Financial Performance - Revenue for the year 2022 was $15,751,000, a decrease of 20.6% compared to $19,801,000 in 2021[11] - Operating loss for 2022 was $12,472,000, compared to a loss of $6,247,000 in 2021, representing a 99.5% increase in losses[11] - Loss attributable to owners of the company was $11,425,000, which is 91.2% higher than the loss of $5,952,000 in the previous year[11] - The company recorded revenue of $15,751,000 for the year, a decrease of $4,050,000 or 20.5% compared to last year[34] - Saipan business revenue decreased by 45.8%, while Guam business saw a growth of 126.8%, marking its first increase since the pandemic[34] - The hotel and resort segment generated approximately $8,060,000 in revenue, a decrease of $7,174,000 or 47.1% compared to last year[40] - The destination services segment generated revenue of $243,000, an increase of $47,000 from the previous year, due to the successful travel bubble agreement with South Korea[50] - The company incurred a one-time write-off of approximately $530,000 for property, plant, and equipment related to Kanoa Resort's upcoming renovation and rebranding[41] - The total employee cost for the year was approximately $7.38 million, up from $6.08 million in 2021, reflecting an increase in full-time employees to 372 from 196[76] - The group reported a loss for the year, with financial status detailed on pages 104 to 169 of the annual report[99] Visitor Statistics - The number of visitors to CNMI and Guam increased significantly by approximately 661.0% and 313.7% respectively compared to 2021, reaching about 22.7% and 19.7% of pre-pandemic levels[17] - Guam recorded 328,446 visitors, representing 313.7% growth from 2021, with about 60.0% of visitors coming from South Korea[30] - CNMI recorded 96,521 visitors, a significant increase of 661.0% from the previous year, with over 77.0% of visitors from South Korea[30] Renovation and Rebranding - The Crowne Plaza Resort Saipan reopened after three years of closure, and the Crowne Plaza Resort Guam had a soft opening in November 2022, with a grand opening on March 28, 2023[18] - The company is planning to renovate and rebrand Kanoa Resort to "voco Resort Saipan" for future reopening[21] - The Crowne Plaza Resort Saipan had its renovation and rebranding completed and officially opened on October 31, 2022[33] - Crowne Plaza Resort Guam completed its renovation and upgrade works by mid-November 2022 and officially reopened on March 28, 2023[44] - Kanoa Resort is currently closed and is undergoing planning and design work for its renovation and rebranding to "voco Resort Saipan"[46] Strategic Initiatives - The company is closely monitoring global travel sentiment and market behavior to adjust its business plans and strategies for sustainable growth[22] - The company aims to enhance its brand image and market reputation in collaboration with the InterContinental Hotels Group[22] - The company has maintained its capital structure since its listing date, focusing on optimizing the balance between debt and equity to maximize shareholder returns[71] - The management continues to explore potential acquisition opportunities to sustain long-term growth and maximize shareholder value[63] - The group anticipates beneficial synergies from the management of Crowne Plaza Resort Saipan, Crowne Plaza Resort Guam, and Kanoa Resort under the InterContinental Hotels Group[59] Financial Position and Debt - As of December 31, 2022, the group had cash and bank deposits totaling approximately $3.45 million, a decrease of about $4.63 million from the previous year due to capital expenditures related to asset optimization[67] - The total capital expenditure for the asset optimization plan was approximately $32.13 million for the year[67] - As of December 31, 2022, the group had $43 million in interest-bearing term loans, an increase from $17 million the previous year, with a repayment schedule outlined over five years[69] - The group has entered into loan agreements totaling $13 million with Tan Holdings, with a 2% annual interest rate and varying repayment terms[70] - The company's capital debt ratio as of December 31, 2022, was 64.7%, a significant increase from 19.8% in 2021[71] - Total bank financing amounted to $48 million as of December 31, 2022, compared to $43 million in 2021, with no unused credit facilities reported for 2022[72] Operational Challenges - The group faces challenges in attracting and retaining skilled labor, which is essential for maintaining service quality and operational success[197] - The group’s business operations and performance are sensitive to macroeconomic and political environments, which may affect leisure travel and consumer spending levels[194] - The number of visitors to Saipan and Guam is crucial for the group’s business, heavily reliant on flight availability and pricing from key markets like mainland China, South Korea, and Japan[195] - The land lease for Kanoa Resort is set to expire on June 15, 2025, and failure to renew could significantly impact revenue and financial status[196] Related Party Transactions - The company has established a long-term cooperative model with Quanzhou Century Travel, which stabilizes sales and enhances hotel revenue[171] - The company has a significant reliance on Quanzhou Century Travel for room reservations and related services, which has been ongoing for over five years[171] - The company confirmed that all related transactions comply with the disclosure requirements of Chapter 14A of the Listing Rules[177] - Independent non-executive directors confirmed that the related transactions were conducted in the ordinary course of business and on fair commercial terms[180] Corporate Governance - The company appointed Mr. Huang as an independent non-executive director on December 16, 2022, following the unfortunate passing of Professor Chan Pak-Huan[152] - The board of directors will have one-third of its members retire at the upcoming annual general meeting, with all eligible retiring directors standing for re-election[153] - The company has not entered into any arrangements that would allow directors to benefit from acquiring shares or bonds of the company or any other corporation during the year[155] - The remuneration details for the directors and the five highest-paid individuals are disclosed in the consolidated financial statements[159]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1832） 截至二零二二年十二月三十一日止年度 全年業績公告 本集團財務摘要 截至十二月三十一日 止年度 二零二二年 二零二一年 千美元 千美元 收益 15,751 19,801 經營虧損 (12,472) (6,247) 本公司擁有人應佔虧損 (11,425) (5,952) 毛利率（本公司擁有人應佔虧損佔收益比率） -72.5% -30.1% 每股基本虧損（美仙） (3.2) (1.7) ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1832） 截至二零二二年十二月三十一日止年度 全年業績公告 本集團財務摘要 截至十二月三十一日 止年度 二零二二年 二零二一年 千美元 千美元 收益 15,751 19,801 經營虧損 (12,472) (6,247) 本公司擁有人應佔虧損 (11,425) (5,952) 毛利率（本公司擁有人應佔虧損佔收益比率） -72.5% -30.1% 每股基本虧損（美仙） (3.2) (1.7) ...

Financial Performance - For the six months ended June 30, 2022, the company reported a revenue of $9,459,000, an increase from $8,387,000 in the same period of 2021, representing a growth of approximately 12.8%[19] - The company incurred a net loss of $545,000 for the six months ended June 30, 2022, compared to a net loss of $2,598,000 for the same period in 2021, indicating an improvement of approximately 79%[19] - Operating loss decreased to $538,000 for the six months ended June 30, 2022, from an operating loss of $2,537,000 in the prior year, reflecting a reduction of about 78.8%[19] - The company reported a loss attributable to owners of the company of $493,000 for the six months ended June 30, 2022, compared to a loss of $2,610,000 for the same period in 2021, representing an improvement of approximately 81%[21] - The company’s total comprehensive loss for the period was $545,000, compared to a total comprehensive loss of $2,764,000 in the prior year, indicating a substantial improvement[19] - Basic loss per share for the six months ended June 30, 2022, was $(0.1), compared to $(0.7) in 2021, showing an improvement in loss per share[82] Revenue Breakdown - Revenue from the hotel and resort segment was $5,783,000, while the high-end travel retail segment generated $3,574,000, and the destination services segment contributed $102,000[60] - Revenue from high-end leisure clothing and accessories increased to $3,574,000 in 2022 from $1,797,000 in 2021, marking a growth of approximately 99.0%[66] - Contract revenue from Saipan was $6,344,000, a decrease from $6,693,000 in 2021, while Guam's contract revenue increased to $2,283,000 from $967,000[69] - The hotel and resort segment generated revenue of approximately $5,783,000, a decrease of $739,000 or 11.3% compared to the same period last year, mainly due to a reduction in the number of travelers under mandatory quarantine[146] - The high-end travel retail segment achieved revenue of $3,574,000, an increase of $1,777,000 or 98.9% compared to $1,797,000 in the same period last year, reflecting a gradual recovery in the local and tourism market[151] - The destination services segment reported revenue of $102,000, an increase of $34,000 compared to the previous year, but incurred a loss of $191,000 due to ongoing temporary closures of some operations[154] Expenses and Liabilities - Financial costs for the period were $464,000, slightly down from $470,000 in the previous year, showing a marginal decrease of about 1.3%[19] - Employee benefit expenses were reduced to $1,798,000 from $3,349,000, marking a decrease of approximately 46.3%[19] - The company reported a total of $9,998,000 in operating expenses for the six months ended June 30, 2022, down from $10,920,000 in 2021[72] - Total liabilities rose to $64,255,000 as of June 30, 2022, compared to $51,157,000 as of December 31, 2021, indicating an increase of approximately 25.5%[26] - The company had a net current liability of $21,594,000 as of June 30, 2022, which raises significant doubt about the company's ability to continue as a going concern[16] - The group’s trade and other payables decreased from $13,705,000 as of December 31, 2021, to $10,445,000 as of June 30, 2022, a reduction of approximately 23.5%[117] Assets and Equity - Total assets increased to $149,381,000 as of June 30, 2022, up from $136,828,000 as of December 31, 2021, reflecting a growth of about 9.5%[24] - The company’s total equity attributable to owners decreased to $85,126,000 as of June 30, 2022, from $85,671,000 as of December 31, 2021, a decline of about 0.6%[24] - Non-current assets increased to $124,794,000 as of June 30, 2022, from $109,721,000 as of December 31, 2021, reflecting an increase of approximately 13.7%[24] - The total cost of property, plant, and equipment as of June 30, 2022, was $145,676,000, with accumulated depreciation of $72,051,000[89] - The company’s cash and cash equivalents as of June 30, 2022, were $2,382,000, an increase from $1,794,000 as of December 31, 2021[108] Financing and Capital Commitments - The company has a bank loan of $34,000,000 due to be repaid starting September 2023, which is part of the total bank financing of $43,000,000[16] - The group has a capital commitment related to renovations amounting to $8,887,000, expected to be settled in the second half of the fiscal year ending December 31, 2022[41] - The group’s bank borrowings amounted to $34,000,000 as of June 30, 2022, a significant increase from $17,000,000 as of December 31, 2021, representing a 100% increase[120] - The group’s bank financing remained stable at $43,000,000 as of June 30, 2022, unchanged from December 31, 2021[123] - The group recorded rental income from related parties of $939,000 for the six months ended June 30, 2022, compared to $441,000 for the same period in 2021, representing an increase of 112.5%[127] Future Outlook and Strategic Initiatives - The group anticipates completing renovations in the second half of 2022, which is crucial for the reopening of hotels, dependent on the development of the COVID-19 pandemic[44] - The group is considering obtaining additional funding sources as needed to improve its financial condition and support operations[44] - The group continues to focus on renovation and upgrading projects for CP Guam and CP Saipan, with expectations to reopen under the "Crowne Plaza Resort" brand in the third to fourth quarter of 2022[149] - The group is exploring potential acquisition opportunities to ensure long-term growth and maximize benefits for shareholders[172] - The group anticipates a sustainable recovery in the global tourism industry, supported by high vaccination rates and effective COVID-19 treatments[167]

Financial Performance - The company's revenue for the fiscal year 2021 was $19.801 million, a decrease of 51.4% from $40.784 million in 2020[11]. - Operating loss for 2021 was $6.247 million, improving from a loss of $12.194 million in 2020[11]. - Loss attributable to owners of the company was $5.952 million, compared to $9.320 million in the previous year, representing a reduction of 36.5%[11]. - The company reported a loss margin of -30.1% on revenue for 2021, compared to -22.9% in 2020[11]. - Revenue from the company's operations in Saipan and Guam decreased by 40.7% and 81.1% respectively, primarily due to the ongoing impact of COVID-19 and the closure of CP Guam and CP Saipan for renovations[36]. - The company achieved an operating loss of approximately $6.3 million, a reduction of about $5.9 million compared to last year's operating loss of $12.2 million[39]. - The hotel and resort segment generated revenue of approximately $15.2 million, a decrease of $14.9 million or 49.5% compared to last year, primarily due to the closure of CP Guam and CP Saipan for renovations[42]. - The luxury travel retail segment reported revenue of $4.4 million, down $5.7 million or 56.4% year-over-year, mainly due to the ongoing global travel market downturn[47]. - The destination services segment generated revenue of $200,000, a decrease of $400,000, with a loss of $200,000 due to the continued suspension of operations[49]. Renovation and Upgrades - The company has focused on the renovation and upgrade of Crowne Plaza Resort Guam and Crowne Plaza Resort Saipan during the pandemic[21]. - Renovation progress was delayed due to temporary shutdowns of furniture manufacturers and material suppliers in Vietnam and the U.S.[21]. - The renovation of CP Guam was temporarily halted due to the discovery of artifacts and human remains during the demolition process[21]. - The company expects the rebranding and reopening of CP Guam and CP Saipan to occur in the second to third quarter of 2022, pending final confirmation from hotel management[21]. - The company has resumed renovation and upgrade works at its hotels, complying with guidelines from the Guam National Historic Preservation Office[21]. - CP Saipan's renovation and upgrade project is expected to be completed by Q2 to Q3 2022, aiming to reposition the hotel to a high-end market[43]. - CP Guam's renovation and upgrade project will increase room supply from 318 to 321 rooms, with a planned reopening under the "Crowne Plaza Resort Guam" brand in Q2 to Q3 2022[46]. - The company entered into construction contracts for renovation projects at CP Guam and CP Saipan, part of the asset optimization plan, with expected completion in Q2 to Q3 2022[50][51]. Market Conditions and Recovery - As of the report date, vaccination rates in key markets such as South Korea and mainland China have reached over 85%[18]. - Vaccination rates in South Korea and mainland China exceeded 85%, while Japan's rate reached about 80%, facilitating the return of tourists to CNMI and Guam[31]. - The CNMI government launched the TRIP initiative to attract flights back to Saipan, establishing a travel bubble agreement with South Korea by the end of the year[32]. - The company anticipates an increase in Korean tourists due to the ongoing travel bubble agreement with South Korea, with seven airlines expressing interest in direct flights to Saipan[59]. - The management is optimistic about the recovery of the tourism industry, driven by higher vaccination rates and the adoption of "living with the virus" policies by various governments[58]. - The development of new COVID-19 therapies and the introduction of oral antiviral medications by pharmaceutical companies provide hope for recovery in the travel sector[22]. Financial Management and Capital Expenditure - The capital expenditure for the renovations of CP Guam, CP Saipan, and Kanoa Resort will be funded through a combination of proceeds from the IPO, internal resources, and external financing[62]. - The company secured $43 million in new bank financing to fund its asset optimization plan, with $17 million allocated for ongoing renovations and upgrades at CP Guam and CP Saipan[69]. - The capital expenditure for the asset optimization plan during the year was approximately $48.1 million[69]. - As of December 31, 2021, the total cash and bank deposits of the company amounted to approximately $8.1 million, a decrease of about $30.1 million compared to December 31, 2020, primarily due to capital expenditures for the asset optimization plan[69]. - The company has utilized $14,933,000 of the net proceeds by December 31, 2021, leaving an unutilized amount of $4,403,000[130]. - The estimated total capital expenditure and expenses as of December 31, 2023, is $101,178,000, with $29,555,000 allocated from the net proceeds of the listing[130]. Corporate Governance and Management - The company has established various communication channels to enhance transparency and maintain investor relations, including timely press releases and updates on its website[66]. - The company has a strong board of directors with members holding significant positions in various community organizations and businesses, enhancing its market presence[78][79][81][83]. - The board includes independent directors with extensive experience in finance and hospitality, ensuring robust governance and strategic oversight[84][86]. - The company is committed to enhancing its operational efficiency and exploring new business opportunities in the hospitality sector[82][86]. - The executive team is well-educated, with degrees from reputable institutions, contributing to the company's strategic direction and operational success[81][84][86]. - The company has been led by Dr. Henry Chan as Executive Director and CEO since November 2018, bringing over 40 years of experience in business operations across mainland China, Hong Kong, and the Pacific region[78]. - The company has established strong relationships within the community, which aids in its business development and market insights[78][79]. Employee Management - The total employee costs for the year amounted to $6.1 million, a decrease from $13.6 million in 2020, reflecting a reduction in workforce during the pandemic[75]. - The company had 196 full-time employees as of December 31, 2021, down from 206 in 2020, due to cost-saving measures during temporary closures[75]. - Employee management focuses on competitive compensation and effective performance evaluation systems to reward outstanding employees[108]. Related Party Transactions - The company reported related party transactions totaling $1,140,000 with CTSI Group for freight and logistics services, which is within the annual cap of $1,219,000[176]. - The company has a long-term cooperative model with Quanzhou Century Travel, which stabilizes sales and enhances hotel revenue, mitigating risks associated with seasonal declines in the Saipan leisure tourism market[179]. - The company’s related party transactions do not require independent shareholder approval under the Listing Rules, except for certain non-exempt continuing connected transactions[175]. - The company has established long-term relationships with TakeCare, Cosmos Guam, D&Q, and CTSI, which are expected to enhance operational efficiency and cost-effectiveness[181][185][188]. Shareholder Information - The group aims to create maximum returns for shareholders while ensuring sustainable profit growth and stable dividend returns[109]. - The top five customers accounted for 74.1% of the group's total revenue, with the largest customer contributing 73.5%[111]. - The company has distributable reserves amounting to $90,500,000 as of December 31, 2021[134]. - No interim dividend was declared for the year, consistent with the previous year[98]. - The company has not declared any final dividends for the year, maintaining the same stance as the previous year[98].

Financial Performance - Revenue for the six months ended June 30, 2021, was $8,387,000, a decrease of 71% compared to $28,945,000 for the same period in 2020[13]. - Operating loss for the period was $2,537,000, compared to an operating profit of $157,000 in the same period last year[13]. - The net loss attributable to owners of the company was $2,610,000, compared to a profit of $538,000 in the prior year[20]. - Basic and diluted loss per share for the period was 0.7 cents, compared to earnings of 0.1 cents per share in the previous year[25]. - Total comprehensive loss for the period was $2,764,000, compared to a total comprehensive income of $80,000 in the same period last year[25]. - Financial income decreased to $21,000 from $231,000, a decline of 91%[13]. - Financial costs increased to $470,000 from $386,000, representing a 22% rise[13]. - The company reported a loss before tax of $2,986,000, with a net loss of $2,598,000 for the six months ended June 30, 2021[64][66]. - The company faced a net loss of $4,364,000 in the previous year, highlighting the impact of the pandemic on financial performance[83]. - The company recorded revenue of $8.4 million for the reporting period, a decrease of $20.5 million or 70.9% compared to $28.9 million in the same period of 2020[157]. Revenue Breakdown - Total revenue from external customers reached $8,387,000, with contributions from the hotel and resort segment ($6,522,000), high-end travel retail ($1,797,000), and destination services ($68,000)[54]. - The hotel and resort segment generated a profit of $3,934,000, while the high-end travel retail and destination services segments reported losses of $2,229,000 and $363,000, respectively[74]. - Revenue from the hotel and resort segment was $6.5 million, down $16.1 million or 71.2% compared to the same period in 2020[159]. - The high-end travel retail segment generated revenue of $1.8 million, a decline of $4.1 million or 69.5% from $5.9 million in the same period of 2020[166]. - The destination services segment reported revenue of $68,000, a decrease of $324,000 compared to the same period in 2020, with a loss of $148,000 due to continued suspension of operations[167]. Expenses and Costs - The cost of goods sold was $1,300,000, down from $3,334,000 in the previous year, reflecting a 61% reduction[13]. - Total operating expenses for the period were $4,853,000, down from $12,897,000 in the same period last year, indicating a 62% reduction[13]. - The company experienced a decrease in employee benefits expenses, which were $3,349,000 compared to $9,345,000 in the previous year[83]. - Cost-cutting measures have been implemented to reduce operating costs during the pandemic[157]. - The company has negotiated more favorable lease terms for its high-end travel retail stores in Saipan, Guam, and Hawaii[166]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to $118,473,000, a decrease from $123,651,000 as of December 31, 2020, representing a decline of approximately 4.3%[29]. - Non-current assets increased to $80,913,000 from $61,908,000, reflecting a growth of approximately 30.7%[29]. - Current assets decreased to $37,560,000 from $61,743,000, indicating a decline of approximately 39.1%[29]. - Total liabilities decreased to $29,422,000 from $31,836,000, a reduction of approximately 7.6%[29]. - The total equity attributable to owners decreased to $89,051,000 from $91,815,000, a decrease of approximately 3.0%[29]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of $1,820,000 for the six months ended June 30, 2021, compared to a net outflow of $2,716,000 for the same period in 2020[37]. - Cash and cash equivalents decreased to $18,239,000 from $48,541,000, a decline of approximately 62.4%[37]. - The company incurred a loss of $1,010,000 in dividends declared during the period[33]. - The group successfully applied for a loan of $760,000 under the second round of the Payroll Protection Program, with an outstanding balance of $4,480,000 as of June 30, 2021[141]. - The group recognized $807,000 of the Payroll Protection Program loan as forgiven during the reporting period, compared to $0 in the previous year[141]. Future Outlook and Strategy - The management remains cautiously optimistic about the business operations recovering in the foreseeable future, despite the ongoing uncertainty of the COVID-19 pandemic[180]. - The company plans to reopen the Saipan Resort under the "Crowne Plaza Resort Saipan" brand in Q4 2021, pending final confirmation from the hotel manager[162]. - The company is continuing renovation and upgrade projects at the Guam Resort, which has been closed since May 2020, with plans to reopen under the "Crowne Plaza Resort Guam" brand in Q4 2021[164]. - The management anticipates a substantial recovery in the global tourism industry once COVID-19 is effectively controlled and more countries achieve herd immunity by the end of 2021[194]. - Renovation and upgrade projects for Crowne Plaza Resort Guam and Crowne Plaza Resort Saipan are ongoing, expected to be completed by Q4 2021, enhancing the properties' appeal to capitalize on pent-up travel demand[195]. Market Conditions and Vaccination Impact - As of July 4, 2021, fully vaccinated travelers can enter Guam without mandatory quarantine, which is expected to boost business and leisure tourist traffic[177]. - The vaccination rate in Guam is higher than in other Southeast Asian countries, contributing to its perception as a "safe" destination for global travelers[175]. - Over 80% of the adult population in Guam and approximately 77.2% in CNMI have been vaccinated as of August 26, 2021, with expectations to achieve herd immunity by Q3 2021[193].

Financial Performance - Total revenue for 2020 was $40.784 million, a decrease of 58.7% from $98.699 million in 2019[22]. - The company reported an operating loss of $12.194 million for 2020, compared to an operating profit of $10.580 million in 2019[22]. - Loss attributable to owners of the company was $9.320 million, representing a loss margin of -22.9%[22]. - Basic loss per share for 2020 was 2.6 cents, down from earnings of 3.1 cents per share in 2019[22]. - The company recorded revenue of $40.8 million, a decrease of $57.9 million or 58.7% compared to last year's revenue of $98.7 million[42]. - The operating loss for the year was approximately $12.2 million, a decrease of about $22.8 million from last year's operating profit of $10.6 million[42]. - The hotel and resort segment accounted for approximately 73.8% of total revenue, while the high-end travel retail segment and destination services segment accounted for 24.8% and 1.4%, respectively[45]. - Revenue from the hotel and resort segment was approximately $30.1 million, a decrease of $34.6 million or 53.5% compared to the previous year[46]. - The high-end travel retail segment generated revenue of $10.1 million, down 66.7% from $30.3 million last year[52]. - The destination services segment recorded revenue of $0.6 million, a decrease of $3.1 million compared to the previous year[53]. Impact of COVID-19 - The company temporarily closed several hotels and high-end retail stores to mitigate the financial impact of COVID-19[27]. - Cost-cutting measures were implemented across all business units to effectively reduce operational costs[27]. - The company experienced a significant decline in tourist arrivals due to COVID-19, impacting operations in Saipan and Guam[27]. - As of the report date, over 128 million COVID-19 cases were confirmed globally, with approximately 2.8 million deaths[27]. - Saipan reported a total of 159 confirmed COVID-19 cases with 2 deaths, while Guam reported 8,773 confirmed cases with 135 deaths, indicating effective measures taken by local governments to control the virus spread[30]. - As of the report date, 49.4% of CNMI's population and 51.7% of Guam's population have been vaccinated against COVID-19, with expectations for herd immunity by July 2021[30]. - Despite challenges from the pandemic, the company resumed some operations in the last quarter of 2020, including restaurants at Saipan's hotels and select retail stores[40]. - Kanoa Resort remained operational to provide services for individuals undergoing mandatory quarantine, demonstrating adaptability during the pandemic[40]. - Cost-cutting measures will continue to mitigate the financial impact of the COVID-19 pandemic[66]. Future Outlook and Strategies - The company maintains a cautiously optimistic outlook for the leisure travel market's gradual recovery by the end of 2021, driven by vaccination rollouts and travel bubbles[34]. - The company plans to leverage the strong rebound potential in leisure travel, particularly from tourists from mainland China, Japan, and South Korea, who recognize the Crowne Plaza brand[34]. - The company will continue to monitor global travel sentiment and market behavior closely, adjusting business plans and strategies to seize market opportunities for sustainable growth[34]. - The company is focusing on asset optimization plans, including renovations and upgrades of hotels during the pandemic, with the Crowne Plaza Resort Guam expected to reopen in the second half of 2021[31]. - The company plans to rebrand the Saipan Resort to "Crowne Plaza Resort Saipan" in the second half of 2021, aiming to attract high-end tourists[48]. - The Guam Resort is undergoing renovations, with an increase in room supply from 318 to 321 rooms, targeting the high-end market[51]. - The group is accelerating renovation and upgrade projects for the Guam Hyatt Hotel and Saipan Hyatt Resort, expected to be completed in the second half of 2021, with rebranding to "Crowne Plaza Resort Guam" and "Crowne Plaza Resort Saipan" respectively[62]. - Kanoa Resort will undergo renovations after the emergency contract ends, with plans to rebrand as "voco Resort Saipan"[63]. - The management believes that the travel market will rebound strongly post-COVID-19, particularly in Saipan and Guam, which are seen as "safe" destinations[61]. Shareholder and Financial Management - The company did not declare any dividends for the year 2020[10]. - The group confirmed a right-of-use asset of approximately $3.9 million related to the lease agreement for the Saipan Hyatt Resort, effective from July 1, 2021, for a term of 40 years with a possible extension of up to 15 years[55]. - The group's total cash and bank deposits as of December 31, 2020, amounted to approximately $38.2 million, a decrease of about $18.4 million compared to December 31, 2019[72]. - The total employee cost for the year was $13.6 million, down from $25 million in 2019, reflecting significant staff reductions due to cost-saving measures during hotel and resort closures[75]. - The group had no interest-bearing bank borrowings as of December 31, 2020, resulting in a capital debt ratio that is not applicable[72]. - The group's bank financing remained unchanged at $11 million as of December 31 for both 2020 and 2019, with all financing not utilized[73]. - The company has allocated $2,032,000 for general working capital, with a total of $3,945,000 available for distribution to shareholders as of December 31, 2020[140]. - The company made charitable contributions of approximately $505,000 in the current year, compared to $128,000 in 2019[145]. Management and Governance - Zhao Mingjie has been an executive director since November 2018, with over 30 years of experience in managing various business operations in the Asia-Pacific region[80]. - Su Chen Shiting has been an executive director and executive vice president since November 2018, with a solid background in the hotel and hospitality industry[82]. - Jeffrey William Schweizer has been an executive director since April 2019 and oversees hotel operations, bringing over 30 years of experience in the hospitality sector[83]. - Chen Weili has been a non-executive director since November 2018, with extensive experience in business management and tourism[84]. - Professor Chen Baihuan has served as an independent non-executive director since April 2019, with over 30 years of experience in the hotel and resort industry[85]. - Ma Zhaoxiang has been an independent non-executive director since April 2019, with over 40 years of experience in accounting and finance[88]. - Chen Liangcai has been an independent non-executive director since April 2019, with over 40 years of experience in the financial sector, previously serving as the head of commercial banking at HSBC[89]. - The group is committed to maintaining communication with shareholders and investors through various channels, including meetings and press releases[68]. - The company continues to purchase directors' and officers' liability insurance to indemnify its directors and senior officers[193]. Related Party Transactions - The company has disclosed related party transactions in its consolidated financial statements, which are subject to compliance with the Listing Rules[172]. - Several transactions conducted by the group during the year are classified as non-exempt continuing connected transactions, requiring adherence to the Listing Rules for announcements and approvals[173]. - The total value of transactions with Quanzhou Century Travel for selected holiday package trading reached $624,000, with an annual cap of $11,793,000[176]. - The agreement with TakeCare Insurance Company for medical insurance covers $1,282,000, with an annual cap of $2,196,000[180]. - The company has a long-term cooperative model with Quanzhou Century Travel, which stabilizes sales and enhances hotel revenue, mitigating risks from seasonal declines in the Saipan leisure tourism market[177]. - The company has established a long-term relationship with TakeCare, which is beneficial for both the group and its shareholders[180]. - The terms of the selected holiday package trading with Quanzhou Century Travel are based on fair commercial negotiations and are deemed reasonable and in the overall interest of the group and its shareholders[177]. Compliance and Risk Management - The group faces various risks and uncertainties that may impact its business operations and financial performance[105]. - The group has allocated sufficient resources to ensure compliance with relevant laws and regulations[104]. - Independent non-executive directors confirmed that the related transactions were conducted in the ordinary course of business and on terms no less favorable than those offered to independent third parties[189]. - The auditor confirmed that the related transactions were approved by the board and complied with the company's pricing policy, without exceeding the relevant limits set in the agreements[189].

Financial Performance - Revenue for the six months ended June 30, 2020, was $28,945,000, a decrease of 41.8% compared to $49,543,000 for the same period in 2019[16] - Operating profit decreased significantly to $157,000 from $5,874,000, representing a decline of 97.3%[16] - Net profit for the period was $84,000, compared to $5,515,000 in the previous year, a decrease of 98.5%[16] - Basic and diluted earnings per share were 0.1 cents, down from 2.0 cents in the prior year[18] - Total comprehensive income for the period was $80,000, a significant drop from $5,515,000 in the same period last year[18] - The company reported a financial income of $231,000, compared to $83,000 in the previous year, an increase of 178.3%[16] Costs and Expenses - The cost of goods sold was $3,334,000, down from $8,030,000, reflecting a reduction of 58.6%[16] - Employee benefits expenses were $9,345,000, down from $11,834,000, a reduction of 21.0%[16] - The total expenses for the six months ended June 30, 2020, were $28,783 thousand, down from $43,416 thousand in 2019, a decrease of 33.7%[131] - The company incurred a net financial cost of $155 thousand for the six months ended June 30, 2020, compared to $292 thousand in the same period of 2019, a reduction of 46.9%[132] - The group reported a total depreciation expense of $4,364,000 for property, plant, and equipment, with $2,503,000 attributed to the hotel and resort segment[122] Assets and Liabilities - Total assets as of June 30, 2020, amounted to $135,697,000, an increase from $131,187,000 as of December 31, 2019, representing a growth of 3.85%[22] - Non-current liabilities increased to $18,959,000 from $15,476,000, reflecting a rise of 22.5%[24] - Current liabilities rose to $14,082,000, up from $12,125,000, indicating an increase of 16.1%[24] - The total liabilities increased to $33,041,000 from $27,601,000, marking a rise of 19.5%[24] - The company’s equity attributable to owners decreased to $102,656,000 from $103,586,000, a drop of 0.9%[22] Cash Flow - The company reported a net cash outflow from operating activities of $2,716,000 for the six months ended June 30, 2020, compared to a net inflow of $5,104,000 for the same period in 2019[105] - Cash and cash equivalents decreased to $48,541,000 from $56,602,000, a decline of 14.5%[105] - The company incurred a net cash outflow from investing activities of $2,779,000, compared to $630,000 in the previous year, indicating a significant increase in investment expenditures[105] Segment Performance - Total revenue for the hotel and resort segment reached $22,677,000, while the high-end travel retail segment generated $5,916,000, and the destination services segment contributed $392,000, totaling $28,985,000 in revenue[122] - The operating profit for the hotel and resort segment was $3,934,000, while the high-end travel retail segment reported an operating loss of $(2,229,000), and the destination services segment incurred an operating loss of $(363,000), resulting in a total operating profit of $162,000[122] Accounting and Reporting - The group has adopted new accounting standards effective from January 1, 2020, with no significant financial impact on the interim financial data[114] - The group has early adopted the revised Hong Kong Financial Reporting Standard 16 related to COVID-19 rent concessions, which has implications for lease accounting[116] - The group’s management has made significant judgments and estimates in applying accounting policies, which may differ from actual results[116] Inventory and Receivables - The company reported a provision for obsolete inventory of $298 thousand in the first half of 2020, compared to $35 thousand in the same period of 2019, indicating a significant increase in inventory write-downs[131] - Trade receivables from third parties amounted to $12,855,000 as of June 30, 2020, with a provision for impairment of $216,000[159] - The total net value of trade receivables was $12,642,000 as of June 30, 2020, compared to $3,551,000 as of December 31, 2019[159] Shareholder Information - The company declared a final dividend of $0.28 per share for the year ended December 31, 2019, totaling $1,010,000[141] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2020, compared to zero in the same period of 2019[141] - The company issued 90,000,000 shares at a price of HKD 3.54 per share, totaling approximately $40,846,000[173]

Financial Performance - The company reported total revenue of $98.699 million for the fiscal year 2019, a decrease of 1.5% from $100.178 million in 2018[10]. - Operating profit for 2019 was $10.580 million, down 14.8% from $12.419 million in the previous year[10]. - Profit attributable to owners of the company was $10.100 million, representing 10.2% of total revenue, compared to 11.7% in 2018[10]. - The group recorded revenue of $98.7 million for the year, a decrease of $1.5 million or 1.5% compared to last year's $100.2 million[30]. - The operating profit for the year was $10.6 million, down $1.8 million from the previous year, attributed to a 0.7% decline in profit from the hotel and resort division due to decreased average room rates in Saipan[30]. - The hotel and resort division generated approximately $64.7 million in revenue, a decrease of 2.8% from last year's $66.6 million[33]. - The total number of visitors to Saipan decreased by 6% compared to the previous year, significantly impacted by the damage from Typhoon Yutu[28]. - The destination services segment's revenue decreased by $900,000 or 19.6% to $3.7 million, primarily due to a decline in visitors to Saipan and competition from unregulated travel agents[42]. Dividends and Shareholder Information - The company declared a final dividend of $0.28 per share for 2019, with no interim dividend declared[8]. - The company reported a proposed final dividend of $0.28 per share, totaling approximately $1,010,000, subject to shareholder approval at the annual general meeting[89]. - The company has a total of 360 million shares issued as of December 31, 2019[8]. - The company has a distributable reserve of $96.5 million as of December 31, 2019, calculated under the Cayman Islands Companies Law[135]. - The total number of shares available for issuance under the stock option plan is 36 million, representing about 10% of the total issued share capital[143]. - The company has a total of 270,000,000 shares, representing 75% of the issued share capital as of December 31, 2019[155]. Business Operations and Strategy - The company aims to enhance the quality of hotel services and support local government initiatives to promote tourism in Saipan and other Pacific islands[16]. - The company operates 17 brand specialty stores in Saipan, Guam, and Hawaii, offering high-end leisure apparel and accessories[16]. - The group signed a hotel management agreement with InterContinental Hotels Group for the Guam Nikko Hotel, enhancing brand visibility and customer base[20]. - The group is undertaking an asset optimization plan for the Guam Nikko Hotel, with an investment exceeding $25 million, aiming to rebrand it as "Crowne Plaza Guam" by the end of Q2 2021[20]. - The company plans to resume marketing activities in key customer markets as soon as signs of market recovery appear, ensuring successful business restoration by the end of 2020[54]. - The company is planning to expand its retail operations in Hawaii by seeking strong retail spaces with favorable leasing conditions to enhance profitability[56]. - The management is actively exploring potential acquisition opportunities to maintain long-term growth and maximize shareholder value, especially in light of the economic downturn caused by COVID-19[58]. Market and Visitor Trends - The company’s three business segments in Saipan (hotel and resort, high-end travel retail, and destination services) saw a combined revenue decrease of $4 million due to reduced visitor numbers[30]. - The company anticipates that the leisure travel market will gradually recover in the third quarter of 2020, planning aggressive marketing activities to capitalize on pent-up travel demand[53]. - The business of the company heavily relies on the number of visitors to Saipan and Guam, which is significantly affected by flight availability and pricing from major markets such as mainland China, South Korea, and Japan[195]. - The company actively encourages airlines to establish new routes to improve flight occupancy rates for major tourist markets[195]. COVID-19 Impact and Response - The company has implemented cost-cutting measures in response to the COVID-19 pandemic, including reducing staff and adjusting operational hours[48]. - The company has paused operations of all high-end travel retail stores in Saipan, Guam, and Hawaii due to COVID-19, with plans to reopen when local conditions permit[56]. - The partnership with InterContinental Hotels Group has allowed the company to gain a reasonable market share during the COVID-19 pandemic, leveraging their brand recognition and customer loyalty programs[54]. - The impact of COVID-19 on the company's operations and financial performance remains uncertain, continuing to pose a major risk[200]. Management and Governance - The company has been led by Chairman Dr. Chen Shou-Ren since November 2018, who has over 40 years of experience in diversified investment portfolios in the Greater China region[69]. - CEO Dr. Chen Henry has over 30 years of experience in business operations in the Greater China region and has been with the group since April 1997[70]. - The company has a strong management team with members holding significant positions in various community organizations and educational institutions[72]. - The management team is committed to maintaining high standards of governance and operational excellence[78]. Risk Management - The board is aware of various risks and uncertainties that may impact business operations and financial performance[96]. - The company conducts regular risk assessments and has comprehensive insurance coverage for property and operational risks[200]. - The company faces significant risks related to human resources, as the quality of service is dependent on the ability to attract, retain, and train skilled employees, with potential impacts on customer satisfaction and operational performance[198]. - Natural disasters such as super typhoons or floods pose severe risks to the leisure tourism business, potentially disrupting operations and damaging properties, with the COVID-19 pandemic being a significant example of such a risk[200]. Related Party Transactions - The total value of related party transactions for the year ended December 31, 2019, amounted to $10,994,000 for selected holiday package transactions with Quanzhou Century Travel[168]. - The company has established a long-term cooperative model with Quanzhou Century Travel, which stabilizes sales and enhances hotel revenue[171]. - The company confirmed that all related transactions comply with the disclosure requirements of the Listing Rules[180]. - Independent non-executive directors reviewed the ongoing related transactions, confirming they were conducted on normal commercial terms and in the interest of shareholders[181].

Financial Performance - The group reported a revenue of $49,543,000 for the six months ended June 30, 2019, compared to $50,585,000 for the same period in 2018, reflecting a decrease of approximately 2.1%[16]. - Operating profit decreased to $5,874,000 in 2019 from $7,531,000 in 2018, representing a decline of about 22.0%[16]. - The net profit attributable to the owners of the company was $5,534,000, down from $7,092,000 in the previous year, indicating a decrease of approximately 22.0%[16]. - Basic and diluted earnings per share were $2.0 for the six months ended June 30, 2019, compared to $2.6 for the same period in 2018, a decline of 23.1%[16]. - The group’s total comprehensive income for the period was $5,515,000, down from $7,146,000 in the prior year, reflecting a decrease of approximately 22.8%[16]. - The group incurred operating expenses of $15,786,000, compared to $13,740,000 in the previous year, an increase of about 14.9%[16]. - The group reported a profit before tax of $5,582 thousand for the six months ended June 30, 2019[119]. - The net profit for the period was $5,515 thousand, which includes depreciation of property, plant, and equipment amounting to $4,280 thousand[119]. - Total expenses for the six months ended June 30, 2019, amounted to $43,416,000, with significant costs including employee benefits at $11,834,000 and cost of goods sold at $8,030,000[132]. Financial Position - Total assets as of June 30, 2019, amounted to $126,192 thousand, a significant increase from $75,887 thousand as of December 31, 2018, representing a growth of approximately 66.2%[19]. - The company reported total liabilities of $26,969 thousand as of June 30, 2019, compared to $20,762 thousand as of December 31, 2018, indicating an increase of about 29.5%[22]. - Cash and cash equivalents at the end of the period were $46,313 thousand, up from $4,792 thousand at the beginning of the period, reflecting a substantial increase of 867.5%[76]. - The company’s total equity increased by approximately 80% from $55,125 thousand as of December 31, 2018, to $99,223 thousand as of June 30, 2019[19]. - The company’s total assets of the company as of June 30, 2019, were reported at $40,037,000, indicating a stable asset base[149]. - The total assets of the company as of June 30, 2019, were reported at $112.97 million, with a net value of $54.07 million[152]. Cash Flow and Financing - Operating cash flow generated was $5,104 thousand for the six months ended June 30, 2019, compared to $2,029 thousand for the same period in 2018, marking an increase of approximately 151.5%[76]. - The company reported a net cash inflow from financing activities of $37,047 thousand for the six months ended June 30, 2019, compared to a cash outflow of $5,117 thousand in the same period of the previous year[76]. - The company incurred a net cash outflow from investing activities of $630 thousand for the six months ended June 30, 2019, compared to a cash inflow of $2,679 thousand in the same period of 2018[76]. Accounting Standards and Policies - The company adopted the new Hong Kong Financial Reporting Standard 16, which requires all leases to be recognized as a single asset and liability on the balance sheet[88]. - As of January 1, 2019, the impact of adopting HKFRS 16 resulted in a non-current asset increase of $57,432,736 and a non-current liability increase of $16,495,000[96]. - The new accounting standards adopted did not have any significant financial impact on the interim consolidated financial information[89]. - The financial statements for the six months ended June 30, 2019, are prepared in accordance with the same accounting policies as those used in the prospectus issued on April 30, 2019[86]. Segment Performance - Total revenue for the hotel and resort segment reached $33,067 thousand, with external customer revenue of $32,976 thousand for the six months ended June 30, 2019[119]. - The high-end travel retail segment generated revenue of $14,707 thousand, all from external customers, for the same period[119]. - The destination services segment reported revenue of $1,860 thousand, also entirely from external customers, for the six months ended June 30, 2019[119]. - The group operates primarily in Saipan, Guam, and Hawaii, focusing on hotel operations, high-end retail, and destination services[115]. Trade Receivables and Payables - Trade receivables from third parties as of June 30, 2019, were $2.933 million, down from $3.196 million as of December 31, 2018[163]. - The total net value of trade receivables was $4.231 million as of June 30, 2019, compared to $4.138 million at the end of 2018[163]. - The company recorded a decrease in impairment provisions for trade receivables, with a net value of $2.719 million as of June 30, 2019[163]. - The total trade and other payables decreased to $7,656,000 as of June 30, 2019, down from $8,667,000 as of December 31, 2018, indicating a reduction of about 11.6%[182]. - The total trade payables to third parties were $2,726,000 as of June 30, 2019, compared to $3,018,000 as of December 31, 2018, reflecting a decrease of about 9.7%[182]. Shareholder Information - The company issued 90,000,000 shares at a price of HKD 3.54 per share, raising approximately $40,846,000 in total[178]. - The company’s total issued and fully paid ordinary shares stood at 360,000,000 as of June 30, 2019, with a share premium of $38,122,000[177].