Financial Performance - The Group's total revenue decreased to HK$291.1 million for the year ended March 31, 2023, down from HK$415.9 million in 2022, representing a decline of approximately 30%[11]. - Revenue from hotels and serviced apartments increased by 31.0% to HK$203.4 million, accounting for 69.9% of total revenue, compared to 37.3% in the previous year[11]. - The Group recorded a reversal of impairment losses of HK$31.8 million, compared to impairment losses of HK$271.1 million in 2022[11]. - A fair value gain of investment properties was reported at HK$19.7 million, a significant improvement from a fair value loss of HK$143.0 million in the prior year[11]. - Loss attributable to owners of the Company narrowed significantly to HK$98.2 million, compared to HK$528.3 million in 2022, indicating a reduction of approximately 81.4%[11]. - Basic loss per share improved to HK$0.08 from HK$0.44 in the previous year[11]. Tourism and Market Recovery - Visitor arrivals to Hong Kong surged by over 300 times and more than doubled in Macau from Q1 2022 to Q1 2023, indicating a strong recovery in tourism[12]. - The lifting of inbound quarantine measures in early 2023 contributed to a notable rebound in consumption and entertainment sentiments in the region[12]. - Future economic growth in Hong Kong and Macau is expected to benefit the tourism and hospitality industries[38]. Hospitality Operations - The Group operates six hotels and serviced apartments in Hong Kong and Macau, enhancing its hospitality and entertainment services[17]. - The Emperor Hotel, a key asset, features a Michelin-rated restaurant and offers a total of ��� guest rooms, catering to both leisure and business travelers[17]. - Room revenue was HK$85.2 million, up from HK$53.3 million in the previous year[35]. - Gaming revenue decreased to HK$87.7 million, representing 30.1% of total revenue, down from 62.7%[34]. - The Group's total revenue from hotels and serviced apartments included food and beverage revenue of HK$74.0 million[35]. Financial Position and Cash Management - The Group maintains a healthy financial position, funding operations through cash generated from its activities[42]. - As of March 31, 2023, the Group's current assets were HK$566.8 million, down from HK$1,129.9 million in 2022, while current liabilities decreased to HK$253.2 million from HK$309.2 million[43][46]. - The Group maintained a net cash position as of March 31, 2023, resulting in a zero gearing ratio, consistent with the previous year[43][46]. - The Group's bank balance and cash, short-term bank deposits, and pledged bank deposits totaled HK$503.3 million as of March 31, 2023, down from HK$1,049.9 million in 2022[45]. - The Group's strong cash reserves were highlighted as a reason for the share repurchases, which are expected to enhance shareholder value[44][47]. Share Repurchase and Capital Management - The Company repurchased 8,815,000 shares at an aggregate consideration of HK$4.4 million, reducing the total number of issued shares by approximately 0.7% to 1,188,490,983 shares[44][47]. - As of March 31, 2023, all repurchased shares were cancelled, aimed at enhancing net asset value and/or earnings per share[139]. - The total number of shares in issue as of March 31, 2023, was 1,188,490,983, a decrease from 1,197,305,983 in 2022[137]. Employee and Management Information - The Group's total staff costs for the year were approximately HK$257.4 million, down from HK$343.6 million in 2022, with the number of employees decreasing to 517 from 876[57]. - Employee compensation is determined based on individual responsibilities, skills, experience, and market salary levels[60]. - The Company has adopted a share option scheme to encourage or reward employees[60]. - The total number of employees as of March 31, 2023, was 517, down from 876 in 2022[60]. - The remuneration policy for Directors is aligned with business strategy and shareholder interests, ensuring competitive compensation based on market practices[109]. Corporate Governance - The Company has fully complied with all code provisions of the Corporate Governance Code during the Year[172]. - The Board consists of six Directors, including one Non-executive Director, two Executive Directors, and three Independent Non-executive Directors, ensuring a diverse mix of skills and experience[179]. - The Board's gender diversity is relatively high, with four female directors out of six, representing 66.67%[190]. - The Company aims to maintain a target of no less than 30% female directors on the Board, as approved by the Nomination Committee[190]. - The Company has established mechanisms to ensure independent views are available to the Board, including annual meetings between the Chairperson and all Independent Non-executive Directors[183]. Related Party Transactions - The Group had transactions with connected persons, with certain Directors having material interests in these transactions[142]. - The total amount of tenancy transactions with Emperor W&J during the year was HK$3,732,000[147]. - Fees received from SJM under the Hotel Rooms and Catering Agreement amounted to HK$13,690,000 during the year[150].
英皇娱乐酒店(00296) - 2023 - 年度财报