Financial Performance - Revenue for the year ended 31 March 2021 was RMB 153.3 million, a decrease of 36.7% from RMB 242.7 million in the previous year[11] - The gross loss for the year was RMB (84.5) million, compared to a gross loss of RMB (44.6) million in the previous year, representing an increase of 89.5%[11] - The loss for the year was RMB (515.2) million, a significant reduction of 62.3% from RMB (1,367.5) million in the previous year[11] - Basic and diluted loss per share was RMB (8.94), down 73.6% from RMB (33.84) in the previous year[11] - Total assets decreased by 10.7% to RMB 2,281.3 million from RMB 2,555.8 million in the previous year[11] - Total equity was reported at RMB (13.7) million, a decline of 103.0% from RMB 451.9 million in the previous year[11] - The gross loss margin was (55.1)%, compared to (18.4)% in the previous year, indicating a significant deterioration[11] - Revenue from continuing operations decreased by 36.8% from RMB242.7 million for the year ended 31 March 2020 to RMB153.3 million for the year ended 31 March 2021, primarily due to a 42.6% decrease in property sales[46] - Property sales dropped by RMB79.7 million, attributed to no new property projects completed and delivered during the year ended 31 March 2021[49] - Rental income decreased by 45.2% to RMB11.3 million, mainly due to rent-free periods offered during the COVID-19 pandemic and a decline in average occupancy rates[47] - Other income and gains fell significantly from RMB43.5 million to RMB1.5 million, primarily due to a one-off gain from the disposal of subsidiaries in the prior year[51] Assets and Liabilities - The Group's total borrowings decreased by RMB 66.1 million to RMB 800.1 million as of March 31, 2021[86] - Properties under development and completed properties held for sale decreased from RMB1,600.3 million as of March 31, 2020, to RMB1,211.8 million as of March 31, 2021, attributed to the transfer of development costs to costs of sales and write-downs of RMB181.9 million[61] - The Group's trade and other payables decreased from RMB 647.5 million as of March 31, 2020, to RMB 507.2 million as of March 31, 2021[92] - The current portion of bank and other borrowings decreased from RMB 695.5 million as of March 31, 2020, to RMB 448.5 million as of March 31, 2021[89] - The non-current portion of bank and other borrowings increased from RMB 170.7 million as of March 31, 2020, to RMB 351.6 million as of March 31, 2021[90] - Trade receivables remained stable at RMB 13.8 million as of March 31, 2021, compared to RMB 14.0 million as of March 31, 2020[64] - Cash and bank deposits increased by approximately 286.6% to RMB 117.9 million as of March 31, 2021, compared to RMB 30.5 million as of March 31, 2020, attributed to net proceeds from a placing in March 2021[84] Business Strategy and Focus - The company is focusing on the cultural tourism sector, aligning with China's "Fourteenth 5-year Plan" for high-quality economic development[15] - Looking ahead, the company aims to seize new business opportunities post-epidemic, focusing on cultural tourism, healthcare, education, and new concept tourism[22] - The company plans to integrate resources to develop a multi-sector integrated business model to maximize returns to shareholders[20] - The "14th Five-Year Plan" emphasizes high-quality development through innovation and cultural tourism[20] - The company will focus on traditional cultural inheritance, tourist spot management, and related consumer goods development[22] Project Development - The Group delivered and recognised sales of car park units amounting to approximately RMB15.2 million from the sale of 131 car park units, compared to RMB37.2 million from 525 car park units in the previous year[26] - As of 31 March 2021, the Group has three remaining projects under development, including Guangze Jiuxi Red House and Guangze China House – Phase I(A), with the latter expected to complete in the fourth quarter of 2021[26] - The cultural tourism project in Changbaishan includes an estimated GFA under development of approximately 76,002 sq.m and an estimated GFA held for future development of approximately 547,977 sq.m[26] - The Group has suspended construction for the Changbaishan project since April 2019 due to macro and industry-specific risk factors and changes in the surrounding policy environment[26] - The Group's management is currently in negotiations with the local government and potential buyers for divestment of the Changbaishan project[26] Management and Governance - The Group's principal activity is investment holding, primarily engaged in property development and management, including planning, designing, budgeting, licensing, contract tendering, and property investment[146] - The Group's human resource management aims to reward and recognize performing staff with competitive remuneration packages and promote career development through appropriate training[152] - The management team has a strong background in both financial and operational roles, which supports strategic decision-making and market expansion efforts[135] - The Group's success relies on the support from key stakeholders, including employees, customers, and suppliers[152] Shareholder Information - As of March 31, 2021, Ms. Cui Xintong holds 3,659,748,124 shares, representing 54.10% of the issued voting shares of the company[173] - The total number of issued voting shares as of March 31, 2021, is 6,764,285,867[175] - The interests of directors and chief executives are recorded in compliance with the Securities and Futures Ordinance (SFO) and the Model Code for Securities Transactions[171] - The company has provided indemnity and insurance for its directors and senior executives against liabilities incurred in their roles[171] Financial Guarantees and Transactions - The Group provided guarantees amounting to RMB 790.9 million for mortgage loans procured by property purchasers, a slight decrease from RMB 803.4 million as of March 31, 2020[118][119] - The company has a continuing connected transaction with Ground Investment Holding, Ka Yik, and Charm Success, providing corporate guarantees and shareholder loans for a period covering the financial years ending March 31, 2020, 2021, and 2022[197] - The total consideration for the connected transaction does not exceed HK$10 million, qualifying it as a de minimis connected transaction[194]
华音国际控股(00989) - 2021 - 年度财报