Revenue and Financial Performance - Revenue for the fiscal year reached HKD 423 million, a 112% increase compared to the previous year's HKD 200 million, driven by property development sales and trade business growth[7] - Revenue for the year increased by 112% to HKD 423,000,000, primarily due to the first-time recognition of property development sales from the Ningxiang project, contributing HKD 195,000,000[14] - Revenue for the year 2022 increased to HKD 423 million from HKD 200 million in 2021, representing a significant growth[172] - Gross profit for 2022 was HKD 70 million, up from HKD 32 million in 2021[172] - The company reported a net loss of HKD 105 million for 2022, compared to a net loss of HKD 58 million in 2021[172] - Loss from continuing operations for 2022 was HKD 98 million, compared to HKD 68 million in 2021[172] - Loss from discontinued operations for 2022 was HKD 7 million, compared to a profit of HKD 10 million in 2021[172] - Total comprehensive loss for 2022 was HKD 94 million, compared to HKD 54 million in 2021[174] - The company's shareholders' loss from continuing operations was HKD 90 million in 2022, compared to HKD 51 million in 2021[172] - Non-controlling interests' loss from continuing operations was HKD 8 million in 2022, compared to HKD 17 million in 2021[172] - Basic and diluted loss per share from continuing and discontinued operations was HKD 1.77 in 2022, compared to HKD 1.57 in 2021[172] - The company reported a net loss attributable to shareholders of HKD 97 million, a 13% increase from the previous year's HKD 86 million loss[7] - The company recorded a net loss attributable to shareholders of HKD 97,000,000, an increase of 13% compared to the previous year's loss of HKD 86,000,000[14] - The company reported a net loss of HKD 156 million in 2022, compared to a net loss of HKD 67 million in 2021[177] - The company reported a net loss of HKD 98,000,000 for the current year, compared to a net loss of HKD 68,000,000 in the previous year[192] Property Development Business - Property development business recorded confirmed sales revenue of approximately HKD 195 million from the Ningxiang project, contributing significantly to the revenue increase[7] - The company achieved total equity contract sales of approximately RMB 1.92 billion, with a total sales area of 222,050 square meters and an average selling price of RMB 8,700 per square meter[9] - The Ningxiang project delivered some units in early 2022, marking the first confirmed sales revenue in the property development segment[5] - The company did not acquire new land plots during the year but plans to expand land reserves and seek partnerships for future growth in property development[9] - The company's property development business expanded to 8 land parcels across 7 cities in China, with 7 ongoing projects[16] - Contract sales for the year totaled RMB 1,923,000,000, with 222,050 square meters sold at an average price of RMB 8,700 per square meter[17] - The Ningxiang project contributed RMB 160,000,000 in confirmed sales revenue, with 36,900 square meters sold at an average price of RMB 4,300 per square meter[16] - The company plans to focus on property development in China and explore overseas property development opportunities[12] - The company aims to increase land reserves through land auctions and strengthen sales efforts for ongoing property projects[12] - Total under development projects' GFA (Gross Floor Area) is approximately 1,081,500 square meters, with salable area of 898,700 square meters[18] - Completed salable area in Ningxiang project is 42,800 square meters, with 36,900 square meters sold, leaving 5,900 square meters remaining as properties held for sale[19] - Total land reserve GFA is approximately 168,300 square meters, with salable area of 135,700 square meters across 3 cities/regions[20] - The company believes property sales will recover soon due to sufficient funding sources and small-scale operations[24] - Revenue from the sale of property development units accounted for approximately 46% of the company's total revenue for the year ended March 31, 2022[164] - The company's management assessed the net realizable value of properties under development and completed properties held for sale and concluded that no impairment was necessary[163] - The company's revenue recognition for property development units is based on the fulfillment of specific conditions, including the signing of sales agreements, receipt of deposits, and customer acceptance of the properties[164] - The company's external valuation reports and management's assessment of net realizable value were reviewed by the auditors, who also evaluated the qualifications and objectivity of the external valuers[163] - The auditors conducted site visits and discussions with management to assess the progress and budget forecasts for property development projects[163] - The company's revenue recognition policies for property development units were evaluated against current accounting standards, and sample checks were performed on documents proving customer acceptance[164] - The company's current ratio decreased to 1.72 as of March 31, 2022, from 1.82 as of March 31, 2021, primarily due to increased contract liabilities and interest-bearing bank loans from the property development business in China[27] - The company added approximately RMB 1,000,000,000 (approximately HKD 1,234,000,000) in new bank loans during the year, with interest rates ranging from 4.4% to 7.5%, and the effective interest rate of the total bank loan portfolio was approximately 5.63% as of March 31, 2022[28] - The company's capital commitments for properties under development increased to HKD 2,453,000,000 as of March 31, 2022, from HKD 1,351,000,000 as of March 31, 2021[37] - The company's total book value of properties under development pledged as security for bank loan financing was HKD 2,772,000,000 as of March 31, 2022[33] - The company's property development business in China is the primary source of emissions, mainly from gasoline and diesel consumption by vehicles[142] - The company received deposits of approximately HKD 2,305,000,000 from pre-sales of properties under development as of March 31, 2022, compared to HKD 281,000,000 in the previous year[194] - The company secured bank loan financing of approximately HKD 1,729,000,000 for property development projects in China, with HKD 1,234,000,000 utilized as of March 31, 2022[195] - The remaining property development projects had a total book value of approximately HKD 4,641,000,000 as of March 31, 2022, which could be used as collateral for further bank financing[195] - The company expects to generate cash inflows from pre-sales and completed property sales within the next 12 months[194] Discontinued Operations and Asset Sales - The company sold its franchise business, generating a profit of HKD 5 million, with most proceeds reinvested into property development in China[6] - The company terminated its China IT services business to reallocate resources towards property development and other core operations[6] - The company sold Unijoy Limited for HKD 60,000,000, and the franchise business was reclassified as discontinued operations, with HKD 7,000,000 in revenue from the franchise business not included in total revenue[15] - The company terminated its China IT services business, which had not generated any revenue in the past two years[15] - Unijoy Group's terminated operations generated HKD 7 million in revenue, with a loss of HKD 7 million, partially offset by HKD 5 million gain from disposal[23] - The company sold Unijoy Group for HKD 60,000,000, with a gain of HKD 5,000,000 recognized in the consolidated income statement for the year[29] - The company sold Unijoy Limited for a consideration of HKD 60,000,000, with potential adjustments based on net asset value[75] - The sale of Unijoy Limited constituted a major transaction under the Listing Rules, requiring shareholder approval[76] - Net cash inflow from the sale of a subsidiary amounted to HKD 32 million[182] Home Appliance and Distribution Business - Emerson's home appliance and audio-visual product distribution business in the U.S. saw increased sales due to higher online shopping trends during the pandemic[10] - The China home appliance business grew despite pandemic challenges, with the company actively seeking new clients to boost revenue[10] - Emerson's revenue increased by 10% to HKD 64 million, with operating loss reduced to HKD 28 million from HKD 33 million[21] - China electrical appliances business revenue increased by 15% to HKD 164 million, but operating profit decreased to HKD 10 million from HKD 12 million[22] - Emerson's future performance remains uncertain due to COVID-19 impacts, with difficulty in assessing product demand[25] - China electrical appliances business aims to maintain scale and increase revenue through new customer acquisition while implementing cost control measures[25] - The company will continue to develop new clients for its home appliance business and stabilize its US distribution business for household and audio-visual products[12] Financial Position and Liquidity - The company's cash and bank balances increased to HKD 1,589,000,000 as of March 31, 2022, from HKD 430,000,000 as of March 31, 2021[28] - The company's gearing ratio increased to 5.85 times as of March 31, 2022, from 3.93 times as of March 31, 2021[32] - The company's inventory remained unchanged at HKD 18,000,000 as of March 31, 2022, compared to March 31, 2021[28] - The company's current ratio decreased to 1.72 as of March 31, 2022, from 1.82 as of March 31, 2021, primarily due to increased contract liabilities and interest-bearing bank loans from the property development business in China[27] - The company's short-term interest-bearing bank loans and amounts due to related parties totaled HKD 2,193,000,000, while cash and cash equivalents were HKD 1,589,000,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[161] - The company's net current assets amounted to HKD 3,868,000,000, including HKD 7,413,000,000 in properties under development for sale, of which HKD 7,119,000,000 is not expected to be realized within one year[192] - The company relies on related parties for funding, with amounts due to related parties totaling HKD 4,093,000,000 as of March 31, 2022[192] - The company's ability to continue as a going concern depends on its ability to secure sufficient financing and achieve profitability with positive operating cash flow[193] - Non-current assets increased to HKD 10 million in 2022 from HKD 6 million in 2021, driven by growth in machinery and equipment, right-of-use assets, and deferred tax assets[176] - Current assets rose significantly to HKD 9,273 million in 2022, up from HKD 6,325 million in 2021, primarily due to a substantial increase in properties under development (HKD 7,413 million) and cash and bank balances (HKD 1,589 million)[176] - Current liabilities increased to HKD 5,405 million in 2022 from HKD 3,521 million in 2021, mainly due to higher contract liabilities (HKD 2,305 million) and amounts due to related parties (HKD 1,729 million)[176] - Net current assets improved to HKD 3,868 million in 2022 compared to HKD 2,894 million in 2021, reflecting stronger liquidity[176] - Non-current liabilities grew to HKD 3,474 million in 2022 from HKD 2,402 million in 2021, largely due to increased amounts due to related parties (HKD 2,364 million) and interest-bearing bank loans (HKD 777 million)[177] - Contract liabilities increased substantially to HKD 2,305 million in 2022 from HKD 282 million in 2021, indicating strong future revenue potential[176] - Properties under development increased by HKD 1,644 million to HKD 7,413 million in 2022, reflecting ongoing investment in real estate projects[176] - Short-term deposits with original maturities over three months but less than one year decreased by HKD 195 million[182] - Restricted bank deposits increased by HKD 1,027 million[182] - Net cash generated from financing activities was HKD 1,256 million[182] - Net increase in cash and cash equivalents was HKD 294 million[182] - Cash and cash equivalents at the end of the year stood at HKD 459 million[182] Corporate Governance and Compliance - The company has compliance procedures in place to ensure adherence to applicable laws and regulations, including the Bermuda Companies Act 1981, Hong Kong Companies Ordinance, and Listing Rules[47] - The company's board of directors includes executive directors and independent non-executive directors, with their biographies provided in the annual report[57] - The company's main business is investment holding, with further details on subsidiary businesses provided in the consolidated financial statements[46] - The company's machinery and equipment changes are detailed in the consolidated financial statements[54] - The company did not recommend paying a final dividend for the year, and no interim dividend was declared[50] - The company reported a loss for the year, with details of the financial position provided in the consolidated financial statements[49] - The company has no distributable reserves as of March 31, 2022, and March 31, 2021, according to the Bermuda Companies Act 1981[54] - The company's share premium account is available for distribution in the form of fully paid bonus shares[54] - The company maintained sufficient public float as required by the Listing Rules[79] - The company's consolidated financial statements were audited by Deloitte Touche Tohmatsu[84] - The company adopted the revised Corporate Governance Code effective from January 1, 2022[86] - The Chairman and CEO roles are currently held by Mr. Tan, with plans to separate the roles if a suitable candidate is found[88] - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced decision-making process[92] - The company has established various board committees, including the Remuneration Committee, Nomination Committee, and Audit Committee, to assist in governance and decision-making[90] - The board held four meetings during the year, with all directors attending all meetings[99] - The company has a formal plan outlining matters reserved for the board, including the issuance of financial statements, dividend distributions, and major policy decisions[91] - Directors receive comprehensive induction training and ongoing professional development to ensure they are well-informed about their responsibilities and regulatory requirements[95] - The company has adopted the Model Code for Securities Transactions and confirmed that all directors complied with the code during the year[96] - The board has a clear delegation of authority to management, with specific matters reserved for board approval[91] - The company provides directors and officers with appropriate liability insurance coverage[97] - The board ensures that independent non-executive directors meet regularly without executive directors present to discuss company matters candidly[98] - The company complies with the requirement to have at least one-third of the board as independent non-executive directors, with one holding professional accounting qualifications[92] - The nomination committee consists of Mr. Tan as the chairman and two other members, Dr. Lam and Dr. Yip, all appointed since December 2, 2017, with the majority being independent non-executive directors[103] - The nomination committee is responsible for reviewing the board's structure, size, and composition annually, identifying qualified candidates for board membership, and assessing the independence of independent non-executive directors[104] - During the year, the nomination committee did not consider any director nominations but held a meeting to discuss director retirements and re-elections[105] - The remuneration committee, chaired by Dr. Lam, includes Dr. Luk and Dr. Yip, all independent non-executive directors since December 2, 2017[106] - The remuneration committee's duties include evaluating and reviewing the remuneration and benefits of directors and senior management, and ensuring no director is involved in deciding their own remuneration[107] - The company held a remuneration committee meeting to review senior management's remuneration and approved an increase in directors' fees for independent non-executive directors[108] - The audit committee, chaired by Dr. Luk, includes Dr. Lam and Dr. Yip, all independent non-executive directors since December 2, 2017[110] - The audit committee reviewed the audited consolidated financial statements and unaudited condensed interim financial statements for the six months ended September 30, 2021, and recommended the reappointment of the external auditor[111] - The company's financial statements for the year were prepared in accordance with Hong Kong Financial Reporting Standards, the Hong Kong Companies Ordinance, and the Listing Rules, ensuring a true and fair view of the company's financial position[117] - The company has established a risk management framework to address significant risks related to its business, including strategies such as retaining, reducing, avoiding, sharing, and transferring risks[119] - The company's internal control and risk management systems are designed to ensure operational effectiveness, financial reporting reliability, and compliance with applicable laws and regulations[118] - The company has adopted a Board Diversity Policy, considering factors such as gender, age, cultural and educational background, race, professional experience, skills, knowledge, and tenure[113] - The company's nomination policy outlines the principles for identifying and evaluating candidates for board appointments, emphasizing skills, experience, and diversity[115] - The company's external auditor, Deloitte Touche Tohmatsu, participated in audit committee meetings without the presence of executive directors to discuss audit and financial reporting matters[112] - The company's internal audit function is outsourced to Evergreen Enterprise Services Limited, which reviewed and assessed the company's risk management and internal control procedures during the year[120] - The company's management provides quarterly updates to the board,
敏捷控股(00186) - 2022 - 年度财报