Financial Performance - Total revenue for the group reached HKD 789,262,000, with Macau operations contributing HKD 649,508,000 and Hong Kong operations contributing HKD 139,754,000[12] - Total revenue for the year ended March 31, 2024, was HKD 789,262,000, a significant increase from HKD 291,119,000 in 2023, representing a growth of 171%[29] - Revenue from Macau reached HKD 649,508,000, up from HKD 189,368,000 in the previous year, indicating a growth of 243%[29] - Gaming revenue surged over 423.6% to HKD 459,200,000 (2023: HKD 87,700,000), representing 58.2% of total revenue (2023: 30.1%) [92] - Hotel and serviced apartment revenue rose by 62.3% to HKD 330,100,000, while gaming revenue surged by 423.6% to HKD 459,200,000[81] - The company recorded a profit attributable to equity holders of HKD 60,885,000 for the year, a turnaround from a loss of HKD 98,192,000 in 2023[42] - Net profit for the year was HKD 62,831,000, a turnaround from a net loss of HKD 127,997,000 in the previous year[79] - Basic earnings per share improved to HKD 0.05, compared to a loss of HKD 0.08 per share in 2023[79] - Adjusted EBITDA for the group was HKD 175,031,000, with Macau operations generating HKD 151,936,000 and Hong Kong operations generating HKD 23,095,000[12] - The group reported a pre-tax profit of HKD 35,410,000 for the year ending March 31, 2024[12] Assets and Liabilities - The group's total assets as of March 31, 2024, were HKD 4,661,632,000, compared to HKD 4,584,502,000 as of March 31, 2023[19] - The total liabilities of the group decreased from HKD 75,179,000 in 2023 to HKD 89,478,000 in 2024[22] - The company’s equity attributable to owners increased to HKD 3,752,697,000 from HKD 3,691,812,000 year-on-year[21] - The company’s total liabilities increased to HKD 102,518,000 in 2024 from HKD 96,744,000 in 2023[51] - Non-current assets included investment properties valued at HKD 1,485,900,000 and property, plant, and equipment valued at HKD 2,253,841,000[19] - Non-current assets in Macau were valued at HKD 1,751,126,000, slightly down from HKD 1,811,141,000 in 2023, while Hong Kong's non-current assets decreased to HKD 2,375,076,000 from HKD 2,459,811,000[29] Cash Flow and Investments - The group’s cash and cash equivalents increased to HKD 599,790,000 from HKD 380,330,000 year-on-year[19] - The company reported a net cash inflow from investing activities of HKD 72,888,000, a recovery from a net outflow of HKD 237,366,000 in 2023[24] - The net cash and cash equivalents at the end of the reporting period increased to HKD 599,790,000 from HKD 380,330,000 in 2023, reflecting a growth of 57.7%[24] - As of March 31, 2024, the group's cash and bank deposits totaled HKD 645,800,000 (2023: HKD 503,300,000) [95] - The group maintained a zero capital debt ratio as of March 31, 2024, indicating a strong financial position [95] Operational Highlights - The company operates six hotels and serviced apartments in Hong Kong and Macau, including the Emperor Hotel and the Emperor Entertainment Hotel[83] - The number of visitors to Hong Kong exceeded 40.8 million, gradually recovering to pre-pandemic levels[82] - Macau's total gaming revenue increased by 245.6% to HKD 206.4 billion, with visitor numbers rising by 266.4% to 32.1 million[82] - Total revenue from operating leases increased to HKD 48,525,000 in 2024 from HKD 30,446,000 in 2023[67] - The company incurred a commission expense of HKD 69,706,000 in the gaming business, significantly higher than HKD 10,324,000 in the previous year[33] Future Outlook and Strategy - The group is optimistic about sustainable long-term growth in the Macau market, supported by robust transportation infrastructure and diverse leisure services [93] - The management team aims to enhance customer experience and leverage brand reputation to strengthen market position [93] - The group plans to capitalize on international events and promotions to boost Hong Kong's appeal as a tourist destination [93] - The expansion of serviced apartments is expected to capture the growing demand in the hotel market [91] - The company is in the process of acquiring Star Omen for HKD 700,000,000, which includes a property located in Central, Hong Kong[52] - The company has proposed to acquire the entire issued share capital of Star Omen Limited for a value of HKD 700,000,000, pending approval from independent shareholders at a special meeting scheduled for July 2024[97] Corporate Governance - The company has adhered to all corporate governance codes as per the listing rules during the year[56] - The company’s independent auditor confirmed that the financial statements are prepared in accordance with applicable accounting standards and fairly present the financial position as of March 31, 2024[55] Employee and Cost Management - As of March 31, 2024, the total number of employees increased to 630 from 517 in 2023, with total employee costs amounting to HKD 296,200,000, up from HKD 257,400,000 in the previous year[98] - The company’s accrued employee costs rose to HKD 24,402,000 in 2024 from HKD 20,388,000 in 2023[51] Trade Receivables and Payables - Trade receivables increased to HKD 70,653,000, up from HKD 54,430,000 in 2023, indicating a rise of 29.7%[43] - As of March 31, 2024, the group's trade receivables included overdue amounts totaling HKD 13,119,000, a decrease from HKD 13,521,000 in 2023[46] - The aging analysis of trade receivables shows that HKD 12,970,000 (2023: HKD 13,272,000) has been overdue for 90 days or more but is not considered in default due to established repayment plans with customers[46] - Trade payables decreased to HKD 9,420,000 in 2024 from HKD 10,722,000 in 2023, while other payables increased to HKD 64,172,000 from HKD 52,081,000[51] Foreign Exchange and Risk Management - The company reported a foreign exchange loss of HKD 78,000, compared to a loss of HKD 57,000 in 2023, reflecting ongoing challenges in currency fluctuations[30] - The group has no significant foreign exchange risk due to most transactions being conducted in the functional currency of its overseas operations [95]
英皇娱乐酒店(00296) - 2024 - 年度业绩