Financial Performance - The company reported a total annual loss of HKD 146 million for the year ending March 31, 2023, compared to a loss of HKD 105 million in the previous year, representing a 39% increase in losses [3][15]. - Total comprehensive expenses for the year amounted to HKD 161 million, up from HKD 94 million in the previous year, indicating a 71% increase [5][18]. - The company's equity attributable to owners decreased to HKD 188 million from HKD 285 million, reflecting a decline of 34% [20]. - The loss before tax was HKD 133 million, compared to a loss of HKD 89 million in the previous year, indicating a worsening financial position [34]. - The company reported a net loss of approximately HKD 146 million for the year ending March 31, 2023, compared to a loss of HKD 98 million in the previous year [47]. - The basic and diluted loss per share from continuing operations was HKD 1.58, slightly improved from HKD 1.64 in the previous year [15]. - The group’s total liabilities as of the reporting date were approximately HKD 8,879 million, reflecting a slight decrease from the previous year [79]. - The group’s total assets as of March 31, 2023, amounted to HKD 7,996 million, with a notable increase in non-current assets [80]. - The pre-tax loss from continuing operations was HKD 133 million [165]. - The basic loss per share for the year was HKD (87), compared to HKD (97) in the previous year [175]. Revenue and Sales - Revenue for the year was HKD 579 million, with a gross profit of HKD 76 million, resulting in a gross margin of approximately 13.1% [34]. - The total revenue from external customers was HKD 579 million, with a breakdown of HKD 393 million from property sales and HKD 131 million from household appliances [165]. - Revenue from property sales for the year 2023 reached HKD 393 million, up from HKD 195 million in 2022, representing a 101.54% increase [194]. - Total revenue from continuing operations for 2023 was HKD 579 million, compared to HKD 423 million in 2022, indicating a growth of 36.86% [194]. - For the fiscal year ending March 31, 2023, the company reported confirmed sales revenue of HKD 393 million from completed properties in the Ningxiang and Yangjiang projects [117]. Assets and Liabilities - The net value of current assets was approximately HKD 1,648 million, which includes approximately HKD 5,777 million in properties under development [23]. - The company’s net current assets decreased to HKD 1,648 million from HKD 3,868 million year-over-year [60]. - The company’s total pledged value of development properties was HKD 1,130 million as of March 31, 2023, down from HKD 2,772 million in the previous year [123]. - The company’s borrowings from interest-bearing bank loans increased to HKD 777 million from HKD 464 million [43]. - The company's current liabilities increased to HKD 6,328 million from HKD 5,405 million year-over-year [60]. - The group recognized an impairment loss of HKD 94 million on development properties during the year, compared to no impairment loss in the previous year [104]. - The group provided guarantees to banks amounting to approximately HKD 1,919,000,000 as of March 31, 2023, compared to HKD 1,045,000,000 as of March 31, 2022, covering up to 80% of the purchase price of individual properties [131]. Operational Highlights - The company operates primarily in property development in China and distribution of household products in the United States, indicating a diversified business model [22]. - The company plans to continue generating cash flow through the sale of completed properties and ongoing pre-sale activities in the next twelve months [50]. - The group plans to focus on existing project development and enhance lean management to ensure cash flow safety and sustainable development [187]. - The group will closely monitor changes in the land market and invest in suitable and quality projects to strengthen land reserves [187]. - The group aims to accelerate the collection of sales proceeds to meet annual sales and operational targets [187]. - The group generated cash flow primarily from its Emerson operations, home appliance business, and property development business [188]. Cost Management - The company incurred administrative expenses of HKD 90 million, down from HKD 114 million in the previous year, showing a reduction of 21% [34]. - The company’s employee costs decreased from HKD 69 million in 2022 to HKD 49 million in 2023, reflecting a reduction of approximately 29% [106]. - The company’s advertising and promotional expenses increased to HKD 30 million in 2023 from HKD 28 million in 2022, representing a growth of about 7% [107]. - The total construction costs for the year amounted to HKD 870 million, up from HKD 820 million in the previous year [180]. Corporate Governance - The board confirmed compliance with all principles and provisions of the corporate governance code for the year [126]. - The independent auditor's report states that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2023 [140]. - The audit committee reviewed the consolidated financial statements, including accounting principles and practices adopted by the group [136]. - The group has adopted the standard code for securities transactions by directors and confirmed compliance for the year [135]. - The chairman and CEO positions have been held by the same individual since December 2, 2017, with the board believing this structure does not concentrate power in one person [134]. Future Outlook - The group will evaluate projects affected by market factors and make necessary adjustments to ensure operational stability [187]. - The group is committed to maintaining a cautious approach in its investment strategies to support sustainable development [187]. - The company has no specific plans for significant investments or capital assets in the next twelve months [159]. - The company has not made any purchases, sales, or redemptions of its listed securities during the year [149]. Legal Matters - The company is involved in ongoing legal proceedings, including a favorable ruling in a trademark infringement case, with a potential recovery of USD 6,500,000, although there is no guarantee of full recovery [144]. - The company has not received any claims related to costs, expenses, and charges as of the announcement date [142]. - The company has no provisions made for any of the legal matters mentioned after considering the chances of winning [143].
敏捷控股(00186) - 2023 - 年度业绩