Financial Performance - Adjusted property EBITDA for Tigre de Cristal was HKD 181,400,000 in 2018, a 4% increase from HKD 173,700,000 in 2017[6] - Adjusted property EBITDA margin improved to 39.2% in 2018 from 36.9% in 2017[7] - The group recorded a profit of HKD 4,100,000 for the year ended December 31, 2018, compared to a loss of HKD 10,000,000 in 2017[7] - Total revenue for 2018 was HKD 463,200,000, a decrease of 1.6% from HKD 470,800,000 in 2017, partly due to the weak Russian Ruble[7] - Revenue from the gaming business increased by 26% to HKD 166,900,000 in 2018, up from HKD 132,100,000 in 2017[7] - The total revenue for the group in 2018 was HKD 463.2 million, a decrease of 1.6% from HKD 470.8 million in 2017[20] - The group's revenue in Russian rubles for 2018 was 3,523.3 million rubles, representing a year-on-year growth of 6% when adjusted for average exchange rates[20] - Total revenue from the gaming business was HKD 484,385,000 in 2018, down from HKD 689,329,000 in 2017, with net gaming revenue at HKD 419,341,000[43] Operational Developments - The company plans to increase accommodation capacity by approximately 50% with the construction of villas and serviced apartments near Tigre de Cristal, expected to be operational in early 2020[12] - The second phase of the project design and financing is expected to be completed in the coming months, with the first phase planned to launch in summer 2021[12] - The company appointed new non-executive directors with extensive experience in the gaming industry to enhance business development[12] - The company has focused on developing high-end table games targeting Asian customers, which has shown promising results[26] - The company expects continued growth in its gaming operations, particularly in the mass gaming and slot machine segments, driven by improved marketing strategies and increased foreign tourist arrivals[69] Cost Management - Marketing and promotional expenses decreased by 16% to HKD 16,200,000 in 2018 from HKD 19,200,000 in 2017[46] - Employee benefits expenses (excluding share-based compensation) decreased by 7% to HKD 135,600,000 in 2018 from HKD 146,300,000 in 2017[46] - Depreciation and amortization expenses decreased by 14% to HKD 115,500,000 in 2018 from HKD 133,700,000 in 2017[47] - Financial expenses, primarily interest expenses, decreased by 17% to HKD 36,500,000 in 2018 from HKD 44,000,000 in 2017[47] - The group maintained strict cost control and further streamlined its operations during the year[46] Corporate Governance - The company has a strong management team with diverse backgrounds and extensive experience in various industries, including finance and real estate[86][88][90][94][96][98] - The company is actively involved in mergers and acquisitions, enhancing its corporate governance and management capabilities[86][88][90][94][96] - The company has appointed independent non-executive directors to strengthen its board and ensure compliance with corporate governance standards[90][94][96] - The board of directors consists of eight members, including two executive directors and three non-executive directors, ensuring a diverse governance structure[104] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange regulations for the year ending December 31, 2018[103] Risk Management - The company has established a risk management framework involving the board of directors, audit committee, and a dedicated risk management team to oversee risk management and internal control systems[156] - The risk management team identifies risks that could adversely affect the achievement of the company's objectives at least once a year and prioritizes these risks for mitigation planning[157] - The board has conducted an annual review of the effectiveness of the risk management and internal control systems for the year 2018, concluding that they are sufficient and effective[157] Environmental, Social, and Governance (ESG) Initiatives - The company identified 18 key environmental, social, and governance (ESG) issues for focus, including water and energy usage, waste management, and workplace health and safety[186] - The company has established a management framework to integrate ESG considerations into business decisions and daily operations[175] - The company has implemented resource-saving measures and technologies to ensure effective use of energy and water[195] - The company has committed to protecting community interests and ensuring ethical business practices[188] Shareholder Engagement - The company encourages shareholder participation in the annual general meeting, providing an opportunity for communication between the board and shareholders[168] - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting[162] - Shareholders can propose resolutions at the general meeting if they collectively hold at least 5% of the voting rights or at least 100 shareholders submit the proposal[163]
凯升控股(00102) - 2018 - 年度财报