Financial Performance - Total revenue for the year ended March 31, 2023, was HKD 4,052,262, a decrease of 57.9% compared to HKD 9,615,923 in 2022[2] - Revenue from continuing operations was HKD 1,679,487, down 25.8% from HKD 2,262,445 in the previous year[2] - Gross profit margin decreased to 20.2%, down 9.4 percentage points from 29.6% in 2022[2] - The net profit attributable to equity holders of the parent company was HKD 699,984, a decline of 7.9% from HKD 760,200 in the prior year[2] - Basic earnings per share for the year was 6.34 HKD cents, down 32.5% from 9.39 HKD cents in 2022[2] - The total comprehensive income for the year was HKD 699,495, compared to HKD 759,124 in the previous year[7] - Customer contract revenue for the year ended March 31, 2023, was HKD 3,037,675, down 60.7% from HKD 7,730,589 in the previous year[23] - Other income, including interest income, was HKD 159,501, a decrease of 45.5% from HKD 294,416 in the previous year[20] - The group reported a pre-tax loss of HKD 19,814 for the year ended March 31, 2023, compared to a profit of HKD 804,238 for the year ended March 31, 2022[25] - The group recognized a loss of HKD 2,892 related to inventory impairment for the year ended March 31, 2023[25] - The group incurred a cost of HKD 2,468,437 for sold properties for the year ended March 31, 2023, down 53.6% from HKD 5,310,696 in the previous year[25] - The fair value gain from investment properties was HKD 151,588 for the year ended March 31, 2023, compared to HKD 148,244 in the previous year[22] - The group received government subsidies amounting to HKD 9,776, a decrease of 82.1% from HKD 54,643 in the previous year[20] - The group reported a net loss of HKD 17,911 from the disposal of financial assets for the year ended March 31, 2023, compared to a loss of HKD 25,598 in the previous year[21] - The company's total income for the year ended March 31, 2023, was HKD 699,984,000, compared to HKD 760,200,000 in 2022, indicating a decline[33] - The company incurred financing costs of HKD 9,565,000 for discontinued operations in the year ended March 31, 2023, compared to HKD 1,113,000 in 2022[30] Assets and Liabilities - Total assets as of March 31, 2023, were HKD 73,464,211, an increase from HKD 71,381,574 in 2022[10] - The debt-to-asset ratio improved to 62.6%, down from 63.8% in the previous year[2] - Non-current liabilities increased to HKD 30,779,209 thousand in 2023 from HKD 26,291,602 thousand in 2022, representing a growth of approximately 17.5%[11] - The company's net asset value decreased to HKD 42,685,002 thousand in 2023 from HKD 45,089,972 thousand in 2022, a decline of about 5.4%[12] - The group has a current cash and cash equivalents balance of HKD 25,250,000 thousand against interest-bearing liabilities of HKD 12,785,000 thousand[14] - The group's total interest-bearing debt as of March 31, 2023, was HKD 32.8308 billion, a decrease from HKD 35.9754 billion as of March 31, 2022[63] - The company's capital debt ratio was 71.0% as of March 31, 2023, compared to 69.4% as of March 31, 2022[87] - Current assets net value was HKD 11.4998 billion as of March 31, 2023 (March 31, 2022: HKD 6.4266 billion), with a current ratio of 1.28 (1.12 in 2022)[87] Cash Flow and Financing - The group has obtained available bank credit facilities amounting to HKD 23,290,000 thousand[15] - The company aims to accelerate the pre-sale and sale of properties under construction and completed properties to enhance cash flow[15] - The board believes that with appropriate plans and measures, the group will have sufficient working capital to meet its financial obligations within the next twelve months[15] - The group is actively reviewing its debt structure and negotiating with financial institutions to obtain new loans at lower costs[15] - The weighted average cost of capital decreased to 8.1%, down from 9.0% in 2022[2] - Interest-bearing debt reduced from HKD 35.98 billion to HKD 32.83 billion[47] - The group successfully secured a RMB 6 billion syndicated loan with a low interest rate of 4.7%, marking the largest single financing in the group's history[40] Operational Strategies - The group has identified potential buyers to sell certain property interests to improve liquidity levels[14] - The company is implementing measures to tighten operational expenses and control costs[15] - The company successfully launched three projects in Nanchang, Zhengzhou, and Nanning, supporting ongoing construction and operations[42] - The company is advancing digital construction with smart hardware and systems, integrating IoT and big data to enhance operational management[44] - The group plans to retain several commercial trading center shops for self-use and rental purposes, indicating a strategy for future income stability[67] - The group completed the sale of logistics assets in Xi'an, Zhengzhou, and Hefei, contributing significant cash flow to reduce liquidity pressure[59] Market and Economic Outlook - The company anticipates a gradual recovery of the domestic economy but remains cautious about the economic outlook for the next year[49] - The investment development team is focusing on project investment and construction, with progress impacted by the pandemic but expected to stabilize[51] - The group continues to monitor foreign exchange markets closely and seeks financing opportunities in the domestic capital market[90] - The group is prepared to adjust its operations in response to changes in the economic and regulatory environment affecting its business[91] Governance and Compliance - The group has adhered to the corporate governance code as per the Hong Kong Stock Exchange listing rules during the year[96] - The audit committee consists of three independent non-executive directors and one non-executive director, ensuring a majority of independent members[98] - Ernst & Young has agreed to the preliminary announcement of the consolidated financial statements for the fiscal year ending March 31, 2023, but did not provide any assurance on the preliminary announcement[99] Shareholder Information - The company proposed a final dividend of HKD 0.02 per share for the year ended March 31, 2023, with a total proposed dividend amounting to HKD 228,838,000[31] - The company will temporarily suspend shareholder registration from September 19 to September 22, 2023, for the annual general meeting[102] - The company plans to distribute the final dividend on or before December 29, 2023, pending approval at the annual general meeting[102]
华南城(01668) - 2023 - 年度业绩