Financial Performance - Revenue for the fiscal year ended March 31, 2019, increased by 26% to HKD 2,420 million compared to HKD 1,925 million in 2018[10] - Operating profit rose by 15% to HKD 1,969 million from HKD 1,717 million year-on-year[10] - Net profit attributable to shareholders decreased slightly by 0.5% to HKD 810 million from HKD 814 million[10] - The group's revenue for the year was HKD 2,420,000,000, an increase from HKD 1,925,000,000 in the previous year, driven by increased investment income from reinvested interest and further investments in debt securities[26] - The attributable profit to shareholders was HKD 810,000,000, slightly down from HKD 814,000,000 in the previous year, due to higher investment losses and increased financing costs[26] - Gross profit for the same period was HKD 2,132 million, up from HKD 1,602 million, reflecting a growth of 33.0%[52] - Operating profit increased to HKD 1,969 million from HKD 1,717 million, marking a growth of 14.7%[52] - The group reported a net asset value of HKD 31,401 million, up from HKD 29,273 million, which is an increase of 7.3%[52] Assets and Liabilities - Total assets increased by 14% to HKD 43,673 million, while net assets rose by 4% to HKD 24,830 million[10] - The group reported a net debt of HKD 16.39 billion as of March 31, 2019, compared to HKD 12.263 billion in 2018, with a debt-to-revalued net asset ratio of approximately 52%[41] - The group's total assets were valued at approximately HKD 43.7 billion as of March 31, 2019, an increase from HKD 38.4 billion in 2018, reflecting a 15% increase in revalued asset value[41] - The group maintained a cash and undrawn bank financing balance exceeding HKD 7.7 billion as of March 31, 2019, compared to HKD 6.6 billion in 2018[41] Property Development and Investments - The company expects to launch three joint real estate development projects in the upcoming fiscal year, including a 2,300,000 square feet commercial/residential project in Beijing[15] - The group continues to focus on property development in prime locations in Hong Kong, first-tier cities in China, and Vancouver, Canada, aiming to enhance its reputation and track record[22] - The group is progressing with various property development projects, including a residential project in Beijing with a floor area of 2,300,000 square feet, and a luxury residential project in Hong Kong[31][32] - The group has achieved contract sales of CAD 140,000,000 for the "Landmark on Robson" project in Vancouver, which includes two residential towers[35] - The group has ongoing projects with a total estimated floor area of approximately 2,360,000 square feet in Beijing, expected to be completed by 2022[50] Hotel and Tourism Performance - The hotel performance continued to improve due to the new operations at the Kowloon High-Speed Rail Station and the addition of 90 hotel rooms at the Tsim Sha Tsui hotel[15] - For the fiscal year, the revenue from the hotel and tourism segment was HKD 543 million, an increase from HKD 530 million in the previous year, with an average occupancy rate of approximately 93%[38] - The new hotel, Tsim Sha Tsui Regal Hotel, opened in December 2018, achieved an occupancy rate of over 90% within its first four months of operation[38] - The average room rate increased by 10% during the fiscal year, contributing to the overall performance of the hotel segment[38] - The group has a diversified portfolio of investment properties and financial investments, providing stable and recurring income sources[23] Financial Investments - Financial investment income increased by 50%, becoming a major pillar of the company's recurring income and liquid assets[16] - The total value of financial investments held by the group was approximately HKD 17.609 billion as of March 31, 2019, up from HKD 14.101 billion in 2018[38] - The income from the investment portfolio increased to HKD 1.635 billion in 2019, up from HKD 1.09 billion in 2018, driven by further investments in debt securities[40] Debt Management - The company’s debt increased by 34% to HKD 16,390 million compared to HKD 12,263 million in the previous year[10] - The group is actively managing its debt and repayment risks, maintaining a strong financial position with robust liquidity and reasonable debt-to-asset ratios[24] Environmental and Social Responsibility - Total greenhouse gas emissions for 2019 were 14,083 tons, a decrease from 15,159 tons in 2018, representing a reduction of approximately 7.1%[62] - Energy consumption decreased to 19,386,000 kWh in 2019 from 20,177,000 kWh in 2018, reflecting a reduction of about 3.9%[63] - Water consumption increased to 237,193 cubic meters in 2019, up from 194,811 cubic meters in 2018, indicating an increase of approximately 21.6%[63] - The company has implemented energy-efficient systems in its hotels, including the replacement of air conditioning systems with more efficient water-cooled systems[62] - The company has committed to using sustainable materials in property development, aiming for green building certification for new projects[64] - The company made charitable donations totaling HKD 1,197,000 to various organizations, including Caritas and the Hong Kong Paralympic Committee[96] - The group made charitable donations amounting to HKD 1,197,000 during the year, significantly lower than HKD 7,561,000 in the previous year[177] Corporate Governance - The board held four meetings during the year, with all directors actively participating in the decision-making process[105] - The board confirmed its responsibility for preparing financial statements and ensuring compliance with relevant laws and regulations[105] - The company adhered to the corporate governance code, with some deviations noted regarding the appointment terms of independent non-executive directors[115] - The board emphasized the importance of diversity in its composition, considering factors such as gender, age, and industry experience[106] - The company has established a risk management framework to achieve its business objectives, with the board overseeing the effectiveness of the risk management and internal control systems[116] - The internal audit function employs a risk-based approach, focusing on high-risk areas of the business, and reports findings to senior management[120] - The company has established a standard code for securities transactions by directors, ensuring compliance throughout the year[112] Shareholder Communication - The board of directors is committed to providing high transparency to shareholders and investors, holding multiple meetings with local and institutional investors throughout the year[137] - The company has a website for shareholders and the public to access timely information about its operations[138] - The company has established procedures for shareholders to submit inquiries to the board, ensuring open communication[139]
汇汉控股(00214) - 2019 - 年度财报