远东发展(00035) - 2026 - 中期业绩

Financial Performance - For the first half of the fiscal year 2026, the group's revenue decreased by 27.4% to approximately HKD 3,800,000,000 compared to the same period in fiscal year 2025[2] - Adjusted revenue decreased by 5.9% to HKD 4,940,000,000 in the first half of fiscal year 2026, impacted by impairment losses[8] - The company recorded a net loss attributable to shareholders of HKD 988,000,000 in the first half of fiscal year 2026, influenced by various impairment losses totaling approximately HKD 921,000,000[8] - The company reported a loss of HKD 804.16 million for the period, compared to a loss of HKD 664.10 million in the previous year[18] - Basic loss per share was HKD 32.3 cents, compared to HKD 27.3 cents for the same period last year[16] Revenue Breakdown - Adjusted revenue from property development for the first half of fiscal year 2026 decreased by 10.3% to approximately HKD 3,227,000,000, primarily due to a reduction in completed residential projects[3] - Revenue from property development for the first half of fiscal year 2026 was approximately HKD 2,000,000,000, a decline of 42.0% compared to the same period in fiscal year 2025[59] - Revenue from the hotel business for the first half of fiscal year 2026 reached approximately HKD 1,071,000,000, an increase of 9.6% year-on-year[60] - Revenue from the parking and facility management business for the first half of fiscal year 2026 was approximately HKD 343,000,000, a decrease of 9.7% compared to the first half of fiscal year 2025[61] - The gaming business revenue increased by 11.4% to approximately HKD 218,000,000 in the first half of fiscal year 2026[62] Financial Stability - The net debt decreased by HKD 1,246,000,000 to HKD 20,247,000,000, indicating enhanced financial stability[2] - The adjusted net asset liability ratio decreased to 64.9%, further strengthening the group's financial position[2] - The adjusted net debt-to-equity ratio decreased to 64.9%, reflecting improved capital management and financial discipline[9] - As of September 30, 2025, total bank loans, notes, and bonds decreased by approximately HKD 1,426,000,000 or 5.6% to HKD 23,945,000,000, indicating strict financial management[4] - The company's total liabilities amounted to HKD 23,945 million, down from HKD 25,371 million as of March 31, 2025[66] Asset Management - The company's net asset value stood at HKD 12,841,987,000, down from HKD 13,098,548,000, indicating a reduction of approximately 1.96%[21] - The total assets of the company decreased from HKD 42,543,356,000 to HKD 41,055,669,000, a reduction of approximately 3.5%[36] - The group's current assets maintained at approximately HKD 3.7 billion, ensuring adequate cash and securities levels[12] - The company reported a significant increase in cash reserves, with restricted bank deposits rising to HKD 108,576,000 from HKD 87,680,000, an increase of approximately 23.83%[19] - The company’s investment properties were valued at HKD 5,942,996,000, compared to HKD 5,825,232,000, showing a slight increase of about 2.01%[19] Development Projects - The group launched the 640 Bourke Street property development project in Melbourne in March 2025, which received significant market attention[3] - The total expected development value of active residential property development projects across various regions is approximately HKD 61,800 million as of September 30, 2025[93] - The cumulative pre-sale value and contracted sales of properties under development remained at approximately HKD 9,300,000,000 as of September 30, 2025[3] - The expected total development value of completed saleable projects is HKD 10,001 million, with a total saleable area of 893,000 square feet[96] - The "Queen's Wharf Residences" in Brisbane includes two towers with a total saleable area of 519,000 square feet and an expected development value of HKD 4,040 million, with completion anticipated in the fiscal year 2029[95] Market Expansion and Strategy - The group plans to open the Dorsett Canary Wharf London hotel in September 2025, which will provide 237 stylish rooms and dining services[3] - The group expects to open the Perth Dorsett hotel in the next 12 months, which is anticipated to enhance the group's recurring income stream[3] - The company plans to continue focusing on market expansion and new product development to enhance future performance[30] - The group is committed to optimizing its asset-liability structure and executing divestment strategies for non-core assets to reduce overall leverage during market volatility[160] - The group aims to enhance its hotel portfolio to ensure sustainable development and align with economic recovery cycles[73] ESG and Corporate Governance - The company continues to focus on ESG factors in its strategic planning and risk management, aiming to enhance climate resilience and accelerate carbon reduction efforts[11] - The group is actively advancing its ESG agenda to enhance resilience and create sustainable value for shareholders, focusing on climate-related financial disclosures and risk assessments[152] - The company has adhered to the corporate governance code, with the chairman also serving as the CEO, which the board believes provides strong and consistent leadership[177] - The management believes that the adjusted financial metrics provide useful information for assessing the company's strategic operational performance[161] - The company emphasizes that non-GAAP financial measures should be viewed as supplementary to the financial performance analysis prepared under Hong Kong Financial Reporting Standards[161]