Financial Performance - The company reported a revenue of HKD 2,740 million for the fiscal year, an increase of 4% compared to HKD 2,632 million in the previous year[26]. - Operating profit rose by 35% to HKD 2,185 million, up from HKD 1,623 million year-on-year[26]. - Profit attributable to shareholders increased by 82% to HKD 1,007 million, compared to HKD 554 million in the prior year[26]. - Basic earnings per share increased by 82% to HKD 1.20, up from HKD 0.66[26]. - Total assets increased by 11% to HKD 48,565 million, compared to HKD 43,893 million in the previous year[26]. - Net assets rose by 19% to HKD 27,448 million, up from HKD 23,126 million year-on-year[26]. - The group recorded revenue of HKD 2,740,000,000 for the fiscal year, representing a 4% increase compared to HKD 2,632,000,000 in the previous year[37]. - Profit attributable to shareholders increased by 82% to HKD 1,007,000,000, up from HKD 554,000,000 in the previous year[37]. - Gross profit for the same period was HKD 2,674 million, up from HKD 2,391 million in 2020, reflecting a growth of 11.8%[77]. - Operating profit increased to HKD 2,185 million, compared to HKD 1,623 million in 2020, representing a growth of 34.6%[77]. - Total assets reached HKD 48,565 million, up from HKD 43,893 million in 2020, indicating a growth of 10.4%[77]. - Total liabilities increased to HKD 21,117 million from HKD 20,767 million, a rise of 1.7%[77]. Property Development - The company’s property development business in Hong Kong and China showed encouraging performance, with 50% of units sold in the "Royal Peak" project by the end of March 2021[30]. - The Beijing Tongzhou residential development project is expected to be completed in the second half of 2022[30]. - The group sold all units of the final phase of the "Ying Ting Ming Villa" project in Shanghai, generating approximately RMB 1.1 billion in sales, with about 70% recognized in the previous year[40]. - The joint development project "Huang Di" in Hong Kong has sold half of its units, generating sales of approximately HKD 1.5 billion, all of which has been recognized in the current fiscal year[40]. - The group is currently developing a mixed-use project in Beijing with a total floor area of 2.3 million square feet, with residential sales reaching RMB 3 billion as of March 2021[41]. - The sales performance of the luxury residential project "The Royal" in Hong Kong was encouraging, with strong sales in other first-hand properties by local developers[63]. - The joint venture projects in Beijing and Shanghai showed excellent sales performance, with the Shanghai project sold out and the Beijing project maintaining good sales momentum[63]. Financial Management - The group is committed to prudent financial management to effectively manage risks and maintain a strong balance sheet[1]. - The group has a strong liquidity position and is confident that its long-term strategies will maximize shareholder value[1]. - As of March 31, 2021, the group's financial investments amounted to approximately HK$17.5 billion, up from HK$16.3 billion in the previous year, with 95% in listed debt securities[48]. - The net debt was HK$15.8 billion, down from HK$17.9 billion in the previous year, with a net debt to revalued net asset ratio of approximately 47%[56]. - The group held cash and undrawn bank financing exceeding HK$12.1 billion, compared to HK$6.2 billion in the previous year[56]. - The investment portfolio generated income of HK$2.46 billion, up from HK$2.06 billion in the previous year[48]. - The company has a structured training program for directors to enhance their understanding of corporate governance and regulatory requirements[152]. Hotel and Tourism Business - The company anticipates that the recovery of its hotel business will depend on the lifting of travel restrictions and the reopening of borders[30]. - Hotel and tourism business revenue fell by 87% to HK$37 million, down from HK$297 million in the previous year, due to a more than 99% decrease in inbound travelers[47]. - The group anticipates that the recovery of the hotel business will depend on the successful lifting of inbound travel restrictions, with effects still to be observed[63]. Corporate Social Responsibility - The company has implemented additional COVID-19 measures, including mandatory testing for frontline staff and enhanced sanitation protocols in hotels and commercial buildings[93]. - The company provided 7,500 disposable children's masks and 150 bottles of hand sanitizer to the Hong Kong Association for the Mentally Handicapped during the pandemic[113]. - The company donated a total of HKD 260,000 to various charitable organizations during the reporting year[114]. - The company has been recognized for its contributions to community care, receiving the "10 Years + Caring Company" award from the Hong Kong Council of Social Service[113]. - The group made charitable donations of HKD 260,000 during the year, a decrease from HKD 1,220,000 in 2020[188]. Governance and Compliance - The board consists of six executive directors and three independent non-executive directors, with the chairman and CEO being different individuals[118]. - The board held four meetings during the year, with attendance rates for directors ranging from 2/4 to 4/4 for board meetings[122]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations, with no significant violations reported during the year[105][106]. - The company has adopted the standard code for securities transactions by directors, confirming full compliance for the year ending March 31, 2021[129]. - The board reviewed corporate governance policies and ensured compliance with relevant laws and regulations during the year[119]. - The company allows shareholders to propose resolutions at the annual general meeting if they hold at least 1/20 of the voting rights or a minimum of 100 shareholders[142]. - The company has a process for shareholders to request a special general meeting if they hold at least 1/10 of the paid-up capital with voting rights[146]. - The company has established a risk management framework to achieve its business objectives, with the board responsible for maintaining an effective risk management and internal control system[133]. - The internal audit function conducted assessments of the risk management and internal control systems at least once during the fiscal year, focusing on high-risk areas[136]. - The company has not identified any significant control deficiencies during the fiscal year, affirming the effectiveness of its risk management and internal control systems[138]. Employee and Director Management - The company employs approximately 330 employees as of March 31, 2021, a decrease from 340 in 2020[63]. - The company regularly conducts training programs to enhance occupational safety and customer service skills among employees[97]. - The remuneration committee is chaired by independent non-executive director Mr. Wong, with a focus on fair market compensation to attract and retain high-quality employees[127]. - The company is committed to continuous professional development for directors and senior management[119]. - The board of directors includes experienced members with extensive backgrounds in project management and finance, ensuring strong governance[158][164]. Dividend Policy - The company has adopted a dividend policy to distribute interim and final dividends when deemed appropriate, considering the group's financial performance and future prospects[155]. - The company proposed a final dividend of HKD 0.036 per share for the year ended March 31, 2021, totaling HKD 30,271,000, compared to no dividend in 2020[183]. - The group reported no interim dividend for the year, consistent with the previous year[183].
汇汉控股(00214) - 2021 - 年度财报