Financial Performance - The company reported a consolidated loss attributable to shareholders of approximately HKD 213 million for the fiscal year ending March 31, 2023, a decrease of over 71% compared to a loss of HKD 746 million in the previous year[11]. - Revenue for the year was HKD 927 million, down 6% from HKD 990 million in the previous year[7]. - Operating loss improved significantly to HKD 37 million from HKD 660 million, marking a 94% reduction[7]. - The company recorded a shareholder loss of HKD 213 million for the fiscal year ending March 31, 2023, a significant reduction of over 71% compared to the previous year, primarily due to a decrease in expected credit losses and an increase in hotel business operating profit[20]. - Total revenue for the year ended March 31, 2023, was HKD 927 million, a decrease of 6.36% from HKD 990 million in 2022[45]. - The group reported a net loss attributable to shareholders of HKD 213 million for the year, an improvement from a loss of HKD 746 million in the previous year[45]. - The total asset value as of March 31, 2023, was HKD 9,282 million, compared to HKD 9,114 million in 2022[45]. Asset and Debt Management - The net asset value of the company increased by 38% to HKD 3,006 million from HKD 2,183 million[7]. - The company’s revalued net asset value stands at HKD 13 billion, with a debt-to-revalued net asset ratio of 41%, down from 54%[11]. - As of March 31, 2023, the net debt was HKD 5,284 million, down from HKD 5,861 million on March 31, 2022, resulting in a debt-to-asset ratio of 41% compared to 54% a year earlier[39]. - The company’s financial position remains stable, with approximately half of its debt hedged through interest rate swap contracts at rates below 1%[11]. - The company’s financial investment portfolio amounted to HKD 2.87 billion as of March 31, 2023, a decrease of HKD 151 million from HKD 3.02 billion the previous year, with approximately 92% consisting of listed debt securities[27]. Investment and Development - The company is actively pursuing investment opportunities in Vancouver, Canada, with the Landmark on Robson project expected to be completed in early 2024[11]. - The total floor area of the "Landmark On Robson" residential development project in Vancouver is approximately 400,000 square feet, with total sales contracts for residential units reaching approximately CAD 206 million as of March 31, 2023[26]. - The company is actively discussing development plans for adjacent land to the "Landmark On Robson" project with local municipal planning departments[26]. - The company aims to maintain a prudent financial management policy to effectively manage risks and various types of debt, ensuring a solid financial condition[18]. Hotel Operations and Market Trends - The company’s hotel properties are strategically located in Hong Kong's core business districts, targeting business travelers and visitors from mainland China[15]. - The average hotel room rate and occupancy rate significantly increased due to the rebound in mainland Chinese tourism following the lifting of travel restrictions[24]. - The company aims to enhance its hotel operations and management to maximize shareholder value[15]. - The group continues to implement strict cost management and focus on improving hotel service efficiency and quality[42]. Environmental, Social, and Governance (ESG) Initiatives - The company has implemented a comprehensive ESG strategy, including stakeholder engagement and the identification of key sustainability issues[59]. - The total greenhouse gas emissions for the fiscal year amounted to 10,244 tons, an increase from 9,417 tons in the previous year, primarily due to higher energy demand from increased hotel occupancy[64]. - Direct energy consumption rose to 14,838,000 kWh in 2023 from 13,206,000 kWh in 2022, while indirect energy consumption decreased to 4,104,000 MJ from 6,172,000 MJ[69]. - Water consumption increased to 89,000 cubic meters in 2023 from 82,000 cubic meters in 2022, with a density of 1.6 cubic meters per square meter[70]. - The company has implemented various environmental measures, including a plan to reduce water usage by minimizing the frequency of changing bed linens[72]. - The company has committed to using electronic communication and storage systems to reduce paper consumption in office operations[72]. - The company has established a robust communication framework with stakeholders, including shareholders, employees, and suppliers, to address ESG concerns[56]. Employee Management and Training - The total number of employees as of March 31, 2023, is 180, with a gender distribution of 89 males and 91 females[79]. - The overall employee turnover rate for the fiscal year ending March 31, 2023, is approximately 100%, compared to 45% in the previous year[80]. - The total number of employee departures in 2023 is 185, significantly higher than 80 in 2022[83]. - The percentage of trained employees by gender in 2023: 59% male and 72% female, compared to 69% and 53% in 2022 respectively[93]. - The average training hours per employee in 2023: 35-45 hours for males and 45-55 hours for females, with general employees averaging 35-45 hours[94]. Corporate Governance - The board consists of six executive directors and three independent non-executive directors, with the chairman and CEO being different individuals[118]. - The company is committed to enhancing transparency, independence, accountability, and fairness in its corporate governance practices[121]. - The board has reviewed its corporate governance policies and practices during the year to ensure compliance with relevant laws and regulations[119]. - The company aims to continuously improve its corporate governance standards through regular reviews and updates[120]. - The company has established a risk management framework to achieve its business objectives, with the board responsible for assessing acceptable risk levels[137]. Shareholder Communication and Proposals - The company has established a shareholder communication policy to ensure equal access to financial performance, corporate strategy, and ESG initiatives[153]. - Shareholders holding at least 10% of the voting rights can request a special general meeting, with the request needing to specify the purpose of the meeting[158]. - If the board does not convene a special general meeting within 21 days of the request, the shareholders can call the meeting themselves within three months[159]. - The company did not declare an interim dividend for the year ending March 31, 2023, consistent with the previous year[183]. - The board has also decided not to recommend a final dividend for the year ending March 31, 2023, similar to the previous year[184].
泛海酒店(00292) - 2023 - 年度财报