Financial Performance - Revenue for FY 2020/21 reached HK$1,492,385,000, a 65.4% increase from HK$902,596,000 in FY 2019/20[7] - Profit from operations was HK$248,077,000, up 105.5% from HK$120,944,000 in the previous year[7] - Underlying profit increased to HK$147,646,000, compared to HK$44,173,000 in FY 2019/20, marking a 233.5% rise[7] - The total profit for the year was HK$149.0 million, representing a 340.6% increase compared to HK$33.8 million in FY 2019/20[12] - Consolidated gross profit increased by 50.3% to approximately HK$331.1 million, driven by the construction project at Kai Tak and sales of parking spaces and a duplex unit[31] - Net profit for FY 2020/21 was approximately HK$149.0 million, an increase of approximately 340.6% compared to FY 2019/20[31] - The Group's underlying profit for FY 2020/21 was HK$147.6 million, an increase of 234.2% from HK$44.2 million in FY 2019/20[12] - The Group's consolidated revenue for FY 2020/21 was approximately HK$1,492.4 million, representing an increase of approximately 65.3% compared to FY 2019/20[30] Assets and Liabilities - Total assets as of March 31, 2021, amounted to HK$9,840,259,000, an increase from HK$9,549,612,000 in the previous year[9] - Total liabilities rose to HK$7,362,721,000 from HK$7,144,253,000, reflecting a 3.1% increase[9] - The current ratio decreased to 0.84 from 1.45 in the previous year, indicating a decline in short-term liquidity[7] - Gearing ratio improved to 161.6% from 177.4%, showing a reduction in financial leverage[7] - Net gearing ratio increased to 116.4% from 85.7%, indicating a rise in net debt relative to equity[7] - The Group's outstanding bank borrowings as of March 31, 2021, were approximately HK$4,004.9 million, down from approximately HK$4,267.8 million in the previous year[33] - The Group's total cash balances as of March 31, 2021, were approximately HK$1,122.0 million, a decrease from approximately HK$2,207.1 million the previous year[34] Dividends - Dividends declared for FY 2020/21 were HK$113,564,000, down from HK$411,667,000 in FY 2019/20[7] - The total dividends for the year amounted to 8.0 HK cents per share, with a payout ratio of approximately 76.9%[15] - An interim dividend of 4.0 HK cents per share was paid on December 16, 2020, and a final dividend of 4.0 HK cents per share is recommended for payment[48] Business Segments - Revenue from the construction business increased by approximately 128% to HK$1,133.7 million, driven by significant projects in Kai Tak, Kowloon[16] - Revenue from the data centre leasing business rose by approximately 17.8% to HK$164.7 million, mainly due to new customer commitments[17] - The Group's luxury residential project, Cristallo, recorded revenue of approximately HK$194.0 million during FY 2020/21[22] - The Group's gross contract sum for construction projects in progress was approximately HK$1.63 billion as of 31 March 2021[16] Acquisitions and Developments - The Group completed the acquisition of two parcels of land for HK$356 million to develop new high-tier data centres, expanding its geographical presence in Hong Kong[18] - The Group acquired three parcels of land in Fanling, providing new development pipelines for property development and data center leasing[26] - Cumulative pre-sales for The Grand Marine project reached approximately HK$4.5 billion, with 89% of residential units sold[21] - The Group plans to complete The Grand Marine project by the end of 2021, with property handover targeted for late 2021 or early 2022[25] Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout FY 2020/21[121] - The Board comprises eight members, with over 50% possessing professional qualifications[148] - The Company maintains the prescribed minimum public float under the Listing Rules as of the date of this report[123] - The Company has appropriate insurance coverage for Directors and senior management against potential liabilities[156] - The Company has established a shareholders' communication policy, which is regularly reviewed for effectiveness[190] Risk Management and Internal Controls - The Group's risk management structure follows the "Three Lines of Defense" model, with each business unit responsible for its own risk management[179] - The Audit Committee found no significant areas of concern affecting the Group's financial, operational, compliance controls, and risk management functions[184] - The Group's risk management and internal controls system was deemed effective and adequate by the Board[184] - The internal audit process includes monthly risk assessments reported to the board, ensuring ongoing monitoring of risks faced by each business unit[186] Employee and Remuneration - The total remuneration for employees for FY 2020/21 was approximately HK$137.3 million, with a total of 186 employees as of March 31, 2021[40] - The Group's total employer contributions for FY 2020/21 amounted to approximately HK$2.87 million[111] - The Group operates a Mandatory Provident Fund Scheme for qualifying employees in Hong Kong, with contributions required from both employer and employees[106] Shareholder Rights and Communication - Shareholders have the right to convene an Extraordinary General Meeting (EGM) if they hold at least 10% of the paid-up capital, with specific procedures outlined for requisitioning such meetings[192] - The company recognizes the importance of transparency and timely disclosure of corporate information to enable informed investment decisions by shareholders and investors[191] - Shareholders can submit proposals for consideration at general meetings with varying notice periods depending on the nature of the proposal[198] Management and Directors - The company has a strong management team with extensive experience in construction and data center leasing[128] - The executive directors have been with the company since its founding in 1995, contributing to its strategic development[127] - All executive Directors have served the Group for over seven years, ensuring stability in leadership[151] - Directors have confirmed sufficient time commitment to the Company's affairs for the year[158]
佳明集团控股(01271) - 2021 - 年度财报