ASIA STANDARD HOTEL GROUP LIMITED Asia Standard Hotel
Group Limited
Annual Report 2022
HKSE Stock Code: 292
Contents
- Corporate Information
- Financial Highlights
- Chairman's Statement
- Business Model and Strategies
- Management Discussion and Analysis
- Five-yearFinancial Summary
- Principal Properties
- Environmental, Social and Governance Report
- Corporate Governance Report
- Directors and Senior Management
- Report of the Directors
- Independent Auditor's Report
- Consolidated Profit and Loss Account
- Consolidated Statement of Comprehensive Income
- Consolidated Balance Sheet
- Consolidated Statement of Cash Flows
- Consolidated Statement of Changes in Equity
- Notes to the Financial Statements
Corporate Information
Directors | Registered Office | Legal Advisers |
Executive
Mr. Poon Jing (Chairman)
Dr. Lim Yin Cheng
-
(DeputyChairmanandChiefExecutive) Mr. Poon Hai
Mr. Poon Yeung, Roderick Mr. Fung Siu To, Clement Mr. Woo Wei Chun, Joseph
Independent Non-executive
Mr. Ip Chi Wai
Mr. Leung Wai Keung, JP
Mr. Wong Chi Keung
Audit Committee
Mr. Wong Chi Keung (Chairman)
Mr. Leung Wai Keung, JP
Mr. Ip Chi Wai
Remuneration
Committee
Mr. Wong Chi Keung (Chairman)
Dr. Lim Yin Cheng
Mr. Ip Chi Wai
Nomination
Committee
Mr. Poon Jing (Chairman)
Mr. Leung Wai Keung, JP
Mr. Wong Chi Keung
Authorised
Representatives
Dr. Lim Yin Cheng
Mr. Lee Tai Hay, Dominic
Company Secretary
Mr. Lee Tai Hay, Dominic
Victoria Place, 5th Floor,
31 Victoria Street, Hamilton HM 10, Bermuda
Principal Office in Hong Kong
30th Floor, YF Life Tower,
33 Lockhart Road, Wanchai,
Hong Kong | |
Telephone | 2866 3336 |
Facsimile | 2866 3772 |
Website www.asiastandardhotelgroup.com
E-mailinfo@asia-standard.com.hk
Principal Bankers
HSBC
Bank of China (Hong Kong)
Hang Seng Bank
United Overseas Bank
Industrial and Commercial Bank of
China (Asia)
Industrial and Commercial Bank of
-
China (Canada) Shanghai Commercial Bank Fubon Bank (Hong Kong) Chiyu Banking Corporation Bank of Singapore
Bank Morgan Stanley
UBS
Bank Julius Baer Credit Suisse AG Deutsche Bank
Stephenson Harwood 18th Floor, United Centre,
95 Queensway, Hong Kong
Appleby
Suites 4201-03 & 12,
42/F, One Island East,
Taikoo Place,
18 Westlands Road,
Quarry Bay, Hong Kong
Independent Auditor
PricewaterhouseCoopers
Certified Public Accountants
Registered Public Interest
Entity Auditor
22nd Floor, Prince's Building,
Central, Hong Kong
Share Registrar in Bermuda
MUFG Fund Services (Bermuda) Limited
4th Floor North, Cedar House,
41 Cedar Avenue,
Hamilton HM 12, Bermuda
Hong Kong Branch
Share Registrar and
Transfer Office
Computershare Hong Kong Investor
Services Limited
Shops 1712-1716, 17th Floor,
Hopewell Centre,
183 Queen's Road East,
Wanchai, Hong Kong
2 ASIA STANDARD HOTEL GROUP LIMITED Annual Report 2022
Financial Highlights
For the year ended 31st March | 2022 | 2021 | Change |
(in HK$ million, except otherwise indicated) | |||
Consolidated profit and loss account | |||
Revenue | 990 | 977 | +1% |
Operating (loss)/profit | (660) | 779 | N/A |
Depreciation | (126) | (127) | -1% |
Net finance costs | (130) | (150) | -13% |
(Loss)/profit attributable to shareholders of the Company | (746) | 622 | N/A |
(Loss)/earnings per share - basic (HK cents) | (37.0) | 30.8 | N/A |
Consolidated balance sheet | |||
Total assets | 9,114 | 12,110 | -25% |
Net assets | 2,183 | 5,078 | -57% |
Net debt | 5,861 | 5,054 | +16% |
Supplementary information with five hotel properties stated at valuation (note):
Revalued total assets | 17,884 | 20,776 | -14% |
Revalued net assets | 10,952 | 13,744 | -20% |
Gearing - net debt to revalued net assets | 54% | 37% | +17% |
Note: According to the Group's accounting policies, the hotel properties were carried at cost less accumulated depreciation. To give further information on the economic substance of its hotel properties investments, the Group hereby presents supplementary unaudited financial information taking into account the fair market value of hotel properties and excluding the corresponding deferred income tax on Hong Kong properties as Hong Kong tax jurisdiction does not include capital gain tax.
The hotel properties were revalued by Vigers Appraisal & Consulting Limited (2021: Vigers), external independent professional valuer, on an open market value basis.
ASIA STANDARD HOTEL GROUP LIMITED Annual Report 2022 | 3 |
Chairman's Statement
"Landmark on Robson" : Sub-penthouse bedroom
The Group recorded a consolidated loss attributable to shareholders of approximately HK$746 million for the fiscal year ended March 31, 2022, compared to a profit of HK$622 million the previous year. Such loss is primarily attributable to the net investment loss (2021: gain) on our listed debt securities issued by Chinese real estate developers following the liquidity crisis in China's real estate sector. Recent support from the central government for loosening monetary and regulatory policies, along with debt extension/ restructuring measures adopted by the affected developers to resolve their liquidity concerns, has helped improve market sentiment and foster stability.
Performances of our hotel operations have improved as a result of the participation of our two Causeway Bay hotels in the quarantine business since September 2021, followed by our Empire Hotel Kowloon in Tsim Sha Tsui at the end of May 2022, and our Empire Hotel Hong Kong anticipated in the coming months. Management will continue to focus on cost savings and operational efficiency until border control measures and quarantine policies are eased, in tandem with the revival of the China and international tourism markets.
Our Landmark on Robson development in Vancouver, Canada is on track to be completed by the end of 2023, with the twin towers' concrete frame structures topped out in May 2022. Our new pre-sales launched in October 2022 is on-going.
Aside from the pandemic threats, financial markets will be buffeted by inflationary pressures and geopolitical uncertainties. Notwithstanding these challenges, the Group's financial position remains healthy, with a revalued net asset value of HK$11 billion, gearing of 54%, and about half of our net debt hedged by interest rate swap at a fixed interbank rate of less than 1%. Moreover, we have successfully consummated the first sustainability-linked bank loan of HK$1.4 billion in May 2022 to refinance all
of our unsecured bank borrowings. Management is cautiously optimistic and diligent in the face of these uncertainties.
On behalf of the Board, I would like to express my gratitude to our staff for their invaluable contribution, and our customers, shareholders and the investment community for their support.
Poon, Jing
Chairman
Hong Kong, 29th June 2022
4 ASIA STANDARD HOTEL GROUP LIMITED Annual Report 2022
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Asia Standard Hotel Group Ltd. published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 10:35:47 UTC.
