Financial Performance - Revenue for the year ended March 31, 2021, was HK$314.8 million, a decrease of 86.7% from HK$2,372.1 million in 2020[13]. - Profit attributable to owners of the parent increased to HK$466.7 million, up 2.9% from HK$457.3 million in the previous year[13]. - For the financial year ended March 31, 2021, the Group's revenue was approximately HK$314.8 million, a decrease of 86.7% from HK$2,372.1 million in 2020, while profit attributable to owners was approximately HK$466.7 million, a slight increase from HK$457.3 million in 2020[55]. - Revenue from property development during the year was approximately HK$301.3 million, down from HK$2,369.6 million in 2020, primarily due to the delivery of remaining stocks of The Met. Acappella[55]. - The Group's gross contract sales amounted to HK$2,572.9 million, down from HK$3,735.6 million in 2020[32]. Assets and Liabilities - Total assets as of March 31, 2021, were HK$10,203.1 million, compared to HK$8,738.4 million in 2020, representing a growth of 16.8%[13]. - The gearing ratio rose to 77.1% from 53.9%, indicating an increase in leverage[13]. - As of March 31, 2021, the Group's total bank borrowings amounted to HK$4,696.9 million, up from HK$3,370.2 million in 2020[84]. - The Group's capital commitment as of March 31, 2021, was approximately HK$516.0 million, an increase from HK$486.7 million in 2020[79]. Property Development and Projects - The Group successfully sold 294 units of the "maya" project with contracted sales of approximately HK$3.6 billion as of the annual report date[33]. - The "Altissimo" project saw 505 units sold with contracted sales of approximately HK$5.3 billion, with the Group holding a 40% interest[33]. - The Group has secured three redevelopment projects with over 80% ownership to replenish its land bank[37]. - Approximately 228,000 square feet of gross floor area was added to the Group's land bank during the financial year[27]. - The Group plans to launch "The Met. Azure," a new residential project expected to be well-received by homebuyers[33]. Corporate Governance - The Company emphasizes the importance of corporate governance, committing to high standards of transparency, accountability, integrity, and independence[129]. - The Company adopted the principles of the "Corporate Governance Code" and complied with applicable code provisions throughout the year ended March 31, 2021[130]. - The Board periodically reviews compliance with the Corporate Governance Code to safeguard stakeholder benefits[132]. - The Group's strategy focuses on prudent investment in projects to maximize shareholder returns, actively exploring opportunities to increase its land portfolio[137]. - The Board consists of three Independent Non-Executive Directors (INEDs), representing more than one-third of the Board, ensuring strong independent decision-making[148]. Management and Leadership - The company appointed Mr. Deng Haokang as CEO and executive director, responsible for overall management and strategic planning since February 2021[109]. - The management team is actively involved in strategic planning for long-term growth and sustainability in the real estate sector[109]. - The company is focused on expanding its property development and management operations in Hong Kong and potentially overseas markets[115]. - The company has a strong board of directors with extensive experience in auditing, accounting, and property management, including Mr. Li Wing Sum and Mr. Sung Tze Wah[113][116]. Market Outlook and Strategy - Future guidance indicates a cautious outlook due to market uncertainties but aims for gradual recovery[13]. - The Group is cautiously optimistic about the property market and will continue to monitor market changes while seeking opportunities for property acquisition and collaboration with strategic partners[103]. - The property sector is expected to remain resilient in the long term, supported by a low-interest rate environment and stable demand for residential units[103]. - The Group plans to replenish its land bank through public tenders, old building acquisitions, and land use conversions to support future development[103]. Social Responsibility and Environmental Initiatives - The Group has actively supported social welfare organizations, providing over 1,200 mooncakes to elderly care homes during the pandemic[48]. - The Group promotes environmental friendliness by encouraging paper recycling and energy-saving practices, and participates in the BEAM Plus assessment scheme for environmental certification[98]. - All development projects conform to the latest Building Energy Codes, ensuring compliance with various environmental laws and regulations[99].
宏安地产(01243) - 2021 - 年度财报