Financial Performance - The gross profit for the year ended June 30, 2023, was HKD 54,752,000, a decrease of 11.4% from HKD 61,927,000 in 2022[1]. - The total comprehensive expenses for the year amounted to HKD (149,540,000), significantly higher than HKD (30,197,000) in the previous year[3]. - The pre-tax profit for the year was HKD 1,006,000, down 86.1% from HKD 7,233,000 in 2022[2]. - The company's net profit attributable to owners was HKD 7,247,000, a decline of 76.4% compared to HKD 30,684,000 in the prior year[14]. - The total revenue for the year was HKD 79,734,000, down 8.2% from HKD 86,892,000 in 2022[13]. - The financing costs increased to HKD 3,133,000 from HKD 1,857,000, representing a rise of 68.5%[1]. - The company's total equity attributable to owners was HKD 1,985,068,000, down from HKD 2,134,562,000 in 2022[7]. - The cash and cash equivalents at the end of the period were HKD 130,020,000, a decrease from HKD 188,107,000 in the previous year[17]. - The company reported a significant foreign exchange loss of HKD (156,787,000) compared to HKD (60,881,000) in the prior year[14]. - The group's overall performance showed a loss of HKD 5,513,000 in 2023 compared to a loss of HKD 38,818,000 in 2022, reflecting an improvement in financial results[32]. - The group reported an operating loss of HKD 40,365,000 in 2023, slightly better than the loss of HKD 42,257,000 in 2022[32]. - The deferred tax expense for the current year was HKD 3,663,000, compared to HKD 6,565,000 in the previous year, indicating a decrease of approximately 44.5%[35]. - The total comprehensive income for the year was impacted by a lack of taxable profits, resulting in no provision for Hong Kong profits tax[35]. Joint Ventures and Investments - The loss from joint ventures was HKD 3,449,000, a significant improvement from HKD 11,661,000 in the previous year[1]. - The group's share of losses from joint ventures was HKD 3,449,000 in 2023, down from HKD 11,661,000 in 2022, showing a significant reduction of about 70.5%[32]. - The group holds a 49% equity interest in a joint venture, with profits distributed based on the equity method, amounting to HKD 10,368,000 for the current year[64]. - The group has invested RMB 42,840,000 in a joint venture, representing 80% of the equity interest in the venture[63]. - The group’s investment cost is reported at HKD 210,790,000, with post-acquisition losses and reserves allocated at HKD (128,459,000)[61]. - The group has not recognized additional profits from the joint venture due to pending agreements with local authorities regarding land swaps[65]. Property and Rental Income - For the fiscal year ending June 30, 2023, property rental income was HKD 2,609,000, an increase from HKD 2,475,000 in 2022, representing a growth of approximately 5.4%[30]. - The group's rental income from investment properties was RMB 34,332,000 (HKD 38,505,000), down from RMB 37,222,000 (HKD 44,935,000) in the previous year, reflecting a decline due to economic downturn and reduced rental income[90]. - Rental income from the community shopping mall in Beijing was RMB 24,108,000, a decrease of approximately 10% compared to RMB 26,675,000 in the previous year, representing 34% of total revenue[111]. - The average occupancy rate of the "Yujing International Business Plaza" in Shanghai was approximately 89%, up from 87% in the previous year, with total rental income of RMB 46,986,000 (HKD 52,697,000), representing a 4% increase year-on-year[91]. - The average occupancy rate for the shopping mall in Beijing remained stable at 78%, unchanged from the previous year[111]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.005 per share for the year ending June 30, 2023, totaling HKD 1,189,000, compared to HKD 2,377,000 in 2022[37]. - The board proposed a final dividend of HKD 0.005 per share, totaling HKD 1,189,000, consistent with the previous year[57]. - The basic earnings per share for the year were HKD 0.028, down from HKD 0.131 in the previous year, with total attributable profit to shareholders of HKD 6,634,000 compared to HKD 31,152,000 previously[87]. Financial Position and Assets - The fair value of the company's investment properties was HKD 1,840,814,000 as of June 30, 2023, down from HKD 2,005,063,000 on June 30, 2022[78]. - The company's share of equity in joint ventures was HKD 82,331,000 as of June 30, 2023, a decrease from HKD 91,163,000 in the previous year[79]. - Trade receivables amounted to HKD 9,439,000 as of June 30, 2023, down from HKD 14,491,000 in the previous year, with a net allowance for credit losses of HKD 1,983,000[85]. - The company reported a debt ratio of 0% as of June 30, 2023, a significant decrease from 4.3% on June 30, 2022[77]. - The group has no bank borrowings as of June 30, 2023, compared to HKD 91,833,000 in borrowings on June 30, 2022[77]. - The group's current assets net value as of June 30, 2023, was HKD 346,741,000, significantly up from HKD 112,553,000 on June 30, 2022, with a current ratio of 3.82 compared to 1.48 the previous year[118]. Market Outlook and Strategies - The group anticipates that the Chinese government will implement urgent policies and aggressive monetary measures to stabilize the economy, which will support leasing activities in the office and retail sectors[99]. - The Shenzhen real estate market is expected to recover and maintain optimism due to strong economic fundamentals and favorable government policies aimed at promoting healthy development in the real estate sector[101]. - The group plans to actively adjust leasing and promotional strategies to maintain occupancy rates and regular income amid a recovering retail market in Beijing[120]. - In Shanghai, the group anticipates a prolonged recovery in leasing activity, with continued soft demand for office rentals in core business districts[121]. - The group is implementing competitive leasing strategies to attract new tenants and retain existing ones[120][121]. Governance and Compliance - The company has adhered to corporate governance principles as per the listing rules throughout the year[108]. - The company has not adopted new accounting standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[24]. - The group’s financial statements are prepared in accordance with Hong Kong Accounting Standard 8, with no significant impact expected from the recent amendments[47].
达力集团(00029) - 2023 - 年度业绩