The Group's annual results announcement provides a comprehensive overview of its financial performance and position for the year Consolidated Statement of Profit or Loss Profit for the year ended March 31, 2023, decreased by 46.49% to 48.84 million Hong Kong Dollars, mainly due to reduced revenue and higher finance costs Profit for the Year | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Profit for the year | 48,843,913 | 91,277,986 | -46.49% | | Attributable to owners of the Company | 48,869,383 | 91,356,972 | -46.49% | | Attributable to non-controlling interests | (25,470) | (78,986) | -67.75% | Revenue | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Revenue | 501,313,169 | 694,563,912 | -27.75% | Gross Profit | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Gross profit | 107,799,872 | 87,821,864 | +22.75% | Profit Before Tax | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Profit before tax | 65,498,446 | 84,073,501 | -22.10% | Increase in Fair Value of Investment Properties | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Increase in fair value of investment properties | 298,698,048 | 134,757,261 | +121.66% | Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2023, the Group recorded a total comprehensive expense of 7.32 million Hong Kong Dollars, a significant decrease from last year's income, mainly due to exchange differences Total Comprehensive (Expense)/Income for the Year | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Total comprehensive (expense)/income for the year | (7,324,495) | 113,954,070 | -106.43% | Exchange Differences Arising on Translation of Overseas Operations | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Exchange differences arising on translation of overseas operations | (57,332,657) | 18,489,702 | -410.06% | Consolidated Statement of Financial Position Total assets slightly increased, driven by investment properties and properties under development for sale, while net current assets significantly decreased Assets and Liabilities Overview | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Non-current assets | 5,614,061,618 | 5,110,530,298 | +9.85% | | Current assets | 2,894,245,337 | 3,228,249,846 | -10.35% | | Total consolidated assets | 8,508,306,955 | 8,338,780,144 | +2.03% | Liabilities Overview | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Current liabilities | 2,353,389,093 | 2,314,977,547 | +1.66% | | Non-current liabilities | 3,608,769,287 | 3,407,197,183 | +5.92% | | Total consolidated liabilities | 5,962,158,380 | 5,722,174,730 | +4.20% | Net Current Assets | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Net current assets | 540,856,244 | 913,272,299 | -40.80% | Investment Properties | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Investment properties | 4,890,224,988 | 4,347,962,250 | +12.47% | Properties Under Development for Sale | Metric | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :----- | :--------- | :--------- | :----------- | | Properties under development for sale | 1,560,933,226 | 1,325,975,077 | +17.72% | Notes to the Consolidated Financial Statements This section details the accounting policies, revenue breakdown, segment performance, and other financial disclosures Basis of Preparation and Application of Accounting Standards The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with no significant impact from new amendments - Financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and comply with disclosure requirements of the Hong Kong Stock Exchange Listing Rules and Hong Kong Companies Ordinance23 - Financial statements are prepared on a historical cost basis, except for investment properties, certain financial instruments, and other assets measured at fair value23 - Amendments to Hong Kong Financial Reporting Standards applied during the year had no significant impact on the Group's financial position or performance1924 Revenue and Segment Information Total revenue decreased by 27.75% to 501.31 million Hong Kong Dollars in 2023, mainly due to reduced watch manufacturing revenue, while hotel operations revenue increased Revenue Analysis Revenue from watch and watch movements significantly decreased, while hotel operations saw substantial growth Revenue by Product/Service | Product/Service | 2023 (HKD) | 2022 (HKD) | Change (YoY) | | :-------------- | :--------- | :--------- | :----------- | | Watch and watch movements | 411,793,738 | 629,416,156 | -34.69% | | Property sales | – | 472,352 | -100.00% | | Hotel operations | 89,519,431 | 64,675,404 | +38.42% | | Total Revenue | 501,313,169 | 694,563,912 | -27.75% | Segment Results Property development and investment, along with hotel operations, showed significant growth
NATIONAL ELEC H(00213) - 2023 - 年度业绩