Financial Performance - In 2022, the group's tourism operations revenue increased by 85% year-on-year to RMB 14.503 billion, with adjusted EBITDA rising over tenfold to RMB 2.345 billion[7]. - The loss attributable to shareholders narrowed significantly to RMB 544.9 million in 2022, compared to RMB 2.718 billion in 2021[7]. - The group's revenue increased from RMB 9,261.5 million in 2021 to RMB 13,777.7 million in 2022, representing a growth of 48.5%[15]. - The group's operating revenue from tourism operations rose from RMB 7,853.4 million in 2021 to RMB 14,502.8 million in 2022, marking an increase of 84.7%[15]. - Adjusted EBITDA grew significantly from RMB 213.1 million in 2021 to RMB 2,344.9 million in 2022[15]. - Total revenue for the year ended December 31, 2022, reached RMB 12,011.4 million, a significant increase of 108.6% compared to RMB 5,763.4 million in 2021[26]. - The company achieved a free cash flow of RMB 1,784.8 million in 2022, a 213.1% increase from 2021[28]. - The operating profit for 2022 was RMB 593.5 million, a significant recovery from an operating loss of RMB 1,444.3 million in 2021[77]. - The company recorded a net loss of RMB 531.8 million in 2022, a significant improvement from a net loss of RMB 2,787.5 million in 2021[77]. Revenue Sources - Club Med's revenue more than doubled to RMB 12.11 billion, nearly recovering to 2019 levels, supported by an upgraded resort portfolio[7]. - The Atlantis Sanya achieved a revenue of RMB 877 million with 2.9 million visitors despite only three months of normal operations[7]. - Revenue from the Europe, Africa, and Middle East region reached RMB 7,974.7 million, growing 116.2% compared to 2021[28]. - The Americas region saw a revenue increase of 88.7% in 2022 compared to 2021, with a total revenue of RMB 2,861.2 million[28]. - Casa Cook and Cook's Club hotel brands recorded a total revenue of RMB 597 million in 2022, representing a 92.5% increase compared to 2021[41]. Operational Developments - The company is focusing on the new tourism consumption trends, emphasizing "vacation-style living" and "lifestyle vacation" as core strategic directions for future development[10]. - The Taicang resort project is set to open in the second half of 2023, introducing new leisure vacation options for families in the Yangtze River Delta region[7]. - The company plans to renovate and expand several resorts in 2023 and 2024 to enhance facilities and customer satisfaction[28]. - Club Med plans to open 17 new resorts or spaces by the end of 2025, expecting overall capacity to increase by 20.0% or more compared to 2022[33]. - The company has expanded its portfolio with new resorts, including the recent addition of 1,298 beds in Cancun, Mexico, and 911 beds in Italy's Pragelato[36]. Customer Engagement - The number of customers served in the year ended December 31, 2022, was 1,304 thousand, up 63.9% from 795 thousand in 2021[25]. - The average occupancy rate for new resorts in the Americas was 52.8% and 70.3% for others in 2022[28]. - The average occupancy rate of global resorts reached 71.7% in early 2023, with capacity increasing by 21.1% compared to 2022[33]. - The average daily room rate for Casa Cook and Cook's Club hotels was approximately RMB 942.05[43]. Strategic Initiatives - The company aims to create a leading family leisure vacation ecosystem, emphasizing the integration of vacation experiences with daily life and work[10]. - Future strategies include attracting strategic investors and funds to jointly develop tourism destination projects[12]. - The company plans to leverage its global operational capabilities to enhance its market position in the tourism industry[12]. - The company aims to enhance its membership system by categorizing members into consumer, employee, and corporate members[12]. Governance and Management - The board has achieved gender diversity with 1 female director and 10 male directors, and aims to further enhance gender diversity in the future[125]. - The company has implemented a board diversity policy since 2018, reviewing diversity aspects such as gender, age, and professional experience annually[125]. - The company has adopted a director nomination policy that considers potential contributions to board diversity when selecting new candidates[125]. - The audit committee, consisting of four independent non-executive directors, reviewed financial statements and reports before submission to the board[137]. - The company has established a zero-tolerance policy towards fraud, encouraging stakeholders to report any misconduct through various channels[151]. Financial Management - The total debt as of December 31, 2022, was RMB 23,239.5 million, a decrease from RMB 13,263.5 million as of December 31, 2021, excluding lease liabilities[95]. - Cash and bank balances decreased by 34.2% to RMB 2,984.2 million as of December 31, 2022, compared to RMB 4,535.4 million at the end of 2021[95]. - The income tax expense decreased from RMB 381.4 million in 2021 to RMB 128.6 million in 2022, mainly due to land value tax related to property sales[89]. - The company plans to balance short-term cost savings with long-term benefits and flexibility in future operations[92]. Market Trends - The recovery of business in the Americas and Europe exceeded 2019 levels, while the Asia-Pacific region remained significantly below pre-pandemic levels[20]. - The company is exploring potential acquisitions to further strengthen its market position and diversify its offerings[36]. - The company emphasizes a mix of ownership and rental management models, with 12 properties owned and 22 managed under rental agreements[35]. Future Outlook - The company plans to expand its offerings in Hainan and Yunnan, launching "Hotel+" combination products with an order volume of 25,000[74]. - The company aims to enhance guest experiences through continuous investment in property upgrades and new technology[35]. - The company is committed to developing new strategies for growth and market expansion, particularly in the tourism sector[168].
复星旅游文化(01992) - 2022 - 年度财报