Annual Report 2019

ANNUAL REPORT 2019 123 DIRECTORS’ REPORT FINANCIAL SUMMARY A summary of the results and of the assets and liabilities of the Group for the past five financial years is set out on page 31. DISTRIBUTABLE RESERVES In the opinion of the Directors, the reserves of the Company which are available for distribution to Shareholders at 31 March 2019 amounted to approximately HK$11,886,000 (2018: HK$28,511,000), representing the retained profits of the Company. INVESTMENT PROPERTIES The Group revalued all of its investment properties at 31 March 2019. The increase in fair value of investment properties, which has been credited directly to consolidated statement of profit or loss, amounted to HK$672,530,000. Details of these and other movements during the Year in the investment properties of the Group are set out in note 15 to the consolidated financial statements. PROPERTY, PLANT AND EQUIPMENT During the Year, the Group spent approximately HK$1,194,000,000 on development and refurbishment. Details of these and other movements during the Year in the property, plant and equipment of the Group are set out in note 16 to the consolidated financial statements. PRINCIPAL PROPERTIES Details of the principal properties of the Group at 31 March 2019 are set out on pages 268 to 293. SHARE CAPITAL Details of movements during the Year in the share capital of the Company are set out in note 37 to the consolidated financial statements. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES During the Year, the Company, through its wholly-owned subsidiary, Singford Holdings Limited, repurchased a total of 12,719,000 Shares on the Stock Exchange and details of which are as follows: Number of Shares Price per Share Aggregate consideration Month of repurchase repurchased Highest Lowest paid HK$ HK$ HK$ April 2018 4,100,000 4.56 4.29 18,419,459.60 July 2018 2,600,000 4.41 4.32 11,362,540.00 August 2018 1,100,000 4.40 4.32 4,801,300.00 September 2018 2,150,000 3.99 3.85 8,422,470.00 January 2019 2,769,000 3.53 3.29 9,509,500.00 Save as disclosed above, neither the Company nor any of its Subsidiaries has purchased, sold or redeemed any of the Company’s listed Shares during the Year. The purchase were made for the benefit of the Shareholders with a view to enhancing the net asset value and earnings per Share of the Group.