远东发展(00035) - 2024 - 年度业绩

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