Real Estate Development - Shun Tak Holdings has expanded its real estate portfolio significantly, becoming one of the largest listed companies in Hong Kong with substantial development floor area in Macau[9]. - The group is actively investing in the Greater China real estate market, with projects in Beijing, Shanghai, Zhuhai, Tianjin, and Kunming[9]. - The luxury residential project "The Waterside" in Macau has been well-received, with the first four phases sold out[9]. - The group has entered the Singapore real estate market by acquiring premium properties near the central business district[9]. - Shun Tak Holdings is developing a landmark integrated project in Beijing's Tongzhou, combining retail, office, and serviced apartments[9]. - The group has established a diverse property portfolio that includes hotels, commercial, and residential developments in Macau and Hong Kong[9]. - The total gross floor area of the "The Waterside" project exceeds 655,000 square feet, featuring luxury residential units and a large shopping center[9]. - The group is collaborating with Hong Kong Land Holdings to develop "One Central" in Macau, which includes luxury residential towers and a flagship shopping mall[9]. - The group acquired the remaining 30% stake in the Hengqin Comprehensive Development Project in December 2020, becoming the sole owner of the project located in Zhuhai, Guangdong, which will feature office buildings, retail facilities, hotels, and residential areas[10]. - The Shanghai Qiantan project, developed in partnership with Shanghai Lujiazui Group, has a total construction area of 140,500 square meters, including a five-star hotel with 202 rooms and a cultural performance center accommodating approximately 4,000 spectators[10]. - In 2020, the group formed a strategic partnership with China Resources Land to acquire a 40% stake in a comprehensive development project in Shanghai Jing'an District, with a total area of approximately 65,692 square meters and a planned total floor area of about 329,000 square meters[10]. - The group is actively expanding its business in Singapore, acquiring high-potential projects, including a commercial development project at 111 Somerset Road with a building area of approximately 766,550 square feet[11]. - The group plans to open eight new hotels in mainland China in 2023 to capitalize on the expected recovery of cross-border and international tourism[33]. - The group achieved a sales rate of 98% for the residential units in the Macau project "濠珀" as of December 31, 2022, with a total of 620 units[37]. - The "濠尚" project in Macau has sold 87% of its residential units, totaling over 1,700 units, with 50 units recognized in revenue during 2022[38]. - The Hengqin comprehensive development project has sold 420 residential units and is expected to sell the remaining six units in 2023, including four demonstration units[39]. - The Singapore project at 111 Somerset Road achieved a rental rate of 93% for its retail and office spaces by the end of 2022, despite the economic slowdown caused by the pandemic[40]. - The Beijing Tongzhou comprehensive development project is expected to begin pre-sales of its apartment units in 2023, with the first phase anticipated to be completed in 2024[41]. - The Shanghai Qiantan 31 project includes a five-star hotel with 202 rooms, which is expected to open in 2023, alongside office and retail spaces[42]. Financial Performance - The company's revenue for 2022 was HKD 3,490,725,000, a decrease of 27.8% from HKD 4,829,794,000 in 2021[25]. - The loss attributable to shareholders for 2022 was HKD (558,222,000), compared to a profit of HKD 962,431,000 in 2021[25]. - Total equity value decreased to HKD 35,778,835,000 in 2022 from HKD 38,217,814,000 in 2021[25]. - Basic and diluted loss per share for 2022 was HKD (18.5), down from earnings of HKD 31.9 per share in 2021[25]. - The net asset value per share decreased to HKD 11.8 in 2022 from HKD 12.7 in 2021[25]. - The company did not declare any dividends for 2022, consistent with the previous year[25]. - The average number of shares issued during the year was 3,020,379,785, slightly down from 3,020,898,141 shares in 2021[25]. - The group reported a loss attributable to shareholders of HKD 558 million for the year ended December 31, 2022, compared to a profit of HKD 962 million in 2021, with a basic loss per share of HKD 0.185[32]. - The retail center "Wuxiang Tiandi" achieved a 90% occupancy rate as of October 2022[32]. - The group sold a commercial building in the Shanghai Suhe Bay development project for RMB 2.6 billion[30]. - The group signed a strategic cooperation agreement with China Resources Land for potential real estate projects, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area[31]. - The group’s property management companies were recognized as "Property Management Pioneers" by the Property Management Industry Authority[28]. - The group’s hotel and leisure sectors faced challenges due to strict travel restrictions and port closures between Hong Kong and Macau[32]. - The group is optimistic about the domestic real estate market trends as China gradually relaxes pandemic restrictions[32]. - The group’s subsidiary, Hong Kong International Airport's SkyPier, resumed ferry services to Macau after a three-year suspension[31]. - The real estate sector recorded a profit of HKD 1.12 billion in 2022, down from HKD 1.85 billion in 2021, reflecting the challenging operating environment due to the Omicron variant and geopolitical tensions[36]. - The company has a commitment to enhancing its financial performance and strategic investments in various sectors[22]. - The group’s total assets decreased to HKD 35,779 million, a reduction of HKD 2,439 million compared to the previous year[136]. - The group's cash and cash equivalents as of December 31, 2022, were HKD 6,538 million, a decrease of HKD 1,281 million from the previous year[138]. - The group's net debt was approximately HKD 9,434 million, with a capital to debt ratio of 28.3%[138]. - The company’s distributable reserves as of December 31, 2022, were HKD 5,184,642,000, down from HKD 6,423,849,000 in 2021[148]. Hotel and Leisure Operations - The group has established the Yat Sing Hotel Group in 2013 to manage and develop a series of luxury hotel brands, increasing its influence in the hotel service industry[13]. - The Yat Sing Hotel Group currently manages ten projects, including eight Yat Sing branded hotels and two non-branded hotels, with seven more hotel properties under development[13]. - The group is expanding its hotel portfolio in Singapore, with the Singapore Yat Sing Hotel planned to be a five-star luxury hotel with 142 rooms[13]. - The group aims to leverage the booming Asian tourism market by catering to affluent and frequent travelers from China through its luxury hotel offerings[13]. - The group operates the Beijing Dongzhimen Yacheng Hotel, which opened in 2017, offering 138 rooms[15]. - The Shanghai Hongqiao Yacheng Hotel, opened in 2018, features 188 rooms and is located near major shopping and entertainment venues[15]. - The Shanghai Qiantan Yacheng Hotel and Shanghai Qiantan Yacheng Shang Hotel opened in September 2022, offering 246 and 210 rooms respectively[15]. - The group launched the Yacheng Club in 2018, providing diverse dining and recreational facilities in the Central business district[15]. - The average occupancy rate of the Hong Kong SkyCity Marriott Hotel was 32% in 2022, benefiting mainly from clients in the airline and international logistics sectors[69]. - The Macau Mandarin Oriental Hotel experienced a decline in visitor numbers due to COVID-19, but the spa business saw a slight increase in revenue due to higher average spending per person[70]. - The average occupancy rate of the Luhuan Seaside Resort Hotel was 75% in 2022, achieving the highest revenue since 2019, driven by demand for quality quarantine accommodations[71]. - The Beijing Dongzhimen Yacheng Hotel recorded an average occupancy rate of 39% in 2022, impacted by strict pandemic measures and high infection rates in the capital[72]. - The Shanghai Hongqiao Yacheng Hotel had an average occupancy rate of 33% in 2022, with a stable performance during the traditional trade fair season despite a decline in international business travelers[74]. - The Shanghai Hongqiao Yacheng Ti Hotel reopened in 2022 after a successful brand relaunch, attracting many local travelers despite facing challenges from tightened travel restrictions[75]. - Yacheng Hotel Group plans to open eight new hotels in mainland China by the end of 2023, increasing its presence in Shanghai to ten properties[76]. - The group is collaborating with a Singapore-based company to develop two hotel projects, including one in Tianjin with 982 rooms[76]. Corporate Governance and Management - The company has a focus on sustainable growth and maintaining market leadership through operational excellence[22]. - The company’s management team includes experienced professionals with significant roles in various industry associations and government committees[18]. - The company appointed Mr. Ye Jiaqi as an independent non-executive director in October 2015 and as a member of the audit and risk management committee since January 2017[22]. - Ms. He Chaofeng has been with the company since 1994 and currently serves as the executive director and deputy managing director[22]. - Mr. Ye Jiaqi holds a Bachelor's degree in Economics from Harvard University and has extensive experience in private equity and alternative investments[22]. - Ms. He Chaofeng is a member of the executive committee, remuneration committee, and nomination committee of the company[22]. - The company has a commitment to corporate social responsibility, actively participating in community support and charity initiatives to create a positive social impact[96]. - The company continues to support youth development through internship programs and career planning workshops, benefiting 240 secondary school students[102]. - The company respects and appreciates the elderly, organizing various activities to support their social health and well-being, including local tours for 44 seniors[104]. - The company has established a framework for ongoing consultancy services with Tianji Group, which has been a related party since September 2020[151]. - The company’s independent auditor issued an unqualified opinion on the related party transactions, confirming compliance with relevant regulations[151]. - The company has a strong presence in the Guangdong-Hong Kong-Macao Greater Bay Area, recognized as a leader in real estate, hospitality, and transportation industries[168]. - The board consists of nine members, with a balanced ratio of executive and independent non-executive directors to prevent decision-making control by individuals or small groups[172]. - The company has achieved gender diversity on the board, with 66.7% male and 33.3% female representation[179]. - The board has adopted a diversity policy to enhance performance and considers various aspects such as gender, age, cultural background, and professional experience[176]. - The company emphasizes a culture of responsible and ethical conduct, aligning its corporate culture with its mission and values[171]. - The management team is responsible for daily operations and reports regularly to the board on operational and financial performance[175]. - The board is committed to maintaining high standards of corporate governance to protect the interests of shareholders and stakeholders[171]. - The company has made progress in maintaining an ideal gender balance in its workforce over recent years[180]. - The board held a total of five meetings during the year to review quarterly business performance and related strategies[186]. - All independent non-executive directors are appointed for a term of three years, with re-election required at least every three years during the annual general meeting[187]. - The company provided training covering topics such as corporate governance code reviews and compliance with listing rules, enhancing directors' knowledge and skills[187]. Sustainability and Environmental Initiatives - The company has successfully reduced carbon emissions intensity by 12% this year through various green initiatives and activities[114]. - Efforts to lower electricity and water consumption resulted in a reduction of 24% and 38% respectively, achieved by using energy-efficient appliances and promoting water-saving measures[114]. - Waste generation intensity decreased by 6% compared to the baseline year, aided by initiatives to minimize the use of single-use plastic products[114]. - The company has been included in the Hang Seng Sustainable Development Corporate Index for 12 consecutive years, reflecting its commitment to sustainability[117]. - The company achieved a BBB rating in the MSCI Environmental, Social, and Governance (ESG) rating system[117]. - The implementation of a reclaimed water system at hotels for irrigation and sanitation purposes demonstrates the company's focus on resource efficiency[117]. - The company has set four environmental goals for 2030, aligned with the United Nations Sustainable Development Goals, aimed at reducing carbon emissions, electricity, water consumption, and waste generation[114]. - The company actively collaborates with charitable organizations, raising funds to support children with developmental disorders, including autism and learning difficulties[111]. - A climate change policy was established this year to guide business and logistics departments in managing climate risks[114]. - The company has conducted a preliminary climate risk assessment since 2020, leading to the development of a comprehensive climate change policy[114]. - The group has implemented more environmentally friendly initiatives to reduce non-recyclable waste in operations[118]. - The group is focusing on sustainable materials, opting for biodegradable packaging and containers to replace single-use plastics[118]. Transportation and Logistics - The group completed a significant equity restructuring with Hong Kong China Travel International in July 2020, enhancing its cross-border transportation services and aiming to create a multi-modal transportation platform in the Greater Bay Area[12]. - The group has developed a unique cross-regional sea-air transportation network, connecting major international airports in the Pearl River Delta region with ferry services[12]. - The transportation division recorded a loss of HKD 241 million in 2022, compared to a loss of HKD 340 million in 2021[61]. - The company plans to expand its cross-border multi-modal transportation platform in the Greater Bay Area[61]. - The company is actively seeking new development opportunities in facility management as the market is expected to recover in 2023[57]. - The company aims to deepen its multi-modal transport services with new contracts for cross-border bus services starting in Q3 2023[62]. - The group’s subsidiary, Jetfoil Shipyard Limited, became an officially recognized contractor for the repair of government vessels in Hong Kong[30]. - The company anticipates a gradual recovery in the tourism sector following the relaxation of travel restrictions and plans to enhance its transportation services to meet increasing demand[93].
信德集团(00242) - 2022 - 年度财报