远东发展(00035) - 2021 - 年度财报

Business Expansion and Development - The company launched a safe deposit box business, converting the basement of the Hong Kong Far East Sile Hotel to provide approximately 4,500 safe deposit boxes[8]. - The company commenced the delivery process for West Side Place (Towers 1 and 2) and launched the residential project New Cross Central in Manchester[8]. - The company entered into a new 18-year lease agreement with a flagship sports retailer for a property in Wuhan, with an annual rent of approximately HKD 50,000,000, increasing by 8% every three years[8]. - The company successfully sold all residential units of Artra in Singapore and entered into an agreement to sell all retail units of Artra[8]. - The company is actively expanding its mortgage lending platform, BC Invest, targeting non-residents in Australia and the UK, which is expected to continue growing[25]. - The company is progressing with major construction projects, including Ritz-Carlton Melbourne and Queen's Wharf Brisbane, to leverage stable recurring income[24]. - The company plans to expand its mortgage financing business into the UK market, with initial responses being very positive[37]. - The company is exploring various investment opportunities, particularly in the hotel, parking, and mortgage sectors, while replenishing land reserves in active regions[47]. - The company is actively seeking opportunities for joint redevelopment projects, which helps maintain lower land cost bases[90]. - The company is exploring mergers and acquisitions to enhance its market position, with ongoing discussions in various sectors[62]. Financial Performance - The company recorded a revenue of HKD 5,900,000,000 for the fiscal year 2021, a decrease of 20.2% compared to HKD 7,500,000,000 in the previous fiscal year[39]. - The adjusted gross profit and net profit attributable to shareholders were HKD 2,200,000,000 and HKD 806,000,000, reflecting a decrease of 17.1% and an increase of 46.2% respectively[39]. - The company reported a stable pre-sale revenue of HKD 13.8 billion as of March 31, 2021, indicating a clear outlook for the medium-term future[24]. - The net asset liability ratio improved to 54.9% in 2021 from 56.7% in 2020, reflecting a stronger financial position[25]. - The adjusted total assets increased to HKD 67.451 billion in 2021, up from HKD 58.128 billion in 2020, representing a compound annual growth rate of 12.7%[21]. - Cash and investment securities reached HKD 8.569 billion in 2021, showing a compound annual growth rate of 11.1% since 2017[21]. - The company’s cash profit was HKD 722,000,000, indicating robust cash generation capabilities despite a decrease from HKD 842,000,000 in the previous fiscal year[39]. - The company reported a net profit attributable to shareholders of approximately HKD 543,000,000 for fiscal year 2021, an increase of 48.5% from HKD 366,000,000 in fiscal year 2020[75]. - The company maintained a relatively low net debt ratio of 54.9%, calculated based on adjusted net debt against total asset value[40]. - The company is actively managing its liabilities and has plans to refinance or extend the maturity of its debts, maintaining a strong balance sheet[50]. Sustainability and Corporate Social Responsibility - The company established a Sustainable Development Steering Committee to promote sustainability measures[11]. - The company partnered with Hengan International Group to procure and donate 1,000,000 masks to schools, hospitals, and vulnerable communities in Hong Kong and China[8]. - The company has received over 40 awards in 2020, highlighting its commitment to social responsibility and governance[25]. - The company is focused on sustainable development, having established a sustainability oversight committee to drive environmental, social, and governance initiatives[25]. - The company is committed to corporate social responsibility initiatives, contributing to community development and sustainability efforts[62]. - The company has received recognition for its investor relations, winning multiple awards for best investor relations company and best investor relations website[166]. Hotel and Casino Operations - The company is optimistic about the recovery of the hotel industry in Hong Kong, benefiting from its proximity to mainland China as travel restrictions ease[24]. - The company is preparing for a strong recovery in the hotel sector, with three new hotels set to open and ten more in planning and construction stages[47]. - The company plans to open its first Australian hotel, the Meriton Suites Gold Coast, by the end of 2021, followed by additional properties in Perth, Melbourne, and Brisbane[128]. - The total revenue from hotel operations and management for the fiscal year 2021 was approximately HKD 889 million, a decrease of 33.9% compared to fiscal year 2020[131]. - The casino business generated revenue of HKD 88,000,000 (net of gaming tax) in fiscal year 2021, a significant decline of 67.6% from HKD 271,000,000 in fiscal year 2020 due to government-mandated closures[149]. - The average revenue per available room (RevPAR) for the hotel group in the fiscal year 2021 was HKD 280, down from HKD 406 in the fiscal year 2020[130]. - The company implemented significant cost-saving measures, including layoffs and contract renegotiations, which helped achieve a positive EBITDA level in fiscal year 2021[151]. Project Development and Sales - The company has a strong project portfolio supported by robust financial conditions, ready to capitalize on business activity recovery[40]. - The company achieved a cumulative pre-sale value of HKD 13,800,000,000, providing a clear revenue outlook for the coming years[31]. - The company is developing a mixed-use residential project in Melbourne, West Side Place, with a total saleable area of approximately 2,200,000 square feet and a development value of HKD 11,500 million[100]. - The company has launched several projects, including The Star Residences in Gold Coast, with a total saleable area of 111,000 square feet and an expected development value of HKD 531 million, completed in FY2023[94]. - The company is expanding its residential portfolio in Victoria North, anticipating further land acquisitions to increase saleable area and development value[98]. - The company has identified potential assets for sale as part of its strategy to optimize investments and expenditures[89]. - The company is focused on realizing the value of selected assets and reallocating released capital into higher return investment opportunities[51]. Awards and Recognition - The company has received multiple international awards for its investor relations, corporate governance, and ESG efforts, including six awards from "Finance Asia" in 2021[44]. - The company was recognized with six awards at the "2021 Asia's Best Companies" selection, including "Best Overall Management Company in Asia" and "Best CEO in Hong Kong" for its Chairman and CEO[166]. - The company received the "2020 Travellers' Choice" award by Tripadvisor, placing its hotel in the top 10% worldwide based on traveler reviews[169]. - The company was awarded the "2021 Travellers' Review Award" from Booking.com with a score of 8.2/10[173]. - The company received the "5 Years Plus Caring Company Logo" by the Hong Kong Council of Social Service[173].