Financial Performance - Net assets per share increased by 6.7% to HK$ 35.1 from 2021[5] - Earnings per share rose by 0.5% to HK$ 2.13 compared to 2021[5] - Total equity increased by 6.2% to HK$ 11,227 million from 2021[5] - Revenue grew by 17.4% to HK$ 8,634 million compared to 2021[5] - Profit for the year was HK$ 693 million, reflecting a 1.2% increase from 2021[5] - Total assets reached HK$ 20,215 million, up from HK$ 18,613 million in 2021[23] - Total liabilities increased to HK$ 8,988 million from HK$ 8,044 million in 2021[23] - Dividends per share decreased by 9.1% to HK$ 0.50 from 2021[5] Operational Challenges - The Group faced significant challenges in 2022 due to the COVID-19 pandemic, with the fifth wave impacting Hong Kong's economy heavily in Q1 2022[31] - Operating costs are expected to rise due to increased upstream costs, including rising energy prices, interest rates, and inflation[31] - The construction and engineering industry experienced project delays and bidding process interruptions due to the pandemic, alongside a visible rise in raw material prices[32] - The construction industry is facing a shortage of skilled labor, which remains unresolved in the competitive market[32] Sustainability Initiatives - The Group is committed to sustainability, applying innovative technologies such as Building Information Modelling (BIM) and Design for Manufacture and Assembly (DfMA) in various projects[33] - The Group obtained its first green loan facility for the Jat Min Chuen project, which utilizes Modular Integrated Construction (MiC) methods[33] - The Group's dedication to sustainable development has been recognized, enhancing productivity and safety in its projects[33] - The Group's efforts align with Hong Kong's environmental policies and the goal of achieving carbon neutrality by 2050[33] Revenue Segments - Segment revenue from construction and engineering was HK$ 4,995 million, up from HK$ 4,616 million in 2021[23] - The Group's consolidated revenue increased by 17.4% from HK$7,353 million in 2020/2021 to HK$8,634 million for the year ended 31 March 2022[40] - Total segment revenue grew to HK$11,231 million from HK$9,850 million, a 14% increase compared to the last financial year[40] - The Construction and Engineering segment's revenue increased by 8.2% from HK$4,616 million to HK$4,996 million[41] Profitability and Costs - Segment profit before finance cost dropped by 28.6% from HK$468 million to HK$334 million due to increased competition and rising operational costs[41] - The Group reported a stable profit of HK$693 million for the year ended 31 March 2022, compared to HK$685 million in the previous year[40] - Profit attributable to the Company's shareholders for the year ended 31 March 2022 was HK$645 million, with earnings per share at HK$2.13[40] Investment and Development - The Group purchased two investment properties in the UK, including a Grade-A office building with a net internal area of approximately 30,000 square feet, leased to the British Government for 10 years[58] - The Property Development and Operations segment reported a 220% increase in revenue from HK$472 million to HK$1,511 million, and a 570% increase in profit before finance cost, net, from HK$40 million to HK$268 million[58] - The "SABLIER" project is the Group's first wholly-owned composite residential development, comprising 28 floors with a total of 144 residential units and approximately 55,000 square feet gross floor area[58] Market Conditions - The Group remains optimistic about a slow but steady global economic recovery, supported by the Hong Kong government's commitment to increase land and housing supply[33] - The anticipated rise in raw material prices is expected to persist throughout the year[32] Management and Governance - The management team includes experienced executives responsible for various sectors such as lift and escalator operations, property investment, and logistics[108][112] - The company has a strong governance structure with members actively participating in various industry councils and committees[110][112] - The management team is committed to maintaining high standards of corporate governance and public service, as evidenced by their various roles in industry associations and government committees[110][112] Financial Position and Liquidity - The Group's liquidity and financing requirements are frequently reviewed to ensure sufficient financial resources for ongoing operations and future expansion[93] - The Group's treasury policies are conservative, focusing on risk control and minimizing the cost of funds through centralized treasury activities[94] - The Group's net assets attributable to shareholders increased to HK$10,589 million as of March 31, 2022, from HK$9,930 million in 2021, driven by a profit of HK$645 million and an exchange difference of HK$131 million[89] Property Portfolio - The company holds a total of 1,200,000 sq. ft. of investment properties in Hong Kong, with a 100% interest in several commercial and industrial properties[135] - The company has a diversified property portfolio across multiple regions, including Hong Kong, Mainland China, Singapore, and the US, indicating a strategic approach to market expansion[138] - The Group's total investment properties include medical office buildings, hotels, and commercial properties across various locations, reflecting a diversified portfolio[140]
CHEVALIER INT'L(00025) - 2022 - 年度财报