永义国际2022/2023年报

ContentsCorporate Information2Financial Highlights4President’s Statement6Management Discussion and Analysis9Biographical Details of Directors31Corporate Governance Report34Directors’ Report55Environmental, Social and Governance Report69Independent Auditor’s Report93Consolidated Statement of Profit or Loss and OtherComprehensive Income99Consolidated Statement of Financial Position102Consolidated Statement of Changes in Equity104Consolidated Statement of Cash Flows106Notes to the Consolidated Financial Statements109Financial Summary274Summary of Properties276 Easyknit International Holdings Limited2022/23 Annual Report Corporate Information BOARD OF DIRECTORS Executive Directors * Ms. Koon Ho Yan Candy(President and Chief Executive Officer)Ms. Lui Yuk Chu(Vice President)Mr. Tse Wing Chiu Ricky(Vice President)* Independent Non-executive Directors Mr. Tsui Chun KongMr. Jong Koon SangMr. Lau Chak Hang Charles AUDIT COMMITTEE Mr. Tsui Chun Kong(Chairman)Mr. Jong Koon SangMr. Lau Chak Hang Charles REMUNERATION COMMITTEE * Mr. Jong Koon Sang(Chairman)Mr. Tsui Chun KongMr. Lau Chak Hang CharlesMr. Tse Wing Chiu Ricky* NOMINATION COMMITTEE * Mr. Lau Chak Hang Charles(Chairman)Mr. Tsui Chun KongMr. Jong Koon SangMr. Tse Wing Chiu Ricky* EXECUTIVE COMMITTEE **20233 31 Ms. Koon Ho Yan Candy(Chairman)Ms. Lui Yuk ChuMr. Tse Wing Chiu Ricky**Resigned on 31 March 2023 COMPANY SECRETARY Mr. Lee Po Wing AUDITOR •8835 Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditor35/F, One Pacific Place88 QueenswayHong Kong Corporate Information LEGAL ADVISERS David Norman & Co. As to Hong Kong law:David Norman & Co. As to Bermuda law:Conyers Dill & Pearman PRINCIPAL BANKERS Hang Seng Bank Limited REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda PRINCIPAL PLACE OF BUSINESS 481–48367A Block A, 7th FloorHong Kong Spinners Building, Phase 6481–483 Castle Peak RoadCheung Sha Wan, KowloonHong Kong BERMUDA PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICE MUFG Fund Services (Bermuda) Limited4th Floor North Cedar House41 Cedar AvenueHamilton HM 12Bermuda MUFG Fund Services (Bermuda) Limited4th Floor North Cedar House41 Cedar AvenueHamilton HM 12Bermuda HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Secretaries Limited17/F, Far East Finance Centre,16 Harcourt Road, Hong Kong 1218 STOCK CODE 1218 www.easyknit.com WEBSITE ADDRESS www.easyknit.com Financial Highlights Financial Highlights The gearing ratio is calculated as a ratio of total bank borrowings to totalequity. President’s Statement Dear Shareholders, Easyknit International Holdings Limited (the “Company”, togetherwith its subsidiaries, collectively the “Group”) is committed tostrategically investing in and developing quality properties, continueto pursue new long-term growth opportunities to strengthen itsincome base and to delivering attractive and sustainable returns toits shareholders. FINANCIAL RESULTS 20233 3186,762,0002022331323,390,000236,628,00015,912,00027,394,00011,482,00029,943,0001,009,500,0000.1812.46(i)51.60%61620221,676,151,000656,380,000(ii)4,602,000202229,924,000 For the year ended 31 March 2023 (the “Year”), the Group’srevenue from continuing operations amounted to approximatelyHK$86,762,000 as compared with the year ended 31 March2022 (the “Previous Year”) of approximately HK$323,390,000,which represented a decrease of approximately HK$236,628,000.For the Year, the Group’s revenue from discontinued operationamounted to approximately HK$15,912,000 as compared withthe Previous Year of approximately HK$27,39 4,0 0 0, whichrepresented a decrease of approximately HK$11,4 82,0 0 0.For the Year, the Group’s consolidated profit attributable toshareholders of the Company (the “Shareholder s”) wasapproximately HK$29,943,000 as compared with the PreviousYear of HK$1,009,500,000. The basic and diluted earnings pershare from continuing and discontinued operations amounted toHK$0.18 for the Year, as compared with HK$12.46 for the PreviousYear. The decrease in net profit was mainly attributable to, amongother things, (i) the absence of a one-off gain on bargain purchaseon acquisition of Eminence Enterprise Limited (“Eminence”, a51.60%-owned listed subsidiary of the Company, stock code:616) (2022: a one-off gain of approximately HK$1,676,151,000and offset by loss on remeasurement of interest in Eminence ofapproximately HK$656,380,000); and (ii) the consolidated profitfrom discontinued operation was approximately HK$4,602,000(2022: approximately HK$29,924,000). BUSINESS REVIEW The property market in Hong Kong has been suffered from theepidemic over the past three years. Following relax the epidemicprevention measures and the reopening the border were theturning point to strengthen the economy and property market ofHong Kong. Property Sales 342552,542,000 During the year under review, our prestigious