安全货仓(00237) - 2025 - 年度业绩

Financial Performance Summary Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, loss attributable to company shareholders significantly widened to HKD 266 million from HKD 123 million in the prior year, primarily due to increased impairment loss on investment properties' fair value, while total revenue remained stable at HKD 177 million and basic loss per share expanded from HKD 0.30 to HKD 0.66 Key Consolidated Statement of Profit or Loss Data (For the Year Ended March 31) | Metric | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 177,462 | 177,192 | +0.15% | | Impairment of Investment Properties at Fair Value | (395,313) | (206,756) | Loss Widened 91.2% | | Loss Before Tax | (255,135) | (109,770) | Loss Widened 132.4% | | Loss Attributable to Company Shareholders for the Year | (265,509) | (122,649) | Loss Widened 116.5% | | Basic Loss Per Share | (HKD 0.66) | (HKD 0.30) | Loss Widened 120.0% | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets decreased to HKD 3.69 billion from HKD 3.98 billion in the prior year, mainly due to reduced fair value of investment properties, while shareholders' equity declined from HKD 3.88 billion to HKD 3.58 billion, yet net current assets increased from HKD 998 million to HKD 1.104 billion, indicating enhanced short-term solvency Key Consolidated Statement of Financial Position Data (As of March 31) | Metric | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Investment Properties | 2,442,800 | 2,812,400 | -13.1% | | Total Assets | 3,693,069 | 3,984,017 | -7.3% | | Equity and Liabilities | | | | | Equity Attributable to Company Shareholders | 3,583,820 | 3,879,704 | -7.6% | | Total Liabilities | 163,461 | 166,219 | -1.7% | | Liquidity | | | | | Net Current Assets | 1,104,335 | 998,198 | +10.6% | Management Discussion & Analysis Overall Performance Review This year, loss attributable to shareholders expanded to HKD 266 million, primarily dragged by an increase in fair value loss on investment properties of HKD 189 million; however, excluding this non-cash item, the Group's core profit before tax (a Non-HKFRS measure) increased by 44.5% from HKD 96.99 million to HKD 140 million, indicating enhanced core business profitability Core Profit vs. Reported Loss (For the Year Ended March 31) | Metric | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Shareholders (Reported) | (265,509) | (122,649) | Loss Widened 116.5% | | Core Profit Before Tax (Non-HKFRS) | 140,178 | 96,986 | +44.5% | - Net asset value per share decreased from HKD 9.58 in the prior year to HKD 8.85[38] Segment Performance This year, the Financial Investment segment performed strongly, with profit significantly increased by 93%, becoming the primary driver of core earnings, while the Property Investment segment recorded a substantial loss due to a weak market and significant fair value impairment, and Warehouse Operations segment revenue declined, its loss successfully narrowed, demonstrating effective cost control Segment Performance (For the Year Ended March 31) | Segment | Metric | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Warehouse Operations | Segment Revenue | 15,808 | 17,284 | -8.5% | | | Segment Loss | (1,232) | (2,042) | Loss Narrowed 39.7% | | Property Investment | Segment Revenue | 110,930 | 111,811 | -0.8% | | | Segment Loss | (332,807) | (144,378) | Loss Widened 130.5% | | Financial Investment | Segment Revenue | 50,724 | 48,097 | +5.5% | | | Segment Profit | 85,381 | 44,253 | +92.9% | Warehouse Operations Segment As Hong Kong's economic recovery fell short of expectations, companies adopted conservative strategies, leading to decreased demand for logistics services; average storage volume decreased from 11,000 cubic meters to 9,400 cubic meters, and segment revenue decreased by 8.5% to HKD 15.81 million, yet by reducing storage area and improving operational efficiency, segment loss narrowed from HKD 2.04 million to HKD 1.23 million, and average warehouse rent per cubic meter increased year-on-year by 6% - Average storage volume decreased from approximately 11,000 cubic meters last year to approximately 9,400 cubic meters this year[31] - Through streamlined operations and reduced storage capacity, the average utilization rate for the year was approximately 56%[39] - Average warehouse rent per cubic meter increased by 6% year-on-year, primarily driven by increased goods turnover rate[31][39] Property Investment Segment Property investment revenue slightly decreased by 0.8% to HKD 111 million; the main property, Chinachem Plaza, faced a weak office market, with its average occupancy rate decreasing by 3% to 86%, and renewal rents facing pressure; affected by persistently high interest rates and insufficient market confidence, the fair value of investment properties was further impaired by HKD 395 million during the year, leading to an expanded segment loss - The average occupancy rate of the main investment property, Chinachem Plaza, decreased from 89% to 86%[32][40] - Due to persistently high interest rates and a sluggish business environment in Hong Kong, the fair value of investment properties was further impaired by HKD 395 million during the year[33][40] Financial Investment Segment Benefiting from a stock market rebound and stable deposit interest income from higher interest rate levels, the Financial Investment segment performed brilliantly; segment revenue increased by 5.5% to HKD 50.72 million, and profit significantly increased by 92.9% to HKD 85.38 million; new listed investment funds of HKD 113 million were added during the year, resulting in the fair value of financial assets at fair value through profit or loss increasing by 81% to HKD 317 million - Segment profit significantly increased by 93% to HKD 85,381,000, primarily benefiting from the increase in fair value of financial assets and growth in dividend income[41] - New HKD 113 million listed investment funds were added during the year, with the fair value of financial assets at fair value through profit or loss increasing by 81% to HKD 317 million[41] Cost and Expense Analysis The Group successfully implemented prudent resource management and cost control strategies, with various costs decreasing during the year; staff costs, depreciation, and other operating costs decreased by 7%, 8%, and 6% respectively, reflecting improved operational efficiency and optimized resource allocation Key Cost and Expense Changes (For the Year Ended March 31) | Expense Item | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Staff Costs | 20,728 | 22,215 | -6.7% | | Depreciation of Property, Plant and Equipment | 21,878 | 23,699 | -7.7% | | Other Expenses | 28,384 | 30,278 | -6.2% | Liquidity and Financial Resources The Group's financial position is extremely robust, with no bank loans or borrowings and a gearing ratio of zero; as of the period end, total cash and deposits held amounted to HKD 824 million, and the current ratio increased from 17.1 times to 21.4 times, indicating ample liquidity to support daily operations and respond to market changes - As of March 31, 2025, total bank and other deposits, together with cash and bank balances, amounted to HKD 824,299,000[43] - During the year, the Group had no loans or borrowings, and its gearing ratio was zero[43] - The current ratio increased from 17.1 times in the prior year to 21.4 times[43] Business Outlook Looking ahead, the Group maintains a cautious outlook for its business segments; warehouse operations face uncertainty due to a weak local consumer market; regarding property investment, Hong Kong's office vacancy rate is as high as 16.3%, which will pose significant challenges to leasing, and the rental and price outlook remains unoptimistic; for financial investment, the recent decline in HKD interest rates and global financial market and geopolitical uncertainties may negatively impact investment returns - Warehouse Operations Segment: Due to the local consumer market not yet showing significant recovery momentum, a cautious outlook is maintained for the coming year's business[35] - Property Investment Segment: Hong Kong's overall office vacancy rate remains at a 16.3% high level, and occupancy rates and rental levels are expected to face considerable downward pressure[36] - Financial Investment Segment: The recent significant decline in HKD interest rates, coupled with global financial market and geopolitical uncertainties, will negatively impact interest income and investment returns[37] Dividends & Shareholder Information Dividend Policy and Distribution The Board recommends a final dividend of 5 HK Cents per share, an increase compared to last year's 4.5 HK Cents; together with the interim dividend of 3 HK Cents per share already paid, the total full-year dividend for FY2025 is 8 HK Cents per share, a year-on-year growth of 14.3%, reflecting the Group's policy of providing stable long-term dividend returns to shareholders Per Share Dividend Distribution | Dividend Type | FY2025 (HK Cents) | FY2024 (HK Cents) | YoY Change | | :--- | :--- | :--- | :--- | | Interim Dividend | 3.0 | 2.5 | +20.0% | | Proposed Final Dividend | 5.0 | 4.5 | +11.1% | | Full-Year Dividend | 8.0 | 7.0 | +14.3% | - The Board aims to provide shareholders with relatively stable long-term dividend income and maintain reasonable dividend distributions based on the business environment and the Group's performance[44] Annual General Meeting and Share Transfer The company's Annual General Meeting is scheduled for August 15, 2025; to determine shareholders' eligibility to attend the meeting and receive the final dividend, the company will suspend share transfer registration from August 12 to 15 and August 28 to September 2 respectively - Annual General Meeting Date: Friday, August 15, 2025[28] - Proposed Final Dividend Payment Date: September 17, 2025[27] Notes to the Financial Statements Basis of Preparation and Accounting Policies These consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants; the Group has adopted several new and revised standards for the first time this year, but these applications have no significant impact on the Group's financial position and performance; additionally, the report discloses new standards issued but not yet effective, such as HKFRS 18, which are expected to affect future financial statement presentation - Consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS), and except for investment properties and certain financial instruments measured at fair value, all are based on historical cost[5][6] - The application of revised HKFRS during the year had no significant impact on the Group's financial position and performance[7] Revenue and Segment Information The Group's total revenue is HKD 177 million, primarily from property investment (HKD 111 million), financial investment related income (HKD 50.72 million) and warehouse operations (HKD 15.81 million); the report presents results by three segments: warehouse operations, property investment, and financial investment, with all businesses and major non-current assets located in Hong Kong FY2025 Revenue Composition | Revenue Source | Amount (HKD Thousands) | | :--- | :--- | | Property Investment Income | 110,930 | | Bank and Other Interest Income | 44,424 | | Warehouse Operations Income | 15,808 | | Dividend Income from Listed and Unlisted Investments | 6,300 | | Total | 177,462 | - The Group's operating and reportable segments include: warehouse operations, property investment, and financial investment[14] - All of the Group's businesses and major non-current assets for both years are located in and derived from Hong Kong[19] Other Key Notes The notes detail key financial items; tax expense is HKD 10.37 million, primarily Hong Kong profits tax; basic loss per share is calculated based on an annual loss of HKD 266 million and 405 million issued shares; trade receivables are well-aged, with most within sixty days; company share capital remains stable without any changes - Hong Kong profits tax is calculated at a rate of 16.5% based on estimated assessable profits, taking into account the two-tiered profits tax rate regime[22] - Basic loss per share is calculated based on an annual loss of HKD 265,509,000 and 405,000,000 issued shares[24] - Approximately 78.5% of trade receivables are aged within sixty days, indicating good collection status[26] Corporate Governance & Other Information Corporate Governance Practices The company is committed to maintaining a high level of corporate governance; during the reporting year, the company complied with most code provisions of the Corporate Governance Code under the Listing Rules, but with certain deviations, mainly because the positions of Chairman and Chief Executive Officer have been vacant since 2015, with responsibilities jointly undertaken by the Board and executive directors - The company complied with all code provisions of the Corporate Governance Code during the year, with certain deviations[51] - The main deviation is that the positions of Chairman and Chief Executive Officer are vacant, with their responsibilities jointly performed by the Board and overseen by executive directors[51] Audit Committee and Auditor's Work The Audit Committee comprises three independent non-executive directors and one non-executive director, with the chairman possessing the required professional qualifications; the committee has reviewed the consolidated financial statements for the year; the Group's auditor, Deloitte Touche Tohmatsu, has confirmed that the financial data in this results announcement is consistent with the audited annual consolidated financial statements - The Audit Committee, comprising Mr. Leung Man Chiu (Chairman), Mr. Lam Ming Leung, Mr. Li Ka Sze, and Mr. Wong Wai Kei, has reviewed the Group's accounting policies and financial statements[50] - The auditor, Deloitte Touche Tohmatsu, has confirmed that the financial figures in this announcement are consistent with those in the Group's audited consolidated financial statements for the year[54] Stakeholder Relations The Group values its relationships with employees, customers, and suppliers; as of the period end, the Group employed 36 staff, and is committed to providing a safe working environment and equal development opportunities; the Group maintains good relationships with customers through quality services and selects suppliers in a fair and open manner - As of March 31, 2025, the Group employed 36 staff, with total staff costs of HKD 20,728,000[45] - The Group is committed to maintaining good, fair and cooperative relationships with customers and suppliers[45][46]