Summary of Conference Call Transcript Company or Industry Involved - The discussion pertains to a company involved in long-term stable dividend support and investment considerations. Core Points and Arguments - The company emphasizes the importance of maintaining a long-term stable dividend, indicating a commitment to shareholder returns [1] - There is a mention of a recent decline in price, raising questions about the overall investment amount and its implications for future investments [1] Other Important but Possibly Overlooked Content - The dialogue suggests a cautious approach to investment, reflecting on current market conditions and their potential impact on financial strategies [1]

Summary of Conference Call Company/Industry Involved - The document discusses a company that has experienced a rise in interest rates. Core Points and Arguments - The interest rate has increased by approximately 1.2% [1] - There has been a slight decrease in recent comparisons to 2023 [1] Other Important but Possibly Overlooked Content - No additional significant details or insights were provided in the document.

Financial Performance - For the fiscal year ending March 31, 2024, the group achieved revenue of approximately HKD 10,200,000,000, an increase of 57.5% compared to the fiscal year ending March 31, 2023[3]. - The group recorded a revenue increase of 57.5% to approximately HKD 10,200,000,000 compared to the fiscal year 2023[9]. - The group recorded revenue of HKD 10,203,679,000 for the year ended March 31, 2024, compared to HKD 6,478,958,000 for the previous year, representing a significant increase[14]. - The group's profit for the year was HKD 450,701,000, an increase from HKD 380,212,000 in the previous year[15]. - Basic earnings per share increased to HKD 8.2 from HKD 6.4 year-on-year[14]. - Adjusted cash profit increased by 35.5% to approximately HKD 780,000,000 for fiscal year 2024[9]. - Adjusted gross profit (non-GAAP financial measure) rose by 61.4% to approximately HKD 3,200,000,000, up from HKD 2,000,000,000 in fiscal year 2023[55]. - The company's net asset value decreased to HKD 14,871,344 thousand in 2024 from HKD 15,648,212 thousand in 2023, a decline of about 4.9%[18]. - The adjusted net asset value per share decreased by 7.7% from HKD 11.53 on March 31, 2023, to HKD 10.77 on March 31, 2024[11]. Revenue Segmentation - The property development segment contributed approximately HKD 6,834,000,000 in revenue, representing a 91.6% increase from HKD 3,566,000,000 in the previous fiscal year[3]. - The hotel business revenue grew by 31.2% year-on-year to approximately HKD 2,031,000,000, driven by increased demand following the easing of travel restrictions[5]. - The group's gaming business revenue for fiscal year 2024 was approximately HKD 402,000,000, reflecting a year-on-year increase of 3.1%[8]. - The group's parking business revenue was approximately HKD 732,000,000, a slight decrease of 3.0% due to unfavorable foreign exchange movements[7]. - Property development revenue for Australia increased significantly to HKD 4,115,080, up from HKD 510,178 in the previous year, representing a growth of over 705%[23]. - The hotel business generated revenue of HKD 2,031,147, up from HKD 1,547,965, reflecting a growth of about 31%[23]. Asset Management and Liabilities - The group's adjusted net asset liability ratio was 68.1% as of March 31, 2024, indicating a focus on managing capital structure[10]. - As of March 31, 2024, the group's net debt decreased by HKD 2,900,000,000 to approximately HKD 22,800,000,000, compared to HKD 25,700,000,000 as of March 31, 2023[11]. - The group's current assets as of March 31, 2024, amounted to approximately HKD 4,900,000,000, providing adequate cash and securities levels[11]. - The company's total assets decreased to HKD 47,261,297 in 2024 from HKD 53,422,780 in 2023, a reduction of approximately 11.5%[34]. - The company's equity attributable to shareholders decreased to HKD 11,679,965 thousand in 2024 from HKD 12,355,165 thousand in 2023, a decline of about 5.5%[18]. Capital Expenditure and Investments - The group's capital expenditure for the fiscal year 2024 is approximately HKD 1,413,000,000, primarily for hotel acquisitions and developments in Hong Kong and the UK[80]. - The group has secured a partnership for a development project in Greater Manchester, with an estimated cost of GBP 300,000,000[83]. - The company plans to sell a parking lot in the UK for approximately GBP 17,240,000 (approximately HKD 169,000,000), expecting to record revenue of about GBP 220,000 (approximately HKD 2,152,000) in the first half of the 2025 fiscal year[12]. - The company has multiple development projects upcoming, including the Park Lane in Hong Kong and 640 Bourke Street in Melbourne, with a total expected development value of approximately HKD 10,400,000,000[68]. Market Expansion and Future Projects - The company is focusing on market expansion with multiple projects in the UK, Australia, and Southeast Asia, indicating a strategic growth approach[89]. - The company plans to launch several projects in FY2025, including developments in Hong Kong and Melbourne, Australia, to expand its project portfolio[135]. - The company has ongoing projects in various locations, including 4,087 square feet in Melbourne and 526 million in Singapore, with completion expected in fiscal year 2025[88]. - The company plans to open a flagship hotel in Hong Kong with 373 rooms in the second half of fiscal year 2024, enhancing its competitive advantage in the local market[118]. Operational Efficiency and Strategy - The group aims to enhance its operational efficiency and reduce leverage while maintaining high-quality customer service[7]. - The company is currently evaluating the financial impact of the land sale transaction[51]. - The company is focused on improving operational efficiency and implementing cost-saving measures to stabilize parking revenue growth[127]. - The company plans to optimize funding costs by converting certain bank borrowings into RMB to reduce financing expenses[71]. Corporate Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the accounting principles and financial reporting for the fiscal year ending March 31, 2024[148]. - Deloitte has acknowledged the consolidated financial statements for the fiscal year ending March 31, 2024, as approved by the board on June 27, 2024[149]. - The company has adhered to corporate governance codes, with the current structure believed to provide strong and consistent leadership[147].

Financial Performance - The company reported a revenue increase of 108% to approximately HKD 6,300,000,000 for the first half of the fiscal year 2024 compared to the same period in fiscal year 2023[18]. - The company's net profit attributable to shareholders for the first half of fiscal year 2024 was HKD 232,000,000, a decrease of 59.3% compared to HKD 571,000,000 in the same period last year[44]. - Adjusted cash profit for the first half of fiscal year 2024 was approximately HKD 507,000,000, down 43.5% from HKD 897,000,000 in the previous year[44]. - The adjusted cash profit margin (non-GAAP) decreased to 8.0% in the first half of fiscal year 2024 from 29.6% in the same period of fiscal year 2023[138]. - The company reported a profit before tax of HKD 537 million, down from HKD 860 million year-on-year, reflecting a decrease of 37.5%[163]. - The total comprehensive income for the period was HKD (1,100,484,000), reflecting a significant decline from the previous total of HKD 2,338,553,000[169]. - The company reported a significant foreign exchange loss of HKD 1,033,433 for the period, compared to a loss of HKD 2,705,156 in the previous year[164]. Property Development - Property development revenue surged by 217.1% to approximately HKD 4,700,000,000, driven by strong settlements and deliveries in Melbourne West Side Place[19]. - The cumulative pre-sold value and contracted sales of properties under development amounted to approximately HKD 14,100,000,000 as of September 30, 2023[20]. - The company anticipates launching a residential project in Kai Tak, Hong Kong, with a total development value of approximately HKD 6,600,000,000 in fiscal year 2025[20]. - The company has several projects expected to complete in the fiscal year 2025, including Queen's Wharf Residences (Fourth Tower) in Brisbane with an attributable pre-sale value of HKD 1,476 million[68]. - The company has ongoing developments in various locations, including Perth Hub with an attributable pre-sale value of HKD 533 million, and Aspen at Consort Place in London with HKD 1,555 million[68]. Hotel Operations - The group's hotel business revenue increased by 3.4% to approximately HKD 942,000,000, driven by the opening of two new hotels and improved demand in mainland China and Hong Kong[21]. - The total hotel operating and management revenue for the group in the first half of fiscal year 2024 was approximately HKD 882 million, stable compared to HKD 854 million in the same period of fiscal year 2023[110]. - Overall occupancy rate increased by 12.6 percentage points to approximately 73.6%, while average room rate decreased by 23% to approximately HKD 747, resulting in a 7% decline in average revenue per room to approximately HKD 550[110]. - In mainland China, hotel performance improved significantly, with occupancy rate rising to 69.7% and average room rate increasing by 52.2% to RMB 376, leading to a 118.3% increase in average revenue per room to RMB 262[114]. Financing and Debt Management - The company successfully issued AUD 507 million RMBS bonds priced in Australian dollars under the Coventry Bond Trust 2023-1[8]. - The company raised HKD 300 million through a sustainable performance-linked loan financing for a three-year term[8]. - The company has secured additional financing of approximately HKD 1.08 billion for ongoing development projects in Australia, Hong Kong, and the UK[55]. - The average interest rate on bank loans increased from 2.74% in the first half of the 2023 fiscal year to 6.74% in the first half of the 2024 fiscal year, with 85.7% of bank loans having floating rates[54]. - The company plans to actively manage its debt levels and financing costs by selling non-core assets and refinancing in the banking market[130]. Awards and Recognition - The company received three awards at the 2023 Hong Kong Investor Relations Awards[8]. - The company won three awards at the inaugural Hong Kong and International Real Estate Awards 2023[12]. Strategic Initiatives - The company obtained approval from the Stock Exchange to potentially spin off its Czech gaming business and hotel operations in Germany and Austria for independent listing[10]. - The company has partnered with THEi to cultivate medicinal herbs at the donated Chinese medicine research farm "De Gen Sheng Yuan" to educate the community about Chinese medicine practices[10]. - The group plans to enhance its property portfolio by introducing new parking facilities while strategically divesting from mature parking lots[25]. Market Expansion - The group has been selected as the preferred bidder for a development partnership with Greater Manchester Combined Authority and Trafford Metropolitan Borough Council[11]. - The group is actively seeking new parking management contracts in Australia, Hungary, Malaysia, the UK, and New Zealand to expand its business portfolio[38]. - The group is planning new developments in various regions, including the Network Rail project in Red Bank with an expected development value of HKD 5,986 million[71].

Revenue Growth - For the six months ended September 30, 2023, the group's revenue increased by 108% to approximately HKD 6,300,000,000 compared to the six months ended September 30, 2022[2]. - Revenue for the six months was HKD 6,295,000,000, up 108.5% from HKD 3,025,979,000 year-over-year[12]. - The total revenue from property development for the six months ended September 30, 2023, was HKD 4,746,047,000, with a profit of HKD 855,168,000[23]. - The group's hotel business revenue increased by 3.4% to approximately HKD 942 million in the first half of the fiscal year 2023, driven by the opening of two new hotels and improved demand in mainland China[4]. - The gaming business revenue grew by 14.0% year-on-year to approximately HKD 151 million (excluding gaming tax) in the first half of the fiscal year 2024, indicating a recovery from the pandemic[4]. Property Development - The property development segment recorded a revenue increase of 217.1% to approximately HKD 4,700,000,000 due to the completion and delivery of Melbourne West Side Place[3]. - As of September 30, 2023, the cumulative pre-sold value and contracted sales of properties under development amounted to approximately HKD 14,100,000,000[3]. - The group expects significant cash flow and revenue from multiple milestone projects scheduled for completion in fiscal year 2025[3]. - The group plans to launch the Kai Tak residential project in Hong Kong in the fiscal year 2025, with an estimated total development value of approximately HKD 6,600,000,000[3]. - The group has confirmed pre-sales totaling approximately HKD 14,100,000,000, with projects expected to be completed before the fiscal year 2025[62]. Financial Performance - Net profit attributable to shareholders decreased by 59.3% to approximately HKD 232 million, while adjusted cash profit fell by 43.5% to approximately HKD 507 million[5]. - The company's basic earnings per share dropped to HKD 8.6 from HKD 21.4, reflecting the decline in profitability[12]. - The adjusted net asset value per share decreased by 4.5% to HKD 11.14 as of September 30, 2023[6]. - The group reported a total profit before tax for the six months ended September 30, 2023, of HKD 537,422,000, compared to HKD 860,373,000 in the previous year[29]. - Adjusted net profit attributable to shareholders for the six months ended September 30, 2023, was HKD 232,238,000, a decrease from HKD 570,533,000 in the same period of 2022[137]. Asset Management - The total assets as of September 30, 2023, were HKD 29,846,273,000, compared to HKD 28,508,607,000 as of March 31, 2023, showing growth in asset base[15]. - The group maintained an adjusted net asset liability ratio of 73.2% as of September 30, 2023[5]. - The total estimated value of investment properties as of September 30, 2023, is approximately HKD 8.5 billion, up from HKD 8.1 billion as of March 31, 2023[105]. - The adjusted total assets value after accounting for hotel revaluation surplus was HKD 67,931,000,000 as of September 30, 2023, compared to HKD 72,659,000,000 as of March 31, 2023[138]. - The group has unsold residential inventory valued at HKD 7,200,000,000, which can be used as collateral for further bank borrowing[68]. Debt Management - The group continues to execute a strategy of actively divesting non-core assets to reinvest in higher internal rate of return projects[3]. - The group raised HKD 300 million through a sustainable performance-linked loan in July 2023, aimed at promoting green financing initiatives[6]. - The group is actively managing its debt levels and financing costs through asset sales and refinancing strategies[128]. - The net debt ratio was 73.2% as of September 30, 2023, compared to 73.8% as of March 31, 2023[59]. - The group has confirmed pre-sales totaling approximately HKD 14,100,000,000, providing a strong outlook for future revenue[129]. Hotel Operations - The hotel operations and management revenue for the first half of fiscal year 2024 was approximately HKD 882 million, stable compared to HKD 854 million in the same period of fiscal year 2023[110]. - The company opened the Melbourne Ritz Carlton Hotel on March 23, 2023, with 257 rooms, and the Melbourne Dorsett Hotel on April 18, 2023, with 316 rooms[106]. - The occupancy rate in Hong Kong rose by 15.5 percentage points to approximately 86.8%, while average room rent fell by 43% to approximately HKD 702[111]. - The company expects improved hotel performance in the second half of fiscal year 2024 due to various measures to stimulate the tourism industry[110]. - The hotel portfolio consists of 33 hotels with approximately 8,700 rooms across various regions, including China, Hong Kong, Malaysia, Singapore, Australia, the UK, and continental Europe[106]. Gaming Business - The group plans to relaunch its online gaming brand "Palasino" in Malta and has submitted a listing application for Palasino shares on the Hong Kong Stock Exchange[4]. - The gaming business under Palasino Group continues to grow, with plans to separate and independently list the gaming and hotel operations[8]. - Palasino Group's gaming revenue in the Czech Republic increased by approximately 14.0% to about HKD 151,000,000 in the first half of the fiscal year 2024 compared to the same period in fiscal year 2023[120]. - The number of slot machines increased from 492 to 568, while the number of gaming tables decreased from 65 to 62 year-over-year as of September 30, 2023[121]. - The gaming table win rate improved to 22.2% in the first half of fiscal year 2024 from 21.4% in the previous year[121]. Strategic Initiatives - The group is actively seeking new parking management contracts in Australia, Hungary, Malaysia, the UK, and New Zealand to further expand its business portfolio[8]. - The group has established a partnership with Manchester City Council for a development project at the former Manchester Police Headquarters, with an estimated cost of GBP 300 million[77]. - The group is exploring opportunities to convert the Monument project into a rental scheme, with discussions ongoing[85]. - The company plans to continue engaging with investors for future projects in Shanghai and the UK[128]. - The group is committed to an active investment strategy to realize asset value and ensure financial stability[68].

Corporate Social Responsibility - The company donated HKD 1,500,000 and 40,000 square feet of farmland to the Hong Kong Institute of Higher Education for the construction of a Chinese medicine research center[8]. - The company has been involved in various charitable and community contributions, reflecting its commitment to social responsibility[53]. - The company has received multiple awards in Singapore, including the "National Philanthropy Service Gold Award 2022" and "Outstanding Star Award 2022" from the Singapore Hotel Association[183]. Business Expansion and Development - The company successfully launched a new apartment hotel brand, Dao by Dorsett, in West London, UK[8]. - The company completed the acquisition of the large mixed-use development project Vauxhall Square in the UK from R&F Properties, providing a buyback option[8]. - The company successfully acquired development rights for a site in Sai Ying Pun, Hong Kong, from the Urban Renewal Authority[8]. - The company launched a residential project in Manchester, UK, named Collyhurst Village[8]. - The company plans to launch a residential project in Kai Tak, Hong Kong, in the fiscal year 2024, with an expected total development value of approximately HKD 6,600,000,000[29]. - The company is exploring opportunities to spin off and independently list its gaming and hotel business in the capital markets to fully unlock its potential[35]. - The company is focused on maintaining cost control while seeking investment opportunities to drive growth[50]. - The company is expanding its hotel business in various regions, including China, Singapore, and Australia[186]. Financial Performance - The company reported a revenue of HKD 6,346 million for the fiscal year 2023, reflecting a decrease of 1.9% compared to the previous year[12]. - The adjusted cash profit for the fiscal year 2023 was HKD 576 million, with an adjusted cash profit margin of 9.1%[12]. - The company’s cash and investment securities stood at HKD 6,545 million as of March 31, 2023, showing a compound annual growth rate of -1.9%[20]. - The company’s adjusted net asset liability ratio increased to 73.8% in fiscal year 2023, compared to 57.9% in fiscal year 2022[20]. - The company recorded a total revenue of HKD 3,600,000,000 from property development in the fiscal year 2023, with a cumulative pre-sale and unrecognized contracted sales amounting to approximately HKD 18,700,000,000[30]. - The company maintained a profit attributable to shareholders of approximately HKD 172,000,000 for fiscal year 2023[72]. - The net profit attributable to shareholders for fiscal year 2023 was HKD 172,185,000, significantly lower than HKD 1,300,381,000 in fiscal year 2022[161]. Awards and Recognition - The company was awarded "Best CEO in Hong Kong" and "Best Small Company" at the 2022 Asia's Best Companies Awards[8]. - The company received multiple awards, including "Best CEO" and "Best CFO" at the 2022 Asia Excellence Awards, highlighting its strong leadership and investor relations[11]. - The company was recognized with a bronze award in the traditional annual report category at the 2022 ARC Annual Report Awards[8]. - The company has received multiple awards for corporate governance and investor relations, including "Best Investor Relations Company" and "Best Annual Report" at the Hong Kong Investor Relations Association Awards[48]. Real Estate and Property Development - The company completed the West Side Place development project in Melbourne, which includes the Ritz-Carlton Hotel, Dorsett Hotel, over 1,500 residential units, and some commercial space[29]. - The company has a diversified portfolio of residential property development projects across Australia, mainland China, Hong Kong, Singapore, Malaysia, and the UK, focusing on the mass residential market[94]. - The total expected attributable development value for active residential property development projects as of March 31, 2023, is approximately HKD 61,500 million[97]. - The company holds a 50% interest in several key development projects, including the West Side Place and the Towers at Elizabeth Quay[103]. - The company is exploring opportunities to convert certain projects into "build-to-rent" schemes, with discussions ongoing[104]. Hotel Operations - The company opened two new hotel properties in the fiscal year 2023, including Dao by Dorsett West London and the Ritz-Carlton Hotel in Melbourne, adding a total of 331 rooms[32]. - The hotel business revenue increased by 7.4% year-on-year to approximately HKD 1,509,043,000, with an adjusted gross profit margin of 51.6%[71]. - The average occupancy rate in Hong Kong for the fiscal year 2023 was 64.7%, down from 77.1% in the previous year[131]. - The company plans to open a new Dao by Dorsett hotel in Hornsey, UK by the end of 2023, along with additional hotels in Hong Kong and Australia in the coming years[133]. Debt and Financing - The company raised HKD 700,000,000 through a five-year sustainability-linked loan financing in Hong Kong[11]. - The total amount of bank loans, notes, and bonds as of March 31, 2023, is approximately HKD 32,300,000,000, an increase of HKD 1,079,000,000 or 3.5% compared to the previous year[79]. - The net debt ratio increased to 73.8% as of March 31, 2023, compared to 57.9% in the previous year[75]. - The average interest rate on bank loans increased from 2.22% in the fiscal year 2022 to 3.87% in the fiscal year 2023[81]. Future Outlook - The company remains optimistic about the fiscal year 2024, driven by ongoing investment strategies and gradual global economic recovery[50]. - The company anticipates significant cash flow generation from the West Side Place project in the coming year due to strong pre-sale responses[105]. - The company expects to continue strong settlements from West Side Place, which will significantly reduce debt levels and the debt-to-equity ratio[45]. - The company is cautious about ongoing risks such as labor shortages in the global hotel industry, inflation, rising interest rates, and geopolitical uncertainties[132].

Revenue and Financial Performance - The company recorded a revenue of approximately HKD 6,300,000,000 for the fiscal year ending March 31, 2023, representing a 7.6% increase compared to the previous fiscal year[4]. - Adjusted revenue (non-GAAP) was approximately HKD 6,900,000,000 after accounting for the share of a joint venture's sales in Australia, which amounted to approximately AUD 95,000,000 (equivalent to about HKD 527,000,000)[4]. - The company's revenue for the year ended March 31, 2023, was HKD 6,345,861, an increase of 7.6% from HKD 5,895,636 in the previous year[17]. - The total revenue for the year 2023 was HKD 6,345,861,000, an increase from HKD 5,895,636,000 in 2022, representing a growth of approximately 7.6%[30]. - The total revenue from the sale of properties and construction contracts amounted to HKD 2,882,961,000 in 2023, compared to HKD 2,266,417,000 in 2022, indicating an increase of about 27.2%[41]. - The group achieved a settlement amount of approximately AUD 368 million (equivalent to about HKD 1,936 million) from the West Side Place project, which was completed in early April 2023[65]. - The total revenue from hotel operations and management for the fiscal year 2023 was approximately HKD 1,411 million, an increase of 4.0% from HKD 1,357 million in the fiscal year 2022[117]. Property Development and Sales - Property development contributed approximately HKD 3,600,000,000 in sales revenue for the fiscal year, up 5.6% from approximately HKD 3,400,000,000 in the previous year[4]. - The cumulative pre-sold value of properties under development as of March 31, 2023, was approximately HKD 18,700,000,000, an increase of 11.5% from HKD 16,700,000,000 a year earlier[5]. - The company plans to develop a site in Hong Kong into a residential and commercial project, with pre-sales expected to launch in the fiscal year 2026 and completion anticipated in fiscal year 2028[5]. - The expected attributable presale value of active residential development projects is approximately HKD 61.5 billion as of March 31, 2023[87]. - The total expected attributable presale value from various development projects includes HKD 17.3 billion from projects scheduled for completion in fiscal years 2024 to 2027[85]. - The group has established a project portfolio in Hong Kong through land acquisitions and government tenders, with the Shun Cheng project offering 261 low-rise units and a remaining expected development value of HKD 540 million[100]. Profitability and Earnings - The net profit for the year was HKD 380,212, a significant decrease of 74.8% compared to HKD 1,510,536 in the prior year[18]. - Basic earnings per share for the year was HKD 6.4, down from HKD 49.2 in the previous year, reflecting a decline of 87.0%[17]. - The total comprehensive loss for the year amounted to HKD 1,789,439, compared to a comprehensive income of HKD 1,431,783 in the previous year[18]. - The group experienced a decline in profitability due to several factors, including construction delays during the COVID-19 pandemic and increased financing costs[10]. - The company's profit for the fiscal year 2023 was HKD 172,185,000, a significant decrease from HKD 1,300,381,000 in 2022, representing a decline of approximately 86.8%[43]. - Adjusted net profit attributable to shareholders was HKD 172,185 thousand for fiscal year 2023, compared to HKD 1,300,381 thousand in fiscal year 2022[143]. Debt and Financing - The company has experienced increased financing costs due to central bank measures, impacting some financial metrics despite overall revenue growth[2]. - The group's net debt increased from approximately HKD 21.3 billion as of March 31, 2022, to approximately HKD 25.7 billion as of March 31, 2023, reflecting the group's development stage and new opportunities[12]. - The adjusted debt-to-asset ratio was maintained at 35.4% as of March 31, 2023[11]. - The total interest cost for 2023 was HKD 1,322,061,000, which is an increase from HKD 837,665,000 in 2022, representing a rise of approximately 58%[38]. - The average interest rate on bank loans increased from 2.22% in FY2022 to 3.87% in FY2023[69]. - The group has unutilized bank financing of approximately HKD 7.4 billion as of March 31, 2023, with HKD 3.4 billion allocated for development and construction[71]. Asset Management and Investments - The group's adjusted net assets decreased by 5.0% to approximately HKD 34,884,000,000 due to unfavorable exchange rate movements and a decline in The Star's stock price[11]. - The group completed the placement of 10% shares of Turbo Century Limited for USD 20,000,000, which owns and operates three casinos in the Czech Republic[8]. - The group has maintained a suitable level of liquidity, with approximately HKD 6.5 billion as of March 31, 2023[12]. - The group is actively divesting non-core assets to invest in higher internal rate of return projects, including the sale of two parking lots in New Zealand[6]. - The group is exploring the potential spin-off and independent listing of its gaming and hotel business, TWHE, to streamline operations and unlock value[12]. - The group has confirmed no legal or implied obligations regarding claims from Multiplex, with no cash outflow expected[51]. Hotel and Gaming Operations - The group's hotel business revenue increased by 7.4% year-on-year to approximately HKD 1,509,000,000[7]. - The group's gaming revenue rose by approximately 28.0% to HKD 296,000,000, attributed to the easing of COVID-19 restrictions and improved market promotion[8]. - The group opened the new apartment-style hotel brand "Dao by Dorsett" and rebranded Oakwood Premier AMTD Singapore to Dao by Dorsett AMTD Singapore[7]. - The group recorded a significant recovery in hotel business across various Asian markets following the easing of travel restrictions in early 2023[117]. - The hotel business in Australia recorded total revenue of approximately AUD 39,000,000, with an occupancy rate of 73.7% and average room rates at AUD 399, reflecting a revenue growth of 39.3% compared to the fiscal year 2022[122]. - TWHE's gaming business revenue increased significantly by 28.0% to approximately HKD 296 million, driven by the easing of pandemic-related restrictions[125]. Future Outlook and Strategic Plans - The company plans to expand its operations in the UK and Australia, focusing on property development and investment opportunities[27]. - The group plans to complete the Hyll on Holland project in Singapore and the Kai Tak office project in Hong Kong in the fiscal years 2024 and 2025, respectively[66]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its portfolio[27]. - The group anticipates significant cash flow from several landmark projects expected to be completed within the next 12 to 24 months[137]. - The company is actively launching multiple projects in Hong Kong, including residential units and retail spaces, expected to be introduced in FY2024 or FY2025[132]. - The group is evaluating plans to raise funds for BC Invest, which is experiencing growth and requires new capital for its initiatives[66].

Financial Performance - The group's revenue for the first half of the fiscal year 2023 decreased by 3.0% to approximately HKD 3,000,000,000, primarily due to fewer completed residential property projects compared to the same period last year [21]. - Adjusted revenue (non-GAAP financial measure) increased by 13.0% to approximately HKD 3,500,000,000 after accounting for the group's share of revenue from The Star Residences, which was approximately AUD 91,000,000 (equivalent to about HKD 500,000,000) [21]. - The group achieved a significant increase in hotel business revenue, which grew by 36.2% year-on-year to approximately HKD 897,000,000, benefiting from the gradual lifting of travel restrictions in various countries [26]. - The cumulative pre-sale value and contracted sales of the group's development projects reached a record high of approximately HKD 18,000,000,000 as of September 30, 2022 [26]. - Adjusted net profit attributable to shareholders decreased by 46.7% to HKD 571 million, while adjusted cash profit increased by 7.3% to HKD 897 million [34]. - The company recorded a net profit attributable to shareholders of HKD 571,000,000, a decline of 46.7% compared to HKD 1,071,000,000 in the first half of fiscal year 2022 [45]. - The company's consolidated revenue for the first half of the fiscal year 2023 was approximately HKD 3,000,000,000, a slight decrease of 3.0% compared to the same period in fiscal year 2022, primarily due to a decline in property development revenue [41]. - Adjusted gross profit for the first half of fiscal year 2023 was approximately HKD 1,200,000,000, unchanged from the first half of fiscal year 2022 [41]. Project Development - The acquisition of the large mixed-use development project Vauxhall Square in the UK from R&F Properties (Hong Kong) Limited was completed, including a buyback option [8]. - The group launched the Manchester residential project Collyhurst Village [9]. - The group plans to launch the Hong Kong Kai Tak residential project, with an expected attributable development value of approximately HKD 6,600,000,000 by December 31, 2023 [26]. - The group successfully acquired development rights for a site in Sai Ying Pun, Hong Kong, from the Urban Renewal Authority [9]. - The group successfully launched the Manchester Victoria Riverside (Block A) project with a total development value of HKD 899,000,000 [26]. - The expected completion of the West Side Place (Third Tower) and (Fourth Tower) in Melbourne is projected for the fiscal year 2023, with a combined pre-sale value of HKD 4.5 billion [62]. - The company has secured a land acquisition in Hong Kong's Sai Ying Pun, enhancing its land reserve strategy and reducing land cost basis [61]. - The company is actively seeking redevelopment opportunities in partnership with local councils and developers, such as The Star and Manchester City Council [61]. Hotel Operations - The group launched a new apartment hotel brand, Dao by Dorsett, with the opening of Dao by Dorsett West London [8]. - The brand of Oakwood Premier AMTD Singapore was successfully rebranded to Dao by Dorsett AMTD Singapore, becoming the first Dao by Dorsett hotel in Asia [8]. - The newly launched "Dao by Dorsett" brand opened its first serviced apartment hotel in West London, offering 74 high-quality serviced apartment units [28]. - The total hotel operating and management revenue for the first half of FY2023 was approximately HKD 847 million, a 33.4% increase from HKD 635 million in the same period of FY2022 [87]. - The overall occupancy rate for the hotel portfolio was stable at approximately 61.0%, with average room rates increasing by 37.7% to HKD 968 per night in the first half of FY2023 [87]. - The company has provided accommodation for over 12,000 frontline healthcare workers and more than 500,000 quarantine guests globally as of September 30, 2022 [87]. - New landmark hotels, The Ritz-Carlton and the Hyatt, are set to open in Melbourne in the second half of fiscal year 2023, expected to contribute to recurring revenue [44]. Financial Position and Debt Management - As of September 30, 2022, the company's adjusted net asset value per share decreased by 16.5% to HKD 11.53 compared to HKD 13.81 on March 31, 2022 [35]. - The adjusted net debt-to-equity ratio as of September 30, 2022, was 67.8%, up from 57.9% on March 31, 2022, reflecting the development of new projects [49]. - The group's cash and cash equivalents as of September 30, 2022, were HKD 6,211 million, down from HKD 6,903 million as of March 31, 2022 [47]. - The average interest rate on bank loans increased from 2.15% in the first half of FY2022 to 2.74% in the first half of FY2023 [52]. - The company's capital expenditure for the first half of the fiscal year 2023 was approximately HKD 457,000,000, primarily for hotel development projects in Melbourne [58]. - The company has a focus on actively investing capital and monetizing assets to maintain a stable debt ratio and avoid excessive interest expenses [53]. - The company plans to use the newly completed hotels in Melbourne as collateral for further bank borrowing if necessary [53]. Market and Economic Conditions - The company remains cautious in managing costs and expenses while enhancing its operational business model to ensure stable future operating profits [24]. - The company is preparing for potential challenges due to the uncertain economic environment while aiming to provide sustainable profits and dividends to shareholders [104]. - The company has noted increased uncertainty in valuations due to macroeconomic factors and geopolitical changes affecting property values [172]. - The company’s cash flow management strategy includes classifying current asset investments based on the estimated liquidation plans of investment securities to meet cash outflows in the next twelve months [175]. Shareholder and Corporate Governance - The company has a significant shareholder structure, with major shareholders holding substantial stakes in the company, including 1,249,885 shares (5.46%) held by BC Investment Group Holdings Limited [117]. - The company confirmed compliance with the standard code regarding securities trading by all directors during the six months ending September 30, 2022 [127]. - The company has adopted a new share option scheme on August 30, 2022, which is valid for ten years to encourage and reward eligible employees [120]. - The company has complied with the corporate governance code, except for the deviation where the Chairman and CEO roles are held by the same individual, which the board believes provides strong and consistent leadership [126].

Financial Performance - For the fiscal year ending March 31, 2022, the company's revenue was HKD 5,896 million, reflecting a slight increase of 0.3% compared to the previous year[15] - The gross profit for the same period was HKD 1,984 million, which represents a decrease of 6.8% year-on-year[15] - The net profit attributable to shareholders was HKD 1,300 million, showing a decline of 4.6% from the prior year[15] - Adjusted cash profit for the fiscal year was HKD 1,425 million, down 4.4% compared to the previous year[15] - The adjusted cash profit margin was 24.2%, indicating a significant improvement from the previous year's 10.6%[15] - The total dividend declared was HKD 0.20 per share, a decrease of 2.4% from the previous year[15] - In fiscal year 2022, the company reported revenue of HKD 5,944 million, a slight increase from HKD 5,831 million in fiscal year 2021[16] - The adjusted net profit attributable to shareholders for 2022 was HKD 1,300 million, up from HKD 543 million in 2021, representing a significant increase[17] - The adjusted cash profit for 2022 was HKD 1,425 million, compared to HKD 630 million in 2021, indicating strong financial performance[17] - The company's consolidated revenue for the fiscal year 2022 was approximately HKD 5,900,000,000, a slight decrease of 0.8% compared to the fiscal year 2021[94] - The company's attributable profit for the fiscal year 2022 was approximately HKD 1,300,000,000, a 139.4% increase from approximately HKD 543,000,000 in the fiscal year 2021[99] - The adjusted cash profit for the fiscal year 2022 was approximately HKD 1,425,000,000, up 126.2% from approximately HKD 630,000,000 in the fiscal year 2021[99] Strategic Investments and Acquisitions - The company subscribed to HKD 129.5 million convertible bonds issued by a subsidiary, indicating strategic investment in growth[8] - The company entered into an agreement to sell 128 affordable housing units for approximately GBP 26 million, reflecting ongoing market activity[9] - The company established a joint venture to acquire significant residential development land in Kai Tak, Hong Kong, indicating expansion plans[14] - The company completed the acquisition of all issued shares of R&F Properties VS (UK) Co., Ltd. for approximately GBP 95.7 million (around HKD 977 million), which owns a large mixed-use development project in London[45] - The company acquired land in Tuen Mun, Hong Kong, to replenish its land reserves and established a joint venture for a large residential site in Kai Tak[45] - The company is considering further acquisitions and may contemplate a spin-off of BC Invest in the medium term[68] Market Demand and Development Projects - The company achieved a record pre-sale revenue of HKD 16.7 billion as of March 31, 2022, indicating strong market demand[31] - The company launched multiple residential projects, including Victoria Riverside in Manchester and Queen's Wharf Residences in Brisbane, with a combined development value of approximately HKD 6.3 billion[45] - The pre-sale value for the Hong Kong Kai Tak residential development project reached approximately HKD 598,000,000, while the Brisbane Queen's Wharf Residences recorded a pre-sale value of HKD 3,900,000,000[67] - The company has a project portfolio valued at over HKD 66.6 billion, with cumulative pre-sales reaching approximately HKD 16.7 billion, indicating strong business resilience[69] - The expected total development value of active residential projects across various regions is approximately HKD 66,600 million as of March 31, 2022[127] ESG and Corporate Governance - The company received multiple awards for corporate governance and ESG excellence, highlighting its commitment to sustainable practices[10][14] - The company is advancing its ESG initiatives and has implemented a sustainable financing framework to support future green financing[34] - The company emphasizes ESG initiatives through the establishment of internal committees and financing frameworks, aiming for steady growth while maintaining a solid balance sheet[69] - The company has a strong governance structure with independent non-executive directors, enhancing oversight and strategic direction[81][82][83] - The leadership team has been recognized for their contributions to the industry and community, enhancing the company's reputation and stakeholder trust[78][81][82] Hotel and Gaming Operations - New hotel properties, including The Ritz-Carlton and Dorsett in Melbourne, are expected to contribute to future revenue growth[32] - The company anticipates that the Queen's Wharf integrated resort in Brisbane will begin phased openings in mid-2023, contributing to recurring performance[32] - The company's casino business saw a strong rebound in gaming revenue following the reopening in the third quarter of 2021, with a rebranding to "PALASINO" and an application for an online gaming license submitted to the Maltese authorities[51] - The gaming business has rapidly recovered, with plans to launch online products immediately after obtaining licenses, and a casino opening in Brisbane's Queen's Wharf expected to significantly increase revenue in FY2024[68] - The hotel business revenue reached approximately HKD 1,405,000,000, an increase of 58.1% year-on-year[98] - The gaming business revenue surged by 163.6% to approximately HKD 231,000,000, driven by business reopening and stable visitor numbers[98] Financial Position and Capital Management - The cash and investment securities balance reached HKD 9,936 million in 2022, reflecting a compound annual growth rate of 5.2%[20][21] - The adjusted total assets increased to HKD 73,600 million in 2022, with a compound annual growth rate of 10.1%[20][24] - The adjusted net asset liability ratio was 57.9% in 2022, showing a stable financial position[20][23] - As of March 31, 2022, the total bank loans, notes, and bonds amounted to HKD 31,195 million, an increase from HKD 27,577 million in the previous year[103] - The group's cash and bank balances increased to HKD 6,903 million from HKD 4,426 million year-on-year[103] - The average interest rate on bank loans decreased to 2.22% from 2.37% in the previous fiscal year[107] - The group has unutilized bank financing of approximately HKD 8,100 million, with HKD 3,800 million related to construction and development facilities[111] Leadership and Organizational Structure - Ms. Chiu has been appointed as the Executive Director of the company since June 2019, overseeing overall strategic growth and development[77] - The company has seen significant leadership changes, with Ms. Chiu becoming the President and Executive Director of the group in 2010 and 2011 respectively[79] - The leadership team has a strong educational background, with members holding degrees from prestigious institutions, which may enhance the company's strategic capabilities[77][81][82] - The company is involved in various sectors, including property development, retail management, and serviced apartment businesses, indicating a diversified business model[79]