Tourism and Gaming Industry - In 2022, the total number of tourists visiting Macau was 5,700,339, representing a year-on-year decrease of 26.0%[16] - The gaming revenue in Macau for 2022 was MOP 42.198 billion, a decline of over 50% year-on-year, marking the lowest level in 18 years[16] - The average occupancy rate of hospitality premises in Macau reached 85.7%, an increase of 22.4% compared to the previous year[23] - The total number of tourists visiting Macau during the Spring Festival Golden Week reached 451,000, a significant increase of 297.0% compared to the previous year[23] - The property market in Macau is expected to rebound in Q2 2023 due to the recovery in tourism and gaming industries[110] Property Market and Development - The residential property market in Macau experienced a significant drop in transaction volume due to rising interest rates and other economic factors[17] - The shop market in Macau showed a correction of approximately 15% in residential districts and 30% to 60% in tourist districts compared to pre-pandemic levels[17] - The company anticipates a rebound in the Macau and Hengqin property markets in 2023 due to changes in national pandemic control policies and economic stabilization measures[17] - The first sale of a residential unit at Tiffany House was completed in January 2023, with sales plans resuming after the 2023 Lunar New Year[20] - The development plan for Lot C7 is awaiting response from the Land, Public Works and Transport Bureau of Macau[20] - The Group does not intend to sell commercial units and is considering converting them for rental purposes[20] - The development plan for Property C7 includes two residential buildings with a maximum permitted height of 34.5 meters and a maximum plot ratio of 5.58[50] - The development plan for Property C7 includes two residential buildings with a total gross floor area of 31,192 square meters, comprising 230 residential units and 11,250 square meters of parking[52][57] - The sales of Tiffany House resumed after the 2023 Chinese New Year, with sales starting at Tower 1[55][57] - The second tower of Tiffany House, expected to have higher unit prices, will be launched for sale later[55][57] - The Group is considering changing the commercial units of Tiffany House for rental purposes instead of sales[55][57] Financial Performance - For the year ended December 31, 2022, the Group recorded revenue from continuing operations of HK$3,879,000, representing an increase of 4% from HK$3,717,000 for the year ended December 31, 2021[29] - The loss for the year was HK$94,120,000, a decrease of 40% compared to the loss of HK$156,515,000 for the year ended December 31, 2021[31] - The loss attributable to owners from continuing operations was HK$94,101,000, a reduction of 37% from HK$148,630,000 in the previous year[32] - Revenue from film related business operations amounted to HK$3,879,000 (2021: HK$3,717,000) with a segment loss of HK$20,015,000 (2021: HK$43,526,000)[47] - The total China box office in 2022 is about 29.7 billion yuan, significantly lower than the total of 47 billion yuan in 2021[47] - The Group had banking facilities of HK$1,700,000,000, of which HK$1,600,000,000 was utilized as of December 31, 2022[82] - As of December 31, 2022, total assets were HK$5,247,857,000, a slight decrease from HK$5,285,909,000 in 2021, while net current assets increased to HK$3,809,784,000 from HK$2,849,594,000[76] - Total borrowings as of December 31, 2022, were HK$1,694,397,000, an increase from HK$1,576,191,000 in 2021, including a secured bank term loan of HK$1,600,000,000[77] - The Group's total debts amounted to HK$1,694,397,000, an increase from HK$1,576,191,000 in 2021, resulting in a gearing ratio of 57% compared to 51% in the previous year[81] Corporate Governance and Management - The Group emphasizes high standards of business ethics and corporate governance practices, which are essential for effective management and business growth[144] - The Group has complied with all applicable code provisions of the Corporate Governance Code as set out in the Listing Rules on The Stock Exchange of Hong Kong[146] - The Group's corporate governance principles focus on a quality Board, sound internal controls, and transparency to all shareholders[145] - The Board is responsible for the leadership and control of the Company, overseeing business, strategic decisions, and performance[157] - As of December 31, 2022, the Board comprises six Directors, including three executive Directors and three independent non-executive Directors[158] - The presence of three independent non-executive Directors provides a reasonable balance between executive and non-executive Directors, ensuring adequate checks and balances for safeguarding shareholder interests[165] - The Board's commitment to corporate governance practices aims to deliver satisfactory and sustainable returns to shareholders while safeguarding the interests of business partners[153] - The company has mechanisms in place to provide independent professional advice to independent non-executive Directors upon reasonable request[188] Future Outlook - The Group anticipates that 2023 will be a fruitful year as Tiffany House begins to generate revenue[110] - The film market is expected to recover in summer 2023, driven by an increase in blockbuster releases and audience attendance[111] - The Group plans to monitor the film industry and gradually start film production when suitable storylines are available[111] - The Group aims to achieve healthy and stable growth while maximizing investment returns and seeking appropriate business opportunities[112]
中国星集团(00326) - 2022 - 年度财报