丽新发展(00488) - 2021 - 年度财报

Financial Performance - For the fiscal year ending July 31, 2021, the company reported a revenue of HKD 5,986,800,000, an increase from HKD 5,213,500,000 in 2020, representing a growth of approximately 14.8%[13] - The gross profit for the same period was HKD 1,318,000,000, down from HKD 1,628,600,000 in 2020, indicating a decline of about 19.0%[13] - Total revenue for the year ended July 31, 2021, was HKD 5,986.8 million, an increase of HKD 773.3 million or 14.8% compared to HKD 5,213.5 million in 2020[16] - The company reported a net loss attributable to shareholders of approximately HKD 2,088.1 million, narrowing from HKD 2,934.8 million in 2020[19] - The loss per share decreased to HKD 3.034 from HKD 4.292 in the previous year[16] - The company's attributable equity as of July 31, 2021, was HKD 34,149.3 million, down from HKD 34,970.2 million a year earlier[19] - The net asset value per share decreased slightly to HKD 55.791 from HKD 57.218 in the previous year[19] - The company does not recommend the payment of a final dividend for the year ended July 31, 2021, compared to no dividend in 2020[20] - The company's market capitalization as of July 31, 2021, was HKD 3,250.2 million, down from HKD 5,060.5 million in the previous year[55] - The debt-to-equity ratio increased to 47% from 46% year-over-year[55] - The current ratio improved to 2.5 from 1.3 in the previous year, indicating better short-term liquidity[55] - The company reported no dividends for the year, maintaining a dividend yield of 0%[55] Revenue Sources - The increase in revenue was primarily driven by property sales in mainland China, although hotel operations and media and entertainment revenues were negatively impacted by the ongoing COVID-19 pandemic[13] - Property development and sales revenue increased by HKD 813.1 million or 48.1%, reaching HKD 2,503.3 million compared to HKD 1,690.2 million in the previous year[16] - The rental income from the leasing portfolio of approximately 4,500,000 square feet in first-tier cities and the Greater Bay Area remained stable during the review period[32] - The group's rental income for the fiscal year was HKD 1,287,300,000, a slight decrease of 0.9% compared to HKD 1,299,400,000 in the previous year[70] - The total rental income for the year ending July 31, 2021, was HKD 1,287.3 million, slightly down from HKD 1,299.4 million in the previous year, reflecting a decrease of 0.9%[80] Property Development and Sales - The group successfully acquired the Wong Chuk Hang Station Phase 5 property development project, covering approximately 95,600 square feet of land and an estimated 636,200 square feet of construction area, expected to provide around 1,050 residential units[27] - As of October 17, 2021, all 605 units of the Blue Tongue project have been sold at an average price of approximately HKD 18,000 per square foot, with total sales proceeds from parking spaces amounting to approximately HKD 206.9 million[28] - The group has sold and delivered all 209 residential units and 7 commercial units of the Happy Build project, with total sales proceeds from parking spaces reaching approximately HKD 10.2 million[29] - The group anticipates that the residential units at the Heng On Street project will begin pre-sales in the first half of 2022, adding approximately 106,200 square feet to its development portfolio[28] - The confirmed sales revenue for the year ending July 31, 2021, was HKD 2,503,300,000, representing a 48.3% increase from HKD 1,690,200,000 in 2020[116] - The total sales revenue from projects in Mainland China amounted to HKD 2,275,500,000, contributing significantly to the overall sales[116] Market Outlook and Strategy - The outlook for the company's business remains cautiously optimistic, particularly in the Greater Bay Area of Southern China[22] - The group remains optimistic about the long-term prospects of the Chinese business environment, supported by stable economic growth and government policies[31] - The group plans to continue its cautious and flexible approach to seize development opportunities as the economy recovers[29] - The company plans to continue expanding its market presence in both Hong Kong and Mainland China, focusing on new developments and joint ventures[124] - The group is actively pursuing new strategies for market expansion and product development to enhance its competitive position[124] Financial Management - The group has secured a five-year secured term loan and revolving credit facility with 19 top banks, amounting to HKD 7,440,000,000, which is approximately 207% of the total financing amount of HKD 3,600,000,000[48] - The company issued USD 250,000,000 of secured notes in July 2021 and an additional USD 250,000,000 in September 2021 to enhance financial liquidity[48] - The group completed a subscription of 33,834,900 new shares in August 2021, raising approximately HKD 235,200,000, which has been used to repay certain bank loans[49] - The company announced a rights issue at a subscription price of HKD 3.43 per share, raising a net amount of approximately HKD 1,093,800,000, with HKD 600,000,000 allocated for loan repayment[49] - As of July 31, 2021, the group's consolidated cash and bank deposits amounted to HKD 10,610,400,000, with a net debt ratio of approximately 47%[51] - The capital debt ratio, excluding certain groups, is approximately 32%, indicating a stable financial position[51] Cinema and Entertainment Operations - The cinema operations of the group were significantly impacted by COVID-19, with theaters in Hong Kong required to suspend operations for a total of 105 days during the fiscal year[40] - The group has opened three new cinema locations, including K11 Art House, which features 12 screens and a total of 1,708 seats, marking Hong Kong's first IMAX laser projection cinema[41] - The cinema operations recorded a revenue of HKD 212 million for the year ended July 31, 2021, down from HKD 229.3 million in 2020, with a loss of HKD 151.7 million compared to a loss of HKD 515.2 million in the previous year, indicating a significant reduction in losses[177] - The group remains cautiously optimistic about long-term entertainment demand and will continue to evaluate business opportunities to maintain its market position as a leading multi-screen cinema operator in Hong Kong[40] Hospitality and Restaurant Business - The hotel and serviced apartment business generated revenue of HKD 621.2 million for the year ending July 31, 2021, a decrease from HKD 673.3 million in 2020[164] - The restaurant business generated revenue of HKD 443.1 million for the year ending July 31, 2021, compared to HKD 421.8 million in the previous year[161] - The group currently operates 22 restaurants in Hong Kong and mainland China, with various Michelin-starred establishments[161] - The Ocean Park Marriott Hotel in Hong Kong achieved an occupancy rate of 82.4% with a revenue contribution of HKD 230.5 million from 471 rooms[170] - The Shanghai Ascott Huaihai Road serviced apartments had an occupancy rate of 90.2% and generated HKD 104.5 million in revenue from 310 units[170] Employee and Operational Management - The company employs around 4,400 full-time employees, maintaining competitive salary levels and performance-based promotions[197] - The company offers various employee benefits, including stock option plans and medical insurance[197] - The company has a strong focus on maintaining a stable employee team as a key to its ongoing success[197]