远东发展(00035) - 2022 - 年度财报

Financial Performance - For the fiscal year ending March 31, 2022, the company's revenue was HKD 5,896 million, reflecting a slight increase of 0.3% compared to the previous year[15] - The gross profit for the same period was HKD 1,984 million, which represents a decrease of 6.8% year-on-year[15] - The net profit attributable to shareholders was HKD 1,300 million, showing a decline of 4.6% from the prior year[15] - Adjusted cash profit for the fiscal year was HKD 1,425 million, down 4.4% compared to the previous year[15] - The adjusted cash profit margin was 24.2%, indicating a significant improvement from the previous year's 10.6%[15] - The total dividend declared was HKD 0.20 per share, a decrease of 2.4% from the previous year[15] - In fiscal year 2022, the company reported revenue of HKD 5,944 million, a slight increase from HKD 5,831 million in fiscal year 2021[16] - The adjusted net profit attributable to shareholders for 2022 was HKD 1,300 million, up from HKD 543 million in 2021, representing a significant increase[17] - The adjusted cash profit for 2022 was HKD 1,425 million, compared to HKD 630 million in 2021, indicating strong financial performance[17] - The company's consolidated revenue for the fiscal year 2022 was approximately HKD 5,900,000,000, a slight decrease of 0.8% compared to the fiscal year 2021[94] - The company's attributable profit for the fiscal year 2022 was approximately HKD 1,300,000,000, a 139.4% increase from approximately HKD 543,000,000 in the fiscal year 2021[99] - The adjusted cash profit for the fiscal year 2022 was approximately HKD 1,425,000,000, up 126.2% from approximately HKD 630,000,000 in the fiscal year 2021[99] Strategic Investments and Acquisitions - The company subscribed to HKD 129.5 million convertible bonds issued by a subsidiary, indicating strategic investment in growth[8] - The company entered into an agreement to sell 128 affordable housing units for approximately GBP 26 million, reflecting ongoing market activity[9] - The company established a joint venture to acquire significant residential development land in Kai Tak, Hong Kong, indicating expansion plans[14] - The company completed the acquisition of all issued shares of R&F Properties VS (UK) Co., Ltd. for approximately GBP 95.7 million (around HKD 977 million), which owns a large mixed-use development project in London[45] - The company acquired land in Tuen Mun, Hong Kong, to replenish its land reserves and established a joint venture for a large residential site in Kai Tak[45] - The company is considering further acquisitions and may contemplate a spin-off of BC Invest in the medium term[68] Market Demand and Development Projects - The company achieved a record pre-sale revenue of HKD 16.7 billion as of March 31, 2022, indicating strong market demand[31] - The company launched multiple residential projects, including Victoria Riverside in Manchester and Queen's Wharf Residences in Brisbane, with a combined development value of approximately HKD 6.3 billion[45] - The pre-sale value for the Hong Kong Kai Tak residential development project reached approximately HKD 598,000,000, while the Brisbane Queen's Wharf Residences recorded a pre-sale value of HKD 3,900,000,000[67] - The company has a project portfolio valued at over HKD 66.6 billion, with cumulative pre-sales reaching approximately HKD 16.7 billion, indicating strong business resilience[69] - The expected total development value of active residential projects across various regions is approximately HKD 66,600 million as of March 31, 2022[127] ESG and Corporate Governance - The company received multiple awards for corporate governance and ESG excellence, highlighting its commitment to sustainable practices[10][14] - The company is advancing its ESG initiatives and has implemented a sustainable financing framework to support future green financing[34] - The company emphasizes ESG initiatives through the establishment of internal committees and financing frameworks, aiming for steady growth while maintaining a solid balance sheet[69] - The company has a strong governance structure with independent non-executive directors, enhancing oversight and strategic direction[81][82][83] - The leadership team has been recognized for their contributions to the industry and community, enhancing the company's reputation and stakeholder trust[78][81][82] Hotel and Gaming Operations - New hotel properties, including The Ritz-Carlton and Dorsett in Melbourne, are expected to contribute to future revenue growth[32] - The company anticipates that the Queen's Wharf integrated resort in Brisbane will begin phased openings in mid-2023, contributing to recurring performance[32] - The company's casino business saw a strong rebound in gaming revenue following the reopening in the third quarter of 2021, with a rebranding to "PALASINO" and an application for an online gaming license submitted to the Maltese authorities[51] - The gaming business has rapidly recovered, with plans to launch online products immediately after obtaining licenses, and a casino opening in Brisbane's Queen's Wharf expected to significantly increase revenue in FY2024[68] - The hotel business revenue reached approximately HKD 1,405,000,000, an increase of 58.1% year-on-year[98] - The gaming business revenue surged by 163.6% to approximately HKD 231,000,000, driven by business reopening and stable visitor numbers[98] Financial Position and Capital Management - The cash and investment securities balance reached HKD 9,936 million in 2022, reflecting a compound annual growth rate of 5.2%[20][21] - The adjusted total assets increased to HKD 73,600 million in 2022, with a compound annual growth rate of 10.1%[20][24] - The adjusted net asset liability ratio was 57.9% in 2022, showing a stable financial position[20][23] - As of March 31, 2022, the total bank loans, notes, and bonds amounted to HKD 31,195 million, an increase from HKD 27,577 million in the previous year[103] - The group's cash and bank balances increased to HKD 6,903 million from HKD 4,426 million year-on-year[103] - The average interest rate on bank loans decreased to 2.22% from 2.37% in the previous fiscal year[107] - The group has unutilized bank financing of approximately HKD 8,100 million, with HKD 3,800 million related to construction and development facilities[111] Leadership and Organizational Structure - Ms. Chiu has been appointed as the Executive Director of the company since June 2019, overseeing overall strategic growth and development[77] - The company has seen significant leadership changes, with Ms. Chiu becoming the President and Executive Director of the group in 2010 and 2011 respectively[79] - The leadership team has a strong educational background, with members holding degrees from prestigious institutions, which may enhance the company's strategic capabilities[77][81][82] - The company is involved in various sectors, including property development, retail management, and serviced apartment businesses, indicating a diversified business model[79]