新濠国际发展(00200) - 2020 - 年度财报

Company Overview Melco International Development Limited prioritizes health and safety, actively fulfills social responsibilities, pursues sustainable development, and expands its global integrated resort portfolio Company Core Values and Vision Melco International Development Limited prioritizes guest and employee health and safety, actively fulfills social responsibilities, commits to sustainable development, and pursues excellence in hospitality while advancing major expansion projects - The company prioritizes guest and employee health and safety, with several hotels receiving Sharecare health security verification from Forbes Travel Guide[5] - During the pandemic, the company launched the "Small Acts, Big Love" volunteer program, engaging nearly 8,000 employees to assist local communities, demonstrating corporate social responsibility[8] - The company is committed to sustainable development, implementing AI systems to address food waste and using filtered water refill systems to reduce plastic bottle consumption[9] - The company is actively expanding its business footprint, with the Studio City Phase 2 development adding approximately 900 luxury hotel rooms and a large water park[13] - City of Dreams Mediterranean, expected to open in summer 2022, will be Europe's largest integrated resort, featuring over 500 luxury rooms and extensive MICE facilities[16] Key Performance Indicators The company's financial performance significantly deteriorated in 2020 due to the COVID-19 pandemic, while it continued to advance sustainability initiatives Financial Key Performance Indicators The company's 2020 financial performance severely deteriorated due to the COVID-19 pandemic, with net revenue, adjusted EBITDA, and annual profit all turning to significant losses, yet global expansion plans continue Financial Performance Summary | Indicator | 2020 | 2019 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Revenue | HKD 13.42 billion | HKD 44.99 billion | -70.2% | | Adjusted EBITDA | HKD -1.2 billion | HKD 12.5 billion | Turned to loss | | Annual (Loss)/Profit | HKD -12.38 billion | HKD 1.77 billion | Turned to loss | | Basic (Loss)/Earnings Per Share | HKD -4.19 | HKD 0.46 | Turned to loss | - The significant decline in financial data is primarily attributed to the temporary closure of casinos and a sharp reduction in inbound tourist arrivals due to the COVID-19 pandemic[20] - In response to the pandemic, the company implemented prudent cost control and capital expenditure streamlining measures, strengthening its balance sheet through preferred note issuance and private placements to fund long-term development projects[20] Non-Financial Key Performance Indicators Despite pandemic challenges, the company maintained its sustainable development strategy in 2020, contributing significantly to the community and achieving notable reductions in environmental impact - In 2020, the company made over HKD 264 million in charitable and in-kind donations, with 53% specifically allocated to COVID-19 response efforts[23] Environmental Indicators | Environmental Indicator | 2019 | 2020 | Trend | | :--- | :--- | :--- | :--- | | Total Greenhouse Gas Emissions (Tonnes of CO2e) | 32,718 | 17,145 | Decrease | | Total Energy Consumption (MWh) | 518,668 | 378,848 | Decrease | | Waste Disposal (Tonnes) | 18,394 | 8,275 | Decrease | Group Business Overview Melco International, founded in 1910, has transformed into a leading Asian leisure and entertainment enterprise, primarily operating integrated resorts through its subsidiary Melco Resorts & Entertainment Company History and Core Business Melco International, established in 1910, has evolved into a leading Asian leisure and entertainment company under Chairman Lawrence Ho, focusing on developing and operating integrated resorts globally - Melco International was founded in 1910 and listed on the Hong Kong Stock Exchange in 1927, now a leading next-generation Asian leisure and entertainment enterprise[29] - In 2017, Melco International became the sole major shareholder of its group member, Melco Resorts & Entertainment, which operates integrated resort businesses in Asia and Europe, further strengthening the company's financial position[30] Group Structure Melco International Development Limited operates integrated entertainment and leisure resorts globally through its Nasdaq-listed subsidiary, Melco Resorts & Entertainment Limited, with core assets in Macau, the Philippines, and Cyprus Business Distribution and Key Properties Melco International Development Limited operates integrated entertainment and leisure resorts globally through its Nasdaq-listed subsidiary, Melco Resorts & Entertainment Limited, with core assets in Macau, the Philippines, and Cyprus, targeting various market segments Key Properties by Region | Region | Key Property | Market Positioning | | :--- | :--- | :--- | | Macau | City of Dreams, Cotai | High-end Market | | | Studio City, Cotai | Mass Market | | | Altira Macau, Taipa | High-stakes Market | | | Mocha Clubs across Macau | Casual Market | | Philippines | City of Dreams Manila | Mass Market | | Cyprus | City of Dreams Mediterranean | Under Development | Chairman and Chief Executive Officer's Report Chairman and CEO Lawrence Ho's report highlights the unprecedented impact of the 2020 pandemic on global tourism, the company's financial resilience through cost control, and an optimistic outlook for recovery and continued expansion Responding to Pandemic Challenges and Future Outlook Chairman and CEO Lawrence Ho's report highlights the unprecedented impact of the 2020 pandemic on global tourism, the company's financial resilience through cost control, and an optimistic outlook for recovery and continued expansion - Affected by the pandemic, the company implemented strict cost control measures and issued senior notes and completed private placements to strengthen its balance sheet[36][37] - With the easing of travel restrictions, the company's Macau and global properties recorded positive property EBITDA in the fourth quarter of 2020[37] - The company continues to advance major development projects despite adversity, including the Studio City Phase 2 expansion in Macau and the construction of City of Dreams Mediterranean in Cyprus[37] - The company maintains a strong focus on the potential of the Japanese market, committed to developing a Japanese-style integrated resort there[38] Management Discussion and Analysis This section details the unprecedented challenges faced by the Group in 2020 due to the COVID-19 pandemic, its impact on operations, and the strategic measures taken to ensure resilience and continued development Significant Events and Developments The 2020 COVID-19 pandemic presented unprecedented challenges, severely impacting operations in Macau, the Philippines, and Cyprus due to travel restrictions and temporary closures, though business stabilized in Q4 with the resumption of individual visit scheme visas - The pandemic led to varying degrees of temporary operational suspension for casino businesses in Macau, the Philippines, and Cyprus during 2020[40] - Macau operations moderately stabilized in the fourth quarter of 2020 with the resumption of individual visit scheme visas[40] - The Group continued to advance its global expansion plans during the pandemic, including the Macau Studio City expansion and the European City of Dreams Mediterranean project, with the latter expected to open in summer 2022[40] Business Review Melco International primarily operates its gaming business through its 55.8% owned subsidiary, Melco Resorts & Entertainment, experiencing a significant decline in 2020 net revenue to HKD 13.42 billion and an annual loss of HKD 12.38 billion due to the pandemic - As of the end of 2020, Melco International held approximately 55.8% of shares in Melco Resorts & Entertainment, its primary operating entity for gaming businesses[42] - City of Dreams, as the flagship integrated resort, is undergoing facility upgrades, including the optimized reopening of Morpheus and the reimagining of The Countdown hotel[43] - Studio City is undergoing Phase 2 development, which will add approximately 900 hotel rooms, a large water park, and MICE facilities[44] - The City of Dreams Mediterranean project in Cyprus is expected to become Europe's largest premium integrated resort, with a gaming area featuring over 100 gaming tables and 1,000 slot machines[49] Outlook Despite ongoing global economic uncertainties from the COVID-19 pandemic, management remains optimistic about Macau's market recovery and increased visitor arrivals, continuing to advance global expansion projects and explore opportunities in Japan - The outlook for Macau's gaming industry recovery is optimistic, primarily due to the lifting of quarantine requirements for mainland Chinese visitors, anticipated easing of travel restrictions, and widespread vaccine availability[50] - The Group will continue to advance its global expansion plans, including the construction of Studio City Phase 2 and City of Dreams Mediterranean[50] - The Japanese market remains a strategic focus for the Group; despite delays in the licensing process due to the pandemic, the company will remain patient to seize suitable development opportunities[50] Achievements and Awards In 2020, the Group received extensive recognition and numerous accolades across corporate governance, business operations, corporate social responsibility, and environmental sustainability, including multiple Forbes Travel Guide and Michelin stars - Chairman and CEO Lawrence Ho received the "Best CEO in Asia" award from Corporate Governance Asia magazine for the ninth time[55] - The Group earned 97 stars in the Forbes Travel Guide 2021, including 17 Five-Star awards, leading among integrated resort operators in Macau and Asia[56] - Four of the Group's restaurants collectively garnered seven Michelin stars in the Michelin Guide Hong Kong Macau 2021, with Jade Dragon receiving three Michelin stars for the third consecutive year[56] - The Group's "Small Acts, Big Love" initiative received the "Community Award – Asia" at the Industry Community Contribution Awards 2020[57] - The Studio City Phase 2 project received the "Asia Award" at the BREEAM Awards, recognizing its excellence in sustainable development[62] Financial Review The Group's financial performance in fiscal year 2020 was severely impacted by the pandemic, with net revenue decreasing by 70.2% to HKD 13.42 billion, adjusted EBITDA turning to a loss of HKD 1.2 billion, and a loss attributable to owners of HKD 6.34 billion Financial Highlights (Million HKD) | Financial Indicator (Million HKD) | 2020 | 2019 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 13,424.4 | 44,987.8 | -70.2% | | Adjusted EBITDA | (1,198.2) | 12,497.7 | Not Applicable | | Loss Attributable to Owners of the Company | (6,339.9) | 689.8 | Not Applicable | | Total Assets | 95,534.7 | 100,361.6 | -4.8% | | Total Liabilities | 64,757.4 | 58,693.9 | 10.3% | | Gearing Ratio (%) | 53.0% | 41.2% | Not Applicable | Revenue Breakdown (Million HKD) | Revenue Category (Million HKD) | 2020 | 2019 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Casino Revenue | 11,417.8 | 38,989.5 | -70.7% | | Rooms | 842.6 | 2,741.2 | -69.3% | | Food and Beverage Services Revenue | 581.3 | 1,899.7 | -69.4% | | Entertainment, Retail and Other | 576.1 | 1,350.7 | -57.3% | - Melco Resorts & Entertainment, the Group's principal subsidiary, reported total operating revenue of USD 1.73 billion in 2020, a 70% year-on-year decrease, and an operating loss of USD 940 million, compared to an operating income of USD 750 million in 2019[69] - To address liquidity pressure, the Group undertook multiple debt financing activities during the year, including entering into a HKD 14.85 billion revolving credit facility, issuing several senior notes, and redeeming some maturing notes[91][92] Operating Performance by Property All of the Group's properties experienced significant declines in operating performance due to the pandemic, with total operating revenue and adjusted property EBITDA for City of Dreams, Altira Macau, and Studio City turning negative or substantially decreasing Property Operating Performance (Million USD) | Property | 2020 Total Operating Revenue (Million USD) | 2019 Total Operating Revenue (Million USD) | 2020 Adjusted Property EBITDA (Million USD) | 2019 Adjusted Property EBITDA (Million USD) | | :--- | :--- | :--- | :--- | :--- | | City of Dreams | 985.6 | 3,050.5 | (1.3) | 922.8 | | Altira Macau | 108.9 | 465.1 | (58.8) | 51.5 | | Mocha Clubs | 65.3 | 117.5 | 3.6 | 23.3 | | Studio City | 266.5 | 1,355.3 | (79.0) | 415.1 | | City of Dreams Manila | 224.7 | 602.5 | 29.0 | 247.1 | | Cyprus Operations | 51.0 | 94.7 | 2.3 | 29.8 | Human Resources As of year-end 2020, the Group's total employee count decreased to 19,769 from 23,261 in 2019, with related employee costs also declining, while the company emphasizes talent development and an inclusive work environment - As of December 31, 2020, the Group's total number of employees was 19,769, a decrease from 23,261 in 2019[104] - Related employee costs for the year ended December 31, 2020, were HKD 5.92 billion, a decrease from HKD 7.59 billion in 2019[104] Board of Directors and Senior Management This section provides an overview of the company's Board of Directors and senior management, including their backgrounds and qualifications, highlighting key leadership roles and extensive professional experience Board and Executive Profiles This section details the backgrounds and qualifications of the company's Board of Directors and senior management, including Chairman and CEO Lawrence Ho, President and Managing Director Evan Andrew Winkler, and other executives with extensive experience in various fields - Mr. Lawrence Ho has served as Chairman and Chief Executive Officer since 2006, also holding the same positions at Nasdaq-listed Melco Resorts & Entertainment Limited[106] - Mr. Evan Andrew Winkler has served as President and Managing Director since 2018, bringing extensive investment banking experience from UBS Investment Bank and Moelis & Company[109] - Senior management includes Mr. Geoffrey Stuart DAVIS, Chief Financial Officer, and Mr. Kevin LEUNG, Group General Counsel, both possessing deep professional backgrounds in finance and law, respectively[116][117] Corporate Governance Report The company is committed to high corporate governance standards, adhering to the Corporate Governance Code with a noted deviation where the Chairman and CEO roles are combined, which the Board deems in the company's best interest Corporate Governance Practices and Board of Directors The company maintains high corporate governance standards, adhering to the Corporate Governance Code, with a noted deviation where the Chairman and CEO roles are combined, which the Board deems in the company's best interest, while ensuring board diversity and training - The company complies with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are held by Mr. Lawrence Ho, which the Board believes is in the company's best interest[124] - The Board of Directors comprises seven directors, including three independent non-executive directors, exceeding one-third of the Board's total number, in compliance with listing rules[126] Committee/Meeting Attendance | Committee/Meeting | Average Attendance Rate | | :--- | :--- | | Board Meetings | 100.00% | | Audit Committee Meetings | 100.00% | | Remuneration Committee Meetings | 100.00% | | Nomination Committee Meetings | 100.00% | | Corporate Governance Committee Meetings | 100.00% | Board Committees To facilitate effective board management, the company has established several specialized committees, including the Executive, Audit, Nomination, Remuneration, Corporate Governance, Finance, and Monitoring Affairs Committees, each with defined terms of reference - The Audit Committee, composed of two independent non-executive directors and one non-executive director, oversees external auditors, reviews financial statements, and supervises risk management and internal control systems[143] - The Nomination Committee is responsible for reviewing the Board's size and composition, and making recommendations to the Board regarding the appointment and re-election of new directors[143] - The Remuneration Committee is responsible for formulating remuneration policies for executive directors and senior management, and determining their remuneration packages[144] - Since August 2020, the oversight of Environmental, Social, and Governance (ESG) matters has been transferred from the Audit Committee to the Corporate Governance Committee, directly led by the Chairman and Chief Executive Officer[146] Risk Management and Internal Control The Board is responsible for establishing and maintaining robust internal control and risk management systems, employing a combined top-down and bottom-up approach, with the Internal Audit Department reporting directly to the Audit Committee - The Group's risk management model combines a top-down strategic overview with bottom-up business processes, supported by a dedicated Risk Management Task Force to assist the Board in oversight[152] - The Internal Audit Department employs a COSO framework-based audit methodology, reviewing and evaluating the effectiveness of internal control systems across five components: control environment, risk assessment, control activities, information and communication, and monitoring activities[154][156][157][158][159] - The Board, through the Audit Committee, reviewed the effectiveness of the Group's risk management and internal control systems in 2020 and deemed them complete and effective[161] Directors' Report This section reviews the Group's business and highlights its commitment to Environmental, Social, and Governance (ESG), with the Board overseeing ESG strategy and achieving progress in guest experience, employee well-being, responsible gaming, community investment, and environmental protection Business Review and Environmental, Social and Governance (ESG) This section reviews the Group's business and highlights its commitment to Environmental, Social, and Governance (ESG), with the Board overseeing ESG strategy and achieving progress in guest experience, employee well-being, responsible gaming, community investment, and environmental protection - ESG oversight was strengthened in 2020, with responsibility transferred to the Corporate Governance Committee and direct oversight by the Chairman and Chief Executive Officer[172] - In 2020, the Group made over HKD 264 million in charitable and in-kind donations, with 53% specifically allocated to pandemic response efforts[174] - The Group's properties became the first in Macau and the Philippines to receive international third-party certification for responsible gaming programs after verification by the Responsible Gaming Council[176] Dividends, Shares and Reserves Given the suspension of the semi-annual dividend program announced in May 2020, the Board recommends no final dividend for the year ended December 31, 2020, with details on share transfer book closure dates and distributable reserves provided - As the company announced the suspension of its semi-annual dividend program on May 14, 2020, the Board recommends no final dividend for the 2020 financial year[182] - As of December 31, 2020, the company's distributable reserves included capital reserves of approximately HKD 7.053 million and retained profits of approximately HKD 5.442 billion[187] Directors' Interests in Shares, Underlying Shares and Debentures This section details the interests of the company's directors and chief executive in the shares, underlying shares, and debentures of the company and its associated corporations, such as Melco Resorts & Entertainment, as of December 31, 2020 - As of December 31, 2020, Chairman and Chief Executive Officer Lawrence Ho collectively held 881,172,396 ordinary shares of the company, representing approximately 58.13% of all issued shares[197] - Mr. Lawrence Ho is also deemed to have an interest in 812,729,781 shares of Melco Resorts & Entertainment, representing 55.80% of its total issued shares, held by the company's wholly-owned subsidiaries[200][201] Share Option Schemes and Share Award Schemes This section details the share option and share award schemes of the company and its subsidiaries (Melco Resorts & Entertainment, Melco Resorts Philippines), outlining their purposes, eligibility, share limits, exercise price determination, and changes in holdings - The company has a 2012 Share Option Scheme, under which a total of 2,931,000 share options were granted to directors and employees on April 14, 2020, with an exercise price of HKD 12.70 per share[217][220] - Subsidiary Melco Resorts & Entertainment has a revised 2011 Share Award Scheme, under which a total of 12,159,207 share options were granted to eligible participants on March 31, 2020, with an exercise price of USD 4.13 per share[244] - The company has a Share Purchase Scheme, and as of the end of 2020, the total number of unvested awarded shares held by directors and employees was 7,543,000 shares[256][257] Connected Transactions and Continuing Connected Transactions The report discloses connected transactions and continuing connected transactions subject to listing rules during the year, including restricted share grants to Director Lawrence Ho, a private placement to New Cotai, LLC, and ferry ticket purchases from Shun Tak-China Travel Ship Management Limited - Melco Resorts & Entertainment granted restricted shares worth approximately HKD 150 million to Chairman Lawrence Ho as part of his 2019 performance bonus and the company's cash preservation measures[265] - Subsidiary SCIHL conducted a private placement to its major shareholder, New Cotai, LLC, for a total subscription price of approximately HKD 148 million, with proceeds used for Studio City Phase 2 development[266][267] - The Group has a ferry ticket sales framework agreement with Shun Tak-China Travel Ship Management Limited, with total transaction value in 2020 of approximately HKD 2.067 million, well below the annual cap of HKD 37.8 million[268][269] Independent Auditor's Report Ernst & Young issued an unmodified opinion on the company's consolidated financial statements for the year ended December 31, 2020, highlighting key audit matters related to trade receivables recoverability, goodwill and trademark impairment, and non-current non-financial asset impairment Auditor's Opinion and Key Audit Matters Ernst & Young issued an unmodified opinion on the company's consolidated financial statements for the year ended December 31, 2020, deeming them true and fair, while highlighting key audit matters involving significant management judgment and estimates amidst the pandemic - The auditor issued an unmodified opinion, stating that the consolidated financial statements fairly and truly reflect the Group's financial position in accordance with Hong Kong Financial Reporting Standards[283] - One key audit matter is the recoverability of trade receivables, as management used subjective judgment in estimating the allowance for expected credit losses; as of year-end, the allowance was approximately HKD 1.553 billion[285] - Impairment of goodwill and trademarks is another key audit matter, as its testing is based on management's expectations and estimates of future performance, involving significant uncertainty[287] - Due to the severe market downturn caused by the pandemic, the Group conducted impairment tests on non-current non-financial assets such as property, plant, and equipment, constituting a third key audit matter[290] Consolidated Financial Statements This section presents the Group's consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows, providing a comprehensive overview of its financial performance and position for the year Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended December 31, 2020, the company recorded net revenue of HKD 13.42 billion, a 70.2% decrease from 2019, resulting in a full-year loss of HKD 12.38 billion, compared to a profit of HKD 1.77 billion last year, with a loss attributable to owners of HKD 6.34 billion Consolidated Statement of Profit or Loss and Other Comprehensive Income (Thousand HKD) | Item (Thousand HKD) | 2020 | 2019 | | :--- | :--- | :--- | | Net Revenue | 13,424,435 | 44,987,768 | | Operating (Loss)/Income | (8,232,594) | 4,884,974 | | (Loss)/Profit Before Tax | (12,345,070) | 1,834,051 | | (Loss)/Profit for the Year | (12,377,928) | 1,768,158 | | (Loss)/Profit Attributable to Owners of the Company | (6,339,887) | 689,772 | Consolidated Statement of Financial Position As of December 31, 2020, the Group's total assets decreased by 4.8% to HKD 95.53 billion, while total liabilities increased by 10.3% to HKD 64.76 billion, leading to a significant reduction in total equity from HKD 41.67 billion to HKD 30.78 billion Consolidated Statement of Financial Position (Thousand HKD) | Item (Thousand HKD) | December 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Non-Current Assets | 79,679,735 | 85,211,253 | | Total Current Assets | 15,854,998 | 15,150,320 | | Total Assets | 95,534,733 | 100,361,573 | | Total Current Liabilities | 13,055,071 | 12,447,122 | | Total Non-Current Liabilities | 51,702,366 | 46,246,759 | | Total Liabilities | 64,757,437 | 58,693,881 | | Net Assets | 30,777,296 | 41,667,692 | | Equity Attributable to Owners of the Company | 10,764,187 | 16,950,323 | Consolidated Statement of Changes in Equity For the year ended December 31, 2020, equity attributable to owners of the company decreased from HKD 16.95 billion at the beginning of the year to HKD 10.76 billion at year-end, primarily due to a HKD 6.34 billion loss for the year - Equity attributable to owners of the company decreased from HKD 16.95 billion at the beginning of 2020 to HKD 10.76 billion at year-end[305] - The primary driver of the change in equity was the HKD 6.34 billion loss recorded for the year[305] Consolidated Statement of Cash Flows In 2020, the Group experienced a net cash outflow of HKD 5.29 billion from operating activities, a significant reversal from 2019's net inflow, while net cash outflow from investing activities was HKD 42.07 million, offset by HKD 7.78 billion net cash inflow from financing activities Consolidated Statement of Cash Flows (Thousand HKD) | Item (Thousand HKD) | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash from Operating Activities | (5,286,787) | 8,677,473 | | Net Cash Used in Investing Activities | (42,074) | (7,889,673) | | Net Cash from/(Used in) Financing Activities | 7,782,051 | (1,480,160) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 2,453,190 | (692,360) | | Cash and Cash Equivalents at Year-End | 13,821,297 | 11,213,138 | Notes to the Consolidated Financial Statements The notes provide detailed explanations of the company's accounting policies, key judgments, and estimates, breaking down financial statement items such as segment information, revenue and expense components, financial instruments, debt structure, leases, long-term incentive plans, and related party transactions - Note 1(b) details the specific impacts of the COVID-19 pandemic on operations in Macau, the Philippines, and Cyprus, including periods of closure and subsequent restrictive operating measures[318][319][320] - Note 4 on segment information indicates that the vast majority of the Group's revenue is derived from the "Casino and Hotel" segment, with Macau contributing HKD 11.24 billion in revenue[392][405] - Note 33 provides a detailed breakdown of the Group's interest-bearing borrowings, totaling HKD 50.63 billion, primarily comprising unsecured notes and secured bank loans, and discloses various refinancing activities undertaken during the year[469] - Note 37 details the changes in the company's and its subsidiary Melco Resorts & Entertainment's share option and share award schemes, including new awards granted during the year[490][506] - Note 49 discloses post-reporting period events, including the issuance of several senior notes for refinancing in early 2021 and the disposal of all investments in EHang[579][581] Five-Year Financial Summary This summary reviews the Group's key financial data from 2016 to 2020, showing stable net revenue and annual profit from 2017-2019 before a sharp decline and significant loss in 2020 due to the pandemic Five-Year Performance and Financial Position Review This summary reviews the Group's key financial data from 2016 to 2020, showing stable net revenue and annual profit from 2017-2019 before a sharp decline and significant loss in 2020 due to the pandemic, while total assets remained relatively stable Five-Year Financial Summary (Thousand HKD) | Item (Thousand HKD) | 2016 | 2017 | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Revenue | 23,852,811 | 41,180,086 | 40,724,673 | 44,987,768 | 13,424,435 | | Annual Profit/(Loss) | 9,890,779 | 1,062,534 | 1,600,168 | 1,768,158 | (12,377,928) | | Total Assets | 103,650,932 | 98,270,226 | 98,026,241 | 100,361,573 | 95,534,733 | | Total Liabilities | (46,607,439) | (52,418,180) | (57,323,215) | (58,693,881) | (64,757,437) | | Equity Attributable to Owners of the Company | 22,347,746 | 18,988,887 | 16,232,230 | 16,950,323 | 10,764,187 | Company Information This section lists the company's core information, including the Board of Directors and committee members, company secretary, registered office address, auditor, legal counsel, share registrar, and stock code Basic Company Information This section lists the company's core information, including the Board of Directors and committee members, company secretary, registered office address, auditor, legal counsel, share registrar, and stock code - Chairman and Chief Executive Officer: Lawrence Ho[590] - Auditor: Ernst & Young[591] - Stock Code: 200 (The Stock Exchange of Hong Kong Limited)[591]