远东发展(00035) - 2020 - 中期财报

Revenue and Profitability - The group's revenue increased by 75.0% year-on-year to HKD 5,121,000,000 due to strong property sales[28] - Net profit attributable to shareholders grew by 16.0% to HKD 715,000,000, while adjusted cash profit increased by 60.4% to HKD 959,000,000[28] - The group's consolidated revenue for the first half of fiscal year 2020 is approximately HKD 5.121 billion, an increase of 75.0% compared to HKD 2.926 billion in the same period of fiscal year 2019[35] - Property sales revenue for the first half of fiscal year 2020 is approximately HKD 3.686 billion, a significant increase of 151.1% from HKD 1.465 billion in the same period of fiscal year 2019[37] - The adjusted gross profit for the first half of fiscal year 2020 is HKD 1.836 billion, up from HKD 1.393 billion in the same period of fiscal year 2019, reflecting an increase of 31.9%[35] - The total profit before tax for the period was HKD 983,148,000, compared to HKD 832,349,000 in the same period of 2018, reflecting an increase of approximately 18.1%[152] Hotel and Gaming Operations - The group's hotel business revenue for the first half of the 2020 fiscal year was approximately HKD 714,000,000, down from HKD 817,000,000 in the same period of the previous year[81] - Hotel business revenue for the first half of fiscal year 2020 was approximately HKD 777 million, a decrease of 10.3% compared to the same period in fiscal year 2019[38] - TWC's gaming revenue reached HKD 119 million in the first half of FY2020, a 34.2% increase from HKD 88 million in the same period of FY2019[86] - The group confirmed full-period revenue from TWC's hotel and gaming operations, which continued to grow year-on-year[28] Development Projects - The group completed multiple residential development projects, including the completion of The Towers at Elizabeth Quay in Perth[28] - Three new projects were launched during the first half of the fiscal year 2020, including The Star Residences in Australia and Dorsett Place Waterfront Subang in Malaysia[28] - The majority of units at the Singapore project Artra have been pre-sold, with construction entering the final stages[28] - The cumulative pre-sale value of properties under development is approximately HKD 11.6 billion, a slight decrease from HKD 14.6 billion as of March 31, 2019, due to recognized sales revenue of HKD 3.7 billion in the first half of the fiscal year 2020 and fewer large project launches[29] - The group’s total development value of residential projects, including completed unsold inventory, is HKD 51.4 billion as of September 30, 2019[29] Financial Position and Capital Management - The net asset liability ratio decreased to 43.9% as of September 30, 2019, from 45.4% as of March 31, 2019[32] - The company had approximately HKD 7.4 billion in undrawn bank financing, which includes HKD 3.7 billion for construction development[47] - The group maintains a strong liquidity position with approximately HKD 7.3 billion in current assets and a net debt-to-equity ratio of 43.9% as of September 30, 2019[92] - The company reported a financing cost of HKD 222,218, which increased from HKD 123,823 in the previous year[118] - The company’s cash and cash equivalents stood at HKD 2,569,745, an increase from HKD 2,470,604 as of March 31, 2019[120] Share Repurchase and Dividends - The interim dividend declared is HKD 0.04 per share, consistent with the previous year[20] - The group has repurchased shares worth approximately HKD 81 million in the first half of fiscal year 2020, with a total planned repurchase amount of HKD 200 million[33] - The share repurchase was aimed at enhancing the company's net asset value and earnings per share[111] - The company declared dividends amounting to HKD (420,070) thousand during the reporting period[124] Market and Economic Conditions - The group expects the hotel business in Hong Kong to be impacted by social unrest, but anticipates long-term growth potential with 14 new hotels set to open[91] - The average exchange rate for HKD to AUD in the first half of fiscal year 2020 was 5.43, a decrease of 6.7% compared to the previous year[50] Accounting Standards and Financial Reporting - The group applied the new and revised Hong Kong Financial Reporting Standards (HKFRS) effective from April 1, 2019, with no significant impact on the financial position and performance during the period[131] - The company adopted Hong Kong Financial Reporting Standard 16 (HKFRS 16) on April 1, 2019, using a modified retrospective approach without restating prior period comparatives[143] - The application of HKFRS 16 did not have a significant impact on the financial statements for the six months ended September 30, 2019[150] Investment Properties and Fair Value - The group faced adverse changes in the fair value of investment properties, which impacted performance compared to the previous fiscal year[28] - The company reported a fair value loss of HKD 16 million on investment properties for the first half of the fiscal year 2020, with the valuation of investment properties at HKD 5,300 million as of September 30, 2019[59] - The total value of investment properties was HKD 19,733,760 thousand as of September 30, 2019, compared to HKD 17,536,727 thousand as of March 31, 2019, reflecting a growth of 12.5%[154]