Financial Performance - The group's revenue increased by approximately HKD 329,000 (or 1.7%) to about HKD 19,240,000 for the year ended March 31, 2023[9]. - The group recorded a loss of approximately HKD 36,227,000, compared to a profit of approximately HKD 13,485,000 in the previous year, marking a significant decline[10]. - Rental income for the year was approximately HKD 12,738,000, a decrease of about HKD 211,000 (or 1.6%) compared to the previous year[13]. - The fair value loss on investment properties was approximately HKD 41,600,000, compared to a profit of HKD 25,700,000 in the previous year[14]. - The group's investment properties had a fair value of HKD 902,600,000 as of March 31, 2023, down from HKD 944,200,000 in the previous year[14]. - The group achieved a profit of approximately HKD 9,335,000 from the leasing segment, an increase of about HKD 315,000 (or 3.5%) from the previous year[13]. - The group reported a total of HKD 101,141,000 in investments, with a fair value of HKD 59,266,000, resulting in a loss of HKD 6,782,000 and dividend income of HKD 3,446,000[25]. Dividends and Reserves - Dividend proposed for the final dividend is HKD 0.12 per share, totaling HKD 4,800,000, subject to shareholder approval[9]. - The company plans to declare an interim dividend of HKD 0.02 per share and a final dividend of HKD 0.12 per share, maintaining a stable dividend policy[124]. - As of March 31, 2023, the company's distributable reserves were HKD 643,158,542, a decrease from HKD 648,974,439 in 2022[174]. Assets and Liabilities - As of March 31, 2023, the total bank loans of the group amounted to approximately HKD 17,106,000, with all loans required to be repaid within two years[29]. - The group held cash reserves of approximately HKD 134,256,000 as of March 31, 2023, an increase from HKD 120,634,000 in the previous year[29]. - The total value of the group's investment properties was HKD 63,000,000 as of March 31, 2023, down from HKD 65,500,000 in the previous year[31]. - The market value of the group's listed securities investment portfolio was approximately HKD 121,633,000 as of March 31, 2023, down from HKD 142,862,000 in the previous year[19]. Risks and Challenges - The group faced significant risks due to rising construction material costs and financing costs for bank loans, impacting future performance[33]. - The group anticipates increased volatility in the securities market due to changing global and local economic and political factors[37]. - The group faces risks from rising interest rates, inflation, geopolitical factors, and trade tensions, which may create uncertainties for global economic recovery[49]. Corporate Governance - The group emphasizes high standards of corporate governance, ensuring transparency, independence, and accountability[57]. - The board consists of two executive directors, three non-executive directors, and three independent non-executive directors[58]. - The board held four meetings during the year, with an attendance rate of 97%[61]. - The company has established mechanisms to ensure the board receives independent opinions, which are reviewed annually[68]. - All independent non-executive directors confirmed their independence, complying with the listing rules[63]. Environmental and Social Responsibility - The company is committed to environmental protection and has established an environmental policy to mitigate negative impacts[135]. - The company has not reported any significant direct or indirect emissions or violations of environmental laws during the year[130]. - Total greenhouse gas emissions for 2023 were 8.63 tons, a slight decrease of 0.1% from 8.64 tons in 2022[138]. - The company has implemented various measures to reduce energy and paper consumption, including using energy-efficient appliances and promoting double-sided printing[138]. Employee and Workforce Management - As of March 31, 2023, the company had four employees, with total employee compensation amounting to approximately HKD 4,302,000, a slight decrease from HKD 4,313,000 in 2022[43]. - Employee turnover rate is 0%, indicating no loss of staff during the reporting period[151]. - 25% of employees received training or education during the year, maintaining the same percentage as the previous year[156]. - The company promotes equal employment opportunities and diversity among its workforce[150]. Compliance and Legal Matters - The company has complied with all relevant laws and regulations, with no confirmed violations or penalties reported for the fiscal year ending March 31, 2023[47]. - The company has not encountered any confirmed incidents of corruption or legal proceedings related to bribery during the year[161]. - The company has established procedures for handling and disclosing inside information in accordance with the Securities and Futures Ordinance[105].
永发置业(00287) - 2023 - 年度财报