Financial Performance - The group's total revenue for the fiscal year ended December 31, 2020, was HKD 1,315 million, a decrease of 57.1% compared to HKD 3,062 million in 2019[18]. - Shareholders' attributable profit was HKD 302 million, down 76.6% from HKD 1,288 million in 2019[18]. - Basic earnings per share decreased by 41.6% to HKD 0.66, compared to HKD 1.13 in 2019[18]. - The group's hotel and serviced apartment business recorded revenue of HKD 202 million, a decline of 63.9%[27]. - The EBITDA for the hotel and serviced apartment business was a loss of HKD 5.3 million[27]. - Rental business revenue slightly decreased to HKD 819 million, with an EBITDA of HKD 713 million, representing declines of 10.3% and 10.7% respectively compared to last year[32]. - The restaurant business generated revenue of HKD 120 million, down from HKD 244 million the previous year, with an EBITDA loss of HKD 11.5 million[38]. - The travel business recorded revenue of HKD 174 million, a decline of 87.1% year-on-year, with an EBITDA loss of HKD 23.1 million[43]. Visitor and Employment Impact - The number of visitors to Hong Kong plummeted by 93.6% to 3.57 million in 2020, down from 55.91 million in 2019[20]. - The local unemployment rate rose to 6.6% in 2020, up from 3.3% in 2019[20]. - The group continues to control costs and delay non-essential capital expenditures amid challenging market conditions[22]. Dividends and Financial Position - The group proposed a final dividend of HKD 0.28 per share, totaling HKD 0.50 per share for the year[19]. - As of December 31, 2020, the group's consolidated net cash was approximately HKD 5 billion, a decrease from HKD 5.2 billion as of December 31, 2019[46]. - The total credit facilities granted to the group amounted to approximately HKD 1 billion as of December 31, 2020, down from HKD 1.3 billion as of December 31, 2019, with only 0.30% utilized[46]. - The group's debt-to-equity ratio was only 0.02% as of December 31, 2020, compared to 0.04% as of December 31, 2019, indicating a strong financial position[46]. - The group maintains a sound financial policy with sufficient funds and credit facilities to address foreseeable economic uncertainties[46]. Business Adaptation and Recovery - The group plans to adapt to the new normal post-pandemic and is optimistic about future recovery[23]. - The group introduced various local staycation packages and experiences to adapt to changing consumer patterns and improve occupancy rates[28]. - New promotional activities were launched to increase foot traffic in shopping malls, including cash voucher promotions and takeout discounts[33]. - The group is focused on enhancing its tenant mix and improving facilities to boost customer flow and service quality in its properties[33]. Environmental Initiatives - The group emphasizes sustainable business practices, believing they provide financial returns while benefiting stakeholders and the community[59]. - The group has a robust risk management system in place to assess and manage environmental, social, and governance risks[60]. - The group has been actively involved in community and environmental initiatives, reinforcing its commitment to responsible corporate citizenship[59]. - The group emphasizes energy efficiency, effective water use, and waste reduction as key environmental protection priorities[72]. - The environmental policy, approved in 2016, applies to all business operations and supply chains, with no significant violations reported as of December 31, 2020[76]. - The establishment of two dedicated teams, the Green Management Team and the Energy Management Team, aims to enhance environmental performance and operational efficiency[77]. - The group’s green initiatives include optimizing environmental facilities and integrating environmental culture into business operations[73]. - The company has achieved ISO 14001 certification for its environmental management system across multiple properties, reflecting its commitment to environmental considerations[96]. Employee Engagement and Welfare - The total number of employees as of December 31, 2020, is 1,218, with 690 males and 528 females[101]. - The employee turnover rate is 15.4%, with a breakdown of 12.5% for males and 18.9% for females[102]. - The group offers competitive employee compensation and benefits, including medical and life insurance, paid marriage leave, maternity leave, and free meals[99]. - The group has received the "10 Years Plus Caring Company" logo from the Hong Kong Council of Social Service, recognizing its commitment to employee welfare[99]. - The group provides comprehensive training and development programs to enhance employees' professional skills and knowledge, including hygiene training in response to the pandemic[104]. - Training employee ratio as of December 31, 2020, is 77%, with 12,464 total training participants and an average training hours of 5.94[105]. Risk Management and Compliance - The company has established a strict compliance control system to prevent child labor and forced labor, ensuring all suppliers adhere to these requirements[99]. - The group has implemented effective risk management and internal control processes to identify and manage potential operational risks[117]. - The company has established clear policies for reporting misconduct, insider information, and related transactions to maintain compliance[179]. - The risk management department reports directly to the management and the audit committee, ensuring accountability and oversight[180]. - The company has optimized its risk management framework to adapt to changing regulatory and operational environments[177]. Community Support and Engagement - The group provided 1,800 surgical masks to children in need through a community center to alleviate their burden during the pandemic[121]. - A total of 617 kilograms of surplus food was donated to those in need in 2020, continuing the partnership with local food donation organizations[127]. - The group organized environmental workshops to promote sustainable living practices among employees[128]. - The group engaged in community support activities, including providing venue sponsorship for the "Hong Kong Street Marathon 2020" to support over 30 charitable organizations[126]. Corporate Governance - The company has maintained high levels of corporate governance, complying with the Hong Kong Stock Exchange's corporate governance code throughout the year ending December 31, 2020[157]. - The board consists of 13 members, including 5 executive directors, 2 non-executive directors, and 6 independent non-executive directors, ensuring a balanced governance structure[158]. - The company has a dual role for the Chairman and CEO, which has been in place since June 12, 2014, to ensure effective leadership and strategy execution[157]. - The company has adopted a diversity policy for its board members, emphasizing merit-based appointments and considering various diversity factors[169].

Financial Performance - The group's revenue for the six months ended June 30, 2020, was HKD 765 million, a decrease of 51.8% compared to HKD 1.586 billion in the same period last year[4] - Shareholders' profit attributable to the company was HKD 157 million, down 79.6% from HKD 770 million in 2019[4] - The basic earnings per share were HKD 0.33, a decline of 45.9% from HKD 0.61 in the previous year[4] - Total comprehensive income for the period reached HKD 152,594,000, compared to HKD 799,769,000 in the previous period, reflecting a significant decrease[21] - The company reported a profit for the period of HKD 518,531,000, compared to HKD 769,696,000 in the previous period, representing a decrease of approximately 32.5%[26] - The total comprehensive income for the period was HKD 160.5 million, compared to HKD 797.2 million in the same period last year[18] - Basic and diluted earnings per share were HKD 0.23, down from HKD 1.11 in the previous year[17] Revenue Breakdown - Revenue from the hotel and serviced apartment business decreased by 69% to HKD 102.5 million[9] - Restaurant business revenue fell to approximately HKD 67.8 million, down 35.9% year-on-year, with EBITDA recording a loss of HKD 6.3 million[12] - Travel business revenue was HKD 177.4 million, with EBITDA showing a loss of HKD 16.6 million, compared to HKD 656.5 million and HKD 43.7 million respectively in the previous year[13] - Rental income decreased to HKD 417.5 million, down 9.6% year-on-year, with EBITDA at HKD 368.2 million, a decline of 10%[10] Visitor and Occupancy Trends - The number of visitors to Hong Kong dropped to 3.52 million, a significant decrease of 90% year-on-year[6] - The average hotel occupancy rate in Tsim Sha Tsui fell from approximately 90% to about 20-30% during the reporting period[9] Cost Management and Financial Position - The company is implementing strict cost control measures and delaying non-essential capital expenditures in response to the challenging operating environment[6] - Total operating costs decreased by 12.1% to HKD 95.1 million, with a reduction of approximately HKD 35.6 million compared to the previous year[14] - The group maintained a net cash position of approximately HKD 5.2 billion as of June 30, 2020, with bank loans amounting to HKD 2.72 million[15] - The group’s debt-to-equity ratio was only 0.04% as of June 30, 2020, indicating a strong financial position[15] Investment Properties and Fair Value - The fair value of investment properties decreased by HKD 72.5 million, with a total fair value of HKD 15.3 billion as of June 30, 2020[11] - The company reported a net loss of HKD 72,528,000 in fair value of investment properties for the six months ended June 30, 2020, compared to a net gain of HKD 350,127,000 in the same period of 2019[36][37] - The fair value change of investment properties for the six months ended June 30, 2020, was HKD 24,000, compared to a loss of HKD 45,000 in the same period of 2019[43] Dividends and Shareholder Returns - The company announced an interim dividend of HKD 0.22 per share for the six months ended June 30, 2020[5] - The company declared an interim dividend of HKD (165,830,000) for the period, reflecting a commitment to return value to shareholders despite the decrease in profits[28] - The company declared an interim dividend of HKD 0.22 per share for the six months ended June 30, 2020, compared to HKD 0.24 per share in the same period of 2019[44] Employee and Corporate Governance - The company has a total of 344,060,980 shares held by various entities, all representing 49.79% of the total issued shares[76] - The company emphasizes equal opportunity employment and regularly reviews its compensation and benefits plans to align with market practices[78] - The company has been recognized for its commitment to employee training and development, receiving awards for its human resources initiatives since 2011[79] - The company has complied with the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules during the six months ending June 30, 2020[80] Financial Reporting and Compliance - The company reported its interim financial results for the six months ending June 30, 2020, in compliance with Hong Kong Accounting Standards[84] - The review of the interim financial report did not reveal any matters that would lead to a belief that the report was not prepared in accordance with the relevant accounting standards[86] - The report emphasizes the responsibility of the board of directors for the preparation and presentation of the interim financial report[85] - The company must comply with the relevant provisions of the listing rules of the Hong Kong Stock Exchange[84] Strategic Focus and Future Outlook - The company aims to explore suitable investment opportunities and maintain operational efficiency to navigate through the ongoing challenges[7] - The company is actively assessing its financial position and performance in light of the ongoing economic challenges posed by the COVID-19 pandemic, indicating a strategic focus on resilience and recovery[30] - The company is subject to various risks and uncertainties that may cause actual results to differ significantly from forward-looking statements[83]

Financial Performance - The total revenue for the year ended December 31, 2019, was HKD 3,062 million, a decrease of 4.3% compared to HKD 3,199 million in 2018[9]. - The profit attributable to shareholders was HKD 1,288 million, down 20.7% from HKD 1,624 million in the previous year[17]. - The basic earnings per share decreased by 5.8% to HKD 1.13, compared to HKD 1.20 in 2018[14]. - The hotel and serviced apartment business recorded revenue of HKD 560 million, a decline of approximately 21.2% year-on-year[26]. - The EBITDA for the hotel and serviced apartment business was HKD 174 million, down about 34.5% compared to the previous year[26]. - Rental income for the group was HKD 913 million, with EBITDA at HKD 798 million, reflecting a slight decrease of 0.1% and 1.1% respectively compared to the previous year[33]. - The travel business generated revenue of HKD 1.345 billion, an increase of 7.1% or HKD 89 million, with EBITDA rising by 57.6% to HKD 94 million[46]. - Overall operating costs decreased by 11% to approximately HKD 211 million, compared to HKD 237 million in the previous year[48]. - The group’s net cash position was approximately HKD 5.2 billion, an increase from HKD 4.7 billion in the previous year, indicating strong financial health[49]. Visitor Trends - The number of visitors to Hong Kong decreased by 14.2% to 55.91 million in 2019, with overnight visitors down 18.8% to 23.75 million[19]. - The group's hotel and serviced apartment business experienced a significant decline in visitor numbers, with overnight visitors to Hong Kong dropping by 57.2% in December compared to the previous year, leading to an overall annual decrease of 18.8% or approximately 5.5 million visitors[30]. Dividend and Shareholder Returns - The company proposed a final dividend of HKD 0.34 per share, totaling an annual dividend of HKD 0.58 per share[18]. - The company reported a final dividend of HKD 0.34 per share for the year ended December 31, 2019, compared to HKD 0.37 per share in 2018[198]. - The interim dividend of HKD 0.24 per share was distributed on October 11, 2019, consistent with the previous year[198]. Business Strategy and Operations - The rental business is expected to be impacted by declining rents due to the economic slowdown[22]. - The company plans to adjust its business strategies in response to the challenging economic environment and seek investment opportunities to enhance profitability[22]. - The group will focus on improving service quality and operational efficiency while maintaining stable rental income and financial resources[22]. Environmental, Social, and Governance (ESG) Initiatives - The group engaged 249 stakeholders in a survey to assess environmental, social, and governance (ESG) issues, which guided its strategic planning[59]. - The group emphasizes sustainable development, aiming to provide financial returns to investors while ensuring sustainable growth for stakeholders and the community[54]. - The group has identified 17 key ESG issues that will guide its business development and operational strategies[61]. - The group has implemented a risk management system that includes risk identification, analysis, response, and monitoring related to ESG factors[56]. - The company has implemented a green environmental program aimed at optimizing environmental facilities and integrating environmental culture into business operations[64]. - The company has reduced electricity consumption by 38.6% in 2019 compared to 2012 through the replacement of old air conditioning units with more energy-efficient systems[70]. - The company actively monitors and recycles materials used in daily operations, such as cooking oil, paper, and plastic bottles[63]. - The company achieved a 167.62% target achievement rate for the central water-cooled chiller system, saving 8.29 million kWh against a goal of 23.95 million kWh over five years[75]. - The group has achieved ISO 14001 certification, confirming the successful implementation of an environmental management system across its properties[88]. Employee and Workforce Management - The group employs 1,507 staff members, with 820 males and 687 females, reflecting a diverse workforce[93]. - Total employee turnover rate is 21.3%, with a higher rate of 24.0% for female employees[94]. - The group provided training to 9,095 employees, achieving a training participation rate of 58%[97]. - Average training hours per employee was 8.8 hours, with professional and technical training accounting for 5,198 participants and 6,682 hours[97]. - Employee training included risk and crisis management training due to frequent social activities in Hong Kong during the year[96]. Corporate Governance - The company complies with the corporate governance code as per the Hong Kong Stock Exchange rules[147]. - The board consists of 13 members, including 5 executive directors, 3 non-executive directors, and 5 independent non-executive directors[148]. - The audit committee includes 3 independent non-executive directors to ensure objectivity in financial oversight[154]. - The company emphasizes the importance of training and professional development for directors and senior management[151]. - The company has established a whistleblowing policy since 2013, encouraging employees to report misconduct confidentially[110]. Risk Management - The company has a comprehensive risk management system to monitor and mitigate various operational risks, including economic downturns and social instability[192]. - The company has established emergency procedures and crisis management plans to mitigate the impact of catastrophic events, rated medium to high risk[180]. - The company closely monitors supplier performance to prevent issues related to product shortages and compliance, ensuring a low risk level[181]. - The company conducts annual risk management workshops to enhance awareness of operational risks and mitigation measures among management and key staff[170]. Community Engagement - The group donated a total of 2,532 kilograms of surplus food to those in need in 2019[120]. - The group collaborated with different charities to support underprivileged communities through donations and events[116]. - The company participated in various environmental activities, including the "Earth Hour" and "Hong Kong No Air Conditioning Night" to promote environmental protection[121].

Financial Performance - Total revenue for the year ended December 31, 2018, was HKD 3,199 million, a slight increase from HKD 3,186 million in 2017, representing a growth of 0.4%[16] - The rental business generated revenue of HKD 914 million in 2018, up from HKD 858 million in 2017, reflecting a growth of 6.5%[16] - Hotel and serviced apartment operations reported revenue of HKD 710 million, an increase from HKD 662 million in 2017, marking a growth of 7.2%[16] - The company’s profit attributable to shareholders for 2018 was HKD 1,624 million, compared to HKD 1,519 million in 2017, indicating a growth of 6.9%[16] - Basic earnings per share for 2018 were HKD 2.36, down from HKD 2.52 in 2017, a decrease of 6.3%[20] - Basic earnings attributable to shareholders (excluding revaluation changes) were HKD 828 million, compared to HKD 764 million in 2017, reflecting an increase of 8.4%[16] - The company’s net asset value attributable to shareholders increased to HKD 19,027 million in 2018 from HKD 17,029 million in 2017, a growth of 11.7%[20] - The company declared a dividend of HKD 0.61 per share for 2018, up from HKD 0.59 per share in 2017, representing a growth of 3.4%[20] - The tourism business generated revenue of HKD 1,256 million, slightly down from HKD 1,272 million in 2017, a decrease of 1.3%[16] Operational Efficiency and Strategic Initiatives - The company is focused on enhancing market competitiveness and expanding its business portfolio through strategic initiatives and brand integration[9] - The group maintained a strong financial position with consolidated net cash of approximately HKD 4.7 billion, up from HKD 3.4 billion in the previous year[54] - The group is committed to improving operational efficiency and regularly creating new dishes and themes to enhance service quality[48] - The group actively seeks new opportunities for brand diversification and business development plans to adapt to the uncertain economic environment[55] Environmental, Social, and Governance (ESG) Initiatives - The group engaged over 160 stakeholders in a survey to understand their concerns and expectations regarding environmental, social, and governance issues[64] - The group aims to provide sustainable growth for stakeholders and the community through active participation in relevant activities[62] - The group identified 16 key issues related to environmental, social, and governance (ESG) matters based on 160 stakeholder surveys, which will guide business development and operational strategies[67] - The group aims to reduce greenhouse gas emissions and air pollutants, with a focus on energy efficiency and effective water usage as primary important issues[73] - The group has invested in green facilities and initiatives to enhance energy efficiency and reduce greenhouse gas emissions, with a target of saving 1,040,000 kWh annually from optimized air conditioning systems[78] - The air conditioning system upgrades have resulted in a 39% reduction in electricity consumption since 2012[78] - The lighting system updates, including the replacement of traditional lights with LED lights, have led to a 4.7% decrease in electricity usage since 2012[79] - The group has implemented energy-saving measures such as installing variable frequency drives on escalators to reduce power consumption during acceleration and deceleration[80] - The group has committed to maintaining indoor temperatures between 24°C and 26°C in public areas as part of its energy-saving initiatives[81] - The environmental policy, approved by the board in 2016, applies to all business operations and emphasizes compliance with environmental laws and standards[74] Employee Engagement and Development - The group employs 1,510 staff members, with 816 males and 694 females, reflecting a diverse workforce[101] - The group has a policy of equal pay and provides competitive benefits, including medical and life insurance, paid marriage leave, and maternity leave[98] - A total of 5,257 training sessions were conducted for employees, with an average training duration of 13.6 hours[104] - The group provided subsidies for sommeliers to visit wineries in France, enhancing their professional development[105] - The group actively supports work-life balance initiatives, including sports activities and wellness facilities for employees[108] Corporate Governance - The company complied with the corporate governance code as per the Hong Kong Stock Exchange Listing Rules throughout the year[169] - The board received annual confirmations of independence from all independent non-executive directors, affirming their independent status[172] - The company’s chairman and CEO roles are held by the same individual, Mr. Li Ka Shing, since June 12, 2014, to ensure effective leadership and strategy execution[169] - The board is responsible for major acquisitions, significant project investments, and annual budgets[173] - The company has a commitment to high standards of corporate governance and compliance with legal and regulatory requirements[175] Risk Management - The group has established a robust risk management framework integrated into daily operations, ensuring effective identification, assessment, and monitoring of risks[189] - The group conducted a dual risk assessment regarding environmental impacts and climate change, incorporating "environmental impact" as a new evaluation criterion[194] - A crisis management committee has been formed, comprising senior management and key personnel, to swiftly address crisis incidents and mitigate their impact on the group[198] - The group has implemented a series of annual tests and drills for business continuity management to ensure effective response during emergencies[193] - The internal audit department operates independently from daily operations and reports directly to the audit committee, ensuring compliance with international professional standards in operational monitoring and risk management[199]