中华汽车(00026) - 2025 - 年度财报

Business Operations and Subsidiaries - The company's main business is property development and investment, with details of subsidiaries' main businesses provided in Note 10 of the financial statements[6] - The company's joint ventures and associates are detailed in Notes 11 and 12 of the financial statements as of June 30, 2024[7][8] - The company's main business operations are concentrated in Hong Kong, with key properties located at 3 Jordan Road, Kowloon, and 180 Java Road, North Point, which include residential, commercial, and parking spaces[43] - The company does not operate any manufacturing facilities or engage in property construction, resulting in minimal environmental and social impact[45] - Subsidiary Heartwell Limited holds 9,000,002 shares with 100% direct ownership, primarily engaged in investment holding[169] - Subsidiary Communication Holdings Limited holds 35,900,010 shares at HKD 10 per share, with 100% direct ownership, primarily engaged in investment holding[169] Dividends and Dividend Policy - The company declared a first interim dividend of HKD 0.10 per share and a special dividend of HKD 1.00 per share on June 25, 2024, with a second interim dividend of HKD 0.30 per share to be paid on October 17, 2024[9] - The board recommended a final dividend of HKD 0.10 per share and a special dividend of HKD 1.70 per share for the fiscal year ending June 30, 2024, subject to shareholder approval at the upcoming annual general meeting[9] - The company aims to distribute dividends three times a year, with the first interim dividend declared around February, the second interim dividend around July, and the final dividend around November following the annual general meeting[9] - The company's dividend policy balances regular dividend payments with retaining sufficient cash reserves for reinvestment to enhance shareholder value[9] - Dividends paid for the fiscal year 2024 amounted to HKD 95,082,000, consistent with the previous year's HKD 95,147,000[187] Financial Performance and Position - Rental income increased to HKD 70 million (2023: HKD 67 million), driven by improved residential occupancy rates and higher UK rental income due to a stronger GBP exchange rate[25] - Operating profit for the year rose to HKD 95 million (2023: HKD 74 million), reflecting higher rental and interest income, partially offset by exchange losses[26] - Post-tax loss attributable to shareholders was HKD 262 million (2023: HKD 155 million), primarily due to revaluation losses on investment properties[26] - Net revaluation loss on investment properties, including joint ventures, was HKD 405 million, which is non-cash and did not impact operating cash flow[26] - The company's overall financial position remains healthy despite the revaluation losses[26] - Cash and cash equivalents increased to HKD 1.212 billion as of June 30, 2024, up from HKD 765 million in 2023[27] - Net cash inflow from operating activities was HKD 29 million in 2024, compared to HKD 25 million in 2023[27] - Capital expenditure for the year was HKD 154,000, up from HKD 119,000 in 2023[29] - The company's share of equity in affiliates was HKD 3,411,295,000 as of June 30, 2024, down from HKD 3,562,711,000 in 2023[32] - The company's operating profit for the fiscal year ending June 30, 2024, was HKD 95 million, compared to HKD 74 million last year, driven by increased rental and interest income, partially offset by exchange losses[108] - The company reported an audited consolidated loss attributable to shareholders of HKD 262 million for the fiscal year ending June 30, 2024, compared to a loss of HKD 155 million last year, primarily due to revaluation losses on investment properties[108] - The company proposed a final dividend of HKD 0.10 per share and a special dividend of HKD 1.70 per share, bringing the total dividend for the year to HKD 3.20 per share, the same as last year[108] - The company's investment property valuation loss was non-cash in nature and did not impact the operating cash flow[108] - The company's overall financial position remains healthy[108] - Revenue for the year ending June 30, 2024, increased to HKD 269,550,000 from HKD 66,935,000 in 2023, representing a significant growth[125] - Financial income rose to HKD 63,600,000 in 2024, up from HKD 43,271,000 in 2023[125] - Operating profit for 2024 was HKD 94,839,000, compared to HKD 73,853,000 in 2023[125] - Loss attributable to shareholders after tax for 2024 was HKD 262,219,000, an increase from HKD 155,236,000 in 2023[125] - Basic and diluted loss per share for 2024 was HKD 5.79, compared to HKD 3.43 in 2023[125] - Total comprehensive loss for the year 2024 was HKD 264,496,000, compared to HKD 111,946,000 in 2023[126] - Total assets decreased to HKD 7,246,413,000 in 2024 from HKD 7,656,766,000 in 2023[128] - Net asset value as of June 30, 2024, was HKD 7,198,532,000, down from HKD 7,607,914,000 in 2023[128] - Equity attributable to shareholders decreased to HKD 7,198,532,000 in 2024 from HKD 7,607,914,000 in 2023[128] - Total equity decreased from HKD 7,607,914,000 to HKD 7,198,532,000, primarily due to a net loss of HKD 262,219,000 and exchange losses of HKD 234,905,000[130] - Operating cash flow increased to HKD 29,130,000 from HKD 25,089,000, driven by higher operating profit and reduced tax payments[131] - Net cash from investing activities surged to HKD 565,381,000, mainly due to a significant reduction in bank deposits with maturities over 3 months (HKD 525,407,000)[131] - Cash and cash equivalents increased by HKD 449,898,000, reaching HKD 1,211,925,000 at the end of the period[132] - Dividends paid amounted to HKD 144,613,000, slightly higher than the previous year's HKD 138,755,000[132] - Exchange rate fluctuations resulted in a loss of HKD 3,130,000, compared to a gain of HKD 20,247,000 in the previous year[132] - The company reported a net loss of HKD 262,219,000, compared to a profit in the previous year[130] - Interest income increased significantly to HKD 68,793,000 from HKD 35,659,000, reflecting higher cash balances[131] - The company's total reserves decreased by HKD 144,886,000, primarily due to dividend payments and property revaluation adjustments[130] - The company's rental income from investment properties in 2024 was HKD 69,550,000, compared to HKD 66,935,000 in 2023, showing a growth of approximately 3.9%[148][151] - The company's revenue from Hong Kong operations in 2024 was HKD 38,897,000, a 3.6% increase from HKD 37,552,000 in 2023[151] - Revenue from the UK operations in 2024 was HKD 30,653,000, up 4.3% from HKD 29,383,000 in 2023[151] - The company's share of joint venture revenue for the year was HKD 102,390,000, a slight increase from HKD 101,294,000 in 2023[149] - The company's operating profit in Hong Kong for 2024 was HKD 46,026,000, a significant increase of 37.8% from HKD 33,403,000 in 2023[151] - Operating profit in the UK for 2024 was HKD 48,813,000, up 20.7% from HKD 40,450,000 in 2023[151] - The company's total operating profit for 2024 was HKD 94,839,000, a 28.4% increase from HKD 73,853,000 in 2023[151] - The company's interest income in 2024 was HKD 66,351,000, a 50.9% increase from HKD 43,960,000 in 2023[154] - The company's total assets as of 2024 were HKD 7,297,658,000, a decrease of 5.3% from HKD 7,704,559,000 in 2023[152] - Operating profit for 2024 was HK$69.55 million, compared to HK$66.935 million in 2023, reflecting an increase of 3.9%[155] - Employee costs increased to HK$15.784 million in 2024 from HK$15.068 million in 2023, a rise of 4.75%[155] - Total remuneration for directors and the CEO in 2024 was HK$7.771 million, up from HK$8.055 million in 2023, a decrease of 3.5%[157][158] - The highest-paid employees (excluding directors and CEO) received a total remuneration of HK$2.964 million in 2024, compared to HK$2.784 million in 2023, an increase of 6.5%[160] - Hong Kong profits tax provision for 2024 was HK$3.69 million, up from HK$3.465 million in 2023, reflecting a 6.5% increase[161] - Overseas tax provision for 2024 was HK$3.97 million, compared to HK$3.54 million in 2023, an increase of 12.1%[161] - Basic and diluted loss per share for 2024 was HK$5.79, based on a net loss of HK$262.219 million and 45,276,856 weighted average shares outstanding[162] - The fair value of investment properties in Hong Kong decreased by HKD 142.16 million (142,160,000) in 2024, from HKD 1.58 billion (1,580,000,000) to HKD 1.44 billion (1,437,840,000)[166] - The fair value of investment properties in the UK decreased by HKD 29.96 million (29,957,000) in 2024, from HKD 534.61 million (534,611,000) to HKD 503.61 million (503,605,000)[166] - The total undiscounted rental income from operating leases for the next year is HKD 43.78 million (43,777,000) in 2024, compared to HKD 59.46 million (59,457,000) in 2023[168] - The total undiscounted rental income from operating leases for more than 5 years is HKD 10.77 million (10,766,000) in 2024, compared to HKD 19.16 million (19,159,000) in 2023[168] - The capital value per square foot for investment properties in Hong Kong ranges from HKD 5,200 to HKD 39,700 in 2024, compared to HKD 5,600 to HKD 44,700 in 2023[165] - The capitalization rate for investment properties in Hong Kong ranges from 2.8% to 4.6% in 2024, compared to 2.6% to 3.9% in 2023[165] - The market rent per square foot for investment properties in the UK ranges from GBP 4.42 to GBP 6.25 in 2024, compared to GBP 3.5 to GBP 3.83 in 2023[165] - The capitalization rate for investment properties in the UK ranges from 5.55% to 5.90% in 2024, compared to 4.98% to 5.62% in 2023[165] - The net book value of other properties revalued in 2002 is HKD 10.88 million (10,879,000) as of June 30, 2024, compared to HKD 10.92 million (10,917,000) in 2023[167] - The total accumulated depreciation for fixed assets as of June 30, 2024, is HKD 20.23 million (20,233,000), compared to HKD 16.87 million (16,869,000) in 2023[163] - The net liability value of the company's investment in associates increased to $1,311,181,000 in 2024 from$1,189,949,000 in 2023, reflecting a growth of 10.2%[174] - The total assets of the two associates, Windcharm Property Holdings Limited and Joyful Sincere Limited, increased to $6,800,340,000 in 2024 from$6,057,880,000 in 2023, a 12.3% increase[177] - The company's share of the associates' net liabilities increased to $1,313,832,000 in 2024 from$1,190,432,000 in 2023, a 10.4% rise[177] - The company's investment in listed equity securities in Hong Kong decreased to $11,534,000 in 2024 from$13,353,000 in 2023, a 13.6% decline[178] - The total accounts receivable, deposits, and prepayments decreased to $9,493,000 in 2024 from$11,963,000 in 2023, a 20.6% reduction[179] - The total accounts payable increased to $47,267,000 in 2024 from$45,451,000 in 2023, a 4.0% increase[182] - The company's current tax payable for Hong Kong profits tax increased to $3,978,000 in 2024 from$2,342,000 in 2023, a 69.9% rise[182] - The company's deferred tax assets increased to $147,469,000 in 2024 from$140,749,000 in 2023, a 4.8% increase[184] - Total equity decreased from HKD 2,427,408,000 in 2022 to HKD 2,112,227,000 in 2024, primarily due to dividend payouts and share repurchases[185] - Available distributable reserves as of June 30, 2024, were HKD 1,717,243,000, down from HKD 1,870,159,000 in 2023[192] - The company has no external loans or borrowings, maintaining a capital structure focused on equity and retained earnings[193] - The company's financial liabilities due within one year or on demand amounted to HKD 47,267,000, with accounts payable of HKD 450,000 and other payables of HKD 46,817,000[195] - The company's interest-bearing financial assets had an actual interest rate range of 3.70% to 5.55% in 2024, with a total value of HKD 1,274,405,000[196] - A 1% increase in interest rates would reduce the company's post-tax loss and increase retained profits by approximately HKD 12.7 million in 2024[197] - The company's foreign currency risk exposure in 2024 included USD 538,457,000 and GBP 15,077,000 in net recognized assets and liabilities[199] - A 10% increase or decrease in the GBP to HKD exchange rate would impact the company's post-tax loss and retained profits by approximately HKD 1.5 million in 2024[200] Corporate Governance and Board Activities - As of June 30, 2024, the company's directors and senior executives held a total of 7,206,843 shares, representing 15.92% of the issued shares, with Dr. Henry Yan holding the largest stake[14] - The company's directors, including Dr. Henry Yan and Anthony Grahame STOTT, are subject to re-election at the upcoming annual general meeting[12] - Lynne Jane ARNETT was appointed as an independent non-executive director on September 6, 2024, and confirmed her understanding of director responsibilities on August 27, 2024[90] - The board ensures independent perspectives by appointing at least three independent non-executive directors, with no performance-related equity compensation to maintain objectivity[91] - The nomination committee, chaired by Dr. Henry Yan, held one meeting during the fiscal year, with all members attending[92] - The board aims to maintain at least 14% female representation, with one female director currently serving, and seeks to increase this proportion when suitable candidates are identified[93] - The board of directors held five meetings during the fiscal year, with all executive and independent non-executive directors attending all five meetings[88][89] - All directors complied with the "Standard Code of Conduct for Securities Transactions by Directors of Listed Companies" during the fiscal year ending June 30, 2024[87] - The company adheres to high corporate governance standards, with only one deviation from the Corporate Governance Code during the reporting period[84] - The company promotes a corporate culture centered on integrity, sustainability, quality, and stability[85] Environmental, Social, and Governance (ESG) - The company supports low-carbon office initiatives and encourages employees to save electricity and paper, with regular reviews of electricity usage (kWh), electricity costs, and paper expenses[45] - The company's environmental, social, and governance (ESG) report is consistent with the 2023 ESG report, allowing for meaningful comparisons[46] - The board of directors is responsible for the formulation, implementation, and reporting of the company's ESG policies, as well as overseeing related ESG issues[47] - The company maintains open and