Financial Performance - The company reported a profit attributable to equity holders of HKD 2.9 million for 2022, a significant recovery from a loss of HKD 28.2 million in 2021[2]. - Total revenue for the year was HKD 131.9 million, an increase from HKD 73.8 million in the previous year, representing an increase of approximately 78.7%[109]. - Earnings per share improved to HKD 0.005 from a loss of HKD 0.046 in 2021[2]. - The gross profit margin slightly decreased to 2.3% from 4.5% year-on-year, indicating challenges in cost management despite increased revenue[109]. - The company reported financial expenses of HKD 3.1 million for the year ending March 31, 2022, down from HKD 9.9 million in 2021, reflecting a decrease of approximately 68.7%[181]. - The company’s share of post-tax results from joint ventures was HKD 19.4 million in 2022, compared to HKD 9.5 million in 2021, representing an increase of approximately 104.2%[181]. - The company reported other income of HKD 57.9 million in 2022, compared to HKD 31.7 million in 2021, marking an increase of approximately 82.1%[185]. Dividends - The company maintained its dividend at HKD 0.24 per share, consistent with the previous year[2]. - The group declared an interim dividend of HKD 0.12 per share, totaling HKD 74.1 million, and proposed a final dividend of HKD 0.12 per share, also totaling HKD 74.1 million[10]. - The company plans to distribute a final dividend of HKD 0.02 per share, maintaining the same total dividend of HKD 0.24 per share as the previous year[109]. Assets and Liabilities - Total equity decreased by 2% to HKD 6,676.3 million from HKD 6,822.9 million in the previous year[2]. - The group's total assets less current liabilities were HKD 10,038.0 million, compared to HKD 10,086.7 million in the previous year[26]. - The group's current assets were reported at HKD 6,700.7 million, down from HKD 6,885.7 million in 2021[26]. - The group's total liabilities as of March 31, 2022, amounted to HKD 299.4 million, with accounts payable and other payables at HKD 152.3 million and loans at HKD 94.5 million[167]. - The company's total liabilities increased from HKD 52.5 million in 2021 to HKD 130.2 million in 2022, an increase of approximately 147.6%[111]. Cash Flow and Liquidity - The group’s liquidity is supported by existing cash, internally generated cash, and bank borrowings as needed[29]. - As of March 31, 2022, the group's net cash after deducting loans was HKD 1.638 billion, down from HKD 1.905 billion the previous year[30]. - Cash and cash equivalents decreased from HKD 1,980.4 million at the beginning of the year to HKD 1,652.3 million at the end of the year, a decline of approximately 16.5%[115]. - Net cash flow from operating activities showed a net outflow of HKD 110.3 million in 2022, compared to a much larger outflow of HKD 1,376.2 million in 2021[115]. Risk Management - The group has implemented risk management policies that are regularly reviewed and improved to align with market changes and regulatory requirements[34]. - The group maintains a focus on managing foreign exchange and interest rate risks, minimizing exposure to currency fluctuations[31]. - The group’s financial risk management includes maintaining sufficient cash and committed credit facilities to ensure liquidity[165]. Corporate Governance - The board of directors held four meetings and one annual general meeting during the fiscal year, with all directors confirming compliance with the securities trading standards[44]. - The board has adopted a diversity policy aiming for a balanced representation across various factors, including gender, age, and professional experience[45]. - The company has established a clear division of responsibilities between the board and management, with significant decisions made by the board[47]. - The chairman and CEO roles are currently held by the same individual, which the board believes enhances decision-making efficiency[50]. Employee and Social Responsibility - The group employs a total of 150 staff in Hong Kong and the United States, with employee expenses (excluding director remuneration) amounting to HKD 57.1 million for the fiscal year ending March 31, 2022[36]. - The group has made charitable donations totaling HKD 11,000 during the fiscal year[39]. - The group actively promotes workplace mental health, conducting workshops and providing monthly mental health information to employees[92]. - The group has established a corporate social responsibility policy to monitor and manage resource consumption, including electricity and water[88]. Environmental Initiatives - The environmental, social, and governance (ESG) report covers the fiscal year from April 1, 2021, to March 31, 2022, focusing on property development and management in Hong Kong[75]. - The group has implemented measures to reduce greenhouse gas emissions primarily caused by electricity consumption[80]. - The group has registered for green building certification for the residential development project in Ap Lei Chau, aiming for a gold rating[87]. - The group has adopted water-saving measures and improved faucet facilities to reduce water consumption[83]. Financial Reporting and Compliance - Directors are responsible for preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards[67]. - The audit committee's responsibilities include reviewing financial reporting processes and risk management systems, ensuring compliance with internal controls[54]. - The group recognizes government grants at fair value when it is reasonably assured that the grant will be received and all attached conditions will be complied with[161].
TAI CHEUNG HOLD(00088) - 2022 - 年度财报