Annual Report 2020

Consolidated Results The Group’s revenue for the year amounted to HK$1,315 million (2019: HK$3,062 million), a decrease of 57.1% against last year. Profit attributable to shareholders for the year was HK$302 million (2019: HK$1,288 million) with a year-on-year decrease of 76.6%. The decrease is mainly caused by the revaluation loss on fair value of our investment properties (there was revaluation gain in last year) and the weakened business performances of our hotel & serviced apartments business, food & beverage business and travel business which, in turn, was due to the impact from Coronavirus disease (“COVID-19”) pandemic. The underlying profit attributable to shareholders* (excluding the net decrease in the fair value of investment properties by HK$152 million (2019: net increase of HK$504 million)) reduced by 42.1% to HK$454 million (2019: HK$784 million). The underlying earnings per share* decreased by 41.6% to HK$0.66 (2019: HK$1.13), which is in line with the decrease in underlying profit attributable to shareholders. Final Dividend The Board recommends a final dividend of HK28 cents per share to the shareholders listed on the Register of Members at the close of business on 17 June 2021 (Thursday). The proposed final dividend is expected to be distributed to shareholders on 8 July 2021 (Thursday). Including an interim dividend of HK22 cents per share paid on 13 October 2020, the total dividend payment for the whole year will be HK50 cents per share. Overview In 2020, the relapsing COVID-19 pandemic has caused lasting damages to the global economy, cross countries trade activities and all walks of life. There is no doubt that Hong Kong as an international hub could not manage alone. The prolonged cross-border travel restrictions and stringent anti-epidemic measures have triggered to significant deterioration in domestic economic activities across diverse industries. The number of visitors to Hong Kong plummeted by 93.6% to 3.57 million (2019: 55.91 million) while overnight visitors fell by 94.3% to 1.36 million (2019: 23.75 million). The drop in GDP further worsened from a decrease of 1.2% in 2019 to a decline of 6.1% in 2020. The local unemployment rate has also risen from 3.3% in 2019 to 6.6% in 2020. * Underlying profit attributable to shareholders and underlying earnings per share excluded the post-tax effects of investment properties valuation movements. Chairman and CEO’s Statement 008 Chairman and CEO’s Statement