Financial Performance - For the financial year ended March 31, 2022, the Group's revenue was approximately HK$38.9 million, a significant decrease from HK$339.5 million in the previous year[12]. - Profit attributable to owners of the parent for the same period was HK$285.1 million, down from HK$466.7 million in 2021[12]. - Basic earnings per share decreased to HK1.88 cents from HK3.07 cents year-on-year[12]. - The Group's revenue for the fiscal year was approximately HK$38.9 million, a significant decrease from HK$339.5 million in the previous year, reflecting a decline of about 88.5%[35]. - Profit attributable to the owners of the parent was HK$285.1 million, down from HK$466.7 million in the prior year, representing a decrease of approximately 38.8%[35]. - The Group recognized no revenue from property development during the year, compared to approximately HK$301.3 million in 2021, with joint venture projects contributing approximately HK$858.7 million in sales recognition[73][78]. Asset Management and Investments - Total assets increased to HK$10,605.6 million from HK$10,203.1 million[12]. - Net assets rose to HK$5,183.9 million compared to HK$5,034.3 million in the previous year[12]. - The gearing ratio improved to 68.2% from 77.1% in the prior year, indicating a reduction in financial leverage[12]. - The Group aims to improve its asset management and increase investment returns by restructuring its debt and optimizing its asset portfolio[61]. - The Group's gross rental income from property investment for the financial year amounted to approximately HK$91.6 million, representing an increase of approximately 13.9% compared to HK$80.4 million in 2021[109][111]. - The Group's investment properties had a total carrying value of HK$135.1 million as of March 31, 2022, down from HK$571.2 million in the previous year[108][111]. - The Group's asset management fee income increased to approximately HK$30.8 million in the reporting year, up from HK$24.7 million in 2021, primarily due to the addition of new assets under management[125][132]. - The Group's asset management services contributed approximately 79.2% of its total revenue for the reporting year[125]. Property Development and Projects - The Group plans to actively replenish its land bank for future development of new projects and share of profits from joint ventures[29]. - The profit for the financial year was mainly driven by the delivery of jointly developed property projects[29]. - The Group launched "The Met. Azure," achieving gross contracted sales of approximately HK$1.4 billion with all units sold on the first day[37]. - The "maya" project, co-developed with CIFI, recorded contracted sales of approximately HK$4.2 billion, with 323 units sold[38]. - The "Altissimo" project, co-developed with Country Garden and China State Construction, achieved contracted sales of approximately HK$6.2 billion, with 528 units sold[39]. - The Group acquired four old building projects for redevelopment into "The Met." series, enhancing its land bank for future developments[42]. - The Group completed the acquisition of a site at Ting Yip Street, with a gross floor area of approximately 46,000 square feet, to be redeveloped as part of "The Met." series[83]. - The Group acquired full ownership of a site at Fei Fung Street, with a total site area of approximately 10,400 square feet, for redevelopment as part of "The Met." series[84]. - The Group has ongoing demolition work for several sites acquired for redevelopment as part of "The Met." series, indicating a strategic focus on expanding its property portfolio[85][86][87]. Market Conditions and Economic Outlook - The Hong Kong economy showed steady growth in 2021, with a generally buoyant residential property market despite some market uncertainties[28]. - The Group maintained a cautiously optimistic strategy towards the Hong Kong property development market, adapting to changing market conditions[28]. - The residential market is expected to see a slight increase in prices in 2022, driven by consistent demand and a low interest rate environment[60]. - Hong Kong's real GDP contracted by 4.0% year-on-year in Q1 2022, and by 3.0% on a seasonally adjusted quarter-to-quarter basis due to weak domestic and external demand amid the pandemic[158]. - The Hong Kong government launched measures such as consumption vouchers and employment support schemes to stabilize the economy in the first half of 2022[159]. Corporate Governance and Management - The company has a diverse board with members having extensive experience in various sectors, including property development, finance, and surveying[181]. - The Group's management team is composed of members with qualifications from prestigious institutions, enhancing their expertise in the industry[198]. - The company is committed to maintaining high standards of corporate governance through its independent non-executive directors[183]. - The Group's legal counsel, Mr. Ip, has been qualified as a solicitor in Hong Kong since December 1996[193]. - The executive team is focused on strategic planning and operational management to enhance property sales and leasing performance[177]. Social Responsibility and Sustainability - The Group has committed to corporate social responsibility by donating anti-pandemic supplies, benefiting over 10,000 individuals[56]. - The Group established a formal ESG Committee to implement a 5-year ESG Roadmap and participates in GRESB assessments for sustainability[168]. - The Group implemented stricter health guidelines at properties and provided rental relief to tenants affected by the pandemic[173]. - The Group is committed to innovating for a sustainable future[176].
宏安地产(01243) - 2022 - 年度财报