Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 31,921,000, a decrease of 38.4% compared to HKD 51,708,000 in the previous year[2]. - The gross profit for the same period was HKD 9,400,000, down 37.5% from HKD 15,128,000 year-on-year[4]. - The company incurred a significant loss before tax of HKD 224,950,000, compared to a profit of HKD 1,420,956,000 in the previous year[4]. - The net loss for the year was HKD 222,262,000, a stark contrast to the profit of HKD 1,421,817,000 reported in the prior year[4]. - Total revenue from customer contracts decreased to HKD 25,244,000 in 2024 from HKD 41,058,000 in 2023, representing a decline of approximately 38.5%[26]. - Property sales revenue for the reporting period was approximately HKD 3,332,000, down 90.5% from HKD 35,198,000 in the previous year[55]. - Rental income decreased by 37.3% to approximately HKD 6,677,000, compared to HKD 10,650,000 in the previous year[55]. - The group reported a pre-tax loss of HKD 222,262,000 in 2024 compared to a profit of HKD 1,421,817,000 in 2023[31]. - The company recorded an investment property revaluation loss of approximately HKD 62,958,000, an increase of 1,728.6% from HKD 3,443,000 in the previous year[55]. - The company reported a net loss attributable to equity holders of approximately HKD 222,262,000, compared to a profit of approximately HKD 1,421,817,000 in the previous year[57]. - The loss per share for the year was HKD 0.95, while the previous year reported earnings per share of HKD 6.09[57]. Assets and Liabilities - Total assets decreased to HKD 1,984,638,000 from HKD 2,113,012,000, reflecting a decline of approximately 6.1%[5]. - Current liabilities were reported at HKD 1,279,206,000, down from HKD 1,568,540,000, indicating a reduction of about 18.5%[6]. - The group’s total liabilities decreased slightly to HKD 383,733,000 in 2024 from HKD 389,267,000 in 2023[37]. - The total outstanding principal amount of related party loans as of March 31, 2024, is RMB 301,800,000 (approximately HKD 332,885,000), with an interest rate ranging from 5.7% to 6.19%[58]. - As of March 31, 2024, approximately RMB 9,060,000 (approximately HKD 9,993,000) of the unsecured loan financing is due[60]. - The group has other borrowings of approximately HKD 35,990,000 as of March 31, 2024, an increase from HKD 30,718,000 in the previous year[80]. Cash Flow and Financing - The company's cash and cash equivalents decreased to HKD 17,685,000 from HKD 35,083,000, a decline of 49.5%[5]. - The group has a revolving loan facility of HKD 2,000,000,000 from a company controlled by the major shareholder, with an annual interest rate of 5%, maturing in December 2025[20]. - The group is actively seeking additional financing options to ensure continued property development and accelerate property pre-sales[18]. - Financing costs decreased to HKD 40,218,000 in 2024 from HKD 51,943,000 in 2023, a reduction of approximately 22.5%[28]. - The group has capital commitments of approximately HKD 63,676,000 for properties and investment properties as of March 31, 2024, significantly reduced from HKD 526,430,000 in 2023[83]. Business Operations - The company continues to focus on property development and management services as part of its core business strategy[8]. - The group operates two main property development and investment projects located in Qinhuangdao and Yinchuan, China[22]. - The group completed the acquisition of Ningxia Guanling Property Service Co., Ltd. for approximately HKD 1,813,000 in April 2023[40]. - The company completed the acquisition of Wuhan Yuejing Property Management Co., Ltd. for RMB 1,750,000 (approximately HKD 1,910,000) on August 9, 2023[45]. - The group completed the acquisition of three property management companies during the reporting period, including Ningxia Guanling, Wuhan Yuejing, and Hohhot Pengshengjie[86]. - The Qinhuangdao Venice Water City Outlets project covers an area of approximately 1,077 acres, with the first phase having a total land area of nearly 163,227 square meters[63]. - The Yinchuan commercial project has achieved approximately 90% occupancy rate and has become one of the largest curtain wholesale bases in the Northwest region[70]. - The total property area managed by Ningxia Jin Guan and Ningxia Guanling is approximately 551,800 square meters as of March 31, 2024[71]. - The total property management area for Hohhot Pengshengjie is approximately 30,633 square meters as of March 31, 2024, with ongoing expansion efforts in commercial property management[72]. - Wuhan Yuejing manages a total property area of about 73,816 square meters as of March 31, 2024, and is actively expanding its property management business in Wuhan[74]. - The group plans to diversify its product offerings, focusing on "residential + commercial," "residential + elderly care," and "residential + cultural tourism" combinations to enhance competitiveness[90]. - The group is exploring opportunities outside of China, particularly in Southeast Asia, which has high growth potential and a young population[92]. Governance and Compliance - The company deviated from the code provision C.2.1 as the roles of Chairman and CEO are held by the same person, Mr. Li Yifeng, which the board believes provides strong and consistent leadership during the current development stage[96]. - All directors confirmed compliance with the standards set out in the Appendix 10 of the Listing Rules regarding securities trading throughout the year[97]. - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the year[98]. - The audit committee reviewed the group's annual consolidated financial performance in collaboration with management and external auditors, discussing audit, risk management, and financial reporting matters[99]. - The annual performance announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange website[101]. - The annual general meeting is scheduled for August 27, 2024, with a suspension of share transfer registration from August 22 to August 27, 2024, to determine shareholder voting rights[102]. - The board consists of two executive directors, Mr. Li Yifeng (Chairman and CEO) and Mr. Chen Wei (Vice President), along with three independent non-executive directors[103]. Dividends - The group did not declare any dividends for the year ending March 31, 2024, consistent with 2023[33]. - The board does not recommend the payment of a final dividend for the year, consistent with the previous year[93].
裕田中国(00313) - 2024 - 年度业绩