Financial Performance - Total revenue for the fiscal year ended March 31, 2023, was HKD 1,056 million, a decrease of 69.1% compared to HKD 3,418 million in 2022[10]. - Net loss for the fiscal year was HKD 153 million, compared to a profit of HKD 533 million in the previous year, representing a significant decline[10]. - Basic loss per share for the year was HKD 16 cents, down from earnings of HKD 59 cents per share in 2022[10]. - Property income and hotel revenue from joint ventures and associates amounted to HKD 965 million, a decrease of 60.7% from HKD 2,458 million in the prior year[10]. - The company did not declare any interim or final dividends for the fiscal year 2022-2023, compared to HKD 10 cents and HKD 5 cents per share in the previous year[10]. - The group's revenue decreased by 72.7% to HKD 90,800,000 due to the impact of the COVID-19 pandemic and the delivery of most units in previous years[31]. - The group recorded a gross loss of HKD 21,200,000 influenced by property inventory impairment[31]. - The net loss attributable to the company's owners was HKD 146,900,000, with a basic loss per share of HKD 0.16[31]. - The group reported a net loss attributable to owners of HKD 146,900,000, compared to a profit of HKD 566,200,000 in the previous year[36]. - The contribution from a joint venture in Macau decreased to HKD 16,800,000 from HKD 975,200,000 in the previous year due to adverse market conditions[40]. Assets and Equity - Total assets as of March 31, 2023, were HKD 4,060 million, a decrease from HKD 4,442 million in 2022[15]. - Shareholders' equity as of March 31, 2023, was HKD 3,994 million, down from HKD 4,060 million in the previous year[15]. - The fair value of the group's investment properties decreased by HKD 24,100,000 during the year[31]. - The group's bank borrowings totaled HKD 1,434.2 million as of March 31, 2023, resulting in a net asset liability ratio of 0.38, up from 0.29 in 2022[57]. - The company's distributable reserves as of March 31, 2023, amounted to HKD 658,591,000, a decrease of 60.4% from HKD 1,658,730,000 in 2022[86]. Strategic Focus and Future Plans - The company plans to announce its interim results for the fiscal year 2023-2024 in November 2023[5]. - The company is focusing on strategic investments and market expansion to recover from the recent financial downturn[10]. - Future business expansion will target markets in China, Macao, Canada, and the UK[32]. - The company plans to focus on selling remaining units of the Macao Golden Peak projects and other redevelopment projects to ensure stable revenue[32]. - The company aims to reassess business strategies and improve operational efficiency in response to increasing uncertainties[32]. Operational Challenges - The ongoing challenges include rising interest rates by the US Federal Reserve and geopolitical tensions, impacting global economic recovery[31]. - The group continues to monitor liquidity and operational funding needs closely to ensure appropriate financing arrangements are made when necessary[58]. - The group is closely monitoring competition in the property market, particularly in Hong Kong, where there is significant pressure from other developers and rising construction costs[69]. - The group may need to raise additional capital to meet property investment and development needs, with ongoing economic downturns negatively impacting property valuations and borrowing capacity[70]. Corporate Governance and Management - The company has adopted the corporate governance code and complied with all relevant provisions during the year[139]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring a minimum of one-third independent directors as per listing rules[142]. - The board held a total of four regular meetings during the year, with all directors receiving at least 14 days' notice prior to meetings[143]. - The company has established various committees, including an audit committee and a remuneration committee, to oversee specific functions and ensure effective governance[143]. - The company has implemented insurance for directors facing legal actions in the execution of their duties, ensuring adequate protection[147]. Environmental, Social, and Governance (ESG) Initiatives - The company reported a significant focus on environmental, social, and governance (ESG) initiatives, aiming to create a harmonious and sustainable community[192]. - Major environmental concerns include emissions management, waste management, and greenhouse gas emissions[200]. - Climate change management is prioritized as a significant environmental issue[200]. - Community investment initiatives are in place to enhance social contributions and environmental responsibility[198]. - The company is dedicated to compliance management and corporate governance in its interactions with regulatory bodies and government agencies[198].
德祥地产(00199) - 2023 - 年度财报