FE CONSORT INTL(HK:00035)2023-07-25 08:45Corporate Social Responsibility - The company donated HKD 1,500,000 and 40,000 square feet of farmland to the Hong Kong Institute of Higher Education for the construction of a Chinese medicine research center[8]. - The company has been involved in various charitable and community contributions, reflecting its commitment to social responsibility[53]. - The company has received multiple awards in Singapore, including the "National Philanthropy Service Gold Award 2022" and "Outstanding Star Award 2022" from the Singapore Hotel Association[183]. Business Expansion and Development - The company successfully launched a new apartment hotel brand, Dao by Dorsett, in West London, UK[8]. - The company completed the acquisition of the large mixed-use development project Vauxhall Square in the UK from R&F Properties, providing a buyback option[8]. - The company successfully acquired development rights for a site in Sai Ying Pun, Hong Kong, from the Urban Renewal Authority[8]. - The company launched a residential project in Manchester, UK, named Collyhurst Village[8]. - The company plans to launch a residential project in Kai Tak, Hong Kong, in the fiscal year 2024, with an expected total development value of approximately HKD 6,600,000,000[29]. - The company is exploring opportunities to spin off and independently list its gaming and hotel business in the capital markets to fully unlock its potential[35]. - The company is focused on maintaining cost control while seeking investment opportunities to drive growth[50]. - The company is expanding its hotel business in various regions, including China, Singapore, and Australia[186]. Financial Performance - The company reported a revenue of HKD 6,346 million for the fiscal year 2023, reflecting a decrease of 1.9% compared to the previous year[12]. - The adjusted cash profit for the fiscal year 2023 was HKD 576 million, with an adjusted cash profit margin of 9.1%[12]. - The company’s cash and investment securities stood at HKD 6,545 million as of March 31, 2023, showing a compound annual growth rate of -1.9%[20]. - The company’s adjusted net asset liability ratio increased to 73.8% in fiscal year 2023, compared to 57.9% in fiscal year 2022[20]. - The company recorded a total revenue of HKD 3,600,000,000 from property development in the fiscal year 2023, with a cumulative pre-sale and unrecognized contracted sales amounting to approximately HKD 18,700,000,000[30]. - The company maintained a profit attributable to shareholders of approximately HKD 172,000,000 for fiscal year 2023[72]. - The net profit attributable to shareholders for fiscal year 2023 was HKD 172,185,000, significantly lower than HKD 1,300,381,000 in fiscal year 2022[161]. Awards and Recognition - The company was awarded "Best CEO in Hong Kong" and "Best Small Company" at the 2022 Asia's Best Companies Awards[8]. - The company received multiple awards, including "Best CEO" and "Best CFO" at the 2022 Asia Excellence Awards, highlighting its strong leadership and investor relations[11]. - The company was recognized with a bronze award in the traditional annual report category at the 2022 ARC Annual Report Awards[8]. - The company has received multiple awards for corporate governance and investor relations, including "Best Investor Relations Company" and "Best Annual Report" at the Hong Kong Investor Relations Association Awards[48]. Real Estate and Property Development - The company completed the West Side Place development project in Melbourne, which includes the Ritz-Carlton Hotel, Dorsett Hotel, over 1,500 residential units, and some commercial space[29]. - The company has a diversified portfolio of residential property development projects across Australia, mainland China, Hong Kong, Singapore, Malaysia, and the UK, focusing on the mass residential market[94]. - The total expected attributable development value for active residential property development projects as of March 31, 2023, is approximately HKD 61,500 million[97]. - The company holds a 50% interest in several key development projects, including the West Side Place and the Towers at Elizabeth Quay[103]. - The company is exploring opportunities to convert certain projects into "build-to-rent" schemes, with discussions ongoing[104]. Hotel Operations - The company opened two new hotel properties in the fiscal year 2023, including Dao by Dorsett West London and the Ritz-Carlton Hotel in Melbourne, adding a total of 331 rooms[32]. - The hotel business revenue increased by 7.4% year-on-year to approximately HKD 1,509,043,000, with an adjusted gross profit margin of 51.6%[71]. - The average occupancy rate in Hong Kong for the fiscal year 2023 was 64.7%, down from 77.1% in the previous year[131]. - The company plans to open a new Dao by Dorsett hotel in Hornsey, UK by the end of 2023, along with additional hotels in Hong Kong and Australia in the coming years[133]. Debt and Financing - The company raised HKD 700,000,000 through a five-year sustainability-linked loan financing in Hong Kong[11]. - The total amount of bank loans, notes, and bonds as of March 31, 2023, is approximately HKD 32,300,000,000, an increase of HKD 1,079,000,000 or 3.5% compared to the previous year[79]. - The net debt ratio increased to 73.8% as of March 31, 2023, compared to 57.9% in the previous year[75]. - The average interest rate on bank loans increased from 2.22% in the fiscal year 2022 to 3.87% in the fiscal year 2023[81]. Future Outlook - The company remains optimistic about the fiscal year 2024, driven by ongoing investment strategies and gradual global economic recovery[50]. - The company anticipates significant cash flow generation from the West Side Place project in the coming year due to strong pre-sale responses[105]. - The company expects to continue strong settlements from West Side Place, which will significantly reduce debt levels and the debt-to-equity ratio[45]. - The company is cautious about ongoing risks such as labor shortages in the global hotel industry, inflation, rising interest rates, and geopolitical uncertainties[132].