Financial Performance - The company recorded a revenue of approximately HK$304,416,000 for the year ended March 31, 2022, representing a significant increase compared to HK$85,521,000 in the previous year, marking a growth of approximately 256%[13] - The overall gross profit was approximately HK$17,747,000, with a gross profit margin of 5.8%, down from 24.8% in the previous year, indicating a decrease in profitability[14] - The loss for the year was HK$145,171,000, slightly higher than the loss of HK$140,050,000 in the previous year, reflecting ongoing challenges[10] - The net asset value per share decreased to HK$3.54 from HK$4.14 in the previous year, indicating a decline in the company's asset value[10] Revenue Drivers - The increase in revenue was primarily driven by the sales of car parking spaces and completed units in the property development segment of Liuzhou Zhenghe[13] - The company's business was significantly impacted by the global COVID-19 pandemic in the preceding financial year, but operations resumed to normal with the easing of restrictions[13] - The construction works and sales offices resumed normal operations, contributing to the revenue growth in the current year[13] - Approximately 44,000 square meters of property were sold in Liuzhou Zhenghe, generating segment revenue of approximately HK$292,042,000 for the current year, compared to HK$75,733,000 in 2021[79] Impairment and Losses - The Group incurred a loss of approximately HK$145,171,000 for the current year, compared to HK$140,050,000 in 2021, primarily due to impairment losses on loan receivables, intangible assets, and properties held for sale[17] - The substantial loss was also attributed to HK$17,294,000 impairment loss on loan receivables and HK$44,773,000 on intangible assets related to the IBS settlement platform system[17] - An impairment of HK$24,373,000 was required for the platform during the year due to uncertainties associated with the ongoing conflict between Russia and Ukraine[20] - The contact lens segment recorded sales revenue of HK$2,159,000 for the year, up from HK$1,829,000 in 2021, but incurred a loss of HK$40,598,000, significantly higher than the previous year's loss of HK$13,752,000[87][90] Property Development - Zhenghe City project consists of two phases, with Phase I providing approximately 485,000 square meters of gross floor area and Phase II expected to provide an additional 513,000 square meters[29] - The total saleable area of completed properties that were unsold as of March 31, 2022, was 375,000 square meters, while the total gross floor area under development was 998,000 square meters[30] - The construction works of 36 villas were completed and sold in the past financial years, contributing to the overall sales performance[43] - The hotel building in Zone E1 has a gross floor area of approximately 31,000 square meters, with operations expected to commence in 2023[79] Financial Position - As of March 31, 2022, the Group's total assets were approximately HK$3,159,851,000, down from HK$3,363,492,000 as of March 31, 2021, representing a decrease of about 6.05%[115] - The Group recorded total equity of approximately HK$720,069,000 as of March 31, 2022, compared to HK$841,501,000 as of March 31, 2021, indicating a decline of approximately 14.4%[115] - The Group's net current assets decreased to approximately HK$130,520,000 as of March 31, 2022, from HK$289,728,000 as of March 31, 2021, a reduction of about 55.1%[115] - Total borrowings amounted to approximately HK$929,464,000 as of March 31, 2022, an increase from HK$875,888,000 as of March 31, 2021, representing a rise of about 6.1%[115] Governance and Management - The company has not officially appointed a Chairman or CEO during the year ended March 31, 2022, with responsibilities handled collectively by executive Directors[172] - The company complied with the Corporate Governance Code except for specific deviations, including the lack of a Chairman and CEO[172] - The Board believes the current management structure allows contributions from all executive Directors, benefiting the continuity of policies and strategies[173] - The Board maintained at least three independent non-executive directors throughout the year, with at least one possessing appropriate professional qualifications in accounting or related financial management expertise[183] Employee and Operational Insights - The total headcount of the Group increased to 190 employees as of March 31, 2022, up from 170 in the previous year[128] - The Group's total staff costs for the year were approximately HK$46.1 million, an increase from approximately HK$41.2 million in the previous year[128] - The Group's employee benefits include performance bonuses, medical insurance, and education subsidies to encourage continuous professional development[132] - The Group's operations are subject to extensive governmental regulations in the PRC, which may lead to changes in market conditions, including price instability and demand imbalance in the property market[135] Risk Management - The Group's financial instruments include assets measured at fair value, with risks including market risk, credit risk, and liquidity risk, as detailed in Note 36 of the consolidated financial statements[141] - The Group actively monitors changes in laws and regulations to minimize risks associated with financing and land acquisition for new developments[136] - The Group has implemented financial crime risk management activities, including adherence to anti-money laundering policies and client due diligence screening[146] - The Group acknowledges ongoing challenges in developing alternative settlement channels despite the difficulties faced[24]
国际商业结算(00147) - 2022 - 年度财报