香格里拉(亚洲)(00069) - 2019 - 年度财报

Financial Performance - Total revenue for 2019 was $2,431.2 million, a decrease of 3.4% from $2,517.9 million in 2018[9] - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $584.0 million, down 12.1% from $664.5 million in the previous year[9] - Net profit attributable to shareholders from operating activities was $113.8 million, a decline of 42.3% compared to $197.3 million in 2018[9] - Earnings per share decreased to $4.27, down 20.9% from $5.40 in the previous year[9] - The net asset value attributable to shareholders was $6,189.6 million, a slight decrease of 1.6% from $6,289.0 million in 2018[9] - The consolidated revenue for the fiscal year ended December 31, 2019, decreased by 3.4% to $2.4312 billion[24] - The actual profit attributable to the owners of the company, excluding non-operating items, decreased by 42.3% to $113.8 million[24] - The actual profit before interest, tax, depreciation, amortization, and non-operating items decreased by 8.1% to $864.9 million[24] - The overall profitability was significantly impacted, with the actual profit before interest, tax, depreciation, amortization, and non-operating items for hotel properties decreasing by 9.8% to $545.2 million[24] - The group's operating profit for 2019 was $294.8 million, reflecting a significant increase of 63.3% from $180.5 million in 2018[56] - The net profit attributable to the company's owners for 2019 was $152.5 million, down 20.9% from $192.9 million in 2018[56] - The group's gross profit for 2019 was $1,322.6 million, a decrease of 5.8% from $1,404.6 million in 2018[56] - The total operating expenses for 2019 were $739.8 million, slightly decreased from $742.9 million in 2018[56] - The group's share of profits from associates was $220.4 million, down 27.8% from $305.4 million in 2018[56] Market Strategy and Expansion - The company plans to strengthen focus on the domestic leisure market in China, including family packages and dining promotions[10] - The company is actively exploring market expansion opportunities across Asia and other regions[7] - The company signed a hotel management agreement for a new hotel project in Fuzhou, China, expected to be completed in 2022[18] - The company completed land acquisitions for hotel development in Bangkok, Thailand, and Kyoto, Japan, and signed a lease agreement for a dual-brand hotel at Hongqiao Airport with Shanghai Airport Group[25] - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[42] - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[35] - The company is exploring partnerships to enhance distribution channels, aiming for a 15% increase in reach by the end of the year[39] Operational Challenges and Responses - Cost control measures have been implemented in Hong Kong to mitigate financial challenges[10] - The number of visitors to Hong Kong decreased significantly, with the largest drop of 56% occurring in November 2019 due to ongoing protests[24] - The company is actively managing costs to mitigate the impact of the COVID-19 pandemic, including reducing utility, procurement, and labor costs[28] - The company has suspended the payment of the final dividend for the year, maintaining the total annual dividend amount unchanged, with an interim dividend of 8 HK cents[28] - The company has reduced costs in China by approximately 50% as of February 2020[51] - Senior employee salaries will be cut by up to 30% starting in April 2020, with other employees encouraged to take voluntary unpaid leave[51] - The company is focusing on prudent cost control measures in response to unprecedented external factors affecting operations[51] Sustainability and Corporate Social Responsibility - The company introduced a corporate social responsibility program called "Run Towards the Future," promoting a low-carbon lifestyle among employees and customers[19] - The company has adopted a 3R principle (Reduce, Reuse, Recycle) and has implemented measures to eliminate single-use plastic straws and stirrers[26] - The board of directors emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 25% by 2025[34] - The company has implemented energy-saving measures that resulted in a reduction of total energy consumption by 4% in 2019 compared to 2018[145] - In 2019, the total carbon emissions decreased by 4% year-over-year[145] - The group has banned the use of plastic straws and stirrers across all hotels, saving approximately 6 million plastic items annually[145] - The company has committed to planting 5,000 trees by 2021 through its partnership with Alipay's Ant Forest initiative[146] - A total of 818,000 USD was donated for charitable contributions during the fiscal year[149] Employee Development and Training - The company launched a new online learning platform, Shangri-La Academy, to promote employee growth and development[25] - The group launched an online learning platform in 2019 to enhance employee skills and foster a culture of continuous learning[116] - The company plans to launch over 100 online learning programs in 2020 through the Shangri-La Online Academy[141] - The company is enhancing employee training and learning opportunities during the business slowdown to prepare for market recovery[51] Investment and Financing - The company issued a total of SGD 3.0 billion in bonds in 2019 and 2020, extending the average loan maturity from 2.82 years to 4.34 years, reducing refinancing pressure[26] - The company has cash and cash equivalents of $1 billion and unutilized bank financing commitments of $1 billion as of December 31, 2019[26] - The actual net debt attributable to the group was $4.22 billion as of December 31, 2019, an increase of $148.4 million from $4.08 billion in 2018[94] - The debt-to-equity ratio rose from 61.0% as of December 31, 2018, to 64.9% as of December 31, 2019, primarily due to the adoption of new accounting standards[95] - The group issued fixed-rate bonds totaling SGD 300 million in 2019 to reduce refinancing risk and hedge interest rates[95] Hotel Operations and Performance - Hotel room revenue decreased by 6.6% to $1,067.3 million from $1,143.3 million in 2018[60] - Food and beverage sales declined by 6.4% to $881.2 million from $941.3 million in 2018[60] - The overall impact of the strong US dollar on recurring business was approximately $47.1 million[60] - The group's total hotel property revenue for the year ended December 31, 2019, was $2,066.4 million, a decrease of 6.4% compared to $2,206.9 million in 2018[64] - The weighted average occupancy rate for the group's hotels was 68% for the year ended December 31, 2019, unchanged from the previous year[67] - Revenue per available room (RevPAR) decreased to $110 in 2019, down from $115 in 2018, representing a 4% decline[67] - The total revenue from hotel properties in mainland China decreased by 7.1% to $781.9 million for the year ended December 31, 2019[33] Related Party Transactions - The company has complied with all relevant regulations regarding related party transactions during the fiscal year[183] - The actual transaction amount with SPI for the fiscal year was $1,955,000, compared to $1,876,000 in 2018[186] - The total transaction amount for hotel management services provided to Cuscaden Co was $1,945,000 in 2019, up from $1,470,000 in 2018[188] - The actual transaction amount with Pudong Kerry Company for the fiscal year was $4,508,000, an increase from $3,645,000 in 2018[190] - The company has established annual caps for various related party transactions, reflecting considerations of inflation and currency fluctuations[185]