Financial Performance - The company reported a profit attributable to shareholders of HKD 801 million for the fiscal year, compared to a loss of HKD 884 million in the previous year, marking a significant turnaround [11]. - Revenue decreased by 17% to HKD 2,073 million from HKD 2,510 million year-on-year [7]. - The group recorded revenue of HKD 2,073,000,000 for the fiscal year, a decrease from HKD 2,510,000,000 in the previous year, while turning a profit of HKD 801,000,000 compared to a loss of HKD 884,000,000 in the prior year [20]. - Gross profit for the same period was HKD 1,967 million, down from HKD 2,427 million, reflecting a decline of 18.9% [63]. - The operating profit turned positive at HKD 819 million, compared to an operating loss of HKD 801 million in the previous year [63]. - The income from the investment portfolio for the year was HKD 1,716,000,000, down from HKD 2,209,000,000 in 2022, while net investment losses were HKD 1,516,000,000 compared to HKD 3,405,000,000 in the previous year [34]. Asset and Debt Management - Total assets increased by 8% to HKD 37,899 million, while net assets rose by 22% to HKD 19,974 million [7]. - The group’s total assets as of March 31, 2023, were approximately HKD 37,900,000,000, up from HKD 35,000,000,000 in 2022, with a net asset value of HKD 20,000,000,000 compared to HKD 16,400,000,000 in 2022 [37]. - The debt-to-equity ratio improved significantly, with net debt decreasing by 4% to HKD 15,533 million, and the debt-to-revalued asset ratio dropping from 64% to 52% [7]. - The net debt amounted to HKD 15,500,000,000, a decrease from HKD 16,200,000,000 in 2022, with a net debt to revalued net asset ratio of approximately 52% compared to 64% in the previous year [38]. - As of March 31, 2023, 70% of the debt was secured, with a net book value of HKD 22,900,000,000 in property assets pledged to banks [46]. Development Projects - The company achieved a cumulative contract sales amount of RMB 4.8 billion for a residential development project in Tongzhou, Beijing, with approximately 95% of pre-sale units delivered during the fiscal year [11]. - The company plans to launch two new development projects in the second half of 2023, including a large residential project in Hung Shui Kiu and a high-end residential project in Mid-Levels [11]. - The group is developing a residential project in Yuen Long with 1,025 units, which has recently received pre-sale approval and is expected to launch soon [28]. - The group is progressing with the redevelopment of the Empire Landmark Hotel in Vancouver, with a total floor area of 400,000 square feet, expected to be completed in the first half of 2024 [29]. - The company has increased the plot ratio for its joint residential development project in Kwu Tung by 20% to better utilize land resources [11]. Hotel and Tourism Business - The hotel business showed continuous improvement as travel restrictions were lifted, contributing positively to the overall performance [11]. - Hotel and tourism revenue increased by 120% to HKD 167,000,000, compared to HKD 76,000,000 in the previous year, indicating recovery from the pandemic [33]. - The group owns and operates five "Royal View" brand hotels located in prime areas of Hong Kong, targeting business travelers and visitors from mainland China [17]. - The group anticipates a recovery in the hotel and tourism business due to increased visitor numbers, although the extent is limited by local airlines' operational challenges [48]. Environmental, Social, and Governance (ESG) Initiatives - The group aims to integrate ESG principles into its operations and management to contribute to a more sustainable future [67]. - The group has identified key ESG issues through stakeholder engagement, focusing on reducing greenhouse gas emissions and waste management [77]. - The group reported a reduction in Scope 1 greenhouse gas emissions from 285 tons to 123 tons, a decrease of approximately 57.4% [81]. - The total energy consumption increased from 18,287,000 kWh to 19,668,000 kWh, reflecting a rise of about 7.6% [86]. - Water consumption decreased from 121,908 cubic meters to 109,761 cubic meters, a reduction of approximately 10% [86]. - The company is committed to achieving carbon neutrality by 2050 as part of its response to climate change [92]. - The company has implemented various environmental measures in property development to comply with local regulations and achieve green building certification [88]. Corporate Governance - The board consists of six executive directors and three independent non-executive directors, with the chairman and CEO being different individuals [126]. - The board held four meetings during the year, with attendance rates of 100% for most directors [131]. - The company emphasizes transparency, accountability, and fairness in its corporate governance standards [125]. - The board has reviewed its corporate governance policies and practices during the year [127]. - The company has complied with the corporate governance code, except for one instance where an independent non-executive director was unable to attend the annual general meeting [144]. Employee Management - The company employed approximately 240 staff as of March 31, 2023, down from 260 in 2022, with a compensation package aligned with job nature and experience levels [47]. - Employee turnover rate increased significantly to 77% in 2023 from 34% in 2022, with a total of 190 employees leaving the company [105]. - The average training hours per employee increased for females to 35-45 hours in 2023, while males remained at 30-40 hours [107]. - The total number of employees decreased from 256 to 241, a reduction of approximately 5.9% year-over-year [103]. - The company has provided extensive training programs for employees, including health and safety, food safety, and COVID-19 prevention measures [97].
泛海集团(00129) - 2023 - 年度财报