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Public company info - Kai Yuan Holdings Ltd. , 01215.HK

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Kai Yuan Holdings Ltd., 01215.HK - Company Profile
Chairman -
Share Issued (share) 12,779,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Hotels & Resorts
Corporate Profile Business Summary: The Group is principally engaged in hotel operation and money lending. Performance for the year: For the year ended 31 December 2019, revenue of the Group from continuing operations amounted to approximately HK$244.7 million, representing a decrease of approximately 18.6% from approximately HK$300.7 million for the Preceding Year. The Group recorded a loss for the Year from the continuing operations of approximately HK$30.6 million, as compared to the profit from continuing operations of approximately HK$0.2 million for the Preceding Year. The Group recorded the loss for the Year of approximately HK$30.6 million, as compared to the profit of approximately HK$338.9 million for the Preceding Year. Loss attributable to owners of the Company for the Year was approximately HK$30.6 million, as compared to the profit of approximately HK$338.9 million for the Preceding Year. The basic and diluted losses per share of the Company for the Year was HK0.24 cents, as compared to the earnings per share of HK2.65 cents for the Preceding Year. Business Review: Hotel Operation The Group recorded the revenue of approximately HK$240.9 million from the hotel operation segment, as compared to the revenue from the hotel operation segment of approximately HK$287.5 million for the Preceding Year. The decrease in revenue of the hotel operation segment for the Year was mainly attributable to the decrease in revenue contributed by the Paris Marriott Hotel. The Group recorded the loss of approximately HK$14.7 million in this segment for the Year, as compared to the profit of approximately HK$5.1million for the Preceding Year. The turnaround from profit to loss during the Year was mainly attributable to continuous suppression of the performance of the Paris Marriott Hotel, as a result of the continuation of the Yellow Vest Movement in Paris, France. The occurrence of the citywide labour strike in Paris in December 2019 had also contributed to halt visitors from traveling to the city. During the Year, the Paris Marriott Hotel received a one-off net insurance compensation from the business interruption caused by the Yellow Vest Movement of approximately HK$14.2 million. The revenue from the Marriott Bonvoy (previously known as the Marriott Rewards) continued as one of the prime revenue sources to the Paris Marriott Hotel, where the hotel manager has the sole discretion to determine guest room redemption rate. Money Lending Revenue from this segment amounted to approximately HK$3.8 million during the Year, representing a decrease of approximately 71.3% from approximately HK$13.2 million for the Preceding Year. The decrease in revenue generated from this segment was mainly due to the decrease in the amount of mortgage loans granted to borrowers for interest income during the Year. The Group recorded a profit of approximately HK$2.6 million from this segment for the Year, as compared to the profit of approximately HK$12.1 million for the Preceding Year. As at 31 December 2019, the gross mortgage loan receivables amounted to approximately HK$35.0 million (31 December 2018: approximately HK$210.0 million). Equity Investment The Group acquired 6.25% equity interest (the “2018 Equity Interest”) in 北京凱瑞英科技有限公司 (Beijing Chemical Reaction Engineering Science & Technology Co., Ltd*) (the “Target Company”, together with its subsidiary companies, the “Target Group”) in the Preceding Year. During the Year, the Group entered into a sale and purchase agreement with one of the shareholders of the Target Company, pursuant to which the Group further acquired 30.875% equity interest in the Target Company at the consideration of RMB12.35 million (equivalent to approximately HK$13.7 million) (the “2019 Consideration”). The 2019 Consideration represented a discount of approximately 56.6% to the adjusted net assets value of the Target Group as at 30 June 2019. Based on the estimation using the market approach, the Group recognized a fair value loss in other comprehensive income of approximately HK$10.6 million on the 2018 Equity Interest during the Year. The Group also entered into a shareholders agreement (the “Shareholder Agreement”) with the other shareholders of the Target Company pursuant to which, the Group undertook to provide a funding commitment of up to RMB180.0 million (equivalent to approximately HK$199.4 million) (“Funding Commitment”) to support the Target Company for the purpose of funding the first phase of the production facilities and office on a land parcel situated in Tieying Chemical Industry Park of Laoling City in Shangdong Province, the PRC* (山東省樂陵市鐵營鎮化工園區). As at the date of this announcement, a loan agreement for the loan amounted to RMB180.0 million (equivalent to approximately HK$199.4 million) regarding the Funding Commitment had been entered into by the Group. Prospects: Hotel Operation The performance of the Paris Marriott Hotel continues to be affected by the Yellow Vest Movement during the Year. The occupancy rate, average daily rate, and revenue per available room of the Paris Marriott Hotel continue to decline as compared to the Preceding Year. Notwithstanding that the demonstration has been sanctioned to be relocated outside the Avenue des Champs-Elysees and has spread to other cities in France, demonstrators continue to gather during the weekend to voice their demands. The citywide labour strike that occurred in December 2019 also assisted to halt tourists to plan a trip to Paris. The outbreak of the coronavirus disease first started in Asia but subsequently spread to worldwide has exerted tremendous pressure on cross border traveling and further depress the demand for hotel rooms in 2020. The combination of the above factors continues to affect the occupancy rate, average daily rate, and revenue per available room of the Paris Marriott Hotel. The Board is uncertain when the Yellow Vest Movement, labour strike and coronavirus disease will come to an eventual end. The Board expects that the performance of the Paris Marriott Hotel will continue to decline in 2020. As at the date of this announcement, the European Union announced plans for a 30-day ban on non-essential travel into the bloc by non-European Union citizens from 17 March 2020 in an attempt to contain the novel coronavirus disease. In view of such policy and in line with the recent various measures announced by the French government, and after due and careful consideration by the management of the Group, the Paris Marriott Hotel will be temporarily closed until 15 April 2020 subject to the then circumstances. The coronavirus disease is expected to have adverse impact on the hotel operation of the Group, but it is still premature to assess or estimate the overall impact. The Group will continue to monitor the development of the coronavirus disease and assess its impact on the operations and financial performance of the Group. The Paris Marriott Hotel is actively facilitating and enhancing booking from tourists around the world, the Board is planning to undergo renovation project on all guest rooms and selected public areas of the Paris Marriott Hotel (the “Hotel Renovation”). The Hotel Renovation, if proceeded, is planning to be carried out during the end of 2020 and until the end of 2023. The Hotel Renovation is planning to be conducted in phases, whereas the operation of the Paris Marriott Hotel will not be terminated during the renovation. The Paris Marriott Hotel will do its best to ensure the guests will not be disturbed during the Hotel Renovation. Money Lending The Board considers Hong Kong’s mortgage loan market will remain challenging, being heavily competitive with uncertain prospects. The occurrence of the social event and outbreak of the coronavirus disease in Hong Kong and worldwide had posted undue pressure upon domestic property prices. The performance of this segment is dependent on the amount of successful loans granted to the borrowers and general market interest rate trend. The Board would exercise utmost caution when conducting mortgage loan business in Hong Kong. Equity Investment The Board holds an optimistic view in the prospect of the chemical industry in the PRC, as it is projected that the PRC’s chemical industry will provide over half of the global chemical industry’s growth over the coming decade. The Board also expects that the Target Group will benefit from the enforcement of higher environmental standards for the chemical industry in the PRC. The commercial production of the first phase project of the Target Company was originally targeted in the second quarter of 2020. As the result of the outbreak of the coronavirus disease in the PRC, delay of the commencement of commercial production is expected. The Board will closely monitor the progress of the project development.

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