Annual Report 2019 年報
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Annual Report 2019 年報 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock Code 股份代號: 00908 Zhuhai Holdings Investment Group Limited Forging an Industrial Chain of Perfect Living and Travelling Content 2 Corporate Information 125 Consolidated Statement of 4 Chairman’s Statement Comprehensive Income 7 Financial Highlights 126 Consolidated Statement of 8 Management Discussion and Analysis Financial Position 34 Environmental, Social and Governance 128 Consolidated Statement of (ESG) Report 2019 Changes in Equity 44 Directors and Senior Management 130 Consolidated Statement of Cash Flows 55 Report of the Directors 131 Notes to the Consolidated 94 Corporate Governance Report Financial Statements 117 Independent Auditor’s Report 235 Particulars of Properties 124 Consolidated Statement of Profit or Loss 236 Financial Summary Corpor ate Information Board of Directors Remuneration Committee Executive Directors Mr. Hui Chiu Chung (Chairman) Mr. Chu Yu Lin, David Mr. Huang Xin (Chairman) Mr. Albert Ho Mr. Jin Tao (appointed as the Chief Executive Officer on 8 April 2020) Company Secretary Mr. Ye Yuhong Mr. Kwok Tung Fai Mr. Li Wenjun Mr. Zeng Jianping (appointed on 20 April 2020) Auditors Non-Executive Directors PricewaterhouseCoopers Certified Public Accountants and Datuk Wira Lim Hock Guan Registered Public Interest Entity Auditor (Mr. Lim Seng Lee as his alternate) Mr. Kwok Hoi Hing Principal Bankers (Mr. Zhu Minming as his alternate) Mr. Zou Chaoyong Wing Lung Bank, Limited Industrial and Commercial Bank of China, Independent Non-Executive Directors Zhuhai Branch Bank of China, Zhuhai Branch Mr. Hui Chiu Chung China Everbright Bank, Zhuhai Branch Mr. Chu Yu Lin, David Xiamen International Bank, Zhuhai Branch Mr. Albert Ho Shanghai Pudong Development Bank, Mr. Wang Yijiang Zhuhai Branch Alternate Director Legal Advisors (as to Hong Kong law) Mr. Lim Seng Lee Chiu & Partners (alternate to Datuk Wira Lim Hock Guan) Allen & Overy Mr. Zhu Minming (alternate to Mr. Kwok Hoi Hing) Principal Share Registrar Audit Committee MUFG Fund Services (Bermuda) Limited The Belvedere Building Mr. Albert Ho (Chairman) 69 Pitts Bay Road Mr. Hui Chiu Chung Pembroke HM08 Mr. Chu Yu Lin, David Bermuda Nomination Committee Branch Share Registrar Mr. Huang Xin (Chairman) Tricor Tengis Limited Mr. Ye Yuhong Level 54, Hopewell Centre Mr. Hui Chiu Chung 183 Queen’s Road East Mr. Chu Yu Lin, David Hong Kong Mr. Albert Ho Mr. Wang Yijiang 002 ZHUHAI HOLDINGS INVESTMENT GROUP LIMITED Corpor ate Information Head Office and Principal Place of Business in Hong Kong Units 3709–10 37/F, West Tower, Shun Tak Centre 168–200 Connaught Road Central Sheung Wan Hong Kong Registered Office Clarendon House 2 Church Street Hamilton HM 11 Bermuda Stock Code 00908 Investors Relation Email address: [email protected] Website www.0908.hk * The English transliteration of the Chinese names in this annual report, where indicated, is included for information only, and should not be regarded as the official English names of such Chinese names. ANNUAL REPORT 2019 003 Chairman's Statement Huang Xin Chairman Dear Shareholders, Looking back on its struggle in 2019, Zhuhai management and strengthened internal Holdings Investment Group Limited monitoring. On the other hand, the (“Zhuhai Holdings”) (the “Company” and Company leveraged on the market’s its subsidiaries, the “Group”)), under financing channels to improve its capital the leadership of the board of directors, structure. During the period, the Company adhered to the guidelines of “cultivating focused on key project strategies, corporate values, forging the conventional constantly optimized its business and path while launching new ideas, fund structure, as well as strengthened assuming great responsibilities, achieving the profit base of the principal businesses. through synergy”, and fully monitored its Meanwhile, the Company continued to resources in accordance with its strategic enhance the operational management of development goals for the year. On one held assets, gradually raised its operating hand, the Company actively promoted efficiency, continued to revitalize existing the stable development of various assets, centralized resources and further core businesses, further enhanced focused on core businesses. operating efficiency, implemented quality Chairman's Statement The Company recorded a net profit attributable to owners returns. In addition, through comprehensively utilizing of the Company for the year ended 31 December 2019 the advantage of diversification among domestic and (“FY2019”) of approximately RMB81,069,000 (FY2018: overseas financing channels, the Group will make full RMB177,028,000) and a basic earnings per share use of various finance means, continuously optimize of RMB5.68 cents for FY2019 (FY2018: RMB12.40 its capital management, reduce financing costs, cents). The board of directors of the Company does improve debt structure, as well as strengthen the not recommend the payment of a final dividend to the internal control system and fully coordinate resource shareholders for FY2019 (FY2018: HK2 cents). allocation to improve operating efficiency. In 2020, global trade and economic situations remain Finally, I would like to thank all of our directors, grim, domestic and overseas capital markets stay employees and shareholders for their dedication and volatile, and the business environment is still full of consistent support in the past year. Wish you all a uncertainties, thereby forcing all sorts of challenges prosperous and healthy new year! upon the Group’s business development. The Group will adhere to its corporate strategic goals by continuing to reinforce the intensity and depth of its capital operations and expanding its financing channels. In order to tackle with the liquidity risk By Order of the Board and interest rate risk arising from external economic Huang Xin fluctuations and uncertainty of environmental factors, Chairman the Group will continue to facilitate sales and capital Hong Kong, 26 March 2020 006 ZHUHAI HOLDINGS INVESTMENT GROUP LIMITED Financial Highlights Segment Revenue 23% rmb11,812.3 M 72% Jiuzhou Blue Sea Jet and Blue Marine Tourism Green Leisure Tourism and Composite Real Estate 5% Public Utilities and Financial Investments 10% Segment Results* 20% 70% rmb1,071.2 M Jiuzhou Blue Sea Jet and Blue Marine Tourism Green Leisure Tourism and Composite Real Estate Public Utilities and Financial Investments 2019 2018 Revenue (RMB’000) 11,812,280 9,248,350 Gross profit (RMB’000) 1,244,050 1,328,993 EBITDA (RMB’000) 1,061,404 1,126,792 Profit for the year (RMB’000) 280,328 396,844 Profit attributable to owners of the Company (RMB’000) 81,069 177,028 Gross margin (%) 10.5% 14.4% EBITDA margin (%) 9.0% 12.2% Profit margin (%) 2.4% 4.3% Earnings per share (RMB) – basic RMB5.68 cents RMB12.40 cents Dividend per share (HK$) – final dividend (proposed) (HK$) Nil HK2 cents Dividend pay-out ratio (%) Nil 14% Current ratio (times) 1.34 1.29 Gearing ratio (%) 61% 64% * not included Corporate and Others, and Inter-segments eliminations ANNUAL REPORT 2019 007 Management Discussion And Analysis Management Discussion and Analysis Business Review in (i) the Jiuzhou Blue Sea Jet and Blue Marine Tourism business as a result of a full year effect of diversion In 2019, the global economic growth showed a in passenger flow from the Hong Kong-Zhuhai ferry significant slowdown and an unstable recovery. lines following the opening of the Hong Kong-Zhuhai- The ongoing Sino-US trade disputes brought great Macao Bridge in around October 2018 and (ii) the uncertainty to the growth of global economy. Although hotel business of the Group as a result of the increase China’s overall economy maintained a steady yet in number of new hotels in Zhuhai and increased progressive development trend, the increasing competition in the region, despite significant revenue instability and uncertainty in the external environment and segment results recognized from the property imposed a certain level of downward pressure on the development business of the Group as a result of the macro economy. change in sales mix in the Zhuhai Cuihu Xiangshan High-end Tourism Real Estate Project. The Group continued to optimize its businesses. The audited consolidated income of the Group was The Company’s principal businesses include Jiuzhou approximately RMB11,812,280,000 for FY2019, Blue Sea Jet and Blue Marine Tourism, Green Leisure representing an increase of 27.72% as compared Tourism and Composite Real Estate, and Public with approximately RMB9,248,350,000 for the same Utilities and Financial Investments. period last year. The gross profit of the Group was RMB1,244,050,000, representing a decrease of approximately 6.39% as compared with approximately RMB1,328,993,000 for the same period last year. The consolidated profit for FY2019 was RMB280,328,000, representing a decrease of approximately 29.36% as compared with approximately RMB396,844,000 for the same period last year. In addition, the consolidated profit attributable to owners of the Company was RMB81,069,000, representing a decrease of approximately 54.21% as compared with approximately RMB177,028,000 for the same period last year. For FY2019, there was an increase in the revenue of the Company, primarily due to the significant increase in transaction volume of fuel oil trading and distribution, which increased the revenue of Public Utilities and Financial Investments businesses of the Group. However, there was a decrease in profit attributable to the owners