Property Development and Leasing - The total site area for the completed project "Le Paysage" in Shenzhen is 42,233 m², with a residential area of 90,053 m² and a total saleable area of 96,953 m²[27]. - The property development business includes a project under development, "The Landale" in Chaohu, with a site area of 122,363 m² and a total saleable area of 82,974 m², fully attributable to the Group[27]. - The Group's property leasing business includes the "Gang Long City Shopping Centre" in Shenzhen, with a leasable area of 64,397 m²[28]. - The Group holds a 51% interest in parcels of land located at Miyako Island, Okinawa, Japan, intended for the development of 40 villas and a hotel tower of more than 100 rooms[29]. - The Group's total interest in completed projects stands at 100%, reflecting a strong ownership position in its property assets[34]. - Future outlook includes plans for new product developments and market expansions in both residential and commercial sectors[6]. - The Group delivered no residential units in 2020, resulting in no revenue recognized from property development, compared to 621 m² delivered in 2019[90]. - The Le Paysage project in Shenzhen has sold approximately 86% of its total saleable area of 96,953 m² as of December 31, 2020[160]. - The Landale project is currently suspended due to changes in scenic area policy, with the Chaohu Government intending to reclaim land use rights for approximately 183.54 Chinese Mu (about 122,360 m²)[164]. - The Group owns 51% of MSRD Corporation Limited, which holds a plot of land of 108,799 m² in Okinawa, Japan, with plans to build 40 villas and a hotel tower[166]. - The Group completed the acquisition of land parcels totaling 220,194 m² in Niseko, Hokkaido, Japan, with plans to develop over 50 villas, 20 townhouses, and a hotel[166]. Financial Performance - Total revenue for 2020 was RMB 199,291,000, a decrease of 67.5% from RMB 611,827,000 in 2019[40]. - Non-current assets increased to RMB 5,938,687,000 in 2020, up from RMB 3,169,708,000 in 2019, representing an increase of 87.5%[41]. - Current assets rose significantly to RMB 3,092,411,000 in 2020, compared to RMB 949,284,000 in 2019, marking a 226.5% increase[41]. - The company reported a profit before taxation of RMB 675,188,000 for 2020, compared to a loss of RMB 1,495,053,000 in 2019[40]. - Total comprehensive income for the year was RMB 508,409,000, a recovery from a comprehensive expense of RMB 1,463,730,000 in 2019[40]. - Equity attributable to equity holders of the company improved to RMB 3,210,345,000 in 2020, compared to a deficit of RMB 1,951,719,000 in 2019[41]. - The Group recorded total revenue of approximately RMB199.3 million, down 67.4% year-on-year[72]. - Consolidated Adjusted EBITDA was approximately RMB(105.2) million compared to approximately RMB(59.4) million in 2019[72]. - Net profit for the year attributable to equity holders of the Company was approximately RMB786.4 million, a significant turnaround from a net loss of approximately RMB1,484.3 million in 2019[72]. - The profit for the year was mainly due to a gain on change in fair value of derivative financial instruments of approximately RMB1,359.9 million[73]. Strategic Focus and Future Plans - The Chairman's statement highlights the strategic importance of expanding the property portfolio to enhance market presence and profitability[6]. - The company plans to develop 40 villas and a hotel with over 100 rooms on a land plot in Okinawa, Japan, currently in preliminary planning[36]. - The company is actively diversifying its integrated resorts across North, South, and East Asia, with projects including Hoiana in Vietnam and the Westside City Project in the Philippines[60]. - Suncity has announced the disposal of its property leasing and development businesses in February 2021, signaling a strategic focus on developing integrated resorts and hotels[60]. - The Group plans to leverage Macau as a strategic hub to establish a network of integrated resorts across North Asia, South Asia, and East Asia[64]. - The Group is committed to maintaining high service standards across all its integrated resorts to enhance customer loyalty[63]. - The Group plans to enrich travel-related products to cover more Asian countries in the near future[173]. Impact of COVID-19 - The impact of the COVID-19 pandemic has severely affected the business environment in the PRC, Macau, Russian Federation, and Vietnam, leading to operational challenges[156]. - The occupancy rate of Hong Long Plaza in Shenzhen was 58% for the year ended December 31, 2020, down from 60% in 2019[168]. - The number of visitor arrivals in Macau was approximately 5.9 million in 2020, representing an 85.0% year-on-year decrease[172]. - The average occupancy rate of hotels and guesthouses in Macau decreased by 62.2 percentage points year-on-year to 28.6% for the year ended December 31, 2020[172]. - Revenue from travel-related products and services decreased significantly by approximately RMB 415.5 million to approximately RMB 110.0 million in 2020, down from RMB 525.5 million in 2019[93]. - The Group's revenue from travel-related products and services saw a substantial decrease due to the COVID-19 pandemic[172]. Gaming Operations - The Group's gaming operations in the Russian Federation generated revenue of RMB 40.6 million, while hotel operations contributed RMB 1.8 million[82]. - The Group's total Gross Gaming Revenue (GGR) for the year was RMB 45 million[85]. - The net win rate for mass table gaming was 24.21% with a net win of RMB 20 million[82]. - Net gaming revenue of Tigre de Cristal was approximately HK$203 million in 2020, a decrease of 58% compared to HK$482 million in 2019[185]. - Total Gross Gaming Revenue (GGR) for FY2020 was HK$250 million, a significant decrease from HK$815 million in FY2019[1]. - The Group holds approximately 34% indirect equity interest in Hoiana, which commenced operations amid pandemic-related travel restrictions[1]. Employee and Administrative Costs - As of December 31, 2020, the Group had approximately 1,291 employees, a significant increase from 152 employees in 2019[152]. - Total staff costs for the year were approximately RMB 92.0 million, up from RMB 74.8 million in 2019, reflecting a year-over-year increase of about 23.0%[152]. - Administrative expenses increased due to higher share-based compensation benefits and staff costs following the acquisition of Summit Ascent Group in Q4 2020[105].
LET GROUP(01383) - 2020 - 年度财报