Financial Performance - The company reported property sales of approximately HKD 25 billion, with 75% of units sold in the "Royal Peak" project as of March 31, 2024[3]. - The net loss attributable to shareholders was HKD 5.792 billion, compared to a profit of HKD 801 million in the previous year[22]. - Revenue for the year was HKD 1,735,341, a decrease from HKD 2,072,777 in the previous year, reflecting a decline in property sales and rental income[36]. - The total comprehensive loss for the year was HKD 5,289,329, compared to a comprehensive income of HKD 3,563,602 in the previous year[44]. - The group recorded revenue of HKD 1,735 million for the fiscal year, down from HKD 2,073 million in the previous year, resulting in a loss attributable to shareholders of HKD 5,792 million compared to a profit of HKD 801 million in the prior year[101]. Assets and Liabilities - Total assets amounted to HKD 34.145 billion, a decrease of 10% from HKD 37.899 billion in 2023[22]. - The company’s revalued total assets stood at HKD 44.935 billion, down 6% from HKD 47.881 billion in 2023[22]. - Total non-current assets decreased from HKD 24,603,769 to HKD 23,392,884, with investment properties slightly increasing to HKD 10,901,144[30]. - The company’s total liabilities increased from HKD 5,018,348 to HKD 7,228,229, indicating a rise in trade and other payables[31]. - The company’s equity attributable to shareholders decreased from HKD 19,438,536 thousand in 2023 to HKD 14,451,428 thousand in 2024, a drop of approximately 25.6%[48]. Debt and Financing - The company’s net debt increased by 7% to HKD 16.556 billion from HKD 15.533 billion in the previous year[22]. - The net debt amounted to HKD 16.6 billion, an increase from HKD 15.5 billion in the previous year, with a debt ratio of approximately 65% as of March 31, 2024, compared to 52% in 2023[101]. - Approximately 44% of the company's debt, totaling about HKD 7.71 billion, was hedged against fluctuations in the Hong Kong Interbank Offered Rate[20]. - The net financing costs increased to HKD 595,993 from HKD 410,088, indicating higher borrowing costs[43]. Investment and Sales - The company experienced a significant increase in property contract sales from subsidiaries, rising by 769% to HKD 1.451 billion[22]. - The company achieved contract sales of approximately HKD 1.8 billion from five development projects across Hong Kong, Beijing, and Vancouver, a significant increase from HKD 600 million in the previous year[85]. - The residential portion of the "Beijing Dongwan" project, which covers 2,360,000 square feet, has sold approximately 83% of its units, generating a total contract sales amount of about RMB 5.2 billion[88]. - The company reported a significant investment loss of HKD 6,101,594, compared to a loss of HKD 1,516,065 in the previous year[36]. Operational Aspects - The company employed around 240 staff members, maintaining the same number as in 2023[9]. - The company anticipates further recovery in the tourism sector with the completion of the third runway at the airport by the end of 2024[10]. - The company is actively negotiating with local city planning departments regarding two joint residential development projects located on Alberni Street in downtown Vancouver[89]. - The company plans to adopt new accounting standards, which are not expected to have a significant impact on future reporting periods[34]. Cash Flow and Dividends - The company did not declare a final dividend for the year ending March 31, 2024, consistent with the previous year[60]. - The group has over HKD 4.3 billion in cash and undrawn bank financing as of March 31, 2024, compared to HKD 7.5 billion in the previous year[101]. - The company’s cash flow hedge showed a fair value loss of HKD 11,530, contrasting with a gain of HKD 17,984 in the previous year[43]. Market Conditions - The company’s trade receivables increased to HKD 76,900,000 from HKD 67,026,000 in the previous year, indicating a rise in credit risk management[80]. - The management maintains a prudent financial approach to mitigate any negative impacts in the current uncertain economic environment[111].
泛海集团(00129) - 2024 - 年度业绩