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Annual Report 2016

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Annual Report 2016 (Incorporated in the Cayman Islands with limited liability) Stock Code: 035 ANNUAL REPORT 2016 Concept, design and printing: iOne Financial Press Limited. Website: www.ione.com.hk CONTENTS 2 Corporate Information 3 Major Events of Financial Year 2016 4 Income Statement Highlights 5 Statement of Financial Position Highlights 6 Chairman and Chief Executive Officer’s Statement 10 Managing Director’s Report 16 Profile of Directors and Senior Management 19 Five-Year Financial Summary 20 Management Discussion and Analysis 42 Corporate Social Responsibility 58 Awards and Accolades 64 Diversified and Balanced Portfolio of Businesses 66 Business 78 Directors’ Report 91 Corporate Governance Report 101 Independent Auditor’s Report 102 Consolidated Statement of Profit or Loss 103 Consolidated Statement of Profit or Loss and Other Comprehensive Income 104 Consolidated Statement of Financial Position 106 Consolidated Statement of Changes In Equity 108 Consolidated Statement of Cash Flows 110 Notes to the Consolidated Financial Statements 196 List of Principal Properties 218 Glossary FAR EAST CONSORTIUM INTERNATIONAL LIMITED 2 ANNUAL REPORT 2016 CORPORATE INFORMATION BOARD OF DIRECTORS COMPANY SECRETARY Mainland China China Construction Bank Tak Shing CHOI Executive Directors Corporation David CHIU, Tan Sri Dato’, B.Sc. AUTHORISED Dah Sing Bank (China) Limited (Chairman and Chief Executive REPRESENTATIVES HSBC Bank (China) Company Officer) Limited Chris Cheong Thard HOONG, David CHIU Industrial and Commercial Bank of B.ENG., ACA Tak Shing CHOI China Limited Dennis CHIU, B.A. Public Bank (Hong Kong) Limited Craig Grenfell WILLIAMS, B.ENG. LEGAL ADVISORS Shanghai Pudong Development (CIVIL) Woo, Kwan, Lee & Lo Bank Reed Smith Richards Butler Wing Lung Bank Limited Non-executive Director Maples and Calder Denny Chi Hing CHAN, EMBA HWL Ebsworth Lawyers United Kingdom Lo & Lo Oversea-Chinese Banking Independent Non-Executive Corporation Limited Directors AUDITOR The Bank of East Asia, Limited Kwok Wai CHAN Deloitte Touche Tohmatsu Peter Man Kong WONG, J.P. Certified Public Accountants PLACE OF Kwong Siu LAM Hong Kong INCORPORATION AUDIT COMMITTEE PRINCIPAL BANKERS Cayman Islands Kwok Wai CHAN (Chairman) Hong Kong REGISTERED OFFICE Peter Man Kong WONG DBS Bank (Hong Kong) Limited P.O. Box 1043, Whitehall House, Kwong Siu LAM Hang Seng Bank Limited 238 North Church Street, Industrial and Commercial Bank of George Town, NOMINATION COMMITTEE China (Asia) Limited Grand Cayman KY1-1102, Nanyang Commercial Bank, David CHIU (Chairman) Limited Cayman Islands Kwok Wai CHAN OCBC Wing Hang Bank Limited Peter Man Kong WONG Public Bank (Hong Kong) Limited PRINCIPAL OFFICE Kwong Siu LAM The Hongkong and Shanghai 16th Floor, Far East Consortium Banking Corporation Limited Building, REMUNERATION The Bank of East Asia, Limited COMMITTEE 121 Des Voeux Road Central, Hong Kong Kwok Wai CHAN (Chairman) Malaysia David CHIU Public Bank Berhad SHARE REGISTRAR Peter Man Kong WONG OCBC Bank (Malaysia) Berhad Tricor Standard Limited EXECUTIVE COMMITTEE Singapore Level 22, Hopewell Centre, CIMB Bank Berhad 183 Queen’s Road East, David CHIU Oversea-Chinese Banking Hong Kong Chris Cheong Thard HOONG Corporate Limited Dennis CHIU The Hongkong and Shanghai LISTING INFORMATION Craig Grenfell WILLIAMS Banking Corporation Limited Ordinary Shares (Code: 035) Boswell Wai Hung CHEUNG Australia 5.875% CNY Bonds 2016 MANAGING DIRECTOR (Code: 85915) Australia and New Zealand Banking (Due on 4 March 2016) Group Limited Chris Cheong Thard HOONG 6.0% CNY Bonds 2018 of Dorsett Bank of Western Australia (Code: 85917) Commonwealth Bank of Australia The Stock Exchange of Hong Kong CHIEF FINANCIAL Limited OFFICER Oversea-Chinese Banking Limited Boswell Wai Hung CHEUNG Corporation Limited United Overseas Bank Limited WEBSITE Westpac Banking Corporation http://www.fecil.com.hk FAR EAST CONSORTIUM INTERNATIONAL LIMITED 2 ANNUAL REPORT 2016 3 CORPORATE INFORMATION MAJOR EVENTS OF FINANCIAL YEAR 2016 BOARD OF DIRECTORS COMPANY SECRETARY Mainland China China Construction Bank Tak Shing CHOI Executive Directors Corporation David CHIU, Tan Sri Dato’, B.Sc. AUTHORISED Dah Sing Bank (China) Limited (Chairman and Chief Executive REPRESENTATIVES HSBC Bank (China) Company Officer) Limited Chris Cheong Thard HOONG, David CHIU Industrial and Commercial Bank of B.ENG., ACA Tak Shing CHOI China Limited Award of tender of a residential Dennis CHIU, B.A. Public Bank (Hong Kong) Limited Destination Brisbane development project at Alexandra Craig Grenfell WILLIAMS, B.ENG. LEGAL ADVISORS Shanghai Pudong Development Consortium, a joint View, Singapore. The site is (CIVIL) Bank Woo, Kwan, Lee & Lo venture between located next to Redhill MRT Wing Lung Bank Limited Reed Smith Richards Butler the Group, The Star station in Singapore with GFA of Non-executive Director Maples and Calder Entertainment Group approximately 440,000 square feet. Denny Chi Hing CHAN, EMBA HWL Ebsworth Lawyers United Kingdom and Chow Tai Fook Lo & Lo Oversea-Chinese Banking Enterprises Limited The Group won a government Independent Non-Executive Corporation Limited was selected by the tender for a residential site in AUDITOR Queensland State as the Directors The Bank of East Asia, Limited Shatin Heights, Hong Kong with preferred proponent to Kwok Wai CHAN Deloitte Touche Tohmatsu undertake the Queen’s maximum GFA of approximately Peter Man Kong WONG, J.P. Certified Public Accountants PLACE OF Wharf Project which 88,000 square feet. Kwong Siu LAM Hong Kong INCORPORATION entails the development of an entertainment precinct and AUDIT COMMITTEE PRINCIPAL BANKERS Cayman Islands integrated resort as well as residential development at Queen’s Wharf Brisbane, Queensland, Australia. Kwok Wai CHAN (Chairman) Hong Kong REGISTERED OFFICE Peter Man Kong WONG DBS Bank (Hong Kong) Limited P.O. Box 1043, Whitehall House, Kwong Siu LAM Hang Seng Bank Limited 238 North Church Street, JULY 2015 Industrial and Commercial Bank of George Town, NOVEMBER 2015 NOMINATION COMMITTEE China (Asia) Limited Grand Cayman KY1-1102, Nanyang Commercial Bank, David CHIU (Chairman) Limited Cayman Islands Kwok Wai CHAN OCBC Wing Hang Bank Limited Peter Man Kong WONG Public Bank (Hong Kong) Limited PRINCIPAL OFFICE OCTOBER 2015 Kwong Siu LAM The Hongkong and Shanghai 16th Floor, Far East Consortium Banking Corporation Limited Building, AUGUST 2015 REMUNERATION The Bank of East Asia, Limited Privatization of Dorsett completed. An COMMITTEE 121 Des Voeux Road Central, Hong Kong approximately 7.42% of the enlarged share MARCH 2016 Kwok Wai CHAN (Chairman) Malaysia Followed by launching of “Star Ruby”, capital of the Company were issued and a David CHIU Public Bank Berhad SHARE REGISTRAR “Sevilla Crest” and “Eivissa Crest” in total cash consideration of approximately Peter Man Kong WONG OCBC Bank (Malaysia) Berhad Tricor Standard Limited Hong Kong, the Group launched its luxury HK$394 million was paid. The Group entered into Memoranda Singapore Level 22, Hopewell Centre, boutique residence, of Understanding with its Queen’s EXECUTIVE COMMITTEE “Aspen Crest”, located CIMB Bank Berhad 183 Queen’s Road East, Wharf Brisbane Partners, Chow David CHIU Oversea-Chinese Banking Hong Kong at Kowloon East Tai Fook Enterprises Limited and Chris Cheong Thard HOONG Corporate Limited catchment with SFA of The Star Entertainment Group Dennis CHIU The Hongkong and Shanghai LISTING INFORMATION approximately 64,000 Limited for development of The Star Craig Grenfell WILLIAMS Banking Corporation Limited Ordinary Shares (Code: 035) square feet. Entertainment Group’s properties in Boswell Wai Hung CHEUNG Australia 5.875% CNY Bonds 2016 Sydney and Gold Coast. MANAGING DIRECTOR (Code: 85915) Sydney: a Ritz Carlton Hotel with food Australia and New Zealand Banking (Due on 4 March 2016) Group Limited and beverage outlets. Chris Cheong Thard HOONG 6.0% CNY Bonds 2018 of Dorsett Bank of Western Australia Gold Coast: A 200-metre tower with (Code: 85917) Commonwealth Bank of Australia 700 hotel rooms and residential The Stock Exchange of Hong Kong CHIEF FINANCIAL Limited apartments. OFFICER Oversea-Chinese Banking Limited Boswell Wai Hung CHEUNG Corporation Limited United Overseas Bank Limited WEBSITE Westpac Banking Corporation http://www.fecil.com.hk FAR EASTFAR EAST CONSORTIUM CONSORTIUM INTERNATIONAL INTERNATIONAL LIMITED LIMITED 4 4 ANNUALANNUAL REPORT REPORT 2016 2016 INCOME STATEMENT HIGHLIGHTS For the year ended 31 March 2012 2013 2014 2015 2016 CAGR Revenue (HK$m) 1,761 3,732 4,066 5,110 3,995 23% Net profit attributable to Shareholders (HK$m) 448 903 914 957 734 13% Basic EPS (HK cents) 23 50 51 51 37 13% Total dividend (HK cents) 6 13 15 16 16 28% Revenue Net Profit Attributable (HK$m) to Shareholders (HK$m) 23% 13% CAGR CAGR 448 903 914 957 734 1,761 3,732 4,066 5,110 3,995 Financial 2012 2013 2014 2015 2016 Financial 2012 2013 2014 2015 2016 Year Year Basic EPS Total Dividend (HK cents) (HK cents) 13% 28% CAGR CAGR 6 23 50 51 51 37 13 15 16 16 Financial 2012 2013 2014 2015 2016 Financial 2012 2013 2014 2015 2016 Year Year 5 STATEMENT OF FINANCIAL POSITION HIGHLIGHTS As at 31 March 2012 2013 2014 2015 2016 CAGR Cash balance and investment securities (HK$m) 1,419 3,275 2,994 3,487 3,750 28% Total assets (HK$m) 16,393 19,418 21,986 22,216 26,160 12% Net assets value attributable to Shareholders (HK$m) 7,452 8,013 8,750 9,144 10,140 8% Adjusted net assets value attributable to Shareholders* (HK$m) 13,117 14,942 16,864 17,263 20,872 12% Cash Balance and Investment Securities Total Assets (HK$m) (HK$m) 28%
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