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Public company info - Success Universe Group Ltd. , 00487.HK
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Success Universe Group Ltd., 00487.HK - Company Profile
Chairman Yeung Hoi Sing Sonny
Share Issued (share) 4,926,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Travel & Tourism
Corporate Profile Business Summary: The principal activities of the Group are engaged in the travel-related and property investment businesses. Performance for the year: As at 31 December 2020, total equity attributable to owners of the Company was approximately HK$1,002.4 million (31 December 2019: approximately HK$1,144.3 million). Business Review: Travel Business The Group operates Jade Travel Ltd. (“Jade Travel”), one of the largest travel agencies in Canada. Over the years, Jade Travel has developed dedicated segments targeting the wholesale and retail markets respectively to offer customers with professional and comprehensive travel solutions. The year 2020 brought unparalleled challenges to the global tourism industry with the outbreak of COVID-19. Many countries adopted stringent policies to control the pandemic, leading to closures of tourist attractions, significant reduction of flights and regional lockdowns. In Canada, the tourism industry suffered a dramatic halt in business and Jade Travel was unavoidably affected. Jade Travel has been closely communicating with its customers since the start of the pandemic, offering its professional services and utmost assistance to support changes of customers’ travel plans. Furthermore, Jade Travel has committed to support local government’s efforts to control the spread of COVID-19 and has adopted all necessary measures to ensure a safe environment for its customers and employees. Jade Travel has also flexibly reallocated resources to streamline operations and adopted cost reduction measures, with a strong will of maintaining its critical leadership role in the North America travel market. Revenue of the travel business amounted to approximately HK$354.2 million, decreased by approximately 69% for the year ended 31 December 2020 (2019: approximately HK$1,128.6 million). Loss in this segment increased by approximately 186% to approximately HK$11.2 million (2019: approximately HK$3.9 million), which was mainly due to the severe disruptions to the tourism industry caused by the pandemic and impairment loss on intangible assets of approximately HK$4.3 million and allowance for expected credit losses on trade receivables of approximately HK$2.8 million recognised for the year ended 31 December 2020 (2019: both nil). Property Investment Business During 2020, the Hong Kong commercial property market was under significant pressure as an economic downturn was incurred from the pandemic. Falling rental values, decline in transactions and increasing vacancy in office space had been recorded across all major office submarkets in Hong Kong. Although a slightly narrower decline of the Grade-A office rental was recorded towards the end of 2020, the overall commercial property market was clouded by uncertainty in 2020. Faced with such challenges, the Group was steadfast in maintaining financial prudence and closely monitored the commercial property market to adjust its investment portfolio flexibly, maintaining robust asset balance and resilience. Hong Kong is in a unique position of being an international commercial hub, thus the Group remains cautiously positive in the future of the commercial property market. It is expected that the market demand and rental income of Hong Kong commercial properties will be eventually stabilised once the pandemic is over. Reference was made to the announcement dated 15 September 2020 issued by the Company regarding, inter alia, early termination of a tenancy agreement. Good Sun Development Limited, an indirect wholly-owned subsidiary of the Company, as landlord and Success International Management Services Limited, a company indirect wholly and beneficially owned by Mr. Yeung Hoi Sing, Sonny (“Mr. Yeung”, being the Chairman of the Board, an executive Director and a controlling shareholder of the Company), as tenant entered into a deed of surrender in relation to the early termination of the tenancy agreement in respect of the leasing of the premises situated at Office Units Nos. 1003 and 1004A on the 10th Floor of Tower 1 of Admiralty Centre, No. 18 Harcourt Road, Hong Kong (“Units 1003 & 4A”) on and with effect from 1 October 2020. The Group has relocated its head office to Units 1003 & 4A in December 2020. Due to the change of the usage of Units 1003 & 4A from leasing to selfuse, the property has been reclassified from investment properties to property, plant and equipment. Revenue of the property investment business for the year ended 31 December 2020 amounted to approximately HK$9.7 million, representing a decrease of approximately 49% as compared with approximately HK$18.8 million for the last corresponding year. Segment loss was approximately HK$80.5 million (2019: segment profit of approximately HK$11.0 million), which was mainly due to recognition of a fair value loss on investment properties of approximately HK$79.4 million (2019: fair value gain of approximately HK$1.2 million) as well as write-down of carrying amount of stock of properties amounting to approximately HK$8.9 million for the year ended 31 December 2020 (2019: approximately HK$14.5 million). Investment Project — Ponte 16 Macau’s economy was seriously disrupted due to the outbreak of COVID-19 during the first half of the year. The Macau government reacted swiftly, enacting measures to prevent and control the pandemic, including border restrictions, quarantine arrangements and temporary suspension of all casino operations for 15 days in February 2020. The pandemic nearly ceased all tourism activities, which posed significant pressure to the gaming and hospitality industries. As the pandemic was more controlled towards the end of the year in Macau and the Mainland China, ease of travel restrictions was paved for the gradual recovery of the industries. Tourist arrivals and monthly GGR both steadily increased following the removal of 14-day quarantine measures between Macau and Guangdong Province in July 2020 and the subsequent full nationwide resumption of the Individual Visit Scheme (“IVS”) in September 2020. Nevertheless, Macau’s annual GGR for 2020 fell by approximately 79% yoy to approximately MOP60.4 billion mainly attributable to the unparalleled disruption to Macau’s economy during the first half of the year. Both the mass and VIP segments suffered while VIP segment recorded its lowest share. The gaming and occupancy performance of Ponte 16 for 2020 were inevitably affected under this circumstance. Although the casino operations in Ponte 16 resumed on a reduced basis on 20 February 2020, certain COVID-19 precautionary measures such as limiting the number of gaming tables allowed to operate and the number of seats available per table, slot machine spacing, temperature checks, compulsory wearing of mask and health declaration have remained in effect. Due to the global travel haul, the average occupancy rate of Sofitel Macau At Ponte 16 remained low for 2020 (2019: over 90%). An Adjusted EBITDA* loss of approximately HK$242.9 million was recorded for the year ended 31 December 2020, whereas the Adjusted EBITDA* was HK$377.5 million for the last corresponding year. As at 31 December 2020, the casino of Ponte 16 had 88 gaming tables in operation, consisting of 82 mass gaming tables and 6 high-limit tables. Reference was made to the announcement dated 15 October 2020 issued by the Company in relation to the provision of financial assistance to Pier 16 – Property Development Limited (“Pier 16 – Property Development”, an associate of the Group). The Group has provided additional shareholder’s loans in a total amount of HK$98.0 million to Pier 16 – Property Development (the “2020 Financial Assistance”) in proportion to the Group’s attributable interest to finance the operating cost of Pier 16 – Property Development (the “Purpose”). In addition to the 2020 Financial Assistance, the Group has provided further shareholder’s loan of HK$19.6 million for the Purpose in March 2021. To alleviate the financial pressure brought by COVID-19, Ponte 16 has been carrying out a series of cost containment measures, streamlining operational efficiency with flexible manpower arrangement. In addition, bringing its full support to the Macau government’s pandemic prevention measures, Ponte 16 has adopted a series of high standard precautionary hygiene measures to ensure a safe environment for its staff and guests. To prepare for Macau’s economic revival, as well as to generate greater market exposure amidst a recovering market, Ponte 16 strategically participated in a Global Purchase Events during November and December 2020, where famous key opinion leaders in Taobao set up livestreams on media platforms to promote the facilities and services available at Sofitel Macau At Ponte 16, along with signature brands and goods in Macau inner harbour. Despite strong headwinds in the market, Ponte 16 leveraged on its vast operational capabilities and Sofitel Macau At Ponte 16 received 13 honourable awards from international and regional organisations, in recognition of its consistency in high-quality service amidst the pandemic. The awards include “Luxury Heritage Hotel” by World Luxury Awards 2020, “Luxury Hotel Spa” by World Luxury Spa Awards 2020, Agoda’s 2020 Customer Review Awards, the winner of “Tripadvisor 2020 Travellers’ Choice”, “Best Tourist Destination Hotel of China” by the 20th Golden Horse Awards of China, “Asia’s Top Wellness Spa” and “Asia’s Top Spa Hotel & Resort” by 2019–2020 Now Travel Asia Awards, Macao Green Hotel Award — Bronze 2020–2022, “Golden Business Hotel” by the National Geographic Traveler China Golden Awards 2020 and “Loved by Guests Award Winner 2020” by Hotels.com. The restaurant Le Chinois was awarded U Magazine’s Favourite Food Awards 2020 as well as DianPing’s Customer Review Awards 2019 along with the restaurant Mistral. Prospects: Governments around the world have dedicated significant efforts in combating COVID-19, and signs of recovery can be seen in certain regions, including Mainland China and Macau. Moreover, recent progress of vaccine development has been promising. Nevertheless, the pandemic has caused severe disruptions to all aspects of the global economy and its impacts may last for an unknown period. Stepping into 2021, the Group will maintain operational resilience, keep a firm awareness of market trends, and allocate assets and resources precisely. – 25 – COVID-19 has decimated the global tourism and travel industries. Many countries remain in full or partial lockdown, which greatly limit visitation levels. A full recovery of market sentiments takes time and will be heavily dependent on the reopening of international borders and the widespread rollout of effective vaccines. For the time being, Jade Travel will closely monitor the global tourism market and engage with customers and partners closely to strengthen itself as a reliable brand and service provider. In addition, Jade Travel will continue to explore different available travel products and options to enrich its competitive offerings to cater the changing customers’ needs. Leveraging its core strengths, Jade Travel will be wellpositioned to capture the returning demand while the industry begins to recover. Decline of the Grade-A office rental in Hong Kong showed signs of further softening in November 2020. However, with the evolving pandemic condition and rising unemployment rate, it is hard to estimate whether the rental decline trend will continue. The Group remains cautiously positive in the commercial property market for its solid foundation as office buildings in prime areas exhibited resilience for decades. After the resumption of IVS across the Mainland China in late September 2020, monthly visitor arrivals of Macau have been increasing steadily. The Group believes that further recovery of Macau’s hospitality and gaming activities would rely strongly on the further relaxing border restrictions. Ponte 16 will prioritise the maintenance of its operational advantages including its professional and dependable management team, diverse and comprehensive entertainment mix and its all-round hospitality services that emerge with the essence of local beauty and culture in the Inner Harbthe Group’s area. Meanwhile, Ponte 16 will continue to support government pandemic prevention policies, overcome prevailing challenges and be ready to capture new opportunities once the travel restriction begins to lift. The restart of the global economy depends on the pandemic situation. Challenges and pressure are expected for the global economy and the business environment in the near-term. It is too early to tell when the pandemic would be over at the moment and the influences will definitely last for a certain period. The recovery pace will depend heavily on the evolution of COVID-19 and the development of the vaccines. The Group will continue to monitor the situation, proactively review its investment portfolio, consider other investment tools when and as appropriate, and seek opportunities from challenges, in order to create sustainable value for its shareholders, partners and customers.

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