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Annual Report (“Annual Report”) Is Available in Both English and Chinese This annual report (“Annual Report”) is available in both English and Chinese. Shareholders who have received either the English or the Chinese version of the Annual Report may request a copy in the language different from that has been received by writing to the Company’s Principal Registrar, Tricor Friendly Limited at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. The Annual Report (in both English and Chinese versions) has been posted on the Company’s website at www.sino.com. Shareholders who have chosen to rely on copies of the Corporate Communications (including but not limited to annual report, summary financial report (where applicable), interim report, summary interim report (where applicable), notice of meeting, listing document, circular and proxy form) posted on the Company’s website in lieu of any or all the printed copies thereof may request printed copy of the Annual Report. Shareholders who have chosen or are deemed to have consented to receive the Corporate Communications using electronic means through the Company’s website and who have difficulty in receiving or gaining access to the Annual Report posted on the Company’s website will upon request be sent the Annual Report in printed form free of charge. Shareholders may at any time choose to change their choice of language and means of receipt (i.e. in printed form or by electronic means through the Company’s website) of all future Corporate Communications from the Company by giving notice in writing by post to the Company’s Principal Registrar, Tricor Friendly Limited at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong or by email at [email protected]. Contents 2 Corporate information 3 Chairman’s statement 7 Environmental, social and governance report 20 Corporate governance report 38 Risk management report 44 Directors’ report 53 Biographical details of Directors & senior management 57 Independent auditor’s report 62 Consolidated statement of profit or loss 63 Consolidated statement of profit or loss and other comprehensive income 64 Consolidated statement of financial position 65 Consolidated statement of changes in equity 66 Consolidated statement of cash flows 68 Notes to the consolidated financial statements 124 Financial summary Annual Report 2020 Sino Hotels (Holdings) Limited 1 Corporate information Board of Directors Principal Bankers Robert Ng Chee Siong, Chairman Bank of China (Hong Kong) Limited Daryl Ng Win Kong, JP, Deputy Chairman The Hongkong and Shanghai Banking Corporation Limited # Ronald Joseph Arculli, GBM, CVO, GBS, OBE, JP Hang Seng Bank Limited # Gilbert Lui Wing Kwong China Construction Bank (Asia) Corporation Limited Steven Ong Kay Eng* Industrial and Commercial Bank of China (Asia) Limited Wong Cho Bau, JP* Hung Wai Man, JP* Investor relations contact Giovanni Viterale Thomas Tang Wing Yung, Group Chief Financial Officer Please direct enquiries to: (appointed on 15th January, 2020) Group General Manager (Corporate Finance & Investor Relations) (# Non-Executive Directors) Telephone : (852) 2132 8090 (* Independent Non-Executive Directors) Fax : (852) 2137 5963 Email : [email protected] Audit Committee Steven Ong Kay Eng, Chairman Principal Office Gilbert Lui Wing Kwong 12th Floor, Tsim Sha Tsui Centre, Hung Wai Man, JP Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong Nomination Committee Telephone : (852) 2721 8388 Robert Ng Chee Siong, Chairman Fax : (852) 2723 5901 Steven Ong Kay Eng Website : www.sino.com Hung Wai Man, JP Email : [email protected] Remuneration Committee Registered Office Steven Ong Kay Eng, Chairman P.O. Box 309, Hung Wai Man, JP Ugland House, Grand Cayman, Daryl Ng Win Kong, JP KY1-1104, Cayman Islands Authorized Representatives Listing information Robert Ng Chee Siong Thomas Tang Wing Yung (appointed on 1st May, 2020) Stock Code 1221 Company Secretary Shareholders’ calendar Fanny Cheng Siu King (appointed on 1st May, 2020) Closure of Register of Members 22nd October, 2020 to for entitlement to attend and 28th October, 2020 Auditor vote at Annual General Meeting (both dates inclusive) Deloitte Touche Tohmatsu Annual General Meeting 28th October, 2020 Registered Public Interest Entity Auditors Interim Dividend HK1 cent per share Paid 20th April, 2020 Solicitors Final Dividend Nil Clifford Chance, Hong Kong Maples and Calder, Cayman Islands Principal Registrar Tricor Friendly Limited Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong Telephone : (852) 2980 1333 Fax : (852) 2861 1465 Email : [email protected] 2 Sino Hotels (Holdings) Limited Annual Report 2020 Chairman’s statement I hereby present the 2019/2020 Annual Report to Business activities shareholders. City Garden Hotel Final results City Garden Hotel is a wholly-owned subsidiary of the Group. The Group recorded net loss attributable to shareholders The average room occupancy rate of City Garden of HK$76.3 million for the year ended 30th June, 2020 Hotel for the year ended 30th June, 2020 was 41.7% (the ‘Financial Year’) compared to net profit attributable (2018/2019: 85.7%) and the average room rate to shareholders of HK$196.3 million for the last financial decreased 33.3% compared with that of last financial year. Loss per share for the Financial Year was HK6.75 year. Room sales for the financial year decreased 67.8% cents compared to profit per share of HK17.83 cents to HK$62.0 million from HK$192.5 million for the last last year. The performance of the Group was affected by financial year. Food and beverage sales for the Financial the outbreak of COVID-19 which worsened operating Year were HK$61.9 million (2018/2019: HK$88.9 environment amid plunging visitor arrivals to Hong Kong million). during the financial year. Conrad Hong Kong Dividends Conrad Hong Kong is 50% owned by the Group and 30% owned by Sino Land Company Limited (Hong Kong stock code: 0083) and collectively own a total of 80% The Board recommends no final dividend for the equity interest in Conrad Hong Kong. Financial Year (2018/2019: HK5 cents per share). With the interim dividend of HK1 cent per share (2018/2019: The average room occupancy of Conrad Hong Kong for HK4.5 cents per share) paid in April 2020, the total the year ended 30th June, 2020 was 34.8% compared dividend for the full financial year is HK1 cent per share with 89.3% for the last financial year and the average (2018/2019: HK9.5 cents per share). room rate decreased by 21.3% compared with that of last financial year. Room sales for the year ended 30th June, 2020 were HK$139.8 million (2018/2019: Review of operations HK$455.1 million) while income from food and beverage sales for the Financial Year were HK$170.5 million During the Financial Year, hotel industry in Hong Kong (2018/2019: HK$334.5 million). has been impacted by a significant decrease in visitor arrivals amidst the outbreak of COVID-19 since January The Royal Pacific Hotel & Towers 2020 and its adverse impact on cross border and The Royal Pacific Hotel & Towers is 25% owned by international travel. Statistics released by Hong Kong the Group and the remaining 75% interest is owned Tourism Board shows that visitor arrivals to Hong Kong by a private company, wholly owned by the Ng family, during the Financial Year decreased to 24.5 million from the controlling shareholder of Sino Hotels (Holdings) 69.4 million, representing a decrease of approximately Limited. 64.6% year-on-year. In the second half of the Financial Year in particular, total visitor arrivals declined by almost 90% year-on-year owing to government travel restrictions, quarantines, and border closure. Annual Report 2020 Sino Hotels (Holdings) Limited 3 Chairman’s statement (Continued) Review of operations (Continued) training focus this year and to add more gamification into the Group’s approach, LEGO® SERIOUS PLAY® was introduced to teams. This method aims to improve Business activities (Continued) creative thinking and communication, both vital to providing high-quality service. The Royal Pacific Hotel & Towers (Continued) Challenging times call for adaptability in training The average occupancy rate of The Royal Pacific Hotel approaches; several key programs were developed to & Towers for the year ended 30th June, 2020 was meet this need. To assist in 5-star service training, a 44.0% (2018/2019: 92.7%) and the average room video library was developed to support the Service rate decreased 43.8% compared with that of last Standards review. Videos can be viewed on any financial year. Room sales decreased 73.3% to HK$88.1 device giving staff flexibility to review the hospitality million from HK$329.5 million for the last financial standards. Webinars using Teams, language training year. Revenue from food and beverage sales for the videos using WhatsApp, and workshops on handling year ended 30th June, 2020 were HK$71.3 million guest issues regarding COVID-19 were also created (2018/2019: HK$102.5 million). to give service training access to staff in a safe, Other than that mentioned above, there was no material social-distancing way. change from the information published in the report and accounts for the year ended 30th June, 2019. Corporate social responsibility Finance The Group is committed to incorporating sustainability As at 30th June, 2020, the Group had cash and initiatives into the operations and management of bank deposits of HK$966.8 million and had no debt our hotels. The Group upholds high level of corporate outstanding. governance standards, participating in green initiatives, There was no material change in the capital structure engaging the community, promoting social integration of the Group for the financial year. Foreign exchange and conserving the cultural heritage. exposure is kept at a low level. As at 30th June, 2020, the Group did not have any contingent liabilities.
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