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, an increase of 2.9% 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]. - The average price per square foot for properties sold increased to HK$24,517 from HK$19,454 in 2020, reflecting a 26.5% increase[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 approximately 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]. - The Group's investment properties had a total carrying value of approximately HK$571.2 million as of March 31, 2021, down from approximately HK$654.1 million the previous year[71]. Development Projects - The Group successfully sold 294 units of the "maya" project with contracted sales of approximately HK$3.6 billion as of the date of the annual report[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 plans to launch "The Met. Azure," a new residential project expected to attract young homebuyers, featuring 320 units with a saleable area of approximately 200 square feet[33]. - The Group successfully acquired 100% interest in the redevelopment project "The Met. Azure" with a gross floor area of 90,000 square feet[39]. - The Group has acquired properties at Tai Kok Tsui and Ap Lei Chau, totaling a gross floor area of 61,500 square feet and 37,100 square feet respectively[39]. Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming fiscal year[13]. - Management discussed potential mergers and acquisitions as part of their growth strategy[13]. - The Group is committed to enhancing its land bank through government land bidding and project acquisitions, focusing on sites with convenient transportation[35]. - The Group aims to capture market opportunities while ensuring solid returns for shareholders amidst economic uncertainties[47]. - The Group plans to incorporate smart home facilities in residential projects to enhance buyers' quality of life[47]. 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 its provisions throughout the year ended March 31, 2021[130]. - The Board periodically reviews compliance with the Corporate Governance Code to maximize stakeholder benefits[132]. - The company has a code of conduct for securities transactions by Directors, confirming compliance with required standards throughout the review year[133]. - The Board consists of three Independent Non-Executive Directors (INEDs), representing over one-third of the Board, ensuring strong independent decision-making[148]. Management and Personnel - The company appointed Mr. Deng Haokang as CEO and executive director, responsible for overall business management and strategic planning[109]. - The company has a strong management team with extensive experience in property development, finance, and surveying, enhancing operational efficiency[112][116][119]. - The Group had 136 employees as of March 31, 2021, an increase from 126 employees in 2020[95]. - All Directors participated in continuous professional development to enhance their knowledge and skills, complying with code provisions[170]. - The company has arranged appropriate liability insurance for Directors against liabilities arising from legal actions on corporate activities[170]. Community Engagement - The Group actively supports community welfare initiatives, including donations to elderly care homes and low-income families during the pandemic[48]. - The Group promotes environmental friendliness by encouraging a paper-recycling culture and participating in the BEAM Plus assessment scheme for its property developments[98]. - All development projects conform to the latest Building Energy Codes, ensuring compliance with various environmental laws and regulations[99]. Risk Management - The Group's treasury policy includes diversifying funding sources and regularly reviewing major funding positions to ensure adequate financial resources[87]. - The Group has entered into interest rate swap contracts to convert part of its borrowings from floating rates to fixed rates to mitigate interest rate risk[88]. - The overall effectiveness of internal controls and risk management systems was assessed by the Audit Committee[175].
宏安地产(01243) - 2021 - 年度财报