民生国际2023年报

CONTENTS OVERVIEW 246818214471 Corporate InformationFinancial HighlightsChairman’s StatementManagement Discussion and AnalysisProfile of Directors and Senior ManagementCorporate Governance ReportEnvironmental, Social and Governance ReportReport of the Directors FINANCIAL SECTION 88969798100103105219220 Independent Auditor’s ReportConsolidated Statement of Profit or LossConsolidated Statement of Profit or Loss and other Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsFive-Year Financial SummaryPrincipal Properties BOARD OF DIRECTORSExecutive Directors Mr. Hu Xingrong(Chairman)Mr. Huang XiaohaiMr. Jin JiangguiMr. Li Zhenyu Independent Non-Executive Directors Ms. Pau Yee LingMr. Wong Kwan KitMr. Yuen Hoi Po AUDIT COMMITTEE Mr. Wong Kwan Kit(Chairman)Ms. Pau Yee LingMr. Yuen Hoi Po REMUNERATION COMMITTEE Ms. Pau Yee Ling(Chairman)Mr. Hu XingrongMr. Huang XiaohaiMr. Wong Kwan KitMr. Yuen Hoi Po NOMINATION COMMITTEE Mr. Hu Xingrong(Chairman)Mr. Huang XiaohaiMs. Pau Yee LingMr. Wong Kwan KitMr. Yuen Hoi Po ACG, HKACG(PE) COMPANY SECRETARYMs. Ho Wing YanACG, HKACG(PE) AUTHORISED REPRESENTATIVESMr. Huang XiaohaiMs. Ho Wing Yan AUDITORSHINEWING (HK) CPA LimitedRegistered Public Interest Entity Auditor LEGAL ADVISERS As to Hong Kong lawONC Lawyers Conyers Dill & Pearman As to Bermuda lawConyers Dill & Pearman PRINCIPAL BANKERS China Construction Bank (Asia) Corporation LimitedThe Hongkong and Shanghai Banking Corporation Limited PRINCIPAL SHARE REGISTRAR MUFG Fund Services (Bermuda) Limited4th floor NorthCedar House41 Cedar AvenueHamilton HM12Bermuda MUFG Fund Services (Bermuda) Limited4th floor NorthCedar House41 Cedar AvenueHamilton HM12Bermuda HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Secretaries Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 938 LISTING INFORMATION The Stock Exchange of Hong Kong LimitedOrdinary Share (Stock Code: 938) REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda PRINCIPAL PLACE OF BUSINESS 8714AB Unit A&B, 14/F, Teda Building87 Wing Lok StreetSheung Wan, Hong Kong www.msil.com.hk COMPANY WEBSITEwww.msil.com.hk ir@msil.com.hk INVESTOR RELATIONSEmail: ir@msil.com.hk 20233312023 On behalf of the board (the “Board”) of directors (the“Directors”), I am pleased to present the result of Man SangInternational Limited (the “Company”) and its subsidiaries(collectively the “Group”) for the year ended 31 March 2023(“FY23”). PERFORMANCE 20232022201920192023 The first half of FY23 saw a resurgence of the pandemic inmany cities in the People’s Republic of China (the “PRC”)and, as a result, the continuation of the anti-pandemic policyin the country. Meanwhile, Japan maintained its strict bordercontrols. These measures adversely affected the operation ofour shopping malls and serviced apartments in Chongqingcity, the PRC, as well as that of our hotels and resorts inHokkaido, Japan. Thankfully, as the State Council of the PRCreleased the “New Ten Measures” concerning COVID-19 andthe Japanese government eased border controls and travelrestrictions regarding COVID-19 in the fourth quarter of 2022,inter-provincial travel and cross-border travel have resumed.Consequently, the business of our serviced apartments inChongqing and that of our hotels and resorts in Hokkaido,Japan have started to pick up. Both the property managementservices segment and the renovation and decoration segmentrecorded growth in FY23. The Group’s revenue for FY23 increased to HK$137,137,000,an increase of HK$20,481,000 year-on-year. The revenue ofeach segment of the Group grew to varying degrees year-on-year. 2 0 2 3137,137,00020,481,000 482,922,0002022371,735,0002 0 2 3587,601,00020223 2 3 , 1 5 3 , 0 0 0( i )193,891,000(ii)46,994,000(i i i)167,920,000 The loss attributable to equity holders of the Companyincreased to HK$482,922,000 (FY22: HK$371,735,000), andthe total comprehensive expenses for FY23 attributable to theequity holders of the Company was HK$587,601,000 (FY22:HK$323,153,000), mainly due to (i) a decrease in the fair valueof investment properties of HK$193,891,000; (ii) impairmentloss of properties held for sale of HK$46,994,000; and (iii)finance costs of HK$167,920,000. PROSPECTS 2023(i)(ii)(iii) Entering 2023, with the weakened impact of the pandemic,personal travel has resumed, consumption activities havegradually returned to normal, and the economy is headingtowards a full recovery. It is expected that the occupancyrate and room rate of the Group’s serviced apartments inChongqing city, the PRC, will hit post-COVID new highs, whileits operation of hotels and resorts in Hokkaido, Japan willfurther improve. The property management services segmentand the renovation and decoration segment will continueto provide the Group with