Financial Performance - The Group recorded revenue of HKD 816.8 million and profit attributable to equity holders of HKD 193.2 million for 2022, compared to HKD 873.7 million and HKD 233.1 million in 2021[21]. - In 2022, the Group reported revenue of HK$816.8 million and profit attributable to equity holders of HK$193.2 million, a decrease from HK$873.7 million and HK$233.1 million in 2021[26]. - The Group's revenue decreased by 6.5% to approximately HK$816.8 million for the year ended 31 December 2022, down from HK$873.7 million in 2021[83]. - Hotel operation and management services segment revenue decreased by 5.1% to approximately HK$536.4 million in 2022, primarily due to a 12.2% decrease in hotel management fees to approximately HK$371.6 million[83]. - The segment profit for hotel operation and management services decreased to approximately HK$130.9 million in 2022, down from HK$167.5 million in 2021[87]. - The Group's net other income and gains decreased significantly to approximately HK$128.1 million in 2022 from approximately HK$211.9 million in 2021, primarily due to a decrease in other income by approximately HK$141.0 million[105]. - Selling and administrative expenses decreased by 34.5% to approximately HK$114.8 million in 2022, with the ratio over revenue decreasing to 14% from 20.1%[106]. - Finance costs decreased by 38.9% to approximately HK$33.4 million in 2022 from HK$54.6 million in 2021[106]. - Income tax expense decreased to approximately HK$66.1 million in 2022 from HK$139.7 million in 2021, mainly due to a decrease in current income tax expense[106]. - Profit attributable to the owners of the parent decreased to HK$193.2 million in 2022 from HK$233.1 million in 2021[94]. Hotel Network Expansion - As of December 31, 2022, the Group expanded its hotel network to 122 hotels with nearly 30,000 rooms, up from 89 hotels with 23,268 rooms as of December 31, 2021[19]. - An additional 232 hotels were contracted to be managed by the Group but are still under development and have not commenced operation yet[22]. - The Group's hotel network expansion is aimed at targeting different customer segments through a multi-brand strategy[24]. - The company plans to add 30 to 35 new hotels in 2023 as part of its expansion strategy[57]. - As of December 31, 2022, the Group managed a hotel network of 122 hotels with nearly 30,000 rooms across over 85 cities in China[27]. Financial Position - The financial position remains robust with net cash recorded as of December 31, 2022, supporting the Group's business growth strategies[21]. - The Group maintains a robust financial position with a net cash status as of December 31, 2022, positioning it well for growth initiatives[26]. - As of 31 December 2022, the Group's cash, including restricted bank balances, was approximately HK$1,080.9 million, down from HK$3,008.5 million as of 31 December 2021[101]. - The Group's total equity was HK$3,187.5 million as of 31 December 2022, down from HK$3,847.6 million in 2021[126]. - The total assets of the Group were HK$5,261.2 million as of 31 December 2022, compared to HK$7,205.4 million in the previous year[126]. - The Group's net cash position was HK$1,069.5 million as of 31 December 2022, a decrease from HK$2,135.5 million in 2021[126]. - The Group's interest-bearing loans amounted to approximately HK$11.4 million as of 31 December 2022, a significant decrease from HK$873.0 million as of 31 December 2021[124]. - The Group's current ratio was 1.02, down from 1.25 as of 31 December 2021[124]. Operational Performance - The occupancy rate for all hotels was 43.5% for the year ended 31 December 2022, down from 47.6% in 2021[53]. - The average daily rate for all hotels was RMB 449 in 2022, compared to RMB 539 in 2021[53]. - The RevPAR for all hotels was RMB 195 in 2022, a decrease from RMB 257 in 2021[53]. - The average daily rate for full-service hotels was RMB 479 in 2022, down from RMB 560 in 2021[53]. - The average daily rate for limited-service hotels was RMB 276 in 2022, slightly up from RMB 274 in 2021[53]. - Occupancy rate for all hotels decreased to 43.5% from 47.6% year-over-year[65]. - Average daily rate for all hotels dropped to RMB 449 from RMB 539, a decrease of approximately 16.7%[65]. - RevPAR for all hotels fell to RMB 195 from RMB 257, representing a decline of about 24.1%[65]. Strategic Initiatives - The Group's strategic initiatives positioned it to capitalize on market opportunities as the tourism sector gradually rebounded in the second half of 2022[19]. - The Group's commitment to innovation and practical approaches helped maintain business stability during challenging market conditions[13]. - The Group aims to enhance its business sustainability and growth potential with the support of its parent company, Dalian Wanda Commercial Management Group[29]. - The tourism and hospitality sector is viewed as a strategic pillar for economic improvement, with the Group committed to investing resources for long-term success[29]. Hotel Management Services - The Group's hotel management services are provided through three models: leased-and-operated hotels, managed hotels, and franchised hotels[22]. - The Group's hotel management and operation capabilities are comprehensive, covering hotel design, construction management, and related consultancy services[22]. - The Group's hotel brands are designed to cater to various market segments, including ultra-luxury, luxury, and midscale offerings[39][44]. - The Group's multi-brand strategy includes full-service brands like Wanda Reign and Wanda Vista, and limited-service brands such as Wanda Moments and Wanda Yue, targeting diverse customer preferences[33]. - The company offers hotel owners the right to use its brand name, logo, and operating procedures under both managed and franchised hotel models[49]. Committee and Governance - The Audit Committee held two meetings in 2022 to review the Group's financial performance for the year ending December 31, 2021, and the interim results for the six months ending June 30, 2022[172]. - The Remuneration Committee consists of three Independent Non-executive Directors and is responsible for making recommendations on the remuneration policy for all Directors and senior management[168]. - The Nomination Committee met once in 2022 to review the Board's composition and consider the independence of Independent Non-executive Directors[175]. - The Company has established a written nomination policy for the selection and recommendation of candidates for directorship[160]. - The Board has adopted measures for effective communication with shareholders, including annual general meetings and contact information on the Company's website[154]. - The Company has a formal and transparent procedure for developing remuneration policy, ensuring it is aligned with market standards[168]. - The Audit Committee has the authority to investigate any matters under its scope and obtain independent professional advice as necessary[174]. - The Company has implemented a risk management and internal control system, which is reviewed by the Audit Committee[174]. - The Board has established a Nomination Committee to develop and implement policies for the nomination of Board members, focusing on qualifications, skills, experience, and gender diversity[177]. - The Remuneration Committee held one meeting in 2022 to assess the performance of the Executive Director and review the remuneration policy for Directors[187]. - The Audit Committee, comprised of three Independent Non-executive Directors, supervises the Group's financial reporting process and internal controls[192]. - The Company is committed to reviewing the Board's structure and composition at least annually to align with corporate strategy and diversity policies[178]. - The diversity policy for the Board is regularly reviewed and updated to meet the requirements of the Listing Rules[200]. - The Company aims to ensure independence within the Board by assessing the independence of independent non-executive directors[200]. - The Audit Committee is responsible for recommending the appointment and removal of external auditors and monitoring their independence[194]. - The Company has a policy for the nomination of Board members that includes criteria for identifying and selecting candidates[177]. - The Remuneration Committee reviews compensation arrangements for Directors and senior management, including termination compensation[189]. - The Board's diversity policy considers various factors, including gender, age, culture, and professional experience[178].

Financial Performance - Revenue from investment property leasing decreased by 8.5% to approximately HKD 98,200,000 in 2022, compared to HKD 107,300,000 in 2021[22]. - Gross profit and gross margin fell to approximately HKD 343,300,000 and 42.0% in 2022, down from HKD 461,900,000 and 52.9% in 2021[23]. - Total revenue for hotel operations and management services decreased by 21.8% to HKD 130,917,000 in 2022, from HKD 167,471,000 in 2021[24]. - Other income and gains decreased significantly from approximately HKD 211,900,000 in 2021 to HKD 128,100,000 in 2022[50]. - The company's total assets as of December 31, 2022, were HKD 5,261.2 million, down from HKD 7,205.4 million in 2021[53]. - The company's net asset value decreased to HKD 3,187.5 million in 2022 from HKD 3,847.6 million in 2021[53]. - The company reported a basic earnings per share of RMB 387,997,000 for the year, compared to RMB 424,436,000 in the previous year[78]. - Total revenue for the year ended December 31, 2022, was HKD 816,780,000, a decrease of 6.5% from HKD 873,659,000 in 2021[99]. - Gross profit for 2022 was HKD 343,306,000, down 25.7% from HKD 461,926,000 in the previous year[99]. - Net profit for the year was HKD 232,976,000, a decrease of 7.3% compared to HKD 251,260,000 in 2021[99]. Receivables and Credit Risk - The expected credit loss rate for trade receivables is 6.791%, with total expected credit loss amounting to 11,671,000 HKD[3]. - The expected credit loss for overdue receivables over 12 months is 30.728%, indicating significant credit risk[3]. - The company reported a net impairment loss on trade receivables of 10,114 thousand, compared to 59,809 thousand in the previous year, showing a significant reduction[185]. - Trade receivables at the end of the year were 116,742 thousand, slightly down from 117,048 thousand, indicating a marginal decrease of 0.3%[185]. Assets and Liabilities - Long-term receivables amount to approximately 1,832,874,000 HKD (equivalent to about 235,078,000 USD), with an impairment increase of 29,525,000 HKD during the year[5]. - The company's total liabilities decreased to 1,303,500 thousand from 1,683,341 thousand, a reduction of approximately 22.5% year-over-year[191]. - Non-current liabilities totaled HKD 597,158,000, down from HKD 689,491,000 in the previous year, reflecting a reduction of 13.4%[97]. - Cash and cash equivalents significantly decreased to HKD 1,067,711,000 from HKD 3,008,545,000, a decline of 64.5%[101]. Revenue Breakdown - The group's revenue from hotel management services decreased to RMB 371,624,000 in 2022 from RMB 423,392,000 in 2021, representing a decline of approximately 12.2%[67]. - Total revenue from hotel operations increased to RMB 164,800,000 in 2022, up from RMB 142,086,000 in 2021, marking a growth of about 15.9%[67]. - The total revenue for the group was RMB 816,780,000 in 2022, compared to RMB 873,659,000 in 2021, indicating a decline of about 6.5%[67]. - Revenue from hotel management services decreased to 356,689 thousand from 423,392 thousand, a decline of 15.8% year-over-year[165]. - Hotel operations revenue from product sales and dining services increased to 102,267 thousand from 77,806 thousand, a growth of 31.4% year-over-year[165]. Operational Insights - The total number of hotel rooms managed by the company is 28,656, with 112 managed hotels and 6 franchised hotels[14]. - The company operates various hotel brands, including luxury and mid-range options, catering to different customer segments[12][14]. - The company is focused on expanding its hotel management and operation services, targeting a similar customer base as its design and construction management business[20]. - The company has established a new subsidiary for hotel labor dispatch services to enhance the quality of hotel staff provided to customers[91]. - The company plans to expand its market presence and invest in new product development as part of its growth strategy[106]. Financial Management - Financing costs decreased by 38.9% to approximately HKD 33,400,000 in 2022, compared to HKD 54,600,000 in 2021[51]. - The company recorded a tax expense of approximately HKD 66,100,000 in 2022, down from HKD 139,700,000 in 2021[27]. - The total income tax expense for the year was 66,055 thousand, down from 139,664 thousand, representing a decrease of 52.7% year-over-year[173]. - The group incurred a total finance cost of 33,353 thousand HKD, which includes interest on lease liabilities of 23,818 thousand HKD[148]. Strategic Developments - The company completed the acquisition of Wanda Hotel Design and Research Institute Co., Ltd. on April 20, 2022, at zero consideration, enhancing its service offerings[123]. - The acquisition of the hotel design institute is considered a business combination under common control, impacting the financial statements accordingly[105]. - The board proposed to adopt new company bylaws to align with Bermuda applicable laws and listing rules, replacing the existing bylaws[65]. - The group has maintained a conservative foreign exchange risk management approach, with no financial instruments used for hedging foreign exchange risks during the year[56].

INTERIN REPORT 2022中期報告 NDA HOTEL DEVELOPMENT COMPANY LIMITED Stock Code 股份代號: 169 於百慕達註冊成立之有限公司 Incorporated in Bermuda with limited liability Corporate Information 公司資料 | --- | --- | |---------------------------------------------------------------|-----------------------------------------| | | | | BOARD OF DIRECTORS | 董事會 | | Executive Director | 執行董事 | | Mr. Ning Qifeng (Chairman) | 寧奇峰先生 （主席） | | Non-executive Directors | 非執行董事 | | Mr. Ding Benxi Mr. Han Xu Mr. Zhang Lin | 丁本錫先生 韓旭先生 張霖先生 | | Independen ...

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