Financial Performance - The company reported revenue of RMB 559.7 million for the fiscal year 2023/2024, a decrease of 9.3% from RMB 616.8 million in the previous fiscal year 2022/2023[13]. - The net loss for the fiscal year 2023/2024 was RMB 745.8 million, compared to a net loss of RMB 233.8 million in the fiscal year 2022/2023, primarily due to a decline in the fair value of certain investment properties sold for RMB 1.1 billion[13]. - The decrease in revenue was primarily due to several educational institutions and commercial tenants within the Oriental University City not renewing leases due to the economic slowdown[14]. - The company's loss widened from RMB 233.8 million to RMB 745.8 million, primarily due to fair value losses on assets classified as held for sale[31]. - The loss attributable to joint ventures increased by 10.0% from RMB 2.85 million to RMB 3.13 million, mainly due to increased losses from Axiom Properties Limited[20]. - The fair value loss on investment properties was RMB 93.81 million, significantly higher than RMB 16.84 million in the previous year, primarily due to a decrease in fair value of assets classified as held for sale[21]. - The net loss for the year was RMB 74.58 million, an increase of 219.0% from RMB 23.38 million in the previous year, primarily due to fair value losses on assets classified as held for sale[25]. - EBITDA increased by 48.9% from RMB 18.19 million to RMB 27.09 million, reflecting improved operational performance[26]. Acquisition and Expansion - The company completed the acquisition of 4 Vallees Pte Ltd in the third quarter of fiscal year 2023/2024, which is expected to expand the company's revenue base and geographical market coverage[13]. - The acquisition of 4 Vallees was completed in the third quarter of the fiscal year 2023/2024, with a final consideration adjusted to CHF 11,366,623 (approximately RMB 933.4 million)[31]. - New facilities, including a cafeteria and theater, were delivered to an existing educational institution, which will provide long-term rental income for the company[13]. - The company plans to continue optimizing its investment properties in the Oriental University City to enhance overall returns[13]. - The company is optimistic about the medium to long-term prospects for educational facility services at the Oriental University City campus, despite the economic slowdown[13]. Tax and Expenses - Property tax and land use tax decreased by 13.5% from RMB 12.15 million to RMB 10.5 million due to the sale of four plots of land totaling 62,000 square meters[16]. - Property management fees decreased by 32.9% from RMB 4.60 million to RMB 3.09 million, primarily due to reduced maintenance area after property sales[17]. - Legal and consulting fees increased by 142.0% from RMB 2.41 million to RMB 5.84 million, mainly due to increased professional fees from company activities[18]. - Interest expenses on bank borrowings increased by 10.2% from RMB 14.91 million to RMB 16.43 million due to rising bank loan rates[22]. - Current tax expenses decreased by 61.5% from RMB 12.62 million to RMB 4.86 million, as there were no land value taxes related to property sales in the current fiscal year[23]. Corporate Governance - The board of directors includes independent non-executive directors with extensive experience in finance and management, enhancing corporate governance[36][37][38]. - The financial management team has a combined experience of over 24 years in finance, accounting, and business development, ensuring robust financial oversight[39]. - The board has established various committees, including audit, risk management, and remuneration, to ensure effective oversight and strategic direction[36][37][38]. - The company has a clear timeline for the suspension of share transfer registration, reflecting its commitment to transparency and regulatory compliance[40]. - The independent auditor for the fiscal year 2023/2024 is Lixin Dehao, who will be proposed for reappointment at the 2024 annual general meeting[98]. Sustainability and Environmental Impact - The company has implemented various environmental measures, including maintaining optimal indoor temperatures and installing LED lighting systems[156]. - The company has achieved its energy consumption density reduction target of 3% before the end of the fiscal year 2024, using 2019 as the baseline year[162]. - The total energy consumption for the fiscal year 2024 is reported at 716,382.87 kWh, a decrease from 797,005.55 kWh in the fiscal year 2023, indicating a reduction of approximately 10.1%[160]. - Water consumption for the fiscal year 2024 is reported at 3,320 tons, significantly down from 7,166 tons in the fiscal year 2023, representing a reduction of approximately 53.7%[160]. - The company has maintained zero hazardous waste generation, achieving this target as of 2019[157]. Employee and Labor Relations - The total number of employees in China as of June 30, 2024, is 39, an increase from 26 in 2023[170]. - The gender composition of employees in 2024 is 26 males (67%) and 13 females (33%), compared to 16 males (62%) and 10 females (38%) in 2023[170]. - The company emphasizes employee welfare by providing a clean working environment and various paid leave options[171]. - The company has a health and safety policy in place to reduce workplace injuries and accidents[172]. - The company is committed to maintaining a diverse workforce and equal employment opportunities across different genders, age groups, and ethnicities[168]. Risk Management - The company has established a risk management system to identify, monitor, and control the impacts of climate change[166]. - The company has implemented measures to enhance building designs and structures to withstand extreme weather conditions[166]. - The board is responsible for establishing, maintaining, and reviewing the internal control and risk management systems of the group[130]. - The company has a comprehensive training program for employees across various operational areas, promoting skill development and knowledge[110]. Shareholder Engagement - Shareholders holding at least 5% of total voting rights can request the board to convene a general meeting[137]. - Shareholders with at least 5% of voting rights can propose resolutions and submit statements of up to 1,000 words for distribution to other shareholders[138]. - The company ensures equal and timely access to information for shareholders to facilitate informed decision-making[140]. Community Engagement - The group encourages employee participation in community activities, including health initiatives and environmental awareness programs[183]. - The group focuses its community investment contributions on areas such as education, environmental issues, labor needs, health, culture, and sports[190].
东方大学城控股(08067) - 2024 - 年度财报