顺豪物业(00219) - 2019 - 年度财报

Company Information This section provides fundamental information about the company, including its registration, principal bankers, and auditor - Shun Ho Property Investments Limited (Stock Code: 219) is a company incorporated in Hong Kong and listed on the Hong Kong Stock Exchange[1][128] - The company's principal bankers are The Hongkong and Shanghai Banking Corporation Limited and Bank of China (Hong Kong) Limited[4] - The auditor is Deloitte Touche Tohmatsu[4] Chairman's Statement Performance Overview For the year ended December 31, 2019, profit attributable to owners of the company significantly decreased by 97% to HKD 17 million, primarily due to lower hotel profits and reduced property valuations Profit Attributable to Owners of the Company for FY2019 | Metric | 2019 (Thousand HKD) | 2018 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the company | 17,000 | 604,000 | -97% | - The decrease in profit was primarily due to lower hotel profits and reduced revaluation adjustments for investment properties[6] Dividend Policy and Distribution Considering the adverse political situation and the negative impact of the COVID-19 crisis on hotel operations and rental income, the Board does not recommend a final dividend for the year ended December 31, 2019, while an interim dividend was distributed on June 26, 2020 - The Board does not recommend a final dividend for the year ended December 31, 2019 (2018: HK 4.98 cents per share)[6] - An interim dividend of HK 1.95 cents per share for the six months ended June 30, 2019, was distributed on June 26, 2020[6] Suspension of Share Register To determine shareholders eligible to attend and vote at the Annual General Meeting on May 22, 2020, the company will suspend share registration from May 19 to May 22, 2020 - To determine eligibility for voting at the Annual General Meeting, share registration will be suspended from May 19 to May 22, 2020[6] Management Discussion and Analysis The Group primarily engages in commercial property investment, property leasing, hotel investment, and management, experiencing a significant decline in hotel revenue but slight growth in commercial property rental income in 2019, alongside reduced debt, improved gearing, hotel brand upgrades, and a London property acquisition - The Group continues to engage in commercial property investment and property leasing, and through its principal subsidiaries, in hotel investment and hotel management businesses[6] Hotel Business (Magnificent Hotel Investments) Magnificent Hotel Investments Group operates nine hotels (seven in Hong Kong, one in London, one in Shanghai), with 2019 hotel revenue decreasing by 28% and profit attributable to owners by 88%, mainly due to lower room rates, alongside brand upgrades for some properties - The Group holds a 71.09% interest in Magnificent Hotel Investments Limited, which owns nine hotels, including Ramada Hong Kong Harbour View, Ramada Hong Kong Grand View, Best Western Plus Hotel Tsim Sha Tsui, Magnificent International Hotel, Grand View Hotel, Grand View Hotel Causeway Bay, Grand View Hotel Metropolitan, Magnificent International Hotel Shanghai, and Royal Scot Hotel in London, totaling approximately 2,821 rooms[6] Magnificent Hotel Investments Group Key Financial Data for 2019 | Metric | 2019 (Thousand HKD) | 2018 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the company | 32,000 | 260,000 | -88% | | Hotel operating revenue | 386,619 | 540,040 | -28% | | Property rental income | 35,953 | 34,762 | +3% | | Total revenue | 464,443 | 589,809 | -21% | - Grand View Hotel Harbour View and Grand View Hotel Grand View have been rebranded as the higher-tier Ramada Hong Kong Grand View and Ramada Hong Kong Harbour View, respectively[15][32] - The Royal Scot Hotel in London was valued at GBP 95 million, with an initial acquisition cost of GBP 70 million[15][32] - Magnificent Hotel Investments Group's average occupancy rate for its Hong Kong hotels was 98%, with an average room rate of HKD 526 per room[29][30] - Hotel operating profit decreased by 79%[28] Commercial Property Rental Income Commercial property rental income totaled HKD 165 million in 2019, a slight increase from 2018, with near 100% occupancy at 633 King's Road and Shun Ho Tower, though shop rents declined due to rent-free periods and concessions - Commercial property rental income totaled HKD 165 million (2018: HKD 161 million), primarily from Royal Scot Hotel, Shun Ho Tower, 633 King's Road, and some hotel shops[16] - The commercial building at 633 King's Road and Shun Ho Tower were almost fully leased, but shop rents decreased due to rent-free periods and concessions[17] - Total rental income from the commercial building at 633 King's Road was HKD 105.2 million during the year[24] - Total rental income from Shun Ho Tower was HKD 23.69 million during the year[27] Liquidity As of December 31, 2019, the Group's total debt decreased to HKD 907 million, with the gearing ratio improving to 11%, primarily due to bank loan repayments during the year Group Debt and Gearing Ratio | Metric | 2019 (HKD) | 2018 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total debt | 907,000,000 | 1,089,000,000 | -16.7% | | Gearing ratio | 11% | 13% | -2% | | Number of employees | 698 | 753 | -7.3% | - The reduction in bank debt was primarily due to bank loan repayments during the year[32] Key Business Achievements On January 29, 2020, the Group acquired the Wood Street Police Station Headquarters property in central London for GBP 40 million, aiming to redevelop it into a luxury hotel with approximately 200 rooms, expanding and diversifying its London property portfolio - On January 29, 2020, the Wood Street Police Station Headquarters property at 37 Wood Street, EC2, London, UK, with a total internal area of 117,472 sq ft, was acquired for GBP 40 million (approximately HKD 404.54 million)[32] - The Board considers this acquisition an excellent opportunity for Magnificent Hotel Investments Group to expand and diversify its property investments in the City of London, one of the world's largest business and tourism hubs[32] - Management plans to renovate the property into a magnificent and elegant heritage hotel with approximately 200 rooms, featuring restaurants, bars, banquet halls