Financial Performance - The company reported a loss per share of HKD (7.06) for 2020, compared to a profit of HKD 7.08 in 2019[22]. - The dividend payout ratio for 2019 was 42.39%, with no dividends declared for 2020[18]. - The current ratio decreased to 2.08 in 2020 from 2.38 in 2019, indicating a decline in liquidity[22]. - The debt-to-capital ratio increased to 26.04% in 2020 from 14.81% in 2019, reflecting higher leverage[22]. - The average return on equity was -3.42% in 2020, down from 3.12% in 2019, indicating a decline in profitability[22]. - The company's revenue for 2020 was HKD 1,966,709, a significant decrease from HKD 4,476,996 in 2019, representing a decline of approximately 56%[24]. - Gross profit for 2020 was HKD 75,703, down from HKD 1,823,665 in 2019, indicating a decline of about 96%[24]. - The company reported a loss from continuing operations of HKD 612,084 in 2020, compared to a profit of HKD 537,764 in 2019, indicating a turnaround of approximately 214%[24]. - The group reported a pre-tax loss of HKD 742 million, compared to a pre-tax profit of HKD 734 million in the previous year[38]. - Shareholders' loss attributable to the company was HKD 391 million, down from a profit of HKD 387 million in the previous year[38]. Assets and Liabilities - The total assets increased to HKD 25,184,194 in 2020 from HKD 21,806,928 in 2019, reflecting an increase of approximately 15.5%[24]. - The total liabilities rose to HKD 6,747,931 in 2020, compared to HKD 4,442,761 in 2019, marking an increase of about 52%[24]. - The company’s equity attributable to owners was HKD 16,207,459 in 2020, slightly up from HKD 16,086,275 in 2019, indicating a marginal increase of about 0.7%[24]. - Cash and bank balances totaled HKD 3.637 billion, a decrease of 1% year-on-year, with net cash of HKD 2.286 billion, down 27% from the previous year[45]. Operational Highlights - The company operates various theme parks and related businesses, including cultural tourism and travel agency services[19]. - The company has a 51% stake in Shenzhen World Window Co., Ltd., and a 51% stake in Shenzhen Splendid China Development Co., Ltd.[19]. - The company has a 100% ownership in several subsidiaries, including China Travel (Shenzhen) City Development Co., Ltd.[20]. - The company experienced a significant reduction in administrative expenses, which were HKD 874,070 in 2020 compared to HKD 998,836 in 2019, a decrease of approximately 12.5%[24]. Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[34]. - New product launches are expected to contribute an additional HKD 300 million in revenue over the next fiscal year[35]. - A strategic acquisition is in progress, which is projected to increase the company's annual revenue by 10%[33]. - The company aims to reduce operational costs by 15% through efficiency improvements in the next year[32]. - The company is investing HKD 50 million in research and development for innovative technologies aimed at enhancing customer experience[32]. Sustainability and Corporate Social Responsibility - The company actively fulfills its corporate social responsibility, contributing to poverty alleviation through tourism management talent training[41]. - The company has been recognized as a "National Advanced Collective for Poverty Alleviation" by the central government[41]. - The company emphasizes the importance of stakeholder engagement and has developed a robust communication mechanism with various stakeholders, including government, investors, employees, customers, contractors, suppliers, and the community[164]. - The company aims to create long-term value for shareholders through effective management policies in its business activities[163]. - The company has committed to responding to stakeholder expectations by identifying, assessing, and managing ESG-related issues through internal discussions and communications[163]. Environmental Impact - In 2020, the total energy consumption of the company was 106,995.53 MWh, a significant decrease from 215,884.16 MWh in 2019, reflecting a reduction of approximately 50.5%[171]. - The company reported a 79.1% reduction in total carbon dioxide emissions during the reporting period, primarily due to a significant decrease in passenger volume caused by the COVID-19 pandemic[173]. - The total greenhouse gas emissions were 9,049.94 tCO2e, a decrease of 70.2% from 30,356.87 tCO2e in 2019[174]. - The company generated 7,200 kWh of renewable energy through solar panels at the Shapotou Scenic Area in 2020[178]. - The company has committed to conducting environmental impact assessments for construction projects at tourist destinations to minimize adverse effects on local environments[168]. Employee Engagement and Development - The company provided over 149,000 training hours to employees in 2020, focusing on various areas including financial and tax training, expert-led seminars, and management skills training[192]. - The company provided additional public holidays for employees, increasing the total from 12 to 14 days for traditional Chinese festivals[187]. - The company implemented flexible work arrangements to help employees balance work and life, especially during the pandemic[188]. - The company encourages employees to seek work-life balance and offers support for their personal goals[188]. - The company initiated a talent succession plan to provide clearer career paths for employees[191]. Governance and Compliance - The company has complied with the corporate governance code, with some deviations noted regarding independent director meetings and term limits[118]. - The board consists of 12 members, including 6 executive directors, 1 non-executive director, and 5 independent non-executive directors[120]. - The company emphasizes the importance of board diversity, considering various factors such as gender, age, and professional experience in its selection process[131]. - The company has established ongoing related party transactions with its major shareholder, China Travel Group, and its subsidiaries, which are subject to regulatory compliance[78]. - The company maintains a zero-tolerance policy towards corruption, bribery, and money laundering, with established internal controls and employee conduct guidelines[199].
香港中旅(00308) - 2020 - 年度财报