Financial Performance - For the fiscal year ended December 31, 2018, the group's revenue was approximately HKD 671.7 million, a decrease of about HKD 60.7 million compared to HKD 732.4 million in 2017[16] - The net profit attributable to shareholders for the same period was approximately HKD 191.8 million, an increase of about HKD 96.0 million from HKD 95.8 million in 2017[16] - The basic and diluted earnings per share for the period were approximately HKD 30.6 cents, compared to HKD 18.9 cents in the previous year[18] - The revenue confirmed in the property development segment for the year was approximately HKD 667.2 million, a decrease from HKD 728.2 million in 2017[19] - The total value of the investment property portfolio as of December 31, 2018, was approximately HKD 13.5 million, down from HKD 36.7 million in 2017[25] - The revenue from property management services was approximately HKD 1.0 million, unchanged from the previous year[26] - The financing business generated revenue of approximately HKD 2.7 million, an increase of about HKD 1.6 million compared to HKD 1.1 million in 2017[27] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 15.5 cents per share, significantly up from HKD 5.6 cents per share in 2017, subject to shareholder approval[17] - The company reported a mid-term dividend of HKD 0.024 per share and proposed a final dividend of HKD 0.155 per share for the fiscal year ending December 31, 2018, pending shareholder approval[158] - As of December 31, 2018, the company had cash reserves available for distribution of approximately HKD 298 million, calculated under the Cayman Islands Companies Law[166] Assets and Liabilities - The total equity as of December 31, 2018, was approximately HKD 792.6 million, up from HKD 642.0 million in 2017[29] - The cash and bank balance as of December 31, 2018, was approximately HKD 121.4 million, compared to HKD 63.5 million in 2017[29] - The net current assets as of December 31, 2018, were approximately HKD 573.3 million, an increase from HKD 555.8 million in 2017[29] - The total current assets as of December 31, 2018, were approximately HKD 3,103.7 million, up from HKD 2,377.1 million in 2017[29] - The current liabilities as of December 31, 2018, were approximately HKD 2,530.4 million, an increase from HKD 1,821.3 million in 2017[29] - As of December 31, 2018, the group's outstanding bank borrowings amounted to approximately HKD 2,364.4 million, an increase from HKD 1,715.2 million as of December 31, 2017[30] - The group's capital debt ratio rose from approximately 267.2% as of December 31, 2017, to about 298.3% as of December 31, 2018, due to increased bank borrowings[30] - The net debt to equity ratio increased from approximately 257.3% to about 283.0% during the same period, attributed to the rise in bank borrowings[30] - The debt to asset ratio slightly increased from approximately 67.0% to about 67.5% as of December 31, 2018, due to higher bank borrowings and an increase in properties held for sale[30] Projects and Developments - The company successfully expanded its land reserves by acquiring a site in Seoul, South Korea, enhancing its competitive position[10] - The "Rainbow" project will initiate its second phase of sales following the successful completion of the first phase in 2018[10] - The Yuen Long site project has entered the foundation engineering stage, targeting young residents seeking high-quality and stylish living[10] - The company plans to redevelop the Chai Wan project into a commercial building, with foundation works commencing in the second quarter of 2018 and expected completion in 2021[21] Corporate Governance - The board of directors consists of 8 members, including 4 executive directors, 1 non-executive director, and 3 independent non-executive directors, ensuring a balanced mix of skills and experience for decision-making[73] - The company has complied with the corporate governance code as per the listing rules, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[71] - The board is responsible for approving and monitoring the overall strategy and policies of the group, assessing performance, and overseeing management, ensuring alignment with shareholder interests[79] - All directors are required to participate in continuous professional development to update their knowledge and skills, ensuring they can contribute effectively to the board[80] - The company has received written confirmations of independence from all independent non-executive directors, ensuring compliance with independence guidelines[75] - The board has established five standing committees with specific roles and responsibilities, regularly reviewing their terms of reference[94] Risk Management and Compliance - The audit committee is responsible for monitoring the effectiveness of risk management and internal control procedures[97] - The internal audit department conducted a review of the effectiveness of the risk management and internal control systems, focusing on various operational processes[111] - The risk management and internal control systems implemented by the company are deemed effective and sufficient as of the report date[112] - The company has adopted a whistleblowing policy to promote openness, integrity, and accountability[120] Environmental and Social Responsibility - The company has implemented measures to promote environmental sustainability, including waste reduction and energy-saving initiatives[153] - The office consumed approximately 12,141 kWh of electricity during the year, resulting in CO2 equivalent emissions of about 9,591 kg, an increase from 7,306 kg in the previous year[131] - The company has introduced a green office program to promote resource-saving measures and reduce environmental impact[133] - The company is committed to corporate social responsibility by encouraging employee participation in community activities and supporting young entrepreneurs in Hong Kong[146] Shareholder and Market Outlook - The company maintains a cautiously optimistic outlook for the real estate market in 2019 due to uncertainties surrounding the attitudes of Donald Trump and Jerome Powell[49] - Overall, the company remains optimistic about future growth, with a long-term vision to achieve L million in revenue by 2025[59] Stock Options and Share Capital - The company granted a total of 21,193,088 stock options to selected employees and directors on October 18, 2018, with an exercise price of HKD 0.75 per share[191] - The stock option plan allows for a maximum issuance of shares not exceeding 30% of the company's issued share capital at any time[195] - The nominal consideration for accepting stock options is HKD 1.00[200]
星星集团(01560) - 2018 - 年度财报