永义国际2023/2024年报

ContentsCorporate Information2Financial Highlights4President’s Statement5Management Discussion and Analysis10Biographical Details of Directors32Corporate Governance Report35Directors’ Report55Environmental, Social and Governance Report69Independent Auditor’s Report94Consolidated Statement of Profit or Loss andOther Comprehensive Income103Consolidated Statement of Financial Position106Consolidated Statement of Changes in Equity108Consolidated Statement of Cash Flows110Notes to the Consolidated Financial Statements113Financial Summary255Summary of Properties256 Easyknit International Holdings Limited2023/24 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) 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 Charles NOMINATION COMMITTEE Mr. Lau Chak Hang Charles(Chairman)Mr. Tsui Chun KongMr. Jong Koon Sang EXECUTIVE COMMITTEE Ms. Koon Ho Yan Candy(Chairman)Ms. Lui Yuk Chu 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 BANKERSHang 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 STOCK CODE 1218 1218 www.easyknit.com WEBSITE ADDRESS www.easyknit.com Financial Highlights President’s Statement Dear Shareholders, Easyknit International Holdings Limited (the “Company”, togetherwith its subsidiaries, collectively the “Group”) is committedto strategically investing in and developing quality properties,continuing to pursue new long -term grow th oppor tunitiesto strengthen its income base and delivering attractive andsustainable returns to its shareholders. FINANCIAL RESULTS 2024331227,114,000202333186,762,000140,352,00015,912,00015,912,000253,235,00013,280,000414,214,00025,341,000(i)(ii)(iii)(iv)5,655,0004,602,000 For the year ended 31 March 2024 (the “Year”), the Group’srevenue from continuing operations amounted to approximatelyHK$227,114,000 as compared with the year ended 31 March 2023(the “Previous Year”) of approximately HK$86,762,000, whichrepresented an increase of approximately HK$140,352,000. For theYear, the Group’s revenue from discontinued operation amountedto HK$nil as compared with the Previous Year of approximatelyHK$15,912,000, which represented a decrease of approximatelyHK$15,912,000. For the Year, the Group’s consolidated lossattributable to shareholders of the Company (the “Shareholders”)was approximately HK$253,235,000 as compared with thePrevious Year of a profit of HK$13,280,000. The consolidatedloss from continuing operations for the Year was approximatelyHK$ 414,214,0 0 0 as compared with profit of approximatelyHK$25,341,000 in Previous Year. The loss was mainly attributableto, among other things, (i) the write-down on properties held forsale, (ii) the write-down on properties held for development forsale, (iii) loss on change in fair value of investment propertiesand (iv) increase in finance costs. The consolidated profit fromdiscontinued operation was approximately HK$5,655,000, ascompared with a profit of approximately HK$4,602,000 for thePrevious Year. The basic and diluted loss per share from continuing anddiscontinued operations amounted to HK$3.50 and HK$4.20respectively for the Year, as compared with an earning per share ofHK$0.18 and HK$0.18 respectively for the Previous Year. 3.504.200.180.18 President’s Statement BUSINESS REVIEW During the Year, the property market in Hong Kong has been underpressure due to the sustained high interest rates and the slowpost-pandemic recovery in the economy. Following the adoption ofGovernment policies favourable to property transactions and therevival of inbound tourism favourable to the local market, togetherwith the gradual reacceleration in economic growth, these shallbode well for the property sector in Hong Kong. Property Sales 493862,981,000 During t