Financial Performance - The profit attributable to equity holders for 2019 was HKD 231.6 million, a decrease of 35% compared to HKD 354.7 million in 2018[2]. - Earnings per share for 2019 was HKD 0.38, down 33% from HKD 0.57 in 2018[2]. - Total revenue for the year was HKD 368.4 million, down from HKD 1,103.6 million in the previous year, reflecting a significant drop in property sales[108]. - The group's gross profit was HKD 61.9 million, compared to HKD 232.5 million in 2018, indicating a decline in profitability[108]. - The company's profit for the year ended March 31, 2019, was HKD 231.6 million, a decrease of 34.6% from HKD 354.7 million in 2018[109]. - Total comprehensive income attributable to equity holders for the year was HKD 227.3 million, down from HKD 335.7 million in the previous year, reflecting a decline of 32.3%[112]. - The company's total assets decreased to HKD 7,090.1 million in 2019 from HKD 7,337.6 million in 2018, representing a reduction of 3.4%[111]. - The company reported other income of HKD 72.1 million in 2019, compared to HKD 46.8 million in 2018, indicating a growth of 53.6%[174]. - Operating profit for 2019 was HKD 234.8 million, down from HKD 386.3 million in 2018, a decline of 39.1%[175]. - The company’s total liabilities as of March 31, 2019, were HKD 744.5 million, compared to HKD 540.3 million in 2018, an increase of 37.8%[173]. Assets and Liabilities - As of March 31, 2019, the group's non-current assets, including interests in associates, were valued at HKD 214.1 million, with a revaluation surplus of HKD 3,478.6 million, leading to a total asset value of HKD 3,692.7 million[39]. - The group's current assets were reported at HKD 7,412.8 million, with a net current asset value of HKD 6,876.0 million[39]. - The total assets less current liabilities amounted to HKD 10,568.7 million, with non-current liabilities of HKD 3.5 million, resulting in a net asset value of HKD 10,565.2 million[39]. - The company's total assets as of March 31, 2019, amounted to HKD 7,819.9 million, an increase from HKD 7,626.9 million in 2018[173]. - The company's net assets increased to HKD 392.0 million in 2019 from HKD 327.4 million in 2018, marking a growth of around 19.7%[200]. - The company's total liabilities increased to HKD 401.7 million in 2019 from HKD 375.6 million in 2018, showing a rise of about 6.0%[200]. Dividends - The company maintained a consistent dividend of HKD 0.35 per share for both 2018 and 2019[2]. - The group declared an interim dividend of HKD 0.12 per share, totaling HKD 74.1 million, and proposed a final dividend of HKD 0.23 per share, amounting to HKD 142 million for shareholders registered on September 9, 2019[21]. - The board has proposed a final dividend of HKD 0.23 per share, bringing the total dividend for the year to HKD 0.35 per share[100]. - The proposed final dividend for 2019 is HKD 142.0 million, consistent with the previous year's proposed dividend[192]. Governance and Management - The board of directors confirmed the independence of all independent non-executive directors in accordance with the listing rules[28]. - The board of directors held four meetings and one annual general meeting during the fiscal year, demonstrating active governance[57]. - The company has established a remuneration committee consisting of one non-executive director and two independent non-executive directors, which held one meeting during the fiscal year ending March 31, 2019[64]. - The company has a nomination committee that includes the chairman and two independent non-executive directors, which also held one meeting during the fiscal year ending March 31, 2019[66]. - The roles of the chairman and CEO are not separated, which the board believes enhances decision-making efficiency[62]. - All directors participated in continuous professional development during the year, ensuring they are updated on their responsibilities[61]. Environmental and Social Responsibility - The group has implemented measures to reduce greenhouse gas emissions, primarily from electricity consumption, and is committed to ongoing performance review and improvement[85]. - The group has actively reduced waste generation and managed waste in an environmentally friendly manner, with no significant incidents reported regarding emissions or waste production this year[86]. - The group has focused on achieving high energy efficiency by upgrading lighting systems and encouraging employees to minimize unnecessary electricity usage[87]. - The group has adopted water-saving measures and promoted the importance of water conservation among employees, contractors, and customers[88]. - The group has established a corporate social responsibility policy to ensure compliance with applicable laws and regulations while promoting sustainable development and community welfare[90]. - The group is committed to providing a safe and healthy work environment for all employees and encourages their growth alongside the company[90]. Risk Management - The group has established policies to manage various financial risks, which are regularly reviewed to align with market changes and regulatory requirements[46]. - The group’s liquidity risk management focuses on maintaining sufficient cash and committed credit facilities to ensure financial flexibility[158]. - The group experienced a credit risk exposure primarily from mortgage loans and accounts receivable, with policies in place to ensure clients have appropriate credit histories[157]. - The group's overall risk management plan aims to minimize potential adverse impacts on financial performance due to unpredictable financial market conditions[155]. Employee Information - Employee expenses for the fiscal year ending March 31, 2019, amounted to HKD 64.9 million, with a total workforce of 195 employees in Hong Kong and the United States[49]. - The total remuneration for directors for the year ended March 31, 2019, amounted to HKD 9.42 million, compared to HKD 6.61 million for the previous year, reflecting an increase of approximately 42%[179]. - The highest-paid employees, excluding directors, received a total remuneration of HKD 3.1 million in 2019, down from HKD 3.3 million in 2018, indicating a decrease of about 6%[185]. - The company provides various employee benefits, including medical allowances and mandatory provident fund plans, to enhance employee satisfaction[91]. Accounting Policies - The group applies acquisition accounting for business combinations, measuring identifiable assets and liabilities at fair value on the acquisition date[123]. - The group recognizes its share of profits or losses from associates in the consolidated income statement, with adjustments made for other comprehensive income changes[127]. - The group must perform impairment tests on subsidiary investments if dividends exceed total comprehensive income during the declaration period[125]. - The group recognizes goodwill for the excess of the purchase price over the fair value of identifiable net assets acquired in associate investments[125]. - The group assesses expected credit losses for debt instruments measured at amortized cost and fair value through other comprehensive income, using a forward-looking approach[138].
TAI CHEUNG HOLD(00088) - 2019 - 年度财报