MIRAMAR HOTEL(HK:00071)2021-04-26 08:53Financial Performance - The group's total revenue for the fiscal year ended December 31, 2020, was HKD 1,315 million, a decrease of 57.1% compared to HKD 3,062 million in 2019[18]. - Shareholders' attributable profit was HKD 302 million, down 76.6% from HKD 1,288 million in 2019[18]. - Basic earnings per share decreased by 41.6% to HKD 0.66, compared to HKD 1.13 in 2019[18]. - The group's hotel and serviced apartment business recorded revenue of HKD 202 million, a decline of 63.9%[27]. - The EBITDA for the hotel and serviced apartment business was a loss of HKD 5.3 million[27]. - Rental business revenue slightly decreased to HKD 819 million, with an EBITDA of HKD 713 million, representing declines of 10.3% and 10.7% respectively compared to last year[32]. - The restaurant business generated revenue of HKD 120 million, down from HKD 244 million the previous year, with an EBITDA loss of HKD 11.5 million[38]. - The travel business recorded revenue of HKD 174 million, a decline of 87.1% year-on-year, with an EBITDA loss of HKD 23.1 million[43]. Visitor and Employment Impact - The number of visitors to Hong Kong plummeted by 93.6% to 3.57 million in 2020, down from 55.91 million in 2019[20]. - The local unemployment rate rose to 6.6% in 2020, up from 3.3% in 2019[20]. - The group continues to control costs and delay non-essential capital expenditures amid challenging market conditions[22]. Dividends and Financial Position - The group proposed a final dividend of HKD 0.28 per share, totaling HKD 0.50 per share for the year[19]. - As of December 31, 2020, the group's consolidated net cash was approximately HKD 5 billion, a decrease from HKD 5.2 billion as of December 31, 2019[46]. - The total credit facilities granted to the group amounted to approximately HKD 1 billion as of December 31, 2020, down from HKD 1.3 billion as of December 31, 2019, with only 0.30% utilized[46]. - The group's debt-to-equity ratio was only 0.02% as of December 31, 2020, compared to 0.04% as of December 31, 2019, indicating a strong financial position[46]. - The group maintains a sound financial policy with sufficient funds and credit facilities to address foreseeable economic uncertainties[46]. Business Adaptation and Recovery - The group plans to adapt to the new normal post-pandemic and is optimistic about future recovery[23]. - The group introduced various local staycation packages and experiences to adapt to changing consumer patterns and improve occupancy rates[28]. - New promotional activities were launched to increase foot traffic in shopping malls, including cash voucher promotions and takeout discounts[33]. - The group is focused on enhancing its tenant mix and improving facilities to boost customer flow and service quality in its properties[33]. Environmental Initiatives - The group emphasizes sustainable business practices, believing they provide financial returns while benefiting stakeholders and the community[59]. - The group has a robust risk management system in place to assess and manage environmental, social, and governance risks[60]. - The group has been actively involved in community and environmental initiatives, reinforcing its commitment to responsible corporate citizenship[59]. - The group emphasizes energy efficiency, effective water use, and waste reduction as key environmental protection priorities[72]. - The environmental policy, approved in 2016, applies to all business operations and supply chains, with no significant violations reported as of December 31, 2020[76]. - The establishment of two dedicated teams, the Green Management Team and the Energy Management Team, aims to enhance environmental performance and operational efficiency[77]. - The group’s green initiatives include optimizing environmental facilities and integrating environmental culture into business operations[73]. - The company has achieved ISO 14001 certification for its environmental management system across multiple properties, reflecting its commitment to environmental considerations[96]. Employee Engagement and Welfare - The total number of employees as of December 31, 2020, is 1,218, with 690 males and 528 females[101]. - The employee turnover rate is 15.4%, with a breakdown of 12.5% for males and 18.9% for females[102]. - The group offers competitive employee compensation and benefits, including medical and life insurance, paid marriage leave, maternity leave, and free meals[99]. - The group has received the "10 Years Plus Caring Company" logo from the Hong Kong Council of Social Service, recognizing its commitment to employee welfare[99]. - The group provides comprehensive training and development programs to enhance employees' professional skills and knowledge, including hygiene training in response to the pandemic[104]. - Training employee ratio as of December 31, 2020, is 77%, with 12,464 total training participants and an average training hours of 5.94[105]. Risk Management and Compliance - The company has established a strict compliance control system to prevent child labor and forced labor, ensuring all suppliers adhere to these requirements[99]. - The group has implemented effective risk management and internal control processes to identify and manage potential operational risks[117]. - The company has established clear policies for reporting misconduct, insider information, and related transactions to maintain compliance[179]. - The risk management department reports directly to the management and the audit committee, ensuring accountability and oversight[180]. - The company has optimized its risk management framework to adapt to changing regulatory and operational environments[177]. Community Support and Engagement - The group provided 1,800 surgical masks to children in need through a community center to alleviate their burden during the pandemic[121]. - A total of 617 kilograms of surplus food was donated to those in need in 2020, continuing the partnership with local food donation organizations[127]. - The group organized environmental workshops to promote sustainable living practices among employees[128]. - The group engaged in community support activities, including providing venue sponsorship for the "Hong Kong Street Marathon 2020" to support over 30 charitable organizations[126]. Corporate Governance - The company has maintained high levels of corporate governance, complying with the Hong Kong Stock Exchange's corporate governance code throughout the year ending December 31, 2020[157]. - The board consists of 13 members, including 5 executive directors, 2 non-executive directors, and 6 independent non-executive directors, ensuring a balanced governance structure[158]. - The company has a dual role for the Chairman and CEO, which has been in place since June 12, 2014, to ensure effective leadership and strategy execution[157]. - The company has adopted a diversity policy for its board members, emphasizing merit-based appointments and considering various diversity factors[169].