远东发展(00035) - 2019 - 年度财报

Awards and Recognition - The company was awarded the title of "Best Medium-Sized Enterprise in Hong Kong" in the 2018 Asia Financial Magazine Awards[11] - The group received five awards at the 2018 Mercury Awards, showcasing its strong market presence[11] Business Development and Expansion - The group successfully acquired a plot of land in Baoshan District, Shanghai for residential development[15] - The company launched the Hong Kong Dan Gui Village project, named "Peijue"[15] - The company partnered with SC Global Developments and New World Development for a competitive bid in Singapore[11] - The company has made several land acquisitions to enhance its development portfolio, including sites in Singapore, Manchester, and Sydney[33] - The company plans to add 15 new hotels and over 3,000 rooms by the end of the fiscal year 2024, including expansions in London and Australia[28] - The company has ongoing plans for 15 new hotels, reflecting optimism about the growth potential in the Asian tourism and hotel development sectors[37] - The company plans to develop long-term rental apartments in mainland China following the acquisition of rental land in Shanghai[47] - The company has a total development value of HKD 50,000,000,000 from acquisitions made after March 31, 2019, sufficient for 8 to 10 years of development, indicating a clear revenue contribution outlook for the coming years[37] Financial Performance - The financial summary for the fiscal year 2019 indicates significant growth in revenue and profitability[6] - Revenue for the fiscal year ended March 31, 2019, was HKD 6,842 million, representing a compound annual growth rate (CAGR) of 7.6%[16] - Net profit attributable to shareholders for the same period was HKD 1,714 million, with a CAGR of 15.7%[16] - Adjusted cash profit for the fiscal year was HKD 1,457 million, reflecting a CAGR of 14.9%[16] - Cash and investment securities increased to HKD 7,070 million, achieving a CAGR of 19.3%[17] - The total assets of the company reached HKD 39,078 million, with a CAGR of 15.2%[17] - The company recorded revenue of HKD 6,842,000,000 for the fiscal year 2019, a 17.3% increase from HKD 5,831,000,000 in 2018, driven by higher sales from residential development projects and strong recurring income from hotel operations[37] - The net profit for the fiscal year 2019 was HKD 1,714,000,000, allowing the company to maintain a high dividend payout, with a total annual dividend of HKD 0.22 per share and a payout ratio of 30.2%[37] - The group’s total debt as of March 31, 2019, was HKD 21,367 million, compared to HKD 16,372 million in the previous year, reflecting increased capital expenditure for development projects[78] - The net asset to debt ratio increased to 45.4% as of March 31, 2019, up from 28.7% the previous year, primarily due to capital expenditures and new investments[76] Hotel and Hospitality Performance - The hotel segment recorded significant growth driven by an increase in average revenue per room and new acquisitions[26] - The hotel business experienced strong revenue growth, driven by increased average room revenue in Hong Kong and contributions from the Dorsett City London and TWC hotel group in Europe[33] - The hotel business revenue for fiscal year 2019 was approximately HKD 1,818 million, an increase of 18.2% year-on-year, driven by strong market growth in Hong Kong and the addition of new hotels[71] - Overall occupancy rate rose by approximately 1.4 percentage points to 84.2% in FY2019[125] - Average room rate increased by 7.8% to HKD 709 per night in FY2019[125] - Average revenue per available room (RevPAR) grew by 9.5% to HKD 597 in FY2019[125] - In Hong Kong, the overall occupancy rate increased by 1.5 percentage points to 95.3%, with an average room rate of HKD 802, reflecting a 10.2% growth in RevPAR[125] Parking Business Development - The parking business is expanding in the UK and continental Europe, targeting high-return acquisition projects[26] - The parking business added 10,275 parking spaces, with revenue increasing to HKD 720,000,000 during the year[39] - The parking division had a strong growth with 494 parking facilities and 99,143 parking spaces as of March 31, 2019, an increase of 10,275 spaces from the beginning of the fiscal year[47] - The parking business increased by approximately 10,275 parking spaces, bringing the total to about 99,143 spaces across 494 parking facilities[135] Gaming and Entertainment Sector - The gaming and entertainment segment has become a new revenue source following the acquisition of TWC and investment in The Star[26] - The Brisbane Queen's Wharf integrated resort's first phase is expected to open by the end of 2022, contributing to increased revenue from the gaming segment[26] - The group generated HKD 197 million in revenue from TWC's gaming operations for the eleven months post-acquisition, contributing to the overall growth strategy in Europe[136] - TWC's casino operations reported a total of 513 slot machines and 62 table games as of March 31, 2019, generating table revenue of HKD 51 million and slot machine revenue of HKD 137 million[139] Sustainability and Governance - The company emphasizes the importance of technology in reducing resource consumption and production costs, aiming to enhance operational efficiency[150] - The company plans to expand the use of renewable energy, particularly solar panels in hotels located in Malaysia and Australia, to reduce energy consumption[150] - The company has established a governance framework for sustainable development, with the board overseeing environmental, social, and governance policies and performance[152] - The company is committed to enhancing its sustainable development governance by forming working groups under the environmental, social, and governance committee[152] - The company identified 18 relevant issues related to sustainability, with 10 prioritized for action based on stakeholder feedback[157] Employee Engagement and Well-being - The group employed a total of 2,272 employees globally during the reporting period[185] - The employee engagement survey in 2018 achieved a participation rate of 99.4%, indicating high employee involvement in feedback processes[189] - Employee benefits include various types of leave, financial assistance for emergencies, and discounts at company-managed hotels[187] - The company promotes diversity and inclusion, ensuring equal opportunities regardless of race, gender, or other differences[188] - The company emphasizes employee well-being and work-life balance, implementing various activities such as sports events and annual health check-ups[197] Risk Management and Compliance - The company conducted an annual review of its risk management and internal control systems, finding them effective and sufficient without significant risk concerns[154] - The company maintains a zero-tolerance policy towards corruption, including bribery and fraud, and has incorporated anti-corruption provisions into its employee handbook[175] - No significant non-compliance cases were reported in 2019 regarding employment laws, including recruitment, promotion, and equal opportunities[191] - Contractors are required to comply with safety codes and regulations, with penalties for non-compliance, including potential blacklisting[198] Investor Relations and Communication - The company conducted various investor communication activities in fiscal year 2019, including investor conference calls and non-deal roadshows, to enhance transparency[177] - The company provided real-time translation and online Q&A sessions during its annual and interim results briefings to facilitate investor understanding[181] - The group emphasizes transparency in communications with investors to better reflect the true value of its business[182]