MIRAMAR HOTEL(00071)2023-04-25 10:06Financial Performance - The group's total revenue for 2022 was HKD 1.382 billion, an increase of 10.8% compared to HKD 1.247 billion in 2021[9]. - Shareholders' profit attributable to the company was HKD 480 million, up 45.5% from HKD 330 million in 2021[9]. - Basic earnings per share increased to HKD 0.76 from HKD 0.61, representing a year-on-year growth of 24.6%[7]. - The hotel and serviced apartment business generated revenue of HKD 318 million, up from HKD 286 million in 2021[5]. - The company proposed a final dividend of HKD 0.29 per share, bringing the total dividend for the year to HKD 0.50 per share[10]. - Rental income for the group was HKD 800 million, with EBITDA declining by 1.8% to HKD 677 million[18]. - Restaurant revenue reached HKD 173 million, with a significant rebound in the second half of the year, increasing by 66% compared to the first half[25]. - The company reported a significant increase in total revenue, reaching HKD 1.2 billion, representing a 15% year-over-year growth[103]. - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year, representing a 15% year-over-year growth[114]. Business Operations - The group achieved a hotel occupancy rate exceeding 85% in the fourth quarter of 2022[12]. - The tourism business began to recover in the fourth quarter of 2022, with increased revenue due to the easing of travel restrictions[12]. - The company launched two new restaurants in the first quarter of 2022, capitalizing on the rebound in consumer demand post-pandemic[12]. - The hotel and serviced apartment business generated total revenue of HKD 318 million, with EBITDA of HKD 18 million[15]. - Room revenue for the hotel and serviced apartment business increased significantly by 35% to HKD 160 million[17]. - The occupancy rate for The Mira Hong Kong rose by 28% due to various long-term accommodation plans and local staycation promotions[17]. - The group plans to continue exploring investment opportunities and expanding its business in response to the improving market environment[13]. Environmental Sustainability - Water consumption was reduced by over 106,681 cubic meters, showcasing the company's efforts in environmental sustainability[42]. - The company reported a decrease in annual electricity consumption by over 500,000 kilowatt-hours, reflecting energy efficiency initiatives[42]. - The group has implemented a long-term environmental policy, ensuring no significant violations of environmental laws were found as of December 31, 2022[52]. - The energy-saving project for the air conditioning systems in the shopping mall and office buildings has reduced electricity consumption by at least 500,000 kWh annually since 2021[54]. - The group has transitioned to using LED lighting systems in its shopping malls, achieving over 50% energy savings compared to other lighting systems[55]. - The "Mi Go Green" platform was launched to integrate sustainability into business operations, focusing on fashion, food, and shopping[53]. - The total energy savings achieved in 2022 amounted to 10.56 million kWh, exceeding the annual energy target of 6.82 million kWh[57]. - The company has implemented a series of initiatives to reduce single-use plastic products and promote recycling in its malls[62]. - The company has established waste reduction targets and measures to achieve these goals, emphasizing daily operations' waste recycling initiatives[99]. Employee Development and Welfare - The company achieved over 4,682 hours of training in 2022, indicating a strong commitment to employee development[42]. - The total number of employees as of December 31, 2022, was 1,143, with a gender ratio of 56% male and 44% female[72]. - The employee turnover rate was 25% overall, with 36% for employees under 30 years old[73]. - The group has implemented a comprehensive training and development blueprint, transitioning from online to in-person training as normalcy resumed in Hong Kong[76]. - The average training hours per employee was 4.1 hours, with male employees averaging 2.9 hours and female employees averaging 5.6 hours[77]. - The group provided two days of paid leave for employees after each COVID-19 vaccination, along with special bonuses for vaccinated employees[75]. - The group offers competitive employee benefits, including medical and life insurance, paid marriage leave, maternity leave, and free meals[70]. Corporate Governance - The company reported a commitment to good corporate governance practices, emphasizing the importance of a strong board, reliable risk management, and accountability to shareholders[129]. - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange's listing rules for the year ending December 31, 2022[130]. - The board consists of 13 members, including 5 executive directors, 2 non-executive directors, and 6 independent non-executive directors, ensuring a balanced composition for independent judgment[134]. - The board has established key policies to ensure corporate governance, including anti-corruption, diversity, and shareholder communication policies[132]. - The company has adopted a diversity policy for board members, emphasizing the importance of diversity in enhancing company performance, with a commitment to identify at least one female candidate for board appointment by December 31, 2024[154]. - The board is responsible for reviewing and monitoring compliance with legal and regulatory requirements[145]. - The company has established a complaint policy to address issues of unfair treatment, discrimination, or harassment[71]. Community Engagement - The company actively participated in community engagement and social responsibility initiatives, receiving the Business Care Award from the Hong Kong Council of Social Service for 2022-2023[39]. - The group donated 1,000 kilograms of surplus food to NGOs in 2022, continuing a long-term partnership with food donation organizations[96]. - The group provided over 100,000 rapid antigen test kits to support the community during the COVID-19 pandemic[94]. - The group launched the "MiraCare" initiative to assist tenants with rent relief and payment deferrals, particularly benefiting retail and small businesses[94]. Risk Management - The company emphasizes effective risk management as a key element for sustainable development and achieving strategic goals[161]. - The risk management framework includes a three-line defense system to ensure comprehensive corporate governance[162]. - Key risks identified include talent retention, economic outlook, and impacts from infectious disease outbreaks, with specific monitoring measures in place[165]. - The company regularly reviews its investment portfolio to mitigate potential losses from financial market fluctuations[165]. - The internal audit department operates independently and reports directly to the audit committee, ensuring compliance with international professional standards in operational monitoring and risk management for the year 2022[166]. Market Expansion and Future Outlook - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[115]. - The company is exploring potential acquisitions to enhance its portfolio, with a budget of HKD 300 million allocated for this purpose[109]. - The company has set a future outlook with a revenue growth target of 10% for the next fiscal year, driven by market expansion strategies[105]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing customer experience[106].