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Public company info - Genting Hong Kong Ltd. , 00678.HK
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Genting Hong Kong Ltd., 00678.HK - Company Profile
Chairman Lim Kok Thay
Share Issued (share) 8,482,000,000
Par Currency U.S. Dollar
Par Value 0.1
Industry Travel & Tourism
Corporate Profile Business Summary: The Group is principally engaged in the business of cruise and cruise-related operations, shipyard operations and leisure, entertainment and hospitality activities. Performance for the year: Total revenue reduced to US$366.8 million compared to US$1,560.9 million in 2019. The Group recorded EBITDA loss of US$385.8 million in 2020, compared to EBITDA of US$142.5 million in 2019. After deducting depreciation and amortization costs, Operating Loss was at US$610.2 million in 2020 compared to US$96.2 million in 2019. Net loss was at US$1,715.6 million in 2020 compared to US$158.6 million in 2019. The Group recorded consolidated net loss of US$1,715.6 million in 2020, as compared with a consolidated net loss of US$158.6 million in 2019. Business Review Total revenue reduced to US$366.8 million compared to US$1,560.9 million in 2019 mainly attributed to suspension of cruise operations since February 2020 due to the COVID-19 pandemic. The Group recorded EBITDA loss of US$385.8 million in 2020, compared to EBITDA of US$142.5 million in 2019. Cruise segment EBITDA loss was $268.5 million in 2020 compared with $189.8 million EBITDA in 2019. Shipyard segment EBITDA loss was at US$189.6 million in 2020 as compared to EBITDA loss of US$23.3 million after intersegment adjustments in 2019 primarily due to suspension of operations at three shipyards between March and October 2020 due to border closures by Germany, which resulted in non-German subcontractors sending their workers home. After deducting depreciation and amortization costs, Operating Loss was at US$610.2 million in 2020 compared to US$96.2 million in 2019. Net loss was at US$1,715.6 million in 2020 compared to US$158.6 million in 2019 and included adjustments of US$918.0 million which primarily consisting of expenses related to non-cash impairment losses on certain intangible assets, property, plant and equipment and other assets, share of associates results and losses on disposal of subsidiaries. Nevertheless, the cruise segment of the Group has the lowest “burn rate” and the least “EBITDA loss on a per berth basis” in the market. With the resumption of cruise operations of Explorer Dream in Taiwan from July 2020 and subsequently World Dream in Singapore from November 2020, the overall business performance is expected to improve. Pending announcements in the month of April 2021, the Company expects that more than 80% of the fleet capacity over the three brands will be operational by August of this year. The Company has the best visibility of the restart of cruise operations since COVID-19 brought the world’s cruise fleet to a stop in March 2020. Prospects: After a year-long global voyage pause, the rapid mass vaccination rollout is undoubtedly a breakthrough in the global fight against COVID-19 pandemic. As the cruise industry is cautiously optimistic on the consumers’ pent-up desire for leisure travel, the Group’s main focus is on restarting various “destination theme” cruise for domestic residents for weekend/weekday escape. With the support from the relevant authorities, the Group has restarted sailings in a reduced capacity to ensure a safe return to service by offering domestic cruises /cruises-to-nowhere in a fully controlled environment in compliance with the relevant local requirement. World Dream in Singapore and Explorer Dream in Taiwan are expected to receive higher capacity limits as there had been no COVID incidences for nearly 9 months, since last year. Genting Dream deployment in Southern China will depend on the announcement of resumption of cruises in Hong Kong and mainland China and the Group is hopeful that this will be permitted for the busy summer holidays, starting in July, 2021. Star Cruises announced the resumption of Star Pisces in Penang for the “Hari Raya” holidays in May, 2021. And the re-start of the other cruise ships of the Star Cruises brand will most likely be announced in April, 2021. On 3 July 2021, Crystal Cruises’ Crystal Serenity is poised to resume sailing with the New Close-to-Home Bahamas Escapes from Nassau and Bimini. With her new Bahamas Escapes cruises, Crystal Serenity becomes the first Crystal Cruises’ ship to homeport in The Bahamas since the cruise industry’s voluntary halt in operations almost a year ago. The maiden voyages of Crystal Endeavor and the resumption of Crystal Symphony itineraries will be announced in April, 2021. The efficacy of mass vaccination in containment of COVID-19 will accelerate an early revival of the cruise industry in mid-2021. As international leisure travel is unlikely to return until 2022, the Group anticipate a surge in demand for domestic tourism. The Group is currently in talks with the relevant authorities in the Asia Pacific region and the Group aim to resume domestic cruise operations in Malaysia, Vietnam and Hong Kong in the next few months. It is expected that the COVID-induced uncertainty has had and will continue to have a material impact on the Group’s business, its financial condition and its financial performance. Given the ongoing uncertainty, it may take a longer time for the Group’s overall performance to return to pre-COVID-19 levels, and the new normal in the global travel business landscape will derail the previously projected performance. The Group will continue to adapt its deployment plans as the Group navigate the Group's business cautiously through a highly fluid environment in 2021. The Group has been in discussion with the key financial partners since the Group’s stock exchange announcement regarding its position in August 2020, during which period the various lenders to the Genting HK Group have been supportive. Given the significant progress on the holistic proposal and the fact that relevant lenders are looking to secure credit committee approval on that proposal, the Group has a reasonable ground to believe that a restructuring can be successfully consummated. The Group acknowledges the invaluable continued support of the Group's lenders and creditors and appreciates the contributions of the directors and employees of the Company amid these difficult times. Without their relentless support, it would not be possible for the Group to achieve this milestone.

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