Annual Report 2020

Food and Beverage Business Different levels of restrictions on social distancing imposed by the government in response to the epidemic condition have caused a sharp decline in patronage and revenue in the catering industry throughout the year, especially limits on the number of customers per table and the banning of dinner dine-in services. The Group’s food and beverage business recorded revenue of HK$120 million, while EBITDA was a loss of HK$11.5 million for the year. In 2019, the revenue and EBITDA were HK$244 million and HK$24 million respectively. Customers avoid dining out and unnecessary social activities with the imposition of social distancing measures. In view of the rapid demand growth for takeaway meals, the Group instantly adjusted our restaurant operations to accommodate the new normal of catering consumption by strengthening takeaway promotions and cost control. Apart from the partnership with food delivery platforms, the Group launched its first online platform MIRA eSHOP with exclusive takeaway and dine-in offers, and promoted takeaway packages for families and small group gatherings, to accommodate the customers’ demands. At the same time, the Group facilitated customers’ demand on flexible dining with dine-in discounts and afternoon tea sessions at our Chinese restaurants, in order to maximize revenues. 020 Annual Report 2020 Miramar Hotel and Investment Company, Limited Management Discussion and Analysis