远东发展(00035) - 2025 - 年度业绩

Performance Overview Latest Business Information The Group's second-half FY2025 performance significantly improved, driven by adjusted revenue growth, debt reduction, and strategic asset monetization | Metric | FY2025 H1 (HKD) | FY2025 H2 (HKD) | FY2025 Full Year (HKD) | | :--- | :--- | :--- | :--- | | Adjusted Cash Profit (i) | Approx. 33 million | Approx. 233 million | Approx. 266 million | | Metric | FY2025 (HKD) | FY2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. 9.6 billion | - | -6.2% | | Adjusted Revenue (i) | Approx. 10.6 billion | - | +3.8% | - Property development business adjusted revenue (i) increased by 5.3% year-on-year to approximately HKD 7.2 billion, primarily due to the completion and handover of projects in London, Singapore, and Perth[3] - Hotel business revenue slightly increased by 2.3% year-on-year to approximately HKD 2.077 billion, primarily driven by strong performance in Malaysia, the UK, and Australia[3] - The Group actively reduced debt, with total bank loans, notes, and bonds decreasing by approximately HKD 2.4 billion (-8.6%) to HKD 25.4 billion[5] - Approximately HKD 1.2 billion from monetizing non-core assets and businesses was realized during the year, with agreements signed for the disposal of BC Invest equity and London hotel assets[5] Financial Summary Despite a net loss in FY2025 due to non-operating expenses, the Group successfully reduced net debt and improved its adjusted net gearing ratio through prudent capital management | Item | Amount (HKD) | | :--- | :--- | | Net Loss Attributable to Shareholders | 1.275 billion | | Finance Costs | Approx. 1.034 billion | | Impairment Loss on Properties Held for Sale | Approx. 311 million | | Share of Impairment Loss from Associates and Joint Ventures | Approx. 466 million | - The adjusted net gearing ratio (i) decreased from 68.1% in the prior year to 67.6%, with a pro forma adjusted net gearing ratio of 65.8% excluding impairment losses[6] - As of March 31, 2025, the Group maintained a liquidity position of approximately HKD 3.9 billion, alongside approximately HKD 4.6 billion in unencumbered hotel assets and unsold residential inventory[6] Post Balance Sheet Events In May 2025, the Group entered an agreement to dispose of its interest in a Hong Kong mortgage portfolio for approximately HKD 485 million, with net proceeds of HKD 344 million to enhance working capital - In May 2025, the Group completed the disposal of its Hong Kong mortgage portfolio, receiving net proceeds of approximately HKD 344 million[7] Environmental, Social and Governance ("ESG") Summary The Group is committed to sustainable development, engaging external consultants for GHG data collection and climate risk analysis to align with global best practices and integrate ESG principles into its core strategy - The Group engaged independent professional firms to conduct physical risk scenario analysis and stakeholder engagement workshops to identify material climate-related risks and opportunities relevant to its business[8] Consolidated Financial Statements Consolidated Statement of Profit or Loss The Group's FY2025 revenue decreased by 6.2% to HKD 9.57 billion, resulting in a net loss attributable to shareholders of HKD 1.275 billion and a basic loss per share of 41.7 HK cents, primarily due to higher finance costs and property impairments | Metric | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 9,572,234 | 10,203,679 | | Gross Profit | 2,360,653 | 2,784,757 | | (Loss) Profit Before Tax | (897,601) | 585,437 | | (Loss) Profit for the Year | (999,695) | 450,701 | | (Loss) Attributable to Owners of the Company | (1,275,122) | 226,100 | | Basic (Loss) Earnings Per Share (HK cents) | (41.7) | 8.2 | Consolidated Statement of Profit or Loss and Other Comprehensive Income Total comprehensive expense for the year reached HKD 1.544 billion, significantly higher than the prior year's HKD 484 million, primarily driven by the operating loss and other comprehensive expenses from exchange differences and fair value changes in equity instruments | Metric | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | (Loss) Profit for the Year | (999,695) | 450,701 | | Other Comprehensive Expense for the Year | (544,670) | (935,173) | | Total Comprehensive Expense for the Year | (1,544,365) | (484,472) | Consolidated Statement of Financial Position As of March 31, 2025, total assets decreased by approximately 10% to HKD 42.54 billion, and total equity declined by 12% to HKD 13.1 billion, reflecting reductions in properties under development and for sale, alongside repayment of bank and other borrowings | Metric | As at March 31, 2025 (HKD thousand) | As at March 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Total Assets | 42,543,356 | 47,261,297 | | Non-current Assets | 26,170,309 | 25,974,375 | | Current Assets | 16,373,047 | 21,286,922 | | Total Liabilities | 29,444,808 | 32,389,953 | | Current Liabilities | 14,717,036 | 16,151,730 | | Non-current Liabilities | 14,727,772 | 16,238,223 | | Total Equity | 13,098,548 | 14,871,344 | | Equity Attributable to Owners of the Company | 9,824,045 | 11,679,965 | Notes to the Financial Statements This section details the Group's accounting policies, segment information, income and expenses, dividend policy, and balance sheet specifics, highlighting property development as the main revenue source with significantly reduced profit contribution, and a substantial decrease in total dividends 3. Segment Information Property development remains the Group's largest revenue source at HKD 6.18 billion, though its segment profit significantly declined from HKD 989 million to HKD 419 million, while hotel business revenue remained stable, and gaming operations recorded a loss due to Australian investment impairment | Segment | FY2025 Revenue (HKD thousand) | FY2024 Revenue (HKD thousand) | FY2025 Segment Profit (Loss) (HKD thousand) | FY2024 Segment Profit (Loss) (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 6,179,078 | 6,834,270 | 418,768 | 989,014 | | Hotel Business and Management | 2,077,216 | 2,031,147 | 45,775 | 149,051 | | Car Park Operations | 712,629 | 731,589 | 13,588 | 51,721 | | Gaming Operations | 408,799 | 402,403 | (289,585) | 103,775 | 9. Dividends The Board recommended no final dividend for the year ended March 31, 2025, with total dividends recognized for the year amounting to HKD 312 million, including an interim dividend of 1.0 HK cent per share and the FY2024 final dividend of 10.0 HK cents per share - The Directors do not recommend the payment of a final dividend for the year ended March 31, 2025[35][41] | Dividend Item | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | Interim Dividend | 30,349 (1.0 cent per share) | 111,363 (4.0 cents per share) | | Prior Year Final Dividend | 281,760 (10.0 cents per share) | 270,591 (10.0 cents per share) | | Total Recognized for the Year | 312,109 | 381,954 | Management Discussion and Analysis Financial Review This section analyzes the Group's financial performance, liquidity, debt structure, and capital strategy, noting a 6.2% decline in consolidated revenue to HKD 9.6 billion, but significant improvement in car park operations' adjusted gross profit margin, alongside active debt management resulting in an 8.6% reduction in total debt and a slight decrease in the adjusted net gearing ratio to 67.6% 1. Profit and Loss Analysis In FY2025, the Group's consolidated revenue was approximately HKD 9.6 billion, a 6.2% year-on-year decrease, with property development remaining the primary revenue source despite a decline, while hotel business revenue slightly increased, and car park operations significantly improved its adjusted gross profit margin from 20.8% to 28.3% due to strategic adjustments, though overall profitability was impacted by high finance costs and one-off impairments | Business Segment | FY2025 Adjusted Gross Profit Margin (i) | FY2024 Adjusted Gross Profit Margin (i) | Trend | | :--- | :--- | :--- | :--- | | Property Development | 26.0% | 25.5% | Slight Increase | | Hotel Business and Management | 44.4% | 45.2% | Slight Decrease | | Car Park Operations and Facilities Management | 28.3% | 20.8% | Significant Increase | | Gaming Operations | 43.0% | 44.4% | Decrease | - Full-year adjusted cash profit (i) was approximately HKD 266 million, a 65.9% decrease from HKD 780 million in the prior year, primarily due to certain one-off other income recognized last year[49] 2. Liquidity, Financial Resources and Net Debt The Group's liquidity position at year-end was approximately HKD 3.88 billion, with total bank loans, notes, and bonds decreasing by 8.6% year-on-year to HKD 25.4 billion, and net debt falling to HKD 21.5 billion, resulting in a slight reduction in the adjusted net gearing ratio from 68.1% to 67.6%, further supported by HKD 3.4 billion in undrawn bank facilities and HKD 4.6 billion in unencumbered assets | Financial Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Total Bank Loans, Notes and Bonds | HKD 25,371 million | HKD 27,762 million | | Net Debt (iii) | HKD 21,493 million | HKD 22,842 million | | Adjusted Net Gearing Ratio (vi) | 67.6% | 68.1% | - The Group effectively reduced debt levels through strategies such as accelerating property project completions, actively monetizing inventory, and disposing of non-core assets, including UK car parks, BC Invest equity, and the Hong Kong mortgage portfolio[56] - At year-end, approximately 97.1% of the Group's bank loans, notes, and bonds were at floating interest rates, with HKD being the primary debt currency, accounting for 68.0% of the total[59][62] 4. Net Asset Value Per Share After accounting for a hotel revaluation surplus of approximately HKD 18.68 billion, the Group's adjusted net asset value attributable to shareholders (i) was approximately HKD 28.51 billion, resulting in an adjusted net asset value per share (i) of approximately HKD 9.32 as of March 31, 2025, a decrease from HKD 10.77 in the prior year | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | HKD 9,824 million | HKD 11,680 million | | Add: Hotel Revaluation Surplus | HKD 18,681 million | HKD 18,682 million | | Adjusted Net Asset Value Attributable to Shareholders (i) | HKD 28,505 million | HKD 30,362 million | | Adjusted Net Asset Value Per Share (i) | HKD 9.32 | HKD 10.77 | Business Review This section provides a detailed review of each business segment's operations, highlighting the property development segment's substantial project pipeline and pre-sale value, the varied performance of hotel operations across regions, improved profitability in car park operations through portfolio optimization, slight revenue growth and expansion opportunities in gaming, and the ongoing divestment of the non-core mortgage services business 1. Property Segment The property segment, a core business for the Group, operates across Australia, the UK, and Hong Kong, with cumulative attributable pre-sale value and unrecognized contracted sales of properties under development totaling approximately HKD 8.9 billion at year-end, ensuring future revenue, and a substantial development portfolio with an expected attributable gross development value of approximately HKD 61 billion across various large-scale projects at different stages - As of March 31, 2025, the cumulative attributable pre-sale value and unrecognized contracted sales of properties under development amounted to approximately HKD 8.9 billion[76] - The Group's active residential property development portfolio has an expected attributable gross development value of approximately HKD 61 billion[78][82] - Key project updates include: Hong Kong's Kai Tak "The Henley" project with approximately HKD 3.7 billion in pre-sales; ongoing progress in the UK's Manchester "Victoria North" large-scale regeneration project with positive market reception for launched plots; and successful repricing for the fifth tower of Australia's Brisbane "Queen's Wharf Residences" after the fourth tower's completion[91][99][111] 2. Hotel Business and Management The Group owns 35 hotels with approximately 9,400 rooms, and Dorsett Hospitality International's total revenue slightly increased to HKD 1.92 billion in FY2025, with varied regional performance: Hong Kong faced challenges with declining occupancy and average room rates due to changing traveler patterns, while Malaysia and Australia showed strong growth in revenue and operational metrics, and mainland China experienced a moderation after a period of "revenge travel" | Region | Occupancy Rate (FY2025) | Avg. Room Rate Change (YoY) | RevPAR Change (YoY) | | :--- | :--- | :--- | :--- | | Hong Kong | 84.1% | -3.6% | -7.9% | | Malaysia | 61.2% | +0.9% | +9.4% | | Mainland China | 59.4% | -6.1% | -11.1% | | United Kingdom | 81.2% | 0.0% | +2.9% | | Australia | 67.6% | +7.9% | +19.6% | - Dorsett Kai Tak Hong Kong, opened in September 2024, is strategically located adjacent to the Kai Tak Sports Park and is expected to benefit from future large-scale event demand[123][129] - The Group expanded its hotel portfolio through an asset-light strategy, exemplified by the formation of a partnership to acquire Dorsett Singapore @ Changi and secure its management contract[122] 3. Car Park Operations and Facilities Management Despite a 2.6% revenue decrease to HKD 713 million due to the strategic divestment of underperforming car parks, the adjusted gross profit margin for this business significantly improved from 20.8% to 28.3%, reflecting notable enhancements in operational efficiency and cost control, with the Group also implementing technological upgrades such as launching a new mobile application - The adjusted gross profit margin (i) for car park operations and facilities management increased from 20.8% in FY2024 to 28.3% in FY2025, primarily due to the divestment of underperforming car parks and enhanced operational efficiency[142] 4. Gaming Operations and Facilities Management Gaming revenue, primarily from Palasino Group in the Czech Republic, slightly increased by 1.6% to HKD 409 million this fiscal year, driven by an increase in slot machines and game attendance, while the Group's 25% owned Queen's Wharf Brisbane (QWB) integrated resort in Australia commenced trial operations in August 2024 - Palasino Group's gaming revenue slightly increased by 1.6% year-on-year to approximately HKD 409 million[144] - The Group's 25% owned Queen's Wharf Brisbane (QWB) project commenced trial operations in August 2024, with the initial phase of The Star Brisbane high-end casino opening to the public[147] 5. Provision of Mortgage Services The Group has entered an agreement to dispose of its approximately 53.21% equity interest in BC Invest for an initial consideration of approximately AUD 106 million, a transaction part of its non-core asset monetization strategy, expected to complete in Q3 2025 and result in a disposal gain of approximately HKD 235 million in H1 FY2026 - The Group has entered an agreement to dispose of its equity interest in BC Invest, with the transaction expected to complete in Q3 2025 and result in a disposal gain of approximately HKD 235 million in H1 FY2026[148] - Post-year-end, the Group disposed of its Hong Kong mortgage portfolio, receiving net proceeds of approximately HKD 344 million[149] Outlook Looking ahead, the Group is optimistic about sustainable growth, committed to deleveraging with substantial cash flow from upcoming property completions (expected attributable gross development value of HKD 12 billion), while also driving long-term value creation through expanding recurring income businesses (new hotel openings and long-stay apartment operations) and seizing strategic opportunities (QWB project and Palasino expansion), all while maintaining a robust financial position to navigate economic uncertainties - Property projects scheduled for completion in FY2026 have an expected attributable gross development value of approximately HKD 12 billion, providing a stable revenue source and cash flow for deleveraging[155] - The Group will continue its strategy of disposing of non-core assets, with related transactions expected to complete and be recognized as profit in FY2026, further reducing the gearing ratio[159] - Recurring income businesses will continue to expand, including Dorsett Kai Tak Hong Kong entering stable operations, two new hotels opening in London, and long-stay apartments in Shanghai commencing leasing operations[156][157] - Maintaining a robust financial position is a top priority, with the Group committed to improving its gearing ratio and enhancing financial resilience through disciplined capital allocation, portfolio optimization, and non-core asset monetization[160] Other Information Non-GAAP Financial Measures To better reflect core operating performance, the report utilizes several non-GAAP financial measures, such as adjusted cash profit, adjusted gross profit, and adjusted net gearing ratio, which exclude the impact of non-cash or non-operating items like fair value changes in investment properties, impairment losses, and depreciation, with reconciliation tables provided to the closest HKFRS measures | Item | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | (Loss) / Profit Attributable to Owners of the Company | (1,275,122) | 226,100 | | Add / Less: Various Non-cash and Non-operating Adjustments | 1,541,129 | 554,189 | | Adjusted Cash Profit (Non-GAAP) | 266,007 | 780,289 | | Item | FY2025 (HKD thousand) | FY2024 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 9,572,234 | 10,203,679 | | Add: Share of Sales from Joint Ventures | 1,020,584 | – | | Adjusted Revenue (Non-GAAP) | 10,592,818 | 10,203,679 | Compliance with Corporate Governance Code During the reporting period, the company largely complied with the Corporate Governance Code, with one deviation: the Chairman and Chief Executive Officer roles are held by the same individual, Mr. David Chiu, a structure the Board believes provides strong, consistent leadership beneficial for business planning and decision-making efficiency - The company deviated from the Corporate Governance Code's provision that the Chairman and Chief Executive Officer should be separate individuals, with the Board believing the current structure benefits the Group's business prospects[174] Purchases, Sales or Redemptions of Listed Securities During FY2025, the company did not purchase, sell, or redeem any of its listed securities, except for a single transaction involving the purchase and subsequent sale of perpetual capital securities with a total principal amount of USD 4 million - During FY2025, the company, through a subsidiary, purchased and subsequently sold perpetual capital securities with a total principal amount of USD 4 million in the market[178]