Financial Performance - For the year ended March 31, 2023, the Group's revenue from continuing operations was approximately HK$86,762,000, a decrease of 73.2% compared to HK$323,390,000 in the previous year[11]. - Gross profit for the year was HK$58,985,000, down 60.0% from HK$147,594,000, with a gross profit margin of 68.0%, an increase of 22.4% from 45.6%[11]. - The consolidated profit attributable to shareholders was approximately HK$29,943,000, a significant decrease of 98.9% from HK$1,009,500,000 in the previous year[19]. - Basic and diluted earnings per share were HK$0.18, down 98.6% from HK$12.46 in the previous year[11]. - Revenue from discontinued operations was approximately HK$15,912,000, a decrease of approximately 41.9% from HK$27,394,000 in the previous year[42]. - Rental income from continuing operations was approximately HK$43,255,000, representing a decrease of approximately 24.2% from HK$57,073,000 in the previous year[64]. - Revenue from property development recognized during the year was approximately HK$28,647,000, down from HK$248,576,000 in 2022[52]. - Interest income from the loan financing business from continuing operations decreased to approximately HK$13,224,000 (2022: HK$16,085,000), while a loss of approximately HK$12,302,000 was recorded for the year[88]. - Interest income from continuing operations in the loan financing business was approximately HK$13,224,000 for the year, down from HK$16,085,000 in 2022, primarily due to a decrease in outstanding loans[90]. - Interest income from loan financing decreased by 57.5% to HK$2,786,000 compared to HK$6,553,000 in 2022[137]. Assets and Liabilities - Total assets as of March 31, 2023, increased by 3.0% to HK$9,188,964,000 from HK$8,919,158,000 in the previous year[11]. - Total liabilities rose by 5.4% to HK$4,196,579,000 from HK$3,981,641,000[11]. - The net asset value per share increased to HK$67.5 from HK$66.7, reflecting a 1.2% growth[11]. - As of March 31, 2023, the Group's financial assets at fair value through profit or loss amounted to approximately HK$191,160,000, down from HK$405,674,000 in 2022[83]. - The total fair value of the Group's investments as of March 31, 2023, was approximately HK$191,160,000, representing about 2.1% of the Group's total assets[86]. - As of March 31, 2023, the gross carrying amount of loans receivable was HK$300,807,000, a decrease from HK$345,332,000 in 2022, with 39% secured by marketable securities or properties[89][91]. - The total amount of receivables after deducting cumulative impairment provisions was HK$83,854,000, compared to HK$86,702,000 in 2022, reflecting a decrease of approximately 3.9%[107]. - As of March 31, 2023, the Group's bank borrowings amounted to approximately HK$3,529,177,000, a slight decrease from HK$3,562,704,000 in 2022[145]. - The current ratio as of March 31, 2023, was approximately 3.0, down from 3.8 in the previous year[146]. - The net book value of the Group's secured assets was approximately HK$7,851,249,000 as of March 31, 2023, up from approximately HK$7,464,811,000 in 2022[154]. Property Development and Sales - The property sales for the prestigious residential project "Ayton" amounted to approximately HK$552,542,000, with 34 units and 2 car parks sold[21]. - The Group's attributable land bank in Hong Kong amounted to approximately 39,300 square feet, all under development, primarily for sale purposes[28]. - The Group plans to stimulate sales of its residential project at Waterloo Road in the second half of 2023, following the relaxation of stamp duty for first-time buyers[30]. - The overall occupancy rate of the Group's properties remained satisfactory despite the negative impact of the COVID-19 pandemic[27]. - The Group completed the disposal of a residential property in Singapore in December 2022, allowing for capital reallocation to other investment opportunities[27]. - The Chatham Road North Project is expected to be completed in late 2024, with an estimated gross floor area of approximately 41,747 square feet[55]. - A major transaction involving the disposal of a residential apartment in Singapore was approved, with a sale price of S$13,008,888 (approximately HK$76,752,400) expected to be completed on July 7, 2023[165][166]. - The Group anticipates recognizing a gain of approximately S$1,808,888 (approximately HK$10,672,400) from the aforementioned disposal[166]. Strategic Plans and Market Outlook - The Group aims to strategically invest in quality properties and pursue long-term growth opportunities to strengthen its income base[18]. - The property market in Hong Kong is expected to recover following the relaxation of epidemic prevention measures and the reopening of borders[20]. - The relaxation of anti-epidemic measures is expected to revive economic growth in Hong Kong, providing more opportunities for the Group's operations[30]. - The property market in Hong Kong is expected to be stimulated by new measures such as adjustments to the Ad Valorem Stamp Duty for first-home buyers[181]. - The reopening of borders is anticipated to support retail recovery and increase demand for commercial space in 2024[186]. - The group continues to focus on developing its existing principal businesses while exploring new opportunities for steady returns[187]. Corporate Governance and Management - The company has highlighted several risks, including the impact of Hong Kong's economic conditions on the property market and the continuous escalation of construction costs[179]. - The group has implemented a series of internal control and risk management systems to address potential risks affecting its operations[180]. - The company has no active share option schemes following the expiration of the 2012 Share Option Scheme on July 4, 2022[191]. - 雷玉珠女士为公司共同创办人，拥有超过30年的纺织行业经验[197]. - 公司董事会包括独立非执行董事，具备丰富的会计和商业经验[199][200]. - 雷女士于2006年被任命为公司副主席，参与执行委员会[197]. - 公司在上市公司准备方面有经验，涉及多个上市公司[199]. - 独立非执行董事在财务、工业和房地产领域拥有超过40年的管理经验[200]. Shareholding and Investments - Eminence completed a placing of 186,280,000 shares at HK$0.10 per share, reducing the Group's shareholding in Eminence from 74.76% to 62.30%[120][121]. - Following the completion of the Eminence Placing I, the conversion price of the 2019 convertible notes was adjusted from HK$0.25 to HK$0.24, increasing the total shares upon full conversion from 280,000,000 to 291,666,666[128]. - Eminence completed a second placing of 607,400,000 shares at HK$0.068 per share, further reducing the Group's shareholding in Eminence from 72.25% to 51.60%[130][131]. - The Group held an aggregate of 1,097,157,506 shares of Eminence after fully exercising the conversion rights under the convertible notes, representing approximately 72.25% of the total issued share capital[129]. - The company has agreed to issue up to 50,000,000 new shares at a price of HK$0.50 per share, which will dilute its stake in Gao Shan from approximately 51.60% to about 26.59%[175]. - The special general meeting for shareholders to approve the placement agreement is scheduled for July 17, 2023[176].
永义国际(01218) - 2023 - 年度财报