Harbour Centre Development Limited - Interim / Quarterly Report 2013

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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FAR EAST CONSORTIUM INTERNATIONAL LIMITED

(Incorporated in the Cayman Islands with limited liability) Website: http://www.fecil.com.hk

(Stock Code: 35)

ANNOUNCEMENT OF RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012

INTERIM RESULTS HIGHLIGHTS

Revenue increased by 9.1% to approximately HK$903 million.
Net profi t attributable to shareholders of the Company amounted to approximately HK$610 million, an increase of approximately 626%.
Net assets attributable to shareholders increased from HK$3.8 per share as at 31 March 2012 (i)
to HK$4.4 per share as at 30 September 2012. Adjusting for hotel revaluation surplus , net asset value attributable to shareholders as at 30 September 2012 was HK$7.5 per share.
(i)
• Net gearing ratio at 30.2% and cash position at approximately HK$2.3 billion as at 30 September 2012.
Cumulative contracted presale value of properties under development amounted to approximately HK$6.6 billion as at 30 September 2012.
Earnings per share increased by 640.9% to HK32.6 cents.
Interim dividend of HK2 cents per share (30 September 2011: HK1 cent).

Note:

(i) Revaluation surplus on hotel assets of HK$7,236 million was based on valuation carried out as at 31 March 2012 and was not recognized in the Company’s condensed consolidated fi nancial statement but adjusted for the calculations of net asset attributable to shareholders per share and net gearing ratio.

INTERIM RESULTS

The Board of Directors (the “ Board ”) of Far East Consortium International Limited (the “ Company ”) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (the “ Group ”) for the six months ended 30 September 2012. The Company’s Audit Committee has reviewed the results of the fi nancial statements of the Group for the period ended 30 September 2012 prior to recommending them to the Board for approval.

FINANCIAL HIGHLIGHTS

Revenue Gross prof t Prof t for the period Prof t attributable to shareholders Earnings per share Dividend per share	Six months ended 30 September 2012 2011 Change *HK$ million* HK$ million 903 827 9% 412 392 5% 761 111 586% 610 84 626% HK32.6 cents HK4.4 cents HK2 cents HK1 cent	Six months ended 30 September 2012 2011 Change *HK$ million* HK$ million 903 827 9% 412 392 5% 761 111 586% 610 84 626% HK32.6 cents HK4.4 cents HK2 cents HK1 cent

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012

NOTES
Revenue
3
Cost of sales and services
Depreciation and amortisation of hotel and
car park assets
Gross prof t
Other income
Gain on disposal of a subsidiary
Other gains and losses
4
Administrative expenses
Share of results of associates
Share of results of jointly controlled entities
Finance costs
5
Prof t before tax
Income tax credit (expense)
6
Prof t for the period
7
Attributable to:
Shareholders of the Company
Non-controlling interests
Earnings per share
8
— Basic (HK cents)
— Diluted (HK cents)

Six months ended
30.9.2012
30.9.2011
HK$’000
HK$’000
(unaudited)
(unaudited)
902,628
827,041
(418,877)
(371,160)
(71,797)
(64,277)
411,954
391,604
13,353
10,490
445,086
—
123,258
30,992
(287,412)
(224,218)
26,294
11,983
(4,066)
5,127
(76,786)
(86,767)
651,681
139,211
108,962
(28,344)
760,643
110,867
610,421
84,458
150,222
26,409
760,643
110,867
32.6
4.4
32.6
4.4

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012

Prof t for the period
Other comprehensive income (expense):
Revaluation increase (decrease) on available-for-sale
investments
Exchange difference on translation of
foreign operations
Reclassify to prof t or loss on disposal of
available-for-sale investments
Other comprehensive expense for the period
Total comprehensive income for the period
Total comprehensive income attributable to:
Shareholders of the Company
Non-controlling interests

Six months ended
30.9.2012
30.9.2011
HK$’000
HK$’000
(unaudited)
(unaudited)
760,643
110,867
2,445
(32,735)
(21,359)
(65,826)
(2,260)
(2,809)
(21,174)
(101,370)
739,469
9,497
596,897
(18,142)
142,572
27,639
739,469
9,497

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2012

NOTE Non-current assets Investment properties Property, plant and equipment Prepaid lease payments Other assets Goodwill Other intangible assets Interests in associates Interests in jointly controlled entities Available-for-sale investments Financial assets at fair value through prof t or loss Deposit for acquisition of property, plant and equipment Amounts due from associates Amount due from a jointly controlled entity Amount due from an investee company Other receivables Pledged deposits Current assets Properties for sale Completed properties Properties for/under development Other inventories Prepaid lease payments Debtors, deposits and prepayments 10 Tax recoverable Available-for-sale investments Financial assets at fair value through prof t or loss Derivative f nancial instruments Pledged deposits Restricted bank deposits Bank balances and cash Assets classif ed as held for sale	30.9.2012 *HK$’000* (unaudited) 2,296,189 6,153,951 593,108 299,094 68,400 815 273,391 86,567 6,784 16,502 141,814 70,744 26,936 119,995 143,641 27,983 10,325,914 86,079 4,673,051 16,249 15,798 373,127 67,824 22,216 31,822 11,792 203,502 136,693 1,924,589 7,562,742 90,742 7,653,484	31.3.2012 HK$’000 (audited) 2,456,469 5,988,002 597,485 — 68,400 2,100 256,158 90,966 16,190 7,750 149,315 70,784 26,936 119,995 141,407 25,252 10,017,209 100,699 3,797,152 10,719 18,867 280,570 11,386 18,694 458 10 342,672 971 1,374,980 5,957,178 418,928 6,376,106

NOTE Current liabilities Creditors and accruals 11 Obligations under f nance leases Amounts due to related companies Amounts due to associates Amounts due to non-controlling shareholders of subsidiaries Dividends payable Dividends payable to non-controlling interests Customers’ deposits received Derivative f nancial instruments Tax payable Secured bank and other borrowings Liabilities associated with assets classif ed as held for sale Net current assets Total assets less current liabilities Non-current liabilities Secured bank and other borrowings Obligations under f nance leases Deferred tax liabilities Convertible bonds Net assets Capital and reserves Share capital Share premium Reserves Equity attributable to shareholders of the Company Non-controlling interests Total equity	30.9.2012 *HK$’000* (unaudited) 664,853 157 61,657 14,119 30,070 86,488 53,500 657,907 22,255 218,516 4,579,473 6,388,995 — 6,388,995 1,264,489 11,590,403 2,523,507 774 237,684 30,833 2,792,798 8,797,605 172,976 2,557,386 4,941,640 7,672,002 1,125,603 8,797,605	31.3.2012 HK$’000 (audited) 606,298 218 46,165 12,877 30,070 — — 197,140 1,245 345,774 1,764,289 3,004,076 2,994 3,007,070 3,369,036 13,386,245 4,620,800 474 234,888 30,074 4,886,236 8,500,009 195,976 2,822,611 4,433,033 7,451,620 1,048,389 8,500,009

NOTES ON THE CONDENSED FINANCIAL STATEMENTS

1. BASIS OF PREPARATION

The condensed consolidated fi nancial statements have been prepared in accordance with the Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certifi ed Public Accountants (“HKICPA”) as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

2. PRINCIPAL ACCOUNTING POLICIES

The condensed consolidated fi nancial statements have been prepared on the historical cost basis except for investment properties and certain fi nancial instruments, which are measured at fair values, as appropriate.

Except as described below, the accounting policies and method of computation used in the condensed consolidated fi nancial statements for the six months ended 30 September 2012 are the same as those followed in the preparation of the Group’s annual fi nancial statements for the year ended 31 March 2012.

Application of amendments to Hong Kong Financial Reporting Standards (“HKFRSs”)

In the current interim period, the Group has applied, for the fi rst time, the following amendments to HKFRSs issued by the HKICPA:

amendments to HKFRS 7 Financial Instruments: Disclosure — Transfers of Financial Assets

The application of the above amendments to HKFRSs in the current interim period has had no material effect on the amounts reported in these condensed consolidated fi nancial statements and/or disclosures set out in these condensed consolidated

3. SEGMENT INFORMATION

Segment revenue and profi t

The Group determines its operating segments based on internal reporting about components that are regularly reviewed by the chief operating decision makers. Information reported to the Group’s chief operating decision makers, who are the executive directors of the Company, for the purposes of resource allocation and assessment of performance is mainly focused on the property development, property investment, hotel operation and management and car park operation in each of the geographical locations as stated below, securities and fi nancial product investments and other operations, which mainly include provision of engineering services and second mortgage loans.

The following is an analysis of the Group’s revenue and results by reportable and operating segment. Segment profi t (loss) represents the pre-tax profi t (loss) earned (incurred) by each segment without allocation of central administrative costs,

Property development — Australia — Hong Kong (“HK”) — Malaysia — Other regions in the People’s Republic of China (“PRC”) Property investment — HK — PRC — Singapore Hotel operation and management — HK — Malaysia — PRC — Singapore — United Kingdom (“UK”) Car park operation — Australia — Malaysia Securities and f nancial product investments Other operations Segment revenue/segment prof t Unallocated corporate expenses Finance costs Prof t before tax	Segment r Six months ended 30.9.2012 *HK$’000* (unaudited) 864 25,680 279 5,338 32,161 15,457 6,581 10,162 32,200 349,333 140,336 64,728 — — 554,397 272,180 8,889 281,069 2,799 2 902,628	evenue Six months ended 30.9.2011 HK$’000 (unaudited) 1,939 8,281 — 19,218 29,438 13,806 6,208 12,470 32,484 308,647 143,066 47,277 — — 498,990 249,826 9,183 259,009 6,735 385 827,041	Segment prof t Six months ended Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) (5,673) 3,264 6,665 3,088 (1,503) — 1,008 4,657 497 11,009 139,301 89,555 (13,817) (2,901) (12,570) 4,842 112,914 91,496 559,912 111,988 23,728 23,936 (10,321) (13,635) (3,857) (3,921) (120) (12) 569,342 118,356 22,492 17,425 4,042 4,566 26,534 21,991 (722) (32,470) (5,113) (6,872) 703,452 203,510 (29,163) (24,179) (22,608) (40,120) 651,681 139,211	Segment prof t Six months ended Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) (5,673) 3,264 6,665 3,088 (1,503) — 1,008 4,657 497 11,009 139,301 89,555 (13,817) (2,901) (12,570) 4,842 112,914 91,496 559,912 111,988 23,728 23,936 (10,321) (13,635) (3,857) (3,921) (120) (12) 569,342 118,356 22,492 17,425 4,042 4,566 26,534 21,991 (722) (32,470) (5,113) (6,872) 703,452 203,510 (29,163) (24,179) (22,608) (40,120) 651,681 139,211
				3,264 3,088 — 4,657
				11,009
				89,555 (2,901) 4,842
				91,496
				111,988 23,936 (13,635) (3,921) (12)
				118,356
				17,425 4,566
				21,991 (32,470) (6,872) 203,510 (24,179) (40,120) 139,211

None of the segments derived any revenue from transactions with other segments.

Segment assets

The following is an analysis of the Group’s assets by reportable segment as at the end of the reporting period. Segment assets represent assets held by each segment without allocation of corporate assets which are mainly bank balances and cash.

Segment Information

Property development — Australia — HK — Malaysia — PRC Property investment — HK — PRC — Singapore Hotel operation and management — HK — Malaysia — PRC — Singapore — UK Car park operation — Australia — Malaysia Securities and f nancial product investments Other operations Segment assets Unallocated corporate assets Total assets	As at 30.9.2012 *HK$’000* (unaudited) 2,153,202 784,301 386,599 2,044,868 5,368,970 1,981,580 4,661 301,378 2,287,619 4,109,648 1,078,121 2,037,307 884,919 394,325 8,504,320 710,447 155,585 866,032 60,299 342,035 17,429,275 550,123 17,979,398	As at 31.3.2012 HK$’000 (audited)
		1,513,133 730,396 382,398 1,772,613
		4,398,540
		1,730,192 3,671 605,411
		2,339,274
		3,592,814 1,071,588 1,927,506 694,845 261,043
		7,547,796
		707,176 155,996
		863,172 50,763 352,437 15,551,982 841,333 16,393,315

Information about segment liabilities are not regularly reviewed by the chief operating decision makers. Accordingly, segment liability information is not presented.

4. OTHER GAINS AND LOSSES

Change in fair value of investment properties Gain on disposal of available-for-sale investments Change in fair value of f nancial assets at fair value through prof t or loss Change in fair value of derivative f nancial instruments	Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) 125,950 69,999 2,260 2,809 4,495 (14,440) (9,447) (27,376) 123,258 30,992

5. FINANCE COSTS

Interest on: Bank loans — wholly repayable within f ve years — not wholly repayable within f ve years Other loans wholly repayable within f ve years Convertible bonds Finance leases Amortisation of front-end fee Others Total interest costs _Less:_Amounts capitalised to properties under development: — properties for sale — properties for owners’ occupation — investment properties	Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) 108,508 73,816 9,349 23,568 6,428 698 1,086 23,242 11 16 12,757 6,923 2,404 1,590 140,543 129,853 (37,676) (32,656) (24,713) (9,788) (1,368) (642) 76,786 86,767

6. INCOME TAX (CREDIT) EXPENSE

Current tax: Hong Kong Prof ts Tax PRC Enterprise Income Tax (“EIT”) PRC Land Appreciation Tax (“LAT”) Australia Income Tax Malaysia Income Tax Singapore Income Tax Other jurisdictions Overprovision in prior years PRC LAT Singapore Income tax Deferred taxation	Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) 26,011 7,971 49,204 6,292 1,283 3,542 1,047 4,783 3,126 1,690 — 178 — 487 80,671 24,943 (192,268) — (161) — (192,429) — 2,796 3,401 (108,962) 28,344	Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) 26,011 7,971 49,204 6,292 1,283 3,542 1,047 4,783 3,126 1,690 — 178 — 487 80,671 24,943 (192,268) — (161) — (192,429) — 2,796 3,401 (108,962) 28,344
		24,943
		— —
		—
		3,401
		28,344

Hong Kong Profi ts Tax is calculated at 16.5% of the estimated assessable profi t for the period of each individual companies comprising the Group less tax losses brought forward where applicable.

PRC EIT is calculated in accordance with the PRC EIT Law and Implementation Regulations of the PRC EIT Law at the rate of 25%.

PRC LAT is levied at progressive rates ranging from 30% to 60% on the appreciated land value of the properties sold, less deduction in accordance with the relevant PRC Tax laws and regulations.

Taxation arising in other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.

During the period ended 30 September 2012, the local tax authority in PRC agreed to use the deemed levying rates to calculate the PRC LAT for certain property development projects of the Group, for which PRC LAT based on the progressive rates was provided for in the fi nancial statements in previously years. The resulting overprovision of PRC LAT amounting to HK$192,268,000 was reversed in the current period.

7. PROFIT FOR THE PERIOD

Prof t for the period is arrived at after charging: Amortisation of prepaid lease payments _Less:_Amount capitalised to properties under development for owners’ occupation Amortisation of intangible assets Depreciation Share of taxation of associates (included in share of results of associates) Share option expense and after crediting: Dividend income from: Investments held for trading Available-for-sale investments Bank interest income	Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) 6,756 6,851 (1,883) (1,872) 4,873 4,979 1,285 1,286 78,810 70,123 483 450 1,691 2,499 165 1,235 169 495 334 1,730 1,107 2,779	Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) 6,756 6,851 (1,883) (1,872) 4,873 4,979 1,285 1,286 78,810 70,123 483 450 1,691 2,499 165 1,235 169 495 334 1,730 1,107 2,779
		4,979 1,286 70,123 450 2,499
		1,235 495
		1,730 2,779

8. EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share attributable to the shareholders of the Company is based on the following data:

Earnings: Earnings for the purpose of basic and diluted earnings per share Number of shares: Weighted average number of ordinary shares for the purpose of basic earnings per share Effect of dilutive potential ordinary shares — share options Weighted average number of ordinary shares for the purpose of diluted earnings per share	Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) 610,421 84,458 *’000* ’000 1,875,549 1,918,263 — 785 1,875,549 1,919,048	Six months ended 30.9.2012 30.9.2011 *HK$’000* HK$’000 (unaudited) (unaudited) 610,421 84,458 *’000* ’000 1,875,549 1,918,263 — 785 1,875,549 1,919,048
		’000 1,918,263 785
		1,919,048

The computations of diluted earnings per share for the period ended 30 September 2012 did not assume the conversion of the Company’s outstanding convertible bonds since their exercise would result in an increase in earnings per share. In addition, the computations did not assume the exercise of the Company’s and its indirect subsidiary Dorsett Hospitality International Limited (“Dorsett”) (formerly known as Kosmopolito Hotels International Limited) share options as the exercise prices of those options are higher than the average market prices of the Company’s and the Dorsett’s shares during the period.

The computation of diluted earnings per share for the period ended 30 September 2011 did not assume the conversion of the Company’s outstanding convertible bonds since their exercise would result in an increase in earnings per share. In addition, the computation do not assume the exercise of the Dorsett’s share options as the exercise prices of those options are higher than the average market prices of the Dorsett’s shares.

9. DIVIDENDS

	Six months	ended
	30.9.2012	30.9.2011
	*HK$’000*	HK$’000
	(unaudited)	(unaudited)
Dividends recognised as distribution during the period:
Final dividend for the year ended 31 March 2012 of HK5 cents
(six months ended 30.9.2011: f nal dividend for the year ended 31 March 2011
of HK5 cents) per share	86,488	95,913

Subsequent to the end of the reporting period, the directors have declared an interim dividend of HK2 cents (six months ended 30.9.2011: HK1 cent) per share to the shareholders of the Company whose names appear in the register of member on 2 January 2013. Shareholders have an option to elect cash in lieu of new shares of the Company for the dividend proposed and paid during the period.

10. DEBTORS, DEPOSITS AND PREPAYMENTS

Trade debtors included in debtors, deposits and prepayments are approximately HK$73,520,000 (31.3.2012: HK$73,300,000).

Trade debtors mainly comprise of receivables from renting of properties and use of hotel facilities. No credit is provided to the tenants of the properties. Rentals are payable on presentation of demand notes. Hotel room revenue is normally settled by cash or credit card. Credit period of 30 to 60 days are allowed to travel agents and corporate customers.

Sales of properties are settled according to the payment terms of individual contract but have to be fully settled before transfer of the legal titles.

The following is an aged analysis of the trade debtors based on the invoice date:

30-60 days 61-90 days Over 90 days	30.9.2012 *HK$’000* (unaudited) 64,189 3,439 5,892 73,520	31.3.2012 *HK$’000* (audited) 63,441 4,192 5,667
		73,300

11. CREDITORS AND ACCRUALS

The following is an aged analysis of the trade creditors at the end of the reporting dates:

0-60 days 61-90 days Over 90 days	30.9.2012 *HK$’000* (unaudited) 188,611 10,569 70,058 269,238	31.3.2012 HK$’000 (audited) 162,478 5,747 87,147
		255,372

INTERIM DIVIDEND

The Board has declared the payment of an interim dividend for the six months ended 30 September 2012 of HK2 cents (30 September 2011: HK1 cent) per share (“Interim Dividend”). Interim Dividend will be paid to the shareholders of the Company (the “Shareholders”) whose names appear on the Company’s Register of Members on 2 January 2013. Interim Dividend will be paid in the form of a scrip dividend with Shareholders being given an option to elect to receive cash in lieu of all or part of their scrip dividend entitlements (“Scrip Dividend Scheme”).

The Scrip Dividend Scheme will be subject to The Stock Exchange of Hong Kong Limited (“Stock Exchange”) granting listing of and permission to deal in the new shares to be allotted thereunder. For the purpose of determining the number of new shares to be allotted, the market value of new shares will be calculated as the average of the closing prices of the existing shares of the Company on the Stock Exchange for the 5 trading days prior to and including 2 January 2013. Full details of the Scrip Dividend Scheme will be set out in a circular which is expected to be sent to Shareholders together with a form of election on or around 11 January 2013. Dividend warrants and/or new share certifi cates will be posted on or around 8 February 2013.

CLOSURE OF REGISTER OF MEMBERS

The Register of Members of the Company will be closed from Monday, 24 December 2012 to Wednesday, 2 January 2013, both days inclusive, during which period no transfer of shares of the Company will be registered. In order to qualify for entitlement to the Interim Dividend, unregistered holders of shares of the Company should ensure that all share transfer documents accompanied by the relevant share certifi cates must be lodged with the Company’s share registrar in Hong Kong, Tricor Standard Limited, at 26th Floor, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong, for registration not later than 4:30 p.m. on Friday, 21 December 2012.

MANAGEMENT DISCUSSION AND ANALYSIS

Financial and Business Reviews

Financial review

1. Interim results

During the period from 1 April 2012 to 30 September 2012 (“Interim Period 2013”), net profi t attributable to shareholders of the Company amounted to approximately HK$610 million, representing an increase of approximately 626% as compared with the same period of last fi nancial year. The increase was mainly due to (i) growth in hotel operating performance; (ii) gain on disposal of a subsidiary holding Dorsett Regency Hotel, Hong Kong which is located at Kennedy Town, Hong Kong; (iii) increase in gain on fair value of investment properties; and (iv) write back of an over provision of land appreciation tax (“LAT”).

Consolidated revenue during the Interim Period 2013 increased by 9.1% to approximately HK$903 million. Revenue from recurring income business (property investment, hotel operation and car park operation) increased by 9.7% to approximately HK$867 million, representing approximately 96.0% of the consolidated revenue for the Interim Period 2013. Sale of property development was approximately HK$32 million. The remaining revenue was derived from treasury investment.

Recurring income business Dorsett Group Car parks Property investment Total recurring income business	Interim Period 2013 Revenue *HK$ million* 554 281 32 867	Interim Period 2012 Revenue HK$ million Growth 499 11.0% 259 8.5% 32 — 790 9.7%

Revenue from the Group’s hotel division (Dorsett Hospitality International Limited, “Dorsett Group”) reached approximately HK$554 million, representing an increase of 11.0% as compared with the same period of last fi nancial year. This was primarily due to an increase in revenue per available room (“RevPAR”) as well as the increase in number of rooms during the Interim Period 2013.

Car park revenue reached approximately HK$281 million, an increase of 8.5% during the Interim Period 2013. Revenue relating to property investment was approximately HK$32 million, approximately the same as the same period of last fi nancial year.

The Group continued to maintain and manage a portfolio of residential, offi ce and commercial investment properties, a wide array of car park properties and well diversifi ed hotel property portfolio which constituted the major components of the earnings base and served as key growth drivers for the recurring income business of the Group. The recurring income business will continue to provide a stable source of income and cash fl ow to the Group.

During the Interim Period 2013, sales of residential property were mainly derived from Bakerview located at Hunghom, Hong Kong. Looking forward, the scheduled completion of property development in Australia, Shanghai, Hong Kong, Singapore and Malaysia is expected to deliver a strong performance in the Group’s property development business within the coming three to four years.

Gross profi t for the Interim Period 2013 totalled to approximately HK$412 million, representing an increase of 5.2% from the same period of last fi nancial year. The Group recorded an overall gross profi t margin of 45.6% for the Interim Period 2013 (Interim Period 2012: 47.4%). Gross profi t margin of Dorsett Group was maintained at a similar level at 57.2% for the Interim Period 2013. Gross profi t margin of the Group’s car park business for the Interim Period 2013 was 21.2% (Interim Period 2012: 23.0%). Gross profi t margin of the Group’s property development and property investment were 47.6% and 55.4% respectively for the Interim Period 2013 compared to 68.7% and 52.5% respectively for the Interim Period 2012.

Administrative expenses increased by 28.2% to approximately HK$287 million during the Interim Period 2013, compared with the same period of last fi nancial year. The increase was mainly due to sales commission in relation to disposal of interests in Parkway Centre in Singapore; increase in marketing and advertising expenses in relation to presale of the Group’s property development projects; and increase in pre-operating hotel expenses.

During the Interim Period 2013, fi nance costs were approximately HK$77 million, representing a decrease of 11.5% from the same period of last fi nancial year. The decrease was mainly due to the decrease in interest costs relating to the convertible bonds with principal amount of HK$649.5 million which was redeemed by the Company in March 2012. The decrease in the convertible bond fi nance costs is greater than the increase in fi nance costs for new loans drawn charged to income statement during the Interim Period 2013.

Gain on fair value of investment properties for the Interim Period 2013 was approximately HK$126 million, represented an increase of HK$56 million from the same period of last fi nancial year.

The Group recorded a net positive fi gure of approximately HK$109 million income tax expenses for the Interim Period 2013. The main reason was due to a write back of an over provision of PRC LAT during the Interim Period 2013.

2. Liquidity, fi nancial resources and net gearing

The following table sets out the Group’s bank and cash balances, bank loans and borrowings and equity as at 30 September 2012.

Bank and cash balances Bank loans, convertible bonds and borrowings Carrying amount of total equity Add: hotel revaluation surplus Total equity adjusting for hotel revaluation surplus Net gearing ratio	As at 30.9.2012 *HK$ million* 2,293 7,135 8,798 7,236 16,034 30.2%	As at 31.3.2012 HK$ million 1,744 6,416 8,500 7,750
		16,250
		28.8%

As at 30 September 2012, the Group’s total consolidated equity was HK$8,798 million, an increase of 3.5% as compared with that as at 31 March 2012. Adjusting for a hotel asset disposal during the Interim Period 2013, fair value of hotel properties exceeding their carrying amount was approximately HK$7,236 million as at 31 March 2012. This amount was not recognized in the Group’s consolidated statement of fi nancial position. Taking into account this revaluation surplus, the net gearing ratio of the Group as at 30 September 2012 was 30.2% (31 March 2012: 28.8%).

As at 30 September 2012, the Group has a total of approximately HK$1 billion in undrawn credit facilities. On 30 October 2012, the Group obtained an additional facility of AU$172 million to fi nance the construction of its project in Melbourne.

The Group believes that it has suffi cient fi nancial resources and credit facilities to cater for any funding needs of its operating businesses.

3. Capital expenditure

The Group currently has a number of hotel property development projects in Hong Kong, Singapore, Mainland China and United Kingdom. Capital expenditure for expansion of the hotel portfolio is expected to be approximately HK$682.4 million for the second half of FY2013. The capital expenditure shall be fi nanced with our existing fi nancial resources, banking facilities and funds internally generated from our business operations.

Business review

1. Property division

The Group’s property division business includes property investment and property development.

Property investment comprises investments in retail shops and offi ce buildings located in Shanghai, Hong Kong, Singapore and Melbourne. During the Interim Period 2013, revenue and gross profi t of property investment reached approximately HK$32 million and HK$18 million respectively. In May 2012, the Group sold 51 strata units in Parkway Centre in Singapore for approximately SG$53.4 million (approximately HK$327 million). The sale provided the Group with additional cash fl ows to enable it to redeploy its resources to other value-accretive investment opportunities.

During the Interim Period 2013, valuation surplus of investment properties of approximately HK$126 million was recognized. As at 30 September 2012, valuation of investment properties reached approximately HK$2,296 million (31 March 2012: HK$2,456 million). The decrease in valuation of investment properties was mainly due to the reclassifi cation of a commercial property in Singapore, namely Pearl Centre, from investment property to other assets of non-current assets. The reclassifi cation was carried out as the Group received a notice of land acquisition on 29 August 2012 which specifi ed that the local authority of the Singapore government intended to acquire the parcel of land where Pearl Centre is located for redevelopment purpose.

During the Interim Period 2013, revenue and gross profi t from property development were approximately HK$32 million and HK$15 million respectively. This was mainly due to sale of residential property of Bakerview in Hong Kong. Cumulative contracted presales in relation to properties under development reached approximately HK$6.6 billion as at 30 September 2012. The majority of the cash fl ow relating to the contracted presales has not been refl ected in the balance sheet. A signifi cant portion of the amount is expected to be received upon the completion of each project and upon full settlement.

A breakdown of the contracted property presale value as at 30 September 2012 is set out below:

Developments Location Upper West Side — stage 1 Australia Upper West Side — stage 2 Australia The Royal Crest, Shanghai California Garden Mainland China Star Ruby Hong Kong Dorsett Regency Residences (ii) Singapore Dorsett Place Waterfront Subang (iii) Malaysia Total	Expected year of completion HK$ million FY 2,399 (i) 2013/4 2,263 (i) 2015 419 2014 454 2015 504 2014 566 2017 6,605

Notes:

(i) Include Goods and Services Tax

(ii) Project carried out by Dorsett Group

(iii) Project under a joint venture carried out by Dorsett Group and Mayland Valiant on a 50:50 sharing profi t basis. For further details, please refer to the Company’s circular dated 14 October 2011.

According to Hong Kong Financial Reporting Standard, revenue can only be recognized when sales of property development are completed. The above contracted presale value was therefore

The Group has a diversifi ed property development portfolio which is located in Australia, Shanghai, Guangzhou, Hong Kong, Kuala Lumpur and Singapore. To cater for the Group’s development needs, the Group has established strong local teams. The diversifi cation allows the Group to adopt a strategy to time property cycles in different regions and to buy land cheap during down cycles. Most of the property developments are focused on the mass residential market in Asia Pacifi c where the Group can benefi t from the growing affl uence of the middle class.

Australia

The Group’s major property development in Australia is Upper West Side which is located in the heart of Melbourne Central Business District. This is a residential development of approximately 1.3 million sq. ft. in total gross fl oor area (“GFA”), with more than 2,000 apartments to be completed in 4 stages.

Stage 1 of 700 apartments with approximately 400,000 sq. ft. in GFA was largely presold as at 30 September 2012. Completion is expected to be within the coming 12 months. Approximately 95% of Stage 2 (Madison at Upper West Side) which comprises 584 apartments with approximately 370,000 sq. ft. in GFA was presold as at 30 September 2012. Completion of Madison at Upper West Side is expected to be in fi nancial year 2015. As at 30 September

2012, the contracted presale value in respect of stages 1 and 2 reached approximately HK$2.4 billion and HK$2.3 billion respectively. Stage 3 (Midtown at Upper West Side) which consists of approximately 180,000 sq. ft. in GFA with 282 apartments was launched for presale in November 2012. Stage 4 is under planning and design stage currently.

Mainland China

Shanghai

Shanghai California Garden is a township development, of which approximately 4,000 residential units have been built and sold. The remaining development comprised approximately 4.8 million sq. ft. in GFA as at 30 September 2012. The project comprises a diversifi ed portfolio of residences including low rise apartments, high rise apartments and townhouses. In May 2012, the Group launched the presale of 288 low rise apartments with approximately 270,000 sq. ft. in GFA under the new phase called “The Royal Crest”. As at 30 September 2012, the presale value of The Royal Crest reached approximately HK$419 million which represented about 71% of this phase. The next phase of The Royal Crest with approximately 250,000 sq. ft. in GFA (approximately 180 apartments and 42 townhouses) is expected to be launched for presale within the coming 12 months. The completion of the 2 phases under The Royal Crest is expected to be in fi nancial year 2014. Another 2 new developments consisting of approximately 960,000 sq. ft. in GFA in Shanghai California Garden are under construction. These 2 new developments consist of approximately 90 townhouses and 785 apartments. They are expected to be completed in fi nancial years 2014 and 2015.

Guangzhou

Huadijiayuen is a residential property development located in Liwan district, consisting of approximately 1 million sq. ft. in GFA. Earthworks have been started and presale is expected to be launched in fi nancial year 2014. Completion is expected to be in fi nancial year 2015.

Hong Kong

No. 684, Clearwater Bay Road, Sai Kung

This is a residential redevelopment project converting 6 old villas into 4 villas, with a total GFA of approximately 20,000 sq. ft. The development is situated in the Sai Kung region and is completed and available for sale.

Star Ruby

This is a residential property development located at no. 1–11A, San Wai Street, Hunghom. Construction works commenced in fi nancial year 2012. This development comprises of 124 high rise apartment units with approximately 66,000 sq. ft. in GFA. As at 30 September 2012, presale value reached approximately HK$454 million. Completion is expected to be in fi nancial year 2015.

No. 287–293, Sai Yeung Choi Street North, Sham Shui Po

This residential development consists of approximately 39,000 sq. ft. in GFA. Earthworks have been commenced in the last fi nancial year. Presale is expected to be launched within the coming 12 months. Completion is expected to be in fi nancial year 2015.

No. 90–100 Hill Road, Pok Fu Lam

The whole site of the development was fully acquired after public auction of the remaining unit was completed under Land (Compulsory Sale for Redevelopment) Ordinance, Chapter 545 of the Laws of Hong Kong in the second half of the fi nancial year 2012. The development consists of approximately 45,000 sq. ft. in GFA. Currently the development is under planning stage.

Lot no. 3927, Tan Kwai Tsuen, Hung Shui Kiu, Yuen Long

This is a residential property development which consists of approximately 48,000 sq. ft. in GFA. Currently the Group plans to build more than 20 townhouses under this development. Completion is expected to be in fi nancial year 2015.

Malaysia

Lot no. 470, Jalan Imbi, Kuala Lumpur

This is a residential development consisting of approximately 210,000 sq. ft. in GFA. The development is located close to a shopping district in Kuala Lumpur and is next to Dorsett Regency Kuala Lumpur Hotel. Completion of the development is expected to be in fi nancial year 2016.

Dorsett Place Waterfront Subang

This project is a 50:50 joint venture between Dorsett Group and Mayland Valiant to build 1,989 units of hotel suite apartments into two 17-storey high apartment blocks with a car park providing 1,329 parking spaces. The total net fl oor area is approximately 1,000,000 sq. ft. Construction has been commenced and is expected to complete in fi nancial year 2017.

Singapore

Dorsett Regency Residences

The development represents the residential component of the larger Dorsett Hotel development project on New Bridge Road. It comprises 68 serviced apartments. Presale amounting to approximately HK$504 million was achieved and completion is expected to be in fi nancial year 2014.

2. Hotel operation and management — Dorsett Hospitality International Limited

Revenue and gross profi t for the Interim Period 2013 were approximately HK$554 million and HK$317 million respectively, representing an increase of 11.1% and 9.5% respectively from the same period of last fi nancial year. During the Interim Period 2013, Dorsett Group’s RevPAR for owned hotels increased by 4.9% to HK$621 compared with the same period of the last fi nancial year. Average room rate increased by 5.8% whilst occupancy rate decreased by 1.2% from the same period of last fi nancial year. The decrease in occupancy rate was due in part to the ramp up of Dorsett Kwun Tong opened in August 2012. Operating profi t from Dorsett Group for the Interim Period 2013 was approximately HK$101 million (Interim Period 2012: HK$94 million).

The following table shows the operating data of our owned hotels during the interim periods.

	Six months ended	Six months ended
	30 September
	2012	2011	Change
Hong Kong
Occupancy rate	93%	95%	-2.1%
Average room rate (HK$)	941	857	9.8%
RevPAR (HK$)	876	813	7.7%
Revenue (HK$ million)	349	309	12.9%
Malaysia
Occupancy rate	66%	73%	-9.6%
Average room rate (HK$)	507	505	0.4%
RevPAR (HK$)	337	371	-9.2%
Revenue (HK$ million)	140	143	-2.1%
Mainland China
Occupancy rate	72%	50%	44%
Average room rate (HK$)	547	587	-6.8%
RevPAR (HK$)	393	294	33.7%
Revenue (HK$ million)	65	47	38.3%
Group Total
Occupancy rate	81%	82%	-1.2%
Average room rate (HK$)	768	726	5.8%
RevPAR (HK$)	621	592	4.9%
Revenue (HK$ million)	554	499	11.0%

In September 2012, the disposal of Hong Kong (SAR) Hotel Limited, which holding Dorsett Regency Hotel, Hong Kong which is located at Kennedy Town, Hong Kong, was completed. Of the HK$800 million proceeds, a sum of HK$15 million was retained in escrow pending certain approval for internal alteration to the hotel property. The retention money may be recognized as a gain if such approval is obtained or forfeited by the purchaser if approval is not obtained by 28 March 2013. A gain of HK$445 million from the above disposal was recognized for the Interim Period 2013.

In August 2012, Dorsett Kwun Tong (361 rooms) commenced operation. Dorsett Grand Chengdu (556 rooms) also went on trial operation. Adjusting for the disposal of Dorsett Regency Hotel, Hong Kong which consists of 209 rooms, the net increase in number of rooms during the Interim Period 2013 was approximately 700 rooms.

In order to further strengthen the Dorsett Group’s hotel brand awareness and reinforce competitive advantage, several high level changes to the overall brand architecture were made. The English name of the Dorsett Group has been changed from “Kosmopolito Hotels International Limited” to “Dorsett Hospitality International Limited” and the Chinese name

of the Dorsett Group has been changed from “ 麗悅酒店集團有限公司 ” to “ 帝盛酒店集團有限公司 ” with effect from 31 August 2012. The change of name is an important part of the brand alignment exercise, which will strengthen brand awareness for marketing effi ciency and will be essential to Dorsett Group’s further expansion through development, acquisition and management contracts.

To enhance its brand architecture, Dorsett Group has also consolidated its hotel portfolio, reclassifying hotels under three brands to cover different market segments — boutique range “d. Collection”, a series of upscale, charismatic hotels in prime locations carefully chosen for their proximity to the pulse of each city; “Dorsett Hotels & Resorts”, comprising the upscale Dorsett Grand Hotels which offer tasteful and rich hospitality experience as well as midscale Dorsett Hotels which are contemporary urban hotels in central locations; and the value-led “Silka Hotels” famed for convenience, speedy service and attractive room rates.

As at 30 September 2012, Dorsett Group operated 16 owned hotels (8 in Hong Kong, 5 in Malaysia and 3 in Mainland China) with approximately 4,600 rooms. Dorsett Group also managed 2 hotel operating contracts in Hong Kong, namely, The Mercer by Kosmopolito and Dorsett Regency Hotel, Hong Kong. Total rooms under management contracts were approximately 260 rooms.

Dorsett Group has 7 hotels in the development pipeline (2 in Hong Kong, 2 in Mainland China, 2 in United Kingdom and 1 in Singapore). When completed, total rooms of these 7 hotels will be approximately 2,400 rooms. These 7 hotels are expected to come into operation within the coming 3 years.

As at 31 March 2012, revaluation surplus based on independent valuation amounted to approximately HK$7,750 million. Adjusting for the disposal of Dorsett Regency Hotel, Hong Kong during the Interim Period 2013, the revaluation surplus of the remaining portfolio was approximately HK$7,236 million. This amount was not accounted for in the fi nancial statements.

3. Car park division

Revenue for the Interim Period 2013 was approximately HK$281 million, an increase of 8.5% from the same period of last fi nancial year. Gross profi t was maintained at similar level at 21.2% as compared with the same period of last fi nancial year. The division recorded steady growth and is expected to continue to contribute to the recurring income of the Group.

The car park division manages both third party owned car parks and self owned car parks located in Australia, New Zealand and Hartamas shopping mall in Kuala Lumpur in Malaysia. As at 30 September 2012, the portfolio consisted of 261 car parks with approximately 47,000 parking bays under the Group’s management. Of these, 20 were self owned car parks consisting of approximately 5,600 car parking bays. The remaining car parks were operating under management contracts entered into with third party car park owners. During the Interim Period 2013, the Group added a net total of approximately 10 new car parks under management although the total number of car park bays under management reduced by approximately 1,500. The reduction in parking bays under management was mainly from termination of a contract

relating to a less profi table car park. The Group expects growth to continue as more contracts are added to its management portfolio.

On 30 May 2012, the Group acquired an additional 2.3% of the total issued share capital of the Care Park Group Pty Ltd (“Care Park”) for a consideration of approximately HK$11.3 million, pursuant to arrangement set out in a shareholder agreement between the Group and the non-controlling shareholders of Care Park. Following the transaction, the Group increased its shareholding in Care Park to 76.05%. The increase in shareholding will allow the Group to benefi t more fully from the growth of Care Park.

Contingent Liabilities

During the year ended 31 March 2010, HKSAR initiated a law suit against the contractor for the unsatisfactory performance in relation to the construction of a hotel in an amount of HK$14,356,000. In response to the claim, the contractor has fi led counterclaims against the subsidiary for an amount of HK$25,841,000. HKSAR was disposed of during the current period but the Group undertakes to use all reasonable endeavours to procure the full and fi nal settlement of the litigation. The trial commenced on 30 July 2012 but adjourned to August 2013. In the opinion of the directors, there is a fair chance of winning the lawsuit after consultation with the lawyer. Accordingly, no provision for potential liability has been made in the condensed consolidated

Capital Commitments

Capital expenditure contracted but not provided for in the condensed consolidated f nancial statements in respect of: Acquisition, development and refurbishment of hotel properties Others Capital expenditure authorised but not contracted for in respect of: Development and refurbishment of hotel properties Others	As at 30.9.2012 *HK$’000* 741,325 22,656 763,981 24,463 15,678 40,141 804,122	As at 31.3.2012 HK$’000 585,760 4,421
		590,181
		319,593 19,274
		338,867
		929,048

Other Financial and Operational Information

Repurchase of 230 million shares (11.7% of issued share capital) at HK$1.23 per share

At the end of July 2012, the repurchase of 230 million shares from Penta Investment Advisers Limited was completed and the repurchased shares were cancelled. The share repurchase was a good opportunity for the Company to utilize its surplus cash to enhance its earnings per share.

Net asset value (adjusted for hotel revaluation surplus) as at 30 September 2012

The Group’s equity attributable to shareholders Add: Hotel revaluation surplus (HK$7,236 million x 73.25%) Total net asset value No. of shares issued (“million”) Net asset value (“NAV”) per share (adjusted for hotel revaluation surplus)	*HK$ million* 7,672 5,300
	12,972
	1,730 HK$7.50

SIGNIFICANT PROPERTY TRANSACTIONS POST 30 SEPTEMBER 2012

1 Acquisition of a redevelopment site in Wong Tai Sin, Kowloon, Hong Kong

On 8 November 2012, the Group entered into an agreement to acquire All Greatness Limited which had entered into property agreements for the acquisition of 90% undivided share of the properties erected on the New Kowloon Inland Lot No. 5035 located at Wong Tai Sin, Kowloon, Hong Kong (“Wong Tai Sin”) in October 2012.

Pursuant to the property agreements, the Group has the right not to proceed with the transaction in the event that acquisition of 90% of ownership of the Wong Tai Sin site is not completed on the completion date on or before 20 December 2012. Subject to the completion of acquisition of the 90% of undivided shares of the Wong Tai Sin site, the Group considers that there is a reasonable prospect of acquiring full ownership of the Wong Tai Sin site, either through further negotiations with the remaining minority owners of the Wong Tai Sin site or by way of public auction under Land (Compulsory Sale For Redevelopment) Ordinance, Chapter 545, Laws of Hong Kong. In line with the Group’s property development strategy, the Group intends to redevelop the Wong Tai Sin site into residential properties after acquiring 100% ownership. The development is likely to consist of approximately 90,000 sq. ft. in GFA.

2. Completion of acquisition of hotel site in London, United Kingdom

On 26 October 2012, Dorsett Group completed the acquisition of a property known as The Matrix Building, located at 9-13 Aldgate, High Street, London, United Kingdom for a consideration of approximately HK$180 million. The building has a gross internal area of approximately 67,000 sq. ft. The Matrix Building is currently being used as an offi ce building and Dorsett Group intended to redevelop it into a hotel. With the conversion of The Matrix Building into a hotel, and the completion of construction of Dorsett London (this site was acquired in fi nancial year 2012), Dorsett Group will have two hotels operation in London, providing greater economies of scale for the Group in the United Kingdom.

PROSPECTS

Stimulus measures by government in major economies around the world and the low interest rate policy adopted by many central banks to stimulate the weak global economy have helped the property sector in Asia generally. On the other hand, governments in Mainland China, Hong Kong and Singapore have introduced measures to prevent overheating in the property sector.

Under this environment, the Group will strive to continue to improve its business and fi nancial performance. The Group will continue its efforts in developing its current residential development pipeline and its current hotel development projects. The Group will also seek organic growth in the car park business.

Equipped with a healthy cash position, the Group is well positioned to expand its residential development and hotel portfolio. It will also continue with the strategy of recycling the Group’s capital by disposing of smaller hotels and investing in larger ones with higher operational effi ciencies. This approach will also allow the Group to unlock the signifi cant revaluation surplus and improve overall return to our shareholders.

In the coming few years, with current presales and anticipated new projects in the pipeline, the Group expects contribution from property development to be strong.

The management is confi dent that with geographical diversifi cation and a balanced business portfolio in hotels, property development and investment, and car parks, the Group will be able to weather through cyclicalities in the business and deliver sustainable long term growth to its shareholders.

EMPLOYEE AND REMUNERATION POLICIES

The number of employees of the Group as at 30 September 2012 was approximately 3,000. The Group provides its employees with comprehensive benefi t packages and career development opportunities, including medical benefi ts and both internal and external trainings appropriate to each individual’s requirements.

CORPORATE GOVERNANCE

Compliance with the Corporate Governance Code

The Company has complied with the code provisions (the “Code Provisions”) in the Corporate Governance Code (the “ CG Code ”) as set out in Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange throughout the six months ended 30 September 2012, except for deviations from Code Provisions A.2.1 and A.6.7 of the CG Code described below.

Code Provision A.2.1: Tan Sri Dato’ David CHIU currently assumes the roles of both the Chairman and Chief Executive Offi cer of the Company. The Board believes that this structure provides the Group with strong and consistent leadership and allows for more effective and effi cient business planning and decisions as well as execution of long term business strategies. As such, it is benefi cial to the business prospects of the Group.

Code Provision A.6.7: Due to their unavoidable business engagement, the non-executive director and one of the independent non-executive directors of the Company were unable to attend the extraordinary general meetings held on 20 July 2012 and the non-executive director of the Company was unable to attend the annual general meeting held on 31 August 2012.

AUDIT COMMITTEE

The Audit Committee, comprising all of the Company’s three independent non-executive directors, namely Mr. Kwok Wai CHAN, Mr. Kwong Siu LAM and Mr. Peter Man Kong WONG has reviewed the unaudited consolidated interim results of the Group for the six months ended 30 September 2012.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

During the six months ended 30 September 2012, the Company completed an off-market repurchase of a total of 230 millions shares of the Company from Penta Investment Advisers Limited at the price of HK$1.23 per share and details of which are as follows:

	Number of		Aggregate
	shares	Price	consideration
Month of repurchase	repurchased	per share	paid
		HK$	HK$
July 2012	230,000,000	1.23	282,900,000

Save as disclosed above, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed shares during the period under review.

PUBLICATION OF THE INTERIM RESULTS AND INTERIM REPORT

This results announcement is published on the website of the Stock Exchange at http://www.hkex.com.hk and on the website of the Company at http://www.fecil.com.hk . The Interim Report will be despatched to the Shareholders and will be available for viewing at each of the websites of the Stock Exchange and the Company in due course.

By Order of the Board of Far East Consortium International Limited Boswell Wai Hung CHEUNG Chief Financial Offi cer and Company Secretary

Hong Kong, 28 November 2012

As at the date of this announcement, the Board comprises fi ve executive directors, namely Tan Sri Dato’ David CHIU, Mr. Cheong Thard HOONG, Mr. Chi Hing CHAN, Mr. Dennis CHIU and Mr. Craig Grenfell WILLIAMS; one non-executive director, namely Mr. Daniel Tat Jung CHIU; and three independent non-executive directors, namely Mr. Kwok Wai CHAN, Mr. Peter Man Kong WONG and Mr. Kwong Siu LAM.