Annual Report 2019

073 Miramar Hotel and Investment Company, Limited Annual Report 2019 Report of the Directors Report of the Directors The directors have pleasure in submitting their annual report together with the audited financial statements for the year ended 31 December 2019. Principal Activities The principal activity of the Company is investment holding, and the principal activities of its principal subsidiaries are property rental, hotels and serviced apartments, food and beverage operation and travel operation; the particulars of which are set out in note 11 to the financial statements. The analysis of the principal activities and geographical locations of the operations of the Company and its subsidiaries during the year ended 31 December 2019 are set out in note 9 to the financial statements. Group Profit The profit of the Group for the year ended 31 December 2019 and the state of the Company’s and the Group’s affairs as at that date are set out in the financial statements on pages 101 to 176. Dividends An interim dividend of HK24 cents per share (2018: HK24 cents per share) was paid on 11 October 2019. The directors now recommend the payment of a final dividend of HK34 cents per share (2018: HK37 cents per share) in respect of the year ended 31 December 2019 to shareholders whose names are on the Register of Members as at 24 June 2020. Subject to the approval to be obtained at the 2020 Annual General Meeting, the dividend warrants for the proposed final dividend will be despatched by mail to shareholders on or about 8 July 2020. Business Review and Performance The business review of the Group for the year ended 31 December 2019 and the discussion on the Group’s future business development are set out in the sections headed “Chairman and CEO’s Statement” and “Management Discussion and Analysis”. Description of the principal risks and uncertainties facing the Group are set out in the section headed “Principal Risks”. Particulars of important events affecting the Group since the end of the financial year end (if any) are provided in “Chairman and CEO’s Statement” and “Management Discussion and Analysis”. An analysis of the Group’s performance during the year using financial key performance indicators is provided in the Financial Highlights on pages 2 and 3 of this Annual Report. Discussion on the Company’s environmental policies and performance, relationships with employees, customers, suppliers and other stakeholders as well as compliance with relevant laws and regulations are in the sections headed “Environmental, Social and Governance Report”. The Chairman and CEO’s Statement, the Management Discussion and Analysis, the Financial Highlights, the Environmental, Social and Governance Report, the Principal Risks and the Corporate Governance Report form part of this report. Subsidiaries Particulars of the principal subsidiaries of the Company as at 31 December 2019 are set out on pages 151 to 152.