Financial Performance - For the fiscal year ending July 31, 2022, the group recorded revenue of HKD 2,515.8 million, a decrease of approximately 21.3% compared to HKD 3,196.6 million in the previous year[14]. - Property sales revenue decreased by 28.6% to HKD 1,624.7 million from HKD 2,275.5 million year-on-year[15]. - Gross profit increased by 80.3% to HKD 1,296.9 million, attributed to improved profitability in property sales[14]. - The net loss attributable to the company's owners for the year ended July 31, 2022, was approximately HKD 134.5 million, a significant decrease from HKD 539 million in the previous fiscal year, primarily due to improved property sales profitability and an increase in the fair value of investment properties[19]. - The net loss per share for the year was HKD 0.406, down from HKD 1.628 in the previous year, indicating a reduction in losses[20]. - The company's net asset value attributable to owners as of July 31, 2022, was HKD 14.606 billion, a slight decrease from HKD 15.431 billion as of July 31, 2021, with net asset value per share dropping from HKD 46.62 to HKD 44.12[23]. - The group reported an adjusted net loss of HKD 391.6 million after excluding the impact of property revaluation, compared to HKD 727.5 million in the previous year[21]. - The increase in impairment losses on properties, plants, and equipment was HKD 366.3 million for the year, compared to HKD 189.4 million in the previous year[21]. - The company reported a total equity of HKD 14,463,079,000, down from HKD 15,451,598,000 in 2021[154]. - The company reported a tax expense of HKD 561,888,000, an increase from HKD 439,414,000 in the previous year[145]. Rental Income and Portfolio - Rental income slightly decreased by 1.7% to HKD 875.1 million from HKD 890.3 million in the previous year[15]. - The rental income from the leasing portfolio of approximately 4.5 million square feet in first-tier cities and the Greater Bay Area remained stable during the fiscal year[27]. - The company expects that first-tier cities and the Greater Bay Area will continue to be the main sources of rental income growth in the coming years[27]. - The rental income from Guangzhou Li Feng Center increased by 5.1% to HKD 142.9 million, compared to HKD 136.0 million in the previous year[60]. - The rental income from the Hengqin Innovation Phase I property decreased by 28.9% to HKD 61.2 million, down from HKD 86.1 million in the previous year[60]. - The group maintained a stable rental income from its leasing portfolio in key cities such as Shanghai, Guangzhou, and Zhongshan despite challenging operating conditions[59]. - The total revenue from leasing operations for the year ended July 31, 2022, was HKD 875.1 million, a slight decrease from HKD 890.3 million for the previous year[64]. - The average rental rate for Shanghai Hong Kong Plaza was 87.2% for retail and 85.9% for office, showing a decline from 90.3% and 83.8% respectively in the previous year[60]. Property Development and Future Outlook - The group aims to enhance its property development and investment strategies in the Chinese market moving forward[8]. - Future outlook includes potential acquisitions to strengthen market position and operational capabilities[9]. - The group plans to consider timely expansion of its land reserves while managing its financial situation based on macroeconomic conditions and existing business risks[31]. - The group anticipates that the residential units and unsold serviced apartments in the Zhongshan Palm Rainbow Garden will contribute to revenue in the upcoming fiscal year[31]. - The group's property development business recorded a revenue of HKD 1,624.7 million for the year ended July 31, 2022, a decrease of 28.6% compared to HKD 2,275.5 million in the previous year[95]. - The confirmed sales were primarily driven by residential units from the Zhongshan Palm Rainbow Garden and cultural workspaces from the Hengqin Innovation Phase I[95]. - The average selling price for residential units in the Shanghai Wuliqiao project was HKD 12,911 per square foot, contributing HKD 89 million to the group's revenue[104]. - The total sales from the Zhongshan Palm Rainbow Garden included 530 high-rise residential units and 16 villa units, generating revenue of HKD 1,070.5 million[96]. Financial Management and Debt - The group reported cash on hand of approximately HKD 4,142,600,000 as of July 31, 2022, down from HKD 4,699,000,000 in the previous year, and unused loan facilities of HKD 1,984,500,000[41]. - The debt-to-equity ratio as of July 31, 2022, was 53%, an increase from 45% in the previous year, indicating a cautious approach to financial management[41]. - The net debt increased to HKD 7,797.1 million from HKD 6,889.3 million year-over-year[46]. - Total borrowings amount to HKD 11,939,700,000, an increase of HKD 351,400,000 compared to HKD 11,588,300,000 in the previous year[130]. - The net debt to equity ratio is approximately 53%, up from 45% in the previous year[130]. - Approximately 23% of borrowings are fixed-rate, while 72% are floating-rate[131]. Environmental, Social, and Governance (ESG) Initiatives - The company has received approval from the management team and the board of directors for the annual Environmental, Social, and Governance (ESG) report[169]. - The board acknowledges the importance of ESG issues for the long-term success of the business and takes overall responsibility for the management and execution of these issues[170]. - The company conducted extensive stakeholder engagement activities to ensure that significant ESG issues are relevant to its business and stakeholders[172]. - The company aims to reduce its environmental impact and has set qualitative targets for the fiscal year 2020/2021, focusing on reducing energy consumption, greenhouse gas emissions, and waste generation[182]. - The company has obtained ISO 14001:2015 environmental management system certification for its properties in Guangzhou and Shanghai during the reporting year[186]. - The company has received multiple green building certifications, including LEED Gold certification for Guangzhou Li Feng Center and LEED Gold pre-certification for Shanghai Li Feng Tian Jie Center[185]. - The company has identified tropical cyclones as the most significant climate-related risk, potentially causing substantial asset and economic losses[190]. - The company has implemented waste management procedures requiring contractors to submit waste handling plans based on the "3R" principles (Reduce, Reuse, Recycle)[197].
丽丰控股(01125) - 2022 - 年度财报