Financial Performance - Total revenue for 2024 was HK$532.69 million, a decrease of 89.4% from HK$5,004.56 million in 2023[7] - Profit from operations for 2024 was HK$435.80 million, down from HK$1,634.27 million in 2023[7] - Underlying loss for 2024 was HK$85.71 million, compared to a profit of HK$1,299.33 million in 2023[7] - Dividends declared for 2024 amounted to HK$56.81 million, significantly lower than HK$653.10 million in 2023[7] - The Group's profit for FY 2023/24 was HK$298.5 million, a decrease of 76.6% compared to HK$1,275.5 million in FY 2022/23[12] - The underlying loss for the year was HK$85.7 million, compared to an underlying profit of HK$1,299.3 million in FY 2022/23[12] - Consolidated gross profit fell by 91.5% to HK$168.6 million, compared to HK$1,987.8 million in the previous fiscal year, primarily due to a significant drop in property sales[37] - Net profit for FY 2023/24 decreased by 76.6% to HK$298.5 million, down from HK$1,275.5 million, with an underlying loss of HK$85.7 million compared to an underlying profit of HK$1,299.3 million in the previous year[39] Revenue Breakdown - Revenue from property leasing for 2024 was HK$276.53 million, an increase from HK$243.07 million in 2023[7] - Revenue from property development for 2024 was HK$178.51 million, a decrease from HK$4,850.44 million in 2023[7] - Revenue from data centre leasing increased by 14.4% year-on-year to HK$268.8 million, driven by increased space utilization and power consumption[27] - Construction revenue from external customers for FY 2023/24 amounted to HK$77.6 million, a 1.5% increase compared to the previous year, excluding a revenue reversal of HK$165.5 million from FY 2022/23[31] Liquidity and Leverage - Current ratio decreased to 1.18 in 2024 from 2.12 in 2023, indicating reduced liquidity[7] - Gearing ratio increased to 199.0% in 2024 from 155.3% in 2023, reflecting higher leverage[7] - Net gearing ratio rose to 179.8% in 2024, up from 134.8% in 2023, indicating increased debt levels[7] - The Group's outstanding bank borrowings increased to approximately HK$5,841 million as of March 31, 2024, up from approximately HK$4,630 million a year earlier, primarily due to refinancing land acquisition costs and funding construction projects[40] Assets and Equity - Total assets as of 31 March 2024 were HK$9,386.2 million, while total liabilities were HK$6,433.2 million, resulting in total equity of HK$2,953.0 million[10] Dividends - No final dividend is recommended for FY 2023/24 due to challenging market conditions[13] - The Group declared a final dividend of HK$0.05 per share, totaling HK$71 million, and a special dividend of HK$0.15 per share, totaling HK$213 million for the year ending March 31, 2023[1] - An interim dividend of HK$0.04 per share, amounting to HK$56.8 million, will be paid for the six months ending September 30, 2023[1] Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code throughout FY 2023/24[167] - The Board currently comprises eight members, including three executive directors and five non-executive directors[170] - The Company has established various board committees to handle different aspects of its affairs[168] - The Board is responsible for formulating business strategies, directing the Group's development, and ensuring adequate systems of risk management and internal control[168] - The Company has maintained a record of Directors' participation in training programs and their commitments to other public companies[192] Share Options and Awards - The Old Share Option Scheme, adopted on July 23, 2013, expired on July 23, 2023, with no further options granted thereafter[124] - The New Share Option Scheme was adopted on August 4, 2023, and is valid for 10 years, allowing the company to provide incentives to eligible participants[128] - The maximum number of shares for all options under the New Share Option Scheme is 142,012,234, representing 10% of the issued shares on the Adoption Date[130] - No share options have been granted under the New Share Option Scheme as of the date of the report[133] Employee and Social Responsibility - The total remuneration for employees for FY 2023/24 was approximately HK$131.8 million, with a total of 152 employees as of March 31, 2024[52] - The Group made a charitable donation of HK$20,000 during FY 2023/24[5] - The group made approximately HK$2.4 million in employer contributions to the PRC Pension Scheme during FY 2023/24[121] Risk Management and Compliance - The Audit Committee assessed the adequacy and effectiveness of the Group's risk management and internal control systems[200] - The committee also reviewed the unaudited financial statements for the six months ended September 30, 2023[200] - The Company emphasizes the importance of regulatory compliance and due diligence in its operations, particularly in the Hong Kong and Mainland China markets[158]
佳明集团控股(01271) - 2024 - 年度财报