Financial Performance - The company recorded a loss of approximately HKD 3.1 million for the year, a decrease of about HKD 14 million or 127% compared to the previous year[9]. - The loss attributable to owners of the company was approximately HKD 3.3 million, compared to a profit of about HKD 11 million in the previous year[14]. - Basic loss per share was approximately HKD 0.093, compared to basic earnings of about HKD 0.32 in the previous year[14]. - Room revenue for the year was approximately HKD 39.8 million, accounting for about 65.7% of total revenue, compared to 61.7% in the previous year[16]. - The board does not recommend any dividend payment for the year, consistent with the previous year[14]. Operational Highlights - The hotel operations in Singapore remain the main business focus, with no significant changes during the year[15]. - Total available room nights for the year ended December 31, 2018, remained at 100,010, with an occupancy rate of 62.61%, down from 63.9% in 2017[17]. - Average room rate decreased to HKD 577.7 from HKD 587.6 in 2017, while average revenue per available room fell to HKD 361.5 from HKD 370.6[17]. - Restaurant revenue for the year was approximately HKD 3.3 million, representing 5.5% of total revenue, an increase from 2.1% in 2017[17]. - Rental income from hotel tenants was about HKD 6.1 million, up from HKD 5.6 million in 2017, accounting for 10% of total revenue compared to 8.5% in the previous year[20]. Debt and Liabilities - As of December 31, 2018, the net current liabilities were approximately HKD 159 million, an increase from HKD 100.3 million in 2017, with cash and cash equivalents of about HKD 165 million[24]. - The debt-to-equity ratio as of December 31, 2018, was approximately 73.1%, significantly higher than 44.6% in 2017[24]. Employee and Training - The total employee cost for the year was around HKD 21 million, up from HKD 15 million in 2017, with a total of 57 employees compared to 50 in the previous year[30]. - The company provided a total of 157.25 hours of training to employees[119]. - In 2018, 95.5% of male employees and 100% of female employees received training[121]. - The company maintains a gender diversity ratio of 52% male and 48% female among its workforce[117]. - The company emphasizes the importance of employee training to ensure high-quality service and maintain customer satisfaction[56]. Corporate Governance - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[166]. - The company adheres to the GEM Listing Rules and has confirmed the independence of its independent non-executive directors[167]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[163]. - The company has adopted a board diversity policy to enhance the effectiveness of its board[167]. - The audit committee reviewed the financial statements for the year, ensuring compliance with accounting principles and practices[179]. Sustainability and Environmental Impact - The company is committed to integrating sustainability into its operations and business strategies, focusing on safety, service quality, and resource conservation[93]. - In 2018, the total greenhouse gas emissions (Scope 1 and Scope 2) were 975 tons, a decrease from 1,105 tons in 2017[143]. - The total energy consumption in 2018 was 2,327 MWh, down from 2,608 MWh in 2017[147]. - The total water consumption in 2018 was 19,910 cubic meters, an increase from 16,474 cubic meters in 2017[147]. - The company has implemented various green measures, including encouraging the use of recycled paper and electronic communication to reduce paper usage[147]. Future Outlook - The company anticipates that the performance of its associate company will rebound in 2019, viewing the previous year's losses as a one-time event[9]. - The construction of the Bintan asset is expected to be completed in the second half of 2019, following improvements made during the year[9]. - The group maintains an optimistic outlook for future growth and aims to enhance overall asset returns and corporate value[10]. - The group is actively seeking acquisition opportunities to expand its hotel business in Southeast Asia, with a terminated agreement for a property acquisition valued at SGD 29 million (approximately HKD 168.4 million)[86]. - The group aims to leverage the "Belt and Road" initiative to explore potential acquisition opportunities in China and other Asian countries[88].
华星控股(08237) - 2018 - 年度财报