迎風而上 堅毅前行 2025 環境、社會及管治報告書 香港德輔道中121號遠東發展大廈16樓 網址: www.fecil.com.hk 關注我們的微信 目錄 | 2 | 1. 緒言 | | --- | --- | | 9 | 2. 獎項及榮譽 | | 18 | 3. 我們的ESG方針 | | 29 | 4. 可持續金融 | | 30 | 5. 管理環境足跡 | | 50 | 6. 首選僱主 | | 61 | 7. 深耕社區 | | 71 | 8. 賓至如歸 | | 77 | 9. 附錄一：氣候變化風險管理補充資料 | | 84 | 10. 附錄二：績效數據概要 | 91 11. 附錄三：香港交易所內容索引 2 遠東發展有限公司 1. 緒言 1.1 關於遠東發展 Far East Consortium International Limited（「遠東發展」或「本公司」，連同其附屬公司統稱「本集團」、「我們」或「我 們的」，香港聯交所：35）為一間領先的區域性綜合企業，於中國內地、香港、馬來西亞、新加坡、澳洲、紐西 蘭、英國（「英國」）及歐洲大陸從事物業發展、物業投資、酒店業務及管理、停車場業務及設施管理、博彩 ...

[Corporate Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section lists the company's board of directors, professional committees, senior management, legal advisors, auditor, and principal bankers[9](index=9&type=chunk)[10](index=10&type=chunk)[13](index=13&type=chunk) [Significant Events in FY2025](index=6&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E8%B2%A1%E6%94%BF%E5%B9%B4%E5%BA%A6%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6) The Group achieved key milestones in project delivery, new launches, capital market activities, and asset disposals this fiscal year[17](index=17&type=chunk)[19](index=19&type=chunk)[22](index=22&type=chunk) - **Project Delivery & Opening**: Commenced delivery of Aspen in London, Hyll on Holland in Singapore, and Queen's Wharf Residences (Tower 4) in Brisbane; Dorsett Kai Tak hotel in Hong Kong began its soft opening, and the initial phase of Queen's Wharf integrated resort in Brisbane opened[17](index=17&type=chunk)[21](index=21&type=chunk) - **New Project Launches**: Launched the "THE MORAYS" residential project in Hong Kong, the Kingfisher building at Red Bank Riverside in Manchester, and the 640 Bourke Street project in Melbourne[17](index=17&type=chunk)[22](index=22&type=chunk) - **Capital & Financing**: BC Invest successfully issued two RMBS bonds totaling over A$1 billion; the Group secured its third sustainability-linked loan facility of HK$540 million[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - **Asset Disposal & Restructuring**: Completed the sale of certain UK car parks and entered into agreements to sell its stake in BC Invest and a hotel asset in London to optimize the asset portfolio[19](index=19&type=chunk)[22](index=22&type=chunk) [Financial Highlights](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Income Statement Summary](index=8&type=section&id=%E6%90%8D%E7%9B%8A%E8%A1%A8%E6%91%98%E8%A6%81) In FY2025, revenue decreased by 6.2%, leading to a net loss attributable to shareholders of HK$1.275 billion due to non-cash impairments Income Statement Summary (HK$ million) | Indicator | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 9,572 | 10,204 | -6.2% | | Gross Profit | 2,361 | 2,785 | -15.2% | | Net Profit╱(Loss) Attributable to Shareholders | -1,275 | 226 | N/A | | Adjusted Cash Profit | 266 | 780 | -65.9% | | Total Dividend (HK cents) | 1.0 | 14.0 | -92.9% | [Balance Sheet Summary](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E6%91%98%E8%A6%81) As of March 31, 2025, total assets and net asset value declined, while the adjusted net gearing ratio remained relatively stable at 67.6% Balance Sheet Summary (HK$ million) | Indicator | 31 March 2025 | 31 March 2024 | Change | | :--- | :--- | :--- | :--- | | Cash Balance and Investment Securities | 3,878 | 4,920 | -21.2% | | Adjusted Total Assets | 61,224 | 65,943 | -7.2% | | Adjusted Net Asset Value Attributable to Shareholders | 28,505 | 30,362 | -6.1% | | Adjusted Net Gearing Ratio (%) | 67.6% | 68.1% | -0.5 p.p. | | Adjusted Net Asset Value Per Share (HK$) | 9.32 | 10.77 | -13.5% | [Chairman and CEO's Statement](index=12&type=section&id=%E4%B8%BB%E5%B8%AD%E5%8F%8A%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E5%A0%B1%E5%91%8A%E6%9B%B8) The statement highlights business resilience, prioritizes deleveraging through asset monetization, and explains the dividend policy amidst economic challenges - Despite economic challenges and non-cash impairments affecting profitability, the Group's **adjusted revenue exceeded HK$10 billion for the second consecutive year**, and it recorded a positive adjusted cash profit, reflecting the resilience of its core businesses[33](index=33&type=chunk) - The Group's top priority is to **reduce its gearing ratio**, which has already seen a decline thanks to recent residential project completions and a solid pre-sale business[35](index=35&type=chunk) - To lower debt levels, the Group is actively executing a non-core asset monetization strategy, having **realized approximately HK$1.2 billion in FY2025**, including its stake in BC Invest and certain UK assets, which is expected to positively impact future financial performance[37](index=37&type=chunk) - To preserve cash and reduce the gearing ratio, the Board has decided not to recommend a final dividend but considers **resuming dividend payments a top priority** as soon as practicable[33](index=33&type=chunk) [Co-Managing Directors' Report](index=16&type=section&id=%E8%81%AF%E5%B8%AD%E8%91%A3%E4%BA%8B%E7%B8%BD%E7%B6%93%E7%90%86%E5%A0%B1%E5%91%8A%E6%9B%B8) [Key Achievements and Business Updates](index=16&type=section&id=%E4%B8%BB%E8%A6%81%E6%88%90%E5%B0%B1%E5%8F%8A%E6%9C%80%E6%96%B0%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81) The report reviews FY2025 performance, noting steady hotel revenue growth, strong property development momentum, and strategic initiatives to reduce debt Overview of Business Segment Performance | Business Segment | FY2025 Revenue | Y-o-Y Change | Key Developments | | :--- | :--- | :--- | :--- | | Hotel Operations | Approx. HK$2.1 billion | +2.3% | Opening of Dorsett Kai Tak, Hong Kong; acquisition of 10% stake in a Singapore hotel | | Property Development | Approx. HK$7.2 billion (Adjusted) | +5.3% | Delivery of multiple projects; cumulative pre-sale value reached HK$8.9 billion | | Car Park Operations | HK$713 million | -2.6% | Adjusted gross margin increased to 28.3%; disposal of UK car parks | | Gaming Operations | HK$409 million | +1.6% | Phase one opening of the QWB project's casino | - The Group is actively managing its balance sheet to enhance liquidity and reduce debt by **disposing of non-core assets and businesses** (such as UK car parks, a London hotel asset, and its stake in BC Invest) and accelerating project collections[53](index=53&type=chunk)[59](index=59&type=chunk) [Performance Summary](index=19&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) In FY2025, the Group reported a 6.2% decline in revenue to HK$9.6 billion but a 3.8% increase in adjusted revenue to HK$10.6 billion FY2025 Performance Summary | Indicator | Amount | Y-o-Y Change | | :--- | :--- | :--- | | Revenue | Approx. HK$9.6 billion | -6.2% | | Adjusted Revenue | Approx. HK$10.6 billion | +3.8% | | Net Loss Attributable to Shareholders | Approx. HK$1.275 billion | From profit to loss | | Adjusted Cash Profit | Approx. HK$2.66 billion | -65.9% | | Adjusted Net Asset Value Per Share | HK$9.32 | -13.5% | | Full-Year Dividend | 1.0 HK cent per share | -92.9% | [Capital Structure](index=20&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Group improved its capital structure by reducing total borrowings by HK$2.391 billion, with the adjusted net gearing ratio decreasing to 67.6% - **Total bank loans, notes, and bonds decreased by approximately HK$2.391 billion** year-on-year, mainly due to the repayment of construction loans upon project completion[60](index=60&type=chunk) - The **adjusted net gearing ratio decreased to 67.6%**; excluding the impact of impairments, the pro-forma ratio would have fallen to 65.8%, reflecting the actual effectiveness of debt reduction efforts[60](index=60&type=chunk) - The Group possesses approximately **HK$4.6 billion in unencumbered hotel assets and unsold inventory**, which can be used to raise additional funds and enhance financial flexibility[60](index=60&type=chunk) [Outlook](index=21&type=section&id=%E5%89%8D%E6%99%AF) The Group is optimistic for FY2026, anticipating significant contributions from major project completions and continued growth in the hotel business - In property development, projects expected to be completed in FY2026, such as Victoria Riverside and THE MORAYS, will **generate significant revenue and cash flow**, contributing to debt reduction, with a cumulative pre-sale value of HK$8.9 billion securing future performance[66](index=66&type=chunk) - The hotel business will continue to expand, with approximately **305 rooms expected to be added in the next 12 months**; the strategic location of Dorsett Kai Tak in Hong Kong is set to gradually contribute to recurring income[67](index=67&type=chunk) - The Group anticipates a **decrease in financing costs** and is optimistic about achieving fruitful returns in FY2026, committed to creating sustainable long-term value for stakeholders[69](index=69&type=chunk) [Directors and Senior Management Profile](index=23&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E7%B0%A1%E4%BB%8B) This section details the backgrounds and responsibilities of the company's executive directors, INEDs, and senior management team[71](index=71&type=chunk)[73](index=73&type=chunk)[78](index=78&type=chunk)[84](index=84&type=chunk) [Five-Year Financial Summary](index=30&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This section presents a five-year summary of the Group's key performance, assets, and liabilities, highlighting financial trends from FY2021 to FY2025 Five-Year Financial Summary (HK$'000) | Indicator | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | 9,572,234 | 10,203,679 | 6,478,958 | 5,895,636 | 5,943,694 | | Profit╱(Loss) Before Tax | (897,601) | 585,437 | 729,748 | 1,853,727 | 1,265,827 | | Profit╱(Loss) for the Year | (999,695) | 450,701 | 380,212 | 1,510,536 | 805,740 | | Basic Earnings╱(Loss) Per Share (HK cents) | (41.7) | 8.2 | 6.4 | 49.2 | 20.8 | | **Assets and Liabilities** | | | | | | | Total Assets | 42,543,356 | 47,261,297 | 53,422,780 | 54,804,316 | 49,900,788 | | Total Liabilities | (29,444,808) | (32,389,953) | (37,774,568) | (36,894,384) | (32,846,525) | | Owners' Funds | 12,793,500 | 14,583,163 | 15,258,728 | 17,533,321 | 16,680,933 | [Management Discussion and Analysis](index=31&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Financial Review](index=31&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section analyzes financial performance, liquidity, and capital structure, noting a revenue decline and net loss but successful debt reduction efforts [1. Profit and Loss Analysis](index=31&type=section&id=1.%20%E6%BA%A2%E5%88%A9%E5%8F%8A%E8%99%A7%E6%90%8D%E5%88%86%E6%9E%90) FY2025 consolidated revenue was HK$9.57 billion, with a net loss attributable to shareholders of HK$1.275 billion due to financing costs and one-off expenses Revenue and Adjusted Gross Margin by Business Segment (FY2025) | Business Segment | Revenue (HK$ million) | Adjusted Gross Margin (%) | | :--- | :--- | :--- | | Property Development | 6,179 | 26.0% | | Hotel Operations and Management | 2,077 | 44.4% | | Car Park Operations and Facilities Management | 713 | 28.3% | | Gaming Operations | 409 | 43.0% | - Despite solid revenue performance, the Group's overall profitability was significantly impacted by **financing costs and various one-off, non-operating expenses**, leading to a net loss attributable to shareholders[105](index=105&type=chunk) [2. Liquidity, Financial Resources and Net Gearing](index=33&type=section&id=2.%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%B7%A8%E9%A1%8D) The Group reduced total borrowings by HK$2.391 billion to HK$25.371 billion, with an adjusted net gearing ratio of 67.6% as of March 31, 2025 Key Balance Sheet Metrics (HK$ million) | Indicator | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Total Bank Loans, Notes and Bonds | 25,371 | 27,762 | | Liquidity Position | 3,878 | 4,920 | | Net Debt | 21,493 | 22,842 | | Adjusted Net Gearing Ratio | 67.6% | 68.1% | - The Group implemented several strategies to reduce debt, including: - **Accelerating project completion**: Expediting delivery of projects like Perth Hub and Queen's Wharf Residences to repay construction loans - **Actively monetizing inventory**: Promoting cash inflow through the sale of existing stock - **Disposing of non-core assets**: Realizing approximately HK$1.2 billion from non-core assets and businesses, such as UK car parks and the BC Invest stake - **Enhancing the hotel portfolio**: New hotel openings contributing cash flow and strengthening recurring income[112](index=112&type=chunk)[114](index=114&type=chunk) [3. Foreign Exchange Management](index=37&type=section&id=3.%20%E5%A4%96%E5%8C%AF%E7%AE%A1%E7%90%86) The Group's financial performance is exposed to foreign currency fluctuations, with details provided on the impact of exchange rate changes on profit and net assets - The Group hedges its investment risk in non-Hong Kong operations by borrowing in local currencies; in FY2025, exchange rate fluctuations of major currencies like AUD, RMB, and GBP against HKD impacted both the income statement and balance sheet[123](index=123&type=chunk) [4. Net Asset Value Per Share](index=38&type=section&id=4.%20%E6%AF%8F%E8%82%A1%E8%B3%87%E7%94%A2%E6%B7%A8%E5%80%BC) As of March 31, 2025, the adjusted net asset value per share was HK$9.32, based on an adjusted NAV of HK$28.505 billion Net Asset Value Per Share | Indicator | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Adjusted Net Asset Value Attributable to Shareholders (HK$ million) | 28,505 | 30,362 | | Number of Issued Shares (million) | 3,059 | 2,818 | | Adjusted Net Asset Value Per Share (HK$) | 9.32 | 10.77 | [5. Capital Expenditure](index=39&type=section&id=5.%20%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure for FY2025 was approximately HK$798 million, primarily for hotel projects, with commitments expected to decrease significantly next year - **FY2025 capital expenditure was approximately HK$798 million**, mainly for the construction of Dorsett Canary Wharf, Dao by Dorsett North London, and Dorsett Perth[129](index=129&type=chunk) - **Capital commitments stood at approximately HK$1.387 billion**, primarily for hotel development projects, and are expected to decrease substantially in the next fiscal year[130](index=130&type=chunk) [Business Review](index=40&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the operational performance of core business segments, including property development, hotels, car parks, and gaming [1. Property Segment](index=40&type=section&id=1.%20%E7%89%A9%E6%A5%AD%E5%88%86%E9%83%A8) The property segment maintains a strong pipeline with a cumulative pre-sale value of HK$8.9 billion and an estimated GDV of HK$61 billion - As of March 31, 2025, the **cumulative attributable pre-sale value and unbooked contracted sales of properties under development was approximately HK$8.9 billion**, providing a solid foundation for future performance[134](index=134&type=chunk) - The Group's active residential property development projects have an **expected attributable gross development value (GDV) of approximately HK$61 billion**, with projects spanning multiple markets including Australia, the UK, Hong Kong, and Malaysia[137](index=137&type=chunk)[142](index=142&type=chunk) [2. Hotel Operations and Management](index=53&type=section&id=2.%20%E9%85%92%E5%BA%97%E6%A5%AD%E5%8B%99%E5%8F%8A%E7%AE%A1%E7%90%86) The hotel segment, with 35 hotels, saw a slight revenue increase to HK$1.918 billion, though performance varied across different regions Dorsett Group FY2025 Operational Performance | Indicator | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue (HK$ million) | 1,918 | 1,869 | +2.6% | | Occupancy Rate | 72.9% | 73.5% | -0.6 ppt | | Average Room Rate (HK$) | 785 | 783 | +0.3% | | RevPAR (HK$) | 572 | 576 | -0.7% | - The **Hong Kong market recovered slower than expected** due to a shift in travel patterns of Mainland tourists towards "same-day trips" and an increase in local residents traveling north, leading to a decline in both occupancy and average room rates[191](index=191&type=chunk)[194](index=194&type=chunk) - The **Malaysian and Australian markets showed strong performance**, with both revenue and occupancy rates recording growth, demonstrating the resilience of the geographical diversification strategy[191](index=191&type=chunk)[196](index=196&type=chunk)[208](index=208&type=chunk) [3. Car Park Operations and Facilities Management](index=58&type=section&id=3.%20%E5%81%9C%E8%BB%8A%E5%A0%B4%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%A8%AD%E6%96%BD%E7%AE%A1%E7%90%86) Car park revenue decreased by 2.6% to HK$713 million due to portfolio optimization, but adjusted gross margin significantly improved to 28.3% - Although revenue decreased by 2.6% due to the disposal of underperforming car parks, the **adjusted gross margin improved from 20.8% to 28.3%**, indicating enhanced operational efficiency[212](index=212&type=chunk) - As part of its asset monetization strategy, the Group **sold its car park in Manchester, UK, for approximately £17.24 million**[213](index=213&type=chunk) [4. Gaming Operations and Facilities Management](index=58&type=section&id=4.%20%E5%8D%9A%E5%BD%A9%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%A8%AD%E6%96%BD%E7%AE%A1%E7%90%86) Gaming revenue grew by 1.6% to HK$409 million, supported by the successful phase one opening of the QWB project in Brisbane - **Palasino Group's gaming revenue increased slightly by 1.6% to HK$409 million**, mainly driven by an increase in the number of slot machines and gaming attendance[214](index=214&type=chunk) - The **first phase of the casino at the QWB project**, in which the Group holds a 25% stake, successfully opened in August 2024 with a positive market response, laying the foundation for future cash flow growth[220](index=220&type=chunk)[221](index=221&type=chunk) [5. Provision of Mortgage Services](index=60&type=section&id=5.%20%E6%8F%90%E4%BE%9B%E6%8C%89%E6%8F%AD%E6%9C%8D%E5%8B%99) The Group has agreed to divest its entire stake in BC Invest as part of its strategy to dispose of non-core assets - The Group has entered into an agreement to **sell its 53.21% stake in BC Invest** for an initial consideration of approximately A$106 million, expecting to record a disposal gain of approximately HK$235 million in the first half of FY2026[224](index=224&type=chunk) - Post year-end, in May 2025, the Group **disposed of its mortgage portfolio in Hong Kong for approximately HK$485 million**, further increasing its liquidity[225](index=225&type=chunk) [Environmental, Social and Governance (ESG)](index=61&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB) The Group is advancing its ESG agenda by developing a net-zero roadmap and securing a HK$540 million sustainability-linked loan - Following the TCFD framework, the Group has **engaged an independent professional firm to conduct a climate risk analysis** to identify significant climate-related risks and opportunities and integrate them into its risk management and strategic framework[227](index=227&type=chunk) - The Group successfully arranged its **third sustainability-linked loan of HK$540 million**, linking interest rates to ESG key performance indicators, with interest savings to be reinvested in the Group's ESG initiatives[228](index=228&type=chunk) [Outlook](index=61&type=section&id=%E5%B1%95%E6%9C%9B) The Group is confident about FY2026, expecting significant cash flow from project completions to drive deleveraging and create long-term shareholder value - Projects expected to be completed in FY2026 (such as THE MORAYS and Victoria Riverside) have an **attributable GDV of approximately HK$12 billion**, which will provide solid revenue and cash flow for deleveraging[229](index=229&type=chunk) - The **cumulative attributable pre-sale and unbooked sales value remains at approximately HK$8.9 billion**, providing visibility for near- to medium-term revenue[230](index=230&type=chunk) - The hotel business will further expand with the opening of two new hotels in London, while the QWB project and Palasino gaming operations are expected to deliver long-term value and growth opportunities[231](index=231&type=chunk)[232](index=232&type=chunk) [Non-GAAP Financial Measures](index=64&type=section&id=%E9%9D%9E%E5%85%AC%E8%AA%8D%E6%9C%83%E8%A8%88%E5%8E%9F%E5%89%87%E8%B2%A1%E5%8B%99%E8%A8%88%E9%87%8F) [Non-GAAP Financial Measures](index=64&type=section&id=%E9%9D%9E%E5%85%AC%E8%AA%8D%E6%9C%83%E8%A8%88%E5%8E%9F%E5%89%87%E8%B2%A1%E5%8B%99%E8%A8%88%E9%87%8F) This section provides definitions and reconciliations for non-GAAP measures like adjusted cash profit to offer a clearer view of core operating performance Reconciliation of (Loss)/Profit Attributable to Shareholders to Adjusted Cash Profit (HK$'000) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | **(Loss)╱Profit Attributable to Shareholders of the Company** | **(1,275,122)** | **226,100** | | Less: Change in fair value of investment properties (after tax) | 210,368 | (3,324) | | Add: Impairment loss on properties held for sale | 311,065 | – | | Add: Impairment loss recognised by associates and joint ventures | 465,875 | – | | Add: Depreciation and impairment of property, plant and equipment | 487,224 | 499,044 | | Other adjustments | (433,403) | 58,469 | | **Adjusted Cash Profit (Non-GAAP)** | **266,007** | **780,289** | Reconciliation of Adjusted Net Gearing Ratio (HK$ million) | Item | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Total Equity | 13,099 | 14,871 | | Add: Hotel revaluation surplus | 18,681 | 18,682 | | **Adjusted Total Equity (Non-GAAP)** | **31,780** | **33,553** | | Net Debt | 21,493 | 22,842 | | **Adjusted Net Gearing Ratio (Non-GAAP)** | **67.6%** | **68.1%** | [Awards and Honours](index=68&type=section&id=%E7%8D%8E%E9%A0%85%E5%8F%8A%E6%A6%AE%E8%AD%BD) This section lists the numerous awards received by the Group during the year, recognizing its excellence in corporate governance, IR, ESG, and brand value[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) [Diversified and Balanced Business Portfolio](index=78&type=section&id=%E5%A4%9A%E5%85%83%E5%8C%96%E5%8F%8A%E5%9D%87%E8%A1%A1%E4%B9%8B%E6%A5%AD%E5%8B%99%E7%B5%84%E5%90%88) The Group operates a diversified business portfolio across property, hotels, car parks, and gaming, with a geographical footprint in Asia-Pacific and Europe[304](index=304&type=chunk)[308](index=308&type=chunk)[310](index=310&type=chunk) [Major Projects](index=80&type=section&id=%E4%B8%BB%E8%A6%81%E9%A0%85%E7%9B%AE) This section showcases the Group's flagship residential, mixed-use, and hotel projects across its key global markets[313](index=313&type=chunk)[318](index=318&type=chunk)[321](index=321&type=chunk)[334](index=334&type=chunk) [Directors' Report](index=92&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) This report provides statutory disclosures on the Group's principal activities, financial results, dividend policy, share capital, and corporate governance - The Board of Directors' report outlines the Group's principal activities, financial performance, dividend policy, share capital changes, and other statutory disclosures[376](index=376&type=chunk)[377](index=377&type=chunk) - Due to the loss recorded in FY2025 and to preserve cash, the Board **resolved not to recommend a final dividend**, bringing the full-year dividend to 1.0 HK cent per share[382](index=382&type=chunk) - The report confirms that as of March 31, 2025, the Chairman and CEO, Mr. David CHIU, held an aggregate interest of **approximately 56.12% of the Company's shares** through controlled corporations and other means[413](index=413&type=chunk)[417](index=417&type=chunk) [Corporate Governance Report](index=104&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A%E6%9B%B8) This report details the company's corporate governance framework, confirming compliance with the CG Code and explaining the roles of the board and its committees - The report confirms that for the year ended March 31, 2025, the Company **complied with the code provisions of the Corporate Governance Code**, with the only deviation being the roles of Chairman and CEO being held by the same individual (Mr. David CHIU), which the Board believes provides strong and consistent leadership[439](index=439&type=chunk)[443](index=443&type=chunk) - The Board has established an **Executive Committee, ESG Steering Committee, Audit Committee, Remuneration Committee, and Nomination Committee**, each with clear written terms of reference reporting to the Board[453](index=453&type=chunk) - The Board confirms it has established and annually reviewed an **effective risk management and internal control system**, covering procedures for risk identification, assessment, response, and monitoring, and has an anti-corruption and whistleblowing policy in place[471](index=471&type=chunk)[481](index=481&type=chunk) [Financial Statements and Notes](index=116&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E5%8F%8A%E9%99%84%E8%A8%BB) [Independent Auditor's Report](index=116&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E6%9B%B8) The auditor, Deloitte, issued an unqualified opinion on the financial statements, identifying the valuation of investment properties as a key audit matter - The auditor, Deloitte, issued an **unqualified opinion** on the consolidated financial statements for the year[492](index=492&type=chunk) - The **"Valuation of investment properties" was identified as a key audit matter** due to its carrying amount of HK$5.825 billion (approx. 13.7% of total assets) and the significant judgment and estimation involved in determining its fair value[494](index=494&type=chunk)[495](index=495&type=chunk) [Consolidated Financial Statements](index=121&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the detailed consolidated income statement, balance sheet, and statements of equity changes and cash flows for the fiscal year Key Data from Consolidated Income Statement (HK$'000) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 9,572,234 | 10,203,679 | | Gross Profit | 2,360,653 | 2,784,757 | | (Loss) Profit Before Tax | (897,601) | 585,437 | | (Loss) Profit for the Year | (999,695) | 450,701 | | (Loss) Attributable to Shareholders of the Company | (1,275,122) | 226,100 | Key Data from Consolidated Balance Sheet (HK$'000) | Item | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Total Assets | 42,543,356 | 47,261,297 | | Total Liabilities | 29,444,808 | 32,389,953 | | Total Equity | 13,098,548 | 14,871,344 | [Notes to the Consolidated Financial Statements](index=129&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes provide detailed explanations of accounting policies, segment information, and breakdowns of assets and liabilities, crucial for understanding the financial statements - **Note 6** provides a detailed breakdown of revenue, results, and assets for each business segment (Property Development, Hotels, Car Parks, Gaming) and geographical region (Australia, Hong Kong, UK)[587](index=587&type=chunk)[589](index=589&type=chunk) - **Note 16** discloses that the fair value of investment properties is HK$5.825 billion, with a fair value loss of HK$236 million recorded for the year[632](index=632&type=chunk) - **Notes 31 and 34** detail the breakdown, maturity profile, and interest rates of bank borrowings and notes, totaling approximately HK$25.37 billion[687](index=687&type=chunk)[694](index=694&type=chunk) [Schedule of Major Properties](index=234&type=section&id=%E4%B8%BB%E8%A6%81%E7%89%A9%E6%A5%AD%E4%B8%80%E8%A6%BD%E8%A1%A8) This section provides a detailed list of the Group's major properties worldwide, categorized by type and including details on location, interest, and status[776](index=776&type=chunk)[801](index=801&type=chunk)[823](index=823&type=chunk) [Glossary](index=262&type=section&id=%E5%AD%97%E5%BD%99) This section defines specific terms, abbreviations, and definitions used throughout the report to aid reader comprehension[832](index=832&type=chunk)[834](index=834&type=chunk)[835](index=835&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 FAR EAST CONSORTIUM INTERNATIONAL LIMITED 遠東發展有限公司* （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） 網 址：http://www.fecil.com.hk （股 份 代 號：35） 有條件授出購股權 本公告根據香港聯合交易所有限公司證券上市規則（「上市規則」）第17.06A條 刊 發。 Far East Consortium International Limited（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 董 事（「董 事」）會（「董事會」）宣 佈，於 二 零 二 五 年 七 月 九 日（「授出日期」），本 公 司 已向本公司執行董事兼聯席董事總經理邱詠筠女士（「邱詠筠女士」）及邱詠賢 女 士（「邱詠賢女士」，連 同 邱 詠 筠 女 士 統 稱「承授人」）有條件授 ...

合 營 夥 伴 之 澳 洲 財 務 顧 問： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 FAR EAST CONSORTIUM INTERNATIONAL LIMITED 遠東發展有限公司* （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） 網 址：http://www.fecil.com.hk （股 份 代 號：35） （債 務 股 份 代 號：5781（360,000,000美 元 優 先 擔 保 永 續 資 本 票 據）） 內幕消息 延長終止與THE STAR之協議綱領 本公告由Far East Consortium International Limited（「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09(2)條 作 出。 茲提述本公司日期為二零 ...

香 港 交易 及 結算 所有 限 公司 及 香港 聯合 交 易所 有 限公 司對 本 公告 之 內 容 概 不 負責 ， 對其 準確 性 或完 整 性亦 不發 表 任何 聲 明， 並明 確 表示 ， 概 不 就 因 本公 告 全部 或任 何 部分 內 容而 產生 或 因倚 賴 該等 內容 而 引致 之 任 何 損失承擔任何責任。 香港，二零二五年七月二日 遠 東 發 展 有 限 公 司 * （於開曼群島註冊成立之有限公司） 網址： http://www.fecil.com.hk （股份代號：35） 完成有關出售 BC INVESTMENT GROUP HOLDINGS LIMITED股份之 須予披露交易 茲 提 述 Far East Consortium International Limited 日 期 為 二 零 二 五 年 二 月 二 十 八日及 二零二 五 年五月 二 日 內 容 有 關 （ 其 中 包 括 ） 出 售 事 項 之 公 告 （ 「 該 等 公 告 」 ）。除 另 有 界 定 者 外 ， 本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義 。 董事會欣 ...

Financial Performance - Adjusted revenue increased by 3.8% to HK$10.6 billion [13] - Adjusted cash profit was HK$266 million [13] - Net loss attributable to shareholders was approximately HK$1,275 million [22] - Total bank loans and notes decreased by approximately HK$2.4 billion, an 8.6% drop compared to March 31, 2024 [22] - Monetized approximately HK$1.2 billion in non-core assets and businesses in FY2025 [22] Operational Highlights - Property development adjusted revenue increased by 5.3% to approximately HK$7.2 billion [14] - Hotel revenue increased by 2.3% to approximately HK$2.077 billion [16] - Car park revenue decreased by 2.6% to approximately HK$713 million [16] - Gaming revenue increased by 1.6% to approximately HK$409 million [16] Balance Sheet Management - Adjusted net gearing ratio decreased to 67.6% as of March 31, 2025 [22] - Net debt reduced by HK$1.3 billion [29] - Total cumulative attributable presales and unbooked contracted sales reached approximately HK$8.9 billion [14]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 FAR EAST CONSORTIUM INTERNATIONAL LIMITED 遠東發展有限公司* （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） 網 址：http://www.fecil.com.hk （股 份 代 號：35） （債 務 股 份 代 號：5781（360,000,000美 元 優 先 擔 保 永 續 資 本 票 據）） 內幕消息 終止與THE STAR之協議綱領 合 營 夥 伴 之 澳 洲 財 務 顧 問： 本公告由Far East Consortium International Limited（「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交易所 有限公司證券上市規則（「上市規則」）第13.09(2)條 作 出。 就 本 公 告 而 言 及 ...

Performance Overview [Latest Business Information](index=1&type=section&id=%E6%9C%80%E6%96%B0%E6%A5%AD%E5%8B%99%E8%B3%87%E6%96%99) The Group's second-half FY2025 performance significantly improved, driven by adjusted revenue growth, debt reduction, and strategic asset monetization | Metric | FY2025 H1 (HKD) | FY2025 H2 (HKD) | FY2025 Full Year (HKD) | | :--- | :--- | :--- | :--- | | Adjusted Cash Profit (i) | Approx. 33 million | Approx. 233 million | Approx. 266 million | | Metric | FY2025 (HKD) | FY2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. 9.6 billion | - | -6.2% | | Adjusted Revenue (i) | Approx. 10.6 billion | - | +3.8% | - Property development business adjusted revenue (i) increased by **5.3%** year-on-year to approximately **HKD 7.2 billion**, primarily due to the completion and handover of projects in London, Singapore, and Perth[3](index=3&type=chunk) - Hotel business revenue slightly increased by **2.3%** year-on-year to approximately **HKD 2.077 billion**, primarily driven by strong performance in Malaysia, the UK, and Australia[3](index=3&type=chunk) - The Group actively reduced debt, with total bank loans, notes, and bonds decreasing by approximately **HKD 2.4 billion** (**-8.6%**) to **HKD 25.4 billion**[5](index=5&type=chunk) - Approximately **HKD 1.2 billion** from monetizing non-core assets and businesses was realized during the year, with agreements signed for the disposal of BC Invest equity and London hotel assets[5](index=5&type=chunk) [Financial Summary](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Despite a net loss in FY2025 due to non-operating expenses, the Group successfully reduced net debt and improved its adjusted net gearing ratio through prudent capital management | Item | Amount (HKD) | | :--- | :--- | | **Net Loss Attributable to Shareholders** | **1.275 billion** | | Finance Costs | Approx. 1.034 billion | | Impairment Loss on Properties Held for Sale | Approx. 311 million | | Share of Impairment Loss from Associates and Joint Ventures | Approx. 466 million | - The adjusted net gearing ratio (i) decreased from 68.1% in the prior year to **67.6%**, with a pro forma adjusted net gearing ratio of **65.8%** excluding impairment losses[6](index=6&type=chunk) - As of March 31, 2025, the Group maintained a liquidity position of approximately **HKD 3.9 billion**, alongside approximately **HKD 4.6 billion** in unencumbered hotel assets and unsold residential inventory[6](index=6&type=chunk) [Post Balance Sheet Events](index=6&type=section&id=%E5%B9%B4%E7%B5%90%E5%BE%8C%E4%BA%8B%E9%A0%85) In May 2025, the Group entered an agreement to dispose of its interest in a Hong Kong mortgage portfolio for approximately HKD 485 million, with net proceeds of HKD 344 million to enhance working capital - In May 2025, the Group completed the disposal of its Hong Kong mortgage portfolio, receiving net proceeds of approximately **HKD 344 million**[7](index=7&type=chunk) [Environmental, Social and Governance ("ESG") Summary](index=6&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%EF%BC%88%E3%80%8CESG%E3%80%8D%EF%BC%89%E6%91%98%E8%A6%81) The Group is committed to sustainable development, engaging external consultants for GHG data collection and climate risk analysis to align with global best practices and integrate ESG principles into its core strategy - The Group engaged independent professional firms to conduct physical risk scenario analysis and stakeholder engagement workshops to identify material climate-related risks and opportunities relevant to its business[8](index=8&type=chunk) Consolidated Financial Statements [Consolidated Statement of Profit or Loss](index=7&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group's FY2025 revenue decreased by 6.2% to HKD 9.57 billion, resulting in a net loss attributable to shareholders of HKD 1.275 billion and a basic loss per share of 41.7 HK cents, primarily due to higher finance costs and property impairments | Metric | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 9,572,234 | 10,203,679 | | Gross Profit | 2,360,653 | 2,784,757 | | (Loss) Profit Before Tax | (897,601) | 585,437 | | (Loss) Profit for the Year | (999,695) | 450,701 | | (Loss) Attributable to Owners of the Company | (1,275,122) | 226,100 | | Basic (Loss) Earnings Per Share (HK cents) | (41.7) | 8.2 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=8&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive expense for the year reached HKD 1.544 billion, significantly higher than the prior year's HKD 484 million, primarily driven by the operating loss and other comprehensive expenses from exchange differences and fair value changes in equity instruments | Metric | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | (Loss) Profit for the Year | (999,695) | 450,701 | | Other Comprehensive Expense for the Year | (544,670) | (935,173) | | **Total Comprehensive Expense for the Year** | **(1,544,365)** | **(484,472)** | [Consolidated Statement of Financial Position](index=9&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2025, total assets decreased by approximately 10% to HKD 42.54 billion, and total equity declined by 12% to HKD 13.1 billion, reflecting reductions in properties under development and for sale, alongside repayment of bank and other borrowings | Metric | As at March 31, 2025 (HKD thousand) | As at March 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | **Total Assets** | **42,543,356** | **47,261,297** | | Non-current Assets | 26,170,309 | 25,974,375 | | Current Assets | 16,373,047 | 21,286,922 | | **Total Liabilities** | **29,444,808** | **32,389,953** | | Current Liabilities | 14,717,036 | 16,151,730 | | Non-current Liabilities | 14,727,772 | 16,238,223 | | **Total Equity** | **13,098,548** | **14,871,344** | | Equity Attributable to Owners of the Company | 9,824,045 | 11,679,965 | [Notes to the Financial Statements](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section details the Group's accounting policies, segment information, income and expenses, dividend policy, and balance sheet specifics, highlighting property development as the main revenue source with significantly reduced profit contribution, and a substantial decrease in total dividends [3. Segment Information](index=12&type=section&id=3.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Property development remains the Group's largest revenue source at HKD 6.18 billion, though its segment profit significantly declined from HKD 989 million to HKD 419 million, while hotel business revenue remained stable, and gaming operations recorded a loss due to Australian investment impairment | Segment | FY2025 Revenue (HKD thousand) | FY2024 Revenue (HKD thousand) | FY2025 Segment Profit (Loss) (HKD thousand) | FY2024 Segment Profit (Loss) (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 6,179,078 | 6,834,270 | 418,768 | 989,014 | | Hotel Business and Management | 2,077,216 | 2,031,147 | 45,775 | 149,051 | | Car Park Operations | 712,629 | 731,589 | 13,588 | 51,721 | | Gaming Operations | 408,799 | 402,403 | (289,585) | 103,775 | [9. Dividends](index=19&type=section&id=9.%20%E8%82%A1%E6%81%AF) The Board recommended no final dividend for the year ended March 31, 2025, with total dividends recognized for the year amounting to HKD 312 million, including an interim dividend of 1.0 HK cent per share and the FY2024 final dividend of 10.0 HK cents per share - The Directors do not recommend the payment of a final dividend for the year ended March 31, 2025[35](index=35&type=chunk)[41](index=41&type=chunk) | Dividend Item | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | Interim Dividend | 30,349 (1.0 cent per share) | 111,363 (4.0 cents per share) | | Prior Year Final Dividend | 281,760 (10.0 cents per share) | 270,591 (10.0 cents per share) | | **Total Recognized for the Year** | **312,109** | **381,954** | Management Discussion and Analysis [Financial Review](index=22&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%87) This section analyzes the Group's financial performance, liquidity, debt structure, and capital strategy, noting a 6.2% decline in consolidated revenue to HKD 9.6 billion, but significant improvement in car park operations' adjusted gross profit margin, alongside active debt management resulting in an 8.6% reduction in total debt and a slight decrease in the adjusted net gearing ratio to 67.6% [1. Profit and Loss Analysis](index=22&type=section&id=1.%20%E6%BA%A2%E5%88%A9%E5%8F%8A%E虧%E6%90%8D%E5%88%86%E6%9E%90) In FY2025, the Group's consolidated revenue was approximately HKD 9.6 billion, a 6.2% year-on-year decrease, with property development remaining the primary revenue source despite a decline, while hotel business revenue slightly increased, and car park operations significantly improved its adjusted gross profit margin from 20.8% to 28.3% due to strategic adjustments, though overall profitability was impacted by high finance costs and one-off impairments | Business Segment | FY2025 Adjusted Gross Profit Margin (i) | FY2024 Adjusted Gross Profit Margin (i) | Trend | | :--- | :--- | :--- | :--- | | Property Development | 26.0% | 25.5% | Slight Increase | | Hotel Business and Management | 44.4% | 45.2% | Slight Decrease | | Car Park Operations and Facilities Management | 28.3% | 20.8% | **Significant Increase** | | Gaming Operations | 43.0% | 44.4% | Decrease | - Full-year adjusted cash profit (i) was approximately **HKD 266 million**, a **65.9%** decrease from HKD 780 million in the prior year, primarily due to certain one-off other income recognized last year[49](index=49&type=chunk) [2. Liquidity, Financial Resources and Net Debt](index=24&type=section&id=2.%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%B7%A8%E9%A1%8D) The Group's liquidity position at year-end was approximately HKD 3.88 billion, with total bank loans, notes, and bonds decreasing by 8.6% year-on-year to HKD 25.4 billion, and net debt falling to HKD 21.5 billion, resulting in a slight reduction in the adjusted net gearing ratio from 68.1% to 67.6%, further supported by HKD 3.4 billion in undrawn bank facilities and HKD 4.6 billion in unencumbered assets | Financial Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Total Bank Loans, Notes and Bonds | HKD 25,371 million | HKD 27,762 million | | Net Debt (iii) | HKD 21,493 million | HKD 22,842 million | | Adjusted Net Gearing Ratio (vi) | 67.6% | 68.1% | - The Group effectively reduced debt levels through strategies such as accelerating property project completions, actively monetizing inventory, and disposing of non-core assets, including UK car parks, BC Invest equity, and the Hong Kong mortgage portfolio[56](index=56&type=chunk) - At year-end, approximately **97.1%** of the Group's bank loans, notes, and bonds were at floating interest rates, with HKD being the primary debt currency, accounting for **68.0%** of the total[59](index=59&type=chunk)[62](index=62&type=chunk) [4. Net Asset Value Per Share](index=30&type=section&id=4.%20%E6%AF%8F%E8%82%A1%E8%B3%87%E7%94%A2%E6%B7%A8%E5%80%BC) After accounting for a hotel revaluation surplus of approximately HKD 18.68 billion, the Group's adjusted net asset value attributable to shareholders (i) was approximately HKD 28.51 billion, resulting in an adjusted net asset value per share (i) of approximately HKD 9.32 as of March 31, 2025, a decrease from HKD 10.77 in the prior year | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | HKD 9,824 million | HKD 11,680 million | | Add: Hotel Revaluation Surplus | HKD 18,681 million | HKD 18,682 million | | **Adjusted Net Asset Value Attributable to Shareholders (i)** | **HKD 28,505 million** | **HKD 30,362 million** | | **Adjusted Net Asset Value Per Share (i)** | **HKD 9.32** | **HKD 10.77** | [Business Review](index=31&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%87) This section provides a detailed review of each business segment's operations, highlighting the property development segment's substantial project pipeline and pre-sale value, the varied performance of hotel operations across regions, improved profitability in car park operations through portfolio optimization, slight revenue growth and expansion opportunities in gaming, and the ongoing divestment of the non-core mortgage services business [1. Property Segment](index=31&type=section&id=1.%20%E7%89%A9%E6%A5%AD%E5%88%86%E9%83%A8) The property segment, a core business for the Group, operates across Australia, the UK, and Hong Kong, with cumulative attributable pre-sale value and unrecognized contracted sales of properties under development totaling approximately HKD 8.9 billion at year-end, ensuring future revenue, and a substantial development portfolio with an expected attributable gross development value of approximately HKD 61 billion across various large-scale projects at different stages - As of March 31, 2025, the cumulative attributable pre-sale value and unrecognized contracted sales of properties under development amounted to approximately **HKD 8.9 billion**[76](index=76&type=chunk) - The Group's active residential property development portfolio has an expected attributable gross development value of approximately **HKD 61 billion**[78](index=78&type=chunk)[82](index=82&type=chunk) - Key project updates include: Hong Kong's Kai Tak "The Henley" project with approximately **HKD 3.7 billion** in pre-sales; ongoing progress in the UK's Manchester "Victoria North" large-scale regeneration project with positive market reception for launched plots; and successful repricing for the fifth tower of Australia's Brisbane "Queen's Wharf Residences" after the fourth tower's completion[91](index=91&type=chunk)[99](index=99&type=chunk)[111](index=111&type=chunk) [2. Hotel Business and Management](index=44&type=section&id=2.%20%E9%85%92%E5%BA%97%E6%A5%AD%E5%8B%99%E5%8F%8A%E7%AE%A1%E7%90%86) The Group owns 35 hotels with approximately 9,400 rooms, and Dorsett Hospitality International's total revenue slightly increased to HKD 1.92 billion in FY2025, with varied regional performance: Hong Kong faced challenges with declining occupancy and average room rates due to changing traveler patterns, while Malaysia and Australia showed strong growth in revenue and operational metrics, and mainland China experienced a moderation after a period of "revenge travel" | Region | Occupancy Rate (FY2025) | Avg. Room Rate Change (YoY) | RevPAR Change (YoY) | | :--- | :--- | :--- | :--- | | Hong Kong | 84.1% | -3.6% | -7.9% | | Malaysia | 61.2% | +0.9% | +9.4% | | Mainland China | 59.4% | -6.1% | -11.1% | | United Kingdom | 81.2% | 0.0% | +2.9% | | Australia | 67.6% | +7.9% | +19.6% | - Dorsett Kai Tak Hong Kong, opened in September 2024, is strategically located adjacent to the Kai Tak Sports Park and is expected to benefit from future large-scale event demand[123](index=123&type=chunk)[129](index=129&type=chunk) - The Group expanded its hotel portfolio through an asset-light strategy, exemplified by the formation of a partnership to acquire Dorsett Singapore @ Changi and secure its management contract[122](index=122&type=chunk) [3. Car Park Operations and Facilities Management](index=49&type=section&id=3.%20%E5%81%9C%E8%BB%8A%E5%A0%B4%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%A8%AD%E6%96%BD%E7%AE%A1%E7%90%86) Despite a 2.6% revenue decrease to HKD 713 million due to the strategic divestment of underperforming car parks, the adjusted gross profit margin for this business significantly improved from 20.8% to 28.3%, reflecting notable enhancements in operational efficiency and cost control, with the Group also implementing technological upgrades such as launching a new mobile application - The adjusted gross profit margin (i) for car park operations and facilities management increased from **20.8%** in FY2024 to **28.3%** in FY2025, primarily due to the divestment of underperforming car parks and enhanced operational efficiency[142](index=142&type=chunk) [4. Gaming Operations and Facilities Management](index=49&type=section&id=4.%20%E5%8D%9A%E5%BD%A9%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%A8%AD%E6%96%BD%E7%AE%A1%E7%90%86) Gaming revenue, primarily from Palasino Group in the Czech Republic, slightly increased by 1.6% to HKD 409 million this fiscal year, driven by an increase in slot machines and game attendance, while the Group's 25% owned Queen's Wharf Brisbane (QWB) integrated resort in Australia commenced trial operations in August 2024 - Palasino Group's gaming revenue slightly increased by **1.6%** year-on-year to approximately **HKD 409 million**[144](index=144&type=chunk) - The Group's 25% owned Queen's Wharf Brisbane (QWB) project commenced trial operations in August 2024, with the initial phase of The Star Brisbane high-end casino opening to the public[147](index=147&type=chunk) [5. Provision of Mortgage Services](index=51&type=section&id=5.%20%E6%8F%90%E4%BE%9B%E6%8C%89%E6%8F%AD%E6%9C%8D%E5%8B%99) The Group has entered an agreement to dispose of its approximately 53.21% equity interest in BC Invest for an initial consideration of approximately AUD 106 million, a transaction part of its non-core asset monetization strategy, expected to complete in Q3 2025 and result in a disposal gain of approximately HKD 235 million in H1 FY2026 - The Group has entered an agreement to dispose of its equity interest in BC Invest, with the transaction expected to complete in Q3 2025 and result in a disposal gain of approximately **HKD 235 million** in H1 FY2026[148](index=148&type=chunk) - Post-year-end, the Group disposed of its Hong Kong mortgage portfolio, receiving net proceeds of approximately **HKD 344 million**[149](index=149&type=chunk) [Outlook](index=52&type=section&id=%E5%B1%95%E6%9C%9B) Looking ahead, the Group is optimistic about sustainable growth, committed to deleveraging with substantial cash flow from upcoming property completions (expected attributable gross development value of HKD 12 billion), while also driving long-term value creation through expanding recurring income businesses (new hotel openings and long-stay apartment operations) and seizing strategic opportunities (QWB project and Palasino expansion), all while maintaining a robust financial position to navigate economic uncertainties - Property projects scheduled for completion in FY2026 have an expected attributable gross development value of approximately **HKD 12 billion**, providing a stable revenue source and cash flow for deleveraging[155](index=155&type=chunk) - The Group will continue its strategy of disposing of non-core assets, with related transactions expected to complete and be recognized as profit in FY2026, further reducing the gearing ratio[159](index=159&type=chunk) - Recurring income businesses will continue to expand, including Dorsett Kai Tak Hong Kong entering stable operations, two new hotels opening in London, and long-stay apartments in Shanghai commencing leasing operations[156](index=156&type=chunk)[157](index=157&type=chunk) - Maintaining a robust financial position is a top priority, with the Group committed to improving its gearing ratio and enhancing financial resilience through disciplined capital allocation, portfolio optimization, and non-core asset monetization[160](index=160&type=chunk) Other Information [Non-GAAP Financial Measures](index=54&type=section&id=%E9%9D%9E%E5%85%AC%E8%AA%8D%E6%9C%83%E8%A8%88%E5%8E%9F%E5%89%87%E8%B2%A1%E5%8B%99%E8%A8%88%E9%87%8F) To better reflect core operating performance, the report utilizes several non-GAAP financial measures, such as adjusted cash profit, adjusted gross profit, and adjusted net gearing ratio, which exclude the impact of non-cash or non-operating items like fair value changes in investment properties, impairment losses, and depreciation, with reconciliation tables provided to the closest HKFRS measures | Item | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | (Loss) / Profit Attributable to Owners of the Company | (1,275,122) | 226,100 | | Add / Less: Various Non-cash and Non-operating Adjustments | 1,541,129 | 554,189 | | **Adjusted Cash Profit (Non-GAAP)** | **266,007** | **780,289** | | Item | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 9,572,234 | 10,203,679 | | Add: Share of Sales from Joint Ventures | 1,020,584 | – | | **Adjusted Revenue (Non-GAAP)** | **10,592,818** | **10,203,679** | [Compliance with Corporate Governance Code](index=58&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) During the reporting period, the company largely complied with the Corporate Governance Code, with one deviation: the Chairman and Chief Executive Officer roles are held by the same individual, Mr. David Chiu, a structure the Board believes provides strong, consistent leadership beneficial for business planning and decision-making efficiency - The company deviated from the Corporate Governance Code's provision that the Chairman and Chief Executive Officer should be separate individuals, with the Board believing the current structure benefits the Group's business prospects[174](index=174&type=chunk) [Purchases, Sales or Redemptions of Listed Securities](index=59&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During FY2025, the company did not purchase, sell, or redeem any of its listed securities, except for a single transaction involving the purchase and subsequent sale of perpetual capital securities with a total principal amount of USD 4 million - During FY2025, the company, through a subsidiary, purchased and subsequently sold perpetual capital securities with a total principal amount of **USD 4 million** in the market[178](index=178&type=chunk)

Financial Data and Key Metrics Changes - Adjusted revenue increased by 3.8% to HKD 110 billion, with adjusted cash profit at HKD 266 million, primarily driven by property development [4][8] - Adjusted revenue from property development grew by 5.3% to approximately HKD 7.2 billion compared to HKD 6.8 billion last year [4][28] - Total bank loans and notes decreased by HKD 2.2 billion, and the net adjusted gearing ratio dropped by 1.2 points to 67.6% [9][19] Business Line Data and Key Metrics Changes - Hotel revenue was HKD 2 billion, reflecting a growth of 2.3% year-on-year [6][51] - Gaming revenue increased by 1.6% to approximately HKD 400 million, indicating stability in recurring income [8][51] - Revenue from car parks decreased by 2.6%, attributed to the phasing out of underperforming contracts [55][56] Market Data and Key Metrics Changes - The total accumulated attributable pre-sale value and unbooked contracted sales reached approximately HKD 8.9 billion [4][17] - The gross margin improved to 31.8% from 31% last year, particularly in the car park business [18][19] - The average selling price in Manchester increased by 35%, reflecting a strong market demand [40] Company Strategy and Development Direction - The company aims to accelerate project completion to enable early revenue recognition and optimize cash flow [26][47] - A robust development pipeline of around HKD 61 billion is expected to support sustainable growth over the next six to eight years [26][47] - The company is focusing on inventory monetization and asset disposal to reduce debt levels [65][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the property market, indicating that they believe it has bottomed out [76] - The company plans to maintain a conservative approach to lower the gearing ratio while exploring new project opportunities [71][76] - Future cash flow visibility is supported by both property development projects and recurring income businesses [66] Other Important Information - The company has completed several significant property projects, including Aspen in Canary Wharf and Huon Hole in Singapore, contributing to revenue [4][30] - The company has entered into contracts for the sale of non-core assets, including a car park in Manchester and a hotel asset in North London [14][15] Q&A Session Summary Question: When will the dividend be restored? - Management indicated that due to market uncertainties and impairments, they are being conservative and have not yet decided on dividend payments [75][76] Question: How much of the HKD 8.9 billion pre-sale will be recognized in FY 2026 and FY 2027? - Approximately HKD 11 billion is expected to be recognized in FY 2026, with the remaining to be recognized in FY 2027 [79][80] Question: What is the company's stance on perpetual bonds given recent market events? - Management stated that they have not yet had internal discussions regarding the high coupon of perpetual bonds and will provide updates in due course [82][83] Question: What challenges does the company face in expanding its hotel portfolio? - Management acknowledged competition from global hotel groups and emphasized the importance of consistency in service and brand quality [84][88]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 FAR EAST CONSORTIUM INTERNATIONAL LIMITED 遠東發展有限公司* （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） 網 址：http://www.fecil.com.hk （股 份 代 號：35） 360,000,000美元優先擔保永續資本票據 （股 份 代 號：5781） 盈利警告 本公告由Far East Consortium International Limited（「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條 及香港法例第571章證券及期貨條例第XIVA部之內幕消息條文（定 義 見 上 市 規 則）刊 發。 本公司董事會（「董事會」）謹此知會本公司股東（「股 東」）及 潛 在 投 資 者，根 據 董 事 會 ...