远东发展(00035) - 2023 - 中期财报

Financial Performance - The group's revenue for the first half of the fiscal year 2023 decreased by 3.0% to approximately HKD 3,000,000,000, primarily due to fewer completed residential property projects compared to the same period last year [21]. - Adjusted revenue (non-GAAP financial measure) increased by 13.0% to approximately HKD 3,500,000,000 after accounting for the group's share of revenue from The Star Residences, which was approximately AUD 91,000,000 (equivalent to about HKD 500,000,000) [21]. - The group achieved a significant increase in hotel business revenue, which grew by 36.2% year-on-year to approximately HKD 897,000,000, benefiting from the gradual lifting of travel restrictions in various countries [26]. - The cumulative pre-sale value and contracted sales of the group's development projects reached a record high of approximately HKD 18,000,000,000 as of September 30, 2022 [26]. - Adjusted net profit attributable to shareholders decreased by 46.7% to HKD 571 million, while adjusted cash profit increased by 7.3% to HKD 897 million [34]. - The company recorded a net profit attributable to shareholders of HKD 571,000,000, a decline of 46.7% compared to HKD 1,071,000,000 in the first half of fiscal year 2022 [45]. - The company's consolidated revenue for the first half of the fiscal year 2023 was approximately HKD 3,000,000,000, a slight decrease of 3.0% compared to the same period in fiscal year 2022, primarily due to a decline in property development revenue [41]. - Adjusted gross profit for the first half of fiscal year 2023 was approximately HKD 1,200,000,000, unchanged from the first half of fiscal year 2022 [41]. Project Development - The acquisition of the large mixed-use development project Vauxhall Square in the UK from R&F Properties (Hong Kong) Limited was completed, including a buyback option [8]. - The group launched the Manchester residential project Collyhurst Village [9]. - The group plans to launch the Hong Kong Kai Tak residential project, with an expected attributable development value of approximately HKD 6,600,000,000 by December 31, 2023 [26]. - The group successfully acquired development rights for a site in Sai Ying Pun, Hong Kong, from the Urban Renewal Authority [9]. - The group successfully launched the Manchester Victoria Riverside (Block A) project with a total development value of HKD 899,000,000 [26]. - The expected completion of the West Side Place (Third Tower) and (Fourth Tower) in Melbourne is projected for the fiscal year 2023, with a combined pre-sale value of HKD 4.5 billion [62]. - The company has secured a land acquisition in Hong Kong's Sai Ying Pun, enhancing its land reserve strategy and reducing land cost basis [61]. - The company is actively seeking redevelopment opportunities in partnership with local councils and developers, such as The Star and Manchester City Council [61]. Hotel Operations - The group launched a new apartment hotel brand, Dao by Dorsett, with the opening of Dao by Dorsett West London [8]. - The brand of Oakwood Premier AMTD Singapore was successfully rebranded to Dao by Dorsett AMTD Singapore, becoming the first Dao by Dorsett hotel in Asia [8]. - The newly launched "Dao by Dorsett" brand opened its first serviced apartment hotel in West London, offering 74 high-quality serviced apartment units [28]. - The total hotel operating and management revenue for the first half of FY2023 was approximately HKD 847 million, a 33.4% increase from HKD 635 million in the same period of FY2022 [87]. - The overall occupancy rate for the hotel portfolio was stable at approximately 61.0%, with average room rates increasing by 37.7% to HKD 968 per night in the first half of FY2023 [87]. - The company has provided accommodation for over 12,000 frontline healthcare workers and more than 500,000 quarantine guests globally as of September 30, 2022 [87]. - New landmark hotels, The Ritz-Carlton and the Hyatt, are set to open in Melbourne in the second half of fiscal year 2023, expected to contribute to recurring revenue [44]. Financial Position and Debt Management - As of September 30, 2022, the company's adjusted net asset value per share decreased by 16.5% to HKD 11.53 compared to HKD 13.81 on March 31, 2022 [35]. - The adjusted net debt-to-equity ratio as of September 30, 2022, was 67.8%, up from 57.9% on March 31, 2022, reflecting the development of new projects [49]. - The group's cash and cash equivalents as of September 30, 2022, were HKD 6,211 million, down from HKD 6,903 million as of March 31, 2022 [47]. - The average interest rate on bank loans increased from 2.15% in the first half of FY2022 to 2.74% in the first half of FY2023 [52]. - The company's capital expenditure for the first half of the fiscal year 2023 was approximately HKD 457,000,000, primarily for hotel development projects in Melbourne [58]. - The company has a focus on actively investing capital and monetizing assets to maintain a stable debt ratio and avoid excessive interest expenses [53]. - The company plans to use the newly completed hotels in Melbourne as collateral for further bank borrowing if necessary [53]. Market and Economic Conditions - The company remains cautious in managing costs and expenses while enhancing its operational business model to ensure stable future operating profits [24]. - The company is preparing for potential challenges due to the uncertain economic environment while aiming to provide sustainable profits and dividends to shareholders [104]. - The company has noted increased uncertainty in valuations due to macroeconomic factors and geopolitical changes affecting property values [172]. - The company’s cash flow management strategy includes classifying current asset investments based on the estimated liquidation plans of investment securities to meet cash outflows in the next twelve months [175]. Shareholder and Corporate Governance - The company has a significant shareholder structure, with major shareholders holding substantial stakes in the company, including 1,249,885 shares (5.46%) held by BC Investment Group Holdings Limited [117]. - The company confirmed compliance with the standard code regarding securities trading by all directors during the six months ending September 30, 2022 [127]. - The company has adopted a new share option scheme on August 30, 2022, which is valid for ten years to encourage and reward eligible employees [120]. - The company has complied with the corporate governance code, except for the deviation where the Chairman and CEO roles are held by the same individual, which the board believes provides strong and consistent leadership [126].