Financial Performance - The financial results for the year ended December 31, 2020, were reported by Imperial Pacific International Holdings Limited[12] - For the year ended 31 December 2020, the Group's revenue was approximately HK$26,507,000, a significant decline from approximately HK$539,266,000 in 2019[13] - The Group's loss attributable to owners of the Company was approximately HK$7,390,265,000, compared to a loss of approximately HK$3,904,270,000 in 2019, resulting in a basic and diluted loss per share of HK$1.03[13] - For the year ended December 31, 2020, the Group achieved revenue of approximately HK$27 million, primarily from casino gaming operations, with a loss attributable to owners of approximately HK$7,390 million, compared to a loss of approximately HK$3,904 million in the previous year[40] - Basic and diluted loss per share for the year was HK$1.03, compared to HK$0.55 (restated) in the previous year[40] - The Group incurred net losses of HK$7,390 million and HK$3,904 million for the years ended December 31, 2020, and 2019, respectively[77] Impact of COVID-19 - The casino in Imperial Palace • Saipan has been suspended since 17 March 2020 due to COVID-19, significantly affecting visitor numbers to Saipan[20] - During the year, unaudited VIP table games rolling was US$109 million (approximately HK$846 million), a drastic decline from HK$14,022 million in 2019 due to the COVID-19 pandemic[19] - The casino in Imperial Palace · Saipan has been suspended since March 17, 2020, due to COVID-19 measures, significantly impacting operations[57] - The Group expects that once travel restrictions are lifted, the casino in Imperial Palace • Saipan will resume operations, enhancing capacity to welcome visitors[32] - The Group has filed a review with the Superior Court in Saipan regarding whether the COVID-19 pandemic constitutes a natural disaster or force majeure[105] Financial Position and Liabilities - As of December 31, 2020, the Group reported cash and bank balances of approximately HK$10 million, a decrease from HK$100 million in 2019[77] - The gearing ratio as of December 31, 2020, was approximately 270.1%, compared to a positive 97.1% on December 31, 2019[77] - The Group had net current liabilities of HK$9,436 million and net liabilities of HK$7,266 million as of December 31, 2020[77] - The Group pledged assets with a carrying amount of approximately HK$92 million as of 31 December 2020, down from HK$103 million in 2019[109] - The Group is required to pay an annual license fee of US$15,500,000 (equivalent to HK$120 million) and a regulatory fee of US$3,100,000 (equivalent to HK$24 million) immediately[105] Investments and Capital Expenditure - An additional approximately US$34 million was invested in the design and construction of the integrated resort during the year, bringing the total investment to approximately US$913 million by the end of 2020[29] - The Group incurred capital expenditure of approximately HK$82 million during the year ended December 31, 2020, a decrease of 90.8% from HK$889 million in 2019[74] - As of December 31, 2020, the Group had capital commitments of approximately HK$512 million, a decrease from HK$545 million as of December 31, 2019[92] Governance and Compliance - The Company is in full compliance with the CG Code, except for the lack of insurance cover for legal actions against directors, which is being addressed[115] - The Company has fully complied with the Corporate Governance Code except for certain deviations regarding insurance for directors and the separation of roles between the Chairman and CEO[118] - The Board aims to protect and enhance stakeholder values through effective oversight of the Group's business and affairs[134] - The Company has established risk management and internal control systems to safeguard shareholder investments and Group assets[200] Investigations and Legal Matters - The Group is currently preparing information requested by FinCEN regarding compliance with the Bank Secrecy Act from October 2016 to present, following indications of apparent violations[89] - The Group is under investigation by Federal Government Authorities, with subpoenas issued in December 2019 for additional documents and information[100] - The potential for fines or penalties from ongoing investigations cannot currently be assessed, and the timeline for resolution is uncertain[101] - The Group has made a provision for estimated civil money penalties related to identified and potential violations of the Bank Secrecy Act[95] Operational Strategy - The Group's strategy includes enhancing marketing channels to attract high-spending VIP customers, which is crucial for recovery post-COVID-19[41] - The Board is considering potential debt and/or equity fund raising plans to strengthen the financial position of the Group, particularly for the development of the casino and integrated resort on Saipan[34] - The management will continue to refinance and/or roll over existing loans to improve liquidity[82] Staffing and Management - The total number of staff as of December 31, 2020, was 844, down from 1,086 on December 31, 2019, with remuneration packages reviewed annually[113] - The Company provides Directors with timely information to enable informed decision-making during board meetings[137] - The Board consists of three Executive Directors and four Independent Non-Executive Directors, with established committees for Audit, Nomination, and Remuneration[129]
博华太平洋(01076) - 2021 - 年度财报