Link: https://links.sgx.com/1.0.0/corporate-announcements/ZIHE2GBD5ST31L8L/303c5ca18e0bcd5522dca12924b33de4d6fb92ed451e4ab8fe90d164154e11be

Summary:

• Overview: The Shangri-La Asia Limited Annual Report 2024 provides insights into the group's global presence, financial highlights, corporate structure, and key activities throughout the year.
• Financial Performance:
  • Consolidated revenue saw a modest increase of 2.0% to USD 2,185.4 million.
  • Effective share of revenue, however, decreased by 4.2% to USD 2,653.6 million, largely due to a significant drop in revenue from Property Development for Sale.
  • Effective share of EBITDA decreased by 13.0% to USD 760.1 million, influenced by reduced EBITDA from Property Development for Sale and normalized operating expenses in Hotel Operations.
  • Profit attributable to owners of the Company declined by 12.3% to USD 161.4 million.
• Dividend: The Board has recommended a final dividend of HK10 cents per ordinary share for 2024, bringing the total dividend for the full year to HK15 cents per ordinary share.
• Business Operations: The report details the group's extensive business presence across various continents, including operational hotels and properties under development.
• Year in Review: Key developments in 2024 highlighted in the report include the opening of Shangri-La Nanshan, Shenzhen, the introduction of themed family rooms at Island Shangri-La, Hong Kong, and the launch of a global online meeting room booking platform.
• Corporate Information: The report provides comprehensive details about the Board of Directors, executive management, various committees, company officers, auditor, and key contact information.
• Financial Reporting: The report includes detailed financial statements such as the Consolidated Statement of Financial Position, Profit or Loss, Comprehensive Income, Changes in Equity, and Cash Flow, along with notes to the financial statements and a Five-Year Summary.
• Net Asset Value: The accounting policies for valuing properties are outlined, noting that investment properties are at fair value, while hotel properties are at historical cost less depreciation, with internal valuations conducted for hotels to estimate potential fair values.
• Directors' Benefits and Interests: Information on the benefits and interests of the directors, including emoluments and share awards, is included.
• Finance Costs: Details on finance costs, including interest expenses and net foreign exchange gains, are provided.
• Share of Profit of Associates: The report includes the share of profit from associated companies before and after tax.
• Income Tax Expense: Details regarding current and deferred income tax expenses are provided.