Financial Performance - The net profit attributable to shareholders is HKD 4,600,000, a significant decrease from HKD 153,400,000 in 2023, with basic earnings per share at HKD 0.0063 compared to HKD 0.2130 in 2023[44]. - The company's revenue for the fiscal year 2024 increased by 4% to HKD 1,087,000,000, compared to HKD 1,049,000,000 in 2023[146]. - The operating profit before revaluation decreased to HKD 132,100,000 from HKD 111,100,000 in the previous year, while profit attributable to ordinary shareholders dropped to HKD 4,600,000 from HKD 153,400,000[146]. - As of March 31, 2024, total shareholders' equity was approximately HKD 11.06 billion, a decrease from HKD 11.66 billion in 2023, primarily due to reduced profits and currency depreciation[86]. - The company's total equity as of March 31, 2024, was HKD 11,060,000,000, down from HKD 11,663,000,000 as of March 31, 2023[129]. - The net asset value per share decreased to HKD 15.35 from HKD 16.19 year-over-year[129]. Audit and Governance - The company reported a total audit service fee of HKD 3,106,000 and non-audit services fee of HKD 364,000, totaling HKD 3,470,000 for the year[33]. - The board held a total of 4 meetings during the year ending March 31, 2024, with the remuneration committee meeting once and the audit committee meeting twice[32]. - The internal audit system is designed to minimize operational risks and ensure compliance with applicable laws and regulations, providing reasonable assurance against material misstatements[34]. - The audit committee reviewed the effectiveness of the internal control and risk management systems, which were deemed reasonable and effective[19]. - The company has a policy in place to remind directors and relevant employees to comply with insider information regulations[35]. - The company is committed to maintaining high standards of corporate governance and continuously reviewing and improving its governance practices[200]. - The board believes that the company has adhered to the applicable principles of the corporate governance code as per the Stock Exchange Listing Rules, with some disclosed deviations[200]. Board Diversity and Remuneration - The company emphasizes the importance of maintaining a diverse board composition and is actively seeking suitable candidates to enhance diversity[16]. - The board is satisfied with the current level of diversity among its members but acknowledges room for improvement in gender diversity[16]. - The remuneration of executive directors is linked to individual performance and the group's overall performance, subject to annual review by the remuneration committee[6]. - The company’s governance report indicates that the company secretary has participated in no less than 15 hours of relevant professional training during the year[21]. Property and Investment - The property sales and rental income from the Qiaochengfang project amounted to HKD 270,000,000 for the year ending March 31, 2024, down from HKD 359,000,000 in 2023[48]. - The average occupancy rate for the investment property in the Chongqing Hanguo Center was 84% for the year, unchanged from 2023[49]. - The average occupancy rate for the office building in the northern new district was approximately 69% for the year, down from 80% in 2023[59]. - The average occupancy rate of the serviced apartments at the Bao Xuan Hotel remained stable at around 90%[75]. - The group continues to focus on property development and investment in major cities in mainland China, including Shenzhen, Guangzhou, and Chongqing, as well as in Hong Kong and Japan[52]. - The group holds a 20% interest in the Qiaochengfang project, which includes residential apartments, offices, and a shopping mall[48]. - The group has acquired five hotel properties in Osaka and Tokyo for a total cash consideration of approximately HKD 286,000,000, funded by internal resources and bank mortgage loans[64]. - The group aims to generate sufficient recurring rental income to cover operational expenses, including administrative costs, financial costs, and dividends[52]. - The group managed 26 parking lots as of March 31, 2024, with a total of approximately 1,810 parking spaces, a decrease from 2,090 spaces in the previous year[84]. - The total revenue from property and parking management for the year ending March 31, 2024, was HKD 46 million, up from HKD 38 million in the previous year, indicating a year-on-year growth of approximately 21.1%[84]. Future Outlook and Strategy - The company is actively addressing market challenges by repositioning projects to attract new tenants, including the launch of the HONKWORK shared workspace[130]. - The company is optimistic about future growth, with expectations for the Guangzhou project sales and occupancy rates to improve due to government stimulus measures[143]. - The company aims to diversify risks and seek opportunities overseas to expand its recurring income[148]. - The company anticipates a healthy growth rate of 5% for the Chinese economy, despite ongoing structural adjustments and challenges[149]. - The company is focusing on enhancing its financial management capabilities, with a new executive director appointed in April 2024 to oversee overall financial strategies[174]. - The company is exploring new strategies for market expansion and product development to adapt to changing market conditions[165]. - The company is committed to maintaining profitability in the real estate sector despite the challenges posed by the current market environment[165]. Community Engagement and Leadership - The company is actively involved in community service and governance, with board members participating in various public service roles[171]. - The company has been involved in various non-profit and charitable organizations, enhancing its community engagement[192]. - The company has established strong relationships with major shareholders and affiliated companies, enhancing its market position[157][175]. - The company has a strong leadership team with extensive experience in finance and real estate, including executives with over 30 years of industry experience[170][174]. - The independent non-executive director has over 40 years of experience in accounting, financial management, and multinational business[183]. - The finance director has over 30 years of experience in accounting and finance, holding a bachelor's degree in accounting from City University of Hong Kong[186]. - The company has appointed a new independent non-executive director with extensive experience in commercial property management and development[185]. - The independent non-executive director has successfully established new diplomatic and economic ties between California and the Asia-Pacific region[191]. - The company is focused on maintaining global best practices in managing its investment portfolio[192]. - The company has a strong leadership team with diverse backgrounds in real estate, finance, and international business[193].
汉国置业(00160) - 2024 - 年度财报