Financial Performance - The adjusted EBITDA for the fiscal year ending December 31, 2021, was $22.4 million, despite operations being limited to approximately six months due to the pandemic[42]. - The company reported a gross revenue of $1,755.5 million in 2019, with a significant decline in 2020 due to the pandemic[36]. - The total gaming revenue for the year was $223,499,000, a significant decrease from $869,628,000 in the previous year, reflecting the impact of the COVID-19 pandemic[2]. - The group recorded a gross profit of $143,500,000 for the year, with an overall gross margin of 64%, up from 49% in 2020[3]. - The company reported a net loss of $147 million for the year, resulting in a net loss margin of 65.1% compared to a profit margin of 11.6% in 2020[70]. - Basic loss per share was $0.0339 (26.27 HK cents), a decline from a basic earnings per share of $0.0236 (18.29 HK cents) in 2020[70]. - The company's net current assets were $42.3 million, a decrease from $107 million in 2020[70]. - The total net asset value of the group was $1.6 billion, down from $1.7 billion in 2020[70]. Visitor Statistics and Tourism Recovery - The company recorded a total of 196,495 international visitors to Cambodia during the fiscal year, with 23.3% of these visitors coming from China[44]. - The total number of international visitors to Cambodia in the year was 196,495, with the highest proportion coming from Thailand (41.7%) and China (23.3%)[52]. - The number of international business travelers to Cambodia was 91,138, with 49.3% originating from China[52]. - The number of international flights to Phnom Penh, Cambodia, reached 58 weekly as of January 27, 2022, indicating a gradual recovery in air travel[52]. - The easing of travel restrictions in October 2021 is expected to support the gradual recovery of the tourism industry in Cambodia[53]. - The Cambodian government lifted quarantine requirements for fully vaccinated business travelers and tourists on November 15, 2021, which is expected to attract more foreign investors and tourists[44]. - The company anticipates that the tourism sector will continue to improve and recover in 2022 and 2023, as vaccination rates in Cambodia are among the highest in Asia[45]. Economic Outlook - The economic growth of Cambodia is projected to recover gradually, with an expected growth of 2.5% in 2021 and 4.7% in 2022, driven by domestic demand and the Cambodia-China Free Trade Agreement[45]. - Cambodia's GDP growth is projected to rebound to 5.5% in 2022, following a 1.9% growth in 2021, supported by a successful vaccination program and external demand recovery[50]. - The Cambodian economy is projected to grow by 5.0% in 2022, with GDP growth expected to reach 6.6% over the next five years, making it the second-fastest growing economy in Southeast Asia[74]. - Fitch Ratings forecasts Cambodia's economy to grow by 2.5% in 2021 and 4.7% in 2022, aided by recovering domestic demand and the Cambodia-China Free Trade Agreement[55]. Corporate Social Responsibility and Community Support - The company has committed $21.123 million to meaningful projects in Cambodia, including food bank operations benefiting around 4,500 families affected by the pandemic[45]. - NagaWorld Kind Hearts donated $100,000 worth of food to support communities affected by COVID-19 during the capital's lockdown on April 15, 2021, aiding 3,500 families[58]. - NagaWorld Kind Hearts has launched over 550 projects focused on education, community engagement, sports development, and environmental care[57]. - NagaWorld Kind Hearts contributed a total of $21,123,000 in charitable donations in 2021, with $3,240,000 allocated to Cambodian public welfare activities[160]. - The company has organized over 570 community improvement activities since 2014, benefiting over 444,000 Cambodians[83]. - The company provided food assistance packages valued at over $88,000 to 702 employees affected by COVID-19 isolation measures[127]. Environmental Sustainability Initiatives - The company aims to reduce greenhouse gas emissions by 18% (equivalent to 38.9 million tons) by 2030 and increase the share of renewable energy in its energy structure to 25%[85]. - The company has implemented a waste management strategy based on the "5R" approach, focusing on reducing resource usage and maximizing recycling efforts[97]. - The company aims to achieve carbon neutrality by 2050, aligning with Cambodia's Clean Air Plan to combat climate change[97]. - The company has set waste reduction goals and implemented measures to minimize waste production[191]. - The company has taken steps to reduce waste generation, including the discontinuation of single-use plastic straws[191]. - The company has implemented water-saving measures, including water-efficient toilets in hotel rooms and a rainwater harvesting system for irrigation[151]. Employee Welfare and Labor Practices - The company has implemented various employee welfare initiatives, including free medical services and subsidized meals through its non-profit supermarket, Nagamart[121]. - Employees received 40% salary payment during business suspension in 2021, with no annual salary increases approved due to economic conditions[115]. - The company has established a training program to raise awareness among suppliers regarding child labor issues[126]. - The company has not identified any instances of child or forced labor within its operations or supply chain during 2021[126]. - The company has implemented a rationalization plan affecting most employees, which included a mutual separation plan that provided additional compensation[107]. - The employee turnover rate increased to 13% in 2021 from 12% in 2020, with 775 employees leaving the company[107]. Governance and Compliance - The company has established a code of conduct that outlines clear standards and principles for employee behavior, emphasizing compliance with anti-corruption and anti-money laundering regulations[153]. - The company has not faced any legal actions related to corruption against itself or its employees in 2021[155]. - The company conducts internal audits every six months on all relevant anti-money laundering and anti-corruption incidents[157]. - The company has implemented a four-tier anti-money laundering monitoring framework to ensure compliance and integrity[156]. - The board reviews the anti-money laundering management committee's work and reports quarterly[157]. Development Projects - The Naga 3 development is progressing well, expected to include approximately 5,000 hotel rooms, 1,300 gaming tables, and 4,500 electronic gaming machines, with 93% of its total area dedicated to non-gaming services[46]. - The main construction work package is scheduled to commence in the first half of 2023, following the completion of the foundation, basement, and ground floor[73]. - Naga 3's design development is fully completed, with construction progress at approximately 50% for the drilling pile work[72]. Health and Safety Measures - NagaWorld has implemented strict health and safety measures, including mandatory temperature checks and mask-wearing since the pandemic began[144]. - The company has implemented COVID-19 prevention measures, requiring all business partners to be fully vaccinated to enter its operational premises[198]. - The company has conducted over 83,000 COVID-19 tests for employees and service providers since the business restart, averaging 6,000 tests weekly[134].
金界控股(03918) - 2021 - 年度财报