Financial Performance - The company reported revenue of HKD 4.2 million for the fiscal year ending March 31, 2024, a significant decrease from HKD 211.4 million in the previous year, representing a decline of approximately 98%[15]. - The net loss for the fiscal year was HKD 1.399 billion, compared to a net loss of HKD 418.9 million in the previous year, indicating an increase in losses of about 233%[15]. - The basic loss per share for the year was HKD 3.3754, up from HKD 1.0287 in the previous year, reflecting a deterioration in financial performance[15]. - Contract sales amounted to HKD 0.4 million, a decrease from HKD 19.5 million in the previous year, representing a decline of approximately 98%[17]. - The total construction area for the year was approximately 84 square meters, down from 6,000 square meters in the previous year, indicating a significant reduction in operational scale[17]. - Total assets as of March 31, 2024, were HKD 1.791 billion, a decrease from HKD 6.771 billion in the previous year, reflecting a decline of approximately 73%[13]. - Total liabilities decreased to HKD 502.0 million from HKD 3.968 billion, indicating a reduction of about 87%[13]. - The company's equity attributable to owners was HKD 1.351 billion, down from HKD 2.856 billion in the previous year, representing a decrease of approximately 53%[13]. - The company recorded a revenue of HKD 4.2 million for the year, a significant decrease from HKD 211.4 million in the previous year[39]. - The net loss for the year was HKD 1.3995 billion, compared to a net loss of HKD 418.9 million in the previous year[39]. - The loss attributable to shareholders for the year was HKD 1.3995 billion, compared to HKD 426.5 million in the previous year[39]. - The basic loss per share for the year was HKD 3.3754, compared to HKD 1.0287 in the previous year[39]. Operational Strategy - The company plans to continue cautiously seeking opportunities in urban redevelopment to supplement its property portfolio[20]. - The company will focus on the real estate market outlook and seize investment opportunities as they arise[18]. - The company has a 35% equity interest in a development project with a total construction area of approximately 2,500 square meters[24]. - The Beijing Bay project has a total construction area of approximately 379,134 square meters, with 93% of the area pre-sold as of March 31, 2024[30]. - The company holds 100% equity in the Sujiatun project, with a remaining construction area of 1,273,050 square meters for future development[37]. Revenue Composition - In the fiscal year 2024, the company's revenue was approximately 9% from property sales and about 91% from rental income, compared to 98% and 2% respectively in 2023[40]. - Confirmed sales revenue from property sales was HKD 400,000 in the current year, down from HKD 207.1 million last year, with total delivered building area of 84 square meters compared to 176,000 square meters in 2023[41]. - Rental income decreased slightly from HKD 4.3 million to HKD 3.8 million, primarily due to the depreciation of the RMB against the HKD[42]. Cost Management - Administrative expenses decreased by approximately 20.6% from HKD 76.3 million to HKD 60.6 million, as the company continues to implement cost control measures[46]. - The net amount of impairment losses for prepayments, deposits, and other receivables was HKD 491 million, up from HKD 319.9 million in 2023[47]. - As of March 31, 2024, the company's net borrowings were approximately HKD 428.3 million, a decrease from HKD 1.408 billion in 2023, with a debt-to-equity ratio reduced from 50% to 33%[54]. - The total amount of bank and other borrowings was HKD 267.1 million, down from HKD 1.396 billion in the previous year[55]. Environmental and Social Governance (ESG) - The board emphasizes sustainable development as part of strategic planning, with a focus on environmental, social, and governance (ESG) issues[68]. - The company aims to reduce greenhouse gas emissions density by 10% by the end of the fiscal year 2025, using the fiscal year 2021 as the baseline[83]. - Direct greenhouse gas emissions decreased from 4.23 tCO2 equivalent in 2023 to 3.92 tCO2 equivalent in 2024[83]. - Total greenhouse gas emissions reduced from 27.03 tCO2 equivalent in 2023 to 25.12 tCO2 equivalent in 2024[83]. - The company has set a target to reduce non-hazardous waste density by 10% by the end of the fiscal year 2025, using the fiscal year 2021 as the baseline[84]. - Total hazardous waste decreased from 0.05 tons in 2023 to 0.047 tons in 2024[84]. - The company has implemented a comprehensive environmental management plan to enhance operational efficiency while minimizing environmental impact[80]. - The company promotes the use of energy-saving bulbs and natural light to reduce energy consumption[83]. - The company aims to reduce energy consumption density by 10% by the fiscal year 2025, using the fiscal year 2021 as the baseline[89]. - Total energy consumption decreased from 500.00 MWh in fiscal year 2023 to 460.56 MWh in fiscal year 2024, representing a reduction of approximately 7.09%[89]. - Total water consumption decreased from 513 tons in fiscal year 2023 to 495 tons in fiscal year 2024, a reduction of approximately 3.51%[91]. - The company has set a goal to reduce water consumption density by 10% by the fiscal year 2025, using the fiscal year 2021 as the baseline[91]. Employee Management - The company has increased its full-time employees to 46 as of March 31, 2024, up from 41 in 2023, with a gender distribution of 24 males and 22 females[104]. - Employee turnover rate decreased significantly to approximately 9.75% in 2024 from 41.43% in 2023, indicating improved employee retention[105]. - The turnover rate for male employees was 7.3% in 2024, down from 17.13% in 2023, while female turnover decreased to 2.4% from 24.30%[105]. - The company has implemented a comprehensive performance evaluation system to guide employee performance and ensure alignment with organizational goals[106]. - The company adheres to a five-day work week and eight-hour workday standard, providing overtime compensation as per regulations[109]. - The company offers various employee benefits, including basic social insurance and additional incentives such as transportation accident insurance and annual health check-ups[110]. - The company has established an employee relations management system to facilitate effective communication between management and employees[113]. - The company is committed to equal opportunity employment, ensuring no discrimination based on race, gender, or other factors in hiring and promotion decisions[111]. Corporate Governance - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse skill set[160]. - The company has established effective mechanisms to ensure high independence of the board during the corporate governance period[164]. - The management team is authorized by the board to handle daily operations and management, ensuring clear directives for decision-making[165]. - The company adheres to regulatory laws and guidelines in its operating jurisdictions, maintaining high standards of corporate governance[157]. - The board regularly reviews its structure and composition to ensure the necessary expertise and independence are maintained[160]. - The company has implemented anti-corruption and reporting policies to foster a healthy corporate culture[155]. - The audit committee is authorized by the board to oversee and monitor the effectiveness of the risk management and internal control systems[198]. - The company’s governance policies and practices are reviewed to ensure compliance with legal regulations and codes of conduct[196]. Community Engagement - The company has actively contributed to local community welfare and housing security projects, including participation in affordable housing projects in Beijing[141]. - Over the past thirty years, the company has donated tens of millions to various social welfare programs and charitable organizations[141]. - The company donated RMB 500,000 to support 500 impoverished students in the Ya'an disaster area through the "Hope Project Emergency Disaster Relief and Education Action" in 2013[142]. - In 2014, the company sponsored HKD 3 million for the "2014 Hong Kong Youth Music Festival" to promote cultural exchange among youth in Asia[142]. - The company established a "Psychological Seed Fund for Coastal Western Schools" in 2009 to support teacher training programs in drought-affected areas[142]. - A donation of RMB 1.5 million was made to the Dujiangyan Red Cross for the reconstruction of the Dujiangyan Disease Prevention and Control Center after the May 12 earthquake in 2008[142]. - The company contributed RMB 2.5 million to the Tsinghua University Scholarship Program in 2008 to establish a fund for impoverished students[142]. - The company donated RMB 3 million to the "Mother Water Cellar" project in 2007 to build water cellars in water-scarce areas, based on the principle of donating one water cellar for every new house sold[142].
沿海家园(01124) - 2024 - 年度财报