Financial Performance - Total revenue for the six months ended September 30, 2020, decreased to HKD 637.5 million, down 48.5% from HKD 1,238.0 million in 2019[6] - The company recorded a loss attributable to shareholders of HKD 990.2 million, compared to a profit of HKD 519.3 million in 2019[9] - Basic loss per share was HKD 0.27, compared to a profit of HKD 0.14 per share in 2019[9] - The group reported an operating loss of HKD 827,697,000 for the six months ended September 30, 2020, compared to an operating loss of HKD 12,348,000 in the same period of 2019[47] - The loss attributable to shareholders for the period was HKD 990,157,000, compared to a loss of HKD 519,311,000 in the same period of 2019, representing an increase in losses of approximately 90.5%[47] - The group reported a loss before tax of HKD 1,063,956,000 for the period, compared to a loss of HKD 354,199,000 in the same period last year[68] Revenue Breakdown - Rental income fell by 12.8% to HKD 447.6 million compared to HKD 513.5 million in 2019, impacted by rent concessions to retail tenants[8] - Hotel and related business revenue dropped to HKD 107.8 million, a decline of 85.1% from HKD 724.6 million in 2019, due to travel restrictions[8] - Property sales revenue was HKD 82.1 million, with contributions solely from the sale of properties[8] Dividends - The company declared an interim dividend of HKD 0.012 per share, down from HKD 0.035 per share in 2019[9] - The board declared an interim dividend of HKD 0.012 per share, down from HKD 0.035 per share in 2019, totaling approximately HKD 44,100,000 compared to HKD 128,700,000 in the previous year[44] Asset and Liability Management - The group's net asset value as of September 30, 2020, was HKD 26,474,300,000, down from HKD 27,200,200,000 as of March 31, 2020, representing a decrease of approximately 2.65%[40] - Cash, bank balances, and deposits amounted to HKD 3,850,400,000 as of September 30, 2020, compared to HKD 3,924,100,000 as of March 31, 2020, indicating a decline of about 1.88%[40] - The total external borrowings (excluding payables) were approximately HKD 27,611,900,000 as of September 30, 2020, an increase from HKD 27,087,300,000 as of March 31, 2020, reflecting a rise of about 1.94%[40] - The group's net debt ratio was 39.5% as of September 30, 2020, compared to 38.4% as of March 31, 2020, indicating a slight increase in leverage[40] Property Development and Projects - The group aims to diversify its rental income sources by expanding its property portfolio beyond Greater China to the UK[12] - The revitalization projects for several properties have received planning approval, allowing for increased non-residential plot ratios[15] - The group is developing a Grade A office building at 75-85 Lockhart Road, Wanchai, with a total floor area of approximately 96,000 sq ft, expected to be completed in 2021[20] - A 14-story industrial building at 4 Kin Fat Lane, Tuen Mun, with over 178,000 sq ft, is being transformed into a commercial building, with renovation and expansion works nearing completion[20] - The group is developing a mixed-use shopping mall and hotel or serviced apartment complex in Huangpu District, Shanghai, with a total floor area of approximately 1,300,000 sq ft[22] - The group has sold 39 units at the 29-story residential building at 8-10A Moro Temple Street, totaling approximately HKD 305.3 million in sales, with 1 unit remaining unsold as of September 30, 2020[25] - A new residential project at 9 Cheng Lai Road, Tuen Mun, will consist of 8 luxury sea-view houses with a total floor area of approximately 29,000 sq ft, expected to be completed in 2021[26] - The group has a 40% stake in a luxury residential project at 1198 Shoushan Mountain, with a total floor area of approximately 88,000 sq ft, expected to be completed in 2021[28] - A redevelopment project at 24-26A D'Aguilar Street, Central, is planned to be a 26-story luxury residential building, expected to be completed in 2023[29] Hotel and Hospitality Sector - The group has established the Emperor Hotel Group, which includes several hotels and serviced apartments in Hong Kong and Macau, contributing to the group's revenue from the hotel and gaming sectors[33] - The Emperor Hotel in Wanchai has 299 rooms and a total floor area of approximately 115,000 sq ft, enhancing the brand recognition of the hotel services division[34] - The group’s serviced apartment, MORI MORI, won the "Best Luxury Serviced Apartment" award at the Squarefoot Serviced Apartment Awards 2020, reflecting its modern design and high-quality service[34] Financial Condition and Cash Flow - The net cash flow from operating activities for the six months ended September 30, 2020, was HKD 133,718, compared to a negative cash flow of HKD 412,591 in the same period last year[57] - The company reported a net cash outflow from investing activities of HKD 1,388,670, which increased from HKD 867,605 in the previous year[57] - Total current liabilities reached HKD 8,971,821, up from HKD 8,189,937 as of March 31, 2020[53] - The total assets less current liabilities stood at HKD 51,245,887, a decrease from HKD 52,106,878 in the previous period[53] - Cash and cash equivalents at the end of the reporting period were HKD 1,801,199, down from HKD 2,943,493 at the beginning of the period[57] - The company’s total liabilities amounted to HKD 22,385,118, slightly up from HKD 22,384,674 in the previous period[53] - The company’s equity attributable to owners decreased to HKD 26,474,271 from HKD 27,200,235[53] - The company experienced a net decrease in cash and cash equivalents of HKD 1,152,355 during the reporting period[57] Market Outlook and Strategy - The group plans to continue monitoring market conditions and adjust strategies accordingly, focusing on identifying commercial properties with redevelopment potential[37] - The group has a cautious optimistic outlook for the long-term prospects of the property market, supported by limited land supply and rigid demand for residential units[39] Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period[127] - The interim financial statements have not been audited or reviewed by the company's auditor but were reviewed by the audit committee[129] - The board of directors has confirmed compliance with the trading rules during the reporting period[127] Shareholder Information - As of September 30, 2020, Ms. Lu held 2,747,610,489 shares, representing 74.71% of the voting shares of the company[118] - Mr. Yang, as a qualified beneficiary of a private discretionary trust, also holds 2,747,610,489 shares, equivalent to 74.71% of the voting shares[118] - The group has no other disclosed interests in shares or related securities by directors or key executives as of September 30, 2020[121]

英皇集團(國際)有限公司 Emperor International Holdings Limited Incorporated in Bermuda with limited liability (Stock Code:163) 於 百 務 達 註 冊 成 立 之 有 限 公 司 （ 股 份 代 號 : 1 6 3 ) 瞻 高 築 遠 成 就 卓 見 BUILDING FOR THE FUTURE AND PURSUING EXCELLENCE ANNUAL REPORT 2019/2020 2019 / 2020 年報 CONTENTS | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | ...

Financial Performance - Total revenue for the six months ended September 30, 2019, decreased to HKD 1,238,031,000, a decline of 19.4% compared to HKD 1,536,451,000 in 2018[3] - The company recorded a loss attributable to shareholders of HKD 519,311,000, compared to a profit of HKD 2,504,915,000 in 2018, reflecting a significant downturn[7] - Basic earnings per share were reported at a loss of HKD 0.14, compared to earnings of HKD 0.68 per share in the previous year[7] - The group experienced a significant decrease in gross profit, reporting HKD 858.8 million compared to HKD 1,094.8 million in the previous year, reflecting a decline of approximately 21.5%[42] - The group’s operating loss was HKD 12.3 million, contrasting with an operating profit of HKD 3.1 billion in the same period last year[42] - The group’s total comprehensive loss for the period was HKD 1,034.1 million, compared to a comprehensive income of HKD 1,703.8 million in 2018[44] - The net loss for the period was HKD 439,866,000, compared to a profit of HKD 2,575,489,000 in the previous year[106] Revenue Sources - Rental income fell to HKD 513,455,000, down 13.1% from HKD 590,521,000 in the previous year, accounting for 41.5% of total revenue[6] - Service income from gaming operations increased to HKD 559,548,000, up 2.5% from HKD 546,677,000 year-on-year[103] - Hotel room revenue decreased to HKD 90,387,000, down 18.6% from HKD 111,078,000 in the previous year[103] - The group’s rental income from investment properties was HKD 724,576,000, down from HKD 945,930,000 in the previous year[103] Dividends and Shareholder Returns - The interim dividend declared was HKD 0.035 per share, a decrease of 25.5% from HKD 0.047 per share in 2018[3] - The board declared an interim dividend of HKD 0.035 per share, totaling approximately HKD 128.7 million, down from HKD 172.8 million in 2018[40] Assets and Liabilities - The group's net asset value as of September 30, 2019, was HKD 30,509,600,000, down from HKD 31,835,100,000 as of March 31, 2019[8] - Cash and bank deposits totaled HKD 3,428,700,000 as of September 30, 2019, compared to HKD 3,944,500,000 on March 31, 2019[10] - The company’s total liabilities decreased from HKD 34,357,840 as of March 31, 2019, to HKD 33,041,239 as of September 30, 2019, reflecting a reduction of approximately 3.8%[49] - Non-current liabilities totaled HKD 24,668,603 as of September 30, 2019, compared to HKD 23,081,444 as of March 31, 2019, representing an increase of approximately 6.9%[49] - The company’s total liabilities related to connected parties amounted to HKD 1,169,744,000 as of September 30, 2019, down from HKD 1,229,228,000 as of March 31, 2019[151] Investment and Development Projects - The company acquired a premium investment property located in Sheung Wan, Hong Kong, enhancing its property portfolio and income base[16] - The group is developing a mixed-use building in Shanghai with a total floor area of approximately 1,300,000 square feet, which will include a shopping mall and hotel or serviced apartments[23] - The group plans to complete a Grade A office project in Wan Chai, Hong Kong, with a total floor area of about 96,000 square feet by 2020[20] - A redevelopment project in Central, Hong Kong, will transform a site into a 27-story residential building with a total floor area of approximately 107,000 square feet, expected to be completed by 2023[29] - The group is actively pursuing revitalization projects to enhance property value and expand potential rental income, supported by local government measures[20] Financial Reporting Standards - The group has adopted the new and revised Hong Kong Financial Reporting Standards effective from April 1, 2019, which include HKFRS 16 on leases, impacting the financial statements significantly[57] - The application of HKFRS 16 has resulted in changes to accounting policies, particularly in how leases are recognized and measured, replacing HKAS 17[60] - The group has recognized right-of-use assets at the commencement of the lease term, measured at cost less accumulated depreciation and impairment losses[66] - The group has included fixed payments and variable lease payments based on indices or rates in the measurement of lease liabilities[74] Employee and Management Costs - The total employee cost for the period amounted to HKD 344 million, an increase from HKD 334.3 million in 2018, with the number of employees at 1,692[37] - Total remuneration paid to key management personnel for the six months ended September 30, 2019, was HKD 9,852,000, an increase of 8.8% from HKD 9,055,000 in 2018[148] Shareholder Information - The company’s major shareholders include Ms. Lu, holding 74.71% of the voting rights, and Mr. Yang, also holding 74.71% through AY Trust[161] - As of September 30, 2019, the company reported that Ms. Lu holds 68.61% of Emperor Entertainment Hotel Limited with 851,352,845 shares[166] - Mr. Yang holds 74.71% of Yang Shou Cheng Industrial Holdings with 2,747,610,489 shares[169] Miscellaneous - The group has pledged assets with a book value of HKD 46.4 billion as collateral for bank financing, a decrease from HKD 48.7 billion as of March 31, 2019[38] - The company has not granted any stock options under its stock option plan since its adoption on August 15, 2013[172] - The company has complied with all provisions of the Corporate Governance Code during the reporting period[173]

Dividends and Shareholder Information - The company reported a final dividend of HK$0.063 per share, with the payment date set for September 6, 2019[6]. - The Group paid an interim dividend of HK$0.047 per share, totaling approximately HK$172.8 million, consistent with the previous year[125]. - A final dividend of HK$0.063 per share is proposed, amounting to approximately HK$231.7 million, an increase from HK$224.3 million in the previous year[126]. - The Directors recommended the final dividend subject to approval at the upcoming annual general meeting on August 8, 2019[126]. Financial Performance - Total revenue increased by 38.2% to HK$4,352.4 million for the year ended March 31, 2019, compared to HK$3,148.9 million in 2018[19]. - Gross profit rose by 10.2% to HK$2,536.5 million, up from HK$2,302.5 million in 2018[20]. - Profit attributable to the owners of the Company decreased to HK$3,136.3 million, compared to HK$3,371.5 million in 2018[20]. - Underlying profit, excluding fair value changes, increased by 142.1% to HK$1,495.8 million[20]. - Basic earnings per share were HK$0.85 (2018: HK$0.92), with total dividends for the year amounting to HK$0.11 per share (2018: HK$0.108)[25]. - As of March 31, 2019, the Group's net asset value was HK$31,835,100,000 (2018: HK$29,455,400,000), with a net asset value per share of HK$8.66 (2018: HK$8.01)[30]. - The Group's cash, bank balances, and deposits totaled HK$3,944,500,000 as of March 31, 2019 (2018: HK$3,850,400,000), while total external borrowings were approximately HK$25,644,900,000 (2018: HK$26,779,000,000)[27]. - The Group's net gearing ratio improved to 33.8% (2018: 35.7%) as of March 31, 2019[27]. Revenue Breakdown - Rental income from investment properties declined by 4.0% to HK$1,107.8 million, representing 25.4% of total revenue[19]. - Revenue from property sales surged by 329.1% to HK$1,695.8 million, accounting for 39.0% of total revenue[19]. - Revenue from hotel and hotel-related operations slightly decreased to HK$1,548.8 million, making up 35.6% of total revenue[19]. - Rental income from the investment property portfolio decreased by 4.0% to HK$1,107,800,000 (2018: HK$1,154,600,000), accounting for 25.4% of total revenue (2018: 36.7%) due to tenant restructuring[21]. - Property sales revenue reached HK$1,695,800,000 (2018: HK$395,200,000), representing 39.0% of total revenue (2018: 12.5%) as all residential units and seven houses at Peak Castle were delivered[21]. Corporate Governance - The audit committee is chaired by Wong Tak Ming, Gary, ensuring corporate governance compliance[4]. - The company emphasizes its commitment to corporate governance through its dedicated governance committee[4]. - The company has established various committees, including a remuneration committee and a nomination committee, to enhance governance[4]. - The investor relations contact is Anna Luk, providing a direct line for shareholder inquiries[4]. Property Development and Projects - The Group owns properties with a total area of over 5 million square feet in Greater China and overseas[13]. - The Group has been recognized as one of the "Top 10 Developers in Hong Kong 2019" for its sustainability efforts[13]. - The redevelopment of Nos. 75–85 Lockhart Road is set to create a prime office building with a gross floor area of approximately 96,000 square feet, scheduled for completion in 2020[53]. - A 14-storey industrial building at No. 4 Kin Fat Lane in Tuen Mun will be revitalized into a commercial building with over 178,000 square feet, targeted for completion in 2020[54]. - The Group acquired two adjacent buildings at No. 13 and No. 15 San On Street in Tuen Mun, planning to redevelop a high-tech industrial building with a gross floor area of approximately 190,000 square feet[59]. - The site at Nos. 25–27 Oxford Street will be redeveloped into a composite retail/office building with a gross floor area of approximately 20,000 square feet, expected to be completed in 2020[60]. - Emperor Star City in Shanghai will have a gross floor area of approximately 1,300,000 square feet, featuring a multi-storey shopping arcade[61]. - The site at Nos. 8–10A Mosque Street will be developed into a 28-storey residential tower with a gross floor area of approximately 34,000 square feet, with pre-sale expected in the second half of 2019 and completion targeted for 2020[69]. - The Tuen Mun Town Lot No. 490 will consist of 8 luxury detached houses with a gross floor area of approximately 29,000 square feet, scheduled for completion in 2020, with sales activities commencing thereafter[70]. Hospitality and Services - The Group's hospitality services include several hotels and serviced apartments in Hong Kong and Macau, consolidating income from hospitality and gaming operations[78]. - The Emperor Hotel, with a gross floor area of approximately 115,000 square feet, is a key project under the Emperor Hotels Group, enhancing brand recognition in the hospitality segment[79]. - The Group completed the disposal of Inn Hotel Hong Kong, a 30-storey hotel with a gross floor area of approximately 48,000 square feet, recognizing a gain on disposal of approximately HK$712.0 million in the financial year of 2019/2020[85]. - Grand Emperor Hotel, located on the Macau Peninsula, has a gross floor area of approximately 655,000 square feet and features 311 guest rooms, contributing to the Group's hospitality portfolio[86]. Market Outlook - The outlook for the residential market is cautiously optimistic due to improved sentiment from the stock market and strong end-user demand, with the Group continuing to replenish land parcels for future growth[91]. - The luxury homes market is expected to show solid growth potential, with several projects in the pipeline, including Mosque Street, Tai Lam, and Shouson Hill[95]. - The residential market outlook is cautiously optimistic due to a favorable employment situation and strong user demand[98]. Employee Information - Total staff costs amounted to HK$725.6 million for the year, an increase from HK$709.6 million in 2018[94]. - The number of employees as of March 31, 2019, was 1,715, down from 1,748 in 2018[94]. Shareholding and Directors' Interests - As of March 31, 2019, Ms. Semon Luk holds 2,747,610,489 shares, representing 74.71% of the issued shares[172]. - Mr. Alex Yeung also holds 2,747,610,489 shares, equivalent to 74.71% of the issued shares, as an eligible beneficiary of the AY Trust[172]. - Ms. Vanessa Fan owns 10,500,000 shares, which is 0.29% of the issued shares[172]. - The Company has not granted any share options under the Share Option Scheme since its adoption on August 15, 2013[175]. - The remuneration policy for Directors is based on a written policy ensuring alignment with business strategy and shareholder interests[168]. Environmental, Social, and Governance - The Group's environmental policy and performance, along with key stakeholder relationships, are discussed in the Environmental, Social and Governance Report 2018/2019[128]. - The Group's environmental, social, and governance performance is discussed in the 2018/2019 Environmental, Social, and Governance Report[132].