Financial Performance - Total revenue for the year ended March 31, 2021, was HKD 977 million, a decrease of 13% compared to HKD 1,123 million in 2020[26] - Operating profit increased by 30% to HKD 779 million from HKD 599 million in the previous year[26] - Net profit attributable to shareholders rose by 62% to HKD 622 million, compared to HKD 383 million in 2020[26] - Basic earnings per share increased by 62% to HKD 30.8 from HKD 19.0 in the prior year[26] - The group's revenue for the fiscal year ending March 31, 2021, was HKD 977 million, a decrease of 13% compared to the previous year[35] - The net profit attributable to shareholders increased by 62% to HKD 622 million, primarily due to increased interest income from financial investments and reduced net financing costs[35] - Revenue for the fiscal year ended March 31, 2021, was HKD 977 million, a decrease of 13% from HKD 1,123 million in the previous year[57] - Net profit attributable to shareholders for the fiscal year was HKD 622 million, compared to HKD 383 million in the previous year, representing a significant increase[57] Asset and Liability Management - Total assets increased by 13% to HKD 12,110 million from HKD 10,689 million[26] - Net asset value rose by 44% to HKD 5,078 million compared to HKD 3,519 million in 2020[26] - Net debt decreased by 22% to HKD 5,054 million from HKD 6,458 million[26] - The debt-to-revalued net asset ratio improved to 37% from 52% in the previous year, a reduction of 15%[26] - The group's total assets as of March 31, 2021, were valued at HKD 12,110,000,000, up from HKD 10,689,000,000 a year earlier[47] - The net asset value of the group increased to HKD 5,078,000,000, primarily due to gains recognized from the valuation of listed debt securities[47] - The group's net debt amounted to HKD 5,054,000,000, a decrease from HKD 6,458,000,000 the previous year[48] - The debt-to-asset ratio, expressed as net debt to revalued net asset value, was 37% as of March 31, 2021, down from 52% a year earlier[49] Hotel Business Impact - The hotel business was severely impacted by strict travel restrictions due to the COVID-19 pandemic, leading to a significant decrease in revenue and gross profit[35] - The number of overnight visitors in Hong Kong plummeted by 99% from April 2020 to March 2021 due to pandemic-related travel restrictions[39] - The occupancy rate and average room rate of the Royal Garden Hotel decreased by 43% and 56% respectively, leading to an overall operational revenue decline of about 90%[39] - The total supply of hotel rooms in Hong Kong reached approximately 85,700, an increase of 3% compared to the previous year[39] Environmental Performance - Environmental performance showed a reduction in greenhouse gas emissions, with total emissions decreasing from 9,969 tons in 2020 to 7,736 tons in 2021[66] - Construction and demolition waste increased to 134 tons in 2021 from 119 tons in 2020, representing a 12.6% rise[69] - Total direct energy consumption from electricity decreased to 10,779,000 kWh in 2021 from 13,628,000 kWh in 2020, a reduction of 21.5%[71] - Indirect energy consumption from fuel dropped to 2,838,000 MJ in 2021 from 5,211,000 MJ in 2020, a decrease of 45.4%[71] - Water consumption reduced to 73,000 cubic meters in 2021 from 108,000 cubic meters in 2020, reflecting a 32.4% decline[71] - The company has implemented a water-saving plan by reducing the frequency of changing bed linens, aiming to decrease water usage[73] - The company has upgraded to energy-efficient equipment in various areas, including ventilation and kitchen appliances, to enhance energy savings[70] - The company monitors energy and fuel consumption daily to identify potential savings opportunities[70] - The company has adopted a strict standard for construction materials used in property development, focusing on environmentally friendly products[85] - The company encourages the use of electronic communication and documentation to reduce paper consumption[73] Corporate Governance - The board held four meetings during the year to review long-term business direction and strategies[105] - The board consists of six executive directors and three independent non-executive directors, ensuring a separation of roles between the chairman and the CEO[101] - The group aims to maintain high standards of corporate governance through transparency, independence, accountability, and fairness[100] - The company emphasizes the importance of board diversity, considering factors such as gender, age, cultural background, and industry experience in its evaluation process[107] - The remuneration committee, chaired by an independent non-executive director, aims to provide fair market compensation to attract and retain high-quality employees[109] - The audit committee conducted two meetings during the year to review the company's annual and interim financial statements, ensuring compliance with financial reporting procedures[110] - The company has established a risk management framework to achieve its business objectives, with the audit committee reviewing the effectiveness of the risk management system at least once per fiscal year[115] - Internal controls are in place to identify and manage risks that could impede the company's business goals, providing reasonable assurance against operational failures and fraud[116] - The internal audit function employs a risk-based approach, focusing on high-risk areas of the business and reporting findings to senior management[117] - The company strictly prohibits unauthorized access to insider information and evaluates potential insider information for necessary disclosures[119] Social Responsibility - The group has not received any reports of corruption or violations of anti-corruption regulations during the reporting year[91] - The group donated a total of HKD 249,000 to various charitable organizations during the reporting year[97] - The group has been recognized for over ten years as a "Caring Company" and will continue to contribute to society and the community[98] - The group actively practices corporate social responsibility, focusing on urgent social issues and supporting those in need[92] - The group has collaborated with local rehabilitation service organizations since 1999 to support children with special needs[95] - The group provided anti-epidemic supplies to a local rehabilitation organization, including 7,500 disposable children's masks and 150 bottles of hand sanitizer[96] Shareholder Engagement - The company is committed to providing high transparency to shareholders and investors, holding multiple meetings with local and institutional investors throughout the year[134] - The company encourages continuous professional development for its directors, with various training sessions attended, ensuring compliance with corporate governance standards[131] - Shareholders can propose resolutions at the annual general meeting if they represent at least 1/20 of the voting rights or a minimum of 100 shareholders[123] - The company has a dedicated website for shareholders and investors to access timely information about its performance[134] - The company has established procedures for shareholders to submit inquiries to the board, ensuring open communication[135] Management and Team Structure - The company has a strong management team with extensive experience in project management and finance, including the CFO who has over 30 years of experience[146] - The company is focused on business development and project management, with key executives responsible for these areas having relevant educational backgrounds and experience[141][142] - The independent non-executive directors bring over 25 years of legal and financial experience, enhancing the company's governance[147][151] - The management team includes individuals with significant experience in engineering, project management, and finance, contributing to strategic decision-making[140][145] - The board of directors is composed of experienced professionals from various fields, ensuring a well-rounded governance structure[144][149] Dividend Policy - The company may declare dividends in the future based on operational, profit, financial condition, cash needs, and other relevant factors, with the amount subject to board discretion[136] - The company reported a final dividend of HKD 0.65 per share for the year ended March 31, 2021, totaling HKD 13,117,000, with no interim dividend declared for the previous year[163] - The company has no mid-term dividends declared for the year, consistent with the previous year[163] - The company has a commitment to maintaining compliance with Bermuda Company Law and its own organizational documents regarding dividend declarations[136] - The company emphasizes the importance of shareholder approval for any future dividend declarations, reflecting a commitment to corporate governance[136]
泛海酒店(00292) - 2021 - 年度财报