Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of 309,877,000 HKD, a slight decrease of approximately 0.2% compared to 310,348,000 HKD in the previous year[1] - The gross profit for the same period was 222,155,000 HKD, compared to 219,279,000 HKD in the previous year, indicating a year-over-year increase of about 0.9%[1] - The company recorded a net loss of 1,551,556,000 HKD for the fiscal year, which is a significant increase from the net loss of 1,114,310,000 HKD in the previous year[1] - The basic loss per share for the fiscal year was 1.60 HKD, compared to 1.17 HKD in the previous year, reflecting a deterioration in earnings[10] - The group reported a net asset value of 8,032,417,000 as of March 31, 2023, compared to 9,698,531,000 in the previous year, reflecting a decrease of approximately 17.2%[87] - The group had a total asset value of 10,006,083,000, down from 8,348,399,000, indicating a decline of about 20%[87] - The group’s total equity decreased from 9,698,531,000 to 8,032,417,000, representing a decline of about 17.2%[87] - The group’s loss attributable to equity shareholders for the fiscal year ended March 31, 2023, was HKD 759.3 million, compared to a loss of HKD 554 million in the previous fiscal year[100] Rental Income and Occupancy - Rental income from the International Plaza was approximately 296,900,000 HKD, down about 1.1% from the previous fiscal year[13] - The occupancy rate of the International Plaza improved to 77.2% as of March 31, 2023, compared to 73.5% in the previous year[13] - The group continues to generate rental income from investment properties, including four floors at the Lai Chi Kok Fortune Industrial Centre and one floor at a commercial building in Guangzhou, China[75] - Management maintains a cautiously optimistic outlook for the retail market in Hong Kong, anticipating stable rental income from international markets in the next fiscal year[102] Dividends - The company declared an interim dividend of HKD 0.04 per share for the current year, down from HKD 0.08 per share in the previous year, and proposed a final dividend of HKD 0.09 per share[37] - The total dividends for the current year will amount to HKD 0.13 per share, compared to HKD 0.16 per share in the previous year[37] Financial Position and Liabilities - The company utilized bank credit facilities amounting to 200,000,000 HKD, maintaining a capital debt ratio of 2.5% compared to 2.1% in the previous year[15] - The group’s total liabilities decreased from 186,105,000 to 144,904,000, indicating a reduction of about 22%[87] - The group’s non-controlling interests decreased from 4,659,124,000 to 3,809,323,000, reflecting a decline of approximately 18.2%[87] - The group’s cash and cash equivalents were reported at 492,922,000, compared to 511,641,000 in the previous year, showing a decrease of approximately 3.5%[87] Management and Governance - The company has not disclosed the remuneration details of senior management in the annual report, believing that such disclosure may not benefit corporate governance[21] - The company has not made any arrangements for insurance against potential legal actions faced by its directors, considering the associated risks acceptable[43] - The company’s auditor has issued a report on the financial statements for the two years without any reservations[28] - The company has adopted the "Standard Rules" for directors trading in the company's securities and confirmed compliance as of March 31, 2023[22] - The group has appointed a new chairman and CEO following the previous chairman's passing, ensuring compliance with internal governance standards[81] Accounting and Standards - The company has not implemented any new accounting standards or interpretations during the current reporting period[3] - The company’s financial statements are prepared in accordance with Hong Kong Accounting Standards, with a focus on property investment as its main business[29] Financing Costs - The group’s financing costs included bank loan interest of 5,727,000 and other borrowing costs of 250,000, with total financing costs increasing from 1,928,000 to 5,727,000[92] Employee Information - The group employed 36 staff members as of March 31, 2023, down from 39 in the previous year, with related expenses amounting to approximately HKD 31,400,000[76] Receivables - As of March 31, 2023, total overdue receivables amounted to HKD 26.9 million, a decrease of 24% from HKD 35.5 million in the previous year[97] - The total accounts receivable (net of credit loss provisions) was HKD 136.6 million, down from HKD 143.6 million year-on-year[97] Investment Properties - For the fiscal year ending March 31, 2023, the net valuation loss of investment properties amounted to HKD 1,707,700,000, compared to a net valuation loss of HKD 1,264,700,000 in the previous fiscal year[38] - For the fiscal year ending March 31, 2023, the group's operating profit before changes in investment property valuation was HKD 191,400,000, an increase of approximately 4.7% compared to the previous fiscal year[74] Customer Base - Revenue from a single customer exceeded 10% of total income, amounting to approximately 38,133,000, compared to 38,733,000 and 37,622,000 from two customers in the previous year[90] - The group maintained a diversified customer base, with no significant reliance on any single customer beyond the one mentioned[90] Taxation - The Hong Kong profits tax is calculated at a rate of 16.5%, with a lower rate of 8.25% applicable to the first HKD 2 million of assessable profits for qualifying companies[94]
天德地产(00266) - 2023 - 年度业绩