澳博控股(00880) - 2020 - 年度财报

Financial Performance - The company's gaming net revenue for 2020 was HKD 7.304 billion, a decrease of 78.0% compared to HKD 33.159 billion in 2019[10]. - Adjusted EBITDA for the year was negative HKD 2.089 billion, a decline of 149.6% from HKD 4.213 billion in the previous year[11]. - The loss attributable to shareholders was HKD 3.025 billion, a decrease of 194.3% compared to a profit of HKD 3.207 billion in 2019[10]. - In 2020, the total net revenue of the company was HKD 7,507 million, a decrease of 77.8% compared to HKD 33,875 million in 2019[16]. - The company's adjusted EBITDA for 2020 was HKD (2,089) million, down 149.6% from HKD 4,213 million in 2019, resulting in an adjusted EBITDA margin of -27.8%[16]. - The group reported a loss of HKD 225 million attributable to shareholders for the year ended December 31, 2020, compared to a profit of HKD 525 million in 2019, representing a decline of 142.9%[30]. Gaming Revenue and Market Share - The flagship new Lisboa Casino's gross gaming revenue decreased by 84.0% year-on-year, with adjusted EBITDA and attributable profit dropping by 137.1% and 146.0% respectively[11]. - The company accounted for 14.1% of Macau's overall gross gaming revenue, including 19.7% of mass table gaming revenue and 8.0% of VIP gaming revenue[11]. - The company's market share in Macau's gaming revenue remained stable at 14.1%, consistent with 2019[17]. - VIP gaming revenue decreased by 85.1% in 2020, while mass table gaming revenue fell by 76.7%[17]. - The gross gaming revenue from the mass gaming segment decreased by 76.7% to HKD 5,859 million in 2020, compared to HKD 25,127 million in 2019[20]. - The gross gaming revenue from other self-promoted casinos decreased by 78.5% to HKD 1,354 million in 2020, down from HKD 6,308 million in 2019[26]. Visitor Statistics - The total number of visitors to Macau in 2020 dropped by 85% to 5.9 million, with visitors from mainland China decreasing by 83% to 4.8 million[14]. - The total number of visitors to the New Lisboa Casino dropped to over 1.8 million in 2020, compared to over 12 million in 2019[24]. - The average occupancy rate for the new Lisboa Hotel was 17.9% in 2020, significantly down from 93.8% in 2019, with total revenue from all hotel, dining, retail, and related services decreasing by 71.7% to HKD 203 million[32]. Financial Position and Cash Management - The company maintained a strong financial position with total cash, bank balances, and short-term deposits amounting to HKD 6.273 billion as of December 31, 2020[11]. - The company held cash of HKD 6.1 billion and available credit of HKD 6.5 billion at year-end 2020[13]. - As of December 31, 2020, the group's bank balance and cash amounted to HKD 6.126 billion, a decrease of 57.8% from HKD 14.504 billion on December 31, 2019[36]. - The total outstanding bank loan balance as of December 31, 2020, was HKD 18.787 billion, up from HKD 15.281 billion on December 31, 2019[36]. - The group's debt-to-asset ratio at the end of 2020 was 26.9%, compared to not applicable in 2019[37]. Cost Management and Operational Efficiency - The company initiated a cost reduction plan in Q1 2020, reducing daily operating costs by approximately 18%[12]. - The average number of operational gaming tables decreased by 38% to 1,095 in 2020, compared to 1,766 in 2019[12]. - The company aims to improve operational efficiency, targeting a 15% reduction in costs through process optimization[20]. Future Outlook and Projects - The integrated resort project "Lisboa Palace" has been completed and is undergoing final acceptance by local government authorities, with an expected opening in the first half of 2021[11]. - The company expressed optimism about market recovery signs entering 2021, coinciding with the opening of the new flagship resort[8]. - The "Grand Lisboa Palace" project is completed and expected to commence operations in the first half of 2021, with a total project cost estimated at HKD 39 billion[34]. Charitable Initiatives - The company supported various charitable initiatives during the pandemic, including donations and providing hotel facilities for medical observation[8]. - The group made donations amounting to HKD 4.3 million during the year, down from HKD 7.3 million in 2019[63]. Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules for the year ended December 31, 2020[135]. - The board of directors consists of 12 members, with 6 executive directors (50%), 2 non-executive directors (16.7%), and 4 independent non-executive directors (33.3%)[138]. - The company has confirmed that all independent non-executive directors meet the independence criteria as per the listing rules[85]. Stock Options and Shareholder Information - A total of 13,775,000 share options were exercised during the year, generating proceeds of HKD 113,507,150 for the issuance of these shares[72]. - The company has 26,547,000 options that have lapsed as of December 31, 2020[72]. - The company’s reserves available for distribution to shareholders reached HKD 7.526 billion as of December 31, 2020, compared to HKD 7.329 billion on December 31, 2019[63]. Risk Management - The company has established a risk management framework that includes monitoring financial reporting processes to ensure accurate and timely recording of accounting and management information[187]. - The internal audit department regularly audits operations and compliance, ensuring the effectiveness of the internal control system without significant weaknesses impacting financial status[189]. - The risk management committee is established to assess and monitor the risks faced by the group, meeting at least quarterly to update the risk register[190].