Financial Performance - For the fiscal year ending March 31, 2024, the company's revenue increased by 4% to HKD 1,086,515,000 compared to HKD 1,049,421,000 in 2023[1] - The operating profit before revaluation was HKD 132,073,000, up from HKD 111,119,000 in the previous year[1] - The profit attributable to equity holders decreased significantly to HKD 4,573,000 from HKD 153,423,000 in 2023, reflecting the challenging market conditions in China[1][11] - Revenue for the year ended March 31, 2024, was HKD 1,086,515,000, an increase of 3.5% from HKD 1,049,421,000 in 2023[19] - Gross profit for the same period was HKD 581,345,000, up from HKD 556,219,000, reflecting a gross margin improvement[19] - The company reported a net profit of HKD 25,927,000 for the year, a significant decrease of 83.4% compared to HKD 156,392,000 in 2023[25] - The company experienced a net loss from fair value changes of investment properties amounting to HKD 141,123,000, compared to a loss of HKD 56,016,000 in the previous year[19] - The company anticipates a healthier economic growth of 5% in China, with rising export and trade surplus, suggesting potential recovery in the market[14] - The company acknowledges a reduction in short-term returns but remains optimistic about long-term prospects, citing opportunities arising from the current crisis[22] - The company anticipates facing greater downward pressure in the short term due to ongoing adjustments in China's economic structure[41] Asset and Liability Management - The total value of non-current assets decreased slightly to HKD 16,541,148,000 from HKD 16,654,773,000 year-over-year[7] - Current liabilities decreased to HKD 2,002,207,000 from HKD 2,384,370,000, reflecting improved financial management[7] - As of March 31, 2024, the company's total equity was HKD 11,060,000,000, down from HKD 11,663,000,000 as of March 31, 2023, representing a decrease of approximately 5.2%[30] - Non-current liabilities increased to HKD 6,065,781,000 in 2024 from HKD 5,908,235,000 in 2023, marking an increase of approximately 2.7%[43] - As of March 31, 2024, the group has net current assets of HKD 858,000,000, including HKD 1,157,000,000 in properties for sale and HKD 1,294,000,000 in cash and bank balances[46] - The group has bank loans due within one year amounting to HKD 1,714,000,000[46] - The directors believe the group has sufficient working capital for at least the next twelve months, considering the ability to refinance existing loans and promote property pre-sales[46] - As of March 31, 2024, total assets amounted to HKD 19,400,857,000, with property development contributing HKD 1,456,754,000 and property investment contributing HKD 15,605,312,000[60] - Total liabilities reached HKD 8,067,988,000, with liabilities from property development at HKD 1,172,341,000 and property investment at HKD 1,910,188,000[60] Investment and Development Strategy - The company acquired five hotel properties in Tokyo and Osaka as part of its overseas market expansion strategy, capitalizing on favorable financing conditions and a recovering tourism market[5] - The company plans to reopen the Central Hotel in Hong Kong by the end of 2024, featuring the first 100% solar panel façade in Hong Kong, enhancing its environmental reputation[13] - The company sold 77 out of 80 available units in its Nanhai project during the 2023/2024 fiscal year, indicating strong demand despite overall market challenges[13] - The company is focusing on the Greater Bay Area business, which is expected to drive development through consumer demand[20] - The company plans to relaunch its flagship hotel in Hong Kong by the end of this year and expects to sell its joint venture project in South Bay by the end of 2025[23] - The company is taking measures to streamline its investment portfolio and resource allocation in preparation for the next growth phase[23] - The group is developing a luxury residential project in Repulse Bay, with a site area of approximately 1,967 square meters[122] - The group is in the process of selling a hotel property in Japan for approximately JPY 1,872,500,000 (about HKD 93,600,000), expected to complete by July 31, 2024[90] Revenue Sources and Performance - For the fiscal year ending March 31, 2024, the total revenue from external customers was HKD 1,086,515,000, with property development contributing HKD 592,595,000, property investment HKD 436,170,000, and parking management and others HKD 57,750,000[56] - The adjusted profit before tax for the fiscal year ending March 31, 2024, was HKD 72,241,000[57] - The total revenue for the fiscal year ending March 31, 2023, was HKD 1,049,421,000, with property development contributing HKD 579,625,000, property investment HKD 419,377,000, and parking management and others HKD 50,419,000[58] - The adjusted profit before tax for the fiscal year ending March 31, 2023, was HKD 299,195,000[58] - Total revenue from customer contracts for the year ended March 31, 2024, was HKD 642,762,000, an increase from HKD 632,137,000 in 2023, representing a growth of approximately 1%[71] - Total rental income from other sources for the year ended March 31, 2024, was HKD 443,753,000, compared to HKD 417,284,000 in 2023, reflecting an increase of about 6.3%[75] - The group recorded revenue of HKD 46,000,000 from property and parking management for the year ending March 31, 2024, compared to HKD 38,000,000 in the previous year[125] Market Conditions and Outlook - The company has noted that the Hong Kong market is showing signs of recovery, with expectations for passenger traffic at the airport to return to pre-pandemic levels by the end of 2024[22] - The company anticipates that the real estate market will recover and mature, with a projected increase in urbanization in China from 65% to 80% over the next decade, leading to increased demand for housing[21] - The group has maintained a diversified customer base for trade receivables, with total trade receivables at HKD 7,480,000 as of the reporting date, down from HKD 10,884,000 in 2023[81] - The average occupancy rate for the Hong Kong and Guangzhou properties was approximately 83%, down from 93% in 2023[98] - The average overall occupancy rate for the Shenzhen Han Guo City Commercial Center reached 68% in the fiscal year, up from 63% in 2023[102] - The average occupancy rate for the hotel in Tsim Sha Tsui was approximately 88% for the year ending March 31, 2024, up from 72% in 2023[120] - The average occupancy rate for the Chongqing Han Guo Center was approximately 69% for the fiscal year, compared to 80% in 2023[105] - The Chongqing Jin Shan Commercial Center maintained an average occupancy rate of 84% for the fiscal year, consistent with the previous year[106] Dividend and Shareholder Returns - Earnings per share for the year ended March 31, 2024, was HKD 0.0063, a significant decline from HKD 0.2130 in the previous year, indicating a decrease of approximately 97.0%[34] - The final dividend per share declared was HKD 0.0625, reduced from HKD 0.1250 in the previous year, reflecting a decrease of 50.0%[34] - Proposed final dividend per ordinary share for the year ended March 31, 2024, is HKD 0.0625, down from HKD 0.125 in 2023, reflecting a reduction of 50%[80] Operational Efficiency - The group recorded a deferred tax expense of HKD 13,623,000 for the year ended March 31, 2024, compared to a deferred tax benefit of HKD 653,000 in 2023[77] - The cost of properties sold for the year ended March 31, 2024, was HKD 299,310,000, slightly down from HKD 308,788,000 in 2023, indicating a decrease of about 3.8%[74] - The group did not recognize any government subsidies in 2024, while it received HKD 3,095,000 in subsidies in 2023, reflecting a complete withdrawal of such support[75] - The group recorded a total income of HKD 593,000,000 from property development, up from HKD 580,000,000 in 2023, with a contribution to profit of HKD 264,000,000[93] Corporate Governance and Compliance - The audit committee regularly reviews the group's financial reporting procedures and internal controls, with meetings held at least twice a year[138] - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the fiscal year ending March 31, 2024[140] - The group has no significant foreign exchange risk as of March 31, 2024, with no foreign exchange contracts or other hedging instruments in place[131]
汉国置业(00160) - 2024 - 年度业绩