(於開曼群島註冊成立之有限公司) 遠東發展有限公司 Far East Consortium International Limited 股份代號：035 2022 年報 分散風險 業務穩健 2022 年報 目錄 2 公司資料 4 二零二二年財政年度重大事件 6 損益表摘要 7 財務狀況表摘要 10 主席及行政總裁報告書 14 董事總經理報告書 20 董事及高級管理層簡介 26 五年財務概要 27 管理層討論及分析 56 非公認會計原則財務計量 59 獎項及榮譽 66 多元化及均衡之業務組合 68 主要項目 82 董事會報告 93 企業管治報告書 105 獨立核數師報告書 110 綜合損益表 111 綜合損益及其他全面收益表 112 綜合財務狀況表 114 綜合權益變動表 116 綜合現金流量表 119 綜合財務報表附註 246 主要物業一覽表 274 字彙 2 遠東發展有限公司 公司資料 董事會 執行董事 邱達昌，丹斯里拿督，B.Sc. （主席兼行政總裁） 孔祥達，B.ENG., ACA 邱達成，B.A. Craig Grenfell WILLIAMS，B.ENG. (CIVIL) 邱詠筠，B.Sc. 獨立非 ...

Business Expansion and Development - The company launched a safe deposit box business, converting the basement of the Hong Kong Far East Sile Hotel to provide approximately 4,500 safe deposit boxes[8]. - The company commenced the delivery process for West Side Place (Towers 1 and 2) and launched the residential project New Cross Central in Manchester[8]. - The company entered into a new 18-year lease agreement with a flagship sports retailer for a property in Wuhan, with an annual rent of approximately HKD 50,000,000, increasing by 8% every three years[8]. - The company successfully sold all residential units of Artra in Singapore and entered into an agreement to sell all retail units of Artra[8]. - The company is actively expanding its mortgage lending platform, BC Invest, targeting non-residents in Australia and the UK, which is expected to continue growing[25]. - The company is progressing with major construction projects, including Ritz-Carlton Melbourne and Queen's Wharf Brisbane, to leverage stable recurring income[24]. - The company plans to expand its mortgage financing business into the UK market, with initial responses being very positive[37]. - The company is exploring various investment opportunities, particularly in the hotel, parking, and mortgage sectors, while replenishing land reserves in active regions[47]. - The company is actively seeking opportunities for joint redevelopment projects, which helps maintain lower land cost bases[90]. - The company is exploring mergers and acquisitions to enhance its market position, with ongoing discussions in various sectors[62]. Financial Performance - The company recorded a revenue of HKD 5,900,000,000 for the fiscal year 2021, a decrease of 20.2% compared to HKD 7,500,000,000 in the previous fiscal year[39]. - The adjusted gross profit and net profit attributable to shareholders were HKD 2,200,000,000 and HKD 806,000,000, reflecting a decrease of 17.1% and an increase of 46.2% respectively[39]. - The company reported a stable pre-sale revenue of HKD 13.8 billion as of March 31, 2021, indicating a clear outlook for the medium-term future[24]. - The net asset liability ratio improved to 54.9% in 2021 from 56.7% in 2020, reflecting a stronger financial position[25]. - The adjusted total assets increased to HKD 67.451 billion in 2021, up from HKD 58.128 billion in 2020, representing a compound annual growth rate of 12.7%[21]. - Cash and investment securities reached HKD 8.569 billion in 2021, showing a compound annual growth rate of 11.1% since 2017[21]. - The company’s cash profit was HKD 722,000,000, indicating robust cash generation capabilities despite a decrease from HKD 842,000,000 in the previous fiscal year[39]. - The company reported a net profit attributable to shareholders of approximately HKD 543,000,000 for fiscal year 2021, an increase of 48.5% from HKD 366,000,000 in fiscal year 2020[75]. - The company maintained a relatively low net debt ratio of 54.9%, calculated based on adjusted net debt against total asset value[40]. - The company is actively managing its liabilities and has plans to refinance or extend the maturity of its debts, maintaining a strong balance sheet[50]. Sustainability and Corporate Social Responsibility - The company established a Sustainable Development Steering Committee to promote sustainability measures[11]. - The company partnered with Hengan International Group to procure and donate 1,000,000 masks to schools, hospitals, and vulnerable communities in Hong Kong and China[8]. - The company has received over 40 awards in 2020, highlighting its commitment to social responsibility and governance[25]. - The company is focused on sustainable development, having established a sustainability oversight committee to drive environmental, social, and governance initiatives[25]. - The company is committed to corporate social responsibility initiatives, contributing to community development and sustainability efforts[62]. - The company has received recognition for its investor relations, winning multiple awards for best investor relations company and best investor relations website[166]. Hotel and Casino Operations - The company is optimistic about the recovery of the hotel industry in Hong Kong, benefiting from its proximity to mainland China as travel restrictions ease[24]. - The company is preparing for a strong recovery in the hotel sector, with three new hotels set to open and ten more in planning and construction stages[47]. - The company plans to open its first Australian hotel, the Meriton Suites Gold Coast, by the end of 2021, followed by additional properties in Perth, Melbourne, and Brisbane[128]. - The total revenue from hotel operations and management for the fiscal year 2021 was approximately HKD 889 million, a decrease of 33.9% compared to fiscal year 2020[131]. - The casino business generated revenue of HKD 88,000,000 (net of gaming tax) in fiscal year 2021, a significant decline of 67.6% from HKD 271,000,000 in fiscal year 2020 due to government-mandated closures[149]. - The average revenue per available room (RevPAR) for the hotel group in the fiscal year 2021 was HKD 280, down from HKD 406 in the fiscal year 2020[130]. - The company implemented significant cost-saving measures, including layoffs and contract renegotiations, which helped achieve a positive EBITDA level in fiscal year 2021[151]. Project Development and Sales - The company has a strong project portfolio supported by robust financial conditions, ready to capitalize on business activity recovery[40]. - The company achieved a cumulative pre-sale value of HKD 13,800,000,000, providing a clear revenue outlook for the coming years[31]. - The company is developing a mixed-use residential project in Melbourne, West Side Place, with a total saleable area of approximately 2,200,000 square feet and a development value of HKD 11,500 million[100]. - The company has launched several projects, including The Star Residences in Gold Coast, with a total saleable area of 111,000 square feet and an expected development value of HKD 531 million, completed in FY2023[94]. - The company is expanding its residential portfolio in Victoria North, anticipating further land acquisitions to increase saleable area and development value[98]. - The company has identified potential assets for sale as part of its strategy to optimize investments and expenditures[89]. - The company is focused on realizing the value of selected assets and reallocating released capital into higher return investment opportunities[51]. Awards and Recognition - The company has received multiple international awards for its investor relations, corporate governance, and ESG efforts, including six awards from "Finance Asia" in 2021[44]. - The company was recognized with six awards at the "2021 Asia's Best Companies" selection, including "Best Overall Management Company in Asia" and "Best CEO in Hong Kong" for its Chairman and CEO[166]. - The company received the "2020 Travellers' Choice" award by Tripadvisor, placing its hotel in the top 10% worldwide based on traveler reviews[169]. - The company was awarded the "2021 Travellers' Review Award" from Booking.com with a score of 8.2/10[173]. - The company received the "5 Years Plus Caring Company Logo" by the Hong Kong Council of Social Service[173].

Lease Agreements - The company signed a new 18-year lease agreement with a flagship sports retail store in Wuhan, with an annual rent of approximately HKD 50,000,000, increasing by 8% every three years[13] - The company signed an 18-year lease agreement for a retail space in Wuhan, with an annual rent of approximately HKD 50,000,000, which is 100% higher than the previous rent[34] - A new 18-year lease for the Wuhan Mall was signed, covering approximately 312,000 square feet with an annual rent of about HKD 50 million, increasing by 8% every three years[96] Business Portfolio and Expansion - The company has a diversified business portfolio including property development, investment, hotel operations, and parking services across various regions including Hong Kong, Malaysia, and Australia[7][8][11] - The company is actively expanding its hotel and parking business in mainland China, with operations in cities like Shanghai, Chengdu, and Wuhan[7] - The company is exploring new strategies for market expansion and product development, particularly in the hospitality and entertainment sectors[7][8] - The company is focused on enhancing its property investment strategies in key markets such as Singapore and Australia[8][11] - The company is continuously evaluating potential mergers and acquisitions to strengthen its market position[7] Financial Performance - The company reported a solid performance in the first half of the 2020/21 fiscal year, although specific financial figures were not detailed in the provided content[9] - For the first half of the fiscal year 2021, the company's revenue decreased to approximately HKD 3,100,000,000, a decline of 39.2% compared to the same period last year[28] - The group's profit before tax decreased by 15.5% to HKD 831 million for the first half of the fiscal year 2021, with net profit attributable to shareholders down 51.1% to HKD 350 million[35] - The company's recurring income business declined by 45.2% year-on-year due to the impact of the COVID-19 pandemic[33] - Hotel revenue decreased by 53.2% year-on-year, but measures taken have led to gradual recovery since June 2020[33] - The company's net profit attributable to shareholders for the first half of fiscal year 2021 was approximately HKD 350,000,000, a decrease of 51.1% from HKD 715,000,000 in the same period of fiscal year 2020[51] Property Development - The property development revenue decreased by 36.9% year-on-year due to a reduction in the number of completed projects[28] - The cumulative attributable pre-sale value of properties under development increased from HKD 12,200,000,000 as of March 31, 2020, to HKD 13,400,000,000 as of September 30, 2020[28] - The company successfully launched two landmark projects, Aspen at Consort Place in London and Queen's Wharf Residences in Brisbane, which received a strong market response[28] - The company plans to launch two development projects in the second half of fiscal year 2021, with a total expected attributable development value of HKD 5,100,000,000[28] Cost Control and Financial Management - The group implemented cost control measures expected to save approximately HKD 180 million annually, alongside anticipated government grants of about HKD 150 million to mitigate financial impacts from the COVID-19 pandemic[38] - The company is leveraging its diversified portfolio to mitigate risks associated with market fluctuations[7] - The company plans to continue its conservative approach to maintain a flexible and robust financial condition amid ongoing market conditions[58] - The group is currently managing three additional hotels in Malaysia, with a total of approximately 830 rooms[97] Cash Flow and Liquidity - As of September 30, 2020, the group's liquidity position remained strong at approximately HKD 7.2 billion, with available undrawn credit facilities of HKD 5.2 billion[125] - The company’s cash and cash equivalents amounted to HKD 3,476,000,000 as of September 30, 2020, compared to HKD 3,040,000,000 as of March 31, 2020[54] - The company had unutilized bank financing of approximately HKD 5,200 million as of September 30, 2020, with HKD 2,700 million related to construction/development facilities[59] Shareholder and Corporate Governance - The company’s directors and CEO have significant equity interests, with a total of 1,127,414,025 shares held by controlled corporations, representing 47.96% of the issued share capital[128] - Major shareholder Sumptuous Assets Limited holds 1,127,397,003 shares, representing approximately 47.96% of the issued share capital as of September 30, 2020[141] - The company complied with the Corporate Governance Code, with a noted deviation regarding the roles of Chairman and CEO being held by the same individual[146] Market Conditions and Future Outlook - The group is cautiously optimistic about the long-term future, anticipating a recovery in leisure and business travel as restrictions are lifted[125] - The group is actively exploring new markets for BCG, such as the UK, to expand its service offerings[122] - The group is open to potential sale opportunities to realize the value of its hotel assets and reinvest capital[125] Employee Relations - The group provides comprehensive compensation and promotion opportunities for approximately 3,700 employees, including medical benefits and training[127] - The company adopted the Far East Share Option Scheme to encourage and reward employees and contributors, with no unexercised options as of September 30, 2020[136]

Financial Performance - For the fiscal year ending March 31, 2020, the company reported revenue of HKD 7,451 million, representing a year-on-year growth of 16.9%[12] - The gross profit for the same period was HKD 2,259 million, with a growth rate of 7.3% compared to the previous year[12] - The net profit attributable to shareholders decreased to HKD 366 million, reflecting a decline of 16.0% year-on-year[12] - Adjusted cash profit for the fiscal year was HKD 842 million, showing a slight decrease of 0.3% from the previous year[12] - The total dividend declared was HKD 19.0 cents per share, which is a 4.4% increase compared to the previous year[12] - The company reported a record annual revenue of HKD 7,500,000,000 for the fiscal year 2020, despite significant global economic challenges[26] - The group recorded revenue of HKD 7,500,000,000 for the fiscal year 2020, an increase of 8.9% compared to HKD 6,800,000,000 in fiscal year 2019[43] - Shareholders' attributable net profit decreased by 78.7% to HKD 366,000,000, primarily due to global economic uncertainty and increased financing costs[43] - The net profit for the fiscal year 2020 was HKD 550,981,000, compared to HKD 1,768,725,000 in the fiscal year 2019[94] - Basic earnings per share for the fiscal year 2020 was 15.5 cents, a decrease from 74 cents in the fiscal year 2019[94] Business Strategy and Outlook - The company is focusing on diversifying its business portfolio to enhance stability and growth potential[2] - Future outlook includes plans for market expansion and potential acquisitions to strengthen its market position[2] - The company is investing in new product development and technology to drive future growth[2] - The management emphasized the importance of maintaining a balanced and diversified business model to mitigate risks[2] - The company aims to improve operational efficiency and enhance shareholder value through strategic initiatives[2] - Future outlook includes strategic initiatives aimed at improving operational efficiency and exploring potential mergers and acquisitions[99] - The company plans to invest in new technologies and product development to drive future growth and competitiveness[99] Impact of COVID-19 - The company reported a significant impact on hotel and parking businesses due to COVID-19 and social unrest, but managed to achieve record revenues in the fiscal year 2020[18] - The hotel business faced severe impacts from the COVID-19 pandemic, but the company took decisive actions to mitigate effects, including cost reductions and strategic property adjustments[29] - The group is actively implementing cost control measures and adjusting marketing strategies to mitigate the impact of the COVID-19 pandemic[190] - The group has received support from various governments, including employee wage subsidies and loan deferrals, which have significantly aided cash flow[192] Property Development and Projects - The company has established a strong property development project portfolio, enhancing future revenue prospects[18] - The Brisbane Queen's Wharf integrated resort project, costing AUD 3.6 billion, is expected to open in late 2023, contributing to the gaming segment's growth[19] - The company acquired land parcels in Melbourne and Manchester to enhance its development portfolio, including a strategic acquisition in Shanghai for long-term rental purposes[27] - The total development value of the regional business exceeded HKD 51,600,000,000, providing a clear revenue contribution outlook for the next 8 to 10 years[43] - The company plans to spin off hotel assets in Australia, Singapore, Malaysia, and the UK to unlock potential value and reinvest capital[128] - The cumulative pre-sale value of residential properties under development is approximately HKD 12,200 million[131] - The company has established strong local teams in various markets to identify trends and opportunities for property development[131] Financial Position and Capital Management - Cash and investment securities reached HKD 6,067 million in 2020, with a compound annual growth rate (CAGR) of 12.8%[14] - Adjusted total assets amounted to HKD 58,128 million in 2020, reflecting a CAGR of 12.0%[14] - Adjusted net asset value attributable to shareholders was HKD 27,467 million in 2020, with a CAGR of 7.1%[14] - The company raised a total of USD 360,000,000 through the issuance of perpetual capital notes to strengthen its balance sheet[40] - The net debt-to-equity ratio was 56.7%, despite adverse impacts on hotel valuations due to the pandemic[54] - The group issued $360,000,000 of perpetual capital notes with an initial distribution rate of 7.375% to maintain a strong financial position and liquidity[111] Management and Leadership - Dan Sri Dato' Chiu Tak Cheong has over 30 years of experience in real estate and hotel development, serving as the CEO since 1994 and Chairman since 2011[69] - Mr. Kong Xiangda, appointed as Executive Director in 2012, has extensive experience in corporate development and mergers, previously serving as CEO of Huachai Holdings[70] - The management team includes members with significant international experience, enhancing the company's ability to navigate global markets[70][73] - The company has a strategic focus on growth through acquisitions and expansion in key markets, leveraging the extensive experience of its management team[69][70][72] Hotel and Parking Business Performance - The hotel business revenue decreased by 26.0% to approximately HKD 1,346 million in fiscal year 2020, with an adjusted gross margin dropping to 53.9% from 62.5% in fiscal year 2019[103] - The parking business expanded with the addition of 7,553 parking spaces, bringing the total to 106,696 spaces as of March 31, 2020[33] - The group operates 31 hotels with approximately 8,100 rooms across various regions, including Hong Kong, mainland China, Singapore, Malaysia, Australia, the UK, and continental Europe[186] - The group added three new hotels during the year, expanding its portfolio and enhancing recurring income sources[186] - The parking business, operated under the "Care Park" brand, increased by approximately 7,553 parking spaces, bringing the total to about 106,696 parking spaces as of March 31, 2020[199]

Revenue and Profitability - The group's revenue increased by 75.0% year-on-year to HKD 5,121,000,000 due to strong property sales[28] - Net profit attributable to shareholders grew by 16.0% to HKD 715,000,000, while adjusted cash profit increased by 60.4% to HKD 959,000,000[28] - The group's consolidated revenue for the first half of fiscal year 2020 is approximately HKD 5.121 billion, an increase of 75.0% compared to HKD 2.926 billion in the same period of fiscal year 2019[35] - Property sales revenue for the first half of fiscal year 2020 is approximately HKD 3.686 billion, a significant increase of 151.1% from HKD 1.465 billion in the same period of fiscal year 2019[37] - The adjusted gross profit for the first half of fiscal year 2020 is HKD 1.836 billion, up from HKD 1.393 billion in the same period of fiscal year 2019, reflecting an increase of 31.9%[35] - The total profit before tax for the period was HKD 983,148,000, compared to HKD 832,349,000 in the same period of 2018, reflecting an increase of approximately 18.1%[152] Hotel and Gaming Operations - The group's hotel business revenue for the first half of the 2020 fiscal year was approximately HKD 714,000,000, down from HKD 817,000,000 in the same period of the previous year[81] - Hotel business revenue for the first half of fiscal year 2020 was approximately HKD 777 million, a decrease of 10.3% compared to the same period in fiscal year 2019[38] - TWC's gaming revenue reached HKD 119 million in the first half of FY2020, a 34.2% increase from HKD 88 million in the same period of FY2019[86] - The group confirmed full-period revenue from TWC's hotel and gaming operations, which continued to grow year-on-year[28] Development Projects - The group completed multiple residential development projects, including the completion of The Towers at Elizabeth Quay in Perth[28] - Three new projects were launched during the first half of the fiscal year 2020, including The Star Residences in Australia and Dorsett Place Waterfront Subang in Malaysia[28] - The majority of units at the Singapore project Artra have been pre-sold, with construction entering the final stages[28] - The cumulative pre-sale value of properties under development is approximately HKD 11.6 billion, a slight decrease from HKD 14.6 billion as of March 31, 2019, due to recognized sales revenue of HKD 3.7 billion in the first half of the fiscal year 2020 and fewer large project launches[29] - The group’s total development value of residential projects, including completed unsold inventory, is HKD 51.4 billion as of September 30, 2019[29] Financial Position and Capital Management - The net asset liability ratio decreased to 43.9% as of September 30, 2019, from 45.4% as of March 31, 2019[32] - The company had approximately HKD 7.4 billion in undrawn bank financing, which includes HKD 3.7 billion for construction development[47] - The group maintains a strong liquidity position with approximately HKD 7.3 billion in current assets and a net debt-to-equity ratio of 43.9% as of September 30, 2019[92] - The company reported a financing cost of HKD 222,218, which increased from HKD 123,823 in the previous year[118] - The company’s cash and cash equivalents stood at HKD 2,569,745, an increase from HKD 2,470,604 as of March 31, 2019[120] Share Repurchase and Dividends - The interim dividend declared is HKD 0.04 per share, consistent with the previous year[20] - The group has repurchased shares worth approximately HKD 81 million in the first half of fiscal year 2020, with a total planned repurchase amount of HKD 200 million[33] - The share repurchase was aimed at enhancing the company's net asset value and earnings per share[111] - The company declared dividends amounting to HKD (420,070) thousand during the reporting period[124] Market and Economic Conditions - The group expects the hotel business in Hong Kong to be impacted by social unrest, but anticipates long-term growth potential with 14 new hotels set to open[91] - The average exchange rate for HKD to AUD in the first half of fiscal year 2020 was 5.43, a decrease of 6.7% compared to the previous year[50] Accounting Standards and Financial Reporting - The group applied the new and revised Hong Kong Financial Reporting Standards (HKFRS) effective from April 1, 2019, with no significant impact on the financial position and performance during the period[131] - The company adopted Hong Kong Financial Reporting Standard 16 (HKFRS 16) on April 1, 2019, using a modified retrospective approach without restating prior period comparatives[143] - The application of HKFRS 16 did not have a significant impact on the financial statements for the six months ended September 30, 2019[150] Investment Properties and Fair Value - The group faced adverse changes in the fair value of investment properties, which impacted performance compared to the previous fiscal year[28] - The company reported a fair value loss of HKD 16 million on investment properties for the first half of the fiscal year 2020, with the valuation of investment properties at HKD 5,300 million as of September 30, 2019[59] - The total value of investment properties was HKD 19,733,760 thousand as of September 30, 2019, compared to HKD 17,536,727 thousand as of March 31, 2019, reflecting a growth of 12.5%[154]