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Property Investment Cover Photo 封面圖片 Monti 逸瑆 Contents 2 Corporate Information 3 Corporate Profile 4 Chairman’s Statement 13 Financial Highlights 15 Management Discussion and Analysis 41 Summary of Financial Information 43 Particulars of Major Properties 49 Environmental, Social and Governance Report 76 Corporate Governance Report 94 Biographical Details of Directors 101 Report of the Directors 124 Shareholders’ Information 125 Independent Auditor’s Report 130 Consolidated Income Statement 131 Consolidated Statement of Comprehensive Income 132 Consolidated Statement of Financial Position 134 Consolidated Statement of Changes in Equity 136 Consolidated Statement of Cash Flows 140 Notes to Financial Statements Annual Report 2019 - 2020 LAI SUN DEVELOPMENT 1 Corporate Information PLACE OF INCORPORATION AUTHORISED REPRESENTATIVES Hong Kong Chew Fook Aun Chow Kwok Wor BOARD OF DIRECTORS SHARE REGISTRAR AND TRANSFER OFFICE Executive Directors Tricor Tengis Limited Level 54, Hopewell Centre Lam Kin Ngok, Peter, GBS (Chairman) 183 Queen’s Road East Chew Fook Aun (Deputy Chairman) Hong Kong Lau Shu Yan, Julius (Chief Executive Officer) NDEPENDENT UDITOR Lam Hau Yin, Lester (also alternate director to U Po Chu I A with effect from 19 June 2020) Ernst & Young Tham Seng Yum, Ronald (appointed on 19 August 2019) Certified Public Accountants Non-executive Directors PRINCIPAL BANKERS Agricultural Bank of China Limited Lam Kin Ming Bank of China (Hong Kong) Limited U Po Chu The Bank of East Asia, Limited China Construction Bank (Asia) Corporation Limited Independent Non-executive Directors DBS Bank Ltd. Hang Seng Bank Limited Ip Shu Kwan, Stephen, GBS, JP The Hongkong and Shanghai Banking Corporation Limited Lam Bing Kwan Industrial and Commercial Bank of China (Asia) Limited Leung Shu Yin, William Shanghai Pudong Development Bank Co., Ltd. Standard Chartered Bank (Hong Kong) Limited Leung Wang Ching, Clarence, JP United Overseas Bank Limited AUDIT COMMITTEE SHARES INFORMATION Leung Shu Yin, William (Chairman) Place of Listing Lam Bing Kwan Leung Wang Ching, Clarence, JP The Main Board of The Stock Exchange of Hong Kong Limited REMUNERATION COMMITTEE Stock Code / Board Lot Leung Shu Yin, William (Chairman) 488 / 300 Shares Chew Fook Aun Lam Bing Kwan American Depositary Receipt CUSIP Number: 50731V102 COMPANY SECRETARY Trading Symbol: LSNVY ADR to Ordinary Share Ratio: 1:8 Chow Kwok Wor Depositary Bank: The Bank of New York Mellon REGISTERED OFFICE / PRINCIPAL OFFICE WEBSITE 11th Floor Lai Sun Commercial Centre www.laisun.com 680 Cheung Sha Wan Road INVESTOR RELATIONS Kowloon, Hong Kong Tel: (852) 2853 6116 Tel: (852) 2741 0391 Fax: (852) 2853 6651 Fax: (852) 2785 2775 E-mail: [email protected] 2 LAI SUN DEVELOPMENT Annual Report 2019 - 2020 Corporate Profile Lai Sun Development Company Limited is a member of the Lai Sun Group. The Company is well diversified and its principal activities include property investment, property development, investment in and operation of hotels and restaurants, media and entertainment, music production and distribution, films, video format products and television programmes production and distribution, cinema operation, cultural, leisure, entertainment and related facilities and investment holding. The Company was listed on The Stock Exchange of Hong Kong Limited in March 1988 following a reorganisation of the Group. LAI SUN GARMENT (INTERNATIONAL) LIMITED* 56.13% LAI SUN DEVELOPMENT COMPANY LIMITED* 74.62% 54.56% PROPERTY PROPERTY HOTELS RESTAURANTS** (OVERSEAS) (HONG KONG) eSUN LAI FUNG HOLDINGS HOLDINGS LIMITED* LIMITED* Caravelle Property Property Property Property Hotel Ho Chi Asian Japanese Western/ Investment Investment Development Management Minh City International & Sales (Vietnam) Cuisine Cuisine Cuisine (26.01%) 67.56% 100 339 Tai Hang Kolot Property Hong Kong Leadenhall Cheung Sha Chiu Tang Sushi CIAK-All Day Street, Wan Plaza Road, Hong Services Ocean Park Kong Limited Marriott Hotel Central Masataka Italian London (100%) (67%) (63%) (67%) (100%) (100%) (100%) (100%) CINEMA OPERATION (HONG MEDIA ASIA PROPERTY 106 Alto Fairmont (MAINLAND Ocean One, Residences St. Andrews KONG & MAINLAND GROUP Leadenhall Causeway Bay China Tang CIAK-In Street, Plaza 2 Yau Tong, Property resort, Scotland CHINA) Kowloon Management (United Harbour City The Kitchen CHINA), HOLDINGS London (100%) (60%) (62%) # (100%) (100%) Limited Kingdom) MEDIA & LIMITED (50%) (50%) ENTERTAINMENT 107 Lai Sun 93 Pau Leadenhall China Tang Street, Commercial Chung Street, Beefbar Property Investment Centre Kowloon Landmark London (50%) (62%) (100%) (100%) (100%) & Development Property 1/2 8 Otto e Management CCB Tower, Monti, Howard’s Mezzo Central Hong Kong Gourmet BOMBANA, Hotels & Serviced (50%) (100%) (50%) Hong Kong MEDIA & Apartments (37%) ENTERTAINMENT Cultural, Leisure, Entertainment & AIA Central, Novi, Old Bazaar Opera Related Facilities Central Kowloon Kitchen BOMBANA, (10%) (100%) (63%) Beijing (20%) Alto 1/2 Residences, Beijing 8 Otto e Tseung Howard’s Mezzo Kwan O, Gourmet BOMBANA, New Territories (67%) Shanghai (50%) (13%) Tai Kei Leng Sun’s Project Bazaar Prohibition (100%) Pacific Place (100%) (67%) Sun’s Hang On Bazaar KiKi Zest by Street Project Tea Telford Konishi (100%) Plaza (67%) (69%) KiKi Noodle Bar Takumi by IFC Daisuke Mori (67%) (63%) KiKi Noodle Bar K11 MUSEA (67%) KiKi Noodle Bar Shanghai Hong Kong Plaza (67%) KiKi Noodle Bar Shanghai One ITC (67%) Canton Bistro (100%) * Listed on the Main Board of The Stock Exchange of Hong Kong Limited # Listed on GEM of The Stock Exchange of Hong Kong Limited ** Operated under various subsidiaries and associates Corporate structure as at 23 October 2020 Annual Report 2019 - 2020 LAI SUN DEVELOPMENT 3 Chairman’s Statement DR. LAM KIN NGOK, PETER CHAIRMAN I am pleased to present the audited consolidated results of Lai Sun Development Company Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the year ended 31 July 2020. OVERVIEW OF FINAL RESULTS For the year ended 31 July 2020, the Group recorded turnover of HK$5,213.5 million (2019: HK$6,493.9 million) and a gross profit of HK$1,628.6 million (2019: HK$2,305.4 million). The decrease is primarily due to (i) lower turnover from sale of properties during the year under review as compared to last year and (ii) decrease in revenue from media and entertainment businesses and cinema operations of eSun Holding Limited (“eSun” and together with its subsidiaries, “eSun Group”) amid the prolonged social unrest in Hong Kong in the second half of 2019 and the outbreak of COVID-19 since January 2020. Set out below is the turnover by segment: For the year ended 31 July 2020 2019 Difference (HK$ million) (HK$ million) (HK$ million) % change Property investment 1,299.4 1,356.8 -57.4 -4.2% Property development and sales 1,690.2 2,279.8 -589.6 -25.9% Restaurant operation 421.8 514.8 -93.0 -18.1% Hotel operation 673.3 686.1 -12.8 -1.9% Media and entertainment 326.6 591.8 -265.2 -44.8% Film and TV program 370.2 326.0 +44.2 +13.6% Cinema operation 229.3 521.1 -291.8 -56.0% Theme park operation 19.2 0.3 +18.9 +6,300.0% Others 183.5 217.2 -33.7 -15.5% Total 5,213.5 6,493.9 -1,280.4 -19.7% 4 LAI SUN DEVELOPMENT Annual Report 2019 - 2020 OVERVIEW OF FINAL RESULTS (CONTINUED) For the year ended 31 July 2020, net loss attributable to owners of the Company was approximately HK$2,934.8 million (2019: net profit of HK$4,842.9 million). The significant decrease is primarily due to (i) the absence of the net gain on bargain purchase on acquisition of subsidiaries during the year under review; (ii) the decrease in fair values of the investment properties owned by the Group and held through joint ventures of the Group, which result in the recognition of significant fair value losses arising from revaluation of the Group’s investment properties and share of losses from joint ventures of the Group for the year under review; (iii) increased other operating expenses as a result of impairment of certain right-of-use assets and impairment of certain property, plant and equipment of the Group during the year under review; and (iv) write-down of completed properties for sale of Lai Fung Holdings Limited (“Lai Fung” and together with its subsidiaries, “Lai Fung Group”) to net realisable value. Net loss per share was HK$4.825 (2019: net profit per share of HK$7.988). Excluding the effect of property revaluations and non-recurring transactions during the year under review, net loss attributable to owners of the Company was approximately HK$1,012.0 million (2019: net profit of HK$452.7 million). Net loss per share excluding the effect of property revaluations and non-recurring transactions during the year under review was HK$1.664 (2019: net profit per share of HK$0.747). For the year ended 31 July 2020 2019 (Loss)/profit attributable to owners of the Company HK$ million HK$ million Reported (2,934.8) 4,842.9 Less: Adjustments in respect of revaluation of investment properties held by — the Company and subsidiaries 1,425.1 (552.8) — joint ventures 570.0 (129.5) Deferred tax on investment properties (72.3) 28.6 Non-controlling interests’ share of revaluation movements less deferred tax — 0.2 Net (loss)/profit after tax excluding revaluation of investment properties (1,012.0) 4,189.4 Less: Adjustments in respect of non-recurring transactions — loss on remeasurement of existing interest in an associate upon business combination — 2,930.3 — gain on bargain purchase upon acquisition of subsidiaries — (6,667.0) Net (loss)/profit after tax excluding revaluation of investment properties and excluding non-recurring transactions (1,012.0) 452.7 Equity attributable to owners of the Company as at 31 July 2020 amounted to HK$34,970.2 million, as compared to HK$35,827.7 million as at 31 July 2019.
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