丽新发展(00488) - 2022 - 年度财报

Financial Performance - For the fiscal year ending July 31, 2022, the group recorded revenue of HKD 5,093,700,000, a decrease from HKD 5,986,800,000 in the previous year, primarily due to reduced property sales[14]. - Gross profit for the same period was HKD 1,544,000,000, compared to HKD 1,318,000,000 in the previous year, indicating an increase in gross profit margin[14]. - Total revenue for the year ended July 31, 2022, was HKD 5,093.7 million, a decrease of 14.9% compared to HKD 5,986.8 million in 2021[16]. - The company reported a net loss attributable to shareholders of approximately HKD 1,966.9 million for the year, a slight improvement from HKD 2,088.1 million in 2021[16]. - The loss per share narrowed to HKD 2.133 from HKD 3.034 in the previous year[16]. - The company reported a revenue of HKD 5,093.7 million for the year ending July 31, 2022, a decrease of 14.9% from HKD 5,986.8 million in the previous year[56]. - Gross profit increased to HKD 1,544.0 million, resulting in a gross margin of 30%, up from 22% in the previous year[56]. - The net debt-to-equity ratio rose to 62% as of July 31, 2022, compared to 47% a year earlier[56]. - The company recorded an operating loss of HKD 1,144.3 million, with an operating loss margin of -22%[56]. - Adjusted net loss attributable to shareholders was HKD 1,671.7 million, compared to HKD 947.3 million in the previous year[56]. Property Development and Investment - The company is involved in property management and development projects, with 100% ownership in several key properties, including the Ocean One in Hong Kong[9]. - Future outlook includes continued focus on property investment and expansion in the hospitality sector, aiming to leverage existing assets for growth[12]. - The group successfully acquired three residential projects during the fiscal year, including a building in Ho Man Tin with a total construction area of approximately 46,100 square feet, providing about 79 residential units[28]. - The group plans to develop a high-quality luxury residential project on a site in Kowloon Tong with a maximum permitted construction area of approximately 71,600 square feet, offering around 46 medium to large units[28]. - Construction for the Bal Residence and Yuen Long projects is on schedule, expected to complete in Q4 2023 and Q1 2024, respectively, adding approximately 71,800 square feet and 42,200 square feet to the group's development portfolio[29]. - The group remains optimistic about the long-term prospects of the Hong Kong residential property market, driven by strong demand and limited supply[28]. - The group is actively seeking suitable land acquisition opportunities to replenish its development land reserves[28]. - The company has a total of 1,685.5 million in overall revenue from various projects, indicating a strong performance in the property development sector[127]. Rental Income and Leasing - The rental income performance of the leasing portfolio, approximately 4,500,000 square feet, remained stable for the year ending July 31, 2022[35]. - The group's rental income for the fiscal year was HKD 1,241.6 million, a decrease of 3.6% from HKD 1,287.3 million in the previous year[70]. - Rental income from Hong Kong, London, and mainland China was HKD 465.3 million, HKD 84.7 million, and HKD 691.6 million respectively[70]. - The total rental income for the Group for the year ended July 31, 2022, was HKD 465.3 million, a decrease from HKD 527.1 million in 2021, representing a decline of 11.7%[79]. - The Group's rental income from commercial properties in Cheung Sha Wan Plaza for the year ended July 31, 2022, was HKD 120.9 million, down from HKD 149.8 million in 2021, a decrease of 19.3%[79]. - The Group's rental income from office spaces in Cheung Sha Wan Plaza for the year ended July 31, 2022, was HKD 125.3 million, down from HKD 136.2 million in 2021, a decrease of 8.5%[79]. - The rental income from the joint venture with China Construction Bank for the year ended July 31, 2022, was approximately HKD 239.4 million, down from HKD 264.5 million in 2021, representing a decrease of 9.8%[77]. - The rental income from the joint venture with Imperial Group for the year ended July 31, 2022, was approximately HKD 79.4 million, an increase from HKD 56.0 million in 2021, representing an increase of 41.1%[77]. Market Outlook and Challenges - The global economic outlook has worsened, with rising recession risks due to high inflation and increased borrowing costs[22]. - The rental market is under pressure, with expectations of rising vacancy rates and suppressed rental prices due to economic uncertainties[25]. - The company anticipates continued challenges in the retail sector, with consumer sentiment likely to be affected by the economic outlook and interest rate hikes[25]. - The company plans to continue a prudent and flexible approach to expand land reserves and manage financial conditions[52]. - The company is closely monitoring the market situation in mainland China, where the Guangzhou May Flower Cinema ceased operations in October 2022 due to economic uncertainties[43]. Cinema and Entertainment Operations - The cinema operations segment saw a significant increase in revenue, rising by 81.6% to HKD 385.0 million[16]. - The cinema operations in Hong Kong are gradually recovering post-COVID-19, with a maximum capacity of 85% allowed since May 19, 2022[41]. - The company remains cautiously optimistic about long-term entertainment demand despite challenges in the business environment[41]. - The new MCL Cinemas Plus+ Hollywood Cinema opened in July 2022, with another cinema expected to start operations in Q2 2023 and a third in Q3 2023[43]. - Upcoming events include concerts featuring popular artists, which are expected to boost revenue in the coming months[47]. Corporate Governance and Compliance - The company has a strong governance structure with independent directors and a dedicated audit committee to ensure compliance and transparency[7]. - The company's public float remains below 25% of its total issued shares, and it is considering measures to restore compliance with the Hong Kong Stock Exchange listing rules[51].