, 2022[71]. - As of March 31, 2023, the company's net cash after deducting loans was HKD 1.296 billion, down from HKD 1.638 billion the previous year[90]. - The total value of the company's properties used as collateral for loans is HKD 402.4 million, with all loans denominated in USD[90]. Market and Development Projects - The group plans to develop a luxury residential building on Ap Lei Chau, with construction work on the foundation and basement already completed[48]. - The "Shallow Water Bay 108" project is progressing well, with marketing activities underway for this high-end residential development[48]. - The French Valley Airport Center project is in phased development, with strong sales in Phase 3 and construction for Phase 4 expected to begin in Q4 2023, aiming for completion by the end of 2024[49]. - The residential market in Hong Kong has begun to recover, with notable transactions in high-end areas reflecting renewed interest from buyers in both Hong Kong and mainland China[59]. Financial Management and Strategy - The company maintained a strong cash position with a low debt-to-asset ratio, indicating overall financial stability despite the reported losses[1]. - The company expects interest rates to remain stable until at least next year, which will significantly increase interest income due to its net cash position[76]. - The company plans to adopt flexible strategies to address market volatility while maintaining a strong balance sheet and sufficient cash reserves for stable development[77]. - The company is committed to a cautious financial management approach, considering market opportunities and core competitiveness in its business strategy[75]. Corporate Governance and Employee Matters - The group is committed to maintaining high standards of corporate governance and will continue to review its governance practices[64]. - The group’s employee expenses (excluding director remuneration) reached HKD 58.2 million for the year ending March 31, 2023, with a total of 149 employees in Hong Kong and the U.S.[55]. Other Financial Metrics - The effective tax rate for the year was maintained at 16.5%, in line with the previous year[33]. - The group has recognized a fair value loss of HKD 19.7 million on financial investments during the reporting period[33]. - The group’s financial expenses were recorded at HKD 3.1 million, reflecting the cost of financing activities[28]. - The company’s cash flow is supported by existing cash, internally generated cash, and bank borrowings as needed[70]. - The net asset value per share, based on market valuation of hotel properties, was HKD 15.64 in 2023 compared to HKD 16.04 in 2022[68]. - The company did not repurchase any shares during the year and did not buy or sell any shares of the company[78]. - The hotel renovation project was completed in March 2023, positioning the company to seize new market opportunities in the post-pandemic era[89].
TAI CHEUNG HOLD(00088) - 2023 - 年度业绩