Financial Performance - Revenue for the year ended March 31, 2022, was HK$1,856.0 million, a decrease of 3.2% from HK$1,918.3 million in 2021[16]. - Profit attributable to owners of the parent was a loss of HK$305.2 million, compared to a profit of HK$123.9 million in 2021, representing a decline of 346.3%[16]. - Basic loss per share was HK(2.06) cents, compared to earnings of HK0.77 cent in the previous year, a decrease of 367.5%[16]. - The Group's revenue for the year ended March 31, 2022, decreased by approximately 3.2% to approximately HK$1,856.0 million, compared to approximately HK$1,918.3 million in 2021[104]. - The loss attributable to owners of the parent was approximately HK$305.2 million, a significant turnaround from a profit of approximately HK$123.9 million in 2021[109]. Assets and Liabilities - Total assets as of March 31, 2022, were HK$20.06 billion, down 1.9% from HK$20.45 billion in 2021[16]. - Net assets decreased to HK$9.60 billion from HK$9.97 billion, a decline of 3.7%[16]. - The Group's net assets as of 31 March 2022 were approximately HK$9,599.8 million, down from approximately HK$9,969.0 million in 2021[109]. - Cash resources amounted to approximately HK$1,962.8 million, a decrease from approximately HK$2,471.9 million in 2021[109]. - Total borrowings as of 31 March 2022 were approximately HK$6,859.6 million, down from approximately HK$7,172.0 million in 2021[109]. Dividends - Total dividends declared per share were HK0.1 cent, a reduction of 66.7% from HK0.3 cent in the previous year[16]. - The Board does not recommend the payment of a final dividend for the year ended 31 March 2022, compared to a final dividend of HK0.2 cent per share in 2021[105]. - Total dividends for the year ended 31 March 2022 will be HK0.1 cent per ordinary share, down from HK0.3 cent in 2021[105]. Market Environment - The company reported a significant decline in profitability, indicating challenges in the market environment[16]. - The retail and catering industry faced severe challenges in early 2022 due to the Omicron variant, resulting in negative GDP growth in the first quarter[48]. - The Hong Kong economy showed a recovery momentum in 2021, with a GDP growth of 6.4% and a 5.6% increase in local private consumption expenditure[47]. Property Development - The property development segment includes residential and commercial properties in Hong Kong and property sales in China, with significant sales from projects like "maya" and "Altissimo"[54]. - The property development segment recorded revenue of approximately HK$418.6 million, a decrease from approximately HK$534.4 million in 2021[113]. - Revenue from property sales for the WOP Group was generated only from two jointly developed projects, amounting to HK$858.7 million, down from HK$3,343.8 million in 2021[113]. - The WOP Group's residential project "Maya" has sold 323 out of 326 units, with total contracted sales amounting to approximately HK$4.2 billion as of the date of the annual report[117]. - The "Altissimo" project has sold 528 out of 547 units, with total contracted sales of approximately HK$6.2 billion as of the date of the annual report[120]. Joint Ventures and Acquisitions - A joint venture was formed with Stichting Depositary APG to develop multiple urban redevelopment projects, enhancing the Group's asset-light operation model[60]. - WOP formed a joint venture, "Parkville JV," in June 2021 to acquire shops in Tuen Mun and partnered with Jumbo Holding to acquire an eight-story carpark podium in Aberdeen, aiming to enhance rental returns and capital appreciation[61]. - The WOP Group entered into a joint venture with APG Partner in November 2021, acquiring a 50% equity interest with a maximum capital commitment of HK$2,334 million for residential property development in Hong Kong[145]. Fresh Market Operations - The fresh market and agricultural produce exchange market business recorded a revenue increase of approximately 3.3% to approximately HK$676.1 million for the year ended March 31, 2022, compared to approximately HK$654.5 million in 2021[158]. - The Group managed a total of 11 agricultural produce exchange markets in mainland China, enhancing facilities to meet stringent health measures during the pandemic[68]. - The Group operates approximately 600 stalls in Hong Kong under the "Allmart" and "Day Day Fresh" brands, and 16 fresh markets in mainland China under the "Huimin" brand[73]. E-commerce and Product Development - The Group has actively developed its e-commerce market and cross-border sales platforms, responding to increased demand for Chinese medicines and health care products due to heightened public health awareness[80][81]. - WYT has introduced pet wellness products, which have become a stable revenue source for the company[82]. Community Support - The Group donated HK$3.0 million to support anti-pandemic efforts during the fifth wave of COVID-19, aiding vulnerable communities[86]. - WYT donated 7,000 tablets of Angong Niuhuang Wan and 100,000 packets of anti-infection tea to assist the community during the pandemic[90][94]. Future Strategies - Future strategies may focus on improving operational efficiency and exploring new market opportunities to recover from the current losses[16]. - The Group plans to maintain a prudent financial management strategy and ensure sufficient cash flow amid a complex international economic environment[92].
WANG ON GROUP(01222) - 2022 - 年度财报