（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） FAR EAST CONSORTIUM INTERNATIONAL LIMITED 遠東發展有限公司* 補充公告 有關香港按揭組合之 須予披露交易 茲提述Far East Consortium International Limited日期為二零二五年五月二十二日及 二零二五年五月二十七日之公告（「該等公告」），內 容 有 關 香 港 按 揭 組 合 之 須 予 披 露 交 易。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。本 公 告 旨 在 提 供 有 關 該 等 交 易 之 進 一 步 資 料。 有關相關貸款及按揭組合銷售協議之進一步詳情 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 ...

請填妥及簽署本選擇回條，並以已預付郵費的郵寄標籤剪貼於信封上 寄回本公司之股份過戶登記處卓佳證券登記有限公司。 選擇回條 致： Far East Consortium International Limited（「貴公司」） 經卓佳證券登記有限公司 香 港 夏愨道16號 遠東金融中心17樓 本人╱吾等要求收取 貴公司之2025年報╱日期為2025年7月30日之通函*的英文╱中文印刷本*及以下列方式收取 貴公司日後公司通訊#： （請 於 有 關 空 格 內 填 上「 ✓ 」號，只 可 選 擇 一 項。） 透 過 貴公司網站 （www.fecil.com.hk） 瀏覽所有日後公司通訊，以代替收取郵寄之印刷本，並向本人╱吾等下述之電郵地址發 送有關公司通訊已在 貴公司網站登載之電郵通知或以郵寄方式發送有關公司通訊登載之相關通知函；或 （請以英文正楷填寫電郵地址，有關電郵地址將僅用作收取公司通訊已於本公司網站登載之電郵通知。如未有提供電郵地址， 我們將透過郵寄方式，按 閣下於本公司記錄上所示的地址向 閣下寄發有關公司通訊已於本公司網站登載之通知函。） 僅 以 郵寄收取所有日後公司通訊之 英文印刷本；或 僅 以 郵寄收 ...

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） 二零二五年七月三十日 附 件 僅以電子形式發佈的2025環境、社會及管治報告書亦已於本公司網站及聯交所網站登載。 若 閣下欲索取2025環境、社會及管治報告書的印刷本， 閣下可以書面方式郵寄至上述地 址或以電郵方式（發送至35_fecil_ecom@hk.tricorglobal.com）向本公司之股份過戶登記處提 出有關要求。 閣 下 如 有 任 何 與 上 述 事 宜 有 關 的 疑 問，請 於 辦 公 時 間 內（星期一至星期五上午九時正至 下午六時正，香港公眾假期除外）致電本公司之股份過戶登記處的查詢熱線(852) 2980 1333。 此 致 列位非登記持有人 台 照 公司秘書 張偉雄 謹 啟 敬啟者： 2025年 報、日 期 為2025年7月30日 之 通 函、股 東 週 年 大 會 通 告 以 及 代 表 委 任 表 格（統稱為 「本次公司通訊」）及2025環境、社會及管治報告書（「20 ...

請填妥及簽署本更改選擇回條，並以已預付郵費的郵寄標籤剪貼於信封上 寄回本公司之股份過戶登記處卓佳證券登記有限公司。 更改選擇回條 致： Far East Consortium International Limited（「貴公司」） 經卓佳證券登記有限公司 香 港 夏愨道16號 遠東金融中心17樓 甲 部 本人╱吾等已收到 貴公司之2025年報的英文╱中文印刷本或選擇瀏覽（或被視為已同意瀏覽）於 貴公司網站刊發的公司通訊#。 本人╱吾等欲收取 貴公司之2025年報╱日期為2025年7月30日之通函*的英文╱中文印刷本*。 乙 部 （請 於 有 關 空 格 內 填 上「 ✓ 」號，只 可 選 擇 一 項） 本人╱吾等欲以下列方式收取 貴公司日後公司通訊： 透 過 貴公司網站 （www.fecil.com.hk） 瀏覽所有日後公司通訊（「網上版本」），以代替收取郵寄之印刷本，並向本人╱吾等下述 之電郵地址發送有關公司通訊已在 貴公司網站登載之電郵通知或以郵寄方式發送有關公司通訊登載之相關通知函；或 （請以英文正楷填寫電郵地址，有關電郵地址將僅用作收取公司通訊已於本公司網站登載之電郵通知。如未有提供電郵地址， 我們 ...

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） 敬啟者： 僅以電子形式發佈的2025環境、社會及管治報告書亦已於本公司網站及聯交所網站登載。 若 閣下欲索取2025環境、社會及管治報告書的印刷本， 閣下可以書面方式郵寄或發送至 上述地址或電郵地址向本公司之股份過戶登記處提出有關要求。 閣 下 如 有 任 何 與 上 述 事 宜 有 關 的 疑 問，請 於 辦 公 時 間 內（星期一至星期五上午九時正至 下午六時正，香港公眾假期除外）致電本公司之股份過戶登記處的查詢熱線(852) 2980 1333。 此 致 列位股東 台 照 公司秘書 張偉雄 謹 啟 2025年 報、日 期 為2025年7月30日 之 通 函、股 東 週 年 大 會 通 告 以 及 代 表 委 任 表 格（統稱為 「本次公司通訊」）及2025環境、社會及管治報告書（「2025環境、社會及管治報告書」） 我們欣然通知 閣 下， 本 次 公 司 通 訊 的 英 文 及 中 文 版 本 ...

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） | | 普通決議案 | （4） 贊成 | （4） 反 對 | | --- | --- | --- | --- | | 1. | 省覽及採納截至二零二五年三月三十一日止年度之本公司經審核財務報表與本公司董事會報告及 | | | | | 核數師報告書 | | | | 2. | 重選邱達成先生為執行董事 | | | | 3. | 重 選 Craig Grenfell WILLIAMS先生為執行董事 | | | | 4. | 重選石禮謙先生為獨立非執行董事 | | | | 5. | 授權本公司董事會（「董事會」）釐定各董事酬金 | | | | 6. | 續聘德勤 • 關黃陳方會計師行為本公司核數師及授權董事會釐定其酬金 | | | | 7. | 授予本公司董事一般授權，以發行、配發及處理本公司額外股份（包括自庫存出售或轉出任何庫存 股份），數額不超過於本決議案獲通過當日本公司已發行股份（不包括庫存股份）總數之20%（「發行 | | | | | 授權」） | | | | 8. | ...

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） 股東週年大會通告 – 1 – 1. 省覽及採納截至二零二五年三月三十一日止年度之本公司經審核財務報 表與本公司董事（「董 事」）會 報 告 及 核 數 師 報 告 書。 2. 重 選 邱 達 成 先 生 為 執 行 董 事。 3. 重 選 Craig Grenfell WILLIAMS先 生 為 執 行 董 事。 4. 重 選 石 禮 謙 先 生 為 獨 立 非 執 行 董 事。 5. 授權董事會（「董 事 會」）釐 定 各 董 事 酬 金。 6. 續聘德勤 • 關 黃 陳 方 會 計 師 行 為 本 公 ...

此乃要件 請即處理 閣下如 對本通函或應採取之行動 有任何疑問，應諮詢 閣下之持牌證券交易商或其 他註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將 名下全部Far East Consortium International Limited股 份 售出或轉讓，應立 即將本通函連同隨附之代表委任表格交予買主或承讓人或經手買賣或轉讓之銀行、 持牌證券交易商或註冊證券機構或其他代理商，以便轉交買主或承讓人。 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通函之內容概不負責， 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 通 函 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） 建 議 重選董事、 授出購回股份及發行股份之一般授權、 增加法定股本、 根據購股權計劃授出購股權 及 股東週年 ...

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)