Financial Performance - The group's consolidated revenue for the year ended March 31, 2024, was HKD 104 million, an increase from HKD 88 million in 2023[16]. - The group recorded a gross loss of HKD 27 million with a gross loss margin of 26.2%, compared to a gross profit of HKD 3 million and a gross profit margin of 2.9% in 2023[16]. - The net loss for the year was HKD 176 million, slightly improved from HKD 192 million in 2023, with the loss attributable to shareholders amounting to HKD 174 million[16]. - The company does not recommend the payment of a final dividend for the year ended March 31, 2024, consistent with the previous year[17]. - The company reported no interim dividend for the year ending March 31, 2024, and the board does not recommend a final dividend for the same period[191]. - As of March 31, 2024, the company's distributable reserves include a share premium of HKD 400,859,000 and retained earnings of HKD 655,148,000, totaling HKD 1,056,007,000[197]. Asset Management - The total asset value of the company as of March 31, 2024, is HKD 11.48 billion, down from HKD 13.58 billion in 2023[15]. - Current assets amount to HKD 5.72 billion, compared to HKD 6.98 billion in the previous year, with a current ratio of 2.09 times, down from 3.01 times[15]. - The equity attributable to the owners of the company is HKD 8.61 billion, a decrease from HKD 10.36 billion in 2023[15]. - The total debt ratio of the group was 24.1%, up from 23.0% in 2023, with a net debt to equity ratio of 20.3% compared to 14.0% in 2023[32]. - The group's total bank borrowings amounted to HKD 276 million as of March 31, 2024, down from HKD 313 million in 2023[32]. - The company has classified certain properties as investment properties and others as properties for sale, indicating a strategic approach to asset management[98]. Business Operations - The company has successfully completed over half of the sellable units in its Hong Kong redevelopment projects during the fiscal year 2023/24[7]. - The hotel business is gradually recovering due to the normalization of economic activities and the rebound in international tourism[9]. - The company is focusing on cost management and the completion of existing redevelopment projects while exploring potential investment opportunities in the U.S. residential market, particularly in the Los Angeles area[9]. - The company continues to manage its asset, investment, and fund management businesses to enhance recurring income[13]. - The company is actively seeking promising real estate development and co-investment opportunities both in Hong Kong and overseas following previous asset disposals[13]. - The company’s projects in Hong Kong have adopted new aesthetic designs and sustainable building principles, attracting buyers despite challenging market conditions[13]. Governance and Management - The board of directors has authorized the delegation of daily management and operational functions to the CEO and senior management, while retaining decision-making power on major matters[45]. - The board consists of executive directors, including the CEO and CFO, with a recent resignation of a director on September 30, 2023[46]. - The company maintains a policy of board diversity, considering factors such as gender, age, education, and professional experience to achieve sustainable development[51]. - The board has complied with listing rules by maintaining at least three independent non-executive directors, with one possessing appropriate professional qualifications[52]. - The company has provided ongoing professional development training for directors to ensure compliance with regulatory requirements and enhance governance practices[57]. - The company has established three committees: the Compensation Committee, the Nomination Committee, and the Audit Committee, to oversee specific areas of governance[62]. Risk Management - The board is responsible for the overall risk management and internal control systems, ensuring they are effective and adequate for the company's operational scale and complexity[78]. - An external consultant was hired to review certain internal control procedures, and the results and recommendations were discussed and approved by management[78]. - The company has established a risk management policy to manage risks associated with achieving business objectives and to provide reasonable assurance against material misstatements or losses[79]. - The risk management framework includes clear responsibilities assigned at different management levels, with the board setting direction and providing guidance[80]. - The company has a strong focus on employee compensation and benefits, regularly reviewing policies to ensure competitiveness[183]. Environmental, Social, and Governance (ESG) - The company has identified and assessed key environmental, social, and governance (ESG) issues that are crucial for stakeholders[95]. - The ESG report adheres to the principles of materiality, quantification, balance, and consistency to ensure clear and comparable data[94]. - The company has disclosed key performance indicators related to its environmental and social impact for its property development and investment activities[97]. - The company emphasizes the importance of stakeholder engagement in determining significant ESG issues[95]. - The report includes a comprehensive index table that aligns with the ESG reporting guidelines set by the Hong Kong Stock Exchange[93]. - The company emphasizes the importance of corporate social responsibility as a cornerstone of sustainable development, integrating environmental and social factors into business practices[101]. Employee Management - The total number of employees as of March 31, 2024, is 33, with an overall employee turnover rate of 22.73%[135]. - The employee turnover rate by gender shows 12.50% for males and 28.57% for females[135]. - The turnover rate for employees aged 50 and above is 40.00%, while it is 25.00% for those under 30[135]. - The company provides up to HKD 6,000 per employee annually for work-related training courses[128]. - Employees can take up to 3 days of exam leave each year to support their educational pursuits[128]. - The average training hours for management employees in the office is 17.30 hours, compared to 4.29 hours for non-management employees[129]. Community Engagement - The company participated in community investment activities totaling 25 hours during the reporting year, emphasizing its commitment to social responsibility[161]. - The report highlights community investment areas, including education and health, showcasing the company's social responsibility initiatives[168].
宏基资本(02288) - 2024 - 年度财报