Financial Performance - For the fiscal year ended December 31, 2020, the company reported a total revenue of HKD 665,709,000, a decrease of 65.7% compared to HKD 1,943,399,000 in 2019[10]. - The company recorded a loss attributable to equity shareholders of HKD 562,586,000, translating to a loss per share of HKD 1.654, compared to a profit of HKD 5,516,000 and earnings per share of HKD 0.016 in 2019[8]. - The operating loss for the year was HKD 376,900,000, while the previous year showed an operating profit of HKD 334,300,000[10]. - The hotel business generated total revenue of HKD 557,300,000, down 69.5% from HKD 1,827,900,000 in 2019, with an operating loss of HKD 490,000,000[15]. - The company did not declare a final dividend for the year, compared to a dividend of HKD 0.045 per share in 2019[9]. - The company reported a gain of HKD 600,000 from the sale of properties, machinery, and equipment in 2020, a significant improvement from a loss of HKD 11,300,000 in 2019[37]. - The company recorded unrealized gains from trading securities of HKD 1,700,000 in 2020, down from HKD 3,000,000 in 2019[37]. - The company received approximately HKD 4,000,000 in government subsidies during the year, including HKD 3,000,000 from the Canadian government’s temporary wage subsidy program[38]. Impact of COVID-19 - The ongoing COVID-19 pandemic has significantly impacted global operations, leading to a challenging business environment[10]. - The hotel industry continues to face significant pressure due to ongoing travel restrictions from the pandemic, with expectations that recovery to pre-pandemic travel levels will be a long process[35]. - Hotel room revenue decreased by 51.1% from RMB 33,400,000 in 2019 to RMB 16,300,000 in 2020[18]. - Hotel dining revenue fell by 40.1% from RMB 17,400,000 in 2019 to RMB 10,400,000 in 2020[18]. - Occupancy rate dropped to 42.2% in 2020 from 70.8% in 2019[18]. - The company plans to maintain a conservative approach in operations and strategy due to ongoing uncertainties from the pandemic[34]. Property and Investment Management - The Macau property leasing income slightly decreased by 0.7% to HKD 94,300,000, primarily due to a decline in occupancy rates and rental concessions offered to tenants[11]. - The fair value of investment properties increased by HKD 23,400,000, compared to HKD 39,000,000 in 2019[11]. - The company plans to postpone the sale of properties classified as held for sale to capitalize on future opportunities post-pandemic[14]. - The company aims to maximize income by continuing to lease vacant properties amid the ongoing travel restrictions[14]. Corporate Governance - The company has a commitment to high corporate governance standards, believing it is essential for protecting shareholder rights and enhancing corporate value[159]. - The board of directors has confirmed compliance with the standard code of conduct for securities trading throughout the year 2020[162]. - The company has adhered to most principles of the Corporate Governance Code as per the Hong Kong Stock Exchange rules during 2020, with some deviations noted[160]. - The board includes both executive and non-executive directors, with specific roles outlined for each member[162]. - The company has independent non-executive directors with diverse professional backgrounds, enhancing governance and oversight[164]. - The company has established various committees, including audit, compliance, and remuneration committees, to oversee different aspects of governance[159]. Employee and Community Engagement - The group employed approximately 1,435 staff members as of December 31, 2020, with competitive salaries and benefits[132]. - The company emphasizes the importance of attracting and retaining loyal employees, providing competitive salaries and performance-based bonuses[59]. - There were no work-related fatalities reported during the year, and the company has implemented various health and safety measures in response to COVID-19[60]. - Charitable donations made by the group during the year amounted to HKD 4,127,111, an increase from HKD 1,210,470 in 2019[86]. - The company participated in community investment activities focusing on special needs groups, environmental protection, and health support[62]. Risk Management - The company has established a risk management committee chaired by an independent non-executive director, indicating a focus on risk oversight[164]. - The Audit and Compliance Committee is responsible for reviewing financial reporting, internal controls, and risk management plans[196]. - The Risk Management Committee was established in December 2020, transferring risk management responsibilities to the new committee[198]. Financial Ratios and Position - As of December 31, 2020, the company held cash, bank balances, and current deposits totaling HKD 1,262,700,000, indicating a solid financial position despite the global crisis[40]. - The liquidity ratio remains stable with bank loans accounting for 26% of total assets, unchanged from 2019[139]. - The leverage ratio decreased to 35% from 36% in 2019[139]. - Interest coverage ratio for profit is not applicable, while cash and deposits cover interest 29 times, down from 33 in 2019[139]. - Total value of hotel properties mortgaged to banks is HKD 2,108,600,000, down from HKD 2,774,300,000 in 2019[140].

Financial Performance - The company reported a consolidated loss attributable to equity shareholders of HKD 149,013,000 for the six months ended June 30, 2020, compared to a profit of HKD 73,262,000 in the same period of 2019, representing a significant decline [5]. - The group's revenue for the first half of 2020 was HKD 428.9 million, a decrease of 53.2% compared to HKD 914.7 million in the same period of 2019 [33]. - The group recorded an operating loss of HKD 162.5 million for the first half of 2020, compared to an operating profit of HKD 151 million in the same period of 2019 [33]. - The group reported a net loss attributable to equity shareholders of HKD 149 million for the first half of 2020, compared to a profit of HKD 73.3 million in the same period of 2019 [33]. - Total revenue for the six months ended June 30, 2020, was HKD 428,916, a decrease of 53.1% compared to HKD 916,123 in 2019 [68]. - Operating loss for the period was HKD 162,492, compared to an operating profit of HKD 151,045 in the previous year [68]. - Basic and diluted loss per share was HKD 43.8 cents, compared to earnings of HKD 21.5 cents in the prior year [68]. - Total comprehensive loss for the period was HKD 156,860, compared to total comprehensive income of HKD 122,167 in 2019 [73]. Dividend and Shareholder Returns - The company did not recommend the payment of an interim dividend for 2020, whereas an interim dividend of HKD 0.035 per share was paid in 2019 [6]. - The company did not declare an interim dividend for the six months ended June 30, 2020, compared to HKD 11,907,000 for the same period in 2019 [148]. Impact of COVID-19 - In Macau, gaming revenue fell by 77.4% to MOP 33.7 billion in the first half of 2020, with visitor numbers dropping by 83.9% to 3.3 million compared to 20.3 million in the same period of 2019 [9]. - The company anticipates continued economic decline in Macau for the second half of 2020, despite some improvement in the real estate market atmosphere [12]. - The company expects the hotel industry to recover significantly only after the global economy recovers and travel restrictions are lifted [17]. - The group faced significant adverse impacts on its operating performance due to the COVID-19 outbreak in January 2020 [171]. Revenue and Operations - The hotel business revenue dropped to HKD 375.1 million, down 56.3% from HKD 857.8 million in the first half of 2019, primarily due to the impact of COVID-19 [34]. - Revenue from hotel and club operations decreased to HKD 378,055,000, down 56% from HKD 861,560,000 in the previous year [99]. - The US hotel operations generated revenue of HKD 386,034, resulting in a loss of HKD 44,750, reflecting a significant impact from the pandemic [105]. - Rental income from Macau operations slightly increased to HKD 46,100,000 in the first half of 2020, compared to HKD 46,000,000 in the same period of 2019, despite the pandemic's impact [11]. - The average occupancy rate at the Saigon Sheraton Hotel dropped to 19.6% in the first half of 2020, down from 64.8% in the same period of 2019 [18]. - The average room rate at the Wuhan Qinchuan Holiday Hotel decreased by 54.5% to RMB 327 per night in the first half of 2020, compared to RMB 426 per night in the same period of 2019 [14]. - The average occupancy rate for the San Francisco W Hotel fell to 27.0% in the first half of 2020 from 61.2% in the same period of 2019 [25]. - The average room rate for the New York Sofitel Hotel decreased to USD 247 per night in the first half of 2020, down from USD 325 in the same period of 2019 [26]. Assets and Liabilities - Non-current assets as of June 30, 2020, totaled HKD 4,328,029, a decrease from HKD 4,439,961 as of December 31, 2019 [76]. - Current assets decreased to HKD 2,110,067 from HKD 2,392,160 at the end of 2019 [76]. - Current liabilities decreased to HKD 2,061,391 from HKD 2,266,451 at the end of 2019 [76]. - Total equity attributable to equity shareholders was HKD 3,497,695, down from HKD 3,699,208 at the end of 2019 [85]. - The group’s total liabilities reached HKD 2,293,883, with bank loans accounting for HKD 1,750,468 as of June 30, 2020 [110]. - The company’s bank loans included secured loans of HKD 1,622,158,000 and unsecured loans of HKD 128,310,000 as of June 30, 2020 [138]. Cash Flow and Financial Position - For the six months ended June 30, 2020, the company reported a net cash outflow from operating activities of HKD (100,745,000), compared to a net cash inflow of HKD 194,287,000 for the same period in 2019 [90]. - The company experienced a significant increase in cash and cash equivalents, rising by HKD 340,631,000, compared to a decrease of HKD (143,971,000) in the same period last year [90]. - Investment activities generated a net cash inflow of HKD 498,912,000, contrasting with a net cash outflow of HKD (406,586,000) in the previous year [90]. - The financing activities resulted in a net cash outflow of HKD (57,536,000), compared to a net cash inflow of HKD 68,328,000 in the same period last year [90]. - The company’s cash and cash equivalents as of June 30, 2020, stood at HKD 1,488,747,000, down from HKD 1,654,955,000 at the end of the previous year [90]. Governance and Compliance - The board of directors confirmed compliance with the standards set forth in the Listing Rules regarding securities trading during the review period [45]. - The audit committee consists of four independent non-executive directors who regularly meet with senior management and external auditors to review the effectiveness of internal controls [46]. - The company has established a governance structure that has led to strong performance over the years, maintaining a balance of responsibilities between the board and management [44]. - All directors are required to retire at least once every three years, ensuring a rotation of board members [44]. - The company has not appointed a CEO, as daily operations are managed by the executive directors under regional management teams [44]. Employee and Operational Costs - Employee costs totaled HKD 212,634, a reduction from HKD 307,786 in the prior year, indicating cost-cutting measures [116]. - The company reported a significant reduction in selling and distribution expenses, which fell to HKD 8,151 from HKD 30,919 in the previous year, indicating cost-cutting measures [68]. Future Outlook and Strategy - The company plans to delay the sale of properties classified as held for sale to fully capitalize on the benefits brought by the opening of the Hong Kong-Zhuhai-Macao Bridge and the new Macao light rail system [12]. - The group plans to focus on market expansion and new product development to recover from the current financial challenges [105]. - The group plans to maintain a prudent approach and focus on investments that create long-term value for shareholders despite the challenging environment [39].

Financial Performance - The total assets of Keck Seng Investments (Hong Kong) Limited as of December 31, 2019, amounted to HKD 6,832,121,000, an increase of 3.5% from HKD 6,603,802,000 in 2018[7]. - The equity attributable to shareholders decreased by 1.4% to HKD 3,699,208,000 in 2019 from HKD 3,750,288,000 in 2018[7]. - Revenue for 2019 was HKD 1,943,399,000, a decline of 3.9% compared to HKD 2,022,401,000 in 2018[13]. - Profit attributable to equity shareholders plummeted by 97.2% to HKD 5,516,000 in 2019 from HKD 196,579,000 in 2018[11]. - Basic earnings per share dropped to HKD 0.016 in 2019 from HKD 0.578 in 2018[11]. - The operating profit for the year was HKD 334,300,000, down from HKD 352,000,000 in 2018[111]. - The group recognized an impairment loss of HKD 274,100,000 for the Sofitel Hotel in New York, reducing its carrying amount to HKD 1,479,900,000[111]. - Profit attributable to equity shareholders was HKD 5,500,000, significantly down from HKD 196,600,000 in 2018[112]. - The interim dividend declared on October 25, 2019, was HKD 0.035 per share, down from HKD 0.04 per share in 2018, while the proposed final dividend for the year was HKD 0.045 per share, compared to HKD 0.12 per share in 2018[69]. Property and Hotel Operations - In Macau, property sales decreased significantly to HKD 6,100,000 in 2019 from HKD 16,900,000 in 2018[16]. - Rental income from Macau properties increased by 7.2% to HKD 94,300,000 in 2019, attributed to higher rental rates and occupancy[16]. - The occupancy rate of Wuhan Qinchuan Holiday Inn rose slightly to 70.8% in 2019 from 70.1% in 2018, with average room rates increasing to RMB 424[18]. - The average room rate at the Saigon Sheraton Hotel in Vietnam increased to USD 188 in 2019 from USD 169 in 2018, despite a decrease in occupancy rate to 64.4%[19]. - In 2019, the occupancy rate of Osaka Shinsaibashi West Hotel decreased to 84.9% from 89.1% in 2018, with average room rates dropping to 8,499 JPY from 9,630 JPY[20]. - The occupancy rate of San Francisco W Hotel declined to 69.5% in 2019 from 77.7% in 2018, while average room rates increased to 362 USD from 354 USD[22]. - New York Sofitel Hotel's average room rate decreased to 352 USD in 2019 from 360 USD in 2018, despite a slight increase in occupancy rate to 89.0% from 87.4%[23]. - The Sheraton Ottawa Hotel's occupancy rate slightly decreased to 76.9% in 2019 from 77.4% in 2018, with average room rates falling to 182 CAD from 191 CAD[24]. - The group plans to acquire an additional 35% stake in Sheraton Ottawa Hotel for 11,200,000 CAD (approximately 63,800,000 HKD), increasing its ownership from 50% to 85%[24]. Risk Management and Challenges - The group anticipates a slowdown in EBITDA growth for hotels in 2020 due to global economic challenges, including the impact of the COVID-19 pandemic[28]. - The group has implemented rent relief measures for tenants in shopping malls to alleviate operational pressures amid the pandemic[29]. - The group emphasizes the importance of monitoring risks and uncertainties to mitigate the impact of the COVID-19 pandemic on business operations and financial performance[31]. - The company has identified seven major risks and uncertainties affecting its operations and financial performance[177]. - The hotel business is facing significant risks due to the COVID-19 pandemic, particularly affecting the Wuhan Qinchuan Holiday Hotel, which has been under lockdown since January 23, 2020[187]. - The pandemic has led to the cancellation of many international conferences and a decrease in travel demand globally, impacting all hotels operated by the company[187]. - The economic impact of COVID-19 is expected to weaken property sales and leasing operations in Macau, with buyers and tenants currently having greater bargaining power[187]. - The company anticipates additional risks related to asset and liability adjustments in the next fiscal year due to the pandemic[188]. Corporate Governance and Compliance - The company has committed to high corporate governance standards, believing it essential for protecting shareholder interests and enhancing corporate value[134]. - The company has applied the principles of the Corporate Governance Code as per the Hong Kong Stock Exchange's Listing Rules for the year ending December 31, 2019[135]. - The company deviated from several code provisions, including the lack of separation between the roles of Chairman and CEO, and the absence of specified terms for non-executive directors[135]. - The board consists of 12 members, including 7 executive directors and 4 independent non-executive directors, ensuring compliance with listing rules[139]. - The company has adopted a standard code of conduct for securities trading by directors, confirming compliance for the year ended December 31, 2019[137]. - The independent non-executive directors are responsible for ensuring effective corporate governance, with at least three independent directors on the board as per listing regulations[142]. - The company has not appointed a CEO, with daily operations managed by executive directors under the supervision of the executive chairman[140]. - The company has established a diversity policy for the board, considering factors such as gender, age, and professional qualifications[164]. Environmental, Social, and Governance (ESG) Initiatives - The company has implemented various energy and water-saving measures, including the installation of water-saving facilities and the use of LED lighting[55]. - The company has not encountered any significant incidents of non-compliance with environmental policies, laws, and regulations during the fiscal year[52]. - The company’s ESG strategies and policies are integral to its operations, helping to identify environmental and social risks as well as new business opportunities[40]. - The company aims to purchase environmentally friendly products from qualified suppliers whenever feasible to minimize negative environmental impacts[61]. - The company’s hotel operations actively participate in environmental initiatives organized by their respective hotel chains to minimize emissions and waste[56]. - The company has implemented sufficient measures and monitoring systems to comply with ESG strategies, with no significant incidents of non-compliance reported in 2019[65]. Employee and Workplace Safety - The company experienced a total of 687 workdays lost due to work-related injuries, an increase from 256 workdays lost in the previous year[47]. - The company has adhered to all applicable workplace safety laws and regulations, aiming to minimize the risk of employee injuries[46]. - All directors are required to participate in continuous professional development to update their knowledge and skills, with training records maintained[149]. Market Conditions and Competition - The company faces significant competition in the high-end hotel industry, with new hotels entering the market, which may impact rental prices[179]. - The company is experiencing increased competition from other hotels, which may impact its market competitiveness[190]. - The company is monitoring the economic situation closely, with GDP growth in the region expected to stabilize around 7%[190].

Financial Performance - The company's consolidated profit attributable to equity shareholders for the six months ended June 30, 2019, was HKD 73,262,000, down from HKD 91,340,000 in the same period of 2018, representing a decrease of 19.8%[5] - The interim dividend declared for 2019 is HKD 0.035 per share, compared to HKD 0.04 per share in 2018, reflecting a reduction of 12.5%[5] - In the first half of 2019, the group's revenue was HKD 916,100,000, a decrease of 7.1% compared to HKD 986,300,000 in the same period of 2018, primarily due to a decline in hotel business[28] - Hotel business revenue was HKD 861,600,000, down 7.9% from HKD 935,200,000 in the first half of 2018, mainly due to renovations at the San Francisco W Hotel and the Saigon Sheraton Hotel[28] - The group's operating profit for the first half of 2019 was HKD 151,000,000, compared to HKD 163,400,000 in the same period of 2018[28] - Profit attributable to equity shareholders was HKD 73,300,000, a decrease of approximately 20% from HKD 91,300,000 in the first half of 2018[28] - Total revenue for the six months ended June 30, 2019, was HKD 916,123,000, a decrease of 7.1% compared to HKD 986,448,000 for the same period in 2018[62] - Operating profit for the same period was HKD 151,045,000, down 7.6% from HKD 163,445,000 in 2018[62] - Net profit for the six months ended June 30, 2019, was HKD 122,709,000, a decline of 14.2% compared to HKD 142,920,000 in 2018[66] - The company reported a total comprehensive income of HKD 122,167,000 for the period, compared to HKD 137,824,000 in 2018, reflecting a decrease of 11.4%[73] Revenue Sources - Rental income from Macau operations increased to HKD 46,000,000 in the first half of 2019, up 6.7% from HKD 43,100,000 in the same period of 2018[8] - Revenue from Vietnam decreased to HKD 374,700,000 in the first half of 2019, down 4.6% from HKD 392,800,000 in the same period of 2018, primarily due to a reduction in available rooms from renovation[13] - The average room rate for Wuhan Qingchuan Holiday Hotel increased by 3.1% to RMB 426 per night in the first half of 2019, compared to RMB 418 in the same period of 2018[12] - The average room rate for the Saigon Sheraton Hotel increased to USD 187 per night in the first half of 2019, compared to USD 165 in the same period of 2018[14] - The occupancy rate for the San Francisco W Hotel decreased to 61.2% in the first half of 2019, down from 86.0% in the same period of 2018, due to ongoing renovations[21] - The occupancy rate for the New York Sofitel Hotel increased to 85.8% in the first half of 2019, up from 82.6% in the same period of 2018[22] - The average room rate for the Osaka Shinsaibashi West Hotel decreased to JPY 8,894 per night in the first half of 2019, down from JPY 10,041 in the same period of 2018[17] - Macau's rental income growth was supported by a stable property market, despite a decline in gaming revenue[8] Assets and Liabilities - As of June 30, 2019, the group had pledged hotel properties valued at HKD 2,761,000,000 to banks as collateral for loans and credit facilities[29] - The company's total assets as of June 30, 2019, were not disclosed in the provided content but are essential for assessing overall financial health[58] - Total liabilities increased to HKD 965,769 thousand from HKD 590,645 thousand, reflecting a significant rise of 63.4%[79] - The company's equity attributable to shareholders rose to HKD 3,780,746 thousand, up from HKD 3,750,288 thousand, showing an increase of 0.8%[86] - The total liabilities as of June 30, 2019, were HKD 2,424,264,000, with bank loans accounting for HKD 1,710,479,000[122] - The company's bank loans due within one year increased to HKD 352,521,000 as of June 30, 2019, compared to HKD 144,689,000 as of December 31, 2018[148] Compliance and Governance - The audit committee consists of four independent non-executive directors who regularly meet with senior management and auditors to review internal controls and financial reports[40] - The company has complied with the Corporate Governance Code, with some deviations noted regarding the roles of the chairman and CEO, and the appointment terms of non-executive directors[35] - The company is committed to maintaining compliance with the Securities and Futures Ordinance and relevant listing rules[53] Strategic Outlook - The ongoing US-China trade war is expected to negatively impact global economic growth and tourism, leading the group to adopt a cautious approach towards acquisitions[33] - Future outlook and strategic initiatives were not detailed in the provided content, indicating a potential area for further inquiry[58] Employee and Operational Metrics - The group employed approximately 1,856 staff as of June 30, 2019, with a focus on local hiring to ensure competitive compensation[34] - Employee costs for the six months ended June 30, 2019, totaled HKD 307,786,000, slightly down from HKD 309,582,000 in 2018[130] Other Financial Metrics - Other income netted HKD 17,400,000 in the first half of 2019, compared to HKD 2,100,000 in the same period of 2018, mainly due to unrealized gains on other non-current financial assets of HKD 25,100,000[26] - The company’s other income for the period was HKD 39,508,000, an increase from HKD 26,265,000 in the previous year[62] - Interest income from bank deposits for the six months ended June 30, 2019, was HKD 23,103,000, compared to HKD 16,419,000 in 2018[124]

激成投資 (香港)有限公司 股份代號：184 民 民 ２０１８ 年 報 ２０１８ 年 報 ２０１８ 年 報 ２０１８ 年 報 k k 激 成 投 資 （ 香 港 有 限 ) 公 司 目 錄 | --- | --- | |--------------------------|-------| | | | | | | | 財務摘要 | 2 | | 公司資料 | 2 | | 主席報告 | 3 | | 董事會報告 | 7 | | 其他公司資料 | 19 | | 董事簡介 | 21 | | 企業管治報告 | 24 | | 獨立核數師報告 | 43 | | 綜合損益表 | 49 | | 綜合損益及其他全面收益表 | 50 | | 綜合財務狀況表 | 51 | | 綜合權益變動表 | 53 | | 綜合現金流量表 | 54 | | 財務報表附註 | 55 | | 五年財務概要 | 126 | | 主要物業列表 | 127 | 1 二零一八年年報 財務摘要 | --- | --- | --- | |------------------------------------|---------------------|----- ...