英皇国际(00163) - 2025 - 年度业绩

Annual Performance Summary Financial Highlights The Group's total revenue grew 41.5% to HK$1.376 billion, driven by property development sales, but loss attributable to owners widened to HK$2.321 billion due to fair value losses on investment properties FY2024/2025 Financial Highlights (Continuing Operations) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,375,878 | 972,553 | +41.5% | | Property Development Revenue | 641,186 | 141,773 | +352.2% | | Property Investment Revenue | 734,692 | 830,780 | -11.6% | | Fair Value Loss on Investment Properties | (1,540,936) | (1,298,022) | -18.7% | | Loss Attributable to Owners of the Company | (2,320,872) | (2,091,408) | -11.0% | | Basic Loss Per Share | (0.50) HKD | (0.57) HKD | +12.3% | Performance Review Total revenue growth was driven by property sales, with development sales soaring 352.2%, but continuing operations recorded a HK$2.321 billion loss due to fair value losses, expanding to HK$4.743 billion including discontinued operations - Property development sales revenue significantly increased by 352.2% to HK$641 million, primarily contributed by sales from 'Eightland' and 'The Regent'[5] - Continuing operations recorded a loss attributable to owners of HK$2.321 billion due to fair value losses on investment properties[5] - Including discontinued operations, the Group's total loss attributable to owners was HK$4.743 billion, compared to HK$2.047 billion in the prior year[5] Market Review Hong Kong's property market has not fully recovered, with retail and commercial leasing facing challenges due to weak consumer confidence and high vacancy rates, despite some rebound in residential sales - First-hand residential property sales saw a slight rebound due to the removal of cooling measures and interest rate cuts, but the overall market has not shown a significant recovery[6] - The local retail market was affected by strong HKD leading to local residents spending abroad, and weak consumer confidence among visitors to Hong Kong[6] - Commercial building leasing demand continued to slow, resulting in high vacancy rates[6] Business Review Property Development and Sales The Group accelerated residential property sales, with 'One Jardine's Lookout' securing HK$951 million in contracts and other completed projects like 'The Regent' and 'Eightland' also contributing to sales Pre-sold Projects Completed All units of 'One Jardine's Lookout' in Happy Valley have signed sales contracts totaling approximately HK$951 million, with revenue expected in the next fiscal year's first half - All units of the Happy Valley project 'One Jardine's Lookout' have signed sales contracts, totaling approximately HK$951 million[9] - Related sales revenue is expected to be recognized in the first half of the next fiscal year after completion of delivery by the end of September 2025[9] Completed Projects Available for Sale Completed projects like 'The Regent' (HK$473 million) and 'Eightland' (HK$165 million) contributed significant sales revenue, with luxury projects also seeing unit deliveries Sales Performance of Completed Projects (Current Year) | Project Name | Units Delivered / Sales Revenue Recognized | Signed Contracts Awaiting Recognition | | :--- | :--- | :--- | | The Regent | 75 units / HK$473 million | 33 units / HK$183 million | | Eightland | 28 units / HK$165 million | 3 units / HK$19.4 million | | 15 Shouson Hill Road | 5 houses | - | | The Riva | 1 house | 3 houses / HK$166 million | Projects Under Development The Bonham Road 24–30 project in Mid-Levels is being redeveloped into a 27-story residential building, with completion planned for 2026 or later - The Bonham Road project in Mid-Levels will be redeveloped into a 27-story residential building, planned for completion in 2026 or later[12] Property Investment and Rental Income The Group maintains a diversified investment property portfolio exceeding 2.4 million sq ft, with Hong Kong properties over 90% occupied, and sold HK$1.242 billion in properties to strengthen finances - The Group's investment property portfolio has a total floor area exceeding 2.4 million square feet, distributed across Hong Kong, mainland China, Macau, and London[13] Hong Kong Region Hong Kong investment properties maintained over 90% occupancy, with the Group selling HK$1.242 billion in properties and agreeing to sell a Tsim Sha Tsui property for HK$79.8 million to strengthen finances - As of March 31, 2025, Hong Kong investment properties maintained an occupancy rate exceeding 90%[14] - Multiple Hong Kong properties were sold during the year for a total consideration of approximately HK$1.242 billion, with net proceeds used to strengthen the financial position[14] - An agreement was reached with Emperor Watch & Jewellery to sell a Tsim Sha Tsui Canton Road property for HK$79.8 million, with the transaction expected to complete in August 2025[15] Other Regions The Group holds iconic commercial properties in Greater China and the UK, including Grade A offices and high-end retail centers in Beijing, Macau, and London, which consistently generate rental income - The Group owns multiple high-quality commercial and retail properties in prime locations in Beijing, Macau, and London[16] Outlook The Group maintains a cautious outlook due to uncertain interest rates, but will monitor market conditions and adjust project launches, while anticipating continued challenges in retail and office leasing - Given limited land supply and rigid housing demand, the Group will closely monitor market conditions and adjust the launch schedule for development projects as appropriate[17] - Retail and office leasing businesses are expected to continue facing challenges, and the Group will communicate closely with tenants and adjust strategies promptly[17] Financial Review and Other Information Dividend Policy The Group declared a special interim dividend via in-specie distribution of Emperor Entertainment Hotel shares, which ceased to be a subsidiary, and the Board resolved not to recommend any final dividend for the current year - A special interim dividend was declared by way of a distribution in specie of Emperor Entertainment Hotel shares, after which Emperor Entertainment Hotel ceased to be consolidated[18] - The Board resolved not to recommend a final dividend for the year ended March 31, 2025 (2024: HK$0.003 per share)[23] Capital Structure and Liquidity The Group completed a rights issue raising HK$456 million for working capital, but net assets decreased to HK$16.94 billion, cash to HK$640 million, and total borrowings stood at HK$17.23 billion - The rights issue was completed, raising net proceeds of approximately HK$456 million, which were fully utilized to expand working capital and business development[19] Capital and Liquidity Position (As of March 31, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Assets | HK$16.94 billion | HK$21.61 billion | | Net Assets Per Share | HK$3.1 | HK$5.9 | | Cash and Bank Balances | HK$640 million | HK$1.49 billion | | Total External Borrowings | HK$17.23 billion | HK$20.21 billion | | Pledged Assets | HK$31.19 billion | HK$34.55 billion | Employees and Remuneration Policy The Group's headcount decreased to 291 due to the Emperor Entertainment Hotel spin-off, with total staff costs for the year amounting to HK$154 million - Due to the business spin-off, the number of employees decreased from 322 to 291[22] - Total annual staff costs were HK$154 million, down from HK$176 million last year[22] Consolidated Financial Statements Consolidated Statement of Profit or Loss The Group's total revenue was HK$1.376 billion, but fair value losses on investment properties and other factors led to a HK$2.321 billion loss from continuing operations, with the total annual loss reaching HK$4.841 billion including discontinued operations Key Items from Consolidated Statement of Profit or Loss (For the year ended March 31) | Item (Thousand HKD) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Total Revenue | 1,375,878 | 972,553 | | Gross Profit | 472,508 | 714,110 | | Fair value changes in investment properties | (1,540,936) | (1,298,022) | | Loss before tax (Continuing operations) | (2,356,463) | (2,121,769) | | Loss for the year (Continuing operations) | (2,320,872) | (2,091,408) | | Loss for the year (Discontinued operations) | (2,520,057) | 62,831 (Profit) | | Loss Attributable to Owners of the Company | (4,743,204) | (2,046,666) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HK$37.385 billion and net assets HK$16.943 billion, but HK$16.605 billion in bank borrowings were reclassified as current liabilities, leading to a severe net current liability of HK$13.082 billion Key Items from Consolidated Statement of Financial Position (As of March 31) | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Non-current assets | 31,646,813 | 39,074,069 | | Current assets | 5,738,391 | 7,513,770 | | Total assets | 37,385,204 | 46,587,839 | | Current liabilities | 18,820,063 | 9,377,739 | | Non-current liabilities | 1,622,129 | 13,662,958 | | Total liabilities | 20,442,192 | 23,040,697 | | Net current liabilities | (13,081,672) | (1,863,969) | | Total equity | 16,943,012 | 23,547,142 | - Due to overdue bank borrowings and/or breaches of loan agreements, bank borrowings with a carrying amount of HK$16.605 billion were classified as current liabilities as of March 31, 2025[29] Summary of Notes to Financial Statements Notes to the financial statements highlight significant going concern uncertainty due to overdue bank borrowings and covenant breaches, despite management's plans, and also detail revenue, segment performance, discontinued operations, and post-reporting period asset sales Basis of Preparation and Going Concern The financial statements' basis of preparation highlights significant going concern uncertainty due to HK$16.6 billion in overdue or breached bank borrowings, with management's mitigation plans lacking certainty and written agreements - As of March 31, 2025, bank borrowings with a carrying amount of HK$16.6 billion were overdue and/or in breach of loan agreements, potentially subject to immediate repayment, raising significant doubt about the ability to continue as a going concern[29] - Management has formulated response plans, including: (i) negotiating financial restructuring with banks; (ii) selling properties; and (iii) implementing cost control measures[31] - Due to significant uncertainties regarding the success of these plans and the lack of written agreements, there is significant uncertainty about the going concern assumption[32] Revenue and Segment Information The Group's reportable segments, Property Leasing (HK$735 million revenue, HK$946 million loss) and Property Development (HK$641 million revenue, HK$761 million loss), were significantly impacted by fair value adjustments, with Hong Kong remaining the main revenue source FY2025 Segment Performance by Business (Thousand HKD) | Segment | Revenue | Segment Results (Loss) | | :--- | :--- | :--- | | Property Leasing | 734,692 | (946,431) | | Property Development | 641,186 | (760,901) | | Total | 1,375,878 | (1,707,332) | FY2025 Revenue by Geographical Region (Thousand HKD) | Region | Revenue | | :--- | :--- | | Hong Kong | 1,065,464 | | Mainland China | 187,292 | | Macau | 27,344 | | United Kingdom | 95,778 | Discontinued Operations The spin-off of Emperor Entertainment Hotel resulted in its classification as discontinued operations, contributing a total loss of HK$2.520 billion for the year, including a HK$2.295 billion deemed disposal loss - Due to the distribution in specie of Emperor Entertainment Hotel shares, the hotel and hotel-related businesses were classified as discontinued operations[51] - Discontinued operations recorded an annual loss of HK$2.520 billion, including a deemed disposal loss of HK$2.295 billion[52] Loss Per Share Basic loss per share from continuing operations narrowed to HK$0.50, but total basic loss per share, including discontinued operations, widened to HK$1.02 from HK$0.56 last year Basic Loss Per Share | Item | 2025 | 2024 | | :--- | :--- | :--- | | From continuing operations | (0.50) HKD | (0.57) HKD | | From discontinued operations | (0.52) HKD | 0.01 HKD (Profit) | | Total | (1.02) HKD | (0.56) HKD | Events After Reporting Period Subsequent to the reporting period, the Group agreed to sell a subsidiary holding a Tsim Sha Tsui property for HK$79.8 million, with completion expected in August 2025 - The Group has entered into an agreement to sell the subsidiary holding the Tsim Sha Tsui property for HK$79.8 million, with completion expected in August 2025[65] Independent Auditor's Report and Corporate Governance Excerpt from Independent Auditor's Report Deloitte Touche Tohmatsu issued a 'Disclaimer of Opinion' on the financial statements due to significant going concern uncertainty from overdue bank borrowings and covenant breaches, as auditors could not obtain sufficient evidence on management's mitigation plans - The auditor issued a 'Disclaimer of Opinion' on the consolidated financial statements for the current year[67][68] - The basis for the disclaimer is: the Group has HK$16.6 billion in bank borrowings that are overdue or in breach of terms, raising significant doubt about its ability to continue as a going concern[69] - The auditor was unable to obtain sufficient appropriate audit evidence regarding the success of management's response plans, including financial restructuring, asset sales, and cost control, thus unable to determine the appropriateness of the going concern basis of accounting[69][70] Audit Committee Review The Audit Committee, with the auditor, reviewed the audited consolidated financial statements and concurred with the Directors' assessment and rationale for the going concern assumption - The Audit Committee has reviewed the financial statements and concurred with the Directors' assessment and rationale for adopting the going concern assumption[72] Changes in Board Committee Composition Effective June 27, 2025, Mr. Chu Ka Wing transitioned to Remuneration Committee Chairman, and Ms. Kwan Sin Luen was appointed Nomination Committee Chairman, in response to the revised Corporate Governance Code - Mr. Chu Ka Wing transitioned from Chairman of the Nomination Committee to Chairman of the Remuneration Committee[77] - Ms. Kwan Sin Luen was appointed Chairman of the Nomination Committee[77]